View Filing Data

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2013	Oct. 31, 2013
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q3
Trading Symbol	EVOK
Entity Registrant Name	Evoke Pharma Inc
Entity Central Index Key	0001403708
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		6,096,752

Condensed Balance Sheets - USD ($)	Sep. 30, 2013	Dec. 31, 2012
Current assets:
Cash and cash equivalents	$ 23,738,053	$ 116,013
Total current assets	23,738,053	116,013
Total assets	23,738,053	116,013
Current liabilities:
Accounts payable and accrued expenses	1,176,226	96,798
Accrued compensation	390,981	417,611
Warrant liability		56,000
Current portion of long-term debt, net of debt discount	1,069,802
Total current liabilities	2,637,009	570,409
Long-term debt, net of current portion	1,878,436	979,792
Total liabilities	4,515,445	1,550,201
Commitments and contingencies
Series A convertible preferred stock and preferred stock, value
Stockholders' equity (deficit):
Common stock, $0.0001 par value; authorized shares - 50,000,000 at September 30, 2013 and 20,000,000 at December 31, 2012; issued and outstanding shares - 5,781,752 at September 30, 2013 and 1,242,750 at December 31, 2012	578	124
Additional paid-in capital	40,296,800	195,525
Deficit accumulated during the development stage	(21,074,770)	(19,855,003)
Total stockholders' equity (deficit)	19,222,608	(19,659,354)
Total liabilities, convertible preferred stock and stockholders' equity (deficit)	$ 23,738,053	116,013
Series A convertible preferred stock [Member]
Current liabilities:
Series A convertible preferred stock and preferred stock, value		$ 18,225,166

Condensed Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2013	Dec. 31, 2012
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	50,000,000	20,000,000
Common stock, shares issued	5,781,752	1,242,750
Common stock, shares outstanding	5,781,752	1,242,750
Series A convertible preferred stock [Member]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	0	12,245,068
Preferred stock, shares issued	0	12,195,068
Preferred stock, shares outstanding	0	12,195,068

Condensed Statements of Operations and Comprehensive Loss - USD ($)	3 Months Ended		9 Months Ended		80 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013
Operating expenses:
Research and development	$ 78,731	$ 337,003	$ 320,558	$ 847,298	$ 16,312,087
General and administrative	406,862	140,746	700,489	493,210	4,005,022
Purchase of in-process research and development					650,000
Total operating expenses	485,593	477,749	1,021,047	1,340,508	20,967,109
Loss from operations	(485,593)	(477,749)	(1,021,047)	(1,340,508)	(20,967,109)
Other income (expense)
Interest income	629	466	2,850	1,401	216,702
Interest expense	(39,940)	(10,521)	(119,570)	(10,521)	(325,512)
Change in fair value of preferred stock purchase right					(188,587)
Change in fair value of warrant liability	39,000	1,550	(82,000)	4,550	(54,264)
Grant income					244,000
Total other income (expense)	(311)	(8,505)	(198,720)	(4,570)	(107,661)
Net loss and comprehensive loss	$ (485,904)	$ (486,254)	$ (1,219,767)	$ (1,345,078)	$ (21,074,770)
Net loss per common share, basic and diluted	$ (0.41)	$ (0.43)	$ (1.06)	$ (1.20)
Weighted-average shares used to compute basic and diluted net loss per share	1,190,212	1,125,875	1,153,751	1,122,125

Condensed Statements of Cash Flows - USD ($)	9 Months Ended		80 Months Ended
Condensed Statements of Cash Flows - USD ($)	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013
Operating activities
Net loss	$ (1,219,767)	$ (1,345,078)	$ (21,074,770)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	13,881	9,378	103,592
Non-cash interest	17,446	2,021	123,512
Change in fair value of purchase right liability			188,587
Change in fair value of warrant liability	82,000	(4,550)	54,264
Changes in operating assets and liabilities:
Prepaid expenses and other assets		39,459
Accounts payable and accrued expenses	(44,562)	201,666	469,847
Net cash used in operating activities	(1,151,002)	(1,097,104)	(20,134,968)
Financing activities
Proceeds from convertible promissory note			250,000
Proceeds from bank line of credit and loan advances	2,000,000	1,000,000	5,500,000
Payment on bank line of credit			(2,500,000)
Proceeds from issuance of common stock	25,200,000		25,204,580
Cash paid in connection with initial public offering	(2,426,958)		(2,426,958)
Proceeds from issuance of preferred stock and purchase rights, net			17,744,041
Proceeds from exercise of stock options			101,358
Net cash provided by financing activities	24,773,042	1,000,000	43,873,021
Net change in cash and cash equivalents	23,622,040	(97,104)	23,738,053
Cash and cash equivalents at beginning of the period	116,013	865,876
Cash and cash equivalents at end of the period	23,738,053	768,772	23,738,053
Supplemental disclosures of cash flow information
Interest paid	$ 94,750	$ 4,750	194,626
Supplemental disclosures of noncash financing information
Conversion of convertible promissory note and accrued interest to Series A Convertible Preferred Stock			$ 292,538
Issuance of Series A Convertible Preferred Stock warrants	49,000	24,250	108,486

Organization and Basis of Presentation

9 Months Ended

Sep. 30, 2013

Accounting Policies [Abstract]

Organization and Basis of Presentation

1.	Organization and Basis of Presentation

Evoke Pharma, Inc. (the “Company”) was incorporated in the state of Delaware on January 29, 2007 (inception). The Company is a specialty pharmaceutical company focused primarily on the development of drugs to treat gastroenterological disorders and disease.

As of September 30, 2013, the Company has devoted substantially all of its efforts to product development, raising capital and building infrastructure, and has not realized revenues from its planned principal operations. Accordingly, the Company is considered to be in the development stage.

Reverse Stock Split

On August 30, 2013, the Company filed an amendment to its amended and restated certificate of incorporation, effecting a one-for-five reverse stock split of the Company’s issued and outstanding shares of common stock. All issued and outstanding common stock and per share amounts contained in the Company’s financial statements have been retroactively adjusted to reflect this reverse stock split for all periods presented.

Unaudited Interim Financial Information

The accompanying interim condensed financial statements are unaudited. These unaudited interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and following the requirements of the U.S. Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. In management’s opinion, the unaudited interim financial statements have been prepared on the same basis as the audited financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s financial position and its results of operations and comprehensive loss and its cash flows for periods presented. These statements do not include all disclosures required by GAAP and should be read in conjunction with the Company’s financial statements and accompanying notes for the fiscal year ended December 31, 2012, which is contained in the Company’s final prospectus filed by the Company with the SEC on September 25, 2013 relating to the Company’s Registration Statement on Form S-1/A (File No. 333-188838) for the Company’s initial public offering (“IPO”). The results for interim periods are not necessarily indicative of the results expected for the full fiscal year or any other interim period.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.

Initial Public Offering and Related Transactions

On September 30, 2013, the Company completed its IPO whereby it sold 2,100,000 shares of common stock at a price of $12.00 per share. Net proceeds from the IPO were determined as follows:


Gross proceeds (excluding over-allotment)	$	25,200,000
Underwriting discounts and commissions and non-accountable expense allowance		(2,080,275	)
Total offering costs (excluding value of warrants granted to underwriter of $470,000)		(1,444,043	)

Net proceeds	$	21,675,682

Additionally, upon the closing of the IPO, certain transactions occurred based on a successful completion of the IPO:

•

the conversion of all outstanding shares of convertible preferred stock into 2,439,002 shares of the Company’s common stock;

•

retention bonuses in the amount of $355,000 became payable to the Company’s executive officers. Such amount will be recorded as expense on a straight-line basis from May 22, 2013 (the date of the retention agreements entered into with the executive officers) through December 24, 2013, the date at which the final payment is due based on continued employment. Since the terms of the payment required the occurrence of either a change in control of the Company, or an equity financing, neither of which are considered probable to occur until they happen, a catch-up expense of $202,857 was recorded at the time of the Company’s IPO. Should the executive officers voluntarily terminate their employment or are terminated by the Company for cause, the executive would forfeit any portion of the retention payment that has not been paid to them;

•

the issuance of warrants to purchase 84,000 shares of the Company’s common stock to the representative of the underwriters of the Company’s IPO and certain of its affiliates. The warrants will become exercisable at a price of $21.00 per share beginning on September 24, 2014 and will expire on September 24, 2018. The $470,000 initial fair value of the warrants was determined using the Black-Scholes option pricing model and recorded as a cost of the Company’s IPO and charged to additional paid-in capital;

The fair value of the issued warrants was estimated using the Black-Scholes option pricing model with the following assumptions:


Assumed risk-free interest rate	1.44	%
Assumed volatility	71	%
Expected warrant life	5 years
Expected dividend yield	0.0	%

•

the conversion of warrants to purchase 110,000 shares of convertible preferred stock into warrants to purchase 22,000 shares of the Company’s common stock and the resultant reclassification of the $187,000 warrant liability to additional paid-in capital; and

•

the filing of an amended and restated certificate of incorporation to authorize 50,000,000 shares of common stock and 5,000,000 shares of undesignated preferred stock.

In addition to the above, the following benefit plans became effective in connection with the Company’s IPO:

2013 Equity Incentive Award Plan

The 2013 Equity Incentive Award Plan (“2013 Plan”) became effective on the day prior to the public trading date of our common stock. Under the 2013 Plan, the Company may grant stock options, stock appreciation rights, restricted stock, restricted stock units and other awards to individuals who are then employees, officers, non-employee directors or consultants of the Company or its subsidiaries. A total of 510,000 shares of common stock were initially reserved for issuance under the 2013 Plan. In addition, the number of shares of common stock available for issuance under the 2013 Plan will be annually increased on the first day of each fiscal year during the term of the 2013 Plan, beginning with the 2014 fiscal year, by an amount equal to the least of: (i) 300,000 shares; (ii) four percent of the outstanding shares of common stock as of the last day of the immediately preceding fiscal year; or (iii) such other amount as the Company’s board of directors may determine.

Employee Stock Purchase Plan

The Employee Stock Purchase Plan (“ESPP”) became effective on the day prior to the public trading date of our common stock. The ESPP permits participants to purchase common stock through payroll deductions of up to 20% of their eligible compensation. A total of 30,000 shares of common stock were initially reserved for issuance under the ESPP. In addition, the number of shares of common stock available for issuance under the ESPP will be annually increased on the first day of each fiscal year during the term of the ESPP, beginning with the 2014 fiscal year, by an amount equal to the least of: (i) 30,000 shares; (ii) one percent of the outstanding shares of common stock as of the last day of the immediately preceding fiscal year; or (iii) such other amount as the Company’s board of directors may determine.

On October 3, 2013, the underwriters for the Company’s IPO exercised their over-allotment option to purchase an additional 315,000 shares of the Company’s common stock at $12.00 per share. The over-allotment exercise is expected to result in estimated net proceeds to the Company of $3,440,400, after deducting $264,600 of underwriting discounts and commissions and an estimated $75,000 of additional offering costs.

Recent Accounting Pronouncements

In February 2013, the Financial Accounting Standards Board issued an accounting standard update to require reclassification adjustments from other comprehensive income to be presented either in the financial statements or in the notes to the financial statements. This accounting standard became effective for the Company beginning in the first quarter of 2013, and its adoption did not have any impact on the Company’s financial statements.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2134480

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2209116

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2197480

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2122150

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=28200181&loc=SL6228881-111685

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 272
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70478-108055

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 720
-SubTopic 15
-URI http://asc.fasb.org/subtopic&trid=2122524

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 915
-SubTopic 235
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6472506&loc=d3e38932-110933

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7668296&loc=d3e288-107754

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=18733093&loc=d3e5614-111684

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6359566&loc=d3e326-107755

+ Details

Net Loss Per Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Net Loss Per Share

2.	Net Loss Per Share

Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents and adjusted for the weighted-average number of common shares outstanding that are subject to repurchase. The Company has excluded 101,875, 116,875, 105,625 and 120,625 weighted-average shares subject to repurchase from the weighted-average number of common shares outstanding for the three months ended September 30, 2013 and 2012 and the nine months ended September 30, 2013 and 2012, respectively. Diluted net loss per share is calculated by dividing the net loss by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method. Dilutive common stock equivalents are comprised of convertible preferred stock, warrants for the purchase of convertible preferred stock, warrants for the purchase of common stock, and options outstanding under the Company’s equity incentive plans. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position.

The following table summarizes the weighted-average anti-dilutive securities excluded from the calculation of diluted net loss per share (in common stock equivalent shares):


	Three and Nine Months Ended September 30,
	2013		2012
Convertible preferred stock outstanding		—		2,439,002
Warrants for convertible preferred stock		—		14,000
Warrants for common stock		106,000		—
Common stock options		231,250		123,250

		337,250		2,576,252

Fair Value Measurements

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Fair Value Measurements

3.	Fair Value Measurements

The following tables present information about the Company’s financial liabilities measured at fair value on a recurring basis, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value. As a basis for categorizing inputs, the Company uses a three-tier fair value hierarchy, which prioritizes the inputs used to measure fair value from market based assumptions to entity specific assumptions:

Level 1:

Observable inputs such as quoted prices in active markets;

Level 2:

Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

Level 3:

Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

The Company’s Level 3 financial liabilities consist of warrant liabilities related to warrants to purchase preferred stock. All warrants are being measured at fair value utilizing the Black-Scholes option pricing model.

The fair value of the outstanding preferred stock warrants at December 31, 2012 was estimated using the Black-Scholes option pricing model with the following assumptions:


	December 31, 2012
Assumed risk-free interest rate		0.25 – 1.78	%
Assumed volatility		80	%
Expected warrant life		2.08 –9.50 years
Expected dividend yield		0.0	%

The warrant liability was adjusted to its fair value of $187,000 prior to the closing of the Company’s IPO on September 30, 2013. As a result of the IPO, all of the Company’s outstanding preferred stock warrants became exercisable for common stock, are no longer required to be recorded as liabilities, and were reclassified to additional paid-in capital as of September 30, 2013. As such, there are no remaining liabilities measured at fair value on a recurring basis as of September 30, 2013.

Liabilities measured at fair value on a recurring basis as of December 31, 2012 are as follows:


			Fair Value Measurements at Reporting Date Using
	Balance as of December 31, 2012		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Preferred stock warrant liability	$	56,000	$	0	$	0	$	56,000

Total liabilities	$	56,000	$	0	$	0	$	56,000

The following table is a reconciliation of all the Company’s liabilities measured using significant unobservable inputs (Level 3) for the year ended December 31, 2012 and the nine months ended September 30, 2013:


	Warrant Liability
Balance at December 31, 2011	$	39,000
Warrants issued in connection with loan and security agreement		24,250
Change in fair value of warrant liability		(7,250	)

Balance at December 31, 2012		56,000
Warrants issued in connection with loan and security agreement		49,000
Change in fair value of warrant liability		82,000
Reclassification to additional paid-in capital upon closing of IPO		(187,000	)

Balance at September 30, 2013	$	—

- 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

Debt

9 Months Ended

Sep. 30, 2013

Debt Disclosure [Abstract]

Debt

Debt

In June 2012, the Company entered into a $3.0 million loan and security agreement collateralized by the Company’s personal property. Interest on advances under the agreement is at a fixed interest rate equal to 4.50%. The loan and security agreement contains only non-financial covenants. Advances under the loan and security agreement have an interest-only period through December 31, 2013 and a 24-month payback period commences in January 2014.

As of September 30, 2013 and December 31, 2012, the Company had $0 and $2.0 million, respectively, in available credit under the loan and security agreement. Total interest incurred under the loan and security agreement for the three months ended September 30, 2013 and 2012 and the nine months ended September 30, 2013 and 2012 (excluding amortization of debt discount) was $34,125, $8,500, $102,125 and $8,500, respectively.

In connection with the loan and security agreement, a warrant was issued for shares of Series A Convertible Preferred Stock that is exercisable in whole, or in part, at any time until the expiration date of June 1, 2022. During July 2012, the Company drew down $1.0 million under the loan and security agreement and the warrant became exercisable for 4,000 shares of Series A Convertible Preferred Stock at an exercise price of $7.50 per share. During January 2013, the Company drew down the remaining $2.0 million under the loan and security agreement and the warrant became exercisable for an additional 8,000 shares of Series A Convertible Preferred Stock at an exercise price of $7.50 per share. Upon the closing of the Company’s IPO in September 2013, the warrant became exercisable for 12,000 shares of common stock at an exercise price of $7.50 per share.

The initial $24,250 fair value of the 4,000 warrant shares earned in July 2012 and the initial $49,000 fair value of the 8,000 warrant shares earned in January 2013 were recorded as a debt discount and are amortized to interest expense over the term of the loan using the effective interest method. As of September 30, 2013 and December 31, 2012, the Company had unamortized debt discount of $51,762 and $20,208, respectively, related to the initial fair value of the warrants.

The initial fair value of warrants earned in 2012 and 2013 was estimated using the Black-Scholes option pricing model with the following assumptions:


	July 2012			January 2013
Assumed risk-free interest rate		1.43	%		1.86	%
Assumed volatility		80	%		80	%
Expected warrant life		10 years			9.5 years
Expected dividend yield		0.0	%		0.0	%

The aggregate advances under the Company’s loan and security agreement and unamortized discount as of September 30, 2013 and December 31, 2012 are as follows:


	September 30, 2013			December 31, 2012
Aggregate advances under loan and security agreement	$	3,000,000		$	1,000,000
Less unamortized discount		(51,762	)		(20,208	)

Total debt, net of debt discount		2,948,238			979,792
Current portion of long-term debt, net of current portion of unamortized discount		(1,069,802	)		—

Long-term debt, net of current portion	$	1,878,436		$	979,792

Stock-based compensation

9 Months Ended

Sep. 30, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-based compensation

5.	Stock-based compensation

Stock-based payments to employees, including grants of employee stock options and restricted stock, are recognized in the financial statements based on their grant date fair values in accordance with the applicable accounting guidance. The compensation expense related to the Company’s stock-based compensation arrangements has been included in the condensed statements of operations and comprehensive loss as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
General and administrative	$	7,316	$	626	$	9,504	$	1,876
Research and development		313		2,500		4,377		7,502

Total share-based compensation expense	$	7,629	$	3,126	$	13,881	$	9,378

The fair value of equity instruments that are ultimately expected to vest, net of estimated forfeitures, are recognized and amortized on a straight-line basis over the requisite service period. The Company estimates forfeiture rates for equity awards based on past behavior for similar equity awards with further consideration given to the class of employees to whom the equity awards were granted.

As of September 30, 2013, total unrecognized estimated compensation cost related to non-vested stock options granted prior to that date was $833,751, which is expected to be recognized over a weighted average period of approximately 1.52 years.

The Company grants stock options to purchase common stock to employees with exercise prices equal to the value of the underlying stock, as determined by the board of directors on the date the equity award was granted. The fair value of each option award is estimated on the date of grant using the Black-Scholes valuation model using the appropriate forfeiture rate, risk-free interest rate, expected term and volatility assumptions. The expected life of the options was calculated using the simplified method, which calculates the life as the average of the contractual term and the vesting period of the option. Due to the Company’s limited historical data as a public company, the estimated volatility was calculated based upon the historical volatility of comparable companies whose share prices are publicly available for a sufficient period of time. The risk-free interest rate was based upon the rates for U.S. Treasury securities with maturities similar to those of the expected term of the award being valued. The Company has never declared or paid dividends and has no plans to do so in the foreseeable future.

Stock Option Assumptions

The Company granted stock options under the 2013 Equity Incentive Award Plan to purchase 108,000 and 0 shares of the Company’s common stock during the nine months ended September 30, 2013 and 2012, respectively. The Company granted 108,000 stock options during the three months ended September 30, 2013. These stock options vest annually over a three-year period. The exercise price of all stock options granted during the nine months ended September 30, 2013 and 2012 was equal to the closing price of the Company’s common stock on the date of grant. The estimated fair value of each stock option granted was determined on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions for the stock option grants:


	Three and Nine Months Ended September 30,
	2013			2012
Risk-free interest rate		1.75	%		—
Expected volatility of common stock		71	%		—
Dividend yield		0.0	%		—
Expected option term		6 years			—

Organization and Basis of Presentation (Policies)

9 Months Ended

Sep. 30, 2013

Accounting Policies [Abstract]

Reverse Stock Split

Reverse Stock Split

Unaudited Interim Financial Information

Unaudited Interim Financial Information

Use of Estimates

Use of Estimates

Initial Public Offering and Related Transactions

Initial Public Offering and Related Transactions

On September 30, 2013, the Company completed its IPO whereby it sold 2,100,000 shares of common stock at a price of $12.00 per share. Net proceeds from the IPO were determined as follows:


Gross proceeds (excluding over-allotment)	$	25,200,000
Underwriting discounts and commissions and non-accountable expense allowance		(2,080,275	)
Total offering costs (excluding value of warrants granted to underwriter of $470,000)		(1,444,043	)

Net proceeds	$	21,675,682

Additionally, upon the closing of the IPO, certain transactions occurred based on a successful completion of the IPO:

•

the conversion of all outstanding shares of convertible preferred stock into 2,439,002 shares of the Company’s common stock;

•

The fair value of the issued warrants was estimated using the Black-Scholes option pricing model with the following assumptions:


Assumed risk-free interest rate	1.44	%
Assumed volatility	71	%
Expected warrant life	5 years
Expected dividend yield	0.0	%

•

the filing of an amended and restated certificate of incorporation to authorize 50,000,000 shares of common stock and 5,000,000 shares of undesignated preferred stock.

In addition to the above, the following benefit plans became effective in connection with the Company’s IPO:

2013 Equity Incentive Award Plan

2013 Equity Incentive Award Plan

Employee Stock Purchase Plan

Employee Stock Purchase Plan

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Organization and Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 2013

Accounting Policies [Abstract]

Initial Public Offering and Related Transactions

On September 30, 2013, the Company completed its IPO whereby it sold 2,100,000 shares of common stock at a price of $12.00 per share. Net proceeds from the IPO were determined as follows:


Gross proceeds (excluding over-allotment)	$	25,200,000
Underwriting discounts and commissions and non-accountable expense allowance		(2,080,275	)
Total offering costs (excluding value of warrants granted to underwriter of $470,000)		(1,444,043	)

Net proceeds	$	21,675,682

Assumptions Used in Estimation of Fair Value of Issued Warrant

The fair value of the issued warrants was estimated using the Black-Scholes option pricing model with the following assumptions:


Assumed risk-free interest rate	1.44	%
Assumed volatility	71	%
Expected warrant life	5 years
Expected dividend yield	0.0	%

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Summary of Weighted-Average Anti-Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share

The following table summarizes the weighted-average anti-dilutive securities excluded from the calculation of diluted net loss per share (in common stock equivalent shares):


	Three and Nine Months Ended September 30,
	2013		2012
Convertible preferred stock outstanding		—		2,439,002
Warrants for convertible preferred stock		—		14,000
Warrants for common stock		106,000		—
Common stock options		231,250		123,250

		337,250		2,576,252

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Fair Value of Outstanding Preferred Stock Warrants

The fair value of the outstanding preferred stock warrants at December 31, 2012 was estimated using the Black-Scholes option pricing model with the following assumptions:


	December 31, 2012
Assumed risk-free interest rate		0.25 – 1.78	%
Assumed volatility		80	%
Expected warrant life		2.08 – 9.50 years
Expected dividend yield		0.0	%

Liabilities Measured at Fair Value on Recurring Basis

Liabilities measured at fair value on a recurring basis as of December 31, 2012 are as follows:


			Fair Value Measurements at Reporting Date Using
	Balance as of December 31, 2012		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Preferred stock warrant liability	$	56,000	$	0	$	0	$	56,000

Total liabilities	$	56,000	$	0	$	0	$	56,000

Reconciliation of Company's Liabilities Measured Using Significant Unobservable Inputs


	Warrant Liability
Balance at December 31, 2011	$	39,000
Warrants issued in connection with loan and security agreement		24,250
Change in fair value of warrant liability		(7,250	)

Balance at December 31, 2012		56,000
Warrants issued in connection with loan and security agreement		49,000
Change in fair value of warrant liability		82,000
Reclassification to additional paid-in capital upon closing of IPO		(187,000	)

Balance at September 30, 2013	$	—

Debt (Tables)

9 Months Ended

Sep. 30, 2013

Debt Disclosure [Abstract]

Assumptions Used in Estimation of Initial Fair Value of Warrants

The initial fair value of warrants earned in 2012 and 2013 was estimated using the Black-Scholes option pricing model with the following assumptions:


	July 2012			January 2013
Assumed risk-free interest rate		1.43	%		1.86	%
Assumed volatility		80	%		80	%
Expected warrant life		10 years			9.5 years
Expected dividend yield		0.0	%		0.0	%

Schedule of Aggregate Advances under the Loan and Security Agreement

The aggregate advances under the Company’s loan and security agreement and unamortized discount as of September 30, 2013 and December 31, 2012 are as follows:


	September 30, 2013			December 31, 2012
Aggregate advances under loan and security agreement	$	3,000,000		$	1,000,000
Less unamortized discount		(51,762	)		(20,208	)

Total debt, net of debt discount		2,948,238			979,792
Current portion of long-term debt, net of current portion of unamortized discount		(1,069,802	)		—

Long-term debt, net of current portion	$	1,878,436		$	979,792

Stock-based compensation (Tables)

9 Months Ended

Sep. 30, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock-Based Compensation Expense

The compensation expense related to the Company’s stock-based compensation arrangements has been included in the condensed statements of operations and comprehensive loss as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
General and administrative	$	7,316	$	626	$	9,504	$	1,876
Research and development		313		2,500		4,377		7,502

Total share-based compensation expense	$	7,629	$	3,126	$	13,881	$	9,378

Summary of Estimated Fair Value of Stock Option Granted

The estimated fair value of each stock option granted was determined on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions for the stock option grants:


	Three and Nine Months Ended September 30,
	2013			2012
Risk-free interest rate		1.75	%		—
Expected volatility of common stock		71	%		—
Dividend yield		0.0	%		—
Expected option term		6 years			—

Organization and Basis of Presentation - Additional Information (Detail)		1 Months Ended	9 Months Ended
	Oct. 03, 2013 USD ($) $ / shares shares	Aug. 30, 2013	Sep. 30, 2013 USD ($) $ / shares $ / Warrant shares	Dec. 31, 2012 shares
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Reverse stock split of issued and outstanding shares		One-for-five
Conversion of convertible preferred stock \| shares			2,439,002
Retention bonus payable to executive officers			$ 355,000
Common stock authorized \| shares			50,000,000	20,000,000
Preferred stock authorized \| shares			5,000,000	0
Shares of common stock available for issuance \| shares			30,000
Shares of common stock available for issuance description			In addition, the number of shares of common stock available for issuance under the ESPP will be annually increased on the first day of each fiscal year during the term of the ESPP, beginning with the 2014 fiscal year, by an amount equal to the least of (i) 30,000 shares; (ii) one percent of the outstanding shares of common stock as of the last day of the immediately preceding fiscal year; or (iii) such other amount as the Company's board of directors may determine.
Employee common stock purchases through payroll deductions under employee stock purchase plan price as percentage of fair market value			20.00%
2013 Equity Incentive Award Plan [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Shares of common stock available for issuance \| shares			510,000
Shares of common stock available for issuance description			In addition, the number of shares of common stock available for issuance under the 2013 Plan will be annually increased on the first day of each fiscal year during the term of the 2013 Plan, beginning with the 2014 fiscal year, by an amount equal to the least of (i) 300,000 shares; (ii) four percent of the outstanding shares of common stock as of the last day of the immediately preceding fiscal year; or (iii) such other amount as the Company's board of directors may determine.
Subsequent Event [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Common stock shares price per share \| $ / shares	$ 12.00
Additional common shares to be purchased by IPO underwriters under over-allotment option \| shares	315,000
Estimated net proceeds	$ 3,440,400
Underwriting discounts and commissions and non-accountable expense allowance	264,600
Estimated total offering costs	$ 75,000
Warrants for common stock [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Issuance of warrants to underwriter and certain affiliates \| shares			84,000
Warrants exercise price per share \| $ / Warrant			21.00
Warrant liability to additional paid-in capital			$ 470,000
Warrants for common stock [Member] \| Minimum [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Warrants exercisable start date			Sep. 24, 2014
Warrants for common stock [Member] \| Maximum [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Warrants exercisable start date			Sep. 24, 2018
Warrants for convertible preferred stock [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Warrant liability to additional paid-in capital			$ 187,000
Conversion of Convertible Preferred warrant to warrant to purchase Common Stock \| shares			110,000
Conversion of convertible preferred warrants to purchase common stock \| shares			22,000
Executive Officer [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Catch-up expense			$ 202,857
Retention Bonus Agreement			Such amount will be recorded as expense on a straight-line basis from May 22, 2013 (the date of the retention agreements entered into with the executive officers) through December 24, 2013, the date at which the final payment is due based on continued employment.
IPO [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Common stock shares sold \| shares			2,100,000
Common stock shares price per share \| $ / shares			$ 12.00
Warrant liability to additional paid-in capital			$ 470,000
Estimated net proceeds			21,675,682
Underwriting discounts and commissions and non-accountable expense allowance			2,080,275
Estimated total offering costs			$ 1,444,043

Organization and Basis of Presentation - Initial Public Offering and Related Transactions (Detail) - USD ($)	9 Months Ended	80 Months Ended
	Sep. 30, 2013	Sep. 30, 2013
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Gross proceeds (excluding over-allotment)	$ 25,200,000	$ 25,204,580
IPO [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Gross proceeds (excluding over-allotment)	25,200,000
Underwriting discounts and commissions and non-accountable expense allowance	(2,080,275)
Total offering costs (excluding value of warrants granted to underwriter of $470,000)	(1,444,043)
Net proceeds	$ 21,675,682

Organization and Basis of Presentation - Initial Public Offering and Related Transactions (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2013 USD ($)
IPO [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Value of warrants granted to underwriters	$ 470,000

Organization and Basis of Presentation - Assumptions Used in Estimation of Fair Value of Issued Warrant (Detail)	1 Months Ended		9 Months Ended
	Jan. 31, 2013	Jul. 31, 2012	Sep. 30, 2013
Accounting Policies [Abstract]
Assumed risk-free interest rate	1.86%	1.43%	1.44%
Assumed volatility	80.00%	80.00%	71.00%
Expected warrant life	9 years 6 months	10 years	5 years
Expected dividend yield	0.00%	0.00%	0.00%

Net Loss Per Share - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Earnings Per Share [Abstract]
Weighted-average shares subject to repurchase from the weighted-average number of common shares outstanding	101,875	116,875	105,625	120,625

Net Loss Per Share - Summary of Weighted-Average Anti-Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average anti-dilutive securities	337,250	2,576,252	337,250	2,576,252
Convertible preferred stock outstanding [Member]
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average anti-dilutive securities		2,439,002		2,439,002
Warrants for convertible preferred stock [Member]
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average anti-dilutive securities		14,000		14,000
Warrants for common stock [Member]
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average anti-dilutive securities	106,000		106,000
Common stock options [Member]
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average anti-dilutive securities	231,250	123,250	231,250	123,250

Fair Value Measurements - Fair Value of Outstanding Preferred Stock Warrants (Detail)	1 Months Ended		9 Months Ended	12 Months Ended
	Jan. 31, 2013	Jul. 31, 2012	Sep. 30, 2013	Dec. 31, 2012
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Assumed risk-free interest rate	1.86%	1.43%	1.44%
Assumed volatility	80.00%	80.00%	71.00%
Expected warrant life	9 years 6 months	10 years	5 years
Expected dividend yield	0.00%	0.00%	0.00%
Preferred stock warrant liability [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Assumed volatility				80.00%
Expected dividend yield				0.00%
Preferred stock warrant liability [Member] \| Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Assumed risk-free interest rate				0.25%
Expected warrant life				2 years 29 days
Preferred stock warrant liability [Member] \| Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Assumed risk-free interest rate				1.78%
Expected warrant life				9 years 6 months

Fair Value Measurements - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2013 USD ($)
IPO [Member]
Changes In Fair Value Of Warrants [Line Items]
Warrant liability adjusted to fair value of prior to closing of company's IPO	$ 187,000

Fair Value Measurements - Liabilities Measured at Fair Value on Recurring Basis (Detail)	Dec. 31, 2012 USD ($)
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Total liabilities	$ 56,000
Preferred stock warrant liability [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Total liabilities	56,000
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Total liabilities	0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Preferred stock warrant liability [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Total liabilities	0
Significant Other Observable Inputs (Level 2) [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Total liabilities	0
Significant Other Observable Inputs (Level 2) [Member] \| Preferred stock warrant liability [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Total liabilities	0
Significant Unobservable Inputs (Level 3) [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Total liabilities	56,000
Significant Unobservable Inputs (Level 3) [Member] \| Preferred stock warrant liability [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Total liabilities	$ 56,000

Fair Value Measurements - Reconciliation of Company's Liabilities Measured Using Significant Unobservable Inputs (Detail) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended	80 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012	Sep. 30, 2013
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in fair value of warrant liability	$ 39,000	$ 1,550	$ (82,000)	$ 4,550		$ (54,264)
Significant Unobservable Inputs (Level 3) [Member] \| Preferred stock warrant liability [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance			56,000	$ 39,000	$ 39,000
Warrants issued in connection with loan and security agreement			49,000		24,250
Change in fair value of warrant liability			82,000		(7,250)
Reclassification to additional paid-in capital upon closing of IPO			$ (187,000)
Ending balance					$ 56,000

Debt - Additional Information (Detail)	1 Months Ended	3 Months Ended		9 Months Ended
Debt - Additional Information (Detail)	Jun. 30, 2012	Sep. 30, 2013 USD ($) $ / Warrant shares	Sep. 30, 2012 USD ($)	Sep. 30, 2013 USD ($) $ / Warrant shares	Sep. 30, 2012 USD ($)	Jun. 30, 2013 USD ($)	Jan. 31, 2013 USD ($) $ / Warrant shares	Dec. 31, 2012 USD ($)	Jul. 31, 2012 USD ($) $ / Warrant shares
Debt Instrument [Line Items]
Loan and security agreement, maximum credit						$ 3,000,000
Loan and security agreement, interest rate	4.50%
Loan and security agreement, payback period	24 months
Loan and security agreement, available credit		$ 0		$ 0				$ 2,000,000
Loan and security agreement, interest incurred		34,125	$ 8,500	$ 102,125	$ 8,500
Loan and security agreement, expiration date				Jun. 01, 2022
Loan and security agreement, amount drawn							$ 2,000,000		$ 1,000,000
Initial fair value of warrant issued							$ 49,000		$ 24,250
Unamortized debt discount		$ 51,762		$ 51,762				$ 20,208
Series A convertible preferred stock [Member]
Debt Instrument [Line Items]
Warrants exercisable, stock issued \| shares							8,000		4,000
Warrants exercisable, exercise price \| $ / Warrant							7.50		7.50
Common stock [Member]
Debt Instrument [Line Items]
Warrants exercisable, stock issued \| shares		12,000		12,000
Warrants exercisable, exercise price \| $ / Warrant		7.50		7.50

Debt - Assumptions Used in Estimation of Initial Fair Value of Warrants (Detail)	1 Months Ended		9 Months Ended
	Jan. 31, 2013	Jul. 31, 2012	Sep. 30, 2013
Debt Disclosure [Abstract]
Assumed risk-free interest rate	1.86%	1.43%	1.44%
Assumed volatility	80.00%	80.00%	71.00%
Expected warrant life	9 years 6 months	10 years	5 years
Expected dividend yield	0.00%	0.00%	0.00%

Debt - Schedule of Aggregate Advances under the Loan and Security Agreement (Detail) - USD ($)	Sep. 30, 2013	Dec. 31, 2012
Debt Disclosure [Abstract]
Aggregate advances under loan and security agreement	$ 3,000,000	$ 1,000,000
Less unamortized discount	(51,762)	(20,208)
Total debt, net of debt discount	2,948,238	979,792
Current portion of long-term debt, net of current portion of unamortized discount	(1,069,802)
Long-term debt, net of current portion	$ 1,878,436	$ 979,792

Stock-based Compensation - Summary of Stock-Based Compensation Expense (Detail) - USD ($)	3 Months Ended		9 Months Ended		80 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total share-based compensation expense	$ 7,629	$ 3,126	$ 13,881	$ 9,378	$ 103,592
General and administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total share-based compensation expense	7,316	626	9,504	1,876
Research and development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total share-based compensation expense	$ 313	$ 2,500	$ 4,377	$ 7,502

Stock-based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2012
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized estimated compensation cost	$ 833,751	$ 833,751
Expected recognition period		1 year 6 months 7 days
2013 Equity Incentive Award Plan [Member]
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options granted	108,000	108,000	0
Stock options vesting period		3 years

Stock-based Compensation - Summary of Estimated Fair Value of Stock Option Granted (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Risk-free interest rate	1.75%		1.75%
Expected volatility of common stock	71.00%		71.00%
Dividend yield	0.00%		0.00%
Expected option term	6 years		6 years