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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2013
Summary of Fair Value Measurement Financial Asset and Liabilities

Financial assets and liabilities subject to fair value measurements were as follows:

 

     Fair Value Measurements at December 31, 2013  
           Quoted Prices in
Active Markets
for
Identical Assets		      Significant Other
Observable
Inputs		      Significant
Unobservable
Inputs		  
     Total     Level 1      Level 2      Level 3  

Assets:

           

Cash and cash equivalents

    $ 90,434,435      $ 90,434,435       $ —         $ —     

Money market funds

      26,046,974        26,046,974         —           —     

Restricted cash

      404,850        404,850         —           —     
  

 

 

    

 

 

     

 

 

     

 

 

  

Total Assets

    $ 116,886,259      $ 116,886,259       $ —         $ —     
  

 

 

    

 

 

     

 

 

     

 

 

  
     Fair Value Measurements at December 31, 2012  
           Quoted Prices in
Active Markets
for
Identical Assets		      Significant Other
Observable
Inputs		      Significant
Unobservable
Inputs		  
     Total     Level 1      Level 2      Level 3  

Assets:

           

Cash and cash equivalents

    $ 18,695,197      $ 18,695,197       $ —         $ —     

Money market funds

      29,047,958        29,047,958         —           —     

Restricted cash

      404,850        404,850         —           —     
  

 

 

    

 

 

     

 

 

     

 

 

  

Total Assets

    $ 48,148,005      $ 48,148,005       $ —         $ —     
  

 

 

    

 

 

     

 

 

     

 

 

  

Liabilities:

           

Preferred stock warrant liability

    $ (52,947 )    $ —         $ —         $ (52,947 ) 
  

 

 

    

 

 

     

 

 

     

 

 

  
Summary of Preferred Stock Warrant Liability

The following table provides a rollforward of the Company’s preferred stock warrant liability, which was the only financial instrument measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as defined in ASC 820:

 

Balance at December 31, 2012

    $ (52,947 ) 

Total unrealized gains (losses) included in earnings

      (626,349 ) 

Settlement of preferred stock warrants

      679,296   
  

 

 

  

Balance at December 31, 2013

    $ —     
  

 

 

  
Estimated Useful Lives

Repairs and maintenance costs are expensed as incurred. Depreciation is computed using the straight-line method over the following estimated useful lives:

 

Computer equipment

    3 years

Software

    3 years

Furniture

    10 years

Laboratory and office equipment

    5 years

Leasehold improvements

    Shorter of lease term or useful life
Computation of Basic and Diluted Income (Loss) Per Common Share

Basic and diluted income (loss) per common share is computed as follows:

 

     Year Ended December 31,  
     2013     2012     2011  

Net income (loss)

    $ (260,835 )    $ 8,361,755      $ 6,717,120   

Less: undistributed earnings allocated to participating securities

      —          (8,361,755 )      (6,717,120 ) 
  

 

 

    

 

 

    

 

 

  

Net income (loss) allocable to common shares

    $ (260,835 )    $ —        $ —     
  

 

 

    

 

 

    

 

 

  

Basic weighted average common shares outstanding

      6,847,697        1,083,276        1,025,602   

Basic income (loss) per common share

    $ (0.04 )    $ 0.00      $ 0.00   

Net income (loss)

    $ (260,835 )    $ 8,361,755      $ 6,717,120   

Less: undistributed earnings allocated to participating securities and other add-backs to net income (loss)

      —          (8,361,755 )      (6,717,120 ) 
  

 

 

    

 

 

    

 

 

  

Net income (loss) allocable to common shares

    $ (260,835 )    $ —        $ —     
  

 

 

    

 

 

    

 

 

  

Basic weighted average common shares outstanding

      6,847,697        1,083,276        1,025,602   

Effect of dilutive securities

      —          —          —     
  

 

 

    

 

 

    

 

 

  

Diluted weighted average common shares outstanding

      6,847,697        1,083,276        1,025,602   
  

 

 

    

 

 

    

 

 

  

Diluted income (loss) per common share

    $ (0.04 )    $ 0.00      $ 0.00   
Schedule of Dilutive Securities Used In Calculation of Diluted Earnings Per Share

The following common stock equivalents were excluded from the calculation of diluted net income (loss) per share because their effect would be anti-dilutive:

 

     Year Ended December 31,  
     2013      2012      2011  

Series A-1 Preferred Stock

      —           2,156,114         2,156,114   

Series A-2 Preferred Stock

      —           392,274         392,274   

Series B Preferred Stock

      —           4,336,037         4,336,037   

Series C Preferred Stock

      —           5,909,906         5,909,906   

Series D Preferred Stock

      —           769,468         769,468   

Series D-2 Preferred Stock

      —           3,391,991         3,391,991   

Effect of Converted Preferred Stock

      13,189,920         —           —     

Warrants to purchase Series D-2 Preferred Stock

      —           180,784         180,784   

Stock Options

      2,313,970         3,249,702         2,885,417   
Summary of Significant Revenue [Member]
  
Summary of Percentage of Customer Concentration

The following table represents the percentage of all significant revenue earned in the periods indicated:

 

     Year Ended December 31,  
         2013             2012             2011      

Servier

      51.6 %      17.3 %      —     

Boehringer

      24.8 %      18.4 %      15.6 % 

Gilead

      13.8 %      —          —     

Pfizer

      6.0 %      8.7 %      10.8 % 

Government Agencies

      2.2 %      6.5 %      17.7 % 

Eli Lilly

      1.4 %      48.9 %      54.0 % 
Summary of Significant Accounts Receivable[Member]
  
Summary of Percentage of Customer Concentration

The following table represents the percentage of all significant accounts receivable:

 

     December 31,  
         2013             2012      

Gilead

      53.4 %      —     

Pfizer.

      12.3 %      45.4 % 

Boehringer

      12.2 %      18.0 % 

Eli Lilly

      7.0 %      28.2 % 

Servier

      6.4 %      —     

Government Agencies

      4.6 %      8.4 %