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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2014	Nov. 03, 2014
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q3
Trading Symbol	OCUL
Entity Registrant Name	Ocular Therapeutix, Inc.
Entity Central Index Key	0001393434
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		21,322,433

Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 80,892	$ 17,505
Accounts receivable from related party	1	19
Accounts receivable	53	250
Inventory	117	0
Prepaid expenses and other current assets	1,211	240
Total current assets	82,274	18,014
Property and equipment, net	1,376	904
Restricted cash	228	228
Total assets	83,878	19,146
Current liabilities:
Accounts payable	649	545
Accrued expenses	2,480	741
Deferred revenue	250	250
Notes payable, net of discount, current		1,806
Total current liabilities	3,379	3,342
Preferred stock warrants		254
Deferred rent, long-term	121	27
Notes payable, net of discount, long-term	14,776	651
Total liabilities	18,276	4,274
Commitments and contingencies
Redeemable convertible preferred stock (Series A, B, C, D and D-1), $0.001 par value; no shares and 33,979,025 shares authorized at September 30, 2014 and December 31, 2013, respectively; no shares and 32,842,187 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively; aggregate liquidation preference of $74,436 at December 31, 2013		74,344
Stockholders' equity (deficit):
Preferred stock, $0.0001 par value; 5,000,000 and no shares authorized at September 30, 2014 and December 31, 2013, respectively; no shares issued or outstanding at September 30, 2014 and December 31, 2013
Common stock, $0.0001 par value; 100,000,000 and 45,000,000 shares authorized at September 30, 2014 and December 31, 2013, respectively; 21,322,433 and 2,676,648 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively	2
Additional paid-in capital	147,074	1,308
Accumulated deficit	(81,474)	(60,780)
Total stockholders' equity (deficit)	65,602	(59,472)
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)	$ 83,878	$ 19,146

Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]
Redeemable convertible preferred stock, par value	$ 0.001	$ 0.001
Redeemable convertible preferred stock, shares authorized	0	33,979,025
Redeemable convertible preferred stock, shares issued	0	32,842,187
Redeemable convertible preferred stock, shares outstanding	0	32,842,187
Redeemable convertible preferred stock, aggregate liquidation preference		$ 74,436
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	100,000,000	45,000,000
Common stock, shares issued	21,322,433	2,676,648
Common stock, shares outstanding	21,322,433	2,676,648

Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Statement of Comprehensive Income [Abstract]
Revenue	$ 143		$ 267
Operating expenses:
Cost of revenue	32		61
Research and development	4,482	$ 2,784	13,732	$ 7,675
Selling and marketing	479	148	1,324	428
General and administrative	1,926	503	4,697	1,381
Total operating expenses	6,919	3,435	19,814	9,484
Loss from operations	(6,776)	(3,435)	(19,547)	(9,484)
Other income (expense):
Interest income	5	3	7	11
Interest expense	(412)	(94)	(712)	(350)
Other income (expense), net	(111)	4	(442)	11
Total other expense, net	(518)	(87)	(1,147)	(328)
Net loss and comprehensive loss	(7,294)	(3,522)	(20,694)	(9,812)
Accretion of redeemable convertible preferred stock to redemption value		(5)	(11)	(22)
Net loss attributable to common stockholders	$ (7,294)	$ (3,527)	$ (20,705)	$ (9,834)
Net loss per share attributable to common stockholders, basic and diluted	$ (0.48)	$ (1.34)	$ (2.93)	$ (3.79)
Weighted average common shares outstanding, basic and diluted	15,165,612	2,624,040	7,068,399	2,591,932

Statements of Cash Flows $ in Thousands	9 Months Ended
Statements of Cash Flows $ in Thousands	Sep. 30, 2014 USD ($)	Sep. 30, 2013 USD ($)
Cash flows from operating activities:
Net loss	$ (20,694)	$ (9,812)
Adjustments to reconcile net loss to net cash used in operating activities
Stock-based compensation expense	1,667	351
Licensing and consultant fees paid in common stock	2,364
Non-cash interest expense	66	28
Depreciation expense	383	279
Revaluation of preferred stock warrants	380	(10)
Loss on extinguishment of debt	57
Loss on disposal of property and equipment	4
Changes in operating assets and liabilities:
Accounts receivable from related party	18	45
Accounts receivable	197	(33)
Prepaid expenses and other current assets	(354)	120
Inventory	(117)
Accounts payable	63	83
Accrued expenses and deferred rent	1,096	(239)
Net cash used in operating activities	(14,870)	(9,188)
Cash flows from investing activities:
Purchases of property and equipment	(819)	(181)
Net cash used in investing activities	(819)	(181)
Cash flows from financing activities:
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs		8,494
Proceeds from issuance of notes payable and preferred stock warrants, net of issuance costs	14,877
Proceeds from exercise of common stock options	28	2
Proceeds from issuance of common stock	69,518
Repayments of notes payable	(2,273)	(1,364)
Payments of insurance costs financed by a third-party	(62)
Payments of initial public offering costs	(3,012)
Net cash provided by financing activities	79,076	7,132
Net increase (decrease) in cash and cash equivalents	63,387	(2,237)
Cash and cash equivalents at beginning of period	17,505	23,854
Cash and cash equivalents at end of period	80,892	21,617
Supplemental disclosure of non-cash investing and financing activities:
Accretion of redeemable convertible preferred stock to redemption values	(11)	(22)
Conversion of redeemable convertible preferred stock to common stock	74,354
Conversion of warrants for redeemable convertible preferred stock to warrants for common stock	960
Deferred offering costs included in accounts payable and accrued expenses	101
Additions to property and equipment included in accounts payable and accrued expenses	40	$ 5
Prepaid expense included in accrued expense	623
Fair value of preferred stock warrants at grant date	$ 326

Nature of the Business and Basis of Presentation	9 Months Ended
Nature of the Business and Basis of Presentation	Sep. 30, 2014
Accounting Policies [Abstract]
Nature of the Business and Basis of Presentation	1. Nature of the Business and Basis of Presentation Ocular Therapeutix, Inc. (the “Company”) was incorporated on September 12, 2006 under the laws of the State of Delaware. The Company is a biotherapeutics company focused on the development of innovative therapies for diseases and conditions of the eye using its proven, proprietary hydrogel platform technology. Since inception, the Company’s operations have been limited to organizing and staffing the Company, acquiring rights to intellectual property, business planning, raising capital, developing its technology, identifying potential product candidates, undertaking preclinical studies and clinical trials, manufacturing initial quantities of its products and product candidates and, beginning in the first quarter of 2014, commercializing ReSure Sealant. In the first quarter of 2014, the Company began recognizing revenue from sales of ReSure Sealant, which was approved in January 2014 by the U.S. Food and Drug Administration (“FDA”) as a product to close clear corneal incisions following cataract surgery. The Company was previously classified as a “development stage entity” in the Accounting Standards Codification and, as such, was required to present inception-to-date information in the Company’s statements of operations and comprehensive loss, redeemable convertible preferred stock and stockholders’ deficit, and cash flows. In June 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update that eliminates the concept of a development stage entity from U.S. generally accepted accounting principles and removes the related incremental reporting requirements. See Note 2 below for additional information on this new standard. The Company elected to early adopt the new standard. Accordingly, in contrast to the Company’s financial statements and the notes thereto for the year ended December 31, 2013 included in Company’s Registration Statement on Form S-1 on file with the Securities and Exchange Commission (“SEC”), the financial statements contained in this report do not include inception-to-date information. The Company is subject to risks common to companies in the biotechnology industry including, but not limited to, new technological innovations, protection of proprietary technology, dependence on key personnel, compliance with government regulations, regulatory approval, uncertainty of market acceptance of products and the need to obtain additional financing. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval, prior to commercialization. As of September 30, 2014, the Company’s lead product candidates were in the development stage. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid change in technology and substantial competition from pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees and consultants. The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). On July 30, 2014 the Company completed an initial public offering (“IPO”) of its common stock, which resulted in the issuance and sale of 5,000,000 shares of its common stock at a public offering price of $13.00 per share, resulting in net proceeds of approximately $57,337 after deducting underwriting discounts and other offering costs. Upon the closing of the IPO, all outstanding shares of the Company’s redeemable convertible preferred stock were automatically converted into 12,440,205 shares of the Company’s common stock and all outstanding warrants for the Company’s redeemable convertible preferred stock were automatically converted into warrants for the Company’s common stock. In August 2014, the underwriters of the Company’s IPO exercised their over-allotment option to purchase an additional 750,000 shares of common stock at the initial public offering price of $13.00 per share, less underwriting discounts, resulting in additional net proceeds of approximately $9,068 after deducting underwriting discounts (Note 8). *Unaudited Interim Financial Information* The balance sheet at December 31, 2013 was derived from audited financial statements, but does not include all disclosures required by GAAP. The accompanying unaudited financial statements as of September 30, 2014 and for the three months and nine months ended September 30, 2014 and 2013 have been prepared by the Company, pursuant to the rules and regulations of the SEC for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto for the year ended December 31, 2013 included in the Company’s Registration Statement on Form S-1, File Number 333-196932 on file with the SEC. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s financial position as of September 30, 2014 and results of operations for the three and nine months ended September 30, 2014 and 2013 and cash flows for the nine months ended September 30, 2014 and 2013 have been made. The results of operations for the three and nine months ended September 30, 2014 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2014.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2014

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

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, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, revenue recognition, the accrual of research and development expenses and the valuation of common stock and stock-based awards and preferred stock warrants. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company’s estimates.

Cash Equivalents

The Company considers all short-term, highly liquid investments with original maturities of ninety days or less at date of purchase to be cash equivalents. Cash equivalents, which consist of money market accounts, are stated at fair value.

Revenue Recognition

The Company recognizes revenue when the following four criteria are met in accordance with Accounting Standards Codification (“ASC”) 605, Revenue Recognition: persuasive evidence of a sales arrangement exists; delivery of goods has occurred through transfer of title and risk and rewards of ownership; the selling price is fixed or determinable; and collectability is reasonably assured.

The Company records revenue from product sales net of applicable provisions for returns, chargebacks, discounts, wholesaler management fees, government and commercial rebates, and other applicable allowances in the same period in which the related sales are recorded, based on the underlying contract terms. The Company analyzes multiple-element arrangements based on the guidance in ASC Topic 605-25, Revenue Recognition—Multiple-Element Arrangements (“ASC 605-25”). Pursuant to this guidance, the Company evaluates multiple-element arrangements to determine (1) the deliverables included in the arrangement and (2) whether the individual deliverables represent separate units of accounting or whether they must be accounted for as a combined unit of accounting. This evaluation involves subjective determinations and requires management to make judgments about the individual deliverables and whether such deliverables are separable from the other aspects of the contractual relationship. Deliverables are considered separate units of accounting provided that: the delivered item has value to the customer on a standalone basis and, if the arrangement includes a general right of return relative to the delivered item, delivery or performance of the undelivered item is considered probable and substantially in the control of the Company. In assessing whether an item has standalone value, the Company considers factors such as the research, manufacturing and commercialization capabilities of the collaboration partner and the availability of the associated expertise in the general marketplace. In addition, the Company considers whether the collaboration partner can use the other deliverables for their intended purpose without the receipt of the remaining elements, whether the value of the deliverable is dependent on the undelivered items and whether there are other vendors that can provide the undelivered elements.

Arrangement consideration that is fixed or determinable is allocated among the separate units of accounting using the relative selling price method. Then, the applicable revenue recognition criteria in ASC 605 are applied to each of the separate units of accounting in determining the appropriate period and pattern of recognition. The Company determines the selling price of a unit of accounting following the hierarchy of evidence prescribed by ASC 605-25. Accordingly, the Company determines the estimated selling price for units of accounting within each arrangement using vendor-specific objective evidence (“VSOE”) of selling price, if available; third-party evidence (“TPE”) of selling price, if VSOE is not available; or best estimate of selling price (“BESP”), if neither VSOE nor TPE is available. The Company typically uses BESP to estimate the selling price as it generally does not have VSOE or TPE of selling price for its units of accounting. Determining the BESP for a unit of accounting requires significant judgment. In developing the BESP for a unit of accounting, the Company considers applicable market conditions and relevant entity-specific factors, including factors that were contemplated in negotiating the agreement with the customer and estimated costs. The Company validates the BESP for units of accounting by evaluating whether changes in the key assumptions used to determine the BESP will have a significant effect on the allocation of arrangement consideration between multiple units of accounting.

The Company recognizes arrangement consideration allocated to each unit of accounting when all of the revenue recognition criteria in ASC 605 are satisfied for that particular unit of accounting. The Company will recognize as revenue arrangement consideration attributed to licenses that have standalone value relative to the other deliverables to be provided in an arrangement upon delivery. The Company will recognize as revenue arrangement consideration attributed to licenses that do not have standalone value relative to the other deliverables to be provided in an arrangement over the Company’s estimated performance period, as the arrangement would be accounted for as a single unit of accounting.

At the inception of an arrangement that includes milestone payments, the Company evaluates whether each milestone is substantive and at risk to both parties on the basis of the contingent nature of the milestone. This evaluation includes an assessment of whether: (i) the consideration is commensurate with either the Company’s performance to achieve the milestone or the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the Company’s performance to achieve the milestone, (ii) the consideration relates solely to past performance, and (iii) the consideration is reasonable relative to all of the deliverables and payment terms within the arrangement. The Company evaluates factors such as the scientific, clinical, regulatory, commercial and other risks that must be overcome to achieve the respective milestone and the level of effort and investment required to achieve the respective milestone in making this assessment. There is considerable judgment involved in determining whether a milestone satisfies all of the criteria required to conclude that a milestone is substantive. Accordingly, pursuant to the guidance of ASC Topic 605-28, Revenue Recognition—Milestone Method (“ASC 605-28”), revenue from milestone payments will be recognized in its entirety upon successful accomplishment of the milestone, assuming all other revenue recognition criteria are met. Other contingent, event-based payments received for which payment is either contingent solely upon the passage of time or the results of a collaborative partner’s performance would not be considered milestones under ASC 605-28. In accordance with ASC 605-25, such payments will be recognized as revenue when all of the four basic revenue recognition criteria are met.

Inventory Valuation

Inventory is valued at the lower of cost or market, determined by the first-in, first-out (“FIFO”) method.

Prior to approval by the FDA or other regulatory agencies of the Company’s products, the Company expenses inventory costs in the period incurred as research and development expenses. After such time as the product receives approval, the Company begins to capitalize the inventory costs related to the product. The Company also reviews its inventories for potential obsolescence.

The Company had no inventory as of December 31, 2013. The inventory balance was $117 as of September 30, 2014, which consisted primarily of raw materials.

Restricted Cash

As of September 30, 2014 and December 31, 2013, the Company held a certificate of deposit to collateralize a credit card account with its bank of $60. This amount is included in prepaid expenses and other current assets on the Company’s balance sheet. As of September 30, 2014 and December 31, 2013, the Company also held a certificate of deposit of $228, which is a security deposit for the lease of the Company’s corporate headquarters. The Company has classified this as long-term restricted cash on its balance sheet.

Concentration of Credit Risk and of Significant Suppliers

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company has all cash and cash equivalents balances at one accredited financial institution, in amounts that exceed federally insured limits. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.

The Company is dependent on a small number of third-party manufacturers to supply products for research and development activities in its preclinical and clinical programs and for sales of its ReSure Sealant product. The Company’s development programs as well as revenue from future sales of ReSure Sealant could be adversely affected by a significant interruption in the supply of any of the components of these products.

Fair Value Measurements

Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

•

Level 1—Quoted prices in active markets for identical assets or liabilities.

•

Level 2—Observable inputs (other than Level 1 quoted prices) such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.

•

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

The Company’s cash equivalents at September 30, 2014 and December 31, 2013, and its preferred stock warrant liabilities at December 31, 2013, were carried at fair value determined according to the fair value hierarchy described above (see Note 3). The carrying value of accounts receivable, accounts payable and accrued expenses approximate their fair value due to the short-term nature of these assets and liabilities. The carrying value of the Company’s outstanding notes payable (see Note 7) approximates fair value, based on the recent execution date of the credit facility agreement.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. Depreciation expense is recognized using the straight-line method over a three- to five-year estimated useful life. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the related asset. Expenditures for repairs and maintenance of assets are charged to expense as incurred. Upon retirement or sale, the cost and related accumulated depreciation of assets disposed of are removed from the accounts and any resulting gain or loss is included in loss from operations.

Impairment of Long-Lived Assets

Long-lived assets consist of property and equipment. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends, and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset to its carrying value. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of an asset are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset over its fair value, determined based on discounted cash flows. To date, the Company has not recorded any impairment losses on long-lived assets.

Research and Development Costs

Research and development costs are expensed as incurred. Included in research and development expenses are salaries, stock-based compensation and benefits of employees and other operational costs related to the Company’s research and development activities, including external costs of outside vendors engaged to conduct preclinical studies and clinical trials, manufacturing costs of the Company’s products prior to regulatory approval, and facility-related expenses.

Research Contract Costs and Accruals

The Company has entered into various research and development contracts with research institutions and other companies both inside and outside of the United States. These agreements are generally cancelable, and related payments are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. The Company’s historical accrual estimates have not been materially different from the actual costs.

Patent Costs

All patent-related costs incurred in connection with filing and prosecuting patent applications are recorded as general and administrative expenses as incurred, as recoverability of such expenditures is uncertain.

Accounting for Stock-Based Compensation

The Company measures all stock options and other stock-based awards granted to employees and directors at the fair value on the date of the grant using the Black-Scholes option-pricing model. The fair value of the awards is recognized as expense, net of estimated forfeitures, over the requisite service period, which is generally the vesting period of the respective award. The straight-line method of expense recognition is applied to all awards with service-only conditions.

For stock-based awards granted to consultants and non-employees, compensation expense is recognized over the period during which services are rendered by such consultants and non-employees until completed. At the end of each financial reporting period prior to completion of the service, the fair value of these awards is re-measured using the then-current fair value of the Company’s common stock and updated assumption inputs in the Black-Scholes option-pricing model.

The Company classifies stock-based compensation expense in its statement of operations and comprehensive loss in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified.

The Company recognizes compensation expense for only the portion of awards that are expected to vest. In developing a forfeiture rate estimate, the Company has considered its historical experience to estimate pre-vesting forfeitures for service-based awards. The impact of a forfeiture rate adjustment will be recognized in full in the period of adjustment, and if the actual forfeiture rate is materially different from the Company’s estimate, the Company may be required to record adjustments to stock-based compensation expense in future periods.

Income Taxes

The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the financial statements or in the Company’s tax returns. Deferred taxes are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies.

The Company accounts for uncertainty in income taxes recognized in the financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties.

Segment Data

The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company’s singular focus is on advancing its hydrogel therapeutic products specifically for ophthalmology. All tangible assets are held in the United States.

Comprehensive Loss

Comprehensive loss includes net loss as well as other changes in stockholders’ equity (deficit) that result from transactions and economic events other than those with stockholders. For the three and nine months ended September 30, 2014 and 2013, there was no difference between net loss and comprehensive loss.

Net Income (Loss) Per Share

Prior to the closing of its IPO of common stock, the Company followed the two-class method when computing net income (loss) per share, as the Company had outstanding shares that met the definition of participating securities. 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.

Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) attributable to common stockholders is computed by adjusting income (loss) attributable to common stockholders to reallocate undistributed earnings based on the potential impact of dilutive securities, including outstanding stock options, unvested restricted common stock, and warrants for the purchase of redeemable convertible preferred stock. Diluted net income (loss) per share attributable to common stockholders is computed by dividing the diluted net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding stock options and unvested restricted common stock.

The Company’s redeemable convertible preferred stock contractually entitled the holders of such shares to participate in dividends but did not contractually require the holders of such shares to participate in losses of the Company. Similarly, restricted stock awards granted by the Company entitle the holder of such awards to dividends declared or paid by the board of directors, regardless of whether such awards are unvested, as if such shares were outstanding common shares at the time of the dividend. However, the unvested restricted stock awards are not entitled to share in the residual net assets (deficit) of the Company. Accordingly, in periods in which the Company reports a net loss attributable to common stockholders, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. The Company reported a net loss attributable to common stockholders for the three and nine months ended September 30, 2014 and 2013.

The following common stock equivalents outstanding as of September 30, 2014 and 2013 were excluded from the computation of diluted net loss per share for the three and nine months ended September 30, 2014 and 2013, because they had an anti-dilutive impact:


	As of September 30,
	2014		2013

Options to purchase common stock		1,619,862		943,742
Non-vested restricted stock		52,111		26,054
Warrants for the purchase of redeemable convertible preferred stock		—		51,830
Warrants for the purchase of common stock		89,708		—
Redeemable convertible preferred stock		—		12,440,205

Total options, warrants and redeemable convertible preferred stock exercisable or convertible into common stock and restricted stock		1,761,681		13,461,831

Recently Issued and Adopted Accounting Pronouncements

In August 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-15, Presentation of Financial Statements — Going Concern (Subtopic 205-40). The new guidance addresses management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Management’s evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued. The standard will be effective for the first interim period within annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company is evaluating the effect that this guidance will have on its financial statements and footnote disclosures.

In June 2014, the FASB issued ASU No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. The amendments in this guidance remove all incremental financial reporting requirements for development stage entities. Among other changes, this guidance will no longer require development stage entities to present inception-to-date information about income statement line items, cash flows, and equity transactions. This guidance is effective for public companies in the first annual period beginning after December 15, 2014. The Company elected to apply this disclosure guidance to its financial statements for the three months ended September 30, 2014 and as a result, no longer discloses inception-to-date information in its statements of operations and comprehensive loss, cash flows and stockholders’ deficit and the related notes thereto.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), (“ASU 2014-09”). ASU 2014-09 outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This new revenue recognition model provides a five-step analysis in determining when and how revenue is recognized. The new model will require revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration a company expects to receive in exchange for those goods or services. ASU 2014-09 is effective for public entities for annual reporting periods beginning after December 15, 2016 and interim periods within those periods. Early adoption is not permitted. Companies may use either a full retrospective or a modified retrospective approach to adopt ASU 2014-09. The Company is currently assessing the impact that adopting this new accounting guidance will have on its financial statements and footnote disclosures.

Fair Value of Financial Assets and Liabilities

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities

3. Fair Value of Financial Assets and Liabilities

The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2014 and December 31, 2013 and indicate the level of the fair value hierarchy utilized to determine such fair value:


	Fair Value Measurements as of September 30, 2014 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	—	$	80,796	$	—	$	80,796


	Fair Value Measurements as of December 31, 2013 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	—	$	17,272	$	—	$	17,272

Liabilities:
Liability for preferred stock warrants	$	—	$	—	$	254	$	254

As of September 30, 2014 and December 31, 2013, the Company’s cash equivalents that were invested in money market funds were valued based on Level 2 inputs. During the three and nine months ended September 30, 2014 and 2013, there were no transfers between Level 1, Level 2 and Level 3.

The warrant liability in the table above as of December 31, 2013 is comprised of the values of warrants for the purchase of Series A, B, D and D-1 redeemable convertible preferred stock and was based on significant inputs not observable in the market, which represented a Level 3 measurement within the fair value hierarchy. The Company’s valuation of the redeemable convertible preferred stock warrants utilized the Black-Scholes option-pricing model, which incorporates assumptions and estimates to value the preferred stock warrants. The Company assessed these assumptions and estimates on a quarterly basis as additional information impacting the assumptions was obtained. Changes in the fair value of the redeemable convertible preferred stock warrants are recognized in the statements of operations.

Related to the valuation of the warrants, the quantitative elements associated with the Company’s Level 3 inputs impacting fair value measurement include the fair value per share of the underlying Series A, Series B, Series D and Series D-1 redeemable convertible preferred stock, the remaining contractual term of the warrants, risk-free interest rate, expected dividend yield, and expected volatility of the price of the underlying preferred stock. The Company determined the fair value per share of the underlying preferred stock by taking into consideration its most recent sales of its redeemable convertible preferred stock as well as additional factors that the Company deemed relevant. Prior to its IPO in July 2014, the Company had been a private company and lacked company-specific historical and implied volatility information of its stock. Therefore, it estimated its expected stock volatility based on the historical volatility of publicly traded peer companies for a term equal to the remaining contractual term of the warrants. The risk-free interest rate was determined by reference to the U.S. Treasury yield curve for time periods approximately equal to the remaining contractual term of the warrants. The Company estimated a 0% dividend yield based on the expected dividend yield and the fact that the Company has never paid or declared dividends.

Immediately prior to the conversion of the preferred stock warrants into common stock warrants, the Company calculated the fair value of the warrants as of that date and adjusted the fair value of the warrants through a charge to other expense in the statement of operations. Upon the conversion of the warrants from preferred stock warrants to common stock warrants, the final fair value of the warrants was reclassified from warrant liability to additional paid in capital.

The following table provides a rollforward of the aggregate fair values of the Company’s preferred stock warrants for which fair value was determined by level 3 inputs:


Balance, December 31, 2013	$	254
Issuance of Series D-1 warrants		326
Increase in fair value		380
Conversion of preferred stock warrants to common stock warrants		(960	)

Balance, September 30, 2014	$	—

- 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

Accrued Expenses

9 Months Ended

Sep. 30, 2014

Payables and Accruals [Abstract]

Accrued Expenses

4. Accrued Expenses

Accrued expenses consisted of the following:


	September 30, 2014		December 31, 2013
Accrued payroll and related expenses	$	1,006	$	464
Accrued professional fees		367		90
Accrued research and development expenses		459		82
Accrued insurance		561		—
Accrued other		87		105

	$	2,480	$	741

As of September 30, 2014, the Company’s accrued insurance represents premiums for the period from July 2014 through June 2015 which the Company financed with a third-party.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Income Taxes	5. Income Taxes The Company did not provide for any income taxes in its statement of operations for any of the three or nine month periods ended September 30, 2014 or 2013. The Company had gross deferred tax assets of $25,776 at December 31, 2013, which increased by approximately $8,000 at September 30, 2014. The Company has provided a valuation allowance for the full amount of its net deferred tax assets because, at September 30, 2014 and December 31, 2013, it was more likely than not that any future benefit from deductible temporary differences and net operating loss and tax credit carryforwards would not be realized. The Company has not recorded any amounts for unrecognized tax benefits as of September 30, 2014 or December 31, 2013. As of September 30, 2014 and December 31, 2013, the Company had no accrued interest or tax penalties recorded. The Company’s income tax return reporting periods since December 31, 2011 are open to income tax audit examination by the federal and state tax authorities. In addition, because the Company has net operating loss carryforwards, the Internal Revenue Service is permitted to audit earlier years and propose adjustments up to the amount of net operating losses generated in those years.

Feasibility Agreement	9 Months Ended
Feasibility Agreement	Sep. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Feasibility Agreement	6. Feasibility Agreement In September 2013, the Company entered into a feasibility agreement with a biopharmaceutical company. Under this agreement, the pharmaceutical company will pay up to $500 for achieving certain milestones. In the event that the agreement is terminated in advance of the achievement of the milestones, the Company would be required to refund portions of the amounts received, based on the actual milestones achieved as of the date of termination. As of September 30, 2014 and December 31, 2013, no milestones had been achieved and, accordingly, the Company did not record any revenue related to this agreement. As of September 30, 2014 and December 31, 2013, the Company had accounts receivable of $0 and $250 and deferred revenue of $250 and $250, respectively, related to this agreement recorded on its balance sheet.

Notes Payable

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

Notes Payable

7. Notes Payable

The Company had a credit agreement with a lending institution entered into in 2011 (the “2011 Modification Agreement”) which had a total borrowing capacity of $5,000 which was fully drawn down. Borrowings under the agreement were required to be repaid in 33 monthly installments commencing July 1, 2012 of $152, plus interest on the principal balance at a rate of the greater of (i) 4.75% above the lender’s prime rate or (ii) 8% per annum. In addition to these principal payments, the Company was required to make a final payment of $225 in March 2015 (or upon earlier termination of the agreement) to the lender, which amount was being accreted to the carrying value of the debt, using the effective interest method. The effective annual interest rate of the outstanding debt under the 2011 Modification Agreement was approximately 11%.

On April 17, 2014, the Company entered into a credit and security agreement (the “2014 Credit Facility”) and terminated the 2011 Modification Agreement. The 2014 Credit Facility provides for initial borrowings of $15,000 under a term loan (“Tranche 1 loan”) and additional borrowings of up to $5,000 under a term loan (“Tranche 2 loan”), for a maximum of $20,000. On that same date, the Company received proceeds of $15,000 through the issuance of promissory notes to the lenders under the Tranche 1 loan. Upon the completion of the IPO in July 2014, borrowings under the Tranche 2 loan became available and are available until December 31, 2014 contingent upon the Company’s satisfaction of other general borrowing conditions. All promissory notes issued under the 2014 Credit Facility mature on April 1, 2018 and are collateralized by substantially all of the Company’s personal property, other than its intellectual property. There are no financial covenants associated with the 2014 Credit Facility; however, there are negative covenants restricting the Company’s activities, including limitations on dispositions, mergers or acquisitions; encumbering its intellectual property; incurring indebtedness or liens; paying dividends; making certain investments; and engaging in certain other business transactions. The obligations under the 2014 Credit Facility are subject to acceleration upon the occurrence of specified events of default, including a material adverse change in the Company’s business, operations or financial or other condition.

The Company is obligated to make monthly, interest-only payments on any term loans funded under the 2014 Credit Facility until September 30, 2015 and, thereafter, to pay 30 consecutive, equal monthly installments of principal and interest from October 1, 2015 through March 1, 2018. Term loans under the 2014 Credit Facility bear interest at an annual rate of 8.25%. In addition, a final payment equal to 3.75% of any amounts drawn under the 2014 Credit Facility is due upon its maturity date.

In connection with the Tranche 1 loan, the lenders received warrants to purchase 100,000 shares of the Company’s Series D-1 redeemable convertible preferred stock with an exercise price of $3.00 per share, which are exercisable until April 2021. The fair value of the warrants as of the issuance date totaling $326 was recorded as a preferred stock warrant liability. Of this amount, $290 was allocated to the 2014 Credit Facility and recorded as debt discount and $36 was allocated to the 2011 Modification Agreement and recorded as loss on extinguishment of debt (see below). As of September 30, 2014, the effective annual interest rate of the outstanding debt under the 2014 Credit Facility was approximately 11%.

The lenders are entitled to receive additional warrants to purchase shares of the Company’s common stock equal to 2% of any amounts funded under the Tranche 2 loan, with an exercise price equivalent to the 10-day average closing price per share of the Company’s common stock prior to the funding date for the Tranche 2 loan.

The terms of the 2014 Credit Facility required that the existing outstanding borrowings be repaid. Accordingly, on April 17, 2014, the Company used $1,898 of proceeds from the Tranche 1 loan to repay all amounts then due under the 2011 Modification Agreement, consisting of $1,667 of principal, $6 of interest and $225 of a final payment.

The Company accounted for the termination of the 2011 Modification Agreement as an extinguishment in accordance with the guidance in ASC 470-50, Debt. The total amount of unamortized debt discount of $10 is reflected as a loss on extinguishment of debt and included in other expense within the statements of operations and comprehensive loss. Additionally, fees paid to the lenders that were allocated to the existing debt and treated as an extinguishment, inclusive of the value of warrants issued and debt issuance costs paid, totaling $47, were also reflected as a loss on extinguishment of debt included in other expense within the statements of operations and comprehensive loss.

As of September 30, 2014, the annual repayment requirements for the 2014 Credit Facility, inclusive of the final payment of $563 due at expiration, were as follows:


Year Ending December 31,	Principal		Interest and Final Payment		Total
2014	$	—	$	313	$	313
2015		1,500		1,244		2,744
2016		6,000		902		6,902
2017		6,000		397		6,397
2018		1,500		583		2,083

	$	15,000	$	3,439	$	18,439

Redeemable Convertible Preferred Stock and Stockholders' Deficit	9 Months Ended
	Sep. 30, 2014
Equity [Abstract]
Redeemable Convertible Preferred Stock and Stockholders' Deficit	8. Redeemable Convertible Preferred Stock and Stockholders’ Deficit On April 14, 2014, the Company effected an increase in the number of authorized shares of its common stock from 45,000,000 shares to 47,500,000 shares and an increase in the number of authorized shares of its preferred stock from 33,979,025 shares to 34,229,025 shares. On July 10, 2014, the Company effected a 1-for-2.64 reverse stock split of its issued and outstanding shares of common stock and a proportional adjustment to the existing conversion ratios for each series of Redeemable Convertible Preferred Stock. Accordingly, all share and per share amounts for all periods presented in these financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect this reverse stock split and adjustment of the preferred stock conversion ratios. On July 30, 2014 the Company completed its IPO, which resulted in the sale of 5,000,000 shares of its common stock at a public offering price of $13.00 per share. Upon closing of the IPO, all outstanding shares of the Company’s redeemable convertible preferred stock were automatically converted into 12,440,205 shares of common stock. Additionally upon closing the IPO, the Company adopted an amended and restated certificate of incorporation increasing the number of its authorized shares of its common stock to 100,000,000 shares. This amended and restated certificate of incorporation also authorizes the Company to issue 5,000,000 shares of preferred stock, $0.0001 par value, all of which is undesignated. On August 19, 2014, the Company completed the sale of an additional 750,000 shares of common stock at the initial public offering price of $13.00 per share to the underwriters of the Company’s IPO pursuant to the exercise of their over-allotment option. The Company received additional net proceeds of approximately $9,068 after deducting underwriting discounts.

- 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
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 4
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Paragraph 5
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-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
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-Topic 505
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-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
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-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
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-Name Accounting Standards Codification
-Topic 505
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-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
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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-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
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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-Number 210
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-Paragraph d
-Article 4

Reference 15: http://www.xbrl.org/2003/role/presentationRef
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-Section 02
-Paragraph 29, 30, 31
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
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Reference 17: http://www.xbrl.org/2003/role/presentationRef
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Reference 18: http://www.xbrl.org/2003/role/presentationRef
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Reference 19: http://www.xbrl.org/2003/role/presentationRef
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-Number 210
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-Article 3

+ Details

Warrants	9 Months Ended
Warrants	Sep. 30, 2014
Text Block [Abstract]
Warrants	9. Warrants The Company previously had outstanding warrants for the purchase of 236,836 shares of preferred stock. Effective upon the closing of the Company’s IPO in July 2014, the Company’s outstanding preferred stock warrants became warrants for the purchase of 89,708 shares of common stock at a weighted average exercise price of $6.32 per share. Through September 30, 2014, no warrants have been exercised and warrants for the purchase of 89,708 shares of common stock remain outstanding at September 30, 2014.

Stock-Based Awards

9 Months Ended

Sep. 30, 2014

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

Stock-Based Awards

10. Stock-Based Awards

2006 Stock Option Plan

The Company’s 2006 Stock Option Plan, as amended (the “2006 Plan”), provides for the Company to sell or issue common stock or restricted common stock, or to grant incentive stock options or nonqualified stock options for the purchase of common stock, to employees, members of the board of directors and consultants of the Company. The 2006 Plan is administered by the board of directors, or at the discretion of the board of directors, by a committee of the board. The exercise prices, vesting and other restrictions are determined at the discretion of the board of directors, or their committee if so delegated, except that the exercise price per share of stock options may not be less than 100% of the fair market value of the share of common stock on the date of grant and the term of stock options may not be greater than ten years.

Stock options granted under the 2006 Plan generally vest over four years and expire after ten years, although options have been granted with vesting terms less than four years.

The total number of shares of common stock that may be issued under the 2006 Plan was 2,098,264 shares as of December 31, 2013. On March 31, 2014 and April 14, 2014, the Company effected an increase in the number of shares of common stock reserved for issuance under the 2006 Plan such that as of September 30, 2014, 2,851,294 shares were reserved for issuance. On July 30, 2014, the Company’s 2014 Stock Incentive Plan (the “2014 Plan”) became effective and no further stock options or other awards will be made under the 2006 Plan. Shares of common stock that were available for grant under the 2006 Plan as of July 30, 2014 as well as any shares of common stock subject to awards under the 2006 Plan that expire, terminate, or are otherwise surrendered, cancelled, forfeited or repurchased without having been fully exercised or resulting in any common stock being issued will become available for issuance under the 2014 Plan, up to a specified number of shares.

2014 Stock Incentive Plan

On June 19, 2014, the Company’s stockholders approved the 2014 Plan, which became effective immediately prior to the closing of the Company’s IPO on July 30, 2014. The 2014 Plan provides for the grant of incentive stock options, non-statutory stock options, restricted stock awards, restricted stock units, stock appreciation rights and other stock-based awards. The number of shares originally reserved for issuance under the 2014 Plan, inclusive of shares from the 2006 Plan, was 1,336,907. As of September 30, 2014, 1,290,330 shares remain available for issuance under the 2014 Plan. The number of shares of common stock that may be issued under the 2014 Plan is subject to increase on the first day of each fiscal year, beginning on January 1, 2015 and ending on December 31, 2024, equal to the least of 1,659,218 shares of the Company’s common stock, 4% of the number of shares of the Company’s common stock outstanding on the first day of the applicable fiscal year, and an amount determined by the Company’s board of directors.

The Company generally grants stock-based awards with service conditions only (“service-based” awards).

As required by the 2006 Plan and 2014 Plan, the exercise price for stock options granted is not to be less than the fair value of common shares as of the date of grant. Prior to the IPO, the value of common stock was determined by the board of directors by taking into consideration its most recently available valuation of common shares performed by management and the board of directors as well as additional factors which might have changed since the date of the most recent contemporaneous valuation through the date of grant.

2014 Employee Stock Purchase Plan

On June 19, 2014, the Company’s stockholders approved the 2014 Employee Stock Purchase Plan (the “ESPP”). A total of 207,402 shares of common stock are reserved for issuance under this plan. The 2014 Employee Stock Purchase Plan became effective immediately prior to the closing of the Company’s IPO on July 30, 2014. In addition, the number of shares of common stock that may be issued under the ESPP will automatically increase on the first day of each fiscal year, commencing on January 1, 2015 and ending on December 31, 2024, in an amount equal to the least of 207,402 shares of the Company’s common stock, 0.5% of the number of shares of the Company’s common stock outstanding on the first day of the applicable fiscal year, and an amount determined by the Company’s board of directors. No offering periods have commenced under the ESPP and as of September 30, 2014, 207,402 shares of common stock remain available for issuance.

Stock Option Valuation

The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. Prior to the Company’s IPO in July 2014, the Company had been a private company and lacked company-specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based on the historical volatility of a publicly traded set of peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price. The expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The expected term of stock options granted to nonemployees is equal to the contractual term of the option award. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future.

As of September 30, 2014, there were outstanding unvested service-based stock options held by nonemployees for the purchase of 10,180 shares of common stock.

Stock-based Compensation

The Company recorded stock-based compensation expense related to stock options and restricted common stock in the following expense categories of its statements of operations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Research and development	$	107	$	18	$	245	$	52
Selling and marketing		19		6		42		16
General and administrative		481		97		1,380		283


	$	607	$	121	$	1,667	$	351

As of September 30, 2014, the Company had an aggregate of $4,479 of unrecognized stock-based compensation cost, which is expected to be recognized over a weighted average period of 3.2 years.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

11. Commitments and Contingencies

Leases

The Company leases office, laboratory and manufacturing space in Bedford, Massachusetts and certain office equipment under non-cancelable operating leases that expire in June 2017 and June 2018.

On April 25, 2014, the Company entered into an amendment to its lease of office, laboratory and manufacturing space in Bedford, Massachusetts. The lease amendment provides for additional office space effective as of July 2014, with a term expiring in June 2017, and also extends the term of the original lease until June 2018.

Future minimum lease payments for its operating leases as of September 30, 2014 are as follows:


Years Ending December 31,
2014	$	195
2015		802
2016		820
2017		675
2018		262

Total	$	2,754

During the three months ended September 30, 2014 and 2013, the Company recognized $196 and $114, respectively, of rental expense, related to its office, laboratory and manufacturing space and office equipment. During the nine months ended September 30, 2014 and 2013, the Company recognized $455 and $338, respectively, of rental expense, related to its office, laboratory and manufacturing space and office equipment.

Intellectual Property Licenses

The Company has a license agreement with Incept, LLC (“Incept”) (Note 12) to use and develop certain patent rights (the “Incept License”). Under the Incept License, as amended and restated, the Company was granted a worldwide, perpetual, exclusive license to develop and commercialize products that are delivered to or around the human eye for diagnostic, therapeutic or prophylactic purposes relating to ophthalmic diseases or conditions. The Company is obligated to pay low single-digit royalties on net sales of commercial products developed using the licensed technology, commencing with the date of the first commercial sale of such products and until the expiration of the last to expire of the patents covered by the license. Any of the Company’s sublicensees also will be obligated to pay Incept a royalty equal to a low single-digit percentage of net sales made by it and will be bound by the terms of the agreement to the same extent as the Company. The Company is obligated to reimburse Incept for its share of the reasonable fees and costs incurred by Incept in connection with the prosecution of the patent applications licensed to the Company under the Incept License. Through September 30, 2014, royalties payable under this agreement related to product sales were not material.

On February 12, 2014, the Company issued to Incept 189,393 shares of its common stock in connection with the expansion of the scope of the license to include back of the eye technology held by Incept (Note 12).

Indemnification Agreements

In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners, and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company does not believe that the outcome of any claims under indemnification arrangements will have a material effect on its financial position, results of operations or cash flows, and it has not accrued any liabilities related to such obligations in its financial statements as of December 31, 2013 or September 30, 2014.

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2014
Related Party Transactions [Abstract]
Related Party Transactions	12. Related Party Transactions The Company has a license agreement with Incept to use and develop certain patent rights that it entered into in 2007. Royalties incurred and payable to Incept have not been material to date. On February 12, 2014, the Company issued 189,393 shares of its common stock to Incept in connection with the expansion of the scope of the Incept License to include back of the eye technology held by Incept. The fair value of the shares of $1,665 as of the issuance date was recorded as research and development expense. Incept and certain owners of Incept participated in the Company’s Series A, Series B and Series C preferred stock financing and have also been granted shares of common stock and redeemable convertible preferred stock of the Company. In addition, certain employees of the Company are shareholders of Incept. The Company’s President and Chief Executive Officer is a general partner of Incept. On February 12, 2014, the Company issued 79,545 shares of common stock to a former member of the Company’s board of directors and current stockholder of Incept for consulting services rendered. The fair value of the shares of $699 as of the issuance date was recorded as general and administrative expense. During the three and nine months ended September 30, 2014, the Company invoiced Augmenix, Inc. (“Augmenix”) $4 and $80, respectively, for consulting and other services. During the three and nine months ended September 30, 2013, the Company invoiced Augmenix $52 and $164 respectively, for consulting and other services. During the three and nine months ended September 30, 2014, Augmenix invoiced the Company $27 for legal fees paid by Augmenix on behalf of the Company. During the three and nine months ended September 30, 2013, Augmenix invoiced the Company $0 and $14 respectively, for consulting services. Certain shareholders of Augmenix were holders of the Company’s redeemable convertible preferred stock and common stock which is now entirely common stock. In addition, certain employees of the Company are shareholders of Augmenix. Through December 31, 2013, the Company’s President and Chief Executive was the Chief Executive Officer of Augmenix.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2014

Accounting Policies [Abstract]

Use of Estimates

Use of Estimates

Cash Equivalents

Cash Equivalents

Revenue Recognition

Revenue Recognition

Inventory Valuation

Inventory Valuation

Inventory is valued at the lower of cost or market, determined by the first-in, first-out (“FIFO”) method.

The Company had no inventory as of December 31, 2013. The inventory balance was $117 as of September 30, 2014, which consisted primarily of raw materials.

Restricted Cash

Restricted Cash

Concentration of Credit Risk and of Significant Suppliers

Concentration of Credit Risk and of Significant Suppliers

Fair Value Measurements

Fair Value Measurements

•

Level 1—Quoted prices in active markets for identical assets or liabilities.

•

Property and Equipment

Property and Equipment

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

Research and Development Costs

Research and Development Costs

Research Contract Costs and Accruals

Research Contract Costs and Accruals

Patent Costs

Patent Costs

Accounting for Stock-Based Compensation

Accounting for Stock-Based Compensation

Income Taxes

Income Taxes

Segment Data

Segment Data

Comprehensive Loss

Comprehensive Loss

Net Income (Loss) Per Share

Net Income (Loss) Per Share


	As of September 30,
	2014		2013

Options to purchase common stock		1,619,862		943,742
Non-vested restricted stock		52,111		26,054
Warrants for the purchase of redeemable convertible preferred stock		—		51,830
Warrants for the purchase of common stock		89,708		—
Redeemable convertible preferred stock		—		12,440,205

Total options, warrants and redeemable convertible preferred stock exercisable or convertible into common stock and restricted stock		1,761,681		13,461,831

Recently Issued and Adopted Accounting Pronouncements

Recently Issued and Adopted Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2014

Accounting Policies [Abstract]

Schedule of Antidilutive Securities, Excluded from Computation of Diluted Net Loss per Share


	As of September 30,
	2014		2013
Options to purchase common stock		1,619,862		943,742
Non-vested restricted stock		52,111		26,054
Warrants for the purchase of redeemable convertible preferred stock		—		51,830
Warrants for the purchase of common stock		89,708		—
Redeemable convertible preferred stock		—		12,440,205

Total options, warrants and redeemable convertible preferred stock exercisable or convertible into common stock and restricted stock		1,761,681		13,461,831

Fair Value of Financial Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis


	Fair Value Measurements as of September 30, 2014 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	—	$	80,796	$	—	$	80,796


	Fair Value Measurements as of December 31, 2013 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	—	$	17,272	$	—	$	17,272

Liabilities:
Liability for preferred stock warrants	$	—	$	—	$	254	$	254

Schedule of Aggregate Fair Values of Preferred Stock Warrants Determined by Level 3 Inputs

The following table provides a rollforward of the aggregate fair values of the Company’s preferred stock warrants for which fair value was determined by level 3 inputs:


Balance, December 31, 2013	$	254
Issuance of Series D-1 warrants		326
Increase in fair value		380
Conversion of preferred stock warrants to common stock warrants		(960	)

Balance, September 30, 2014	$	—

Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2014

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following:


	September 30, 2014		December 31, 2013
Accrued payroll and related expenses	$	1,006	$	464
Accrued professional fees		367		90
Accrued research and development expenses		459		82
Accrued insurance		561		—
Accrued other		87		105

	$	2,480	$	741

Notes Payable (Tables)

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

Schedule of Annual Repayment Requirements for Credit Facility

As of September 30, 2014, the annual repayment requirements for the 2014 Credit Facility, inclusive of the final payment of $563 due at expiration, were as follows:


Year Ending December 31,	Principal		Interest and Final Payment		Total
2014	$	—	$	313	$	313
2015		1,500		1,244		2,744
2016		6,000		902		6,902
2017		6,000		397		6,397
2018		1,500		583		2,083

	$	15,000	$	3,439	$	18,439

Stock-Based Awards (Tables)

9 Months Ended

Sep. 30, 2014

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

Schedule of Stock-Based Compensation Expense Related to Stock Options and Restricted Common Stock

The Company recorded stock-based compensation expense related to stock options and restricted common stock in the following expense categories of its statements of operations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Research and development	$	107	$	18	$	245	$	52
Selling and marketing		19		6		42		16
General and administrative		481		97		1,380		283

	$	607	$	121	$	1,667	$	351

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2014

Commitments and Contingencies Disclosure [Abstract]

Summary of Future Minimum Lease Payments for Operating Leases

Future minimum lease payments for its operating leases as of September 30, 2014 are as follows:


Years Ending December 31,
2014	$	195
2015		802
2016		820
2017		675
2018		262

Total	$	2,754

Nature of the Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands				9 Months Ended
	Aug. 31, 2014	Aug. 19, 2014	Jul. 30, 2014	Sep. 30, 2014
Class of Stock [Line Items]
Proceeds from issuance of shares				$ 69,518
IPO [Member]
Class of Stock [Line Items]
Proceeds from issuance of shares			$ 57,337
IPO [Member] \| Common Stock [Member]
Class of Stock [Line Items]
Initial public offering, shares issued			5,000,000
Common stock, price per share			$ 13.00
Number of common shares issued on conversion of redeemable convertible preferred stock			12,440,205
Over-allotment Option [Member]
Class of Stock [Line Items]
Proceeds from issuance of shares	$ 9,068	$ 9,068
Over-allotment Option [Member] \| Common Stock [Member]
Class of Stock [Line Items]
Initial public offering, shares issued	750,000	750,000
Common stock, price per share	$ 13.00	$ 13.00

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Summary Of Significant Accounting Policies [Line Items]
Inventory net	$ 117	$ 0
Certificate of deposit	$ 228	228
Income tax examination, likelihood of settlement, description	The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement.
Certificates of Deposit [Member]
Summary Of Significant Accounting Policies [Line Items]
Certificate of deposit	$ 60	60
Certificate of deposit	$ 228	$ 228
Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Property and equipment, estimated useful life	3 years
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Property and equipment, estimated useful life	5 years

Summary of Significant Accounting Policies - Schedule of Antidilutive Securities, Excluded from Computation of Diluted Net Loss per Share (Detail) - shares	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total options, warrants and redeemable convertible preferred stock exercisable or convertible into common stock and restricted stock	1,761,681	13,461,831
Equity Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total options, warrants and redeemable convertible preferred stock exercisable or convertible into common stock and restricted stock	1,619,862	943,742
Non Vested Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total options, warrants and redeemable convertible preferred stock exercisable or convertible into common stock and restricted stock	52,111	26,054
Warrants for the Purchase of Redeemable Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total options, warrants and redeemable convertible preferred stock exercisable or convertible into common stock and restricted stock		51,830
Warrants for the Purchase of Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total options, warrants and redeemable convertible preferred stock exercisable or convertible into common stock and restricted stock	89,708
Series A, B, C, D and D-1 [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total options, warrants and redeemable convertible preferred stock exercisable or convertible into common stock and restricted stock		12,440,205

Fair Value of Financial Assets and Liabilities - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Recurring Basis [Member] - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Preferred Stock Warrants [Member]
Liabilities:
Liability for preferred stock warrants		$ 254
Cash Equivalents [Member]
Assets:
Cash equivalents	$ 80,796	17,272
Level 2 [Member] \| Cash Equivalents [Member]
Assets:
Cash equivalents	$ 80,796	17,272
Level 3 [Member] \| Preferred Stock Warrants [Member]
Liabilities:
Liability for preferred stock warrants		$ 254

Fair Value of Financial Assets and Liabilities - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Transfers between fair value measurement levels	$ 0	$ 0	$ 0	$ 0
Estimated dividend yield			0.00%

Fair Value of Financial Assets and Liabilities - Schedule of Aggregate Fair Values of Preferred Stock Warrants Determined by Level 3 Inputs (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2014 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance	$ 254
Increase in fair value	380
Conversion of preferred stock warrants to common stock warrants	(960)
Balance
Series D-1 Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Issuance of warrants	$ 326

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Payables and Accruals [Abstract]
Accrued payroll and related expenses	$ 1,006	$ 464
Accrued professional fees	367	90
Accrued research and development expenses	459	82
Accrued insurance	561
Accrued other	87	105
Total	$ 2,480	$ 741

Income Taxes - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Deferred tax assets, gross		$ 25,776,000
Increase in gross deferred tax assets	$ 8,000,000
Accrued interest or tax penalties	$ 0	$ 0
Income tax examination, year under examination	2011

Feasibility Agreement - Additional Information (Detail)	1 Months Ended	9 Months Ended	12 Months Ended
Feasibility Agreement - Additional Information (Detail)	Sep. 30, 2013 USD ($)	Sep. 30, 2014 USD ($) Milestone	Dec. 31, 2013 USD ($) Milestone
Revenue Recognition, Milestone Method [Line Items]
Accounts receivable		$ 53,000	$ 250,000
Deferred revenue		$ 250,000	$ 250,000
Feasibility Agreement [Member]
Revenue Recognition, Milestone Method [Line Items]
Maximum revenue that could be recognized	$ 500,000
Number of milestones achieved \| Milestone		0	0
Revenue recorded		$ 0	$ 0
Accounts receivable		0	250,000
Deferred revenue		$ 250,000	$ 250,000

Notes Payable - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended
	Apr. 17, 2014	Sep. 30, 2014	Jul. 31, 2014
Line of Credit Facility [Line Items]
Exercise price of warrants granted			$ 6.32
Grant date fair value of warrants granted as preferred stock warrant liability		$ 326
Loss on extinguishment of debt		(57)
2011 Modification Agreement [Member]
Line of Credit Facility [Line Items]
Borrowing capacity under the agreement		$ 5,000
Credit facility, Monthly repayment period		33 monthly installments
Outstanding borrowings, Interest rate above prime lending rate		4.75%
Outstanding borrowings, Interest rate		8.00%
Outstanding borrowings, Effective annual interest rate		11.00%
Proceeds from (repayments of) lines of credit	$ (1,898)
Debt discount		$ 10
Loss on extinguishment of debt		(36)
Outstanding borrowings, Principal	1,667
Outstanding borrowings, Interest	6
Additional final payment	225
2011 Modification Agreement [Member] \| Extinguishment of Debt [Member]
Line of Credit Facility [Line Items]
Fees paid to lenders		47
2011 Modification Agreement [Member] \| Promissory Notes [Member]
Line of Credit Facility [Line Items]
Proceeds from (repayments of) lines of credit	15,000
2011 Modification Agreement [Member] \| Monthly Installment Payments [Member]
Line of Credit Facility [Line Items]
Outstanding borrowings, Monthly repayment amount		$ 152
2014 Credit Facility [Member]
Line of Credit Facility [Line Items]
Borrowing capacity under the agreement	20,000
Credit facility, Monthly repayment period		30 consecutive, equal monthly installments
Outstanding borrowings, Monthly repayment amount		$ 18,439
Outstanding borrowings, Interest rate		8.25%
Outstanding borrowings, Effective annual interest rate		11.00%
Loan and Security Agreement date		Apr. 17, 2014
Last installment payment		Mar. 01, 2018
First date of principal repayment		Oct. 01, 2015
Credit facility, Final payment percent of amounts drawn under the facility		3.75%
Outstanding borrowings, Interest		$ 3,439
Additional final payment		$ 563
2014 Credit Facility [Member] \| Tranche 1 Loan [Member]
Line of Credit Facility [Line Items]
Borrowing capacity under the agreement	15,000
Warrants to purchase redeemable convertible preferred stock granted		100,000
Exercise price of warrants granted		$ 3.00
Warrants, Date from which warrants or rights exercisable		Apr. 30, 2021
Grant date fair value of warrants granted as preferred stock warrant liability		$ 326
Debt discount		$ 290
2014 Credit Facility [Member] \| Tranche 2 Loan [Member]
Line of Credit Facility [Line Items]
Borrowing capacity under the agreement	$ 5,000
Additional warrants to purchase common stock, Percentage of amounts funded		2.00%
Average closing price per share period		10 days
2014 Credit Facility [Member] \| Promissory Notes [Member]
Line of Credit Facility [Line Items]
Debt instrument, Maturity date		Apr. 01, 2018

Notes Payable - Schedule of Annual Repayment Requirements for Credit Facility (Detail) - 2014 Credit Facility [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2014 USD ($)
Line of Credit Facility [Line Items]
Credit Facility, Principal	$ 15,000
Credit Facility, Interest and Final Payment	3,439
Credit Facility, Total	18,439
2014 [Member]
Line of Credit Facility [Line Items]
Credit Facility, Principal
Credit Facility, Interest and Final Payment	313
Credit Facility, Total	313
2015 [Member]
Line of Credit Facility [Line Items]
Credit Facility, Principal	1,500
Credit Facility, Interest and Final Payment	1,244
Credit Facility, Total	2,744
2016 [Member]
Line of Credit Facility [Line Items]
Credit Facility, Principal	6,000
Credit Facility, Interest and Final Payment	902
Credit Facility, Total	6,902
2017 [Member]
Line of Credit Facility [Line Items]
Credit Facility, Principal	6,000
Credit Facility, Interest and Final Payment	397
Credit Facility, Total	6,397
2018 [Member]
Line of Credit Facility [Line Items]
Credit Facility, Principal	1,500
Credit Facility, Interest and Final Payment	583
Credit Facility, Total	$ 2,083

Redeemable Convertible Preferred Stock and Stockholders' Deficit - Additional Information (Detail) $ / shares in Units, $ in Thousands					9 Months Ended
	Aug. 31, 2014 USD ($) $ / shares shares	Aug. 19, 2014 USD ($) $ / shares shares	Jul. 30, 2014 USD ($) $ / shares shares	Jul. 10, 2014	Sep. 30, 2014 USD ($) $ / shares shares	Apr. 14, 2014 shares	Dec. 31, 2013 $ / shares shares
Class of Stock [Line Items]
Common stock, shares authorized					100,000,000		45,000,000
Redeemable convertible preferred stock, shares authorized					0		33,979,025
Reverse stock split conversion description					The Company effected a 1-for-2.64 reverse stock split of its issued and outstanding shares of common stock and a proportional adjustment to the existing conversion ratios for each series of Redeemable Convertible Preferred Stock.
Reverse stock split ratio				0.378
Reverse stock split, effective date					Jul. 10, 2014
Preferred stock, shares authorized					5,000,000		0
Preferred stock, par value \| $ / shares					$ 0.0001		$ 0.0001
Proceeds from issuance of shares \| $					$ 69,518
Common Stock [Member]
Class of Stock [Line Items]
Common stock, shares authorized			100,000,000
Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized			5,000,000
Preferred stock, par value \| $ / shares			$ 0.0001
IPO [Member]
Class of Stock [Line Items]
Proceeds from issuance of shares \| $			$ 57,337
IPO [Member] \| Common Stock [Member]
Class of Stock [Line Items]
Number of shares issued			5,000,000
Sale price per share \| $ / shares			$ 13.00
Number of common shares issued on conversion of redeemable convertible preferred stock			12,440,205
Over-allotment Option [Member]
Class of Stock [Line Items]
Proceeds from issuance of shares \| $	$ 9,068	$ 9,068
Over-allotment Option [Member] \| Common Stock [Member]
Class of Stock [Line Items]
Number of shares issued	750,000	750,000
Sale price per share \| $ / shares	$ 13.00	$ 13.00
Minimum [Member]
Class of Stock [Line Items]
Common stock, shares authorized						45,000,000
Minimum [Member] \| Series A, B, C, D and D-1 [Member]
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares authorized						33,979,025
Maximum [Member]
Class of Stock [Line Items]
Common stock, shares authorized						47,500,000
Maximum [Member] \| Series A, B, C, D and D-1 [Member]
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares authorized						34,229,025

Warrants - Additional Information (Detail) - $ / shares	Sep. 30, 2014	Jul. 31, 2014
Class of Warrant or Right [Line Items]
Weighted average exercise price to purchase common stock		$ 6.32
Warrants exercised	0
Warrants for Preferred Stock [Member]
Class of Warrant or Right [Line Items]
Number of shares called by warrants	236,836
Warrants for Common Stock [Member]
Class of Warrant or Right [Line Items]
Number of shares called by warrants		89,708

Stock-Based Awards - Additional Information (Detail) - USD ($) $ in Thousands		9 Months Ended
	Jan. 01, 2015	Sep. 30, 2014	Jun. 19, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock authorized for issuance		207,402
Unvested service-based stock options held by nonemployees		10,180
Unrecognized stock-based compensation cost		$ 4,479
Weighted average period of unrecognized stock-based compensation cost expected to be recognized		3 years 2 months 12 days
2006 Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options exercise price, description		The exercise prices, vesting and other restrictions are determined at the discretion of the board of directors, or their committee if so delegated, except that the exercise price per share of stock options may not be less than 100% of the fair market value of the share of common stock on the date of grant and the term of stock options may not be greater than ten years.
Minimum percentage of stock option exercise price at grant date fair value		100.00%
Stock options expiration period		10 years
Stock options vesting period		4 years
Number of shares of common stock authorized for issuance		2,851,294		2,098,264
2006 Stock Option Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options expiration period		10 years
2014 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock authorized for issuance		1,290,330	1,336,907
2014 Stock Incentive Plan [Member] \| Scenario, Forecast [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock authorized for issuance	1,659,218
Additional number of shares of common stock , percentage	4.00%
2014 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock authorized for issuance			207,402
2014 Employee Stock Purchase Plan [Member] \| Scenario, Forecast [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional number of shares of common stock , percentage	0.50%

Stock-Based Awards - Schedule of Stock-Based Compensation Expense Related to Stock Options and Restricted Common Stock (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 607	$ 121	$ 1,667	$ 351
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	107	18	245	52
Selling and Marketing Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	19	6	42	16
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 481	$ 97	$ 1,380	$ 283

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Feb. 12, 2014	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Commitments And Contingencies [Line Items]
Non-cancelable operating leases expiration				June 2017 and June 2018
Lease amendment date				Apr. 25, 2014
Lease expiration date				2017-06
Lease expiration extension date				2018-06
Rental expense		$ 196	$ 114	$ 455	$ 338
Common Stock [Member]
Commitments And Contingencies [Line Items]
Common stock, shares issued	79,545
Incept [Member] \| Common Stock [Member]
Commitments And Contingencies [Line Items]
Common stock, shares issued	189,393

Commitments and Contingencies - Summary of Future Minimum Lease Payments for Operating Leases (Detail) $ in Thousands	Sep. 30, 2014 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2014	$ 195
2015	802
2016	820
2017	675
2018	262
Total	$ 2,754

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Feb. 12, 2014	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Common Stock [Member]
Related Party Transaction [Line Items]
Common stock, shares issued	79,545
Incept [Member] \| Common Stock [Member]
Related Party Transaction [Line Items]
Common stock, shares issued	189,393
Receivables [Member]
Related Party Transaction [Line Items]
Invoiced consulting and other services		$ 4	$ 52	$ 80	$ 164
Payables [Member]
Related Party Transaction [Line Items]
Invoiced consulting and other services		$ 27	$ 0	$ 27	$ 14
Research and Development Expense [Member]
Related Party Transaction [Line Items]
Fair value of shares issued	$ 1,665
General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Fair value of shares issued	$ 699