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Reverse Merger (Tables) | 6 Months Ended
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Jun. 30, 2017
Business Combinations [Abstract] |
Schedule of Purchase Price Consideration | The purchase price for Tokai on May 9, 2017, the closing date of the merger, was as follows (in thousands):
Fair value of Tokai common stock outstanding (1) |  | $ | 14,486 |
Premium paid (2) |  |  | 8,889 |
Purchase price |  | $ | 23,375 |
(1) | Comprised of 2,515,739 shares of common stock outstanding at the date of the Reverse Merger based on the closing price of $5.76 per share on May 9, 2017, as adjusted for the one for nine reverse stock split on May 11, 2017.
(2) | Premium paid over fair value of common stock based on net tangible asset multiple of 1.08x book value of Tokai equity of $21.5 million as of May 9, 2017.
Summary of Allocation of Estimated Purchase Price to Acquired Assets and Liabilities Assumed | The allocation of the estimated purchase price to the acquired assets and liabilities assumed of Tokai, based on their estimated fair values as of May 9, 2017, the close of the transaction, is as follows (in thousands):
Cash, cash equivalents, and restricted cash |  | $ | 23,250 |
Prepaids and other current assets |  |  | 1,132 |
Property and equipment |  |  | 73 |
Goodwill |  |  | 1,867 |
Accounts payable, accrued expenses and other liabilities |  |  | (2,947 | )
Net assets acquired |  | $ | 23,375 |
Summary of Combined Results of Operations of Company and Tokai, on a Pro Forma Basis | The unaudited financial information in the following table summarizes the combined results of operations of the Company and Tokai, on a pro forma basis, as if the merger had occurred at the beginning of the periods presented (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research and development |  | $ | 686 |  |  | $ | 10,487 |  |  | $ | 1,471 |  |  | $ | 19,109 |
General and administrative |  |  | 2,592 |  |  |  | 4,020 |  |  |  | 5,474 |  |  |  | 7,991 |
Total operating expenses |  |  | 3,278 |  |  |  | 14,507 |  |  |  | 6,945 |  |  |  | 27,100 |
Loss from operations |  |  | (3,278 | ) |  |  | (14,507 | ) |  |  | (6,945 | ) |  |  | (27,100 | )
Other income, net |  |  | 18 |  |  |  | (21 | ) |  |  | 55 |  |  |  | 42 |
Net loss and comprehensive loss |  | $ | (3,260 | ) |  | $ | (14,528 | ) |  | $ | (6,890 | ) |  | $ | (27,058 | )
Net loss per share, basic and diluted |  | $ | (0.47 | ) |  | $ | (2.20 | ) |  | $ | (0.99 | ) |  | $ | (4.10 | )
Weighted-average shares outstanding, basic and diluted |  |  | 6,943,831 |  |  |  | 6,605,009 |  |  |  | 6,943,831 |  |  |  | 6,605,009 |

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: 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=79982066&loc=d3e1486-128463 Reference 2: 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=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: 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=84161108&loc=d3e4845-128472 + Details
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