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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2016	Sep. 09, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	Gemphire Therapeutics Inc.
Entity Central Index Key	0001638287
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	No
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		9,270,255
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q2

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 4,826	$ 3,620
Prepaid expenses	162	23
Deferred offering costs	1,730
Total current assets	6,718	3,643
Deferred offering costs		847
Deposits	8
Total assets	6,726	4,490
Current liabilities:
Accounts payable	642	531
Accrued liabilities	2,455	1,617
Convertible notes to related parties	4,256	1,795
Convertible notes	6,833	4,629
Premium conversion derivative	243	345
Total current liabilities	14,429	8,917
Total liabilities	14,429	8,917
Series A convertible preferred stock, $0.001 par value; 2,325,581 shares authorized as of June 30, 2016 and December 31, 2015, 745,637 shares issued as of June 30, 2016 and December 31, 2015, aggregate liquidation preference as of June 30, 2016 and December 31, 2015 of $8,252 and $7,953, respectively	8,252	7,953
Stockholders’ deficit:
Common stock, $0.001 par value; 17,674,419 shares authorized as of June 30, 2016 and December 31, 2015, 3,758,488 shares issued and outstanding at June 30, 2016 and December 31, 2015	12	12
Accumulated deficit	(15,967)	(12,392)
Total stockholders’ deficit	(15,955)	(12,380)
Total liabilities, convertible preferred stock and stockholders’ deficit	$ 6,726	$ 4,490

Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Common Stock, Par Value (in dollar per share)	$ 0.001	$ 0.001
Common Stock, share authorized	17,674,419	17,674,419
Common Stock, share issued	3,758,488	3,758,488
Common Stock, share outstanding	3,758,488	3,758,488
Series A Convertible Preferred stock
Preferred Stock, Par Value (in dollar per share)	$ 0.001	$ 0.001
Preferred Stock, share authorized	2,325,581	2,325,581
Preferred stock, share issued	745,637	745,637
Preferred Stock, liquidation preference	$ 8,252	$ 7,953

Condensed Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Operating expenses:
General and administrative	$ 1,051	$ 658	$ 2,101	$ 1,133
Research and development	789	952	1,965	1,158
Acquired in-process research and development				908
Total operating expenses	1,840	1,610	4,066	3,199
Loss from operations	(1,840)	(1,610)	(4,066)	(3,199)
Interest income (expense)	449		576	(690)
Other expense		(1)	(4)	(1)
Net loss	(1,391)	(1,611)	(3,494)	(3,890)
Comprehensive loss	(1,391)	(1,611)	(3,494)	(3,890)
Net loss	(1,391)	(1,611)	(3,494)	(3,890)
Adjustment to redemption value on Series A convertible preferred stock	(150)	(149)	(299)	(2,666)
Net loss attributable to common stockholders	$ (1,541)	$ (1,760)	$ (3,793)	$ (6,556)
Net loss per share:
Basic and diluted (Note 10)	$ (0.42)	$ (0.60)	$ (1.07)	$ (2.59)
Number of shares used in per share calculations:
Basic and diluted	3,626,825	2,952,578	3,547,795	2,533,665

Condensed Statements of Changes in Convertible Preferred Stock and Stockholders' Deficit - USD ($) $ in Thousands	Series A Convertible Preferred Stock.	Common Stock	Additional Paid-in Capital	Retained Earnings	Total
Increase (Decrease) in Temporary Equity
Issuance of convertible Series A preferred stock, net of issuance costs	$ 4,985
Issuance of convertible Series A preferred stock (shares)	745,637
Redemption value adjustment - Series A preferred stock	$ 2,666
Temporary equity, balance at end of period at Jun. 30, 2015	$ 7,651
Temporary equity, balance at end of period (shares) at Jun. 30, 2015	745,637
Balance at beginning of period at Dec. 31, 2014		$ 9	$ 44	$ (584)	$ (531)
Balance at beginning of period (shares) at Dec. 31, 2014		3,036,236
Increase (Decrease) in Stockholders' Equity
Redemption value adjustment - Series A preferred stock			(1,036)	(1,630)	(2,666)
Issuance of common stock		$ 2	906		908
Issuance of common stock (shares)		675,250
Issuance of restricted stock awards		$ 1	(1)
Issuance of restricted stock awards (in shares)		44,567
Share-based compensation - employee			43		43
Share-based compensation - non-employee			44		44
Net loss				(3,890)	(3,890)
Balance at end of period at Jun. 30, 2015		$ 12		(6,104)	(6,092)
Balance at end of period (shares) at Jun. 30, 2015		3,756,053
Temporary equity, balance at end of period at Jun. 30, 2015	$ 7,651
Temporary equity, balance at end of period (shares) at Jun. 30, 2015	745,637
Increase (Decrease) in Stockholders' Equity
Net loss					(1,611)
Balance at end of period at Jun. 30, 2015		$ 12		(6,104)	(6,092)
Balance at end of period (shares) at Jun. 30, 2015		3,756,053
Temporary equity, balance at beginning of period at Dec. 31, 2015	$ 7,953				7,953
Temporary equity, balance at beginning of period (shares) at Dec. 31, 2015	745,637
Increase (Decrease) in Temporary Equity
Redemption value adjustment - Series A preferred stock	$ 299
Temporary equity, balance at end of period at Jun. 30, 2016	$ 8,252				8,252
Temporary equity, balance at end of period (shares) at Jun. 30, 2016	745,637
Balance at beginning of period at Dec. 31, 2015		$ 12		(12,392)	(12,380)
Balance at beginning of period (shares) at Dec. 31, 2015		3,758,488
Increase (Decrease) in Stockholders' Equity
Redemption value adjustment - Series A preferred stock			(218)	(81)	(299)
Share-based compensation - employee			131		131
Share-based compensation - non-employee			$ 87		87
Net loss				(3,494)	(3,494)
Balance at end of period at Jun. 30, 2016		$ 12		$ (15,967)	$ (15,955)
Balance at end of period (shares) at Jun. 30, 2016		3,758,488

Condensed Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Jun. 30, 2016	Jun. 30, 2015
Statement of Cash Flows
Net loss	$ (3,494)	$ (3,890)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	218	87
Non-cash interest on convertible notes to related parties	108	11
Non-cash interest on convertible notes	199	22
Non-cash discount amortization on convertible notes to related parties	(33)	49
Non-cash discount amortization on convertible notes	(243)	226
Revaluation of premium conversion derivative	(607)	380
Non-cash acquisition of in-process research and development		908
Change in assets and liabilities:
Prepaid expenses and deposits	(148)
Accounts payable	111	406
Accrued liabilities	103	186
Net cash used in operating activities	(3,786)	(1,615)
Financing activities
Proceeds from issuance of convertible notes	2,651	1,650
Proceeds from issuance of convertible notes to related parties	2,500	315
Issuance costs related to convertible notes	(10)
Proceeds from issuance of Series A convertible preferred stock		1,522
Deferred offering costs	(149)
Net cash provided by financing activities	4,992	3,487
Net increase in cash and cash equivalents	1,206	1,872
Cash and cash equivalents at beginning of period	3,620	317
Cash and cash equivalents at end of period	4,826	2,189
Supplemental disclosure of cash flow information:
Cash paid for interest		2
Supplemental non-cash financing transactions:
Conversion of convertible notes to Series A preferred stock		2,778
Exercise of premium conversion derivative		685
Redemption value change of Series A preferred stock	299	2,666
Issuance of common stock for acquisition of in‑process research and development		908
Bifurcation of premium conversion derivative related to convertible notes	505	$ 232
Deferred offering costs in accounts payable and accrued liabilities	$ 734

The Company and Basis of Presentation	6 Months Ended
The Company and Basis of Presentation	Jun. 30, 2016
The Company and Basis of Presentation
The Company and Basis of Presentation	1. The Company and Basis of Presentation On November 10, 2008, Michigan Life Therapeutics, LLC (MLT) was organized as a limited liability company (LLC) in Michigan. On October 30, 2014, Gemphire Therapeutics Inc. (Gemphire) was incorporated as a C corporation in the state of Delaware. On November 1, 2014, MLT entered into a merger agreement with Gemphire whereby MLT was merged with and into Gemphire with Gemphire as the surviving entity; all outstanding membership interests of MLT were exchanged for shares of Gemphire’s common stock. The purpose of the merger was to change the jurisdiction of MLT from Michigan to Delaware and to convert from an LLC to a corporation. The Company’s headquarters are located in Livonia, Michigan. We are a clinical‑stage biopharmaceutical company focused on developing and commercializing therapies for the treatment of dyslipidemia, a serious medical condition that increases the risk of life threatening cardiovascular disease. The Company’s primary activities have been conducting research and development activities, planning clincical trials, performing business and financial planning, recruiting personnel and raising capital. The Company is subject to certain risks, which include the need to research, develop, and clinically test potentially therapeutic products, initially one product candidate gemcabene (also known as CI‑1027); obtain regulatory approval for its products and commercialize them around the world; expand its management scientific staff; finance its operations; and, find collaboration partners to further advance development and commercial efforts. The Company has sustained operating losses since inception and expects such losses to continue over the next several years. Management plans to continue financing the operations with equity issuances. If adequate funds are not available, the Company may be required to delay, reduce the scope of, or eliminate part or all of its research and development programs. Initial Public Offering On August 4, 2016, the Company’s Registration Statement on Form S-1 (File No 333-210815) relating to its initial public offering (“IPO”) of its common stock was declared effective by the Securities and Exchange Commission (SEC). Pursuant to such Registration Statement, on August 10, 2016, the Company closed its IPO whereby 3,000,000 shares of its common stock were issued and sold at a public offering price of $10.00 per share. On September 8, 2016, the Company closed the sale of 27,755 shares of its common stock at the public offering price of $10.00 per share, representing a partial exercise of the underwriters’ over-allotment option, following which, the IPO terminated. The Company received net proceeds of approximately $26.0 million after deducting underwriting discounts and commissions of $2.1 million and other offering expenses of $2.2 million. Immediately prior to the IPO, the Company amended and restated its certificate of incorporation and bylaws to, among other things, change its authorized capital stock to consist of (i) 100,000,000 shares of common stock and (ii) 10,000,000 shares of undesignated preferred stock. Basis of Presentation The accompanying condensed financial statements have been prepared by the Company, without audit, pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to such rules and regulations. The June 30, 2016 condensed balance sheet was derived from audited financial statements, and may not include all disclosures required by U.S. GAAP; however, the Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited condensed financial statements should be read in conjunction with the audited financial statements and the notes thereto for the fiscal year ended December 31, 2015 included in the Company’s final prospectus filed pursuant to Rule 424(b) with the SEC on August 8, 2016. The condensed balance sheet at December 31, 2015 was derived from the audited financial statements. In the opinion of management, all adjustments, consisting of only normal recurring adjustments that are necessary to present fairly the financial position, results of operations, and cash flows for the interim periods, have been made. The results of operations for the interim periods are not necessarily indicative of the operating results for the full fiscal year or any future periods. Certain prior period balances have been reclassified to conform to the current period presentation. Specifically, the Company reclassified all current deferred tax liabilities as long term in the amount of $10,000 on its December 31, 2015 condensed balance sheet in conformity with the adoption of Accounting Standards Update (ASU) 2015‑17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes (ASU 2015‑17). Reverse Stock Split In April 2016, the Board of Directors approved an amendment to the Company’s certificate of incorporation to effect a 1-for-3.119 reverse stock split (the Reverse Stock Split) for all common and Series A preferred stock. The Reverse Stock Split became effective on April 27, 2016 upon the filing of the amendment to the certificate of incorporation. The authorized shares and par value of the common stock and Series A preferred stock were not adjusted as a result of the Reverse Stock Split. All issued and outstanding common and Series A preferred stock, options for common stock and per share amounts contained in the financial statements have been retroactively adjusted to reflect this Reverse Stock Split for all periods presented.

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2016
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Use of Estimates The preparation of condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed financial statements and accompanying notes. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of 90 days or less at the time of deposit to be cash equivalents. Fair Value of Financial Instruments The Company’s condensed financial instruments include principally cash and cash equivalents, other current assets, accounts payable, accrued liabilities and debt. The carrying amounts for these condensed financial instruments reported in the balance sheets approximate their fair values. See Note 11 — Fair Value Measurements, for further discussion of fair value. General and Administrative Expenses General and administrative expenses consist primarily of personnel‑related costs, including salaries and share‑based compensation costs, for personnel in functions not directly associated with research and development activities. Other significant costs include legal fees related to intellectual property and corporate matters and professional fees for accounting and other services. Research and Development Expenses Research and development expenses consist of costs incurred in performing research and development activities, including compensation for research and development employees, costs associated with preclinical studies and trials, regulatory activities, manufacturing activities to support clinical activities, license fees, non‑legal patent costs, fees paid to external service providers that conduct certain research and development, clinical costs and an allocation of overhead expenses. Research and development costs are expensed as incurred. Acquired In‑Process Research and Development Expenses The Company includes costs to acquire or in‑license product candidates in acquired in‑process research and development expenses. The Company has acquired the right to develop and commercialize its product candidate gemcabene. These costs are immediately expensed provided that the payments do not also represent processes or activities that would constitute a “business” as defined under GAAP or provided that the product candidate has not achieved regulatory approval for marketing and, and absent obtaining such approval, has no alternative future use. Royalties owed on future sales of any licensed product will be expensed in the period the related revenues are recognized. Income Taxes The Company utilizes the liability method of accounting for income taxes as required by Accounting Standards Codification (ASC) 740, Income Taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and the tax basis of assets and liabilities and are measured using enacted tax rates and laws that will be in effect when the differences are expected to reverse. Currently, there is no provision for income taxes, as the Company has incurred operating losses to date, and a full valuation allowance has been provided on the net deferred tax assets. MLT was treated as a partnership for federal and state income tax purposes. Accordingly, no provision was made for income taxes for periods prior to November 1, 2014, since the Company’s net loss (subject to certain limitations) was passed through to the income tax returns of its members. Upon incorporation on October 30, 2014, the Company became taxed as a corporation. Share‑Based Compensation The Company accounts for share‑based compensation in accordance with the provisions of ASC 718, Compensation — Stock Compensation (ASC 718). Accordingly, compensation costs related to equity instruments granted are recognized at the grant‑date fair value. Additionally, under the provisions of ASC 718, the Company is required to include an estimate of the number of awards that will be forfeited in calculating compensation costs, which are recognized over the requisite service period of the awards (typically the vesting period of the awards). Share‑based compensation arrangements to non‑employees are accounted for in accordance with the applicable provisions of ASC 718 and ASC 505, Equity, using a fair value approach. The compensation costs of these arrangements are subject to re‑measurement as the equity instruments vest and are recognized as expense over the related service period (typically the vesting period of the awards). Common Stock Valuation Due to the absence of an active market for the Company’s common stock, the Company utilized methodologies in accordance with the framework of the American Institute of Certified Public Accountants’ Technical Practice Aid, Valuation of Privately‑Held Company Equity Securities Issued as Compensation, to estimate the fair value of its common stock. The valuation methodology includes estimates and assumptions that require the Company’s judgment. These estimates and assumptions include a number of objective and subjective factors, including external market conditions affecting the biopharmaceutical industry sector, and the likelihood of achieving a liquidity event, such as an IPO or sale. Significant changes to the key assumptions used in the valuations could result in different fair values of common stock at each valuation date. Convertible Preferred Stock On March 31, 2015, the Company issued 745,637 shares of Series A convertible preferred stock (the Series A preferred stock). The Series A preferred stock is classified outside of permanent equity, in mezzanine equity, on the Company’s condensed balance sheet. The Company initially records preferred stock that may be redeemed at the option of the holder, or based on the occurrence of events outside of the Company’s control, at the value of the proceeds received. Subsequently, if it is probable that the preferred stock will become redeemable, the Company recognizes changes in the redemption value immediately as they occur and adjusts the carrying amount of the instrument to equal the redemption value at the end of each reporting period. If it is not probable that the preferred stock will become redeemable, the Company does not adjust the carrying value. In the absence of retained earnings, these charges are recorded against additional paid‑in‑capital, if any, and then to accumulated deficit. See Note 7 — Convertible Series A Preferred Stock for further discussion. Segment Information Operating segments are components of an enterprise for which separate financial information is available and is evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources and assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. The Company’s Chief Executive Officer views the Company’s operations and manages its business in one operating segment, which is the business of development and commercialization of therapeutics for the treatment of dyslipidemia, a serious medical condition that increases the risk of life threatening cardiovascular disease. Accordingly, the Company has a single reporting segment. Jumpstart Our Business Startups Act Accounting Election As an emerging growth company under the Jumpstart Our Business Startups Act (JOBS Act), the Company is eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. The Company has irrevocably elected not to avail itself of this exemption and, therefore, will be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies. Recent Accounting Pronouncements In November 2015, the FASB issued ASU 2015‑17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes (ASU 2015‑17). The new guidance simplifies the presentation of deferred income taxes by requiring that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. ASU 2015‑17 applies to all entities that present a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax‑paying component of an entity be offset and presented as a single amount is not affected by this ASU. For public entities, ASU 2015‑17 is effective for financial statements issued for annual periods beginning after December 15, 2016 with earlier application permitted. The new guidance may be applied either prospectively or retrospectively to all periods presented. The Company adopted this standard effective April 1, 2016 on a retrospective basis for each period presented. The adoption of this standard did not have a material impact on the Company’s financial statements. In January 2016, the FASB issued ASU No. 2016‑01, Financial Instruments — Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. The guidance affects the accounting for equity investments, financial liabilities under the fair value option and the presentation and disclosure requirements of financial instruments. The guidance is effective in the first quarter of fiscal 2019. Early adoption is permitted for the accounting guidance on financial liabilities under the fair value option. The Company is currently evaluating the impact of the new guidance on its financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The objective of this update is to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those annual periods and is to be applied utilizing a modified retrospective approach. The Company is currently evaluating the new guidance to determine the impact it may have on its financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. This ASU simplifies the accounting for share-based payment award transactions including: income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the requirements of the new guidance and has not yet determined its impact on the Company’s financial statements.

Debt	6 Months Ended
Debt	Jun. 30, 2016
Debt
Debt	4. Debt Convertible Notes The Company issued a series of convertible note financings with certain investors beginning on November1, 2014 and ending on February 18, 2015 (the Convertible Notes), whereby a total of $2.7 million was loaned to the Company, of which $2.0 million was loaned in 2015. Interest for the Convertible Notes compounded on a daily basis at a rate of 8 percent per annum. The Convertible Notes were converted into shares of the Company’s Series A preferred stock upon close of the preferred stock financing (the Preferred Financing) on March 31, 2015. The conversion equaled 125% of the unpaid principal plus unpaid accrued interest on the Convertible Notes. At the time of their issuance, the Convertible Notes contained a conversion premium with regard to the conversion into the Series A preferred stock. The Company determined that the redemption feature under the Convertible Notes qualified as an embedded derivative and was separated from its debt host. The bifurcation of the embedded derivative from its debt host resulted in a discount to the Convertible Notes. The discount was amortized to interest expense over the term of the Convertible Notes using the straight‑line method. The embedded derivative was accounted for separately on a fair market value basis. The Company recorded the fair value changes of the premium conversion derivative to interest expense that amounted to $0.4 million for the six months ended June 30, 2015. The Convertible Notes were converted into Series A preferred stock on March 31, 2015. Interim Notes On July 31, 2015, the Company entered into a convertible interim note financing (the Interim Notes), pursuant to which certain investors agreed to loan the Company approximately $2.8 million. The Interim Notes accrue interest at a rate of 8% per annum, compounded annually, and automatically convert into shares issued to investors in the Company’s next equity financing round that results in gross proceeds of at least $5.0 million (a Qualified Financing). The conversion would be equal to unpaid principal at 115% plus any unpaid accrued interest. The investors would be paid out principal at 200% if a change of control occurred before the next financing round. In the event that a Qualified Financing, change of control, or an IPO does not occur before July 31, 2016, the parties would then negotiate a price for conversion into a new round of stock. In December 2015, the Company amended the Interim Notes and certain investors agreed to loan the Company an additional $2.7 million for a revised financing total of $5.5 million. The Interim Notes continue to accrue interest at an 8% rate per annum compounded annually, but have been amended to automatically convert into shares of the same class of the Company’s next convertible preferred stock financing round (the Preferred Stock Financing). The conversion into shares issued in the Preferred Stock Financing would be equal to unpaid principal at 115% plus unpaid accrued interest. In the event that either a change of control occurs or the Company completes a public transaction which results in the Company’s stockholders holding securities listed on a national securities exchange, including an IPO, before the Preferred Stock Financing, the Interim Notes, as amended, would automatically convert into shares of the Company’s common stock at a conversion price of $6.70585 per share (which represents the original issue price of the Series A preferred stock) based on 100% of outstanding principal and unpaid accrued interest. Lastly, if a Preferred Stock Financing, change of control, or public transaction does not occur before December 31, 2016, the parties have agreed to then negotiate a conversion price into a new round of stock. In February 2016, certain investors agreed to loan the Company an additional $0.2 million for a revised financing total of $5.6 million. The Interim Notes continue to accrue interest at an 8% rate per annum compounded annually, but have been amended to automatically convert into shares of the same class of the Company’s next Preferred Stock Financing. The conversion into shares issued in the Preferred Stock Financing would be equal to unpaid principal at 115% plus unpaid accrued interest. In the event that either a change of control occurs or the Company completes a public transaction which results in the Company’s stockholders holding securities listed on a national securities exchange, including an IPO, before the Preferred Stock Financing, the Interim Notes, as amended, would automatically convert into shares of the Company’s common stock at a conversion price of $6.70585 per share (which represents the original issue price of the Series A preferred stock as adjusted for the Reverse Stock Split (as defined below)) based on 100% of outstanding principal and unpaid accrued interest. Lastly, if a Preferred Stock Financing, change of control, or public transaction does not occur before December 31, 2016, the parties have agreed to then negotiate a conversion price into a new round of stock In April 2016, the Company amended the Interim Notes and certain investors agreed to loan the Company an additional $5.0 million for a revised financing total, including Interim Notes previously issued, of $10.6 million. The Interim Notes continue to accrue interest at an 8% rate per annum compounded annually, but have been amended so that 125% of the unpaid principal and accrued interest, automatically converts into shares of the same class of the Company’s next convertible preferred stock financing round of at least $5.0 million (the Qualified Financing). In the event that either a change of control occurs or the Company completes a public transaction which results in the Company’s stockholders holding securities listed on a national securities exchange, including an IPO, before the Qualified Financing, 100% of outstanding principal and unpaid accrued interest on the Interim Notes, as amended, would automatically convert into shares of the Company’s common stock at a conversion price of $6.70585 per share, as adjusted for the Reverse Stock Split. Lastly, if a Qualified Financing, change of control, or public transaction does not occur, the Interim Notes will become payable on demand anytime after December 31, 2016. The Company incurred issuance costs related to the April 2016 financing in the amount of $10,000. The Interim Notes were discounted for the issuance costs, and the discount is being amortized to interest expense over their remaining term using the straight‑line method. At the time of their issuance, the Interim Notes contained a conversion premium with regard to the conversion into shares at the time of the next Qualified Financing. The Company determined that the redemption feature under the Interim Notes qualified as embedded derivative and was separated from its debt host. The bifurcation of the embedded derivative from its debt host resulted in a discount to the Interim Notes. The discount was amortized to interest expense over the term of the Interim Notes using the straight‑line method. The embedded derivative was accounted for separately on a fair market value basis. The fair value of the derivative associated with the Interim Notes was $0.2 million and $0.3 million at June 30, 2016 and December 31, 2015, respectively, and was included as premium conversion derivative on the accompanying condensed balance sheets. The Company recorded the fair value changes of the premium conversion derivative associated with the Interim Notes to interest (income) expense that amounted to $(0.6) million and zero for the three months ended June 30, 2016 and 2015, respectively, and $(0.6) million and $0.4 million for the six months ended June 30, 2016 and 2015, respectively.

Convertible Series A Preferred Stock	6 Months Ended
Convertible Series A Preferred Stock	Jun. 30, 2016
Convertible Series A Preferred Stock
Convertible Series A Preferred Stock	7. Convertible Series A Preferred Stock On March 31, 2015, the Company issued 745,637 shares of Series A preferred stock at a per share price of $6.70585, as adjusted for the Reverse Stock Split, or $5.0 million in the aggregate, consisting of $1.5 million in cash and $3.5 million representing 125% of the principal and accrued and unpaid interest on the Convertible Notes, all of which converted into shares of Series A preferred stock. The Series A preferred stock has the following rights and preferences: Dividend Rights Dividends effectively accrue on a daily basis at a simple rate of 8% per annum on the sum of the original per share issue price. Dividends are effectively deemed declared daily and are payable upon the occurrence of certain events. In addition, the holders of the Series A preferred stock have rights to participate in common stock dividends, entitling holders of Series A preferred stock to a dividend payable at the same time as the dividend paid on common stock based on the number of shares of common stock each share of Series A preferred stock would convert into if such shares had converted on the record date. There were no dividends deemed payable and accrued, but unpaid dividends were $0.5 million and $0.3 million as of June 30, 2016 and December 31, 2015, respectively (See Note 5 — Commitments and Contingencies). Voting Rights Each share of Series A preferred stock shall be entitled to vote together with the common stock on all actions to be taken by the stockholders of the Company, based on the number of shares of common stock into which each share of Series A preferred stock could be converted. A separate vote of a majority of the outstanding shares of Series A preferred stock is required to (1) issue or authorize any class or series of equity securities or equivalents, (2) effect any transaction that results in a change in control, (3) change the principal business of the Company, enter new lines of business, or exit the current line of business, (4) issue of convertible debt above a certain threshold, or (5) materially sell, transfer, license, pledge or encumber technology or intellectual property. A management stock option plan approved by the board of directors, however, is not subject to a separate vote of the Series A preferred stockholders, but any subsequent increases to the authorized option pool are subject to approval by the Series A preferred stock holders via a separate vote. Liquidation Rights In the event of any liquidation, dissolution, or winding‑up of the Company, whether voluntary or involuntary, merger, consolidation or transaction in which over 50% of the Company’s voting power is transferred, or a sale, lease, transfer, exclusive license or disposition of all or substantially all of the assets of the Company, the Series A preferred stock holders shall be entitled to the assets of the Company legally available for distribution before any distribution or payment is made to the holders of common stock. The distribution amount shall equal the original issue price of the Series A preferred stock (as adjusted for any stock dividends, combinations, splits or other recapitalizations since issuance), plus any accrued or declared but unpaid dividends thereon. After payment of the full liquidation preference to the Series A preferred stock holders, the remaining assets legally available for distribution shall be distributed to the holders of common stock and holders of the Series A preferred stock pro rata based on the number of shares of common stock each share of Series A preferred stock would convert into if such shares had converted immediately prior to such liquidation, dissolution, or winding‑up. Conversion Rights Shares of Series A preferred stock, at the option of the holder, may be converted at any time into shares of common stock. The conversion rate shall be obtained by dividing the Series A preferred stock original issue price of $6.70585 per share, as adjusted for the Reverse Stock Split, by the conversion price per share in effect at the time of conversion. The Series A conversion price is initially equal to the original issue price, but shall be adjusted on a broad‑based weighted average basis in connection with certain dilutive events. The conversion price for the Series A preferred stock was $6.70585 per share at June 30, 2016 and December 31, 2015 (as adjusted for the Reverse Stock Split). The Series A holder would also be entitled to receive additional shares of common stock for any unpaid Series A dividends (whether or not declared). Shares of Series A preferred stock shall automatically be converted into common stock based upon the then‑effective Series A conversion price upon the affirmative vote or consent of the holders of at least a majority of the outstanding shares of the Series A preferred stock, or at the closing of a firmly underwritten public offering whereby the common stock of the Company is listed on a U.S. national securities exchange and with a public offering price of at least 1.5 times the Series A original issue price of $6.70585 and net cash proceeds before underwriting discounts of at least $50 million. Redemption Rights The holders of at least 80% of the outstanding shares of Series A preferred stock may require the Company to redeem all outstanding shares of Series A preferred stock at any time on or after December 31, 2020 at a redemption price equal to the greater of 150% of the liquidation preference of the Series A preferred stock or the fair market value per share plus any unpaid declared dividends. The liquidation preference of the Series A preferred stock is defined as an amount per share equal to $6.70585, as adjusted from time to time for any stock dividends, combinations, splits or recapitalizations, plus any accrued or declared but unpaid dividends thereon. The redemption value for redeemable preferred stock may at times be based on fair market value. The assumptions used in calculating the estimated fair market value at each reporting period represent the Company’s best estimate, however, inherent uncertainties are involved. As a result, if factors or assumptions change, the estimated fair value could be materially different. As of June 30, 2016, the estimated fair value of the Series A preferred stock was $7.2 million. The Company recognizes changes in the redemption value immediately as they occur and adjusts the carrying amount of the instrument to equal the redemption value at the end of each reporting period since it is probable that the instruments will become redeemable. In the absence of retained earnings, these charges are recorded against additional paid‑in‑capital, if any, and then to accumulated deficit. The Company evaluated the Series A preferred stock and determined that it is considered an equity host under ASC 815, Derivatives and Hedging. In making this determination, the Company’s analysis followed the whole instrument approach that compared an individual feature against the entire Series A preferred stock instrument that included that feature. The Company’s analysis was based on a consideration of the economic characteristics and risks of the Series A preferred stock. More specifically, the Company evaluated all of the stated and implied substantive terms and features of the Series A preferred stock, including: (1) redemption features and their underlying exercisability, (2) existence of any protective covenants, (3) nature of dividends rights, (4) nature of voting rights, and (5) the existence and nature of any conversion rights. As a result of the above, the Company concluded that the Series A preferred stock represented an equity host, and as such, the redemption and/or conversion features of the Series A preferred stock were considered to be clearly and closely related to the associated Series A preferred stock host instrument. Accordingly, the redemption and/or conversion features of the Series A preferred stock were not considered an embedded derivative that required bifurcation.

Stockholders’ and Members’ Deficit	6 Months Ended
Stockholders’ and Members’ Deficit	Jun. 30, 2016
Equity [Abstract]
Stockholders’ and Members’ Deficit	8. Stockholders’ and Members’ Deficit Common Stock The Company had 3,758,488 shares of its common stock issued and outstanding as of June 30, 2016 and December 31, 2015. Voting, dividend and liquidation rights of the holders of the common stock are subject to the Company’s articles of incorporation, corporate bylaws and underlying shareholder agreements. Dividend Rights Common stock holders are entitled to receive dividends at the sole discretion of the board of directors of the Company. There have been no dividends declared on common stock as of June 30, 2016. Voting Rights The holders of common stock are entitled to one vote for each share of common stock along with all other classes and series of stock of the Company on all actions to be taken by the stockholders of the Company, including actions that would amend the certificate of incorporation of the Company to increase the number of authorized shares of the common stock. Liquidation Rights In the event of any liquidation, dissolution, or winding‑up of the Company, the holders of common stock shall be entitled to share in the remaining assets of the Company available for distribution post preferential distributions made to the Series A preferred stockholders. Deferred Offering Costs Deferred offering costs, primarily consisting of legal, accounting and other direct fees and costs relating to the IPO, are capitalized. There were $1.7 million and $0.8 million in deferred offering costs capitalized as of June 30, 2016 and December 31, 2015, respectively. The deferred offering costs were offset against the Company’s IPO proceeds upon the closing of the offering in August 2016.

- 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

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+ Details

Share-Based Compensation	6 Months Ended
Share-Based Compensation	Jun. 30, 2016
Share-Based Compensation
Share-Based Compensation	9. Share‑Based Compensation The Company recognized $95,000 and $64,000 of share‑based compensation related to employees and non‑employees for the three months ended June 30, 2016 and 2015, respectively, and recognized $0.2 million and $87,000 of share‑based compensation related to employees and non‑employees for the six months ended June 30, 2016 and 2015, respectively. Share-based compensation expense was included in general and administrative expense in the accompanying condensed statements of comprehensive loss. Restricted Stock Awards During the three and six months ended June 30, 2016, the Company did not grant any restricted stock awards (RSAs). During the three and six months ended June 30, 2015, the Company granted an aggregate of zero and 44,567 RSAs, respectively, to certain of its employees, members of its board of directors and consultants subject to a 2014 Shareholders Agreement (the Agreement). The RSAs are subject to various vesting schedules and generally vest ratably over a six to 24 month period coinciding with their respective service periods. During the three and six months ended June 30, 2016, 106,369 and 271,874 RSAs vested, respectively and no RSAs were forfeited during these periods. During the three and six months ended June 30, 2015, 174,776 and 349,017 RSAs vested, respectively, and no RSAs were forfeited during these periods. The grant‑date fair value of the RSAs issued during each of the three and six months ended June 30, 2016 was zero, and the grant‑date fair value of the RSAs issued during the three and six months ended June 30, 2015 was zero and $9,000, respectively. Grant date fair market value was based on traditional valuation techniques and methods in determining the fair value of the Company’s equity as a private company including market, income, and cost valuation approaches. A number of objective and subjective factors were considered including contemporaneous and retrospective valuations of its common stock performed by an unrelated valuation specialist, sales of the Company’s convertible preferred stock to unrelated third parties, valuations of comparable peer public companies, the lack of liquidity of the Company’s capital stock and general and industry‑specific economic outlook. The fair value of the Company’s common stock will be determined by the Company’s board of directors until such time as the Company’s common stock is listed on an established stock exchange. Stock Options In April 2015, the Company adopted a 2015 Equity Incentive Plan (the 2015 Plan) under which 320,615 shares of the Company’s common stock were reserved for issuance to employees, directors and consultants. The 2015 Plan permits the grant of incentive and non‑statutory stock options, appreciation rights, restricted stock, restricted stock units, performance stock and cash awards, and other stock‑based awards. No stock options were granted during the three and six months ended June 30, 2016, and 102,130 stock options were granted during the three and six months ended June 30, 2015. During the three and six months ended June 30, 2016, 28,107 and 63,492 stock options vested, respectively, and no stock options were forfeited. During the three and six months ended June 30, 2015, 37,215 stock options vested and no stock options were forfeited. As of June 30, 2016, 15,337 shares were available for future issuance under the 2015 Plan. Unrecognized share‑based compensation cost for the RSAs and stock options issued under the Agreement and the 2015 Plan was $0.3 million (net of estimated forfeitures) as of June 30, 2016. Approximately $34,000 of the unrecognized compensation cost was related to the RSAs and $0.3 million was related to the stock options. The non‑employee portion of the unrecognized compensation cost was estimated utilizing the Company’s fair market value for its common stock as of June 30, 2016. The unrecognized share‑based expense is expected to be recognized over a weighted average period of 0.4 years for the RSAs and 1.2 years for the stock options. Amendment and Restatement of 2015 Equity Incentive Plan In April 2016 the Company’s board of directors approved the Company’s amended and restated 2015 Plan (the A&R 2015 Plan). The Company’s stockholders also approved the A&R 2015 Plan in April, to become effective immediately upon the execution and delivery of the underwriting agreement related to the IPO. The A&R 2015 Plan provides for the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance-based stock awards and other forms of equity awards, as well as performance cash awards. The Company initially reserved 2,400,000 shares of common stock for issuance under the A&R 2015 Plan. In April 2016, the compensation committee of the board of directors of the Company approved the award of options to purchase an aggregate of 1,818,000 shares of common stock to the Company’s officers, directors and employees, with an exercise price equal to the per share price of the IPO, to be granted in connection with the IPO. As of June 30, 2016, the A&R 2015 Plan was not effective. Adoption of 2016 Employee Stock Purchase Plan In April 2016 the Company’s board of directors approved the 2016 Employee Stock Purchase Plan (the ESPP) in order to enable eligible employees to purchase shares of the Company’s common stock at a discount following the effective date of the IPO. The Company’s stockholders also approved the ESPP in April, which will become effective immediately upon the execution and delivery of the underwriting agreement related to the IPO. The Company initially reserved 150,000 shares of common stock for issuance under the ESPP. As of June 30, 2016, the ESPP was not effective.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

Net Loss Per Common Share

6 Months Ended

Jun. 30, 2016

Net Loss Per Common Share

Net Loss Per Common Share

10. Net Loss Per Common Share

Basic earnings or loss per share of common stock is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. The holders of the Series A preferred stock have rights to participation in common stock dividends, entitling the holders of Series A preferred stock to a dividend payable at the same time and rate per share as the dividend paid on common stock based the number of shares of common stock each share of Series A preferred stock would convert into if such shares had converted on the record date. The Series A preferred stock, however, does not have a contractual obligation to share in the losses of the Company, and as such, no losses were allocated to the Series A preferred stock for the purposes of the basic loss per share calculation. Prior to the Company’s incorporation, no common shares were outstanding when the Company operated as MLT.

Diluted earnings or loss per share of common stock is computed similarly to basic earnings or loss per share except the weighted average shares outstanding are increased to include additional shares from the assumed exercise of any common stock equivalents, if dilutive. The Company’s RSAs, stock options, shares of Series A preferred stock and convertible notes are considered common stock equivalents for this purpose. Diluted earnings is computed utilizing the treasury method for the RSAs and stock options, and in the case of the Series A preferred stock, either the two‑class method or the if‑converted method, whichever is more dilutive. Diluted earnings with respect to the convertible notes utilizing the if‑converted method was not applicable during the three and six months ended June 30, 2016 and 2015 as no conditions required for conversion have occurred during these periods. No incremental common stock equivalents were included in calculating diluted loss per share because such inclusion would be anti‑dilutive given the net loss reported for the three and six months ended June 30, 2016 and 2015. The following table sets forth the computation of basic and diluted loss per share (in thousands, except share and per share amounts):


	Three Months Ended				Six Months Ended
	2016		2015		2016		2015
Numerator:
Net loss	$	(1,391)	$	(1,611)	$	(3,494)	$	(3,890)
Adjustment for Series A preferred stock redemption value accretion		(150)		(149)		(299)		(2,666)
Net loss attributed to common stock holders	$	(1,541)	$	(1,760)	$	(3,793)	$	(6,556)
Denominator:
Basic and diluted weighted average common shares outstanding		3,626,825		2,952,578		3,547,795		2,533,665
Basic and diluted net loss per share	$	(0.42)	$	(0.60)	$	(1.07)	$	(2.59)

The following potential common shares were not considered in the computation of diluted net loss per share as their effect would have been anti‑dilutive:


	Three Months Ended		Six Months Ended
	2016	2015	2016	2015
Restricted stock awards	76,218	690,163	76,218	690,163
Stock options	302,842	102,130	302,842	102,130
Series A	745,637	745,637	745,637	745,637
Convertible notes	1,642,587	—	1,642,587	—

Fair Value Measurements

6 Months Ended

Jun. 30, 2016

Fair Value Measurements

Fair Value Measurements

11. Fair Value Measurements

The Company follows accounting guidance that emphasizes that fair value is a market‑based measurement, not an entity specific measurement. Fair value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Fair value measurements are defined on a three level hierarchy:

Level 1 inputs: Unadjusted quoted prices for identical assets or liabilities in active markets;

Level 2 inputs: Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, weather directly or indirectly, for substantially the full term of the asset or liability;

Level 3 inputs: Unobservable inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date.

As of June 30, 2016 and December 31, 2015, the fair values of cash and cash equivalents, other assets, accounts payable and accrued liabilities approximated their carrying values because of the short‑term nature of these assets or liabilities. The estimated fair value of the Company’s Interim Notes was based on amortized cost which was deemed to approximate fair value. The derivative liability associated with the conversion premium on the Interim Notes was based on cash flow models discounted at current implied market rates evidenced in recent arms‑length transactions representing expected returns by market participants for similar instruments which were based on Level 3 inputs. There were no transfers between fair value hierarchy levels during the three and six months ended June 30, 2016 and 2015.

The fair value of financial instruments measured on a recurring basis is as follows (in thousands):


	As of June 30, 2016
Description	Total		Level 1		Level 2		Level 3
Liabilities:
Premium conversion derivative	$	243	$	—	$	—	$	243
Total liabilities at Fair Value	$	243	$	—	$	—	$	243


	As of December 31, 2015
Description	Total		Level 1		Level 2		Level 3
Liabilities:
Premium conversion derivative	$	345	$	—	$	—	$	345
Total liabilities at Fair Value	$	345	$	—	$	—	$	345

The following table provides a roll‑forward of the Company’s premium conversion derivative liabilities measured at fair value on a recurring basis using unobservable level 3 inputs (in thousands):


	For the Six Months Ended June 30,
	2016		2015
Balance as of beginning of period	$	345	$	73
Issuance of underlying convertible notes		505		232
Change in fair value of premium conversion derivative		(607)		380
Redemption of underlying convertible notes		—		(685)
Balance as of end of period	$	243	$	—

There were no financial instruments measured on a non‑recurring basis for any of the periods presented.

- 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

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2016
Summary of Significant Accounting Policies
Use of Estimates	Use of Estimates The preparation of condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed financial statements and accompanying notes. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of 90 days or less at the time of deposit to be cash equivalents.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s condensed financial instruments include principally cash and cash equivalents, other current assets, accounts payable, accrued liabilities and debt. The carrying amounts for these condensed financial instruments reported in the balance sheets approximate their fair values. See Note 11 — Fair Value Measurements, for further discussion of fair value.
General and Administrative Expenses	General and Administrative Expenses General and administrative expenses consist primarily of personnel‑related costs, including salaries and share‑based compensation costs, for personnel in functions not directly associated with research and development activities. Other significant costs include legal fees related to intellectual property and corporate matters and professional fees for accounting and other services.
Research and Development Expenses	Research and Development Expenses Research and development expenses consist of costs incurred in performing research and development activities, including compensation for research and development employees, costs associated with preclinical studies and trials, regulatory activities, manufacturing activities to support clinical activities, license fees, non‑legal patent costs, fees paid to external service providers that conduct certain research and development, clinical costs and an allocation of overhead expenses. Research and development costs are expensed as incurred.
Acquired In-Process Research and Development Expenses	Acquired In‑Process Research and Development Expenses The Company includes costs to acquire or in‑license product candidates in acquired in‑process research and development expenses. The Company has acquired the right to develop and commercialize its product candidate gemcabene. These costs are immediately expensed provided that the payments do not also represent processes or activities that would constitute a “business” as defined under GAAP or provided that the product candidate has not achieved regulatory approval for marketing and, and absent obtaining such approval, has no alternative future use. Royalties owed on future sales of any licensed product will be expensed in the period the related revenues are recognized.
Income Taxes	Income Taxes The Company utilizes the liability method of accounting for income taxes as required by Accounting Standards Codification (ASC) 740, Income Taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and the tax basis of assets and liabilities and are measured using enacted tax rates and laws that will be in effect when the differences are expected to reverse. Currently, there is no provision for income taxes, as the Company has incurred operating losses to date, and a full valuation allowance has been provided on the net deferred tax assets. MLT was treated as a partnership for federal and state income tax purposes. Accordingly, no provision was made for income taxes for periods prior to November 1, 2014, since the Company’s net loss (subject to certain limitations) was passed through to the income tax returns of its members. Upon incorporation on October 30, 2014, the Company became taxed as a corporation.
Share-Based Compensation	Share‑Based Compensation The Company accounts for share‑based compensation in accordance with the provisions of ASC 718, Compensation — Stock Compensation (ASC 718). Accordingly, compensation costs related to equity instruments granted are recognized at the grant‑date fair value. Additionally, under the provisions of ASC 718, the Company is required to include an estimate of the number of awards that will be forfeited in calculating compensation costs, which are recognized over the requisite service period of the awards (typically the vesting period of the awards). Share‑based compensation arrangements to non‑employees are accounted for in accordance with the applicable provisions of ASC 718 and ASC 505, Equity, using a fair value approach. The compensation costs of these arrangements are subject to re‑measurement as the equity instruments vest and are recognized as expense over the related service period (typically the vesting period of the awards).
Common Stock Valuation	Common Stock Valuation Due to the absence of an active market for the Company’s common stock, the Company utilized methodologies in accordance with the framework of the American Institute of Certified Public Accountants’ Technical Practice Aid, Valuation of Privately‑Held Company Equity Securities Issued as Compensation, to estimate the fair value of its common stock. The valuation methodology includes estimates and assumptions that require the Company’s judgment. These estimates and assumptions include a number of objective and subjective factors, including external market conditions affecting the biopharmaceutical industry sector, and the likelihood of achieving a liquidity event, such as an IPO or sale. Significant changes to the key assumptions used in the valuations could result in different fair values of common stock at each valuation date.
Convertible Preferred Stock	Convertible Preferred Stock On March 31, 2015, the Company issued 745,637 shares of Series A convertible preferred stock (the Series A preferred stock). The Series A preferred stock is classified outside of permanent equity, in mezzanine equity, on the Company’s condensed balance sheet. The Company initially records preferred stock that may be redeemed at the option of the holder, or based on the occurrence of events outside of the Company’s control, at the value of the proceeds received. Subsequently, if it is probable that the preferred stock will become redeemable, the Company recognizes changes in the redemption value immediately as they occur and adjusts the carrying amount of the instrument to equal the redemption value at the end of each reporting period. If it is not probable that the preferred stock will become redeemable, the Company does not adjust the carrying value. In the absence of retained earnings, these charges are recorded against additional paid‑in‑capital, if any, and then to accumulated deficit. See Note 7 — Convertible Series A Preferred Stock for further discussion.
Segment Information	Segment Information Operating segments are components of an enterprise for which separate financial information is available and is evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources and assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. The Company’s Chief Executive Officer views the Company’s operations and manages its business in one operating segment, which is the business of development and commercialization of therapeutics for the treatment of dyslipidemia, a serious medical condition that increases the risk of life threatening cardiovascular disease. Accordingly, the Company has a single reporting segment.
Jumpstart Our Business Startups Act Accounting Election	Jumpstart Our Business Startups Act Accounting Election As an emerging growth company under the Jumpstart Our Business Startups Act (JOBS Act), the Company is eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. The Company has irrevocably elected not to avail itself of this exemption and, therefore, will be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2015, the FASB issued ASU 2015‑17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes (ASU 2015‑17). The new guidance simplifies the presentation of deferred income taxes by requiring that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. ASU 2015‑17 applies to all entities that present a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax‑paying component of an entity be offset and presented as a single amount is not affected by this ASU. For public entities, ASU 2015‑17 is effective for financial statements issued for annual periods beginning after December 15, 2016 with earlier application permitted. The new guidance may be applied either prospectively or retrospectively to all periods presented. The Company adopted this standard effective April 1, 2016 on a retrospective basis for each period presented. The adoption of this standard did not have a material impact on the Company’s financial statements. In January 2016, the FASB issued ASU No. 2016‑01, Financial Instruments — Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. The guidance affects the accounting for equity investments, financial liabilities under the fair value option and the presentation and disclosure requirements of financial instruments. The guidance is effective in the first quarter of fiscal 2019. Early adoption is permitted for the accounting guidance on financial liabilities under the fair value option. The Company is currently evaluating the impact of the new guidance on its financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The objective of this update is to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those annual periods and is to be applied utilizing a modified retrospective approach. The Company is currently evaluating the new guidance to determine the impact it may have on its financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. This ASU simplifies the accounting for share-based payment award transactions including: income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the requirements of the new guidance and has not yet determined its impact on the Company’s financial statements.

Net Loss Per Common Share (Tables)

6 Months Ended

Jun. 30, 2016

Net Loss Per Common Share

Schedule of computation of basic and diluted loss per share

The following table sets forth the computation of basic and diluted loss per share (in thousands, except share and per share amounts):


	Three Months Ended				Six Months Ended
	2016		2015		2016		2015
Numerator:
Net loss	$	(1,391)	$	(1,611)	$	(3,494)	$	(3,890)
Adjustment for Series A preferred stock redemption value accretion		(150)		(149)		(299)		(2,666)
Net loss attributed to common stock holders	$	(1,541)	$	(1,760)	$	(3,793)	$	(6,556)
Denominator:
Basic and diluted weighted average common shares outstanding		3,626,825		2,952,578		3,547,795		2,533,665
Basic and diluted net loss per share	$	(0.42)	$	(0.60)	$	(1.07)	$	(2.59)

Schedule of potential common shares not considered in computation of diluted net loss per share


	Three Months Ended		Six Months Ended
	2016	2015	2016	2015
Restricted stock awards	76,218	690,163	76,218	690,163
Stock options	302,842	102,130	302,842	102,130
Series A	745,637	745,637	745,637	745,637
Convertible notes	1,642,587	—	1,642,587	—

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2016

Fair Value Measurements

Schedule of fair value of financial instruments measured on recurring basis

The fair value of financial instruments measured on a recurring basis is as follows (in thousands):


	As of June 30, 2016
Description	Total		Level 1		Level 2		Level 3
Liabilities:
Premium conversion derivative	$	243	$	—	$	—	$	243
Total liabilities at Fair Value	$	243	$	—	$	—	$	243


	As of December 31, 2015
Description	Total		Level 1		Level 2		Level 3
Liabilities:
Premium conversion derivative	$	345	$	—	$	—	$	345
Total liabilities at Fair Value	$	345	$	—	$	—	$	345

Schedule of premium conversion derivative liabilities measured at fair value on recurring basis using unobservable level 3 inputs


	For the Six Months Ended June 30,
	2016		2015
Balance as of beginning of period	$	345	$	73
Issuance of underlying convertible notes		505		232
Change in fair value of premium conversion derivative		(607)		380
Redemption of underlying convertible notes		—		(685)
Balance as of end of period	$	243	$	—

The Company and Basis of Presentation (IPO) (Details) - USD ($) $ / shares in Units, $ in Thousands			6 Months Ended
	Aug. 08, 2016	Aug. 04, 2016	Jun. 30, 2016	Aug. 03, 2016	Dec. 31, 2015
Sale of Stock
Other offering expenses			$ 149
Common stock, shares authorized			17,674,419		17,674,419
Subsequent Event
Sale of Stock
Common stock, shares authorized				100,000,000
Preferred stock, shares authorized				10,000,000
Subsequent Event \| IPO
Sale of Stock
Issuance of stock (in shares)		3,000,000
Share price (in dollars per share)		$ 10.00
Net proceeds		$ 26,000
Underwriting discounts and commissions	$ 2,100	2,100
Other offering expenses	$ 2,200	$ 2,200
Subsequent Event \| Overallotment
Sale of Stock
Issuance of stock (in shares)	27,755
Share price (in dollars per share)	$ 10.00

Debt (Details)			1 Months Ended			3 Months Ended				4 Months Ended	6 Months Ended
Debt (Details)	Jul. 31, 2015 USD ($)	Mar. 31, 2015	Apr. 30, 2016 USD ($)	Feb. 29, 2016 USD ($)	Dec. 31, 2015 USD ($) $ / shares	Jun. 30, 2016 USD ($)	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Feb. 18, 2015 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Nov. 01, 2014
Debt
Proceeds from issuance of convertible notes											$ 2,651,000	$ 1,650,000
Premium conversion derivative					$ 345,000	$ 243,000					243,000
Convertible Notes
Debt
Proceeds from issuance of convertible notes									$ 2,000,000	$ 2,700,000
Convertible debt, interest rate													8.00%
Conversion price percentage of principal and unpaid accrued interest		125.00%
Convertible Notes \| Interest income (expense)
Debt
Change in fair value of embedded derivative									$ (400,000)
Interim Notes
Debt
Proceeds from issuance of convertible notes	$ 2,800,000		$ 5,000,000	$ 200,000	2,700,000		$ 2,800,000
Convertible debt, interest rate	8.00%
Qualified Financing threshold for debt conversion	$ 5,000,000
Conversion ratio	1.15		1.25
Debt redemption price	200.00%
Financing total			$ 10,600,000	$ 5,600,000	$ 5,500,000
Conversion price \| $ / shares					$ 6.70585
Debt issuance expenses			$ 10,000
Premium conversion derivative					$ 300,000	200,000					200,000
Interim Notes \| Interest income (expense)
Debt
Change in fair value of embedded derivative						$ 600,000		$ 0			$ 600,000	$ (400,000)

License Agreement (Details) - USD ($) $ in Thousands		6 Months Ended
License Agreement (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Jun. 30, 2015
License Agreements
Issuance of common stock		$ 908
Common Stock
License Agreements
Issuance of stock (in shares)		675,250
Issuance of common stock		$ 2
Pfizer, Inc. \| License Agreement
License Agreements
Percentage of shares of common stock offering issued to Pfizer	15.00%
Pfizer, Inc. \| License Agreement \| Common Stock
License Agreements
Issuance of stock (in shares)	675,250
Issuance of common stock	$ 900
Pfizer, Inc. \| License Agreement \| Common Stock \| Minimum
License Agreements
Ownership by Pfizer	5.00%
Pfizer, Inc. \| License Agreement \| Milestone Payments \| Maximum
License Agreements
Potential payments upon achievement of certain milestones	$ 37,000

Convertible Series A Preferred Stock (Details) - USD ($)		6 Months Ended		12 Months Ended
	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Convertible Series A Preferred Stock
Cash proceeds from issuance of Series A preferred			$ 1,522,000
Convertible Notes
Convertible Series A Preferred Stock
Conversion price percentage of principal and unpaid accrued interest	125.00%
Series A Convertible Preferred Stock.
Convertible Series A Preferred Stock
Issuance of convertible Series A preferred stock (shares)	745,637		745,637
Original issue price, per share	$ 6.70585
Aggregate consideration, cash and noncash	$ 5,000,000
Cash proceeds from issuance of Series A preferred	1,500,000
Dividend rate		8.00%
Dividends deemed payable and accrued		$ 0		$ 0
Cumulative unpaid dividends		$ 500,000		$ 300,000
Conversion price per share		$ 6.70585		$ 6.70585
Liquidation preference, per share		$ 6.70585
Fair value of preferred stock		$ 7,200,000
Series A Convertible Preferred Stock. \| Minimum
Convertible Series A Preferred Stock
Liquidation preference upon transfer of voting power, percentage		50.00%
Multiple of original price which triggers automatic conversion		150.00%
Value of offering which triggers automatic conversion		$ 50,000,000
Percentage of outstanding shares which may require the Company to redeem shares		80.00%
Redemption price, as a percent of liquidation preference		150.00%
Series A Convertible Preferred Stock. \| Convertible Notes
Convertible Series A Preferred Stock
Noncash consideration received, debt converted into stock	$ 3,500,000
Conversion price percentage of principal and unpaid accrued interest	125.00%

Share-Based Compensation (Stock Options) (Details) - shares	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Apr. 30, 2015
ESPP
Stock Options
Common stock reserved for issuance (in shares)	150,000
Granted				0
A & R 2015 Plan
Stock Options
Common stock reserved for issuance (in shares)	2,400,000
Granted				0
2015 Plan \| Employees, directors and consultants
Stock Options
Common stock reserved for issuance (in shares)						320,615
Granted		0	102,130	0	102,130
Vested		28,107	37,215	63,492	37,215
Forfeited		0	0	0	0
Available for future issuance		15,337		15,337
Stock options \| A & R 2015 Plan \| Officers, directors and employees
Stock Options
Number of options awarded to be granted (in shares)	1,818,000

Related Party Transactions - Convertible Notes (Details) $ in Thousands		3 Months Ended	4 Months Ended	6 Months Ended
	Jun. 30, 2015 item shares	Mar. 31, 2015 USD ($) item	Feb. 18, 2015 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($) item
Related Party Transactions
Proceeds from issuance of convertible notes \| $				$ 2,651	$ 1,650
Convertible Notes
Related Party Transactions
Proceeds from issuance of convertible notes \| $		$ 2,000	$ 2,700
Convertible Notes \| Series A Convertible Preferred Stock.
Related Party Transactions
Amount of shares issued in conversion \| shares	516,421
Investors Related To Board Member And Officers \| Convertible Notes \| Series A Convertible Preferred Stock.
Related Party Transactions
Amount of shares issued in conversion \| shares	63,967
Investors Related To Board Member And Officers \| Debt Issued To Related Parties \| Convertible Notes
Related Party Transactions
Proceeds from issuance of convertible notes \| $		$ 300
Number of notes issued to related party		4
Number of board members who were issued debt		1
Number of officers		3
Investors Related To Board Member And Officers \| Debt Issued To Related Parties \| Convertible Notes \| Series A Convertible Preferred Stock.
Related Party Transactions
Number of board members who were issued debt	1				1
Number of officers	3
Two Officers \| Convertible Notes \| Series A Convertible Preferred Stock.
Related Party Transactions
Amount of shares issued in conversion \| shares	68,649
Two Officers \| Debt Issued To Related Parties \| Convertible Notes \| Series A Convertible Preferred Stock.
Related Party Transactions
Number of officers	2

Related Party Transactions - Interim Notes (Details)		1 Months Ended			3 Months Ended		4 Months Ended	6 Months Ended
Related Party Transactions - Interim Notes (Details)	Jul. 31, 2015 USD ($)	Apr. 30, 2016 USD ($) item	Feb. 29, 2016 USD ($) item	Dec. 31, 2015 USD ($) item	Sep. 30, 2015 USD ($) item	Mar. 31, 2015 USD ($)	Feb. 18, 2015 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)
Related Party Transaction [Line Items]
Proceeds from issuance of convertible notes \| $								$ 2,651,000	$ 1,650,000
Interim Notes
Related Party Transaction [Line Items]
Proceeds from issuance of convertible notes \| $	$ 2,800,000	$ 5,000,000	$ 200,000	$ 2,700,000	$ 2,800,000
Convertible Notes
Related Party Transaction [Line Items]
Proceeds from issuance of convertible notes \| $						$ 2,000,000	$ 2,700,000
Investors - 2 officers and 3 Board members \| Debt Issued To Related Parties \| Interim Notes
Related Party Transaction [Line Items]
Proceeds from issuance of convertible notes \| $					$ 500,000
Number of notes issued to related party					5
Number of board members who were issued debt					3
Number of officers					2
Investors - 3 officers and 1 employee \| Debt Issued To Related Parties \| Interim Notes
Related Party Transaction [Line Items]
Proceeds from issuance of convertible notes \| $					$ 300,000
Number of notes issued to related party					4
Number of officers					3
Number of employees					1
Investors - 2 officers and 4 Board members \| Debt Issued To Related Parties \| Interim Notes
Related Party Transaction [Line Items]
Proceeds from issuance of convertible notes \| $				$ 600,000
Number of notes issued to related party				6
Number of board members who were issued debt				4
Number of officers				2
Investors related to 3 officers \| Debt Issued To Related Parties \| Interim Notes
Related Party Transaction [Line Items]
Proceeds from issuance of convertible notes \| $				$ 200,000
Number of notes issued to related party				5
Number of officers				3
Investor - 2 Board members \| Debt Issued To Related Parties \| Interim Notes
Related Party Transaction [Line Items]
Proceeds from issuance of convertible notes \| $			$ 81,000
Number of notes issued to related party			2
Number of board members who were issued debt			2
Investor related to an officer \| Debt Issued To Related Parties \| Interim Notes
Related Party Transaction [Line Items]
Proceeds from issuance of convertible notes \| $			$ 20,000
Investors related to 2 officers \| Debt Issued To Related Parties \| Interim Notes
Related Party Transaction [Line Items]
Proceeds from issuance of convertible notes \| $		$ 200,000
Number of notes issued to related party		2
Number of officers		2
Investors related to three directors \| Debt Issued To Related Parties \| Interim Notes
Related Party Transaction [Line Items]
Proceeds from issuance of convertible notes \| $		$ 2,300,000
Number of notes issued to related party		3
Number of board members who were issued debt		3

Subsequent Events (Details) $ / shares in Units, $ in Thousands				6 Months Ended
	Aug. 10, 2016 $ / shares shares	Aug. 08, 2016 USD ($) $ / shares shares	Aug. 04, 2016 USD ($) person director $ / shares shares	Jun. 30, 2016 USD ($) shares	Aug. 03, 2016 shares	Dec. 31, 2015 shares
Subsequent Events
Other offering expenses \| $				$ 149
Common stock, shares authorized				17,674,419		17,674,419
Subsequent Event
Subsequent Events
Common stock, shares authorized					100,000,000
Preferred stock, shares authorized					10,000,000
Subsequent Event \| IPO
Subsequent Events
Issuance of stock (in shares)			3,000,000
Share Price \| $ / shares			$ 10.00
Net proceeds \| $			$ 26,000
Underwriting discounts and commissions \| $		$ 2,100	2,100
Other offering expenses \| $		$ 2,200	$ 2,200
Number of shares sold to 3 officers and 5 board members			154,450
Number of officers \| person			3
Number of board members \| director			5
Proceeds from issuance of shares to 3 officers and 5 board members \| $			$ 1,500
Number of shares sold to 1 investor related to 1 of the Company’s directors			500,000
Number of investor related to 1 of the Company’s directors \| person			1
Proceeds from issuance of shares to 1 investor related to 1 of the Company’s directors \| $			$ 5,000
Number of shares sold to 14 investors who are related to 5 officers of the Company			47,000
Number of investor related to 5 officers of Company \| person			14
Proceeds from issuance of shares to 14 investors who are related to 5 officers of the Company \| $			$ 500
Subsequent Event \| Overallotment
Subsequent Events
Issuance of stock (in shares)		27,755
Share Price \| $ / shares		$ 10.00
Subsequent Event \| Restricted stock awards \| Certain employees
Subsequent Events
Accelarated vesting	145,833
Grant date fair value \| $ / shares	$ 4,000
Subsequent Event \| Series A Preferred Stock
Subsequent Events
Shares converted	827,205
Subsequent Event \| Convertible Notes And Interim Notes
Subsequent Events
Shares converted	1,656,807
Subsequent Event \| Employee Stock Option
Subsequent Events
Granted	1,825,200
Vesting period	4 years
Exercise price \| $ / shares	$ 10

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2016
Commitments and Contingencies
Commitments and Contingencies	5. Commitments and Contingencies Pfizer License Agreement In April 2011, the Company and Pfizer Inc. (Pfizer) entered into an exclusive license agreement (the Pfizer Agreement) for the clinical product candidate gemcabene. In exchange for this worldwide exclusive right and license to certain patent rights to make, use, sell, offer for sale and import the clinical product gemcabene, the Company agreed to certain milestone and royalty payments on future sales (See Note 6 — License Agreement). As of June 30, 2016, there was sufficient uncertainty with regard to both the outcome of the clinical trials and the ability to obtain sufficient funding to support any of the cash milestone payments under the license agreement, and as such, no liabilities were recorded related to the license agreement. Series A Preferred Stock Dividends Holders of the Series A preferred stock are entitled to cumulative accruing dividends at a simple rate of 8% per year on the original issue price of the preferred stock of $6.70585 per share, as adjusted for the Reverse Stock Split. The dividends effectively accrue daily on each share of preferred stock. The dividends are payable upon the earliest to occur of (1) the date determined by the Board, (2) the liquidation of the Company (including a deemed liquidation event) or (3) the conversion or redemption of at least a majority of the outstanding shares of Series A preferred stock. If the board reasonably believes that the Company is not legally able to pay the dividends in cash at the payment date, or if elected by the majority of the Series A preferred stockholders or if issued in connection with an IPO, the dividends shall be paid in shares of common stock at the conversion price for the Series A preferred stock in effect at that time, which is the original issue price of the Series A preferred stock as adjusted from time to time for any stock dividends, combinations, splits or recapitalizations. Since the dividends are payable upon a contingent event, the Company has not recorded them in the accompanying condensed financial statements. Cumulative unpaid dividends for the Series A preferred stock totaled $0.5 million and $0.3 million as of June 30, 2016 and December 31, 2015, respectively. Other Agreements A cancellable facility agreement was in place that provided for fixed monthly rent for the quarters ended June 30, 2016 and 2015. The total rent expense was $8,000 and $4,000 for the three months ended June 30, 2016 and 2015, respectively, and $16,000 and $9,000 for the six months ended June 30, 2016 and 2015, respectively. In May 2016, the Company entered into a new lease agreement, commencing in August 2016, for approximately 5,300 square feet to be used as the Company’s headquarters. The initial term of the agreement is 3 years with an initial monthly base rent of approximately $8,400. In conjunction with entering into the new lease agreement, the Company cancelled the existing lease agreement, effective August 31, 2016.

License Agreement	6 Months Ended
License Agreement	Jun. 30, 2016
License Agreement Disclosure [Abstract]
License Agreement	6. License Agreement In April 2011, the Company entered into the Pfizer Agreement for a worldwide exclusive license to certain patent rights to make, use, sell, offer for sale and import the clinical product candidate gemcabene. In exchange for this license, the Company agreed to issue shares of its common stock to Pfizer representing 15% of the Company’s fully diluted capital at the close of its first arms‑length Series A financing, which occurred on March 31, 2015. The Company agreed to make milestone payments totaling up to $37 million upon the achievement of certain milestones, including the first regulatory submission in any country, regulatory approval in each of the United States, Europe and Japan, the first anniversary of the first regulatory approval in any country, and upon achieving certain aggregate sales levels of gemcabene or any product containing gemcabene. Future milestone payments under the Pfizer Agreement, if any, are not expected to begin for at least several years and extend over a number of subsequent years. The Company also agreed to pay Pfizer tiered royalties on a country‑by‑country basis based upon the annual amount of net sales, as specified in the Pfizer Agreement until expiration of the last valid claim of the licensed patent rights including any patent term extensions or supplemental protection certificates. Under the Pfizer Agreement, the Company is obligated to use commercially reasonable efforts to develop and commercialize gemcabene. On March 31, 2015, upon the closing of the Series A preferred stock financing, the Company issued 675,250 shares of its common stock, at a fair market value of $0.9 million, to Pfizer in connection with the first equity payment, pursuant to which Pfizer became the owner of more than 5% of the Company’s capital stock. The transaction was recorded as acquired in‑process research and development expenses based on the fair market value of the common shares issued since no processes or activities that would constitute a “business” were acquired and none of the rights and underlying assets acquired had alternative future uses or reached a stage of technological feasibility. None of the other milestone or royalty payments were triggered as of June 30, 2016. The Pfizer Agreement will expire upon expiration of the last royalty term. Either party may terminate the Pfizer Agreement for the other party’s uncured material breach or upon specified bankruptcy events. Pfizer may terminate the Pfizer Agreement if the Company or any of its sublicenses challenge the validity, enforceability or ownership of the licensed patents. Additionally, Pfizer may revoke the license if the Company is unable to adequately commercialize gemcabene by April 2021.

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2016
Income Taxes
Income Taxes	12. Income Taxes The effective tax rate for the three and six months ended June 30, 2016 and 2015 was zero percent. As a result of the analysis of all available evidence as of June 30, 2016 and December 31, 2015, the Company recorded a full valuation allowance on its net deferred tax assets. Consequently, the Company reported no income tax benefit for the three or six month period ended June 30, 2016, or for the comparable periods in 2015. If the Company’s assumptions change and the Company believes that it will be able to realize these deferred tax assets, the tax benefits relating to any reversal of the valuation allowance on deferred tax assets will be recognized as a reduction of future income tax expense. If the assumptions do not change, each period the Company could record an additional valuation allowance on any increases in the deferred tax assets.

The Company and Basis of Presentation (Basis of Presentation) (Details) - ASU 2015-17 - Adopted	Dec. 31, 2015 USD ($)
New Accounting Pronouncements or Change in Accounting Principle
Current deferred tax liabilities	$ (10,000)
Early Adoption
New Accounting Pronouncements or Change in Accounting Principle
Long term deferred tax liabilities	$ 10,000

Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Accrued Liabilities
Accrued offering costs	$ 1,376	$ 575
Legal costs	198	234
Payroll	116	2
Other research and development expenses	637	759
Other general and administrative expenses	128	47
Total	$ 2,455	$ 1,617

Summary of Significant Accounting Policies (Details) $ in Thousands		3 Months Ended		6 Months Ended
	Oct. 31, 2014 USD ($)	Jun. 30, 2016 USD ($) shares	Jun. 30, 2015 USD ($)	Jun. 30, 2016 USD ($) segment shares	Jun. 30, 2015 USD ($)	Dec. 31, 2015 shares	Mar. 31, 2015 shares
Income Taxes
Provision for income taxes		$ 0	$ 0	$ 0	$ 0
Segment Information
Number of operating segment \| segment				1
Series A Convertible Preferred stock
Convertible Preferred Stock
Preferred stock, share issued \| shares		745,637		745,637		745,637	745,637
MLT
Income Taxes
Provision for income taxes	$ 0

Commitments and Contigencies - Pfizer License Agreement (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Feb. 29, 2016	Dec. 31, 2015
Commitments and Contingencies
No liabilities were recorded related to the license agreement	$ 14,429		$ 8,917
Pfizer, Inc. \| License Agreement
Commitments and Contingencies
No liabilities were recorded related to the license agreement		$ 0

Commitments and Contigencies - Other Agreements (Details)	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2016 USD ($) ft²	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)
Related Party Transactions
Area of Real Estate Property \| ft²	5,300
Agreement Term	3 years
Monthly base rent	$ 8,400
LLC owned by two officers \| Office Rental
Related Party Transactions
Rent expense		$ 8,000	$ 4,000	$ 16,000	$ 9,000

Stockholders’ and Members’ Deficit (Details)	1 Months Ended	6 Months Ended
Stockholders’ and Members’ Deficit (Details)	Apr. 30, 2016	Jun. 30, 2016 USD ($) Vote / shares shares	Dec. 31, 2015 shares
Reverse stock split, ratio	0.320615582
Common stock shares issued		3,758,488	3,758,488
Common stock shares outstanding		3,758,488	3,758,488
Common Stock
No dividends declared \| $		$ 0
Common stock, vote per share \| Vote / shares		1

Share-Based Compensation (Details) - USD ($)	3 Months Ended		6 Months Ended
Share-Based Compensation (Details) - USD ($)	Mar. 31, 2016	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015
Share-Based Compensation
Share-based compensation	$ 95,000	$ 64,000	$ 200,000	$ 87,000

Share-Based Compensation (Unrecognized) (Details)	6 Months Ended
Share-Based Compensation (Unrecognized) (Details)	Jun. 30, 2016 USD ($)
Unrecognized share-based compensation
Unrecognized share-based compensation cost	$ 300,000
Restricted stock awards
Unrecognized share-based compensation
Unrecognized share-based compensation cost - RSA	$ 34,000
Unrecognized share-based compensation - Weighted average period	4 months 24 days
Stock options
Unrecognized share-based compensation
Unrecognized share-based compensation cost - Stock options	$ 300,000
Unrecognized share-based compensation - Weighted average period	1 year 2 months 12 days

Fair Value Measurements - Financial Instruments Measured On Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015
Fair value measurements
Transfers between levels	$ 0		$ 0
Premium conversion derivative	243	$ 345
Recurring
Fair value measurements
Premium conversion derivative	243	345
Total liabilities at Fair Value	243	345
Recurring \| Level 3
Fair value measurements
Premium conversion derivative	243	345
Total liabilities at Fair Value	243	345
Nonrecurring
Fair value measurements
Total liabilities at Fair Value	$ 0	$ 0

Fair Value Measurements - Roll-Forward of Premium conversion Derivative Liabilities (Details) - Premium conversion derivative - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Roll-forward of the company's premium conversion derivative liabilities
Balance as of beginning of period	$ 345	$ 73
Issuance of underlying convertible notes	505	232
Change in fair value of premium conversion derivative	(607)	380
Redemption of underlying convertible notes		$ (685)
Balance as of end of period	$ 243

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Taxes
Effective tax rate	0.00%	0.00%	0.00%	0.00%
Income tax benefit	$ 0	$ 0	$ 0	$ 0

Related Party Transactions - Rental agreement (Details) - LLC owned by two officers - Office Rental	3 Months Ended		6 Months Ended
	Jun. 30, 2016 USD ($) item	Jun. 30, 2015 USD ($) item	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Dec. 31, 2015 USD ($)
Related Party Transactions
Number of officers \| item	2	2
Rent expense	$ 8,000	$ 4,000	$ 16,000	$ 9,000
Prepaid rent					$ 3,000