View Filing Data

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2016	May 05, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1
Entity Registrant Name	ASSEMBLY BIOSCIENCES, INC.
Entity Central Index Key	0001426800
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	ASMB
Entity Common Stock, Shares Outstanding		17,225,662

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 20,395,045	$ 27,107,526
Marketable securities, at fair value	37,928,473	40,556,652
Other current assets	765,681	704,287
Total current assets	59,089,199	68,368,465
Long-term assets
Marketable securities, at fair value	23,390,496	23,392,129
Property, plant and equipment, net	132,214	148,609
Security deposits	204,279	197,158
Intangible assets	29,000,000	29,000,000
Goodwill	12,638,136	12,638,136
Total long-term assets	65,365,125	65,376,032
Total assets	124,454,324	133,744,497
Current liabilities
Accounts payable	2,326,148	1,363,698
Accrued expenses	1,243,194	2,039,204
Total current liabilities	3,569,342	3,402,902
Long-term liabilities
Deferred tax liabilities	11,600,000	11,600,000
Total long-term liabilities	11,600,000	11,600,000
Total liabilities	15,169,342	15,002,902
Commitments and contingencies
Stockholders' equity
Preferred stock, $0.001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding	0	0
Common stock, $0.001 par value; 50,000,000 shares authorized; 17,225,662 shares issued and outstanding as of March 31, 2016 and December 31, 2015	17,226	17,226
Additional paid-in capital	284,971,714	283,511,859
Accumulated other comprehensive loss	(749,495)	(821,585)
Accumulated deficit	(174,954,463)	(163,965,905)
Total stockholders' equity	109,284,982	118,741,595
Total liabilities and stockholders' equity	$ 124,454,324	$ 133,744,497

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	17,225,662	17,225,662
Common stock, shares outstanding	17,225,662	17,225,662

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating expenses:
Research and development	$ 8,118,576	$ 3,834,434
General and administrative	3,158,576	3,368,784
Total operating expenses	11,277,152	7,203,218
Loss from operations	(11,277,152)	(7,203,218)
Other income
Interest and other income	490,421	58,265
Realized loss from marketable securities	(201,827)	0
Total other income	288,594	58,265
Net loss	(10,988,558)	(7,144,953)
Unrealized gain on marketable securities	72,090	0
Comprehensive loss	$ (10,916,468)	$ (7,144,953)
Net loss per share, basic and diluted (in dollars per share)	$ (0.64)	$ (0.64)
Weighted average common shares outstanding, basic and diluted (in shares)	17,225,662	11,176,580

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities
Net loss	$ (10,988,558)	$ (7,144,953)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	18,558	13,904
Stock-based compensation	1,459,855	2,585,780
Realized loss from marketable securities	201,827	0
Changes in operating assets and liabilities:
Other current assets	(61,394)	(158,552)
Accounts payable	962,450	283,242
Accrued expenses	(796,010)	731,120
Other assets	(7,121)	16,106
Net cash used in operating activities	(9,210,393)	(3,673,353)
Cash flows from investing activities
Purchases of fixed assets	(2,163)	(30,711)
Purchases of marketable securities	(7,951,257)	0
Redemptions of marketable securities	10,451,332	0
Net cash provided by (used in) investing activities	2,497,912	(30,711)
Cash flows from financing activities
Proceeds from common stock sold, net of underwriters' discounts and cost	0	70,499,993
Proceeds from exercise of stock options	0	167,040
Net cash provided by financing activities	0	70,667,033
Net (decrease) increase in cash and cash equivalents	(6,712,481)	66,962,969
Cash and cash equivalents at the beginning of the period	27,107,526	29,091,113
Cash and cash equivalents at the end of the period	20,395,045	96,054,082
Supplemental disclosure of cash flow information:
Change in unrealized gain on marketable securities available-for-sale	72,090	0
Accrued offering cost related to the issuance of common stock	$ 0	$ (60,000)

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - 3 months ended Mar. 31, 2016 - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]
Balance at Dec. 31, 2015	$ 118,741,595	$ 17,226	$ 283,511,859	$ (821,585)	$ (163,965,905)
Balance (in shares) at Dec. 31, 2015		17,225,662
Stock-based compensation	1,459,855	$ 0	1,459,855	0	0
Change in unrealized gain on marketable securities	72,090	0	0	72,090	0
Net loss	(10,988,558)	0	0	0	(10,988,558)
Balance at Mar. 31, 2016	$ 109,284,982	$ 17,226	$ 284,971,714	$ (749,495)	$ (174,954,463)
Balance (in shares) at Mar. 31, 2016		17,225,662

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Business

3 Months Ended

Mar. 31, 2016

Organization, Business and Basis Of Presentation [Abstract]

Business

Note 1 - Business

Overview

Assembly Biosciences, Inc. (“Assembly” or the “Company”) is a biotechnology company advancing two innovative platform programs: a new class of oral therapeutics for the treatment of hepatitis B virus (HBV) infection and a novel class of oral biological therapeutics, which are designed to restore health to a dysbiotic microbiome. The Company’s HBV-cure Program is aimed at increasing the current low cure rates for patients with HBV and is pursuing several drug candidates that inhibit multiple viral targets throughout the HBV lifecycle. Assembly has discovered several novel core protein Allosteric Modulators (CpAMs), which are small molecules that directly target and allosterically modulate a number of HBV core protein (HBc) functions. The Company’s microbiome program consists of a fully integrated platform that includes a robust strain identification and selection process, methods for strain isolation and growth under current Good Manufacturing Practices (cGMP) conditions, and a patent-pending delivery system, GEMICEL^TM, which allows for targeted oral delivery of live biologic and conventional therapies to the lower gastrointestinal (GI) tract. The lead program from this platform, ABI-M101, is in development for the treatment of C. difficile- infections (CDI). Using its microbiome platform, the Company is developing additional product candidates.

Liquidity

The Company has not derived any revenue from product sales to date as it currently has no approved products. Once a product has been developed, it will need to be approved for sale by the U.S. Food and Drug Administration (FDA) or any applicable foreign regulatory agency. Since inception, the Company’s operations have been financed primarily through the sale of equity securities, the proceeds from the exercise of warrants and stock options and issuance of debt. The Company has incurred losses from operations and negative cash flows from operating activities since inception and expects to continue to incur substantial losses for the next several years as it continues its product development efforts. Management believes the Company currently has sufficient funds to meet its operating requirements for at least the next twelve months. If the Company cannot generate significant cash from its operations, it intends to obtain any additional funding it requires through strategic relationships, public or private equity or debt financings, grants or other arrangements. The Company cannot assure such funding will be available on reasonable terms, if at all.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2016

Summary Of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2 - Summary of Significant Accounting Policies

Basis of Presentation

The accompanying condensed consolidated interim financial statements include the accounts of the Company and its subsidiary. All intercompany balances and transactions have been eliminated.

The accompanying condensed consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information and pursuant to the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the U.S. Securities and Exchange Commission (SEC) and on the same basis as the Company prepares its annual audited consolidated financial statements. The condensed consolidated balance sheet as of March 31, 2016, condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2016 and 2015, condensed consolidated statements of cash flows for the three months ended March 31, 2016 and 2015, and condensed consolidated statement of changes in stockholders’ equity for the three months ended March 31, 2016 are unaudited, but include all adjustments, consisting only of normal recurring adjustments, which the Company considers necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The results for the three months ended March 31, 2016 are not necessarily indicative of results to be expected for the year ending December 31, 2016 or for any future interim period. The consolidated balance sheet at December 31, 2015 has been derived from audited financial statements; however, it does not include all of the information and notes required by U.S. GAAP for complete financial statements. The accompanying condensed financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2015, and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015 filed with the SEC on March 11, 2016 (the “2015 Annual Report”).

Use of Estimates

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

Significant estimates inherent in the preparation of the accompanying financial statements include recoverability and useful lives (indefinite) of intangible assets, assessment of impairment of goodwill, and the fair value of stock options and warrants granted to employees, consultants, directors, investors, licensors, placement agents and underwriters.

The Company’s estimates could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible that these external factors could have an effect on the Company’s estimates and could cause actual results to differ from those estimates and assumptions.

Significant Accounting Policies

There have been no material changes in the Company’s significant accounting policies to those previously disclosed in the 2015 Annual Report.

Loss per Share of Common Stock

Basic net loss per share of common stock excludes dilution and is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share of common stock reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity unless inclusion of such shares would be anti-dilutive. Since the Company has only incurred losses, basic and diluted net loss per share is the same. Securities that could potentially dilute loss per share in the future that were not included in the computation of diluted loss per share at March 31, 2016 and 2015 are as follows:

	Three Months Ended March 31,
	2016		2015
Warrants to purchase common stock		16,909		270,761
Options to purchase common stock		3,851,688		2,960,485
Total		3,868,597		3,231,246

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers, an updated standard on revenue recognition. ASU 2014-09 provides enhancements to the quality and consistency of how revenue is reported by companies while also improving comparability in the financial statements of companies reporting using International Financial Reporting Standards or U.S. GAAP. The main purpose of the new standard is for companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which a company expects to be entitled in exchange for those goods or services. The new standard also results in enhanced disclosures about revenue, provides guidance for transactions that were not previously addressed comprehensively and improves guidance for multiple-element arrangements. In July 2015, the FASB voted to approve a one-year deferral of the effective date of ASU 2014-09, which will be effective for the Company in the first quarter of fiscal year 2018 and may be applied on a full retrospective or modified retrospective approach. ASU 2014-09 will have no impact on the Company until it begins to generate revenue.

In June 2014, the FASB issued ASU 2014-12, Compensation-Stock Compensation (Topic 718). ASU 2014-12 clarifies how entities should treat performance targets that can be achieved after the requisite service period of a share-based payment award. The accounting standard is effective for interim and annual periods beginning after December 15, 2015. ASU 2014-12 will have no impact on the Company until it begins to grant performance awards.

In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU 2014-16 explicitly requires management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. In connection with each annual and interim period, management will assess if there is substantial doubt about an entity’s ability to continue as a going concern within one year after the issuance date. Management will consider relevant conditions that are known, and reasonably knowable, at the issuance date. Substantial doubt exists if it is probable that the entity will be unable to meet its obligations within one year after the issuance date. Disclosures will be required if conditions give rise to substantial doubt. The new standard will be effective for all entities in the first annual period ending after December 15, 2016. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements.

In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes. ASU 2015-17 requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. ASU 2015-17 is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. Adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements.

In January 2016, FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 requires equity investments to be measured at fair value with changes in fair value recognized in net income; simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; requires separate presentation of financial assets and financial liabilities by measurement category and form of financial assets on the balance sheet or the accompanying notes to the financial statements; and clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. ASU 2016-01 will be effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company is currently evaluating the impact that ASU 2016-01 will have on its condensed consolidated financial statements and related disclosures.

In February 2016, FASB issued ASU 2016-02, Leases (Topic 842) which supersedes FASB ASC Topic 840, Leases (Topic 840) and provides principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months regardless of classification. Leases with a term of twelve months or less will be accounted for similar to existing guidance for operating leases. The standard will be effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted upon issuance. The Company is currently evaluating the impact that ASU 2016-02 will have on its condensed consolidated financial statements and related disclosures.

In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The amendment is to simplify several aspects of the accounting for share-based payment transactions including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public entities, the amendments in ASU 2016-09 are effective for interim and annual reporting periods beginning after December 15, 2016. The Company is currently assessing the impact of ASU 2016-09 on its condensed consolidated financial statements and related disclosures.

Marketable Securities

3 Months Ended

Mar. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Note 3 - Marketable Securities

Marketable securities consist of the following as of March 31, 2016 and December 31, 2015:

	March 31, 2016
			Gross Unrealized
	Amortized Cost		Gain (Loss)		Fair Value
Short-term available-for-sale securities
Corporate bonds	$	38,563,569	$	(635,096)	$	37,928,473
		38,563,569		(635,096)		37,928,473

Long-term available-for-sale securities
Government and agency obligations		1,225,000		2,389		1,227,389
Municipal bonds		1,596,160		7,520		1,603,680
Corporate bonds		20,683,735		(124,308)		20,559,427
		23,504,895		(114,399)		23,390,496
Total	$	62,068,464	$	(749,495)	$	61,318,969

	December 31, 2015
	Amortized Cost		Gross Unrealized Loss		Fair Value
Short-term available-for-sale securities
Corporate bonds	$	41,126,524	$	(569,872)	$	40,556,652
		41,126,524		(569,872)		40,556,652

Long-term available-for-sale securities
Government and agency obligations		1,225,000		(3,834)		1,221,166
Municipal bonds		1,596,160		(4,384)		1,591,776
Corporate bonds		20,822,682		(243,495)		20,579,187
		23,643,842		(251,713)		23,392,129
Total	$	64,770,366	$	(821,585)	$	63,948,781

The contractual term to maturity of short-term marketable securities held by the Company as of March 31, 2016 is less than one year. The contractual term to maturity of long-term marketable securities held by the Company as of March 31, 2016 is 1 to 2 years.

The fair value of marketable securities was classified into fair value measurement categories as follows:

Quoted prices in active markets for identical assets (Level 1)	$	-
Quoted prices for similar assets observable in the marketplace (Level 2)		61,318,969
Significant unobservable inputs (Level 3)		-
Total	$	61,318,969

The fair values of marketable securities are determined using quoted market prices from daily exchange traded markets based on the closing price as of March 31, 2016 and December 31, 2015.

There were no transfers of marketable securities between Levels 1, 2 and 3 for the three months ended March 31, 2016.

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References + Details

Property, Plant and Equipment, Net

3 Months Ended

Mar. 31, 2016

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

Note 4 - Property, Plant and Equipment, Net

Property, plant and equipment, consists of the following:

		March 31,		December 31,
	Useful life (Years)	2016		2015
Computer hardware and software	3	$	86,228	$	84,065
Lab equipment	3 to 5		177,782		177,782
Office equipment	3 to 5		1,109		1,109
Total property, plant and equipment			265,119		262,956
Less: Accumulated depreciation and amortization			(132,905)		(114,347)
Property, plant and equipment, net		$	132,214	$	148,609

Depreciation expense for the three months ended March 31, 2016 and 2015 was $18,558 and $13,904, respectively, and was recorded in both research and development expense and general and administrative expense in the condensed consolidated statements of operations and comprehensive loss.

Accrued Expenses

3 Months Ended

Mar. 31, 2016

Payables and Accruals [Abstract]

Accrued Expenses

Note 5 - Accrued Expenses

Accrued expenses consist of the following:

	March 31,		December 31,
	2016		2015
Accrued expenses:
Salaries, bonuses and employee benefits	$	1,006,294	$	1,628,975
Severance accrued for former CEO		-		106,777
Research and development expenses		-		120,700
Other		236,900		182,752
Total accrued expenses	$	1,243,194	$	2,039,204

Stockholders' Equity

3 Months Ended

Mar. 31, 2016

Stockholders' Transactions [Abstract]

Stockholders' Equity

Note 6 - Stockholders’ Equity

Options

The Company has two equity incentive plans available for the granting of equity awards. In July 2010, the stockholders approved the 2010 Equity Incentive Plan, under which, as of March 31, 2016, there were outstanding options to purchase an aggregate of 742,126 shares of common stock and 13,333 shares available for grant. In July 2014, the stockholders approved the 2014 Stock Incentive Plan (the “2014 Plan”), under which, as of March 31, 2016, there were outstanding options to purchase an aggregate of 2,487,911 shares of common stock and no shares available for grant.

A summary of the Company’s option activity and related information for the three-month period ended March 31, 2016 is as follows:

	Number of Shares		Weighted Average Exercise Price		Total Intrinsic Value
Outstanding as of December 31, 2015		3,367,784	$	7.16	$	3,971,205
Granted		497,237		7.02		-
Forfeited		(13,333)		8.13		-
Outstanding as of March 31, 2016		3,851,688	$	7.14	$	1,740,623
Options vested and exercisable		2,150,584	$	6.38	$	1,220,856

The fair value of the options granted for the three-months ended March 31, 2016 and 2015, were based on the following assumptions:

	Three Months Ended March 31,
	2016	2015
Exercise price	$6.36 - $7.03	$9.42
Expected stock price volatility	88.7% - 91.8%	92.6% - 105.0%
Risk-free rate of interest	1.53% - 1.94%	1.49% - 2.53%
Term (years)	5.4 - 7.0	5.4 - 10.0

Estimated future stock-based compensation expense relating to unvested stock options is as follows:

	Future Stock Option Compensation Expenses
Nine months ended December 31, 2016	$	3,021,844
Year ended December 31, 2017		1,551,027
Year ended December 31, 2018		663,555
Year ended December 31, 2019		191,675
Year ended December 31, 2020		2,539
Total	$	5,430,640

Unamortized stock-based compensation expense amounted to $5.4 million at March 31, 2016, and will be amortized over 3.9 years.

Stock-based compensation expense for the three months ended March 31, 2016 and 2015 was as follows:

	Three Months Ended March 31,
	2016		2015
Research and development	$	718,156	$	1,055,430
General and administrative		741,699		1,530,350
Total stock-based compensation expense	$	1,459,855	$	2,585,780

Warrants

There was no warrant activity for the three months ended March 31, 2016. The weighted average remaining contractual life of outstanding warrants at March 31, 2016 is approximately 4.2 years.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

+ Details

Commitments

3 Months Ended

Mar. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments

Note 7 - Commitments

Real Property Leases

The Company leases office space for corporate and administrative functions in New York, NY under an agreement with a monthly lease payment of $10,130 that expires in August 2016. The Company also leases office space in Carmel, IN under a lease agreement that expires in June 2021. The leased locations in New York, NY and Carmel, IN are for corporate and administrative functions supporting both the HBV-cure and microbiome programs and are adequate for the Company’s current needs.

The Company leases office and laboratory space in San Francisco, California under a sublease that expires in December 2017. Research activities for the HBV-cure program are also being conducted at laboratory space leased from Indiana University at Bloomington, IN that expires in December 2016. The Company believes these leased facilities are adequate for our current needs and that additional space will be available in the future on commercially reasonable terms as needed.

The total leasing expenses for the three months ended March 31, 2016 and 2015 were approximately $0.3 and $0.1 million, respectively.

Equipment Lease

Pursuant to a Master Lease agreement dated November 25, 2014, the Company leases certain laboratory equipment. The equipment lease expense for the three months ended March 31, 2016 and 2015 amounted to approximately $57,000 and $18,000, respectively.

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2016

Summary Of Significant Accounting Policies [Abstract]

Basis of presentation

Basis of Presentation

The accompanying condensed consolidated interim financial statements include the accounts of the Company and its subsidiary. All intercompany balances and transactions have been eliminated.

Use of Estimates

Use of Estimates

Significant Accounting Policies

Significant Accounting Policies

There have been no material changes in the Company’s significant accounting policies to those previously disclosed in the 2015 Annual Report.

Loss per Share of Common Stock

Loss per Share of Common Stock

	Three Months Ended March 31,
	2016		2015
Warrants to purchase common stock		16,909		270,761
Options to purchase common stock		3,851,688		2,960,485
Total		3,868,597		3,231,246

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2016

Summary Of Significant Accounting Policies [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

Securities that could potentially dilute loss per share in the future that were not included in the computation of diluted loss per share at March 31, 2016 and 2015 are as follows:

	Three Months Ended March 31,
	2016		2015
Warrants to purchase common stock		16,909		270,761
Options to purchase common stock		3,851,688		2,960,485
Total		3,868,597		3,231,246

Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale Securities Reconciliation

Marketable securities consist of the following as of March 31, 2016 and December 31, 2015:

	March 31, 2016
			Gross Unrealized
	Amortized Cost		Gain (Loss)		Fair Value
Short-term available-for-sale securities
Corporate bonds	$	38,563,569	$	(635,096)	$	37,928,473
		38,563,569		(635,096)		37,928,473

Long-term available-for-sale securities
Government and agency obligations		1,225,000		2,389		1,227,389
Municipal bonds		1,596,160		7,520		1,603,680
Corporate bonds		20,683,735		(124,308)		20,559,427
		23,504,895		(114,399)		23,390,496
Total	$	62,068,464	$	(749,495)	$	61,318,969

	December 31, 2015
	Amortized Cost		Gross Unrealized Loss		Fair Value
Short-term available-for-sale securities
Corporate bonds	$	41,126,524	$	(569,872)	$	40,556,652
		41,126,524		(569,872)		40,556,652

Long-term available-for-sale securities
Government and agency obligations		1,225,000		(3,834)		1,221,166
Municipal bonds		1,596,160		(4,384)		1,591,776
Corporate bonds		20,822,682		(243,495)		20,579,187
		23,643,842		(251,713)		23,392,129
Total	$	64,770,366	$	(821,585)	$	63,948,781

Schedule Of Available For Sale Securities Fair Value Measurement Categories

The fair value of marketable securities was classified into fair value measurement categories as follows:

Quoted prices in active markets for identical assets (Level 1)	$	-
Quoted prices for similar assets observable in the marketplace (Level 2)		61,318,969
Significant unobservable inputs (Level 3)		-
Total	$	61,318,969

Property, Plant and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2016

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment, consists of the following:

		March 31,		December 31,
	Useful life (Years)	2016		2015
Computer hardware and software	3	$	86,228	$	84,065
Lab equipment	3 to 5		177,782		177,782
Office equipment	3 to 5		1,109		1,109
Total property, plant and equipment			265,119		262,956
Less: Accumulated depreciation and amortization			(132,905)		(114,347)
Property, plant and equipment, net		$	132,214	$	148,609

Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2016

Payables and Accruals [Abstract]

Schedule Accrued Expenses

Accrued expenses consist of the following:

	March 31,		December 31,
	2016		2015
Accrued expenses:
Salaries, bonuses and employee benefits	$	1,006,294	$	1,628,975
Severance accrued for former CEO		-		106,777
Research and development expenses		-		120,700
Other		236,900		182,752
Total accrued expenses	$	1,243,194	$	2,039,204

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2016

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

A summary of the Company’s option activity and related information for the three-month period ended March 31, 2016 is as follows:

	Number of Shares		Weighted Average Exercise Price		Total Intrinsic Value
Outstanding as of December 31, 2015		3,367,784	$	7.16	$	3,971,205
Granted		497,237		7.02		-
Forfeited		(13,333)		8.13		-
Outstanding as of March 31, 2016		3,851,688	$	7.14	$	1,740,623
Options vested and exercisable		2,150,584	$	6.38	$	1,220,856

Assumptions for Weighted Average Fair Value of Options Granted

The fair value of the options granted for the three-months ended March 31, 2016 and 2015, were based on the following assumptions:

	Three Months Ended March 31,
	2016	2015
Exercise price	$6.36 - $7.03	$9.42
Expected stock price volatility	88.7% - 91.8%	92.6% - 105.0%
Risk-free rate of interest	1.53% - 1.94%	1.49% - 2.53%
Term (years)	5.4 - 7.0	5.4 - 10.0

Estimated Future Stock Based Expenses Relating to Unvested Stock Options

Estimated future stock-based compensation expense relating to unvested stock options is as follows:

	Future Stock Option Compensation Expenses
Nine months ended December 31, 2016	$	3,021,844
Year ended December 31, 2017		1,551,027
Year ended December 31, 2018		663,555
Year ended December 31, 2019		191,675
Year ended December 31, 2020		2,539
Total	$	5,430,640

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

Stock-based compensation expense for the three months ended March 31, 2016 and 2015 was as follows:

	Three Months Ended March 31,
	2016		2015
Research and development	$	718,156	$	1,055,430
General and administrative		741,699		1,530,350
Total stock-based compensation expense	$	1,459,855	$	2,585,780

Summary of Significant Accounting Policies (Details) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,868,597	3,231,246
Warrants To Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	16,909	270,761
Options To Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,851,688	2,960,485

Marketable Securities (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 62,068,464	$ 64,770,366
Gross Unrealized Loss	(749,495)	(821,585)
Fair Value	61,318,969	63,948,781
Short-term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	38,563,569	41,126,524
Gross Unrealized Loss	(635,096)	(569,872)
Fair Value	37,928,473	40,556,652
Short-term Investments [Member] \| Corporate Bond Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	38,563,569	41,126,524
Gross Unrealized Loss	(635,096)	(569,872)
Fair Value	37,928,473	40,556,652
Long-term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	23,504,895	23,643,842
Gross Unrealized Loss	(114,399)	(251,713)
Fair Value	23,390,496	23,392,129
Long-term Investments [Member] \| US Government Agencies Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,225,000	1,225,000
Gross Unrealized Loss	2,389	(3,834)
Fair Value	1,227,389	1,221,166
Long-term Investments [Member] \| Corporate Bond Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	20,683,735	20,822,682
Gross Unrealized Loss	(124,308)	(243,495)
Fair Value	20,559,427	20,579,187
Long-term Investments [Member] \| Municipal Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,596,160	1,596,160
Gross Unrealized Loss	7,520	(4,384)
Fair Value	$ 1,603,680	$ 1,591,776

Marketable Securities (Details 1) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities	$ 61,318,969	$ 63,948,781
Fair Value, Inputs, Level 1 [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities	0
Fair Value, Inputs, Level 2 [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities	61,318,969
Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities	$ 0

Marketable Securities - Additional Information (Details)	3 Months Ended
	Mar. 31, 2016
Short-term Investments [Member]
Available For Sale Securities Maturity Term	less than one year
Other Long-term Investments [Member]
Available For Sale Securities Maturity Term	1 to 2 years

Property, Plant and Equipment, Net (Details) - USD ($)	3 Months Ended
Property, Plant and Equipment, Net (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 265,119	$ 262,956
Less: Accumulated depreciation and amortization	(132,905)	(114,347)
Property, plant and equipment, net	132,214	148,609
Computer hardware and software [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 86,228	84,065
Property, Plant and Equipment, Useful Life	3 years
Lab equipment [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 177,782	177,782
Lab equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Lab equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Office equipment [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 1,109	$ 1,109
Office equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Office equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years

Property, Plant and Equipment, Net - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Property, Plant and Equipment [Line Items]
Depreciation	$ 18,558	$ 13,904

Accrued Expenses (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Accrued expenses:
Salaries, bonuses and employee benefits	$ 1,006,294	$ 1,628,975
Severance accrued for former CEO	0	106,777
Research and development expenses	0	120,700
Other	236,900	182,752
Total accrued expenses	$ 1,243,194	$ 2,039,204

Stockholders' Equity (Details) - Stock Option [Member]	3 Months Ended
Stockholders' Equity (Details) - Stock Option [Member]	Mar. 31, 2016 USD ($) $ / shares shares
Number of Shares
Option, Outstanding at beginning of period \| shares	3,367,784
Option, Granted \| shares	497,237
Option, Forfeited \| shares	(13,333)
Option, Outstanding at end of period \| shares	3,851,688
Options vested and exercisable \| shares	2,150,584
Weighted Average Exercise Price
Option, Outstanding at beginning of period \| $ / shares	$ 7.16
Option, Granted \| $ / shares	7.02
Option, Forfeited \| $ / shares	8.13
Option, Outstanding at end of period \| $ / shares	7.14
Options vested and exercisable \| $ / shares	$ 6.38
Total Intrinsic Value
Option, Outstanding at beginning of period \| $	$ 3,971,205
Option, Granted \| $	0
Option, Forfeited \| $	0
Option, Outstanding at end of period \| $	1,740,623
Options vested and exercisable \| $	$ 1,220,856

Stockholders' Equity (Details 1) - $ / shares	3 Months Ended
Stockholders' Equity (Details 1) - $ / shares	Mar. 31, 2016	Mar. 31, 2015
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items]
Exercise price		$ 9.42
Maximum [Member]
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items]
Exercise price	$ 7.03
Expected stock price volatility	91.80%	105.00%
Risk-free rate of interest	1.94%	2.53%
Term (years)	7 years	10 years
Minimum [Member]
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items]
Exercise price	$ 6.36
Expected stock price volatility	88.70%	92.60%
Risk-free rate of interest	1.53%	1.49%
Term (years)	5 years 4 months 24 days	5 years 4 months 24 days

Stockholders' Equity (Details 2)	Mar. 31, 2016 USD ($)
Stockholders Equity Note [Line Items]
Nine months ended December 31, 2016	$ 3,021,844
Year ended December 31, 2017	1,551,027
Year ended December 31, 2018	663,555
Year ended December 31, 2019	191,675
Year ended December 31, 2020	2,539
Total	$ 5,430,640

Stockholders' Equity (Details 3) - USD ($)	3 Months Ended
Stockholders' Equity (Details 3) - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated Share-based Compensation Expense	$ 1,459,855	$ 2,585,780
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated Share-based Compensation Expense	718,156	1,055,430
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated Share-based Compensation Expense	$ 741,699	$ 1,530,350

Stockholders' Equity - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016 USD ($) shares
Stockholders Equity Note [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total \| $	$ 5.4
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	3 years 10 months 24 days
Warrant [Member]
Stockholders Equity Note [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	4 years 2 months 12 days
2010 Stock Incentive Plan [Member]
Stockholders Equity Note [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number	742,126
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross	13,333
2014 Stock Incentive Plan [Member]
Stockholders Equity Note [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number	2,487,911
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross	0

Commitments - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Commitments and Contingencies Disclosure [Line Items]
Operating Leases, Rent Expense	$ 300,000	$ 100,000
Operating Lease Expiration Month and Year	2016-08
Operating Leases, Rent Expense, Net, Total	$ 10,130
Equipment Lease [Member]
Commitments and Contingencies Disclosure [Line Items]
Operating Leases, Rent Expense	$ 57,000	$ 18,000
San Francisco [Member]
Commitments and Contingencies Disclosure [Line Items]
Operating Lease Expiration Month and Year	2017-12