View Filing Data

Print Document View Excel Document

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2014	Mar. 16, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	PROTEON THERAPEUTICS INC
Document Type	10-K
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		16,449,164
Entity Public Float		$ 85,338,141
Amendment Flag	false
Entity Central Index Key	0001359931
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Dec. 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Series A Preferred Stock [Member]
Redeemable convertible preferred stock:
Redeemable convertible preferred stock,		$ 34,230
Series A-1 Preferred Stock [Member]
Redeemable convertible preferred stock:
Redeemable convertible preferred stock,		17,374
Series B Preferred Stock [Member]
Redeemable convertible preferred stock:
Redeemable convertible preferred stock,		27,401
Series C Preferred Stock [Member]
Redeemable convertible preferred stock:
Redeemable convertible preferred stock,		17,400
Series D Preferred Stock [Member]
Redeemable convertible preferred stock:
Redeemable convertible preferred stock,	$ 0	0
Cash and cash equivalents	68,840	2,793
Available-for-sale investments	14,755	2,359
Prepaid expenses and other curent assets	1,006	178
Total current assets	84,601	5,330
Property and equipment, net	83	62
Deferred tax asset		267
Other non-current assets	114
Total assets	84,798	5,659
Convertible notes, including accrued interest of $0 and $112 as of December 31, 2014 and 2013, respectively		3,727
Derivative liability		1,443
Accounts payable	917	399
Accrued expenses	1,421	984
Deferred tax liability		267
Current portion of deferred revenue from sale of option to acquire company		2,948
Total current liabilities	2,338	9,768
Total liabilities	2,338	9,768
Commitments and contingencies (Note 8)
Preferred stock, $0.001 par value per share; 10,000,000 shares authorized, no shares issued and outstanding at December 31, 2014	0	0
Common stock, $0.001 par value, 100,000,000 and 100,370,203 shares authorized at December 31, 2014 and 2013, respectively; 16,448,455 and 239,905 issued and outstanding at December 31, 2014 and 2013, respectively	16
Additional paid-in capital	192,324
Accumulated deficit	(109,874)	(100,514)
Accumulated other comprehensive loss	(6)
Total stockholders’ equity (deficit)	82,460	(100,514)
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)	$ 84,798	$ 5,659

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Series A Preferred Stock [Member]
Redeemable convertible preferred stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Redeemable convertible preferred stock, shares authorized	0	22,638,465
Redeemable convertible preferred stock, shares issued	0	22,638,465
Redeemable convertible preferred stock shares outstanding	0	22,638,465
Redeemable convertible preferred stock, aggregate liquidation preference (in Dollars)	$ 0	$ 22,638
Series A-1 Preferred Stock [Member]
Redeemable convertible preferred stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Redeemable convertible preferred stock, shares authorized	0	10,909,091
Redeemable convertible preferred stock, shares issued	0	10,909,091
Redeemable convertible preferred stock shares outstanding	0	10,909,091
Redeemable convertible preferred stock, aggregate liquidation preference (in Dollars)	$ 0	$ 12,000
Series B Preferred Stock [Member]
Redeemable convertible preferred stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Redeemable convertible preferred stock, shares authorized	0	20,754,461
Redeemable convertible preferred stock, shares issued	0	20,754,461
Redeemable convertible preferred stock shares outstanding	0	20,754,461
Redeemable convertible preferred stock, aggregate liquidation preference (in Dollars)	$ 0	$ 23,867
Series C Preferred Stock [Member]
Redeemable convertible preferred stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Redeemable convertible preferred stock, shares authorized	0	17,550,758
Redeemable convertible preferred stock, shares issued	0	13,202,932
Redeemable convertible preferred stock shares outstanding	0	13,202,932
Redeemable convertible preferred stock, aggregate liquidation preference (in Dollars)	$ 0	$ 15,183
Series D Preferred Stock [Member]
Redeemable convertible preferred stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Redeemable convertible preferred stock, shares authorized	0	0
Redeemable convertible preferred stock, shares issued	0	0
Redeemable convertible preferred stock shares outstanding	0	0
Redeemable convertible preferred stock, aggregate liquidation preference (in Dollars)	$ 0	$ 0
Convertible notes, accrued interest payable (in Dollars)	$ 0	$ 112
Preferred stock, par value (in Dollars per share)	$ 0.001	$ 0
Preferred stock, shares authorized	10,000,000	0
Preferred stock, shares issued	0	0
Preferred stock,shares outstanding	0	0
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,370,203
Common stock, shares issued	16,448,455	239,905
Common stock, shares outstanding	16,448,455	239,905

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Research and Development Expense [Member]
Included in operating expenses, above, are the following amounts for non-cash stock based compensation expense
Allocated Share Based Compensation Expense	$ 114	$ 106	$ 46
General and Administrative Expense [Member]
Included in operating expenses, above, are the following amounts for non-cash stock based compensation expense
Allocated Share Based Compensation Expense	345	49	64
Revenue (Note 7)	2,948
Research and development	6,432	3,994	5,907
General and administrative	4,096	3,128	2,089
Total operating expenses	10,528	7,122	7,996
Loss from operations	(7,580)	(7,122)	(7,996)
Investment income	24	4	20
Interest expense	(857)	(861)
Other income (Note 9)	5,071	67	6
Total other income (expense)	4,238	(790)	26
Net loss	(3,342)	(7,912)	(7,970)
Unrealized loss on available-for-sale investments	(6)	(1)	(5)
Accretion of redeemable convertible preferred stock to redemption value	(6,353)	(6,119)	(6,133)
Net loss attributable to common stockholders	$ (9,695)	$ (14,031)	$ (14,103)
Net loss per share attributable to common stockholders - basic and diluted (in Dollars per share)	$ (3.16)	$ (59.66)	$ (61.16)
Weighted-average common shares outstanding used in net loss per share attributable to common stockholders - basic and diluted (in Shares)	3,064,507	235,184	230,607
Allocated Share Based Compensation Expense	$ 459	$ 155	$ 110
Comprehensive loss	$ (3,348)	$ (7,913)	$ (7,975)

Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Series A Preferred Stock [Member] Convertible Preferred Stock [Member]	Series A-1 Preferred Stock [Member] Convertible Preferred Stock [Member]	Series B Preferred Stock [Member] Convertible Preferred Stock [Member]	Series C Preferred Stock [Member] Convertible Preferred Stock [Member]	Series D Preferred Stock [Member] Convertible Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total
Balance at at Dec. 31, 2011	$ 31,031	$ 15,677	$ 22,446	$ 14,999				$ (72,664)	$ 5	$ (72,659)
Balance at, shares (in Shares) at Dec. 31, 2011	22,638,465	10,909,091	20,754,461	13,202,932		230,607
Accretion of Series A, A-1, B and C redeemable convertible preferred stock to redemption value	$ 1,602	$ 849	$ 2,480	$ 1,202			$ (110)	(6,023)		(6,133)
Stock-based compensation expense							110			110
Unrealized gain (loss) on short term investments									(4)	(5)
Net loss								(7,970)		(7,970)
Balance at at Dec. 31, 2012	$ 32,633	$ 16,526	$ 24,926	$ 16,201				(86,657)	1	(86,656)
Balance at, shares (in Shares) at Dec. 31, 2012	22,638,465	10,909,091	20,754,461	13,202,932		230,607
Accretion of Series A, A-1, B and C redeemable convertible preferred stock to redemption value	$ 1,597	$ 848	$ 2,475	$ 1,199			(174)	(5,945)		(6,119)
Exercise of common stock options							19			19
Exercise of common stock options, shares (in Shares)						9,298
Stock-based compensation expense							155			155
Unrealized gain (loss) on short term investments									(1)	(1)
Net loss								(7,912)		(7,912)
Balance at at Dec. 31, 2013	$ 34,230	$ 17,374	$ 27,401	$ 17,400				(100,514)		(100,514)
Balance at, shares (in Shares) at Dec. 31, 2013	22,638,465	10,909,091	20,754,461	13,202,932		239,905
Issuance of Series D redeemable convertible preferred stock net of $6,639 discount associated with investors rights and obligations and issuance costs of $452					$ 24,078
Issuance of Series D redeemable convertible preferred stock net of $6,639 discount associated with investors rights and obligations and issuance costs of $452 (in Shares)					52,813,827
Accretion of Series A, A-1, B and C redeemable convertible preferred stock to redemption value	$ 1,304	$ 691	$ 1,832	$ 948	$ 1,578		(335)	(6,018)		(6,353)
Exercise of common stock options							59			$ 59
Exercise of common stock options, shares (in Shares)						31,356				31,356
Stock-based compensation expense							459			$ 459
Unrealized gain (loss) on short term investments									(6)	(6)
Exercise of warrants							1,428			1,428
Exercise of warrants (in Shares)						498,889
Conversion of redeemable convertible preferred stock into common stock	$ (35,534)	$ (18,065)	$ (29,233)	$ (18,348)	$ (25,656)	$ 9	126,827			126,836
Conversion of redeemable convertible preferred stock into common stock (in Shares)	(22,638,465)	(10,909,091)	(20,754,461)	(13,202,932)	(52,813,827)	8,651,805
Exercise of investors rights and obligations							1,408			1,408
Issuance of Common Stock from Initial Public Offering, net of underwriters discounts and issuance costs						$ 7	62,478			62,485
Issuance of Common Stock from Initial Public Offering, net of underwriters discounts and issuance costs (in Shares)						7,026,500
Net loss								(3,342)		(3,342)
Balance at at Dec. 31, 2014						$ 16	$ 192,324	$ (109,874)	$ (6)	$ 82,460
Balance at, shares (in Shares) at Dec. 31, 2014						16,448,455

Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parentheticals) $ in Thousands	12 Months Ended
	Dec. 31, 2014 USD ($)
Series C Preferred Stock [Member] \| Convertible Preferred Stock [Member]
Issuance of Series D redeemable convertible preferred stock net of discount associated with investors rights and obligations and issuance costs of $452	$ 6,639
Issuance of Series D redeemable convertible preferred stock net of issuance costs of	452
Series D Preferred Stock [Member]
Issuance of Series D redeemable convertible preferred stock net of issuance costs of	500
Issuance of Series D redeemable convertible preferred stock net of issuance costs of	$ 452

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating activities
Net loss	$ (3,342,000)	$ (7,912,000)	$ (7,970,000)
Reconciliation of net loss to net cash used in operating activities:
Depreciation	30,000	27,000	57,000
Amortization of premium/discount on available-for-sale securities	30,000	30,000	138,000
Gain on sale of fixed assets		(65,000)	(5,000)
Accretion of discount & debt issuance cost of convertible notes payable	742,000	749,000
Stock-based compensation	459,000	155,000	110,000
Change in fair value of investor rights/obligation	(5,151,000)
Change in fair value of derivative liability	81,000	(2,000)
Changes in:
Prepaid expenses and other assets	(961,000)	72,000	348,000
Accounts payable and accrued expenses	955,000	177,000	(912,000)
Accrued interest payable	115,000	112,000
Deferred revenue from sale of option to acquire company	(2,948,000)
Net cash used in operating activities	(9,990,000)	(6,657,000)	(8,234,000)
Investing activities
Purchases of available-for-sale investments	(34,950,000)	(3,878,000)	(8,658,000)
Proceeds from maturities of available for sale investments	22,518,000	6,550,000	16,075,000
Purchase of property and equipment	(51,000)	(10,000)	(67,000)
Sale of property and equipment		65,000	33,000
Deposits			(1,000)
Net cash (used in) provided by investing activities	(12,483,000)	2,727,000	7,382,000
Financing activities
Proceeds from issuance of Series D preferred stock	25,000,000
Issuance costs for preferred stock	(452,000)
Net proceeds from IPO	62,485,000
Proceeds from issuance of convertible notes payable		4,339,000
Payments for debt issuance costs		(46,000)
Exercise of stock options	59,000	21,000
Exercise of warrants	1,428,000
Repayments of debt			(9,000)
Net cash provided by (used in) financing activities	88,520,000	4,314,000	(9,000)
Increase (decrease) in cash and cash equivalents	66,047,000	384,000	(861,000)
Cash and cash equivalents, beginning of period	2,793,000	2,409,000	3,270,000
Cash and cash equivalents, end of period	68,840,000	2,793,000	2,409,000
Supplemental disclosure of non-cash investing and financing activities
Accretion of redeemable convertible preferred stock to redemption value	6,353,000	6,119,000	$ 6,133,000
Fair value of derivative embedded within convertible notes payable		$ 1,445,000
Conversion of convertible notes and accrued interest into Series D Preferred Stock	6,089,000
Conversion of redeemable convertible preferred stock into common stock	126,836,000
Fair value of investors' rights/ obligations reclassified to equity upon IPO	$ 1,408,000

Note 1 - Organization and Operations

12 Months Ended

Dec. 31, 2014

Disclosure Text Block [Abstract]

Nature of Operations [Text Block]

1.	Organization and operations

The Company

Proteon Therapeutics, Inc. (the “Company”) is a late-stage biopharmaceutical company focused on the development of novel, first-in-class pharmaceuticals to address the needs of patients with renal and vascular disease. The Company was formed in June 2001 and incorporated on March 24, 2006. During 2013, the Company formed a wholly-owned subsidiary, organized in the United Kingdom, Proteon Therapeutics Limited. As of December 31, 2014, there has been no activity in this subsidiary other than its formation. During 2014, the Company formed a wholly-owned Massachusetts Securities Corporation subsidiary as a holding company for its available-for-sale investments, Proteon Securities Corp. The Company completed its initial public offering of its common stock, $0.001 par value per share (“Common Stock”) on October 27, 2014 (the “IPO”). Since inception, the Company has been primarily involved in research and development activities.

The Company devotes substantially all of its efforts to product research and development, initial market development and raising capital. The Company has not generated any product revenue related to its primary business purpose to date and is subject to a number of risks similar to those of other development stage companies, including dependence on key individuals, competition from other companies, the need for development of commercially viable products and the need to obtain adequate additional financing to fund the development of its product candidates. The Company is also subject to a number of risks similar to other companies in the biotechnology industry, including regulatory approval of products, uncertainty of market acceptance of products, competition from substitute products and larger companies, the need to obtain additional financing, compliance with government regulations, protection of proprietary technology, dependence on third parties, product liability and dependence on key individuals.

As of December 31, 2014, the Company had cash, cash equivalents and available-for-sale investments of $83.6 million. The Company believes that its existing cash, cash equivalents and available-for-sale investments will be sufficient to fund operations and capital expenditures into 2018. The Company had an accumulated deficit of $109.9 million as of December 31, 2014.

Note 2 - Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

2.	Summary of significant accounting policies

Initial Public Offering

On October 27, 2014, the Company completed an IPO of its common stock, pursuant to a registration statement on Form S-1, as amended. An aggregate of 7,026,500 shares of Common Stock registered under the registration statement were sold at a price of $10.00 per share (including 916,500 shares of Common Stock sold by us pursuant to the full exercise of an overallotment option granted to our underwriters in connection with the IPO). Net proceeds of the IPO were $62.5 million, after deducting underwriting discounts, commissions and offering-related expenses payable by the Company of approximately $7.8 million. In conjunction with this transaction, all shares of the Company’s redeemable convertible preferred stock (the “Preferred Stock”) were automatically converted into an aggregate of 8,651,805 shares of its Common Stock and the Series D redeemable convertible preferred stock (the “Series D Preferred Stock”) investors’ rights and obligations were either exercised or extinguished.

Reverse Stock Split

On October 1, 2014, the Board of Directors and, on October 3, 2014, the stockholders approved a 1-for-15.87 reverse stock split of the Company's Common Stock and a proportional adjustment to the existing conversion ratios for each series of Preferred Stock. The effective date of the reverse stock split was October 6, 2014. All share, share equivalent and per share amounts have been adjusted to reflect the reverse stock split. The ratios by which shares of Preferred Stock are convertible into shares of Common Stock have been adjusted to reflect the effects of the reverse stock split.

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Proteon Therapeutics Limited, and Proteon Securities Corp. All intercompany balances and transactions have been eliminated in consolidation. These consolidated financial statements 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 as found in the Accounting Standards Codification ("ASC") and Accounting Standards Update ("ASU") of the Financial Accounting Standards Board ("FASB").

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. On an ongoing basis, the Company's management evaluates its estimates, which include, but are not limited to, estimates related to convertible notes, stock-based compensation expense, clinical trial accruals, and reported amounts of revenues and expenses during the reported period. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions.

The Company utilizes significant estimates and assumptions in determining the fair value of its Common Stock. The Company utilized various valuation methodologies in accordance with the framework of the 2004 and 2013 American Institute of Certified Public Accountants Technical Practice Aids, Valuation of Privately-Held Company Equity Securities Issued as Compensation, to estimate the fair value of its Common Stock prior to its IPO. Each valuation methodology includes estimates and assumptions that require the Company's judgment. These estimates and assumptions include a number of objective and subjective factors, including external market conditions affecting the biotechnology industry sector, the prices at which the Company sold shares of Preferred Stock, the superior rights and preferences of securities senior to the Company's Common Stock at the time and the likelihood of achieving a liquidity event, such as an initial public offering or a sale of the Company. Significant changes to the key assumptions used in the valuations could result in different fair values of Common Stock at each valuation date and materially affect the financial statements.

Recent Accounting Pronouncements

In May 2014, the FASB issued a new standard on revenue recognition providing a single, comprehensive revenue recognition model for all contracts with customers. The new revenue standard is based on the principle that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard is effective beginning January 1, 2017, with no early adoption permitted. The amendments may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of initial application. The Company is currently evaluating the impact of the new guidance on our consolidated financial statements, if any.

In August 2014, the FASB issued authoritative guidance on determining when and how reporting entities must disclose going-concern uncertainties in their financial statements, including requiring management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date of issuance of the entity’s financial statements and providing certain disclosures if there is substantial doubt about the entity’s ability to continue as a going concern. This guidance will be effective for the Company’s fiscal year 2016 and for interim periods beginning in the first quarter of fiscal 2017. The Company is still evaluating the impact of this guidance on its financial statement disclosures.

In June 2014, the FASB issued authoritative guidance regarding disclosure requirements of development stage companies in GAAP and International Financial Reporting Standards. This newly issued accounting standard removed all incremental financial reporting requirements, including inception-to-date information, for development stage entities. This guidance is effective for annual periods beginning after December 15, 2014. However, the Company adopted this guidance early effective with the publication of its 2013 financial statements.

Segment Information

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company and the Company's chief operating decision maker view the Company's operations and manage its business in one operating segment, which is the business of developing and commercializing products for the treatment of renal and vascular disease. The Company operates in only one geographic segment.

Cash and Cash Equivalents

The Company considers all highly liquid investments with maturities of 90 days or less from the purchase date to be cash equivalents. Cash and cash equivalents are held in depository and money market accounts and are reported at fair value.

Short-Term Investments

The Company classifies its investments as available-for-sale and records such assets at estimated fair value in the consolidated balance sheets, with unrealized gains and losses, if any, reported as a component of other comprehensive income (loss) within the consolidated statements of operations and comprehensive loss and as a separate component of stockholders' equity (deficit). The Company invests its excess cash balances primarily in government debt securities, money market funds and corporate bonds with strong credit ratings and maturities of less than one year. There have been no realized gains and losses for the years ended December 31, 2014, 2013 and 2012.

At each balance sheet date, the Company assesses available-for-sale securities in an unrealized loss position to determine whether the unrealized loss is other-than-temporary. The Company considers factors including: the significance of the decline in value compared to the cost basis, underlying factors contributing to a decline in the prices of securities in a single asset class, the length of time the market value of the security has been less than its cost basis, the security's relative performance versus its peers, sector or asset class, expected market volatility and the market and economy in general. When the Company determines that a decline in the fair value below its cost basis is other-than-temporary, the Company recognizes an impairment loss in the year in which the other-than-temporary decline occurred. There have been no other-than-temporary declines in value of short-term investments for the years ended December 31, 2014, 2013 and 2012, as it is more likely than not the Company will hold the securities until maturity or a recovery of the cost basis.

Concentrations of Credit Risk and Off-Balance Sheet Risk

Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash, cash equivalents and short-term investments. The Company's cash and cash equivalents are held in accounts with financial institutions that management believes are creditworthy. The Company's investment policy includes guidelines on the quality of the institutions and financial instruments and defines allowable investments that the Company believes minimizes the exposure to concentration of credit risk. These amounts at times may exceed federally insured limits. The Company has not experienced any credit losses in such accounts and does not believe it is exposed to any significant credit risk on these funds. The Company has no financial instruments with off-balance sheet risk of loss.

Deferred Financing Costs

Deferred financing costs related to the Company’s convertible promissory notes (the “Convertible Notes”) as of December 31, 2013 were included in prepaid expenses and other current assets and have been fully amortized as of December 31, 2014 (see Note 5). Deferred financing costs are amortized over the life of the related debt using the effective interest method. For the years ended December 31, 2014, 2013 and 2012, deferred financing costs of $18,000, $18,000 and $0, respectively, were amortized to interest expense.

During 2014, the Company incurred $0.5 million of costs related to the issuance of the Series D Preferred Stock. The Series D Preferred Stock issuance costs were allocated to the various tranches resulting in $0.4 million allocated to the first tranche and $0.1 million allocated to the second and third tranche rights. The amount allocated to the first tranche was offset against the proceeds upon closing of the issuance of the first tranche of Series D Preferred Stock (see Note 9). The amount allocated to the future tranche rights was recorded against the tranche right liability. These issuance costs were reclassified to additional paid-in capital upon the conversion of the Series D Preferred Stock to Common Stock in October 2014.

Fair Value of Financial Instruments

The Company's financial instruments consist of cash and cash equivalents, available-for-sale investments, accounts payable, accrued liabilities, Convertible Notes and features embedded in the Convertible Notes (see Note 5). The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. FASB ASC Topic 820, Fair Value Measurement and Disclosures, established a hierarchy of inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the financial instrument based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the financial instrument and are developed based on the best information available under the circumstances. The fair value hierarchy applies only to the valuation inputs used in determining the reported or disclosed fair value of the financial instruments and is not a measure of the investment credit quality. Fair value measurements are classified and disclosed in one of the following three categories:

	·	Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.
	·	Level 2—Valuations based on quoted prices for similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level 3—Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and unobservable.

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Financial instruments measured at fair value on a recurring basis include cash equivalents, short-term investments (see Note 3) and the derivative liability associated with the Convertible Notes (see Note 5). The fair value of the derivative liability was determined based on Level 3 inputs as described in Note 5. An entity may elect to measure many financial instruments and certain other items at fair value at specified election dates. Subsequent unrealized gains and losses on items for which the fair value option has been elected will be reported in net loss. The Company did not elect to measure any additional financial instruments or other items at fair value. The Company is also required to disclose the fair value of financial instruments not carried at fair value. The carrying value of the Company's Convertible Notes approximated fair value considering their short-term maturity dates and considering that the stated interest rate is near current market rates for instruments with similar conversion and settlement features.

There have been no changes to the valuation methods utilized by the Company during the years ended December 31, 2014, 2013 and 2012. The Company evaluates transfers between levels at the end of each reporting period. There were no transfers of financial instruments between levels during the years ended December 31, 2014, 2013 and 2012.

Derivative Instruments

The Company occasionally issues financial instruments in which a derivative instrument is "embedded." Upon issuing the financial instrument, the Company assesses whether the economic characteristics of the embedded derivative are clearly and closely related to the economic characteristics of the remaining component of the financial instrument (i.e., the host contract) and whether a separate, non-embedded instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When it is determined that (1) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract and (2) a separate, stand-alone instrument with the same terms would qualify as a derivative instrument, the embedded derivative is separated from the host contract and carried at fair value with any changes in fair value recorded in current period earnings.

In connection with the issuance of the Convertible Notes in September 2013 and the Series D Preferred Stock in May 2014, the Company identified certain embedded features which required separation under FASB ASC Topic 815, Derivatives and Hedging ("ASC 815"). See Note 5 and Note 9 for further discussion of these instruments.

Property and Equipment

Property and equipment is stated at cost, less accumulated depreciation. Maintenance and repairs that do not improve or extend the lives of the respective assets are expensed to operations as incurred. Upon disposal, the related cost and accumulated depreciation is removed from the accounts and any resulting gain or loss is included in the results of operations. Depreciation is recorded using the straight-line method over the estimated useful lives of the respective assets, which are as follows:

Asset	Estimated Useful Life
Computer equipment and software	3 years
Furniture, fixtures and other	5 years
Laboratory equipment	7 years

Revenue

In general, the Company recognizes revenue when all of the following criteria are met: persuasive evidence of arrangement exists; delivery has occurred or services have been rendered; the Company's price to the customer is fixed or determinable and collectability is reasonably assured. During 2014, the Company recognized $2.9 million of revenue related to the expiration of residual rights to license the Company’s technology (see Note 7).

Research and Development Costs

Research and development costs are charged to expense as incurred in performing research and development activities. The costs include employee compensation costs, facilities and overhead, clinical study and related clinical manufacturing costs, regulatory and other related costs. Nonrefundable advanced payments for goods or services to be received in the future for use in research and development activities are deferred and capitalized. The capitalized amounts are expensed as the related goods are delivered or the services are performed.

Stock-Based Compensation Expense

The Company accounts for its stock-based compensation awards to employees and directors in accordance with FASB ASC Topic 718, Compensation-Stock Compensation ("ASC 718"). ASC 718 requires all stock-based payments to employees, including grants of employee stock options and restricted stock, to be recognized in the consolidated statements of operations and comprehensive loss based on their grant date fair values. Compensation expense related to awards to employees is recognized on a straight-line basis based on the grant date fair value over the associated service period of the award, ASC 718 which is generally the vesting term. Share-based payments issued to non-employees are recorded at their fair values and are periodically revalued as the equity instruments vest and are recognized as expense over the related service period in accordance with the provisions of ASC 718 and FASB ASC Topic 505, Equity and are expensed using an accelerated attribution model.

The Company estimates the fair value of its stock options using the Black-Scholes option pricing model, which requires the input of subjective assumptions, including (a) the expected stock price volatility, (b) the expected term of the award, (c) the risk-free interest rate, (d) expected dividends and (e) the estimated fair value of its Common Stock on the measurement date. Due to the lack of company specific historical and implied volatility data of its Common Stock, the Company has based its estimate of expected volatility on the historical volatility of a group of similar companies that are publicly traded. When selecting these public companies on which it has based its expected stock price volatility, the Company selected companies with comparable characteristics to it, including enterprise value, risk profiles, position within the industry and with historical share price information sufficient to meet the expected term of the stock based awards. The Company computes historical volatility data using the daily closing prices for the selected companies' shares during the equivalent period of the calculated expected term of the stock-based awards. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available. Due to the lack of Company specific historical option activity, the Company has estimated the expected term of its employee stock options using the "simplified" method, whereby, the expected term equals the arithmetic average of the vesting term and the original contractual term of the option. The expected term for non-employee awards is the remaining contractual term of the option. The risk-free interest rates are based on the U.S. Treasury securities with a maturity date commensurate with the expected term of the associated award. The Company has never paid and does not expect to pay dividends in the foreseeable future. Refer to Note 2, "Use of Estimates," for a discussion of the Company's estimated fair value of its Common Stock.

The Company is also required to estimate forfeitures at the time of grant and revise those estimates in subsequent periods if actual forfeitures differ from its estimates. The Company uses historical data to estimate forfeitures and records stock-based compensation expense only for those awards that are expected to vest. To the extent that actual forfeitures differ from the Company's estimates, the differences are recorded as a cumulative adjustment in the period the estimates were revised. Stock-based compensation expense recognized in the financial statements is based on awards that are ultimately expected to vest.

Income Taxes

Income taxes are recorded in accordance with FASB ASC Topic 740, "Income Taxes" ("ASC 740"), which provides for deferred taxes using an asset and liability approach. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax reporting basis of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Valuation allowances are provided if based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company has evaluated available evidence and concluded that the Company may not realize the benefit of its deferred tax assets; therefore a valuation allowance has been established for the full amount of the deferred tax assets.

The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. As of December 31, 2014 and 2013, the Company did not have any significant uncertain tax positions. The Company's practice is to recognize interest and/or penalties related to income tax matters in income tax expense. See Note 13 for further details.

Net income (loss) per share attributable to common stockholder

Basic net income (loss) per share is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income per share is calculated by dividing the net income attributable to common stockholders by the weighted-average number of common equivalent shares outstanding for the period, including any dilutive effect from outstanding stock options and warrants using the treasury stock method.

The Company follows the two-class method when computing net income (loss) per share in periods when issued shares that meet the definition of participating securities are outstanding. The two-class method determines net income (loss) per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. Accordingly, in periods in which the Company reports a net loss attributable to common stockholders when participating securities are outstanding, losses are not allocated to the participating securities. For purposes of calculating diluted net income per share attributable to common shareholders, preferred stock, stock options, warrants and convertible debt are considered common stock equivalents.

Comprehensive Loss

Comprehensive loss consists of net income or loss and changes in equity during a period from transactions and other events and circumstances generated from non-owner sources. The Company's net loss equals comprehensive loss, net of any changes in the unrealized gains and losses of the Company's short-term investments, for all periods presented.

Subsequent Events

The Company considers events or transactions that occur after the balance sheet date but prior to the date the consolidated financial statements are available to be issued for potential recognition or disclosure in the financial statements. The Company has completed an evaluation of all subsequent events after the consolidated balance sheet date of December 31, 2014 to ensure that this filing includes appropriate disclosure of events both recognized in the consolidated financial statements as of December 31, 2014 and events which occurred subsequently but were not recognized in the consolidated financial statements. See Note 16 for further details concerning events subsequent to the consolidated balance sheet dates.

Note 3 - Financial Instruments

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

3.	Financial Instruments

Below is a summary of assets and liabilities measured at fair value (in thousands):

	As of December 31, 2014
	Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Financial assets
Cash equivalents	$	68,830	$	-	$	-	$	68,830
Government securities		6,508		-		-		6,508
Corporate bonds		-		8,247		-		8,247
Total	$	75,338	$	8,247	$	-	$	83,585

	As of December 31, 2013
	Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Financial assets
Cash equivalents	$	2,781	$	-	$	-	$	2,781
Government securities		2,359		-		-		2,359
Total	$	5,140	$	-	$	-	$	5,140

Financial liabilities
Derivative liability	$	-	$	-	$	1,443	$	1,443
Total	$	-	$	-	$	1,443	$	1,443

As of December 31, 2014 and 2013, the Company's cash equivalents consist principally of money market funds. Government securities consist principally of government debt securities and money market funds which are classified as available-for-sale. Corporate bonds consist of bonds issued by highly-rated corporate entities. Cash equivalents and government securities are stated at fair value and consist of Level 1 financial instruments in the fair value hierarchy. The Company determines the fair value of its government security holdings based on pricing from a service provider. The service provider values the securities based on market prices from a variety of industry-standard independent data providers. Such market prices are quoted prices in active markets for identical assets (Level 1 inputs). Corporate bonds are stated at fair value and consist of Level 2 financial instruments in the fair value hierarchy. The Company determines the fair value of its corporate bonds holdings based on pricing from a service provider. The service provider values the securities based on market prices from a variety of industry-standard independent data providers. Such market prices are based on inputs other than quoted prices included within Level 1 that are observable for the asset, either directly or indirectly (Level 2 inputs).

The derivative liability was considered a Level 3 input because its fair value measurement was based, in part, on significant inputs not observed in the market. Any reasonable changes in the assumptions used in the valuation could materially affect the financial results of the Company. The derivative liability was extinguished upon the conversion of the Convertible Notes into Series D Preferred Stock in May 2014.

Available-for-sale securities at December 31, 2014 and 2013 consist of the following (in thousands):

	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
December 31, 2014
Government securities
(Due within 1 year)	$	6,510	$	-	$	(2	)	$	6,508
Corporate bonds
(Due within 1 year)		8,251		-		(4	)		8,247
	$	14,761	$	-	$	(6	)	$	14,755
December 31, 2013
Government securities
(Due within 1 year)	$	2,359	$	-	$	-		$	2,359
	$	2,359	$	-	$	-		$	2,359

- Definition

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

+ References + Details

Note 4 - Property and Equipment, Net

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

4.	Property and Equipment, net

Property and equipment, net consists of the following (in thousands):

	As of December 31,
	2014			2013

Computer equipment and software	$	135		$	96
Furniture, fixtures, and other		84			84
Laboratory equipment		248			236
		467			416
Accumulated Depreciation		(384	)		(354	)
Property and equipment, net	$	83		$	62

Depreciation expense for the years ended December 31, 2014, 2013 and 2012 was $30,000, $27,000 and $57,000, respectively. During 2013, the Company sold fully depreciated fixed assets with an original cost basis of $0.2 million and a net book value of $0, recognizing a gain on sale of $0.1 million. The Company did not sell or dispose of any fixed assets during the years ended December 31, 2014 or 2012.

Note 5 - Convertible Notes

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

5.	Convertible Notes

On September 4, 2013, the Company issued convertible promissory notes (“Convertible Notes”) with total aggregate proceeds of $4.3 million. The Convertible Notes accrued interest at 8% per annum and matured on or after March 31, 2014 upon written notice from a majority of the outstanding Convertible Note holders (the "Maturity Date").

In connection with the issuance of the Convertible Notes, the Company incurred $36,000 of financing costs which were recorded in other current assets. The Company also reimbursed the lenders $10,000 for financing costs which was recorded as a discount on the Convertible Notes. The Convertible Notes included various embedded conversion and redemption features as further described below. The Company recorded approximately $1.4 million as the fair value of the combined embedded derivative liability upon issuance on September 4, 2013, with a corresponding amount recorded as debt discount. The debt discount was amortized to interest expense over the life of the Convertible Notes. As of December 31, 2014 and 2013, the fair value of the combined embedded derivative liability was $0 and $1.4 million, respectively. Amounts recorded for issuance costs and embedded features were amortized to interest expense over the life of the Convertible Notes, approximately seven months. Changes in the estimated fair value of the embedded features was recorded in earnings in the period in which they occurred.

The Convertible Notes provided for conversion upon maturity at the holder's option and mandatory conversion upon a reverse acquisition. Both of these features provided for the conversion of the outstanding principal of the Convertible Notes, plus accrued interest into Series C Preferred Stock at $1.15 per share. In the event the Company issued or sold equity securities prior to the Maturity Date with aggregate proceeds of not less than $7.0 million, the Convertible Notes plus all accrued interest would automatically convert into either (i) the newly issued equity securities at 75% of the cash price per share paid by the investors in the new equity securities; or (ii) shares of Series C Preferred Stock at $1.15 per share. In accordance with ASC 815, the Company determined that this embedded mandatory conversion feature should be separately accounted for as a freestanding financial instrument as the conversion feature was a substantial contingent call option.

In the event the Company issued or sold equity securities prior to the Maturity Date with aggregate proceeds less than $7.0 million, the Convertible Notes plus all accrued interest could be converted at the option of the holders into the newly issued equity securities at 75% of the cash price per share paid by the investors in the new equity securities. In accordance with ASC 815, the Company determined that this embedded conversion feature should be separately accounted for as a freestanding financial instrument as the conversion feature was a substantial contingent call option.

In the event of a change in control of the Company prior to the Maturity Date, the Company had the option to prepay the Convertible Notes at 1.5 times principal, plus accrued interest. In accordance with ASC 815, the Company determined that this embedded redemption feature should be separately accounted for as a freestanding financial instrument as the conversion feature was a substantial contingent call option.

The Convertible Notes included a call feature, at the Company's option, whereby the Convertible Notes could be prepaid at 1.5 times principal, plus accrued interest. In accordance with ASC 815, the Company determined that this embedded redemption feature should be separately accounted for as a freestanding financial instrument.

The Convertible Notes included a put feature, at the option of the holders, whereby upon a breach of the Note Agreement, repayment of the Convertible Notes could be accelerated at 1.5 times principal, plus accrued interest. In accordance with ASC 815, the Company determined that this embedded redemption feature should be separately accounted for as a free-standing financial instrument. The Convertible Notes also included an additional put feature, at the option of the holders, whereby upon an event of default, the repayment of the Convertible Notes could be accelerated in the amount of the outstanding principal, plus accrued interest. In accordance with ASC 815, the Company determined that this embedded redemption feature did not require separate accounting as a freestanding financial instrument.

The embedded features requiring separate accounting were combined and valued upon issuance using a single income valuation approach. The Company estimated the fair value of the combined embedded derivative identified above using a "with and without" income valuation approach. Under this approach, the Company estimated the present value of the fixed interest rate debt based on the fair value of similar debt instruments excluding the embedded features. This amount was then compared to the fair value of the debt instrument including the embedded features using a probability weighted approach by assigning each embedded derivative feature a probability of occurrence, with consideration provided for the settlement amount including conversion discounts, prepayment penalties, the expected life of the liability and the applicable discount rate.

Upon issuance on September 4, 2013 and as of December 31, 2013, the Company ascribed a probability to the mandatory conversion feature upon a financing of not less than $7.0 million of 85% and 100%, respectively. As of September 4, 2013 and December 31, 2013 the Company ascribed a probability to the call feature upon a change in control of 15% and 0%, respectively. For all other features included in the combined embedded derivative, the Company estimated a 0% probability of occurrence as of September 4, 2013 and December 31, 2013. From December 31, 2013 to the conversion of the Convertible Notes into Series D Preferred Stock, as described below, the estimates of these probabilities did not change. The Company classified the liability within Level 3 of the fair value hierarchy as the probability factor is an unobservable input and significant to the valuation model.

On May 13, 2014, The Company received gross proceeds of approximately $25.0 million from the issuance of Series D Preferred Stock to new and existing investors at a price per share of $0.588656. In aggregate, 52,813,827 shares of Series D Preferred Stock were issued, including 10,344,201 shares for the conversion of $4.6 million of Convertible Notes and accrued interest at a conversion price of $0.4414 per share. In connection with the conversion of the debt, the compound embedded derivative liability, which had a fair value of $1.5 million, was written-off. There was no gain or loss recognized upon conversion of the Convertible Notes.

Note 6 - Accrued Expenses

12 Months Ended

Dec. 31, 2014

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

6.	Accrued Expenses

Accrued expenses consist of the following (in thousands):

	As of December 31,
	2014		2013

Payroll and employee-related costs	$	641	$	419
Contracted service costs		494		360
Professional fees and other		286		205
Total	$	1,421	$	984

Note 7 - Option to Acquire Company

12 Months Ended

Dec. 31, 2014

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

7.	Option to Acquire Company

In March 2009, the Company entered into an option agreement with a major pharmaceutical entity that provided an exclusive option to acquire the Company under a pre-negotiated merger agreement. The Company received a $10.0 million non-refundable payment as consideration for the agreement. The fair value of the option to acquire the Company was estimated using the Black-Scholes option-pricing model with the following assumptions:

Expected volatility		76%
Expected option expiration date	June 30, 2013
Expected dividends		0%
Expected term (years)		4.34
Risk-free rate		1.80%

Expected volatility was based on historical volatility of companies within the biotechnology industry. The exercise price of the option to acquire all outstanding shares of Company stock, prior to the payment of contingent program milestones, was $240.0 million. The fair value of the option to acquire all of the outstanding shares of the Company was estimated to be $7.1 million, which was recorded as additional paid-in capital during 2009. The $2.9 million difference between the $10.0 million non-refundable payment and the fair value of the option was recorded as deferred revenue during 2009, representing the value of certain residual rights in the event the acquisition option is not exercised (e.g., a right, under certain circumstances, to license the Company's underlying technology). The acquisition option expired unexercised in 2013. On August 3, 2014, the residual rights under this option agreement lapsed and the $2.9 million in deferred revenue was recognized as revenue on that date.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1490-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7008-128479

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1486-128463

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6927-128479

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=39739317&loc=d3e4845-128472

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1500-128463

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1524-128463

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7000-128479

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=39739317&loc=d3e4922-128472

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=39739317&loc=d3e4934-128472

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=39739317&loc=d3e4926-128472

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1383-128463

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6996-128479

+ Details

Note 8 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

8.	Commitments and Contingencies

Significant Contracts and Agreements

In February 2002, the Company entered into an agreement to license certain intellectual property from Johns Hopkins University. The agreement calls for payments to be made by the Company upon the commencement of product sales, in the form of a royalty of 2.5% on net sales of the product. As the Company has not commenced product sales, during the years ended December 31, 2014, 2013 and 2012, the Company has recognized no royalties on product sales.

Operating Leases

The Company has various non-cancellable operating leases for facilities and office equipment that expire at various dates through 2018. The facility leases require the Company to pay all electricity costs. In August 2014, the Company entered into an Amendment (the "Lease Amendment") to the existing Lease Agreement dated July 13, 2009 (the "Lease Agreement"), with Boston Properties Limited Partnership ("Lessor") pursuant to which the Company has agreed to extend the lease for approximately 5,000 square feet of property to be used for office space (the "Leased Property") located at 200 West St., Waltham, Massachusetts. The term of the Lease Amendment commences on January 1, 2015 (the "Commencement Date") and expires in June 2018, approximately three years and six months from the Commencement Date. The Company has the option to extend the term for one additional one-year period upon the Company's written notice to the Lessor at least nine months in advance of the extension. Rental expense for the years ended December 31, 2014, 2013 and 2012 was $0.2 million, $0.2 million and $0.3 million, respectively.

Future minimum payments required under the leases as of December 31, 2014 are summarized as follows (in thousands):

Year Ending December 31:	Amount

2015	$	168
2016		168
2017		168
2018		84
Total minimum lease payments	$	588

In addition to the base rent, the Company is also responsible for its share of operating expenses and real estate taxes, in accordance with the terms of the Lease Agreement. As of December 31, 2014, the Company has provided a security deposit in the amount of $39,000 to the Lessor.

Restricted cash related to facilities leases

At December 31, 2014 and 2013, the Company had $38,000 in an outstanding letter of credit to be used as collateral for leased premises. At December 31, 2014 and 2013, the Company has pledged an aggregate of $39,000 to the bank as collateral for the letter of credit, which is included in short-term deposits.

Note 9 - Redeemable Convertible Preferred Stock

12 Months Ended

Dec. 31, 2014

Redeemable Convertible Preferred Stock [Abstract]

Redeemable Convertible Preferred Stock [Text Block]

9.	Redeemable Convertible Preferred Stock

Upon the closing of the Company’s IPO on October 27, 2014, all outstanding shares of the Company’s Preferred Stock were automatically converted into 8,651,805 shares of Common Stock. As of December 31, 2014, the Company has 10,000,000 shares of Preferred Stock authorized for issuance with none issued or outstanding.

As of December 31, 2013, the authorized capital stock of the Company included 71,852,775 shares of redeemable convertible preferred stock, par value $0.001 per share, of which: (i) 22,638,465 shares were designated as Series A Preferred Stock, (ii) 10,909,091 shares were designated as Series A-1 Preferred Stock, (iii) 20,754,461 shares were designated as Series B Preferred Stock and (iv) 17,550,758 shares were designated as Series C Preferred Stock.

Shares of Preferred Stock may be issued from time to time in one or more series, each of such series to have such powers, designations, preferences, and relative, participating, optional, or other special rights, if any, and such qualifications and restrictions, if any, as are stated or expressed in the resolutions of the Board of Directors providing for such series of Preferred Stock. Different series of Preferred Stock shall not be construed to constitute different classes of shares for the purposes of voting by classes unless expressly provided in such resolution.

In May 2014, the Company issued 42,469,626 shares of Series D Preferred Stock at a price of $0.588656 per share for gross proceeds of $25.0 million. In connection with the issuance of the Series D Preferred Stock, the holders received certain tranche rights to purchase additional shares of Series D Preferred Stock at $0.588656 per share. These investor rights represented freestanding financial instruments which were recorded as liabilities upon issuance. Changes in the fair value of these investor rights subsequent to issuance were recorded in other income (expense) in the consolidated statements of operations and comprehensive loss. The estimated fair value of the tranche rights was determined upon issuance and immediately before the IPO using a Black-Scholes option pricing model with the following inputs:

	Upon Issuance			Immediately before IPO
Expected term (in years)	1.84	-	3.50		0.001
Expected volatility	63.0%	-	86.0%	63.0%	-	71.0%
Risk-free interest rate	0.44%	-	1.12%	0.35%	-	1.05%
Expected dividend yield		0%			0%

Upon issuance and immediately before the IPO, the investor rights and obligations had a fair value of $6.6 million and $1.4 million, respectively. The change in fair value of the investor rights of $5.2 million was recorded in other income in the consolidated statements of operations and comprehensive loss during the year ended December 31, 2014. The Series D Preferred Stock investor rights were either exercised or extinguished upon the closing of the Company’s IPO.

The Company recorded the following amounts in 2014 in connection with the Series D investors’ rights and obligations (in thousands):

	Amount

Fair value of tranche right liability upon issuance May 13, 2014	$	6,639
Issuance costs allocated to tranche right liability		(80	)
Adjustment to fair value recorded in other income during 2014		(5,151	)
Reclassified to equity upon exercise on October 21, 2014		(1,408	)
Balance at December 31, 2014	$	-

The Company incurred approximately $0.5 million in costs related to the issuance of the Series D Preferred Stock which were allocated to the shares issued to date and the tranche right liability. The $0.4 million of issuance costs allocated to the shares issued in May 2014 were recorded as a discount on the Series D Preferred Stock and were to be accreted over five years to the earliest redemption date of the Series D Preferred Stock. The remaining $0.1 million of issuance costs were allocated to the second and third tranche right liability.

Note 10 - Common Stock

12 Months Ended

Dec. 31, 2014

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

10.	Common Stock

General

As of December 31, 2014, the Company has 100,000,000 shares of Common Stock authorized for issuance, with 16,448,455 shares of Common Stock issued and outstanding. The voting, dividend, and liquidation rights of the holders of Common Stock are subject to and qualified by the rights of the holders of Preferred Stock. The Common Stock has the following characteristics:

Voting

The holders of shares of Common Stock are entitled to one vote for each share of Common Stock held at all meetings of stockholders and written action in lieu of meetings. There is no cumulative voting.

Dividends

The holders of shares of Common Stock are entitled to receive dividends, if and when declared by the Board of Directors. Cash dividends may not be declared or paid to holders of shares of Common Stock until paid on outstanding Preferred Stock. As of December 31, 2014, no dividends have been declared or paid since the Company's inception.

Liquidation

Upon the dissolution or liquidation or winding up of the affairs of the Company, whether voluntary or involuntary, holders of Common Stock will be entitled to receive all assets of the Company available for distribution to its stockholders equally on a per share basis, subject to any preferential rights of any then outstanding shares of Preferred Stock and after payment or provision for payment of the Company’s debts.

Reserved for Future Issuance

At December 31, 2014, the Company has 100,000,000 shares of Common Stock authorized for issuance, $0.001 par value per share, of which 16,448,455 shares were issued and outstanding. The Company has the following shares of Common Stock reserved for future issuance:

	As of December 31,
	2014		2013

Conversion of Series A Preferred Stock		-		1,426,482
Conversion of Series A-1 Preferred Stock		-		687,395
Conversion of Series B Preferred Stock		-		1,307,771
Conversion of Series C Preferred Stock		-		1,105,907
Stock-based compensation awards		1,807,349		623,111
Employee Stock Purchase Plan		140,500		-
Warrants to purchase Common Stock		-		659,806
Total		1,947,849		5,810,472

Immediately prior to the closing of the Company’s IPO, 498,889 shares of Common Stock were issued upon the exercise of warrants with aggregate proceeds of $1.4 million. As of December 31, 2014, there were no remaining warrants outstanding. Upon the closing of the Company’s IPO, all outstanding shares of the Company’s Preferred Stock were automatically converted into an aggregate of 8,651,805 shares of its Common Stock and the Series D Preferred Stock investors’ rights and obligations were either exercised or extinguished (see Note 9).

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph d
-Article 4

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

Note 11 - Stock-based Compensation

12 Months Ended

Dec. 31, 2014

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

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

11.	Stock-based Compensation

On August 21, 2014, the Company’s Board of Directors adopted the 2014 Equity Incentive Plan (the “2014 Plan”), the 2014 Employee Stock Purchase Plan (the “2014 ESPP”) and the 2006 Equity Incentive Plan (the “2006 Plan”), as amended and restated (collectively the “Plans”). On October 3, 2014, the stockholders approved these plans.

The Plans provide for the grant of incentive and non-statutory stock options, stock appreciation rights, restricted stock and stock unit awards, performance units, stock grants and qualified performance-based awards. Under the 2006 Plan, no new stock compensation awards will be granted subsequent to the completion of the Company’s IPO. The Company initially reserved 704,000 shares of Common Stock for issuance under the 2014 Plan. The 2014 Plan provides that the number of shares reserved and available for issuance under the 2014 Plan will automatically increase each January 1, beginning January 1, 2015 by four percent of the outstanding shares of Common Stock on the immediately preceding December 31 or such lesser number of shares as determined by the Company’s Board of Directors prior to each such January 1.

Terms of the stock awards, including vesting requirements, are determined by the Board of Directors, subject to the provisions of the Plans. Options granted by the Company typically vest over three to four years. Certain awards provide for accelerated vesting if there is a change in control as defined in the Plans. Stock options outstanding under the 2006 Plan are exercisable from the date of grant for a period of ten years. Stock options granted under the 2014 Plan are exercisable only upon vesting. For options granted to date, the exercise price equaled the fair value of the Common Stock as determined by the Board of Directors on the date of grant.

Stock-based compensation expense

Total stock-based compensation expense is recognized for stock options granted to employees and non-employees and has been reported in the Company’s consolidated statements of operations as follows (in thousands):

	Year Ended December 31,
	2014		2013		2012

Research and development	$	114	$	106	$	46
General and administrative		345		49		64
Total	$	459	$	155	$	110

The Company estimates the fair value of each employee stock award on the grant date using the Black-Scholes option-pricing model based on the following assumptions regarding the fair value of the underlying Common Stock on each measurement date:

	Year Ended December 31,
	2014			2013

Weighted average expected volatility		79.5	%		91.1	%
Expected term (in years)		6.00			5.95
Risk free interest rate		1.88	%		1.03	%
Expected dividend yield		0	%		0	%

Stock options issued to non-employees are accounted for using the fair value method of accounting; they are periodically revalued as the options vest and are recognized as expense over the related service period. The total expense related to all options granted to non-employees for the years ended December 31, 2014, 2013 and 2012 was $4,000, $32,000 and $9,000, respectively.

Stock Options

The following table summarizes stock option activity for employees and non-employees:

	Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)		Aggregate Intrinsic Value

Outstanding at December 31, 2013		607,017		$	2.22		5.2	$	1,627
Granted		659,865		$	5.94
Exercised		(31,356	)	$	1.89
Cancelled or forfeited		-		$	-
Outstanding at December 31, 2014		1,235,526		$	4.19		7.1	$	7,709
Exercisable at December 31, 2014		572,184		$	2.36		4.5	$	4,615
Vested or expected to vest at December 31, 2014 (1)		1,163,249		$	4.13		7.0	$	7,327

(1) Represents the number of vested options at December 31, 2014 plus the number of unvested options expected to vest based on the unvested options outstanding at December 31, 2014.

During the year ended December 31, 2014, the Company granted stock options to purchase an aggregate of 659,865 shares of its Common Stock with a weighted-average grant date fair value of $4.07. During the year ended December 31, 2013, the Company granted stock options to purchase an aggregate of 3,150 shares of its Common Stock with a weighted-average grant date fair value of $16.50. There were no stock options granted during the year ended December 31, 2012.

The total intrinsic value of options exercised in the years ended December 31, 2014 and 2013 was $0.2 million and $0.1 million, respectively. As of December 31, 2014, there was $2.1 million of total unrecognized compensation cost related to employee non-vested stock options. As of December 31, 2014, there was $1,000 of total unrecognized compensation cost related to non-employee, non-vested stock options. The total unrecognized compensation cost for employee and non-employee awards will be adjusted for future forfeitures. The Company expects to recognize its remaining stock-based compensation expense over a weighted-average period of 3.1 years.

During 2013, the Company modified the stock option awards of one employee upon the employee’s termination. In accordance with ASC 718, the Company assessed the fair value of the unvested portion of the modified awards at $0.1 million and recorded that amount as compensation cost on the date of termination.

Employee Stock Purchase Plan

The 2014 ESPP authorizes the issuance of up to 140,500 shares of Common Stock. The number of shares will be increased each January 1, commencing on January 1, 2015 and ending on (and including) January 1, 2024, by an amount equal to the lesser of one percent of outstanding shares as of the end of the immediately preceding fiscal year, 281,000, and any lower amount determined by the Company’s Board of Directors prior to each such January 1. As of December 31, 2014, there had been no activity in the ESPP.

Note 12 - 401(k) Savings Plan

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

12.	401(k) Savings Plan

In October 2007, the Company adopted a tax-qualified employee savings and retirement 401(k) Plan, covering all qualified employees. Participants may elect a salary deferral of at least 1% as a contribution to the 401(k) Plan, up to the statutorily prescribed annual limit for tax-deferred contributions. The Company may elect to make a safe harbor contribution to the Plan equal to 3% of each eligible employee's salary. Safe harbor contributions are fully vested to plan participants at all times. The Company had no safe harbor contributions for the years ended December 31, 2014, 2013 and 2012.

Note 13 - Income Taxes

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

13.	Income Taxes

For the years ended December 31, 2014, 2013 and 2012, the Company has not recorded a provision for federal or state income taxes as it has had cumulative net operating losses since inception. The Company's losses before income taxes consist solely of domestic losses.

A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations follows (in thousands):

	Years Ended December 31,
	2014			2013			2012
Income tax benefit using U.S. federal statutory rate	$	(1,136	)	$	(2,690	)	$	(2,710	)
Permanent differences		124			299			38
Orphan drug credit permanent addback		674			-			-
State income taxes, net of federal benefit		(303	)		(389	)		(368	)
Tax credits		(2,176	)		(7,164	)		(95	)
Expiring net operating losses and tax credits		312			2,566			287
Change in valuation allowance		4,394			7,286			2,988
Mark to market derivative liability		(1,779	)		-			-
Other		(110	)		92			(140	)
	$	-		$	-		$	-

The significant components of the Company's deferred tax assets are as follows (in thousands):

	Years Ended December 31,
	2014			2013			2012
Net operating loss carryforwards	$	29,217		$	26,304		$	26,560
Federal and state tax credits		12,126			9,941			2,777
Deferred revenue		-			1,147			1,139
Accrued expenses		478			332			155
Patents		531			612			692
Other		100			300			27
		42,452			38,636			31,350
Valuation allowance		(42,452	)		(38,636	)		(31,350	)
Net deferred tax asset	$	-		$	-		$	-

Management of the Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets. Based on the Company's history of operating losses, management of the Company has concluded that it is more likely than not that the benefit of its deferred tax assets will not be realized. Accordingly, the Company has provided a full valuation allowance for deferred tax assets as of December 31, 2014, 2013 and 2012.

The valuation allowance increased approximately $3.8 million during the year ended December 31, 2014, due primarily to the addition of Orphan Drug Tax credits and the generation of net operating losses. The valuation allowance increased approximately $7.3 million during the year ended December 31, 2013, due primarily to the addition of Orphan Drug Tax credits for 2009 through 2012 as well as the generation of net operating losses during the year ended December 31, 2013, both of which are fully reserved. The valuation allowance increased approximately $3.0 million during the year ended December 31, 2012, due primarily to the generation of net operating losses during the period.

Subject to the limitations described below, as of December 31, 2014, 2013 and 2012, the Company has net operating loss carryforwards of approximately $78.1 million, $69.9 million and $70.3 million, respectively, to offset future federal taxable income, which will expire at various times between 2026 and 2034. The Company does not have any net operating losses that are attributable to excess stock option deductions which would be recorded as an increase in additional paid-in capital. As of December 31, 2014, 2013 and 2012, the Company has state net operating loss carryforwards of approximately $55.1 million, $45.4 million and $50.4 million, respectively, to offset future state taxable income, which will expire at various times through 2034. As of December 31, 2014, 2013 and 2012, the Company has tax credit carryforwards of approximately $12.5 million, $10.3 million and $3.1 million, respectively, to offset future federal and state income taxes, which will expire at various times through 2034.

Net operating loss and tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service (the "IRS") and may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50% as defined under Sections 382 and 383 in the Internal Revenue Code. This could substantially limit the amount of tax attributes that can be utilized annually to offset future taxable income or tax liabilities. The amount of the annual limitation is determined based on the Company's value immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. We are in the process of completing an analysis to determine if there were changes in ownership for tax years through 2014, as defined by Section 382 of the Internal Revenue Code that would limit our ability to utilize certain net operating loss and tax credit carryforwards. To the extent the Company undergoes a change in ownership, as defined by Section 382, utilization of the Company’s net operating losses and tax credits carryforwards may become limited.

The Company had no unrecognized tax benefits or related interest and penalties accrued during the years ended December 31, 2014, 2013 and 2012. The Company will recognize interest and penalties related to uncertain tax positions in income tax expense.

The Company is subject to U.S. federal income tax and primarily Massachusetts state income tax. The statute of limitations for assessment by the IRS and state tax authorities is open for tax years ending December 31, 2011 through 2014, although carryforward attributes that were generated prior to tax year 2011 may still be adjusted upon examination by the IRS or state tax authorities if they either have been or will be used in a future period. Currently, no federal or state income tax returns are under examination by the respective taxing authorities.

Note 14 - Net Income (Loss) Per Share Attributable to Common Stockholders

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

14.	Net income (loss) per share attributable to Common Stockholders

As described in Note 2, Summary of Significant Accounting Policies, the Company computes basic and diluted earnings (loss) per share using a methodology that gives effect to the impact of outstanding participating securities (the "two-class method"). As the years ended December 31, 2014, 2013 and 2012 resulted in net losses, there is no income allocation required under the two-class method or dilution attributed to weighted-average shares outstanding in the calculation of diluted loss per share.

The following Common Stock equivalents, presented on an as converted basis, were excluded from the calculation of net loss per share for the periods presented, due to their anti-dilutive effect (in thousands):

	Years Ended December 31,
	2014			2013		2012
Covertible preferred stock		7,581	(a)		4,254		4,254
Common stock warrants		660	(a)		660		660
Outstanding stock options		1,236			607		614
Convertible notes		243	(a)		243		-
		9,720			5,764		5,528

(a) These instruments were either exercised or converted to Common Stock during 2014.

Note 15 - Quarterly Financial Information (unaudited)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information [Text Block]

15.	Quarterly Financial Information (unaudited, in thousands, except share and per share data)

The Company uses the two-class method to calculate net income (loss) per share. During the fourth quarter of the year ended December 31, 2014, the Company recorded net income, although for the full year the Company recorded a net loss. For purposes of calculating basic net income per share for the fourth quarter of 2014, the Company excluded from the numerator $1.3 million of net income attributable to participating securities. The Company calculated diluted net income per share under both the if-converted method and the two-class method noting a greater dilutive effect under the two-class method. For the purposes of calculating diluted net income per share under the two-class method for the fourth quarter, the Company excluded from the numerator $1.3 million of net income attributable to participating securities and did not assume the conversion of Preferred Stock in the denominator on an as if-converted basis. Shares of Common Stock issuable upon exercise of outstanding stock options and warrants were included in the denominator on an as-if converted basis.

	Three Months Ended
	March 31, 2014			June 30, 2014			September 30, 2014				December 31, 2014
Revenue	$	-		$	-		$	2,948			$	-
Operating expenses		1,933			2,508			2,814				3,273
Net (loss) income		(2,831	)		(2,563	)		(5,181	)			7,233
Net (loss) income attributable to common stockholders - basic		(4,343	)		(4,460	)		(7,458	)			5,938
Net (loss) income attributable to common stockholders - diluted		(4,343	)		(4,460	)		(7,458	)			5,938
Net (loss) income per share attributable to common stockholders:
Basic	$	(18.09	)	$	(18.55	)	$	(31.00	)	(a)	$	0.52
Diluted	$	(18.09	)	$	(18.55	)	$	(31.00	)	(a)	$	0.48
Weighted-average common shares outstanding used in net (loss) income per share attributable to common stockholders:
Basic		240,138			240,374			240,610		(a)		11,444,807	(b)
Diluted		240,138			240,374			240,610		(a)		12,295,431	(b)

	Three Months Ended
	March 31, 2013			June 30, 2013			September 30, 2013				December 31, 2013
Revenue	$	-		$	-		$	-			$	-
Operating expenses		1,871			1,549			1,914				1,788
Net loss		(1,865	)		(1,547	)		(2,103	)			(2,397	)
Net loss attributable to common stockholders - basic		(3,377	)		(3,074	)		(3,643	)			(3,937	)
Net loss attributable to common stockholders - diluted		(3,377	)		(3,074	)		(3,643	)			(3,937	)
Net loss per share attributable to common stockholders
Basic	$	(14.64	)	$	(13.33	)	$	(15.21	)	(a)	$	(16.41	)
Diluted	$	(14.64	)	$	(13.33	)	$	(15.21	)	(a)	$	(16.41	)
Weighted-average common shares outstanding used in net loss per share attributable to common stockholders:
Basic		230,607			230,607			239,472		(a)		239,902
Diluted		230,607			230,607			239,472		(a)		239,902

(a) Adjusted to correct an immaterial error in the weighted-average share calculation in the Company's Form 10-Q as of September 30, 2014 and 2013.
(b) In October 2014, the Company completed its initial public offering of common stock which resulted in net proceeds of approximately $62.5 million from the issuance of 7,026,500 shares of common stock, which includes the sale of 916,500 shares under the underwriter's over allotment option. Immediately prior to the closing of the Company’s IPO, 498,889 shares of Common Stock were issued upon the exercise of warrants with aggregate proceeds of $1.4 million. In connection with the public offering, all of the Company's outstanding redeemable convertible preferred stock was converted to 8,651,805 shares of common stock.

Note 16 - Subsequent Events

12 Months Ended

Dec. 31, 2014

Subsequent Events [Abstract]

Subsequent Events [Text Block]

16.	Subsequent Events

On January 7, 2015 the Board of Directors approved a grant of 399,929 stock options at an exercise price of $10.61 per share to the Company’s employees and certain non-employee Directors. On the first anniversary of the vesting commencement date, 25% of the options will vest, and the remainder vest in 12 equal quarterly installments over the following three years. The options have a life of 10 years.

Accounting Policies, by Policy (Policies)

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation and Principles of Consolidation

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

Segment Reporting, Policy [Policy Text Block]

Segment Information

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

Investment, Policy [Policy Text Block]

Short-Term Investments

Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentrations of Credit Risk and Off-Balance Sheet Risk

Deferred Charges, Policy [Policy Text Block]

Deferred Financing Costs

Fair Value Measurement, Policy [Policy Text Block]

Fair Value of Financial Instruments

	·	Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.
	·	Level 2—Valuations based on quoted prices for similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level 3—Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and unobservable.

Derivatives, Policy [Policy Text Block]

Derivative Instruments

Property, Plant and Equipment, Policy [Policy Text Block]

Property and Equipment

Asset	Estimated Useful Life
Computer equipment and software	3 years
Furniture, fixtures and other	5 years
Laboratory equipment	7 years

Revenue Recognition, Policy [Policy Text Block]

Revenue

Research and Development Expense, Policy [Policy Text Block]

Research and Development Costs

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

Stock-Based Compensation Expense

Income Tax, Policy [Policy Text Block]

Income Taxes

Earnings Per Share, Policy [Policy Text Block]

Net income (loss) per share attributable to common stockholder

Comprehensive Income, Policy [Policy Text Block]

Comprehensive Loss

Subsequent Events, Policy [Policy Text Block]

Subsequent Events

Note 2 - Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Property, Plant, And Equipment Useful Lives [Text Block]

Asset	Estimated Useful Life
Computer equipment and software	3 years
Furniture, fixtures and other	5 years
Laboratory equipment	7 years

Note 3 - Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

	As of December 31, 2014
	Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Financial assets
Cash equivalents	$	68,830	$	-	$	-	$	68,830
Government securities		6,508		-		-		6,508
Corporate bonds		-		8,247		-		8,247
Total	$	75,338	$	8,247	$	-	$	83,585

	As of December 31, 2013
	Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Financial assets
Cash equivalents	$	2,781	$	-	$	-	$	2,781
Government securities		2,359		-		-		2,359
Total	$	5,140	$	-	$	-	$	5,140

Financial liabilities
Derivative liability	$	-	$	-	$	1,443	$	1,443
Total	$	-	$	-	$	1,443	$	1,443

Available-for-sale Securities [Table Text Block]

	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
December 31, 2014
Government securities
(Due within 1 year)	$	6,510	$	-	$	(2	)	$	6,508
Corporate bonds
(Due within 1 year)		8,251		-		(4	)		8,247
	$	14,761	$	-	$	(6	)	$	14,755
December 31, 2013
Government securities
(Due within 1 year)	$	2,359	$	-	$	-		$	2,359
	$	2,359	$	-	$	-		$	2,359

- 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

Note 4 - Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Table Text Block]

	As of December 31,
	2014			2013

Computer equipment and software	$	135		$	96
Furniture, fixtures, and other		84			84
Laboratory equipment		248			236
		467			416
Accumulated Depreciation		(384	)		(354	)
Property and equipment, net	$	83		$	62

Note 6 - Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2014

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities [Table Text Block]

	As of December 31,
	2014		2013

Payroll and employee-related costs	$	641	$	419
Contracted service costs		494		360
Professional fees and other		286		205
Total	$	1,421	$	984

Note 7 - Option to Acquire Company (Tables)

12 Months Ended

Dec. 31, 2014

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

Expected volatility		76%
Expected option expiration date	June 30, 2013
Expected dividends		0%
Expected term (years)		4.34
Risk-free rate		1.80%

Note 8 - Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Year Ending December 31:	Amount

2015	$	168
2016		168
2017		168
2018		84
Total minimum lease payments	$	588

Note 9 - Redeemable Convertible Preferred Stock (Tables)

12 Months Ended

Dec. 31, 2014

Redeemable Convertible Preferred Stock [Abstract]

Fair Value Inputs, Liabilities, Quantitative Information [Table Text Block]

	Upon Issuance			Immediately before IPO
Expected term (in years)	1.84	-	3.50		0.001
Expected volatility	63.0%	-	86.0%	63.0%	-	71.0%
Risk-free interest rate	0.44%	-	1.12%	0.35%	-	1.05%
Expected dividend yield		0%			0%

Schedule Of Series D Investors' Rights [Table Text Block]

	Amount

Fair value of tranche right liability upon issuance May 13, 2014	$	6,639
Issuance costs allocated to tranche right liability		(80	)
Adjustment to fair value recorded in other income during 2014		(5,151	)
Reclassified to equity upon exercise on October 21, 2014		(1,408	)
Balance at December 31, 2014	$	-

Note 10 - Common Stock (Tables)

12 Months Ended

Dec. 31, 2014

Stockholders' Equity Note [Abstract]

Common Stock Reserve for Future Issuance [Table Text Block]

	As of December 31,
	2014		2013

Conversion of Series A Preferred Stock		-		1,426,482
Conversion of Series A-1 Preferred Stock		-		687,395
Conversion of Series B Preferred Stock		-		1,307,771
Conversion of Series C Preferred Stock		-		1,105,907
Stock-based compensation awards		1,807,349		623,111
Employee Stock Purchase Plan		140,500		-
Warrants to purchase Common Stock		-		659,806
Total		1,947,849		5,810,472

Note 11 - Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2014

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

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]

	Year Ended December 31,
	2014		2013		2012

Research and development	$	114	$	106	$	46
General and administrative		345		49		64
Total	$	459	$	155	$	110

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	Year Ended December 31,
	2014			2013

Weighted average expected volatility		79.5	%		91.1	%
Expected term (in years)		6.00			5.95
Risk free interest rate		1.88	%		1.03	%
Expected dividend yield		0	%		0	%

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

	Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)		Aggregate Intrinsic Value

Outstanding at December 31, 2013		607,017		$	2.22		5.2	$	1,627
Granted		659,865		$	5.94
Exercised		(31,356	)	$	1.89
Cancelled or forfeited		-		$	-
Outstanding at December 31, 2014		1,235,526		$	4.19		7.1	$	7,709
Exercisable at December 31, 2014		572,184		$	2.36		4.5	$	4,615
Vested or expected to vest at December 31, 2014 (1)		1,163,249		$	4.13		7.0	$	7,327

Note 13 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Years Ended December 31,
	2014			2013			2012
Income tax benefit using U.S. federal statutory rate	$	(1,136	)	$	(2,690	)	$	(2,710	)
Permanent differences		124			299			38
Orphan drug credit permanent addback		674			-			-
State income taxes, net of federal benefit		(303	)		(389	)		(368	)
Tax credits		(2,176	)		(7,164	)		(95	)
Expiring net operating losses and tax credits		312			2,566			287
Change in valuation allowance		4,394			7,286			2,988
Mark to market derivative liability		(1,779	)		-			-
Other		(110	)		92			(140	)
	$	-		$	-		$	-

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	Years Ended December 31,
	2014			2013			2012
Net operating loss carryforwards	$	29,217		$	26,304		$	26,560
Federal and state tax credits		12,126			9,941			2,777
Deferred revenue		-			1,147			1,139
Accrued expenses		478			332			155
Patents		531			612			692
Other		100			300			27
		42,452			38,636			31,350
Valuation allowance		(42,452	)		(38,636	)		(31,350	)
Net deferred tax asset	$	-		$	-		$	-

Note 14 - Net Income (Loss) Per Share Attributable to Common Stockholders (Tables)

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

	Years Ended December 31,
	2014			2013		2012
Covertible preferred stock		7,581	(a)		4,254		4,254
Common stock warrants		660	(a)		660		660
Outstanding stock options		1,236			607		614
Convertible notes		243	(a)		243		-
		9,720			5,764		5,528

Note 15 - Quarterly Financial Information (unaudited) (Tables)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information [Table Text Block]

	Three Months Ended
	March 31, 2014			June 30, 2014			September 30, 2014				December 31, 2014
Revenue	$	-		$	-		$	2,948			$	-
Operating expenses		1,933			2,508			2,814				3,273
Net (loss) income		(2,831	)		(2,563	)		(5,181	)			7,233
Net (loss) income attributable to common stockholders - basic		(4,343	)		(4,460	)		(7,458	)			5,938
Net (loss) income attributable to common stockholders - diluted		(4,343	)		(4,460	)		(7,458	)			5,938
Net (loss) income per share attributable to common stockholders:
Basic	$	(18.09	)	$	(18.55	)	$	(31.00	)	(a)	$	0.52
Diluted	$	(18.09	)	$	(18.55	)	$	(31.00	)	(a)	$	0.48
Weighted-average common shares outstanding used in net (loss) income per share attributable to common stockholders:
Basic		240,138			240,374			240,610		(a)		11,444,807	(b)
Diluted		240,138			240,374			240,610		(a)		12,295,431	(b)

	Three Months Ended
	March 31, 2013			June 30, 2013			September 30, 2013				December 31, 2013
Revenue	$	-		$	-		$	-			$	-
Operating expenses		1,871			1,549			1,914				1,788
Net loss		(1,865	)		(1,547	)		(2,103	)			(2,397	)
Net loss attributable to common stockholders - basic		(3,377	)		(3,074	)		(3,643	)			(3,937	)
Net loss attributable to common stockholders - diluted		(3,377	)		(3,074	)		(3,643	)			(3,937	)
Net loss per share attributable to common stockholders
Basic	$	(14.64	)	$	(13.33	)	$	(15.21	)	(a)	$	(16.41	)
Diluted	$	(14.64	)	$	(13.33	)	$	(15.21	)	(a)	$	(16.41	)
Weighted-average common shares outstanding used in net loss per share attributable to common stockholders:
Basic		230,607			230,607			239,472		(a)		239,902
Diluted		230,607			230,607			239,472		(a)		239,902

Note 1 - Organization and Operations (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Disclosure Text Block [Abstract]
Cash, Cash Equivalents, and Short-term Investments	$ 83,600
Retained Earnings (Accumulated Deficit)	$ (109,874)	$ (100,514)

- Definition

Cash includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the customer may deposit additional funds at any time and effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid Investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Short-term investments, exclusive of cash equivalents, generally consist of marketable securities intended to be sold within one year (or the normal operating cycle if longer) and may include trading securities, available-for-sale securities, or held-to-maturity securities (if maturing within one year), as applicable.

+ References + Details

Note 2 - Summary of Significant Accounting Policies (Details)			3 Months Ended	12 Months Ended
	Oct. 27, 2014 USD ($) $ / shares shares	May 13, 2014 USD ($) $ / shares	Sep. 30, 2014 USD ($)	Dec. 31, 2014 USD ($)	Nov. 21, 2014 shares	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Series D Preferred Stock [Member] \| First Tranche [Member]
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Payments of Stock Issuance Costs				$ 400,000
Series D Preferred Stock [Member] \| Second and Third Tranches [Member]
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Payments of Stock Issuance Costs				100,000
Series D Preferred Stock [Member]
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Share Price (in Dollars per share) \| $ / shares		$ 0.588656
Payments of Stock Issuance Costs		$ 500,000		500,000
IPO [Member]
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Stock Issued During Period, Shares, New Issues (in Shares) \| shares	7,026,500
Share Price (in Dollars per share) \| $ / shares	$ 10.00
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) \| shares	916,500				916,500
Proceeds from Issuance Initial Public Offering	$ 62,500,000
Payments of Stock Issuance Costs	$ 7,800,000
Conversion of Stock, Shares Converted (in Shares) \| shares	8,651,805
Payments of Stock Issuance Costs				$ 452,000
Conversion of Stock, Shares Converted (in Shares) \| shares	8,651,805
Number of Operating Segments				1
Number of Reportable Segments				1
Deferred Finance Costs, Gross				$ 18,000		$ 18,000	$ 0
Revenues			$ 2,948,000	$ 2,948,000

Note 2 - Summary of Significant Accounting Policies (Details) - Property and Equipment Useful Lives	12 Months Ended
	Dec. 31, 2014
Computer Equipment And Software [Member]
Note 2 - Summary of Significant Accounting Policies (Details) - Property and Equipment Useful Lives [Line Items]
Property and equipment	3 years
Furniture and Fixtures [Member]
Note 2 - Summary of Significant Accounting Policies (Details) - Property and Equipment Useful Lives [Line Items]
Property and equipment	5 years
Laboratory Equipment [Member]
Note 2 - Summary of Significant Accounting Policies (Details) - Property and Equipment Useful Lives [Line Items]
Property and equipment	7 years

Note 3 - Financial Instruments (Details) - Summary of Assets and Liabilities Measured at Fair Value - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Derivative Financial Instruments, Liabilities [Member] \| Fair Value, Inputs, Level 3 [Member]
Financial liabilities
Liabilities		$ 1,443
Derivative Financial Instruments, Liabilities [Member]
Financial liabilities
Liabilities		1,443
Fair Value, Inputs, Level 1 [Member] \| Cash Equivalents [Member]
Financial assets
Assets	$ 68,830	2,781
Fair Value, Inputs, Level 1 [Member] \| US Government Agencies Debt Securities [Member]
Financial assets
Assets	6,508	2,359
Fair Value, Inputs, Level 1 [Member]
Financial assets
Assets	75,338	5,140
Fair Value, Inputs, Level 2 [Member] \| Corporate Debt Securities [Member]
Financial assets
Assets	8,247
Fair Value, Inputs, Level 2 [Member]
Financial assets
Assets	8,247
Fair Value, Inputs, Level 3 [Member]
Financial liabilities
Liabilities		1,443
Cash Equivalents [Member]
Financial assets
Assets	68,830	2,781
US Government Agencies Debt Securities [Member]
Financial assets
Assets	6,508	2,359
Corporate Debt Securities [Member]
Financial assets
Assets	8,247
Assets	$ 83,585	5,140
Financial liabilities
Liabilities		$ 1,443

Note 3 - Financial Instruments (Details) - Available-for-sale Securities - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
US Government Agencies Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 6,510	$ 2,359
Unrealized Losses	(2)
Fair Value	6,508	2,359
Corporate Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	8,251
Unrealized Losses	(4)
Fair Value	8,247
Amortized Cost	14,761	2,359
Unrealized Losses	(6)
Fair Value	$ 14,755	$ 2,359

Note 4 - Property and Equipment, Net (Details) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Property, Plant and Equipment [Abstract]
Depreciation, Depletion and Amortization	$ 30,000	$ 27,000	$ 57,000
Property, Plant and Equipment, Disposals		200,000
Fixed Asset Net Book Value, Disposal		0
Gain (Loss) on Disposition of Property Plant Equipment		$ 100,000

Note 4 - Property and Equipment, Net (Details) - Property and Equipment, Net - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Computer Equipment And Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 135	$ 96
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	84	84
Laboratory Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	248	236
Property and equipment	467	416
Accumulated Depreciation	(384)	(354)
Property and equipment, net	$ 83	$ 62

Note 5 - Convertible Notes (Details) - USD ($)				12 Months Ended
Note 5 - Convertible Notes (Details) - USD ($)	May 13, 2014	Sep. 04, 2013	Sep. 04, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Series C Preferred Stock [Member]
Note 5 - Convertible Notes (Details) [Line Items]
Debt Instrument, Convertible, Conversion Price (in Dollars per share)				$ 1.15
Temporary Equity, Shares Issued (in Shares)				0	13,202,932
Series D Preferred Stock [Member]
Note 5 - Convertible Notes (Details) [Line Items]
Embedded Derivative, Fair Value of Embedded Derivative Liability	$ 1,500,000
Debt Instrument, Convertible, Conversion Price (in Dollars per share)	$ 0.4414
Proceeds from Issuance or Sale of Equity	$ 25,000,000
Share Price (in Dollars per share)	$ 0.588656
Temporary Equity, Shares Issued (in Shares)	52,813,827			0	0
Conversion of Stock, Shares Issued (in Shares)	10,344,201
Convertible Notes Payable, Noncurrent	$ 4,600,000
EmbeddedDerivativeEmbeddedDerivativeLiabilityWriteOff	1,500,000
Convertible Debt, Gain (Loss) Recognized	$ 0
Convertible Debt [Member]
Note 5 - Convertible Notes (Details) [Line Items]
Debt Instrument, Term				7 months
Minimum [Member]
Note 5 - Convertible Notes (Details) [Line Items]
Convertible Debt Probability of Occurrence Percentage			85.00%
Maximum [Member]
Note 5 - Convertible Notes (Details) [Line Items]
Convertible Debt Probability of Occurrence Percentage					100.00%
Other Current Assets [Member]
Note 5 - Convertible Notes (Details) [Line Items]
Deferred Finance Costs, Gross		$ 36,000	$ 36,000
Convertible Debt		$ 4,300,000	$ 4,300,000
Debt Instrument, Interest Rate, Stated Percentage		8.00%	8.00%
Deferred Finance Costs, Gross				$ 18,000	$ 18,000	$ 0
Discount on Convertible Debt		$ 10,000
Embedded Derivative, Fair Value of Embedded Derivative Liability		1,400,000	$ 1,400,000	0	$ 1,400,000
Debt Instrument, Unamortized Discount		$ 1,400,000	1,400,000
Convertible Notes Automatic Conversion Condition, Equity Proceeds Minimum				$ 7,000,000
Convertible Notes Conversion Percentage of Cash Price Per Share				75.00%
Convertible Notes Repayment Factor				1.5
Debt Instrument, Convertible, Beneficial Conversion Feature			$ 7,000,000
Convertible Debt Probability of Change in Control Percentage			15.00%		0.00%
Convertible Debt Probability Of Occurrence Percentage Other Features			0.00%		0.00%

Note 6 - Accrued Expenses (Details) - Accrued Expenses - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Accrued Expenses [Abstract]
Payroll and employee-related costs	$ 641	$ 419
Contracted service costs	494	360
Professional fees and other	286	205
Total	$ 1,421	$ 984

Note 7 - Option to Acquire Company (Details) - USD ($) $ in Thousands		3 Months Ended
	Aug. 03, 2014	Mar. 31, 2009	Dec. 31, 2013
Business Combinations [Abstract]
Business Combination, Proceeds Received for Non Refundable Consideration, Option Agreement		$ 10,000
Business Combination, Exercise Price of Option		240,000
Business Combination, Fair Value of Option		7,100
Deferred Revenue, Current		$ 2,900	$ 2,948
Deferred Revenue, Revenue Recognized	$ 2,900

Note 7 - Option to Acquire Company (Details) - Option to Acquire Company	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Major Pharmaceutical Entity [Member]
Business Acquisition [Line Items]
Expected volatility	76.00%
Expected option expiration date	Jun. 30, 2013
Expected dividends	0.00%
Expected term (years)	4 years 124 days
Risk-free rate	1.80%
Expected dividends	0.00%	0.00%
Expected term (years)	6 years	5 years 346 days
Risk-free rate	1.88%	1.03%

Note 8 - Commitments and Contingencies (Details)	1 Months Ended		12 Months Ended
Note 8 - Commitments and Contingencies (Details)	Aug. 31, 2014 ft²	Feb. 28, 2002	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Royalty Payment Percentage Of Net Sales		2.50%
Area of Real Estate Property (in Square Feet) \| ft²	5,000
Lessee Leasing Arrangements, Operating Leases, Renewal Term	1 year
Operating Leases, Rent Expense			$ 200,000	$ 200,000	$ 300,000
Security Deposit			39,000
Letters of Credit Outstanding, Amount			38,000	38,000
Loans Pledged as Collateral			$ 39,000	$ 39,000

Note 8 - Commitments and Contingencies (Details) - Future Minimum Payments Operating Leases $ in Thousands	Dec. 31, 2014 USD ($)
Future Minimum Payments Operating Leases [Abstract]
2015	$ 168
2016	168
2017	168
2018	84
Total minimum lease payments	$ 588

Note 9 - Redeemable Convertible Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	Oct. 27, 2014	Oct. 21, 2014	May 13, 2014	Dec. 31, 2014	Dec. 31, 2013
Redeemable Preferred Stock [Member]
Note 9 - Redeemable Convertible Preferred Stock (Details) [Line Items]
Temporary Equity, Shares Authorized					71,852,775
Series A Preferred Stock [Member]
Note 9 - Redeemable Convertible Preferred Stock (Details) [Line Items]
Temporary Equity, Shares Authorized				0	22,638,465
Temporary Equity, Par or Stated Value Per Share (in Dollars per share)				$ 0.001	$ 0.001
Temporary Equity, Shares Issued				0	22,638,465
Series A-1 Preferred Stock [Member]
Note 9 - Redeemable Convertible Preferred Stock (Details) [Line Items]
Temporary Equity, Shares Authorized				0	10,909,091
Temporary Equity, Par or Stated Value Per Share (in Dollars per share)				$ 0.001	$ 0.001
Temporary Equity, Shares Issued				0	10,909,091
Series B Preferred Stock [Member]
Note 9 - Redeemable Convertible Preferred Stock (Details) [Line Items]
Temporary Equity, Shares Authorized				0	20,754,461
Temporary Equity, Par or Stated Value Per Share (in Dollars per share)				$ 0.001	$ 0.001
Temporary Equity, Shares Issued				0	20,754,461
Series C Preferred Stock [Member]
Note 9 - Redeemable Convertible Preferred Stock (Details) [Line Items]
Temporary Equity, Shares Authorized				0	17,550,758
Temporary Equity, Par or Stated Value Per Share (in Dollars per share)				$ 0.001	$ 0.001
Temporary Equity, Shares Issued				0	13,202,932
Series D Preferred Stock [Member] \| Issuance Not From Conversion [Member]
Note 9 - Redeemable Convertible Preferred Stock (Details) [Line Items]
Temporary Equity, Shares Issued			42,469,626
Series D Preferred Stock [Member] \| Upon Issuance [Member]
Note 9 - Redeemable Convertible Preferred Stock (Details) [Line Items]
(in Dollars)			$ 6,600
Series D Preferred Stock [Member] \| Immediately Before IPO [Member]
Note 9 - Redeemable Convertible Preferred Stock (Details) [Line Items]
(in Dollars)		$ 1,400
Series D Preferred Stock [Member]
Note 9 - Redeemable Convertible Preferred Stock (Details) [Line Items]
Temporary Equity, Shares Authorized				0	0
Temporary Equity, Par or Stated Value Per Share (in Dollars per share)				$ 0.001	$ 0.001
Temporary Equity, Shares Issued			52,813,827	0	0
Share Price (in Dollars per share)			$ 0.588656
Proceeds from Issuance or Sale of Equity (in Dollars)			$ 25,000
Fair Value, Option, Changes in Fair Value, Gain (Loss) (in Dollars)		$ 5,200
Payments of Stock Issuance Costs (in Dollars)			500	$ 500
Amortization of Financing Costs and Discounts (in Dollars)			$ 400
Accreted Term			5 years
Allocated To Trance Right Liability (in Dollars)			$ 100
Debt Conversion, Converted Instrument, Shares Issued	8,651,805
Preferred Stock, Shares Authorized				10,000,000	0
Payments of Stock Issuance Costs (in Dollars)				$ 452

Note 9 - Redeemable Convertible Preferred Stock (Details) - Assumptions Used to Estimate Fair Value of Tranche Rights	12 Months Ended
	Dec. 31, 2014
Upon Issuance [Member] \| Minimum [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Expected term (in years)	1 year 306 days
Expected volatility	63.00%
Risk-free interest rate	0.44%
Upon Issuance [Member] \| Maximum [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Expected term (in years)	3 years 6 months
Expected volatility	86.00%
Risk-free interest rate	1.12%
Upon Issuance [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Expected dividend yield	0.00%
Immediately Before IPO [Member] \| Minimum [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Expected volatility	63.00%
Risk-free interest rate	0.35%
Immediately Before IPO [Member] \| Maximum [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Expected volatility	71.00%
Risk-free interest rate	1.05%
Immediately Before IPO [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Expected term (in years)	8 hours 45 minutes 36 seconds
Expected dividend yield	0.00%

Note 9 - Redeemable Convertible Preferred Stock (Details) - Series D Investors’ Rights $ in Thousands	12 Months Ended
	Dec. 31, 2014 USD ($)
Series D Investors’ Rights [Abstract]
Fair value of tranche right liability upon issuance May 13, 2014	$ 6,639
Issuance costs allocated to tranche right liability	(80)
Adjustment to fair value recorded in other income during 2014	(5,151)
Reclassified to equity upon exercise on October 21, 2014	$ (1,408)

Note 10 - Common Stock (Details) $ / shares in Units, $ in Millions		12 Months Ended
	Oct. 27, 2014 USD ($) shares	Dec. 31, 2014 $ / shares shares	Dec. 31, 2013 $ / shares shares
Warrant [Member]
Note 10 - Common Stock (Details) [Line Items]
Proceeds from Issuance or Sale of Equity (in Dollars) \| $	$ 1.4
Common Stock, Shares Authorized		100,000,000	100,370,203
Common Stock, Shares, Issued		16,448,455	239,905
Common Stock, Shares, Outstanding		16,448,455	239,905
Number Of Voting Rights For Each Common Stock Held		1
Common Stock, Par or Stated Value Per Share (in Dollars per share) \| $ / shares		$ 0.001	$ 0.001
Stock Issued During Period Shares Warrants Exercised	498,889
Conversion of Stock, Shares Converted	8,651,805

Note 10 - Common Stock (Details) - Reserved for Future Issuances Shares of Common Stock - shares	Dec. 31, 2014	Dec. 31, 2013
Series A Preferred Stock [Member]
Note 10 - Common Stock (Details) - Reserved for Future Issuances Shares of Common Stock [Line Items]
Shares reserved for future issuance		1,426,482
Series A-1 Preferred Stock [Member]
Note 10 - Common Stock (Details) - Reserved for Future Issuances Shares of Common Stock [Line Items]
Shares reserved for future issuance		687,395
Series B Preferred Stock [Member]
Note 10 - Common Stock (Details) - Reserved for Future Issuances Shares of Common Stock [Line Items]
Shares reserved for future issuance		1,307,771
Series C Preferred Stock [Member]
Note 10 - Common Stock (Details) - Reserved for Future Issuances Shares of Common Stock [Line Items]
Shares reserved for future issuance		1,105,907
Performance Shares [Member]
Note 10 - Common Stock (Details) - Reserved for Future Issuances Shares of Common Stock [Line Items]
Shares reserved for future issuance	1,807,349	623,111
Employee Stock Purchase Plan [Member]
Note 10 - Common Stock (Details) - Reserved for Future Issuances Shares of Common Stock [Line Items]
Shares reserved for future issuance	140,500
Warrants To Purchase Common Stock [Member]
Note 10 - Common Stock (Details) - Reserved for Future Issuances Shares of Common Stock [Line Items]
Shares reserved for future issuance		659,806
Shares reserved for future issuance	1,947,849	5,810,472

Note 11 - Stock-based Compensation (Details)	12 Months Ended
Note 11 - Stock-based Compensation (Details)	Dec. 31, 2014 USD ($) $ / shares shares	Dec. 31, 2013 USD ($) $ / shares shares	Dec. 31, 2012 USD ($) shares
Employee Stock Option [Member] \| Non-Employees [Member]
Note 11 - Stock-based Compensation (Details) [Line Items]
Allocated Share-based Compensation Expense	$ 4,000	$ 32,000	$ 9,000
Employee Stock Option [Member]
Note 11 - Stock-based Compensation (Details) [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition		3 years 36 days
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Number of Employees Affected		1
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost		$ 100,000
Minimum [Member] \| The Plans [Member]
Note 11 - Stock-based Compensation (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Maximum [Member] \| The Plans [Member]
Note 11 - Stock-based Compensation (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Maximum [Member] \| The 2014 Employee Stock Purchase Plan [Member]
Note 11 - Stock-based Compensation (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award Number of Annual Additional Shares Percentage	1.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in Shares) \| shares	281,000
Non-Employees [Member]
Note 11 - Stock-based Compensation (Details) [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 1,000
The 2014 Plan [Member]
Note 11 - Stock-based Compensation (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) \| shares	704,000
Share-based Compensation Arrangement by Share-based Payment Award Number of Annual Additional Shares Percentage	4.00%
The 2006 Plan [Member]
Note 11 - Stock-based Compensation (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	10 years
The 2014 Employee Stock Purchase Plan [Member]
Note 11 - Stock-based Compensation (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) \| shares	140,500
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	4 years 6 months
Allocated Share-based Compensation Expense	$ 459,000	$ 155,000	$ 110,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) \| shares	659,865	3,150	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) \| $ / shares	$ 4.07	$ 16.50
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	$ 200,000	$ 100,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 2,100,000

Note 11 - Stock-based Compensation (Details) - Stock-Based Compensation Expense is Recognized for Stock Options Granted - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated share based compensation	$ 114	$ 106	$ 46
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated share based compensation	345	49	64
Allocated share based compensation	$ 459	$ 155	$ 110

Note 11 - Stock-based Compensation (Details) - Black-Scholes Option-Pricing Model Based on the Following Assumptions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Black-Scholes Option-Pricing Model Based on the Following Assumptions [Abstract]
Weighted average expected volatility	79.50%	91.10%
Expected term (in years)	6 years	5 years 346 days
Risk free interest rate	1.88%	1.03%
Expected dividend yield	0.00%	0.00%

Note 11 - Stock-based Compensation (Details) - Stock Option Activity for Employees and Non-employees - USD ($)

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Stock Option Activity for Employees and Non-employees [Abstract]

Options

1,235,526

607,017

Weighted-Average Exercise Price

$ 4.19

$ 2.22

Weighted-Average Remaining Contractual Term (years)

7 years 36 days

5 years 73 days

Aggregate Intrinsic Value

$ 7,709

$ 1,627

659,865

$ 5.94

(31,356)

$ 1.89

Exercisable at December 31, 2014

572,184

Exercisable at December 31, 2014

$ 2.36

Exercisable at December 31, 2014

4 years 6 months

Exercisable at December 31, 2014

$ 4,615

Vested or expected to vest at December 31, 2014 (1)

^[1]

1,163,249

Vested or expected to vest at December 31, 2014 (1)

^[1]

$ 4.13

Vested or expected to vest at December 31, 2014 (1)

^[1]

7 years

Vested or expected to vest at December 31, 2014 (1)

^[1]

$ 7,327

[1]	Represents the number of vested options at December 31, 2014 plus the number of unvested options expected to vest based on the unvested options outstanding at December 31, 2014.

Note 12 - 401(k) Savings Plan (Details)	12 Months Ended
Note 12 - 401(k) Savings Plan (Details)	Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]
Defined Contribution Plan, Elective Minimum Annual Contributions Per Employee, Percent	1.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	3.00%

Note 13 - Income Taxes (Details) - USD ($)	12 Months Ended
Note 13 - Income Taxes (Details) - USD ($)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Domestic Tax Authority [Member]
Note 13 - Income Taxes (Details) [Line Items]
Income Tax Expense (Benefit)	$ 0	$ 0	$ 0
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	78,100,000	69,900,000	70,300,000
State and Local Jurisdiction [Member]
Note 13 - Income Taxes (Details) [Line Items]
Income Tax Expense (Benefit)	0	0	0
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	55,100,000	45,400,000	50,400,000
Income Tax Expense (Benefit)	(110,000)	92,000	(140,000)
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	3,800,000	7,300,000	3,000,000
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	$ 12,500,000	$ 10,300,000	$ 3,100,000

Note 13 - Income Taxes (Details) - Reconciliation of Income Taxes - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Reconciliation of Income Taxes [Abstract]
Income tax benefit using U.S. federal statutory rate	$ (1,136)	$ (2,690)	$ (2,710)
Permanent differences	124	299	38
Orphan drug credit permanent addback	674
State income taxes, net of federal benefit	(303)	(389)	(368)
Tax credits	(2,176)	(7,164)	(95)
Expiring net operating losses and tax credits	312	2,566	287
Change in valuation allowance	4,394	7,286	2,988
Mark to market derivative liability	(1,779)
Other	$ (110)	$ 92	$ (140)

Note 13 - Income Taxes (Details) - Summary of Deferred Tax Assets - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Summary of Deferred Tax Assets [Abstract]
Net operating loss carryforwards	$ 29,217	$ 26,304	$ 26,560
Federal and state tax credits	12,126	9,941	2,777
Deferred revenue		1,147	1,139
Accrued expenses	478	332	155
Patents	531	612	692
Other	100	300	27
	42,452	38,636	31,350
Valuation allowance	$ (42,452)	$ (38,636)	$ (31,350)

Note 14 - Net Income (Loss) Per Share Attributable to Common Stockholders (Details) - Common Stock Equivalents Exluded From Calculation of Net Loss Per Share - shares
shares in Thousands

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Convertible Preferred Stock [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Antidilutive Securities

7,581

^[1]

4,254

Common Stock Warrants [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Antidilutive Securities

660

^[1]

660

Equity Option [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Antidilutive Securities

1,236

607

614

Convertible Debt Securities [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Antidilutive Securities

243

^[1]

243

Antidilutive Securities

9,720

5,764

5,528

[1]	These instruments were either exercised or converted to Common Stock during 2014.

Note 15 - Quarterly Financial Information (unaudited) (Details) - USD ($) $ in Millions	Oct. 27, 2014	Nov. 21, 2014
IPO [Member]
Note 15 - Quarterly Financial Information (unaudited) (Details) [Line Items]
Proceeds from Issuance Initial Public Offering (in Dollars)	$ 62.5
Stock Issued During Period, Shares, New Issues	7,026,500
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	916,500	916,500
Conversion of Stock, Shares Issued	8,651,805
Warrant [Member]
Note 15 - Quarterly Financial Information (unaudited) (Details) [Line Items]
Proceeds from Issuance or Sale of Equity (in Dollars)	$ 1.4
Preferred Stock, Accretion of Redemption Discount (in Dollars)	$ 1.3
Stock Issued During Period Shares Warrants Exercised	498,889

Note 15 - Quarterly Financial Information (unaudited) (Details) - Quarterly Financial Information (unaudited) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Quarterly Financial Information (unaudited) [Abstract]

Revenue

$ 2,948

Operating expenses

$ 3,273

2,814

$ 2,508

$ 1,933

$ 1,788

$ 1,914

$ 1,549

$ 1,871

10,528

$ 7,122

$ 7,996

Net (loss) income

7,233

(5,181)

(2,563)

(2,831)

(2,397)

(2,103)

(1,547)

(1,865)

(3,342)

(7,912)

(7,970)

Net (loss) income attributable to common stockholders - basic

5,938

(7,458)

(4,460)

(4,343)

(3,937)

(3,643)

(3,074)

(3,377)

$ (9,695)

$ (14,031)

$ (14,103)

Net (loss) income attributable to common stockholders - diluted

$ 5,938

$ (7,458)

$ (4,460)

$ (4,343)

$ (3,937)

$ (3,643)

$ (3,074)

$ (3,377)

Net (loss) income per share attributable to common stockholders:

Basic (in Dollars per share)

$ 0.52

$ (31.00)

^[1]

$ (18.55)

$ (18.09)

$ (16.41)

$ (15.21)

^[1]

$ (13.33)

$ (14.64)

Diluted (in Dollars per share)

$ 0.48

$ (31.00)

^[1]

$ (18.55)

$ (18.09)

$ (16.41)

$ (15.21)

^[1]

$ (13.33)

$ (14.64)

Weighted-average common shares outstanding used in net (loss) income per share attributable to common stockholders:

Basic (in Shares)

11,444,807

^[2]

240,610

^[1]

240,374

240,138

239,902

239,472

^[1]

230,607

Diluted (in Shares)

12,295,431

^[2]

240,610

^[1]

240,374

240,138

239,902

239,472

^[1]

230,607

[1]

Adjusted to correct an immaterial error in the weighted-average share calculation in the Company's Form 10-Q as of September 30, 2014 and 2013.

[2]

In October 2014, the Company completed its initial public offering of common stock which resulted in net proceeds of approximately $62.5 million from the issuance of 7,026,500 shares of common stock, which includes the sale of 916,500 shares under the underwriter's over allotment option. Immediately prior to the closing of the Company's IPO, 498,889 shares of Common Stock were issued upon the exercise of warrants with aggregate proceeds of $1.4 million. In connection with the public offering, all of the Company's outstanding redeemable convertible preferred stock was converted to 8,651,805 shares of common stock.

Note 16 - Subsequent Events (Details) - $ / shares		12 Months Ended
Note 16 - Subsequent Events (Details) - $ / shares	Jan. 07, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Employee Stock Option [Member] \| Subsequent Event [Member] \| First Anniversary of the Vesting Commencement Date [Member] \| Employees and Certain Non-employee Directors [Member]
Note 16 - Subsequent Events (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	25.00%
Employee Stock Option [Member] \| Subsequent Event [Member] \| Remainder to Vest [Member] \| Employees and Certain Non-employee Directors [Member]
Note 16 - Subsequent Events (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting, Equal Quarterly Installments	12
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Employee Stock Option [Member] \| Subsequent Event [Member] \| Employees and Certain Non-employee Directors [Member]
Note 16 - Subsequent Events (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Subsequent Event [Member] \| Employees and Certain Non-employee Directors [Member]
Note 16 - Subsequent Events (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	399,929
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 10.61
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		659,865	3,150	0
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		$ 5.94