vktx-10k_20151231.htm

0001564590-16-014212.txt : 20160308 0001564590-16-014212.hdr.sgml : 20160308 20160308163313 ACCESSION NUMBER: 0001564590-16-014212 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 80 CONFORMED PERIOD OF REPORT: 20151231 FILED AS OF DATE: 20160308 DATE AS OF CHANGE: 20160308 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Viking Therapeutics, Inc. CENTRAL INDEX KEY: 0001607678 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 461073877 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-37355 FILM NUMBER: 161491922 BUSINESS ADDRESS: STREET 1: 12340 EL CAMINO REAL, SUITE 250 CITY: SAN DIEGO STATE: CA ZIP: 92130 BUSINESS PHONE: 858-704-4660 MAIL ADDRESS: STREET 1: 12340 EL CAMINO REAL, SUITE 250 CITY: SAN DIEGO STATE: CA ZIP: 92130 10-K 1 vktx-10k_20151231.htm 10-K vktx-10k_20151231.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

x	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2015

o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO

Commission File Number 001-37355

Viking Therapeutics, Inc.

(Exact name of Registrant as specified in its Charter)

Delaware		46-1073877
( State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
12340 El Camino Real, Suite 250 San Diego, California		92130
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (858) 704-4660

Securities registered pursuant to Section 12(b) of the Act


Title of Each Class		Name of Each Exchange on Which Registered
Common Stock, par value $0.00001 per share		The Nasdaq Capital Market

Securities registered pursuant to Section 12(g) of the Act:

None

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No x

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes o No x

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files). Yes x No o

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405) is not contained herein, and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. x

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definition of “large accelerated filer”, “accelerated filer”, and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	¨	Accelerated filer	¨

Non-accelerated filer	¨ (Do not check if a small reporting company)	Smaller reporting company	x

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

The aggregate market value of the voting and non-voting common equity held by non-affiliates of the Registrant, based on the closing price of the shares of common stock on the Nasdaq Capital Market on June 30, 2015 (the last trading day of the registrant’s second fiscal quarter of 2015), was $18,289,869. Shares of voting stock held by directors, officers and stockholders or stockholder groups whose beneficial ownership exceeds 5% of the registrant’s common stock outstanding have been excluded in that such persons may be deemed to be affiliates. The number of shares owned by stockholders whose beneficial ownership exceeds 5% was determined based upon information supplied by such persons and upon Schedules 13D and

13G, if any, filed with the Securities and Exchange Commission. This assumption regarding affiliate status is not necessarily a conclusive determination for other purposes.

The number of shares of the Registrant’s Common Stock outstanding as of February 29, 2016 was 9,683,741.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Registrant’s Definitive Proxy Statement for its 2016 Annual Meeting of Stockholders or an amendment to this Annual Report on Form 10-K to be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2015 are incorporated by reference into Part III of this Annual Report on Form 10-K.

Table of Contents

		Page
PART I
Item 1.	Business	1
Item 1A.	Risk Factors	31
Item 1B.	Unresolved Staff Comments	60
Item 2.	Properties	60
Item 3.	Legal Proceedings	60
Item 4.	Mine Safety Disclosures	61

PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	62
Item 6.	Selected Financial Data	63
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	64
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	72
Item 8.	Financial Statements and Supplementary Data	73
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	73
Item 9A.	Controls and Procedures	73
Item 9B.	Other Information	73

PART III
Item 10.	Directors, Executive Officers and Corporate Governance	74
Item 11.	Executive Compensation	74
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	74
Item 13.	Certain Relationships and Related Transactions, and Director Independence	74
Item 14.	Principal Accounting Fees and Services	74

PART IV
Item 15.	Exhibits, Financial Statement Schedules	75

This Annual Report on Form 10-K contains “forward-looking statements” as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, in connection with the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially and adversely from those expressed or implied by such forward-looking statements. Such forward-looking statements include estimates of our expenses, future revenue, capital requirements and our needs for additional financing; statements regarding our ability to develop, acquire and advance drug candidates into, and successfully complete, clinical trials and preclinical studies; statements concerning new product candidates; risks and uncertainties associated with our research and development activities, including our clinical trials and preclinical studies; our expectations regarding the potential market size and the size of the patient populations for our drug candidates, if approved for commercial use, and our ability to serve such markets; statements regarding our ability to maintain and establish collaborations or obtain additional funding; statements regarding developments and projections relating to our competitors and our industry and other matters that do not relate strictly to historical facts or statements of assumptions underlying any of the foregoing. These statements are often identified by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may” or “will,” the negative versions of these terms and similar expressions or variations. These statements are based on the beliefs and assumptions of our management based on information currently available to management. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results and the timing of certain events to differ materially and adversely from future results expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below, and those discussed in the section titled “Risk Factors” included elsewhere in this Annual Report on Form 10-K and in our other Securities and Exchange Commission filings. Furthermore, such forward-looking statements speak only as of the date of this report. We undertake no obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statement.

Throughout this Annual Report on Form 10-K, unless the context otherwise requires, the terms “Viking,” “we,” “us” and “our” in this Annual Report on Form 10-K refer to Viking Therapeutics, Inc.

PART I

Item 1. Business.

Overview

Our lead clinical program is VK5211, an orally available drug candidate, currently in a Phase 2 clinical trial for acute rehabilitation following non-elective hip fracture surgery. Hip fracture is a common injury among persons aged 60 and older. The acute recovery period post-injury is characterized by significant and rapid declines in bone mineral density, or BMD, and lean body mass, or LBM, which contributes to substantial morbidity and mortality in these patients. VK5211 is a non-steroidal selective androgen receptor modulator, or SARM. A SARM is designed to selectively interact with a subset of receptors that have a normal physiologic role of interacting with naturally-occurring hormones called androgens. Broad activation of androgen receptors with drugs, such as exogenous testosterone, can stimulate muscle growth and improve BMD, but often results in unwanted side effects such as prostate growth, hair growth and acne. VK5211 is expected to selectively produce the therapeutic benefits of testosterone in muscle and bone tissue, potentially accelerating rehabilitation and improving patient outcomes.

We expect VK5211 to produce the therapeutic benefits of testosterone, including increased LBM and BMD, with improved safety, tolerability and patient acceptance due to a tissue-selective mechanism of action and an oral route of administration. Tissue selectivity is particularly important in treating patients recovering from non-elective hip fracture surgery, as these patients experience abnormally elevated losses of muscle tissue and BMD. This results in a loss of muscle strength, an increased risk of additional fractures and increased mortality. We believe the selective stimulation of androgen receptors in muscle and bone provides an attractive therapeutic approach for patients recovering from hip fractures. In Phase 1 clinical trials, VK5211 demonstrated statistically significant increases in LBM among treated subjects following 21 days of treatment. Statistically significant refers to a low probability, generally regarded as less than or equal to 5%, of obtaining the observed result under a hypothesis that assumes no difference between treatment groups. We also observed positive dose-dependent trends in functional exercise and strength measures consistent with anabolic activity. In addition, no drug-related serious adverse events were reported. In an established animal model of osteoporosis, treatment with VK5211 resulted in significant increases in BMD and bone strength. In October 2015, we commenced enrollment for a Phase 2 proof-of-concept clinical trial in patients recovering from non-elective hip fracture surgery, and we expect to enroll a total of 120 patients

and complete enrollment in this clinical trial in the second half of 2016. We also plan to discuss with the U.S. Food and Drug Administration, or the FDA, potential clinical development of VK5211 in other acute use settings, such as cancer cachexia.

Hip fractures occur in over 300,000 persons in the U.S. annually. Most hip fractures occur in the elderly, often resulting from minimal trauma, such as a fall from standing height. Unfortunately, elderly individuals are at higher risk of substantial morbidity and mortality due to these fractures as a result of higher rates of frailty and undernourishment. Furthermore, the rate of hip fracture is known to increase with age, doubling every 5-6 years after age 60. Hip fractures can lead to devastating consequences. Disability frequently results from persistent pain and limited physical mobility. Hip fractures are associated with substantial morbidity and mortality, with approximately 15%-20% of patients dying within one year of fracture. There are currently no approved therapies in the U.S. for restoration or preservation of LBM, BMD or physical function in patients who have suffered a hip fracture. Pharmacological interventions, including with steroids, have demonstrated limited clinical benefit or expose patients to the risk of undesirable side-effects, such as virilization in women and prostate growth in men. We believe the potential size of the worldwide hip fracture treatment market for a SARM exceeds $1.0 billion annually.

Our second program is focused on the development of orally available small molecule thyroid hormone receptor beta, or TRß, agonists. Our two lead molecules are VK2809 and VK0214. We believe selective thyroid receptor agonists have the potential to treat a variety of lipid disorders. Thyroid hormone receptors are found in several tissues throughout the body. The TRß isoform is the major receptor subtype expressed in the liver and the TRa isoform is the major subtype expressed in the heart. Selective activation of the TRß receptor in liver tissue is believed to favorably affect cholesterol and lipoprotein levels via multiple mechanisms, including increasing the expression of low-density lipoprotein receptors, or LDL, receptors and increasing mitochondrial fatty acid oxidation. These characteristics in turn lead to reductions of LDL cholesterol, or LDL-C, plasma and liver triglycerides. We are developing VK2809 for the potential treatment of hypercholesterolemia and fatty liver disease. We are developing VK0214 for the potential treatment of X-linked adrenoleukodystrophy, or X-ALD. We believe our selective TRß agonists are capable of achieving this unique lipid lowering profile without eliciting unwanted effects on the heart and thyroid hormone axis.

VK2809 is an orally available, tissue and receptor-subtype selective agonist of the thyroid beta receptor that is entering Phase 2 development for the treatment of patients with hypercholesterolemia and fatty liver disease. VK2809 belongs to a family of novel prodrugs which are cleaved in vivo to release potent thyromimetics.

In a Phase 1 multiple ascending dose clinical trial, patients with mild hypercholesterolemia who were treated with VK2809 at doses of 5 mg and above experienced significant placebo-adjusted LDL-C reductions from baseline, ranging from approximately 15%-41%. In addition, placebo-adjusted triglyceride levels were reduced by more than 30% at doses of 2.5 mg and above. There were no serious adverse events observed in this trial, and no differences in heart rate, heart rhythm or blood pressure were observed between VK2809 and placebo-treated patients. In addition, VK2809 has demonstrated significant reductions in liver fat content in multiple animal models of fatty liver disease, suggesting potential efficacy in the setting of nonalcoholic steatohepatitis, or NASH. We plan to commence a Phase 2 clinical trial of VK2809 in approximately 100 patients with hypercholesterolemia and fatty liver disease in the first half of 2016 and to complete this clinical trial in the fourth quarter of 2016 or the first quarter of 2017.

In the U.S., the number of patients with dyslipidemia was estimated to be greater than 100 million in 2013. In the U.S., 33.5% of adults, or 71.0 million people, have high LDL-C. NASH is a growing epidemic in the U.S., and is quickly becoming a leading cause of cirrhosis and liver failure. It is estimated that NASH affects 2% to 5% of Americans, or 6.0 to 15.0 million people. As a result, we believe the global market opportunity for VK2809 in hypercholesterolemia or NASH exceeds $1.0 billion.

We are also developing VK0214 for X-ALD, a rare X-linked, inherited neurological disorder characterized by a breakdown in the protective barriers surrounding brain and nerve cells. The disease is caused by mutations in a peroxisomal transporter of very long chain fatty acids, or VLCFA, known as the adenosine triphosphate binding cassette transporter D1, or ABCD1. As a result, transporter function is impaired and patients are unable to efficiently metabolize VLCFA. The TRß receptor is known to regulate expression of an alternative VLCFA transporter, known as ABCD2. Various preclinical models have demonstrated that increased expression of ABCD2 can lead to normalization of VLCFA metabolism. Preliminary in vitro data suggest that VK0214 stimulates ABCD2 expression. We are conducting studies of VK0214 in an in vivo model of disease. Pending completion of this work, we expect in 2016 to commence work directed toward filing an Investigational New Drug Application, or IND.

X-ALD is a rare, often fatal condition believed to occur with an incidence of approximately one in 17,000 births. X-ALD is caused by mutations in the gene encoding for ABCD1, which is located on the X chromosome. Men have one X chromosome, while women have two copies. Because of this, an inherited mutation in the ABCD1 gene is more likely to manifest in males relative to females. The ABCD1 protein plays a critical role in the transport of VLCFA into a cellular organelle called the peroxisome, where VLCFA metabolism and disposal occur. Without functional ABCD1, VLCFA accumulate in cells, including neural cells, where they can lead to membrane disruption and damage to the myelin sheath, a protective and insulating membrane that surrounds nerve cells in the brain. This damage can result in decreased motor coordination and function, visual and hearing disturbances, the loss of cognitive

function, dementia, seizures, adrenal dysfunction and other complications, including death. There are currently no approved therapies for X-ALD and pharmacologic interventions have demonstrated limited clinical benefit. As a result, we believe the worldwide X-ALD market exceeds $1.0 billion.

We have a pipeline with three additional programs targeting metabolic diseases and anemia. Our most advanced pipeline program is VK0612, a first-in-class, orally available Phase 2b-ready drug candidate for type 2 diabetes. Preliminary clinical data suggest VK0612 has the potential to provide substantial glucose-lowering effects, with an attractive safety and convenience profile compared with existing type 2 diabetes therapies. Our preclinical programs are focused on identifying orally available erythropoietin receptor, or EPOR, agonists, for the potential treatment of anemia, and on the development of tissue-selective inhibitors of diacylglycerol acyltransferase-1, or DGAT-1, for the potential treatment of obesity and dyslipidemia.

Our Product Pipeline

The following table highlights our product pipeline:

Key: SARM, selective androgen receptor modulator; TRß, thyroid receptor beta; NASH, nonalcoholic steatohepatitis.

Our Strategy

We intend to become a leading biopharmaceutical company focused on the development of novel, first-in-class or best-in-class therapies for metabolic and endocrine disorders. The key elements of our strategy include:

Advance the development of VK5211 for hip fracture and other muscle wasting disorders. We have commenced enrollment for a Phase 2 proof-of-concept clinical trial in patients recovering from non-elective hip fracture surgery, and we expect to enroll a total of 120 patients and complete enrollment in this clinical trial in the second half of 2016 and complete the trial in the first quarter of 2017. Pending positive data from this clinical trial, we plan to advance VK5211 in further clinical trials.

Advance the development of VK2809 for hypercholesterolemia and fatty liver disease. We plan to commence a Phase 2 clinical trial in approximately 100 patients with hypercholesterolemia and fatty liver disease in the first half of 2016 and expect to complete this clinical trial in the fourth quarter of 2016 or the first quarter of 2017.

Advance the development of VK0214 for X-ALD. We are evaluating VK0214 in an animal model of X-ALD and expect to complete the study in 2016.

Advance the development of VK0612 for type 2 diabetes. Pending receipt of sufficient funding, we intend to commence clinical development of VK0612 to evaluate once-daily doses of VK0612 in patients with poorly-controlled type 2 diabetes.

Advance the development of our preclinical programs. We currently have two additional preclinical programs in development. Pending receipt of sufficient funding, we also plan to further advance our EPOR agonist and DGAT-1 inhibitor programs.

Evaluate strategic partnership and collaboration opportunities. We plan to selectively evaluate partnership and collaboration opportunities throughout the duration of our development programs. In addition, we may opportunistically pursue in-licensing opportunities.

VK5211: A Selective Androgen Receptor Modulator (SARM) for Hip Fracture

Product Summary

Our lead clinical program, VK5211, is an orally available, non-steroidal SARM in development for the treatment of patients recovering from non-elective hip fracture surgery. VK5211 is designed to selectively produce the therapeutic benefits of testosterone in muscle and bone tissue with improved safety and tolerability. Tissue selectivity is critical in treating patients recovering from hip fracture. These patients experience elevated rates of metabolic breakdown of muscle tissue and loss of BMD. This results in a loss of muscle strength, an increased risk of additional fractures and increased mortality. Androgens, such as testosterone, are hormones that stimulate a variety of physiologic processes, including muscle, bone, hair and prostate growth. However, testosterone’s lack of selectivity can produce undesirable side effects such as prostate growth in men, and hair growth and masculinization in women.

VK5211 has been evaluated in three Phase 1 clinical trials. Based on these clinical and additional preclinical data, we believe VK5211 has the following important characteristics that may suggest therapeutic benefits in patients recovering from hip fracture surgery:

Improvement in lean body mass: Preliminary Phase 1 data suggest VK5211 rapidly stimulates the formation of LBM, an important property for the hip fracture recovery setting, where patients can lose up to 6% of lean body mass in the two months following injury.

Improvement in bone growth and density: VK5211 has demonstrated encouraging efficacy in a standard animal model of osteoporosis, demonstrating improved bone mineral content, density and strength. This may benefit patients following hip surgery, where loss of bone mineral density can exceed 12 times the background rate for patients with osteoporosis.

Encouraging tolerability: VK5211 has been well-tolerated at and above doses that we are currently administering in our Phase 2 clinical trial.

Novel mechanism of action: Based on the anabolic characteristics imparted by selective activation of the androgen receptor, we believe VK5211 may stimulate bone and muscle growth, without demonstrating adverse bone remodeling properties that are a potential concern for osteoporosis drugs such as bisphosphonates. We expect VK5211’s novel mechanism of action to provide critical bone and muscle growth promoting advantages.

Once-daily, oral convenience: Clinical data suggest that VK5211 has the potential to provide therapeutic benefits via once-daily oral dosing. This may represent an important advantage among elderly patients, relative to injectable protein or bisphosphonate therapies.

The initial IND filing for VK5211 was submitted in December 2008 by Ligand. The subject of the IND was an application to begin clinical investigations of the drug substance in healthy volunteers. In a Phase 1 clinical trial, VK5211 was shown to be safe and well-tolerated following daily oral administration for 21 days. In this clinical trial, statistically significant increases in lean muscle mass were observed in drug-treated subjects compared to subjects treated with placebo (p=0.047), and positive dose-dependent trends in functional exercise and strength measures were consistent with anabolic activity. Statistically significant refers to a low probability, generally regarded as less than or equal to 5%, of obtaining the observed result under a hypothesis that assumes no difference between treatment groups. No clinically significant drug-related adverse events were reported. In animal models, VK5211 has demonstrated anabolic activity in muscles, anti-resorptive and anabolic activity in bones, and robust selectivity for muscle and bone versus prostate and sebaceous glands.

In October 2015, we commenced enrollment for a Phase 2 proof-of-concept clinical trial in patients recovering from non-elective hip fracture surgery, and we expect to enroll a total of 120 patients and complete enrollment in this clinical trial in the second half of 2016. Pending positive data from this clinical trial, we plan to advance VK5211 in further clinical trials. We also plan to discuss with the FDA potential clinical development of VK5211 in other settings, such as cancer cachexia.

Androgens and Androgen Receptors

Androgens are important for the proper regulation of the reproductive system, and play critical roles in the homeostasis of the muscular, skeletal, cardiovascular, metabolic and central nervous systems. The most predominant androgen hormone is testosterone. Testosterone is predominately produced in the testes in men and in the adrenal glands and ovaries in women, albeit at lower levels than in men. Testosterone stimulates the growth of muscle and bone, also known as anabolic effects, as well as the growth of the prostate and sebaceous gland, also known as androgenic effects and, as such, testosterone is considered a non-tissue-selective androgen.

While testosterone preparations are widely used for the treatment of male hypogonadism, the androgenic activity of testosterone limits its use in women and in elderly men who have a higher risk of developing benign prostatic hyperplasia, or BPH, a benign increase in prostate size, and prostate cancer. In men, the lack of selectivity of anabolic steroids may result in side effects such as acne, hair loss and progression of BPH and/or prostate cancer. In women, exposure to exogenous testosterone can be associated with hair growth, acne and masculinization. Furthermore, testosterone must be administered by intramuscular injections, transdermal patches or gels. These routes of administration can be inconvenient or associated with potential safety issues. We believe VK5211’s selectivity, limited off-target effects and convenient route of administration may make it superior to off-label testosterone for treating hip fracture and other muscle wasting disorders.

SARMs are a class of small molecules designed to elicit the benefits of androgens on tissues such as muscle and bone, without the undesirable effects on prostate and sebaceous glands, by selectively activating androgen receptors in certain tissues. We believe that, based on their robust activity on muscle and bone, SARMs can be used for the potential treatment of a number of diseases or disorders, including hip fracture, muscle wasting, osteoporosis, frailty and hormone deficiency in both men and women in cases where testosterone supplements or anabolic steroid treatments are ineffective or where the side effect profile is inappropriate.

Hip Fracture and Other Muscle Wasting Market Opportunities

We are currently conducting a Phase 2 clinical trial for acute rehabilitation following non-elective hip fracture surgery. More than 300,000 patients in the U.S. experience hip fractures each year, and approximately 50% lose the ability to live independently following the injury. The number of hip fractures is expected to grow in the U.S. as the population ages. Due to required limitations in mobility following hip fracture, patients experience muscle atrophy, or deterioration from lack of use, which impacts the time required for rehabilitation to restore physical function. We believe VK5211’s potential stimulatory effect on lean body mass could result in benefits to patients recovering from hip fracture or other conditions requiring orthopedic intervention, such as hip or knee replacement surgery. Currently, there are no approved therapies to assist in the maintenance or restoration of LBM, BMD or restoration of functional performance for these patients.

Hip fracture in the elderly is a serious and debilitating condition with a high mortality rate. One year mortality in this group is estimated to range from 20% to 30% and an estimated 50% of patients lose the ability to walk independently. As a result of the loss of mobility, and additional morbidities caused by the hip fracture, 20% of patients will require stays at long-term care facilities. Studies show that following hip fracture, patients experience a severe and rapid decline in LBM and BMD. These reported rates of decline are 12 to 75 times the rates observed in persons of similar age and demographics who have not sustained a hip fracture. Loss of LBM is believed to contribute to morbidity, disability and risk of re-fracture in hip fracture patients. Loss of BMD is associated with an increased risk of mortality and re-fracture. The following graphs illustrate the representative losses in LBM and BMD in the 60 days following hip fracture, as measured in the total hip and at the femoral neck.

No therapies are currently approved to treat patients experiencing loss of LBM and BMD in the acute setting following non-elective hip fracture surgery. In addition, there are no approved therapies to facilitate improved functional performance following surgery.

VK5211: A Potent, Non-Steroidal SARM

VK5211 is an orally available, non-steroidal SARM. VK5211 is a third generation SARM with greatly improved tissue-selectivity and other characteristics relative to earlier-generation SARM-targeting drug candidates. VK5211 selectively activates androgen receptors

in muscle and bone, stimulating muscle and bone growth, while avoiding undesirable side effects, such as unwanted hair growth, acne or stimulation of sebaceous glands and prostate growth. We believe VK5211 is a potential best-in-class compound due to its selectivity, potency and ability to show positive effects within a short treatment duration.

Clinical Data for VK5211

In three Phase 1 clinical trials, VK5211 was shown to be safe and well-tolerated at all doses following daily oral administration for up to 21 days. There were no reported serious adverse events determined to be related to treatment, and no clinically significant changes in liver function tests, prostate-specific antigen, hematocrit or electrocardiogram readings were observed. Moreover, subjects treated with VK5211 for 21 days experienced statistically significant increases in lean muscle mass, and positive dose-dependent trends in functional exercise and strength measures were consistent with anabolic activity.

The first Phase 1 clinical trial was a randomized, double-blind, placebo-controlled trial in 48 healthy male volunteers conducted in 2009. In this clinical trial, six cohorts received an escalating single dose of VK5211 ranging from 0.1 mg to 22 mg. The primary objective of this clinical trial was to evaluate the safety and tolerability of escalating single doses of VK5211 in healthy male subjects. Secondary objectives of the first Phase 1 clinical trial included a determination of the pharmacokinetics, or PK, and pharmacodynamics, or PD, of single escalating doses of VK5211 in healthy male subjects. The results showed that single doses at the levels administered were well-tolerated and no serious or severe adverse events were observed among subjects receiving VK5211. The PD results showed dose-related decreases in total testosterone and sex-hormone binding protein, consistent with the mechanism of action of selective androgen receptor modulation. A dose-related decrease in fasting serum HDL was also observed. VK5211 was well-tolerated and demonstrated predictable dose-proportional increases in systemic exposure.

In a subsequent Phase 1 multiple ascending dose clinical trial, which commenced in 2010 and was completed in 2011, 76 healthy men in three cohorts were dosed daily with placebo, 0.1 mg, 0.3 mg or 1 mg of VK5211 for 21 days. The primary objective of the second Phase 1 clinical trial for VK5211 was to assess the safety and tolerability of escalating doses of VK5211 following repeated once-daily oral administration for 21 days in healthy men. Secondary objectives included a determination of the PK and PD of VK5211 following repeated once-daily oral administration for 21 days. Exploratory objectives included a determination of the effects of 21 days of treatment with VK5211 on lean body mass measured by dual energy X-ray absorptiometry scan, maximal voluntary strength measured by the one repetition maximum method, and stair climbing power. The average body mass index in all cohorts ranged from 24.6 kg/m² to 27.0 kg/m² . In this clinical trial, subjects receiving 1 mg doses of VK5211 demonstrated a statistically significant 1.21 kilogram average increase in lean body mass. Positive, dose-dependent trends in strength and performance measurements were also observed. There were no significant changes or trends in fat mass across cohorts. VK5211 was shown to be safe and well tolerated, with a similar frequency of adverse events between the treated and placebo groups. There were no drug-related serious adverse events. In addition, there were no significant changes in hemoglobin, prostate-specific antigen, liver function tests or QT interval at any dose. VK5211 also displayed a favorable pharmacokinetic profile, without any changes in prostate-specific antigen.

In September 2015, we completed a Phase 1 clinical trial of VK5211 in 24 healthy male and female subjects aged 65 and over. Subjects received once-daily oral doses of VK5211 for seven days. The results of this study showed VK5211 to be safe and well-tolerated, with predictable pharmacokinetic properties.

Preclinical Data

VK5211 has also demonstrated anabolic activity in muscles, anti-resorptive and anabolic activity in bone, and robust selectivity for muscle and bone versus prostate and sebaceous glands in animal models. The effects of VK5211 on bone strength, bone mineral content and BMD were evaluated in ovariectomized female rats, which are rats that have undergone surgical removal of the ovaries. The ovariectomized rat model is a standard animal model for evaluating the effect of pharmaceutical agents in osteoporosis, because removal of ovaries stimulates high bone turnover and subsequent bone loss, creating a simulated post-menopausal state that models the metabolic changes in post-menopausal osteoporosis patients. As shown below, in ovariectomized rats, at the two highest doses, VK5211 produced significant increases in femur bone mineral content and bone strength relative to ovariectomized rats treated with vehicle. In addition, VK5211 demonstrated anabolic effects in bone formation rates, bone density, bone volume and trabecular thickness.

Effects of VK5211 on Bone in Ovariectomized Rats

The tissue-selectivity of VK5211 was examined in a castrated rat model. The castrated rat model is a standard animal model for examining tissue selectivity for SARMs due to the rapid nature of muscle atrophy in castrated animals and the high sensitivity to muscle growth upon androgen-based treatment. Muscle mass can be restored with a potent androgen-receptor agonist, such as testosterone. Initially, rats are castrated or receive sham surgery. Sham rats are rats that receive surgical procedures that do not remove the ovaries or have other physiologic purposes. Upon recovering from the surgery, castrated and sham rats are administered either an active therapy such as VK5211 or testosterone. The effects of therapy in this model are assessed by measuring muscle and prostate tissue mass. Muscle mass in castrated animals treated with vehicle is assigned 0% relative efficacy, while muscle mass in non-castrated animals that underwent sham surgery is assigned 100% relative efficacy. For example, a castrated rat treated with a drug that demonstrates 100% relative efficacy would have equivalent tissue mass to a non-castrated rat.

In this model, VK5211 demonstrated greater than 500-fold selectivity for maintaining muscle weight at non-castrate levels relative to the effects on prostate weight. By comparison, testosterone shows similar effects on both muscle and prostate tissue. These data suggest that VK5211 is highly tissue-selective for muscle, potentially leading to an improved therapeutic profile relative to testosterone.

Effects of VK5211 in Muscle and Prostate Tissue in Castrated Rats

In studies of VK5211 in non-human primates, treatment periods of 14 days and 13 weeks resulted in significant increases in body mass relative to baseline. For example, in a 13 week good laboratory practice-safety study, treated animals experienced progressive body weight gain of 20% to 47% from baseline. Most of this increase in body weight was retained after a four-week recovery period.

Development Plans

We expect to develop VK5211 for potential treatment of a wide range of diseases and disorders in both men and women. In October 2015, we commenced enrollment for a randomized, double-blind, placebo-controlled, multicenter Phase 2 proof-of-concept trial in patients who recently underwent non-elective hip fracture surgery. We expect to enroll approximately 120 patients in this clinical trial. We will evaluate three doses of VK5211 and plan to assess changes in LBM, BMD, functional status and quality of life among treated versus untreated patients after 12 weeks of therapy. We expect enrollment in this clinical trial to be completed in the second half of 2016, and the trial to be completed in the first quarter of 2017. Pending positive data from this study, we plan to advance VK5211 in further clinical trials. We also plan to discuss with the FDA potential clinical development of VK5211 in other settings, such as cancer cachexia.

Future Opportunity in Cancer Cachexia

Cachexia is a complex disease characterized by an uncontrolled decline in muscle mass. Patients suffering from cachexia experience increased rates of metabolic breakdown of muscle tissue, resulting in a loss of muscle strength and reduced body weight. The condition is often found secondary to an underlying disease, such as cancer, chronic obstructive pulmonary disease, heart failure and HIV/AIDS. It is estimated that a combined total of approximately 9.0 million people suffer from cachexia in the U.S., Europe and Japan. A combination of factors tied to the underlying disease, including reduced growth factor production and overproduction of inflammatory and apoptosis, or cell-death, mediators, create an imbalance in muscle formation and degradation. The resulting dysregulation and associated weight loss leads to increased mortality rates in affected patients. Common clinical symptoms include decline in physical function and impaired immune function, which contribute to increased disability, fatigue, diminished quality of life and reduced rate of survival.

Although muscle wasting associated with cancer can be partially attributed to nutritional deficiencies, the use of appetite stimulants and nutritional interventions are generally ineffective. This is likely due to the failure of these approaches to address the underlying catabolic processes contributing to muscle wasting. Additionally, cancer patients with severe weight loss, poor performance status and metastatic disease who no longer respond to therapy may be less likely to respond to single therapies designed to increase muscle mass and improve physical function. Because muscle wasting, which often leads to refractory cachexia, has significant negative

impacts on patients and their families, early intervention with therapeutic agents aimed at stimulating muscle mass is critically important.

Approximately 2.0 million cancer patients in North America and Europe suffer from cachexia, and it is estimated that up to 20% of all cancer deaths are a direct result of cachexia. It is particularly common among patients with lung, gastric, colorectal or pancreatic cancers, with up to 80% of patients with gastric or pancreatic cancers, and approximately 50% of patients with lung or colorectal cancers, suffering from the syndrome. There are currently no approved therapies in the U.S. for cancer cachexia, and pharmacological interventions have demonstrated limited clinical benefit or expose patients to the risk of undesirable side-effects such as virilization in women and prostate growth in men. As a result, we believe the potential size of the worldwide cancer cachexia market exceeds $1.0 billion.

Pending approval of VK5211 in the acute hip fracture setting, we may seek to pursue label expansion for VK5211 in non-small cell lung cancer, or NSCLC, patients with cachexia. According to the American Cancer Society, an estimated 224,000 patients in the U.S. are projected to be diagnosed with lung cancer in 2014, of which approximately 85% of these cases are expected to be NSCLC. At diagnosis, approximately half of NSCLC patients present with some form of muscle wasting syndrome. Muscle wasting in this population is associated with reduced strength, increased fatigue and a decrease in overall quality of life. In addition, data indicate that lean body mass may correlate with overall survival, suggesting a potential link between improvement in lean body mass and survival. We believe VK5211 may benefit a large segment of the NSCLC patient population, due to the drug’s potential therapeutic benefits on muscle mass and associated functional gains.

VK2809 and VK0214: Novel Selective Thyroid Hormone Receptor-ß, or TRß, Agonists for Lipid Disorders and Adrenoleukodystrophy

Product Summary

VK2809 and VK0214 are novel, orally available, selective TRß agonists in development for lipid disorders and X-ALD. Thyroid hormone receptors are found in various tissues throughout the body. TRß is the major receptor isoform expressed in the liver and TRa is the major isoform expressed in the heart. The unique properties of our TRß agonists are designed to reduce or eliminate the deleterious effects of extra-hepatic thyroid receptor activation. In particular, high tissue and TRß selectivity may lead to reduced activity at the TRa receptor, which can be associated with increased respiration and cardiac tissue hypertrophy. Selective activation of the TRß receptor in liver tissue is believed to favorably affect cholesterol and lipoprotein levels via multiple mechanisms, including increasing the expression of low-density lipoprotein receptors and increasing mitochondrial fatty acid oxidation. These characteristics in turn lead to reductions of LDL-C, plasma and liver triglycerides. In addition, our chemical structures are not substrates for certain transporters involved in the uptake of thyroid hormone. Various animal models have shown that our molecules, as a result of their unique profiles, may have reduced cardiovascular effects versus thyroid hormone and other thyromimetics.

As a result of these characteristics, we believe our selective TRß agonists are capable of eliciting a unique lipid lowering profile without eliciting unwanted effects on the heart and thyroid hormone axis. In Phase 1 clinical trials, subjects treated with VK2809 at doses of 5 mg and above experienced significant placebo-adjusted LDL-C reductions from baseline, ranging from approximately 15-41%. In addition, placebo-adjusted triglyceride levels were reduced by more than 30% at doses of 2.5 mg and above. There were no serious adverse events observed in this trial, and no differences in heart rate, heart rhythm or blood pressure were observed between VK2809 and placebo-treated patients. In addition, VK2809 has demonstrated significant reductions in liver fat content in multiple animal models of fatty liver disease, suggesting potential efficacy in the NASH setting.

We are developing VK2809 for the potential treatment of cholesterolemia and fatty liver disease. Because prior studies have shown excellent data in both the lipid-lowering setting and in models of fatty liver disease, we plan to conduct a Phase 2 clinical trial to evaluate both potential indications. We will target patients who have elevated cholesterol, fatty liver disease, and at least three risk factors for metabolic syndrome. Metabolic syndrome is considered a major driver for the onset of NASH. The primary endpoint of this trial will assess changes in LDL-C, with exploratory endpoints evaluating changes in liver fat content, inflammatory markers, and histological changes. We expect to commence the study in the first half of 2016 and complete the study in the fourth quarter of 2016 or the first quarter of 2017. Upon conclusion, we expect to be in a position to move forward in either hypercholesterolemia or NASH.

VK2809 Summary

VK2809 has been evaluated in two Phase 1 clinical trials. Based on these clinical and additional preclinical data, we believe VK2809 has the following important characteristics that may benefit patients with metabolic or lipid disorders:

Broader efficacy: Preliminary Phase 1 data suggest VK2809 could reduce plasma LDL-C, triglyceride and atherogenic protein levels by greater amounts than existing oral therapies. Such broad and potent lipid lowering-activity may be particularly desirable for poorly-controlled patients with hypercholesterolemia or mixed dyslipidemia, or among patients with risk factors such as chronic kidney disease.

Encouraging safety profile: VK2809 has demonstrated encouraging safety to date in over 110 subjects. No drug related serious adverse events were observed. In addition, no cardiovascular abnormalities were reported, in-line with the expected high tissue and receptor selectivity for VK2809.

Encouraging tolerability: VK2809 has been well-tolerated at and above doses that we plan to administer in future clinical trials.

Novel mechanism of action: Based on its selective thyroid receptor targeting mechanism of action, we believe VK2809 has the potential to lower plasma and liver lipid levels in a manner complementary to existing agents such as statins. In particular, we expect the unique liver-targeting properties of VK2809 will impart a robust lipid lowering effect within hepatic tissue, with potential therapeutic applications in fatty liver diseases such as NASH.

Combinability: VK2809’s novel mechanism of action is expected to allow combinability with many existing therapies, leading to enhanced efficacy and potentially delaying transition to subsequent therapies.

Once-daily convenience: Clinical data suggest that VK2809 has the potential to lower plasma lipid levels in hypercholesterolemia patients as a once-daily oral therapy.

Clinical Data for VK2809

VK2809 has been evaluated in two Phase 1 clinical trials. The initial Phase 1 safety, tolerability and pharmacokinetic study of VK2809 was conducted in 2006. This was followed by a 14-day Phase 1b clinical trial in 56 patients with mild hypercholesterolemia, defined as baseline plasma LDL-C of at least 100 mg/dL. This study was initiated in 2007 and completed in 2008. VK2809 was shown to be safe and well-tolerated across doses ranging from 0.25 mg to 40 mg per day. There were no serious adverse events, and the frequency of adverse events in VK2809-treated subjects was similar to placebo-treated subjects. No differences in heart rate, heart rhythm or blood pressure were observed between VK2809 and placebo-treated patients. Mild increases in liver enzymes were observed at the higher doses of VK2809 along with dose-related mean shifts in thyroid hormone levels. The clinical trial results also showed dose-related reductions in fasting LDL-C and fasting triglyceride, or TG, levels at day 14. Significant placebo-adjusted LDL-C reductions from baseline were observed at doses of 5 mg and above and ranged from approximately 15%-41%, while placebo-adjusted TG levels were reduced by more than 30% at doses of 2.5 mg and above. In addition, statistically significant reductions of lipoprotein a (Lp(a)) and apolipoprotein (Apo(B)), which are believed to be positively associated with a patient’s risk of developing cardiovascular disease, were observed in certain cohorts. We believe these preliminary results compare favorably with the lipid lowering activities of existing oral agents for hyperlipidemia. A comparison of the Phase 1b efficacy results of VK2809 and data from existing hyperlipidemia agents is shown in the table below.

Preclinical Data

VK2809, which is our most advanced TRß agonist, is a potent small molecule that is selective for the TRß receptor compared with the alpha receptor. VK2809 has an equilibrium dissociation constant Ki, which refers to the concentration of drug required to occupy 50% of available TRß receptors, of approximately 2 nanomoles per liter, and has approximately 16:1 selectivity for the beta receptor over the alpha receptor. VK2809 has demonstrated cholesterol-lowering activity in five animal species. In addition, VK2809 has demonstrated additive cholesterol lowering activity when combined with atorvastatin, an approved and widely prescribed medication for lowering cholesterol. Treatment of rodents with VK2809 also led to a beneficial reduction in liver fat content. For example, histologic evaluation of liver tissue, as well as quantitative data showing liver triglyceride content was reduced by more than 40% in some rodent models of hepatic steatosis, demonstrated encouraging preliminary signs of efficacy in the reduction of liver fat. We believe the reduction of liver fat content results suggest a potential benefit in diseases characterized by excessive accumulation of lipids in liver tissue, such as NASH. We believe the totality of results from our TRß agonist program suggest that VK2809 possesses an attractive profile for potential future development in a variety of lipid disorders, including dyslipidemia, hypercholesterolemia and NASH.

VK2809 Development Plans

We are developing VK2809 for potential treatment of cholesterolemia and fatty liver disease. Because prior studies have shown excellent data in both the lipid-lowering setting and in models of fatty liver disease, we plan to conduct a Phase 2 clinical trial to evaluate both potential indications. We will target patients who have elevated cholesterol, fatty liver disease, and at least three of the five criteria developed by the National Cholesterol Education Program Adult Treatment Panel (NCEP ATP, 2005 revision) that are used to diagnose patients with metabolic syndrome. Metabolic syndrome is considered a major driver for the onset of NASH. The primary endpoint of this trial will assess changes in LDL-C, with exploratory endpoints evaluating changes in liver fat content, inflammatory markers and histological changes. We expect to commence the clinical trial in the first half of 2016 and complete the clinical trial in the fourth quarter of 2016 or the first quarter of 2017. Upon conclusion, we expect to be in a position to move forward in either hypercholesterolemia or NASH.

Opportunity in X-ALD

We are developing VK0214 for X-ALD, a rare X-linked, inherited neurological disorder characterized by a breakdown in the protective barriers surrounding brain and nerve cells. The disease, for which there is no approved treatment, is caused by mutations in a peroxisomal transporter of very long chain fatty acids, or VLCFA, known as ABCD1. As a result, transporter function is impaired and patients are unable to efficiently metabolize VLCFA. VK0214 is a novel selective TRß agonist. TRß is known to regulate expression of an alternative VLCFA transporter, known as ABCD2. Various preclinical models have demonstrated that increased expression of ABCD2 can lead to normalization of VLCFA metabolism. Preliminary in vitro data suggest that VK0214 stimulates

ABCD2 expression. We are conducting studies of VK0214 in an in vivo model of disease. Pending completion of this work, we expect in 2016 to commence work directed toward filing an IND.

Cerebral adrenoleukodystrophy, or CALD: The most severe form of X-ALD is CALD. CALD is characterized by a progressive inflammatory destruction of myelin, leading to severe loss of neurological function and eventual death. Approximately 35% to 40% of male X-ALD patients present with cerebral involvement at a younger age, between the ages of 5 and 12 years. However, up to 20% of male X-ALD patients develop cerebral involvement later in life, between the ages of 20 and 35 years. In male children affected by CALD, learning and behavioral problems are often the first clinical manifestations of disease. In the absence of intervention, patients affected by CALD typically experience rapid degeneration into vegetative state within 3 to 5 years, often resulting in death within 10 years of diagnosis.

Adrenomyeloneuropathy, or AMN: AMN is the more common form of X-ALD and is considered the default form of the disease in patients surviving beyond childhood. AMN is expected to affect all adult males with ABCD1 mutations, and approximately 65% of females. In males, the diagnosis is usually made between the ages of 20 and 50 and in females after the age of 65. AMN accounts for approximately half of all patients diagnosed with X-ALD. Patients with AMN generally present with slowly progressive symptoms resulting from (non-inflammatory) disruption of the axons, which are a fundamental component of the central nervous system (which allows nerve signals to be transmitted), in the spinal cord. Patients experience a variety of symptoms, including weakness in the legs, impaired vibration sense, incontinence and impotence. Severe motor disability, requiring the use of a wheelchair or cane, develops over a 3 to 15 year period. Many patients experience lower limb paralysis. While AMN is generally considered to develop more gradually relative to CALD, approximately 35% of AMN patients experience a rapid progression of myelopathy over a three to five year period. In addition, approximately 40% of AMN patients have or will develop CALD, with varying degrees of associated inflammation.

No Treatment Options for Majority of X-ALD Manifestations

There is a clear unmet medical need for patients suffering from X-ALD. CALD has been more commonly targeted for treatment due to its devastating effects, which are often manifested at a young age. For these patients, the only currently effective treatment option is allogeneic hematopoietic stem cell, or HSC, transplant. In this procedure, the patient is treated with HSCs containing the properly functioning copy of the ABCD1 gene, contributed by a donor other than the patient. Additionally, a method of ex vivo insertion of a functional copy of the ABCD1 gene via an HIV-1 based lentiviral vector into the patient’s own HSCs to correct the aberrant expression of ABCD1 in patients with CALD is also in development. Over time with either method, as the transplanted cells grow and repopulate, a partial restoration of ABCD1 function can be achieved, leading many patients to resolution of progression in the cerebral form of the disease. While these forms of genetic correction have also shown potential clinical benefits, there is currently no approved therapy for X-ALD. In addition, recent data suggest that, even among successfully transplanted patients, AMN can develop. We believe our thyroid receptor agonists, which have the potential to normalize metabolism of VLCFAs peripherally, and potentially centrally, may positively impact all forms of X-ALD, including the currently untreatable AMN form.

VK0214 Development Plans

We also plan to complete ongoing preclinical experiments with VK0214 in cell and animal models of X-ALD. We plan to complete an in vivo study in an established model of disease and report preliminary data in 2016. Pending completion of this work, we expect in 2016 to commence work directed toward filing an IND.

Three Pipeline Programs Target Metabolic Disease with Large Unmet Medical Need

We have a pipeline with three additional programs targeting metabolic diseases and anemia. Our pipeline programs include VK0612, a first-in-class, orally available Phase 2b-ready drug candidate for type 2 diabetes. Preliminary clinical data suggest VK0612 has the potential to provide substantial glucose-lowering effects, with an attractive safety and convenience profile compared with existing type 2 diabetes therapies. Our preclinical programs are focused on identifying orally available erythropoietin receptor, or EPOR,

agonists, for the potential treatment of anemia, and on the development of tissue-selective inhibitors of diacylglycerol acyltransferase-1, or DGAT-1, for the potential treatment of obesity and dyslipidemia.

Fructose-1,6-bisphosphatase (FBPase) Inhibitor Program

VK0612 is a first-in-class, orally available drug candidate for type 2 diabetes, one of the largest global healthcare challenges today. Preliminary clinical data suggest VK0612 has the potential to provide substantial glucose-lowering effects, with an attractive safety and convenience profile compared with existing type 2 diabetes therapies.

VK0612 is a potent, selective inhibitor of fructose-1,6-bisphosphatase, or FBPase, an enzyme that plays an important role in endogenous glucose production, or the synthesis of glucose by the body. We believe the inhibition of FBPase provides an attractive approach to controlling blood glucose levels in patients with diabetes. VK0612 has demonstrated potent glucose lowering effects in diabetic animal models. Clinical trials have shown that VK0612 is safe, well-tolerated and leads to significant glucose-lowering effects in patients with type 2 diabetes. Pending receipt of sufficient funding, we intend to commence additional clinical trials of VK0612 in patients with type 2 diabetes.

VK0612 has been evaluated in seven clinical trials, including one Phase 2a and six Phase 1 clinical trials. The first five Phase 1 clinical trials were conducted between 2006 and 2007. These were followed by the Phase 2a clinical trial, which was initiated in 2007 and completed in 2008, and the Phase 1b clinical trial, which was conducted in 2008. Based on these clinical and additional preclinical data, we believe VK0612 has the following important advantages over many existing type 2 diabetes therapies:

Greater efficacy: Preliminary Phase 1 and 2 data suggest VK0612 could reduce plasma glycated hemoglobin A1c, or HbA1c, an important measure of long-term blood glucose levels, by 1% or more, potentially exceeding the typical anti-glycemic effects of newer drug classes.

Encouraging safety profile: VK0612 has demonstrated encouraging safety to date in over 250 subjects. No cases of hypoglycemia, or low blood glucose levels, lacticemia, or sustained lactic acid in the blood, or other drug-related safety issues were observed in these subjects.

Improved tolerability: VK0612 has been well-tolerated at and above doses that we plan to administer in our Phase 2b clinical trial, which we expect to be at or below 300 mg, with specific doses to be chosen based on the outcome of planned pharmacokinetic and pharmacodynamic calculations.

Novel mechanism of action: Based on its insulin-independent mechanism of action, we believe VK0612 lowers blood glucose levels independently of pancreatic function. We expect VK0612’s novel mechanism of action to provide critical durability and combinability advantages.

–

Durability: Diabetes is characterized by deteriorating pancreatic beta cell function. Given VK0612’s insulin-independent mechanism of action, the drug could provide a more durable therapeutic effect than many currently available type 2 diabetes therapies.

–

Combinability: VK0612’s novel mechanism of action is expected to allow combinability with many existing type 2 diabetes therapies, leading to enhanced efficacy and potentially delaying transition to subsequent therapies.

Weight and lipid neutral profile: Clinical and preclinical data suggest VK0612 has the potential to provide robust anti-glycemic effects while maintaining a weight and lipid neutral profile.

Once-daily convenience: Clinical data suggest that VK0612 has the potential to lower blood glucose levels in type 2 diabetes patients as a once-daily oral therapy.

We plan to commence a Phase 2b clinical trial with VK0612 in type 2 diabetes patients at a future date. Pending clinical data from this clinical trial, we may request an end-of-Phase 2 meeting with the FDA or may seek to commence Phase 3 clinical trials in type 2 diabetes patients either on our own or with a third party. The purpose of an end-of-Phase 2 meeting with the FDA would be to review our data with the FDA, discuss appropriate potential Phase 3 clinical trial designs and obtain agreement between us and the FDA on Phase 3 efficacy and safety objectives.

EPO Receptor (EPOR) Agonist Program

We are developing small molecule agonists of the erythropoietin, or EPO, receptor, or EPOR, for the potential treatment of anemia. Anemia results from a decrease in red blood cells and is typically experienced by patients with renal complications, cancer patients and HIV/AIDS patients. These patients currently receive recombinant human EPO and other erythropoiesis-stimulating agents, or ESAs. Total worldwide sales of these agents exceeded $6.0 billion in 2014. However, these agents have a number of limitations, including cost of drug manufacturing, cost of treatment, a non-oral route of administration, and potential for immunogenicity, or possibility of inducing an immune response. Furthermore, ESA treatment is associated with an increased risk of adverse

cardiovascular complications in patients with kidney disease when used to increase hemoglobin levels above 13.0 g/dL, and may be related to an increase in mortality in cancer patients. We believe that our drug candidates have the potential to treat anemia with improved safety, tolerability and route of administration. We plan to conduct further preclinical studies and file an IND with the FDA at a future date.

Diacylglycerol Acyltransferase-1 (DGAT-1) Inhibitor Program

We are developing small molecule inhibitors of the enzyme DGAT-1 for the potential treatment of lipid disorders such as obesity and dyslipidemia. According to the CDC, approximately 36% of the adult U.S. population is obese, with the prevalence expected to exceed 40% by 2018. The World Health Organization estimates at least 500.0 million people are currently obese worldwide. DGAT-1 is a potential therapeutic target for reduction of triglyceride levels in the circulation and fat accumulation in adipose tissues. DGAT-1 null mice exhibit both reduced post-meal plasma triglyceride levels and increased energy expenditure, but have normal levels of circulating free fatty acids. Conversely, transgenic mice that overexpress DGAT-1 in adipose tissue are predisposed to obesity when fed a high-fat diet and have elevated levels of circulating free fatty acids. We have developed a series of novel compounds with tissue- targeting properties intended to mitigate potential side effects by selectively targeting the enterocyte, or intestinal absorptive cells, in the intestine, to inhibit dietary triglyceride uptake, or the liver, to inhibit de novo triglyceride synthesis. We plan to conduct further preclinical studies and file an IND with the FDA at a future date.

Competition

The biopharmaceutical industry is characterized by rapidly advancing technologies, intense competition and a strong emphasis on proprietary products. While we believe that our technology, knowledge, experience and scientific resources provide us with competitive advantages, we face potential competition from many different sources, including commercial biopharmaceutical enterprises, academic institutions, government agencies and private and public research institutions. Any drug candidates that we successfully develop and commercialize will compete with existing therapies and new therapies that may become available in the future.

Many of our competitors have significantly greater financial resources and expertise in research and development, manufacturing, preclinical studies, clinical trials, regulatory approvals and marketing approved products than we do. Smaller or early-stage companies may also prove to be significant competitors, particularly through collaborative arrangements with large and established companies. Our competitors may succeed in developing technologies and therapies that are more effective, better tolerated or less costly than any which we are developing, or that would render our drug candidates obsolete and noncompetitive. Even if we obtain regulatory approval of any of our drug candidates, our competitors may succeed in obtaining regulatory approvals for their products earlier than we do. We will also face competition from these third parties in recruiting and retaining qualified scientific and management personnel, establishing clinical trial sites and patient registration for clinical trials, and in acquiring and in-licensing technologies and products complementary to our programs or advantageous to our business.

The key competitive factors affecting the success of each of our drug candidates, if approved, are likely to be its efficacy, safety, tolerability, frequency and route of administration, convenience and price, the level of branded and generic competition and the availability of coverage and reimbursement from government and other third-party payors.

VK5211

In the U.S., there are currently no marketed therapies for the maintenance or improvement of LBM, BMD or physical function in patients recovering from non-elective hip fracture surgery. However, VK5211, if approved, will face competition from several experimental therapies that are in various stages of development for acute rehabilitation following hip fracture surgery, including programs in development at Novartis AG and Morphosys AG. There are also several experimental therapies that are in various stages of clinical development for conditions characterized by muscle wasting by companies including GTx, Inc., Helsinn Group and Morphosys AG. In addition, nutritional and growth hormone-based therapies are sometimes used in patients experiencing muscle wasting.

VK2809

therapies targeting the proprotein convertase subtilisin/kexin type 9 (PCSK9) gene are expected to be prescribed for patients whose LDL remains elevated despite treatment with existing cholesterol-lowering agents. While no therapies are currently approved for the treatment of NASH, we are aware of several development-stage programs targeting this disease, including obeticholic acid from Intercept Pharmaceuticals, Inc., GFT505 from Genfit SA, aramchol from Galmed Pharmaceuticals Ltd., simtuzumab from Gilead Sciences, Inc., and emricisan from Conatus Pharmaceuticals Inc.

VK0214

In the U.S., there are currently no marketed therapies for the treatment of X-ALD. Hematopoietic stem cell therapy has been used to treat the most severe form of X-ALD, CALD. More recently, gene therapy has been shown to be effective in CALD as well. However, both treatments are invasive, requiring surgical intervention, and these do not appear to have an effect on the most pervasive form of X-ALD, AMN. High-dose biotin is under investigation for treatment of AMN. There are several experimental therapies that are in various stages of clinical development for X-ALD by companies, including MedDay Pharmaceuticals SAS and bluebird bio, Inc., which may be competitive with VK0214, if approved.

VK0612

In the U.S., VK0612, if approved, will face competition from a variety of currently marketed oral type 2 diabetes therapies, including metformin (generic), pioglitazone (generic), glimepiride (generic), sitagliptin (Merck & Co., Inc.) and canagliflozin (Johnson & Johnson). These therapies are well-established and are widely accepted by physicians, patients, caregivers and third-party payors as the standard of care for the treatment of type 2 diabetes. Physicians, patients and third-party payors may not accept the addition of VK0612 to their current treatment regimens for a variety of potential reasons, including:

if they do not wish to incur any potential additional costs related to VK0612; or

if they perceive the use of VK0612 to be of limited additional benefit to patients.

In addition to the currently approved and marketed type 2 diabetes therapies, there are a number of experimental drugs that are in various stages of clinical development by companies such as Eli Lilly and Company, Takeda Pharmaceutical Company Limited and TransTech Pharma, Inc.

Preclinical Programs Focused on EPOR Agonists and DGAT-1 Inhibitors

If any of our preclinical programs are ultimately determined safe and effective and approved for marketing, they may compete for market share with established therapies from a number of competitors, including large biopharmaceutical companies. Many therapies are currently available and numerous others are being developed for the treatment of anemia and obesity. Any products that we may develop from our preclinical programs may not be able to compete effectively with existing or future therapies.

Manufacturing and Supply

We do not have any manufacturing facilities and do not intend to develop any manufacturing capabilities. We believe that we currently possess sufficient VK5211 and VK2809 drug substance to allow for completion of our planned VK5211 and VK2809 Phase 2 clinical trials. Bulk active pharmaceutical ingredient, or API, and certain dosage forms are currently in storage in compliance with cGMP requirements. We believe that a majority of the existing API will be suitable for formulation into clinical trial material. We also have identified multiple contract manufacturers to provide commercial supplies of the formulated drug candidates if they are approved for marketing. We intend to secure contract manufacturers with established track records of quality product supply and significant experience with the regulatory requirements of the FDA and EMA.

Our History

We were incorporated under the laws of the State of Delaware on September 24, 2012. Since our incorporation, we have devoted substantially all of our efforts to raising capital, building infrastructure, obtaining the worldwide rights to certain technology from Ligand, including VK5211, VK2809 and VK0612, and more recently following the IPO to planning, preparing for and commencing certain preclinical studies and clinical trials of our drug candidates. Each of our programs is based on small molecules licensed from Ligand pursuant to our Master License Agreement with Ligand, which we entered into on May 21, 2014.

Agreements with Ligand

Master License Agreement

On May 21, 2014, we entered into a Master License Agreement, as amended on each of September 6, 2014 and April 8, 2015, or the Master License Agreement, with Ligand pursuant to which, among other things, Ligand granted to us and our affiliates an exclusive, perpetual, irrevocable, worldwide, royalty-bearing right and license under (1) patents related to (a) our VK5211 program and any other compounds comprised by specified SARM patents and derivatives of such compounds, or SARM Compounds, (b) our VK2809 and VK0214 programs and any other compounds comprised by specified TRß patents and any derivatives of such compounds, or TRß Compounds, (c) our VK0612 program and any other compounds comprised by specified FBPase patents and derivatives of such compounds, or FBPase Compounds, (d) our EPOR program and any other compounds comprised by specified EPOR patents and derivatives of such compounds, or EPOR Compounds, and (e) our DGAT-1 program and any other compounds comprised by specified DGAT-1 patents and derivatives of such compounds, or DGAT-1 Compounds; (2) related know-how controlled by Ligand; and (3) physical quantities of SARM, TRß, FBPase, EPOR and DGAT-1 Compounds, or, collectively, the Licensed Technology, to research, develop, manufacture, have manufactured, use and commercialize the Licensed Technology in and for all therapeutic and diagnostic uses in humans or animals. We have the right to sublicense these rights in certain circumstances. Pursuant to the terms of the Master License Agreement, we have the exclusive right and sole responsibility and decision-making authority for researching and developing any pharmaceutical products that contain or comprise one or any combination of a SARM Compound, TRß Compound, FBPase Compound, EPOR Compound or DGAT-1 Compound, or, collectively, the Licensed Products. We also have the exclusive right and sole responsibility and decision-making authority to conduct all clinical trials and preclinical studies that we believe are appropriate to obtain the regulatory approvals necessary for commercialization of the Licensed Products, and we will own and maintain all regulatory filings and all regulatory approvals for the Licensed Products. Additionally, pursuant to the terms of the Master License Agreement, we have the sole decision-making authority and responsibility and the exclusive right to commercialize any of the Licensed Products, either by ourselves or, in certain circumstances, through sublicensees selected by us. We also have the exclusive right to manufacture or have manufactured any Licensed Product ourselves or, in certain circumstances, through sublicensees or third parties selected by us. We will own any intellectual property that we develop in connection with the license granted under the Master License Agreement.

As partial consideration for the grant of the rights and licenses to us under the Master License Agreement, we issued to Ligand at the closing of the IPO 3,655,964 shares of our common stock having an estimated aggregate value of $29.2 million. Furthermore, as partial consideration for the grant of the rights and licenses to us under the Master License Agreement, we entered into the Loan and Security Agreement with Ligand (as discussed below).

As further partial consideration for the grant of the rights and licenses to us by Ligand under the Master License Agreement, we have agreed to pay to Ligand certain one-time, non-refundable milestone payments in connection with licensed products containing (1) VK5211 or any other SARM Compound, in an aggregate amount of up to $85.0 million per indication (for up to a total of two indications) upon the achievement of certain development and regulatory milestones and up to $100.0 million upon the achievement of certain sales milestones; (2) VK2809, VK0214 or any other TRß Compound, in an aggregate amount of up to $75.0 million per indication (for up to a total of three indications) upon the achievement of certain development and regulatory milestones and up to $150.0 million upon the achievement of certain sales milestones; (3) VK0612 or any other FBPase Compound, in an aggregate amount of up to $60.0 million per indication (for up to a total of four indications) upon the achievement of certain development and regulatory milestones and up to $150.0 million upon the achievement of certain sales milestones; (4) any EPOR Compound, in an aggregate amount of up to $48.0 million per indication (for up to a total of three indications) upon the achievement of certain development and regulatory milestones and up to $50.0 million upon the achievement of certain sales milestones; and (5) any DGAT-1 Compound, in an aggregate amount of up to $78.0 million per indication (for up to a total of two indications) upon the achievement of certain development and regulatory milestones and up to $150.0 million upon the achievement of certain sales milestones. Additionally, we will pay to Ligand a one-time, non-refundable milestone payment of $2.5 million upon the occurrence of the first commercial sale of VK0612 or any other FBPase Compound by one of our sublicensees. We will also pay to Ligand royalties on aggregate annual worldwide net sales of Licensed Products by us, our affiliates and our sublicensees at tiered percentage rates in the following ranges based upon net sales: (a) upper single digit royalties upon sales of VK5211 or any other SARM Compound, (b) low-to-middle single digit royalties upon sales of VK2809, VK0214 or any other TRß Compound, (c) upper single digit royalties upon sales of VK0612 or any other FBPase Compound, (d) middle-to-upper single digit royalties upon sales of any EPOR Compound, and (e) low-to-middle single digit royalties upon sales of any DGAT-1 Compound; in each case subject to reduction in certain circumstances.

The term of the Master License Agreement will continue unless the agreement is terminated by us or Ligand. Ligand has the right to terminate the Master License Agreement under certain circumstances, including, but not limited to: (1) in the event of our insolvency or bankruptcy; (2) if we do not pay an undisputed amount owing under the Master License Agreement when due and fail to cure such default within a specified period of time; or (3) if we default on certain of our material and substantial obligations and fail to cure the default within a specified period of time. We have the right to terminate the Master License Agreement under certain circumstances,

including, but not limited to: (i) if Ligand does not pay an undisputed amount owing under the Master License Agreement when due and fails to cure such default within a specified period of time, or (ii) if Ligand defaults on certain of its material and substantial obligations and fails to cure the default within a specified period of time. In addition, provisions of the Master License Agreement can be terminated on a licensed program-by-program basis under certain circumstances. In the event that the Master License Agreement is terminated in its entirety or with respect to a specific licensed program for any reason: (A) all licenses granted to us under the Master License Agreement (or with respect to the specific licensed program) will terminate and we will, upon Ligand’s request (subject to Ligand assuming legal responsibility for any clinical trials of the Licensed Products then ongoing), assign and transfer to Ligand (or to such transferee as Ligand may direct), at no cost to Ligand, all regulatory documentation and all regulatory approvals prepared or obtained by us or on our behalf related to the Licensed Products (or those related to the specific licensed program), or, if Ligand does not make such a request, we will wind down any ongoing clinical trials with respect to the Licensed Products (or those related to the specific licensed program) at no cost to Ligand; (B) we will, upon Ligand’s request, sell and transfer to Ligand (or to such transferee as Ligand may direct), at a price equal to 125% of our costs of goods, any and all chemical, biological or physical materials relating to or comprising the Licensed Products (or those related to the specific licensed program); (C) we will have, for a period of six months following termination, the right to sell on the normal business terms in existence before such termination any finished commercial inventory of Licensed Products (or those related to the specific licensed program) which remains on hand, so long as we pay to Ligand the applicable royalties and sales milestones; (D) Ligand has the right to require us to assign to Ligand the trademarks owned by us relating to the Licensed Products (or those related to the specific licensed program); and (E) we will grant to Ligand a non-exclusive, worldwide, royalty-bearing sublicensable license under any patent rights and know-how controlled by us to the extent necessary to make, have made, import, use, offer to sell and sell the Licensed Products (or those related to the specific licensed program) anywhere in the world at a royalty rate in the low single digits.

Under the Master License Agreement, we have agreed to indemnify Ligand for claims relating to the performance of our obligations under the Master License Agreement, any breach of the representations and warranties made by us under the Master License Agreement, clinical trials conducted by us and the research, development and commercialization of the Licensed Products by us and our affiliates, sublicensees, distributors and agents. In addition, Ligand has agreed to indemnify us for claims relating to the performance of its obligations under the Master License Agreement, its breach of representations and warranties under the agreement and its research and development of the licensed compounds before the effective date of the Master License Agreement. Each party’s indemnification obligations will not apply to the extent the claims result from the negligence or willful misconduct of the indemnified party or any of its employees, agents, officers or directors or from the indemnified party’s breach of its representations or warranties set forth in the Master License Agreement.

Loan and Security Agreement

In connection with entering into the Master License Agreement, we entered into a Loan and Security Agreement with Ligand, dated May 21, 2014, as amended on April 8, 2015 and January 22, 2016, or the Loan and Security Agreement, pursuant to which, among other things, Ligand agreed to provide us with loans in the aggregate amount of up to $2.5 million. Pursuant to the Loan and Security Agreement, Ligand loaned us $2.5 million through December 31, 2014. From May 21, 2014 to January 21, 2016, the principal amount outstanding under the loans accrued interest at a fixed per annum rate equal to the lesser of 5.0% and the maximum interest rate permitted by law. Effective as of January 22, 2016, the principal amount outstanding under the loans accrue interest at a fixed per annum rate equal to the lesser of 2.5% and the maximum interest rate permitted by law. In the event we default under the loans, the loans will accrue interest at a fixed per annum rate equal to the lesser of 8% and the maximum interest rate permitted by law.

Each of the loans is evidenced by a Secured Convertible Promissory Note, or the Ligand Note. Pursuant to the terms of the Loan and Security Agreement and the Ligand Note, the loans will become due and payable upon the written demand of Ligand at any time after the earlier to occur of an event of default under the Loan and Security Agreement or the Note, or May 21, 2017, or the Maturity Date, unless the loans are repaid in cash or converted into equity prior to such time. Upon the consummation of our first bona fide capital financing transaction occurring after January 22, 2016, but prior to the Maturity Date, with aggregate net proceeds to us of at least $2,000,000, or the Next Financing, we will be required to repay $1,500,000 of the Ligand Note obligation to Ligand, with at least $300,000 of such payment to be paid in cash (with any greater cash amount determined by us in our sole and absolute discretion), and the balance of the $1,500,000 payment, or the Balance, to be paid in the form of such number of shares of our equity securities that are issued in the Next Financing equal to the quotient obtained by dividing the Balance by the lesser of (1) the lowest price per share paid by investors in the Next Financing, or the Financing Price, and (2) $8.00 (subject to adjustment for stock dividends, splits, combinations or similar transactions). Notwithstanding the foregoing, the number of shares that we may issue to Ligand will be reduced to the extent that the issuance of such shares would increase Ligand’s beneficial ownership of our common stock to greater than 49.9%, and any remaining amount of the Balance would have to be paid in cash. Each $1.00 of the $1,500,000 payment will reduce the amount of accrued and unpaid interest and then unpaid principal amount of the loans under the Ligand Note by $0.50.

In addition, following the consummation of the Next Financing, we may repay any portion of the outstanding principal amount of the loans under the Ligand Note, plus accrued and previously unpaid interest thereon, by delivering a notice to Ligand, or the Additional Repayment Notice, specifying the amount that we wish to repay, or the Additional Payment Amount. Ligand will have five days to elect to receive the Additional Payment Amount in cash, shares of our common stock or a combination of cash and shares of our common stock. If Ligand does not make an election within such five-day period, the form of the Additional Payment Amount will be at our sole election and discretion, subject to the number of shares of common stock being reduced to the extent that the issuance of shares would increase Ligand’s beneficial ownership of our common stock to greater than 49.9%. To the extent that any portion of an Additional Payment Amount will be paid in the form of shares of our common stock, the number of shares issuable will be equal to the quotient obtained by dividing the portion of the Additional Payment Amount that will be paid in shares by the lesser of (1) (a) if we deliver the Additional Repayment Notice within 180 days of the closing of the Next Financing, the Financing Price, or (b) if we deliver the Additional Repayment Notice 180 days or more after the closing of the Next Financing, the volume weighted average closing price of our common stock for the 30 days prior to the date we deliver the Additional Repayment Notice, and (2) $8.00 (subject to adjustment for stock dividends, splits, combinations or similar transactions). Each $1.00 of any Additional Repayment Amount will reduce the amount of accrued and unpaid interest and then unpaid principal amount under the Ligand Note by $0.50. Additionally, pursuant to the Loan and Security Agreement, Ligand has agreed that it will not, until January 23, 2017, sell or otherwise transfer or dispose of any of our securities, including shares issuable upon conversion of the Ligand Note.

Following the Maturity Date, Ligand may demand repayment of the loans under the Ligand Note in full. If (1) the Ligand Note is not repaid in full prior to the Maturity Date and Ligand demands repayment, or (2) we wish to repay the full amount owed under the Ligand Note prior to the Maturity Date, we will be obligated to repay to Ligand an amount equal to 200% of the aggregate of the outstanding principal amount of the loans under the Ligand Note and of all accrued and unpaid interest thereon, or the Remaining Balance.

In either case, we may, at our sole election and discretion, elect to pay the Remaining Balance solely in cash. If we do not elect to repay the Remaining Balance in cash, the form of payment and mix of cash and shares of our common stock will be at Ligand’s sole election and discretion. To the extent that any portion of the Remaining Balance will be paid in the form of shares of our common stock, the number of shares issuable will be equal to the quotient obtained by dividing the portion of the Remaining Balance that will be paid in shares by the lesser of (1) the volume weighted average closing price of our common stock for the 30 days prior to the date of Ligand’s demand for repayment or the date of our prepayment of the Remaining Balance in full, and (2) $8.00 (subject to adjustment for stock dividends, splits, combinations or similar transactions).

We also granted Ligand a continuing security interest in all of our right, title and interest in and to our assets as collateral for the full, prompt, complete and final payment and performance when due of all obligations under the Loan and Security Agreement and the Ligand Note.

Under the Loan and Security Agreement and the Ligand Note, we are subject to affirmative and negative covenants. We agreed to, among other things, deliver financial statements, forecasts and budget information to Ligand. In addition, we agreed to use the proceeds from the loans solely as working capital and to fund our general business requirements in accordance with our forecast and budget. Under the Loan and Security Agreement and the Ligand Note, we may not take certain actions without Ligand’s consent, such as declare or pay dividends, incur or repay certain indebtedness or engage in certain related party transactions. Ligand has the right to transfer the Ligand Note at any time without our permission.

An event of default under the Loan and Security Agreement will be deemed to occur or exist upon the termination of the Master License Agreement; in the event we fail to make principal or interest payments under the Ligand Note when due; if we become insolvent or breach and fail to cure within a specified period of time any representation, warranty, covenant or agreement in the Loan and Security Agreement, the Master License Agreement, the Option Agreement, dated September 27, 2012, by and between us and Ligand, as amended, the Voting Agreement (as defined below) or the Management Rights Letter (as defined below); or upon the occurrence of certain other events. Additionally, pursuant to the Loan and Security Agreement, Ligand has agreed that it will not, until January 23, 2017, sell or otherwise transfer or dispose of any of our securities, including shares issuable upon conversion of the Ligand Note.

Management Rights Letter

As a condition to entering into the Master License Agreement, the Loan and Security Agreement and the Ligand Note, we entered into a Management Rights Letter with Ligand, dated as of May 21, 2014, or the Management Rights Letter. Pursuant to the Management Rights Letter, we agreed to: (1) expand the size of our board of directors so as to create one new directorship on our board of directors, and (2) appoint an individual named by Ligand, or the Ligand Director, to fill the newly-created directorship. Pursuant to the terms of the Management Rights Letter, the Ligand Director is entitled to receive the same compensation, including cash payments and equity incentive grants, as is provided to our other directors; however, the Ligand Director is not entitled to receive the compensation

provided to our directors in their capacity as members of a committee of our board of directors. Furthermore, we agreed to provide Ligand with advance written notice of the date of the annual meeting of our stockholders for each year in which the Ligand Director is up for election so as to permit Ligand to designate the Ligand Director for election at such annual meeting, and to nominate the Ligand Director to our board of directors at each such annual meeting of our stockholders. In addition, under the Management Rights Letter, we granted Ligand certain contractual management rights in the event Ligand is not represented on our board of directors, including the right to consult with us and offer advice to our management on significant business issues and the right to receive copies of all notices, minutes, consents and other material that we provide to our directors, subject to certain exceptions. We also agreed that, upon the consummation of the IPO, we would appoint a Chairperson of our board of directors who is “independent” under applicable SEC rules and the rules and listings standards of The Nasdaq Stock Market LLC. In accordance with the terms of the Management Rights Letter, Matthew W. Foehr was appointed to our board of directors as the Ligand Director and Lawson Macartney, DVM, Ph.D. was appointed Chairperson of our board of directors. The Management Rights Letter will terminate upon the earliest to occur of: (a) the liquidation, dissolution or indefinite cessation of our business operations; (b) the execution by us of a general assignment for the benefit of creditors or the appointment of a receiver or trustee to take possession of our property and assets; (c) an acquisition of us by means of any transaction or series of related transactions (including, without limitation, any reorganization, merger or consolidation) if our stockholders of record as constituted immediately prior to such transaction hold less than 50% of the voting power of the surviving or acquiring entity; (d) the date that Ligand and its affiliates collectively cease to beneficially own at least 7.5% of our outstanding voting stock; or (e) May 21, 2024.

Voting Agreement

In connection with the terms of the Management Rights Letter, we, Ligand, Brian Lian, Ph.D., and Michael Dinerman, M.D., our former Chief Operating Officer, entered into a Voting Agreement dated as of May 21, 2014, or the Voting Agreement, pursuant to which each of Ligand, Dr. Lian and Dr. Dinerman agreed to vote all of his or its shares of our voting securities so as to elect the Ligand Director as a member of our board of directors, and, if requested by Ligand, to vote in favor of any removal of the Ligand Director or selection of a new Ligand Director. The Voting Agreement will terminate under the same circumstances in which the Management Rights Letter will terminate.

Registration Rights Agreement

As a condition to the parties entering into the Master License Agreement and the Loan and Security Agreement, we entered into a Registration Rights Agreement, dated May 21, 2014, as amended on January 22, 2016, with Ligand, or the Registration Rights Agreement, pursuant to which we granted certain registration rights to Ligand with respect to (1) the securities issued by us to Ligand pursuant to the Master License Agreement and the securities issuable by us to Ligand pursuant to the Ligand Note, or, collectively, the Viking Securities, (2) the shares of our common stock issued or issuable upon conversion of the Viking Securities, if applicable, and (3) the shares of our common stock issued as a dividend or other distribution with respect to, in exchange for or in replacement of the Viking Securities, or, collectively, the Registrable Securities.

Mandatory Resale Registration Rights

Pursuant to the Registration Rights Agreement, we have agreed that we will file with the Securities and Exchange Commission, or the SEC, by no later than January 23, 2017, a Registration Statement on Form S-1 under the Securities Act of 1933, as amended, or the Securities Act, that covers the resale of the full amount of the Registrable Securities. We are obligated to use commercially reasonable efforts to have the Registration Statement declared effective by the SEC as soon as practicable after it is filed with the SEC, but in no event later than (1) in the event the SEC Staff does not review the Registration Statement, March 24, 2017 or (2) in the event the SEC Staff reviews the Registration Statement, May 23, 2017. If we do not file a Registration Statement for the resale of the Registrable Securities within the requisite time period, if such Registration Statement is not declared effective by the SEC Staff by a certain date, or if, on any day after the Registration Statement is declared effective by the SEC Staff, sales of all of the Registrable Securities required to be included in the Registration Statement cannot be made pursuant to the Registration Statement, then we will, subject to certain exceptions, be obligated to pay to Ligand an amount in cash equal to 1% of the aggregate value of the Registrable Securities, measured as of the date of their issuance, on the day of such failure or ineffectiveness of, or inability to use, the Registration Statement and on every thirtieth day thereafter (pro-rated for partial periods) until such failure or ineffectiveness of, or inability to use, the Registration Statement is cured; up to a maximum of 5% of the aggregate value of the Registrable Securities, measured as of the date of their issuance.

Pursuant to the Registration Rights Agreement, in the event the SEC Staff takes the position that the registration of some or all of the Registrable Securities is not eligible to be made on a delayed or continuous basis under the provisions of Rule 415 under the Securities Act, or would require Ligand to be named as an “underwriter” in the Registration Statement, we have agreed to use our commercially reasonable efforts to persuade the SEC Staff that the offering contemplated by the Registration Statement is a valid secondary offering, is not made “by or on behalf of the issuer” (as defined in Rule 415 under the Securities Act) and that Ligand is not an

“underwriter” for purposes of the registration. If the SEC Staff does not agree with our proposal, we will remove from the Registration Statement the portion of the Registrable Securities, and/or we and Ligand will agree to certain restrictions and limitations on the registration and resale of the Registrable Securities, as the SEC Staff may require to ensure the registration complies with Rule 415 under the Securities Act. In the event the SEC Staff imposes restrictions or limitations on the registration and resale of the Registrable Securities, then any amounts that we would be obligated to pay to Ligand as a result of the failure or ineffectiveness of, or inability to use, the Registration Statement, will not accrue until a certain period of time after the date that we determine we are able to effect the registration of such Registrable Securities in accordance with SEC rules and regulations.

Pursuant to the terms of the Registration Rights Agreement, we also agreed to use our commercially reasonable efforts to keep each Registration Statement filed pursuant to the agreement effective with respect to all Registrable Securities until the earlier of (1) the date on which all shares of Registrable Securities may immediately be sold under Rule 144, as promulgated by the SEC under the Securities Act, or Rule 144, during any 90-day period, or (2) the date on which all of the Registrable Securities covered by the Registration Statement that are held by Ligand are sold.

Additionally, we have the right during certain periods after the effective date of the Registration Statement covering the resale of the Registrable Securities, to delay the disclosure of material, non-public information if, in the good faith opinion of our board of directors, it is not in our best interests to disclose the information. In addition, we have the ability to prohibit sales under the Registration Statement during certain periods, subject to certain limitations.

Form S-3 Registration Rights

The Registration Rights Agreement also provides that after the IPO, we will use our commercially reasonable efforts to qualify for the use of Form S-3 for purposes of registering the issuance and/or resale of the Registrable Securities. Once we have qualified for the use of Form S-3, we have agreed to convert the Registration Statement on Form S-1 that is initially to be filed to register the resale of the Registrable Securities into a Registration Statement on Form S-3.

Limitation on Registration Rights

Pursuant to the terms of the Registration Rights Agreement, we have agreed that we will not, except with Ligand’s prior written consent, from and after the date of the Registration Rights Agreement and prior to the date the Registration Statement covering the resale of the full amount of the Registrable Securities is declared effective by the SEC, enter into an agreement with another holder or prospective holder of our securities which provides demand registration rights that are more favorable than the registration rights provided to Ligand under the Registration Rights Agreement.

Termination of Registration Rights

Ligand’s registration rights terminate upon the earlier of (1) the date on which all shares of Registrable Securities may immediately be sold under Rule 144 during any 90-day period, or (2) the date on which all of the Registrable Securities covered by the Registration Statement that are held by Ligand are sold.

Expenses

We will bear all registration expenses in connection with the mandatory resale registration rights granted pursuant to the Registration Rights Agreement, including but not limited to all registration, qualification and filing fees, except that we will not be required to pay selling expenses, fees and disbursements of counsel for the holders of our capital stock other than the fees and disbursements of one special counsel in an amount of up to $20,000.

Representative’s Warrant Registration Rights

Upon the closing of the IPO, on May 4, 2015, we issued to the representative of the underwriters in the IPO as additional compensation a warrant to purchase an aggregate of 82,500 shares of our common stock, or the Representative’s Warrant.

Demand Registration Rights

Pursuant to the terms of the Representative’s Warrant, we are obligated, upon the written demand of the holders of at least 51% of the shares issuable upon exercise of the Representative’s Warrant, or the Registrable Warrant Shares, to register all or a portion of the Registrable Warrant Shares, on one occasion. Upon our receipt of a written demand notice, we must file a registration statement with the SEC covering the Registrable Warrant Shares within 60 days and use our commercially reasonable efforts to have the registration statement declared effective promptly thereafter. The holder of the Representative’s Warrant may exercise this demand registration right at any time from April 28, 2016 until April 28, 2020. However, we will not be required to register any Registrable Warrant Shares that are the subject of a then-effective registration statement. Additionally, we will not be obligated to file a registration statement in connection with a demand notice if the holder of the Registrable Warrant Shares is entitled to certain piggyback registration rights.

To the extent we file a registration statement in connection with the demand registration rights granted under the Representative’s Warrant, we have agreed to keep the registration statement effective until the earlier of (1) the one year anniversary of the effective date of the registration statement or (2) the date when all Registrable Warrant Shares covered by the registration statement have been sold.

Piggyback Registration Rights

Pursuant to the terms of the Representative’s Warrant, we have also agreed to provide the holder of the Registrable Warrant Shares with certain piggyback registration rights. Until April 28, 2022, the holder of the Registrable Warrant Shares has a right to include all or any portion of the Registrable Warrant Shares in a registration statement filed by us, subject to certain exceptions. However, we will not be required to register any Registrable Warrant Shares that are the subject of a then-effective registration statement.

Expenses

We will pay all fees and expenses incurred in registering the Registrable Warrant Shares, but the holder of the Registrable Warrant Shares will pay any and all underwriting commissions and the expenses of any legal counsel selected by the holder of the Registrable Warrant Shares to represent it in connection with the sale of the Registrable Warrant Shares.

Research Services Agreement with the Academic Medical Center at the University of Amsterdam

Effective January 27, 2015, we entered into a Research Services Agreement with the Academic Medical Center at the University of Amsterdam, or the Academic Medical Center, pursuant to which the Academic Medical Center agreed to perform from time to time certain research projects for us on a series of one or more compounds. The agreement provided that, following completion of its research under the agreement, the Academic Medical Center would provide us with a report of the results of each study performed, and that we would solely own all right, title and interest in the results of the research services. The Research Services Agreement further provided that, as compensation for its services, and after our acceptance of the applicable services, we would be obligated to pay to the Academic Medical Center the amount set forth in the Statement of Work relating to the specific research project.

The Research Services Agreement also provided that it would remain in effect until the end date provided for in the last Statement of Work to be executed under the agreement. We entered into one Statement of Work under the Research Services Agreement, pursuant to which the Academic Medical Center evaluated the ability of our proprietary TRß agonists, including VK2809 and VK0214, to induce ABCD2 expression in both control cell lines and in cells from X-ALD patients. This Statement of Work was completed in July 2015, at which time the Research Services Agreement terminated in accordance with its terms.

Government Regulation

FDA Regulation and Marketing Approval

In the U.S., the FDA regulates drugs under the Federal Food, Drug, and Cosmetic Act of 1938, as amended, or FDCA, and related regulations. Drugs are also subject to other federal, state and local statutes and regulations. Failure to comply with the applicable U.S. regulatory requirements at any time during the drug development process, approval process or after approval may subject an applicant to administrative or judicial sanctions and non-approval of drug candidates. These sanctions could include the imposition by the FDA or an Institutional Review Board, or IRB, of a clinical hold on clinical trials, the FDA’s refusal to approve pending applications or related supplements, withdrawal of an approval, untitled or warning letters, product recalls, product seizures, total or partial suspension of production or distribution, injunctions, fines, restitution, disgorgement, civil penalties or criminal prosecution. Such actions by government agencies could also require us to expend a large amount of resources to respond to the actions. Any agency or judicial enforcement action could have a material adverse effect on us.

The FDA and comparable regulatory agencies in state and local jurisdictions and in foreign countries impose substantial requirements upon the clinical development, manufacture and marketing of pharmaceutical products.

These agencies and other federal, state and local entities regulate research and development activities and the testing, manufacture, quality control, safety, effectiveness, labeling, packaging, storage, distribution, record-keeping, approval, post-approval monitoring, advertising, promotion, sampling and import and export of our products. Our drugs must be approved by the FDA through the new drug application, or NDA, process before they may be legally marketed in the U.S. See “The NDA Approval Process” under Part I, “Item 1. Business” of this Annual Report on Form 10-K.

The process required by the FDA before drugs may be marketed in the U.S. generally involves the following:

completion of non-clinical laboratory tests, animal studies and formulation studies conducted according to good laboratory practice or other applicable regulations;

submission of an IND, which allows clinical trials to begin unless the FDA objects within 30 days;

adequate and well-controlled human clinical trials to establish the safety and efficacy of the proposed drug for its intended use or uses conducted in accordance with FDA regulations, good clinical practices, or GCP, which are international ethical and scientific quality standards meant to assure that the rights, safety and well-being of trial participants are protected, and to define the roles of clinical trial sponsors, administrators and monitors and to assure clinical trial data integrity;

pre-approval inspection of manufacturing facilities and clinical trial sites; and

FDA approval of an NDA, which must occur before a drug can be marketed or sold.

IND and Clinical Trials

Prior to commencing the first clinical trial, an IND, which contains the results of preclinical studies along with other information, such as information about product chemistry, manufacturing and controls and a proposed protocol, must be submitted to the FDA. The IND automatically becomes effective 30 days after receipt by the FDA unless the FDA within the 30-day time period raises concerns or questions about the conduct of the clinical trial. In such a case, the IND sponsor must resolve any outstanding concerns with the FDA before the clinical trial may begin. A separate submission to the existing IND must be made for each successive clinical trial to be conducted during drug development. Further, an independent IRB for each site proposing to conduct the clinical trial must review and approve the investigational plan for any clinical trial before it commences at that site. Informed written consent must also be obtained from each trial subject. Regulatory authorities, including the FDA, an IRB, a data safety monitoring board or the sponsor, may suspend or terminate a clinical trial at any time on various grounds, including a finding that the participants are being exposed to an unacceptable health risk or that the clinical trial is not being conducted in accordance with FDA requirements.

For purposes of NDA approval, human clinical trials are typically conducted in sequential phases that may overlap:

Phase 1 – the drug is initially given to healthy human subjects or patients in order to determine metabolism and pharmacologic actions of the drug in humans, side effects and, if possible, to gain early evidence on effectiveness. During Phase 1 clinical trials, sufficient information about the investigational drug’s pharmacokinetics and pharmacologic effects may be obtained to permit the design of well-controlled and scientifically valid Phase 2 clinical trials.

Phase 2 – clinical trials are conducted to evaluate the effectiveness of the drug for a particular indication or in a limited number of patients in the target population to identify possible adverse effects and safety risks, to determine the efficacy of the product for specific targeted diseases and to determine dosage tolerance and optimal dosage. Multiple Phase 2 clinical trials may be conducted by the sponsor to obtain information prior to beginning larger and more expensive Phase 3 clinical trials. Throughout this Annual Report on Form 10-K, we refer to our initial Phase 2 clinical trials as “Phase 2a clinical trials” and our subsequent Phase 2 clinical trials as “Phase 2b clinical trials.”

Phase 3 – when Phase 2 clinical trials demonstrate that a dosage range of the product appears effective and has an acceptable safety profile, and provide sufficient information for the design of Phase 3 clinical trials, Phase 3 clinical trials in an expanded patient population at multiple clinical sites may be undertaken. They are performed after preliminary evidence suggesting effectiveness of the drug has been obtained, and are intended to further evaluate dosage, effectiveness and safety, to establish the overall benefit-risk relationship of the investigational drug and to provide an adequate basis for product labeling and approval by the FDA. In most cases, the FDA requires two adequate and well-controlled Phase 3 clinical trials to demonstrate the efficacy of the drug in an expanded patient population at multiple clinical trial sites.

All clinical trials must be conducted in accordance with FDA regulations, GCP requirements and their protocols in order for the data to be considered reliable for regulatory purposes.

An investigational drug product that is a combination of two different drugs in the same dosage form must comply with an additional rule that requires that each component make a contribution to the claimed effects of the drug product. This typically requires larger studies that test the drug against each of its components. In addition, typically, if a drug product is intended to treat a chronic disease, as is the case with our products, safety and efficacy data must be gathered over an extended period of time, which can range from six months to three years or more. Government regulation may delay or prevent marketing of drug candidates or new drugs for a considerable period of time and impose costly procedures upon our activities.

Disclosure of Clinical Trial Information

Sponsors of clinical trials of FDA-regulated products, including drugs, are required to register and disclose certain clinical trial information. Information related to the product, patient population, phase of investigation, study sites and investigators, and other aspects of the clinical trial, is then made public as part of the registration. Sponsors are also obligated to discuss the results of their clinical trials after completion. Disclosure of the results of these trials can be delayed until the new product or new indication being studied has been approved. Competitors may use this publicly available information to gain knowledge regarding the progress of development programs.

The NDA Approval Process

In order to obtain approval to market a drug in the U.S., a marketing application must be submitted to the FDA that provides data establishing to the FDA’s satisfaction the safety and effectiveness of the investigational drug for the proposed indication. Each NDA submission requires a substantial user fee payment (currently exceeding $2.3 million for fiscal year 2016) unless a waiver or exemption applies. The application includes all relevant data available from pertinent non-clinical studies, or preclinical studies and clinical trials, including negative or ambiguous results as well as positive findings, together with detailed information relating to the product’s chemistry, manufacturing, controls and proposed labeling, among other things. Data can come from company-sponsored clinical trials intended to test the safety and effectiveness of a use of a product, or from a number of alternative sources, including studies initiated by investigators that meet GCP requirements.

During the development of a new drug, sponsors are given opportunities to meet with the FDA at certain points. These points may be prior to submission of an IND, at the end of Phase 2 clinical trials, and before an NDA is submitted. Meetings at other times may be requested. These meetings can provide an opportunity for the sponsor to share information about the data gathered to date, for the FDA to provide advice and for the sponsor and the FDA to reach agreement on the next phase of development. Sponsors typically use the end-of-Phase 2 clinical trials meetings to discuss their Phase 2 clinical trials results and present their plans for the pivotal Phase 3 registration trial that they believe will support approval of the new drug.

Concurrent with clinical trials, companies usually complete additional preclinical safety studies and must also develop additional information about the chemistry and physical characteristics of the drug and finalize a process for the NDA sponsor’s manufacturing the product in accordance with cGMP requirements. The manufacturing process must be capable of consistently producing quality batches of the drug candidate and the manufacturer must develop methods for testing the identity, strength, quality and purity of the final drugs. Additionally, appropriate packaging must be selected and tested and stability studies must be conducted to demonstrate that the drug candidate does not undergo unacceptable deterioration over its shelf-life.

The results of drug development, non-clinical studies and clinical trials, along with descriptions of the manufacturing process, analytical tests conducted on the chemistry of the drug, proposed labeling and other relevant information are submitted to the FDA as part of an NDA requesting approval to market the product. The FDA reviews all NDAs submitted to ensure that they are sufficiently complete for substantive review before it accepts them for filing. It may request additional information rather than accept an NDA for filing. In this event, the NDA must be resubmitted with the additional information. The resubmitted application also is subject to review before the FDA accepts it for filing. The FDA has 60 days from its receipt of an NDA to conduct an initial review to determine whether the application will be accepted for filing based on the FDA’s threshold determination that the application is sufficiently complete to permit substantive review. If the NDA submission is accepted for filing, the FDA reviews the NDA to determine, among other things, whether the proposed product is safe and effective for its intended use, and whether the product is being manufactured in accordance with cGMP to assure and preserve the product’s identity, strength, quality and purity. The FDA has agreed to specific performance goals on the review of NDAs and seeks to review standard NDAs within 12 months from submission of the NDA. The review process may be extended by the FDA for three additional months to consider certain late submitted information or information intended to clarify information already provided in the submission. After the FDA completes its initial review of an NDA, it will communicate to the sponsor that the drug will either be approved, or it will issue a complete response letter to communicate that the NDA will not be approved in its current form and inform the sponsor of changes that must be made or additional clinical, non-clinical or manufacturing data that must be received before the application can be approved, with no implication regarding the ultimate approvability of the application or the timing of any such approval, if ever. If, or when, those deficiencies have been addressed to the FDA’s satisfaction in a resubmission of the NDA, the FDA will issue an approval letter. The FDA has committed to reviewing such

resubmissions in two to six months depending on the type of information included. The FDA may refer applications for novel drug products or drug products that present difficult questions of safety or effectiveness to an advisory committee, typically a panel that includes clinicians and other experts, for review, evaluation and a recommendation as to whether the application should be approved and, if so, under what conditions. The FDA is not bound by the recommendations of an advisory committee, but it considers such recommendations carefully when making decisions.

Before approving an NDA, the FDA typically will inspect the facilities at which the product is manufactured. The FDA will not approve the product unless it determines that the manufacturing processes and facilities are in compliance with cGMP requirements and adequate to assure consistent production of the product within required specifications. Additionally, before approving an NDA, the FDA may inspect one or more clinical sites to assure compliance with GCP regulations. If the FDA determines the application, manufacturing process or manufacturing facilities are not acceptable, it typically will outline the deficiencies and often will request additional testing or information. This may significantly delay further review of the application. If the FDA finds that a clinical site did not conduct the clinical trial in accordance with GCP regulations, the FDA may determine the data generated by the clinical site should be excluded from the primary efficacy analyses provided in the NDA. Additionally, notwithstanding the submission of any requested additional information, the FDA ultimately may decide that the application does not satisfy the regulatory criteria for approval.

The FDA may require, or companies may pursue, additional clinical trials after a product is approved. These so-called Phase 4 or post-approval clinical trials may be made a condition to be satisfied for continuing drug approval. The results of Phase 4 clinical trials can confirm the effectiveness of a drug candidate and can provide important safety information. In addition, the FDA now has express statutory authority to require sponsors to conduct post-marketing trials to specifically address safety issues identified by the agency. See “Post-Marketing Requirements” under Part I, “Item 1. Business” of this Annual Report on Form 10-K.

The FDA also has authority to require a Risk Evaluation and Mitigation Strategy, or a REMS, from manufacturers to ensure that the benefits of a drug outweigh its risks. A sponsor may also voluntarily propose a REMS as part of the NDA submission. The need for a REMS is determined as part of the review of the NDA. Based on statutory standards, elements of a REMS may include “dear doctor letters,” a medication guide, more elaborate targeted educational programs, and in some cases elements to assure safe use, or ETASU, which is the most restrictive REMS. ETASU can include, but are not limited to, special training or certification for prescribing or dispensing, dispensing only under certain circumstances, special monitoring and the use of patient registries. These elements are negotiated as part of the NDA approval, and in some cases if consensus is not obtained until after the Prescription Drug User Fee Act of 1992, as amended, review cycle, the approval date may be delayed. Once adopted, REMS are subject to periodic assessment and modification.

Changes to some of the conditions established in an approved application, including changes in indications, labeling, manufacturing processes or facilities, require submission and FDA approval of a new NDA or NDA supplement before the change can be implemented. An NDA supplement for a new indication typically requires clinical data similar to that in the original application, and the FDA uses the same procedures and actions in reviewing NDA supplements as it does in reviewing NDAs.

Even if a drug candidate receives regulatory approval, the approval may be limited to specific disease states, patient populations and dosages, or might contain significant limitations on use in the form of warnings, precautions or contraindications, or in the form of onerous risk management plans, restrictions on distribution or post-marketing trial requirements. Further, even after regulatory approval is obtained, later discovery of previously unknown problems with a product may result in restrictions on the product or even complete withdrawal of the product from the market. Delay in obtaining, or failure to obtain, regulatory approval for our products, or obtaining approval but for significantly limited use, would harm our business. In addition, we cannot predict what adverse governmental regulations may arise from future U.S. or foreign governmental action.

The Hatch-Waxman Amendments

Under the Drug Price Competition and Patent Term Restoration Act of 1984, as amended, commonly known as the Hatch-Waxman Amendments, a portion of a product’s U.S. patent term that was lost during clinical development and regulatory review by the FDA may be restored. The Hatch-Waxman Amendments also provide a process for listing patents pertaining to approved products in the FDA’s Approved Drug Products with Therapeutic Equivalence Evaluations (commonly known as the Orange Book) and for a competitor seeking approval of an application that references a product with listed patents to make certifications pertaining to such patents. In addition, the Hatch-Waxman Amendments provide for a statutory protection, known as non-patent exclusivity, against the FDA’s acceptance or approval of certain competitor applications.

Patent Term Restoration

Patent term restoration can compensate for time lost during drug development and the regulatory review process by returning up to five years of patent life for a patent that covers a new product or its use. This period is generally one-half the time between the effective date of an IND (falling after issuance of the patent) and the submission date of an NDA, plus the time between the submission date of an NDA and the approval of that application, provided the sponsor acted with diligence. Patent term restorations, however, cannot extend the remaining term of a patent beyond a total of 14 years from the date of product approval and only one patent applicable to an approved drug may be extended and the extension must be applied for prior to expiration of the patent. The United States Patent and Trademark Office, or the USPTO, in consultation with the FDA, reviews and approves the application for any patent term extension or restoration.

Orange Book Listing

In seeking approval for a drug through an NDA, applicants are required to list with the FDA each patent whose claims cover the applicant’s product. Upon approval of a drug, each of the patents listed by the NDA holder listed in the drug’s application or otherwise are then published in the FDA’s Orange Book. Drugs listed in the Orange Book can, in turn, be cited by potential generic competitors in support of approval of an abbreviated new drug application, or ANDA. An ANDA provides for marketing of a drug product that has the same active ingredients in the same strengths and dosage form as the listed drug and has been shown through bioequivalence testing to be therapeutically equivalent to the listed drug. Other than the requirement for bioequivalence testing, ANDA applicants are not required to conduct, or submit results of, preclinical studies or clinical trials to prove the safety or effectiveness of their drug product. Drugs approved in this way are commonly referred to as “generic equivalents” to the listed drug, and can often be substituted by pharmacists under prescriptions written for the original listed drug.

The ANDA applicant is required to certify to the FDA concerning any patents listed for the approved product in the FDA’s Orange Book. Specifically, the applicant must certify that: (1) the required patent information has not been filed; (2) the listed patent has expired; (3) the listed patent has not expired, but will expire on a particular date and approval is sought after patent expiration; or (4) the listed patent is invalid or will not be infringed by the new product. The ANDA applicant may also elect to submit a Section VIII statement certifying that its proposed ANDA label does not contain (or carves out) any language regarding the patented method-of-use rather than certify to a listed method-of-use patent. If the applicant does not challenge the listed patents, the ANDA application will not be approved until all the listed patents claiming the referenced product have expired.

A certification that the new product will not infringe the already approved product’s listed patents, or that such patents are invalid, is called a Paragraph IV certification. If the ANDA applicant has provided a Paragraph IV certification to the FDA, the applicant must also send notice of the Paragraph IV certification to the NDA and patent holders once the ANDA has been accepted for filing by the FDA. The NDA and patent holders may then initiate a patent infringement lawsuit in response to the notice of the Paragraph IV certification. The filing of a patent infringement lawsuit within 45 days of the receipt of a Paragraph IV certification automatically prevents the FDA from approving the ANDA until the earlier of 30 months, expiration of the patent, settlement of the lawsuit or a decision in the infringement case that is favorable to the ANDA applicant.

An applicant submitting an NDA under Section 505(b)(2) of the FDCA, which permits the filing of an NDA where at least some of the information required for approval comes from studies not conducted by, or for, the applicant and for which the applicant has not obtained a right of reference, is required to certify to the FDA regarding any patents listed in the Orange Book for the approved product it references to the same extent that an ANDA applicant would.

Market Exclusivity

Market exclusivity provisions under the FDCA also can delay the submission or the approval of certain applications. The FDCA provides a five-year period of non-patent marketing exclusivity within the U.S. to the first applicant to gain approval of an NDA for a new chemical entity. A drug is a new chemical entity if the FDA has not previously approved any other new drug containing the same active moiety, which is the molecule or ion responsible for the action of the drug substance. During the exclusivity period, the FDA may not accept for review an ANDA or a 505(b)(2) NDA submitted by another company for another version of such drug where the applicant does not own or have a legal right of reference to all the data required for approval. However, an application may be submitted after four years if it contains a Paragraph IV certification. The FDCA also provides three years of marketing exclusivity for an NDA, 505(b)(2) NDA or supplement to an existing NDA if new clinical investigations, other than bioavailability studies, that were conducted or sponsored by the applicant are deemed by the FDA to be essential to the approval of the application, for example, for new indications, dosages or strengths of an existing drug. This three-year exclusivity covers only the conditions associated with the new clinical investigations and does not prohibit the FDA from approving ANDAs for drugs containing the original active agent. Five-year and three-year exclusivity will not delay the submission or approval of a full NDA; however, an applicant submitting a full NDA would be required to conduct or obtain a right of reference to all of the non-clinical studies and adequate and well-controlled clinical trials necessary to demonstrate safety and effectiveness.

Post-Marketing Requirements

Following approval of a new product, a pharmaceutical company and the approved product are subject to continuing regulation by the FDA, including, among other things, monitoring and record-keeping activities, reporting to the applicable regulatory authorities of adverse experiences with the product, providing the regulatory authorities with updated safety and efficacy information, product sampling and distribution requirements, and complying with promotion and advertising requirements, which include, among others, standards for direct-to-consumer advertising, restrictions on promoting drugs for uses or in patient populations that are not described in the drug’s approved labeling (known as “off-label use”), limitations on industry-sponsored scientific and educational activities and requirements for promotional activities involving the internet, including social media. Although physicians may prescribe legally available drugs for off-label uses, manufacturers may not market or promote such off-label uses. Modifications or enhancements to the product or its labeling or changes of the site of manufacture are often subject to the approval of the FDA and other regulators, who may or may not grant approval, or may include in a lengthy review process.

Prescription drug advertising is subject to federal, state and foreign regulations. In the U.S., the FDA regulates prescription drug promotion, including direct-to-consumer advertising. Prescription drug promotional materials must be submitted to the FDA in conjunction with their first use. Any distribution of prescription drug products and pharmaceutical samples must comply with the U.S. Prescription Drug Marketing Act of 1987, as amended, or the PDMA, a part of the FDCA.

In the U.S., once a product is approved, its manufacture is subject to comprehensive and continuing regulation by the FDA. The FDA regulations require that products be manufactured in specific, approved facilities and in accordance with cGMP. We rely, and expect to continue to rely, on third parties for the production of clinical and commercial quantities of our products in accordance with cGMP regulations. cGMP regulations require, among other things, quality control and quality assurance as well as the corresponding maintenance of records and documentation and the obligation to investigate and correct any deviations from cGMP. Drug manufacturers and other entities involved in the manufacture and distribution of approved drugs are required to register their establishments with the FDA and certain state agencies, and are subject to periodic unannounced inspections by the FDA and certain state agencies for compliance with cGMP and other laws. Accordingly, manufacturers must continue to expend time, money and effort in the area of production and quality control to maintain cGMP compliance. These regulations also impose certain organizational, procedural and documentation requirements with respect to manufacturing and quality assurance activities. NDA holders using contract manufacturers, laboratories or packagers are responsible for the selection and monitoring of qualified firms and, in certain circumstances, qualified suppliers to these firms. These firms and, where applicable, their suppliers are subject to inspections by the FDA at any time, and the discovery of violative conditions, including failure to conform to cGMP, could result in enforcement actions that interrupt the operation of any such product or may result in restrictions on a product, manufacturer, or holder of an approved NDA, including, among other things, recall or withdrawal of the product from the market.

In addition, the manufacturer or sponsor under an approved NDA is subject to annual product and establishment fees, currently exceeding $114,450 per product and $585,200 per establishment for fiscal year 2016. These fees are typically increased annually.

The FDA also may require post-marketing testing, also known as Phase 4 testing, REMS to monitor the effects of an approved product or place conditions on an approval that could restrict the distribution or use of the product. Discovery of previously unknown problems with a product or the failure to comply with applicable FDA requirements can have negative consequences, including adverse publicity, judicial or administrative enforcement, untitled or warning letters from the FDA, mandated corrective advertising or communications with doctors, withdrawal of approval, and civil or criminal penalties, among others. Newly-discovered or developed safety or effectiveness data may require changes to a product’s approved labeling, including the addition of new warnings and contraindications, and also may require the implementation of other risk management measures. Also, new government requirements, including those resulting from new legislation, may be established, or the FDA’s policies may change, which could delay or prevent regulatory approval of our products in development.

Reimbursement, Anti-Kickback and False Claims Laws and Other Regulatory Matters

In the U.S., the research, manufacturing, distribution, sale and promotion of drug products and medical devices are potentially subject to regulation by various federal, state and local authorities in addition to the FDA, including the Centers for Medicare & Medicaid Services, or CMS, other divisions of the U.S. Department of Health and Human Services (e.g. , the Office of Inspector General), the Drug Enforcement Administration, the Consumer Product Safety Commission, the Federal Trade Commission, the Occupational Safety & Health Administration, the Environmental Protection Agency, state Attorneys General and other state and local government agencies. For example, sales, marketing and scientific/educational grant programs must comply with the federal Anti-Kickback Statute, the federal False Claims Act of 1986, as amended, or the federal False Claims Act, the privacy regulations promulgated under the Health Insurance Portability and Accountability Act of 1996, as amended, or HIPAA, and similar state laws. Pricing and rebate programs must comply with the Medicaid Drug Rebate Program requirements of the Omnibus Budget Reconciliation Act of 1990, as amended, and the Veterans Health Care Act of 1992, as amended. If products are made available to authorized users of the Federal

Supply Schedule of the General Services Administration, additional laws and requirements apply. The handling of any controlled substances must comply with the U.S. Controlled Substances Act and Controlled Substances Import and Export Act. Products must meet applicable child-resistant packaging requirements under the U.S. Poison Prevention Packaging Act. All of these activities are also potentially subject to federal and state consumer protection and unfair competition laws.

The Medicare Prescription Drug, Improvement, and Modernization Act of 2003, or the MMA, established the Medicare Part D program to provide a voluntary prescription drug benefit to Medicare beneficiaries. Under Part D, Medicare beneficiaries may enroll in prescription drug plans offered by private entities which will provide coverage of outpatient prescription drugs. Unlike Medicare Part A and B, Part D coverage is not standardized. Part D prescription drug plan sponsors are not required to pay for all covered Part D drugs, and each drug plan can develop its own drug formulary that identifies which drugs it will cover and at what tier or level. However, Part D prescription drug formularies must include drugs within each therapeutic category and class of covered Part D drugs, though not necessarily all the drugs in each category or class. Any formulary used by a Part D prescription drug plan must be developed and reviewed by a pharmacy and therapeutic committee. Government payment for some of the costs of prescription drugs may increase demand for products for which we receive regulatory approval. However, any negotiated prices for our products covered by a Part D prescription drug plan will likely be lower than the prices we might otherwise obtain. Moreover, while the MMA applies only to drug benefits for Medicare beneficiaries, private payors often follow Medicare coverage policy and payment limitations in setting their own payment rates. Any reduction in payment that results from the MMA may result in a similar reduction in payments from non-government payors.

The distribution of pharmaceutical products is subject to additional requirements and regulations, including extensive record-keeping, licensing, storage and security requirements intended to prevent the unauthorized sale of pharmaceutical products.

The American Recovery and Reinvestment Act of 2009 provides funding for the federal government to compare the effectiveness of different treatments for the same illness. A plan for the research will be developed by the Department of Health and Human Services, the Agency for Healthcare Research and Quality and the National Institutes for Health, and periodic reports on the status of the research and related expenditures will be made to Congress. Although the results of the comparative effectiveness studies are not intended to mandate coverage policies for public or private payors, it is not clear what effect, if any, the research will have on the sales of our drug candidate, if any such product or the condition that it is intended to treat is the subject of a clinical trial. It is also possible that comparative effectiveness research demonstrating benefits in a competitor’s product could adversely affect the sales of our drug candidate. If third-party payors do not consider our products to be cost-effective compared to other available therapies, they may not cover our products after approval as a benefit under their plans or, if they do, the level of payment may not be sufficient to allow us to sell our products on a profitable basis.

In addition, in some foreign countries, the proposed pricing for a drug must be approved before it may be lawfully marketed. The requirements governing drug pricing vary widely from country to country. For example, the European Union provides options for its member states to restrict the range of medicinal products for which their national health insurance systems provide reimbursement and to control the prices of medicinal products for human use. A member state may approve a specific price for the medicinal product or it may instead adopt a system of direct or indirect controls on the profitability of the company placing the medicinal product on the market. There can be no assurance that any country that has price controls or reimbursement limitations for pharmaceutical products will allow favorable reimbursement and pricing arrangements for any of our products. Historically, products launched in the European Union do not follow price structures of the U.S. and generally tend to be priced significantly lower than in the U.S.

As noted above, in the U.S., we are subject to complex laws and regulations pertaining to healthcare “fraud and abuse,” including, but not limited to, the federal Anti-Kickback Statute, the federal False Claims Act, and other state and federal laws and regulations. The federal Anti-Kickback Statute makes it illegal for any person, including a prescription drug manufacturer, or a party acting on its behalf, to knowingly and willfully solicit, receive, offer, or pay any remuneration that is intended to induce the referral of business, including the purchase, order or prescription of a particular drug, or other good or service for which payment in whole or in part may be made under a federal healthcare program, such as Medicare or Medicaid. Violations of this law are punishable by up to five years in prison, criminal fines, administrative civil money penalties, and exclusion from participation in federal healthcare programs. In addition, many states have adopted laws similar to the federal Anti-Kickback Statute. Some of these state prohibitions apply to the referral of patients for healthcare services reimbursed by any insurer, not just federal healthcare programs such as Medicare and Medicaid. Due to the breadth of these federal and state anti-kickback laws, the absence of guidance in the form of regulations or court decisions, and the potential for additional legal or regulatory change in this area, it is possible that our future sales and marketing practices or our future relationships with medical professionals might be challenged under anti-kickback laws, which could harm us. Because we intend to commercialize products that could be reimbursed under a federal healthcare program and other governmental healthcare programs, we plan to develop a comprehensive compliance program that establishes internal controls to facilitate adherence to the rules and program requirements to which we will or may become subject.

The federal False Claims Act prohibits anyone from knowingly presenting, or causing to be presented, for payment to federal programs (including Medicare and Medicaid) claims for items or services, including drugs, that are false or fraudulent, claims for items or services not provided as claimed, or claims for medically unnecessary items or services. Although we would not submit claims directly to payors, manufacturers can be held liable under these laws if they are deemed to “cause” the submission of false or fraudulent claims by, for example, providing inaccurate billing or coding information to customers or promoting a product off-label. In addition, our future activities relating to the reporting of wholesaler or estimated retail prices for our products, the reporting of prices used to calculate Medicaid rebate information and other information affecting federal, state and third-party reimbursement for our products, and the sale and marketing of our products, are subject to scrutiny under this law. For example, pharmaceutical companies have been found liable under the federal False Claims Act in connection with their off-label promotion of drugs. Penalties for a federal False Claims Act violation include three times the actual damages sustained by the government, plus mandatory civil penalties of between $5,500 and $11,000 for each separate false claim, the potential for exclusion from participation in federal healthcare programs and, although the federal False Claims Act is a civil statute, conduct that results in a federal False Claims Act violation may also implicate various federal criminal statutes. If the government were to allege that we were, or convict us of, violating these false claims laws, we could be subject to a substantial fine and may suffer a decline in our stock price. In addition, private individuals have the ability to bring actions under the federal False Claims Act and certain states have enacted laws modeled after the federal False Claims Act.

There are also an increasing number of state laws that require manufacturers to make reports to states on pricing and marketing information. Many of these laws contain ambiguities as to what is required to comply with the laws. In addition, as discussed below, beginning in 2013, a similar federal requirement requires manufacturers to track and report to the federal government certain payments made to physicians and teaching hospitals in the previous calendar year. These laws may affect our sales, marketing and other promotional activities by imposing administrative and compliance burdens on us. In addition, given the lack of clarity with respect to these laws and their implementation, our reporting actions could be subject to the penalty provisions of the pertinent state, and soon federal, authorities.

The failure to comply with regulatory requirements subjects companies to possible legal or regulatory action. Depending on the circumstances, failure to meet applicable regulatory requirements can result in criminal prosecution, fines or other penalties, injunctions, recall or seizure of products, total or partial suspension of production, denial or withdrawal of product approvals, or refusal to allow a company to enter into supply contracts, including government contracts.

Changes in regulations, statutes or the interpretation of existing regulations could impact our business in the future by requiring, for example: (1) changes to our manufacturing arrangements; (2) additions or modifications to product labeling; (3) the recall or discontinuation of our products; or (4) additional record-keeping requirements. If any such changes were to be imposed, they could adversely affect the operation of our business.

Patient Protection and Affordable Care Act

In March 2010, the Patient Protection and Affordable Care Act, or the PPACA, was enacted, which includes measures that have or will significantly change the way healthcare is financed by both governmental and private insurers. Among the provisions of the PPACA of greatest importance to the pharmaceutical industry are the following:

The Medicaid Drug Rebate Program requires pharmaceutical manufacturers to enter into and have in effect a national rebate agreement with the Secretary of the Department of Health and Human Services as a condition for states to receive federal matching funds for the manufacturer’s covered outpatient drugs furnished to Medicaid patients. Effective in 2010, the PPACA made several changes to the Medicaid Drug Rebate Program, including increasing pharmaceutical manufacturers’ rebate liability by raising the minimum basic Medicaid rebate on most branded prescription drugs and biologic agents to 23.1% of the average manufacturer price, or AMP, and adding a new rebate calculation for “line extensions” ( i.e. , new formulations, such as extended release formulations) of solid oral dosage forms of branded products, as well as potentially impacting their rebate liability by modifying the statutory definition of AMP. The PPACA also expanded the universe of Medicaid utilization subject to drug rebates by requiring pharmaceutical manufacturers to pay rebates on Medicaid managed care utilization as of 2010 and by expanding the population potentially eligible for Medicaid drug benefits, to be phased-in by 2014. The CMS have proposed to expand Medicaid rebate liability to the territories of the U.S. as well. In addition, the PPACA provides for the public availability of retail survey prices and certain weighted average AMPs under the Medicaid program. The implementation of this requirement by the CMS may also provide for the public availability of pharmacy acquisition of cost data, which could negatively impact our sales.

In order for a pharmaceutical product to receive federal reimbursement under the Medicare Part B and Medicaid programs or to be sold directly to U.S. government agencies, the manufacturer must extend discounts to entities eligible to participate in the 340B drug pricing program. The required 340B discount on a given product is calculated based on the AMP and Medicaid rebate amounts reported by the manufacturer. Effective in 2010, the PPACA expanded the types of

entities eligible to receive discounted 340B pricing, although, under the current state of the law, with the exception of children’s hospitals, these newly-eligible entities will not be eligible to receive discounted 340B pricing on orphan drugs when used for the orphan indication. In addition, as 340B drug pricing is determined based on AMP and Medicaid rebate data, the revisions to the Medicaid rebate formula and AMP definition described above could cause the required 340B discount to increase.

Effective in 2011, the PPACA imposed a requirement on manufacturers of branded drugs and biologic agents to provide a 50% discount off the negotiated price of branded drugs dispensed to Medicare Part D patients in the coverage gap (i.e., “donut hole”).

Effective in 2011, the PPACA imposed an annual, nondeductible fee on any entity that manufactures or imports certain branded prescription drugs and biologic agents, apportioned among these entities according to their market share in certain government healthcare programs, although this fee would not apply to sales of certain products approved exclusively for orphan indications.

Effective in 2012, the PPACA required pharmaceutical manufacturers to track certain financial arrangements with physicians and teaching hospitals, including any “transfer of value” made or distributed to such entities, as well as any investment interests held by physicians and their immediate family members. Manufacturers are required to track this information and were required to make their first reports in March 2014. The information reported is publicly available on a searchable website.

As of 2010, a new Patient-Centered Outcomes Research Institute was established pursuant to the PPACA to oversee, identify priorities in and conduct comparative clinical effectiveness research, along with funding for such research. The research conducted by the Patient-Centered Outcomes Research Institute may affect the market for certain pharmaceutical products.

The PPACA created the Independent Payment Advisory Board, which has the authority to recommend certain changes to the Medicare program to reduce expenditures by the program that could result in reduced payments for prescription drugs. Under certain circumstances, these recommendations will become law unless Congress enacts legislation that will achieve the same or greater Medicare cost savings.

The PPACA established the Center for Medicare and Medicaid Innovation within CMS to test innovative payment and service delivery models to lower Medicare and Medicaid spending, potentially including prescription drug spending. Funding has been allocated to support the mission of the Center for Medicare and Medicaid Innovation from 2011 to 2019.

Many of the details regarding the implementation of the PPACA are yet to be determined, and, at this time, the full effect of the PPACA on our business remains unclear.

Pediatric Exclusivity and Pediatric Use

Under the Best Pharmaceuticals for Children Act, or the BPCA, certain drugs may obtain an additional six months of exclusivity if the sponsor submits information requested in writing by the FDA, or a Written Request, relating to the use of the active moiety of the drug in children. Conditions for exclusivity include the FDA’s determination that information relating to the use of a new drug in the pediatric population may produce health benefits in that population, the FDA making a written request for pediatric studies and the applicant agreeing to perform, and reporting on, the requested studies within the statutory timeframe. The FDA may not issue a Written Request for studies on unapproved or approved indications or where it determines that information relating to the use of a drug in a pediatric population, or part of the pediatric population, may not produce health benefits in that population. Applications under the BPCA are treated as priority applications, with all of the benefits that designation confers.

We have not received a Written Request for such pediatric studies, although we may ask the FDA to issue a Written Request for such studies in the future. To receive the six-month pediatric market exclusivity, we would need to receive a Written Request from the FDA, conduct the requested studies in accordance with a written agreement with the FDA or, if there is no written agreement, in accordance with commonly accepted scientific principles, and submit reports of the studies. A Written Request may include studies for indications that are not currently in the labeling if the FDA determines that such information will benefit the public health. The FDA will accept the reports upon its determination that the studies were conducted in accordance with, and are responsive to, the original Written Request or commonly accepted scientific principles, as appropriate, and that the reports comply with the FDA’s filing requirements.

Under the Pediatric Research Equity Act of 2003, or the PREA, an NDA or supplement thereto must contain data that are adequate to assess the safety and effectiveness of the drug product for the claimed indications in all relevant pediatric subpopulations, and to

support dosing and administration for each pediatric subpopulation for which the product is safe and effective. The PREA also authorizes the FDA to require holders of approved NDAs for marketed drugs to conduct pediatric studies under certain circumstances. With the enactment of the Food and Drug Administration Safety and Innovation Act, or the FDASIA, in 2012, sponsors must also submit pediatric study plans prior to the assessment data. Those plans must contain an outline of the proposed pediatric study or studies the applicant plans to conduct, including study objectives and design, any deferral or waiver requests, and other information required by regulation. The applicant, the FDA and the FDA’s internal review committee must then review the information submitted, consult with each other and agree upon a final plan. The FDA or the applicant may request an amendment to the plan at any time.

The FDA may, on its own initiative or at the request of the applicant, grant deferrals for submission of some or all pediatric data until after approval of the product for use in adults, or full or partial waivers from the pediatric data requirements. Additional requirements and procedures relating to deferral requests and requests for extension of deferrals are contained in the FDASIA. Unless otherwise required by regulation, the pediatric data requirements do not apply to products with orphan designation.

Intellectual Property

We have in-licensed from Ligand patents and patent applications that contain claims that recite our compounds, as set forth below. We plan to file additional patent applications in the U.S., E.U. and other foreign jurisdictions on our clinical and preclinical programs. Information regarding the issued patents and pending patent applications, as of January 31, 2016, are as follows:

Subject Matter/Compounds	# Pending Applications	# Issued Patents	Geographical Scope	Nominal Patent Term
VK5211 (SARM)	10	11	U.S., Europe, Chile, Argentina, Brazil, Canada, China, India, Japan, Korea, Mexico, Taiwan, and Venezuela	2025-2028
Other SARM	9	32	U.S., Canada, India, Japan, Korea, Mexico, Australia, China, New Zealand, Argentina, Brazil, Europe, and Israel	2017-2026
VK0214 (TRß)	0	1	U.S.	2024
Other TRß agonist	2	1	Australia and Canada	2026
VK0612 (FBPase inhibitor)	0	14	U.S., China, Hong Kong, Israel, Korea, Mexico, India, Indonesia, New Zealand	2019-2020
FBPase Inhibitor Combinations	0	12	U.S., China, Korea, Israel, Mexico, Portugal, New Zealand, and Russia	2019-2021
DGAT-1 Inhibitors	1	2	U.S. and Europe	2030
EPOR Inhibitors	12	3	U.S., Australia, Canada, China, Europe, India, Japan, and Korea	2030-2031

Corporate Information

We were incorporated under the laws of the State of Delaware on September 24, 2012. Our principal executive offices are located at 12340 El Camino Real, San Diego, CA 92130, and our telephone number is (858) 704-4660. Our website address is www.vikingtherapeutics.com. We do not incorporate the information on, or accessible through, our website into this Annual Report on Form 10-K, and you should not consider any information on, or accessible through, our website as part of this Annual Report on Form 10-K. We have included our website address in this Annual Report on Form 10-K solely as an inactive textual reference.

Research and Development Expenses

Our research and development expenses were $6,966,842 and $22,223,073 for the years ended December 31, 2015 and 2014, respectively.

Employees

As of February 29, 2016, we had nine full-time employees and one part-time employee, four of whom hold a Ph.D. or M.D. degree. All employees are engaged in research and development, project management, business development and finance. None of our employees is subject to a collective bargaining agreement. We have never experienced a material work stoppage or disruption to our business relating to employee matters. We consider our relationship with our employees to be good.

Item 1A. Risk Factors.

You should consider carefully the following information about the risks described below, together with the other information contained in this Annual Report on Form 10-K and in our other public filings in evaluating our business. If any of the following risks actually occurs, our business, financial condition, results of operations and future growth prospects would likely be materially and adversely affected. In these circumstances, the market price of our common stock would likely decline.

Risks Relating to Our Business

We are a clinical-stage company, have a very limited operating history and are expected to incur significant operating losses during the early stage of our corporate development.

We are a clinical-stage company. We were incorporated in, and have only been conducting operations since, September 2012. Our operations to date have been limited to raising capital, building infrastructure, obtaining the worldwide rights to certain technology from Ligand Pharmaceuticals Incorporated, or Ligand, and planning, preparing and conducting preclinical studies and clinical trials of our drug candidates, including VK5211 and VK0612, which are currently in Phase 2 clinical development, VK2809, which has completed Phase 1 clinical development and VK0214 and the EPOR and DGAT-1 programs, which are each currently in preclinical development. As a result, we have no meaningful historical operations upon which to evaluate our business and prospects and have not yet demonstrated an ability to obtain marketing approval for any of our drug candidates or successfully overcome the risks and uncertainties frequently encountered by companies in the biopharmaceutical industry. We also have not generated any revenue to date, and we continue to incur significant research and development and other expenses. Our net loss for the years ended December 31, 2015 and 2014 was $23,403,988 and $21,884,183, respectively. As of December 31, 2015, we had an accumulated deficit of $45,545,445. For the foreseeable future, we expect to continue to incur losses, which will increase significantly from historical levels as we expand our drug development activities, seek regulatory approvals for our drug candidates and begin to commercialize them if they are approved by the U.S. Food and Drug Administration, or the FDA, the European Medicines Agency, or EMA, or comparable foreign authorities. Even if we succeed in developing and commercializing one or more drug candidates, we may never become profitable. If we fail to achieve or maintain profitability, it would adversely affect the value of our common stock.

We are substantially dependent on technologies we licensed from Ligand, and if we lose the license to such technologies or the Master License Agreement is terminated for any reason, our ability to develop existing and new drug candidates would be harmed, and our business, financial condition and results of operations would be materially and adversely affected.

Our business is substantially dependent upon technology licensed from Ligand. Pursuant to the Master License Agreement, we have been granted exclusive worldwide rights to VK5211, VK2809, VK0214, VK0612 and preclinical programs for anemia and lipid disorders. SARMS, such as our lead program VK5211, are key compounds used by us in the development and commercialization of our drug candidates. All of the intellectual property related to our drug candidates is currently owned by Ligand, and we have the rights to use such intellectual property pursuant to the Master License Agreement. Therefore, our ability to develop and commercialize our drug candidates depends entirely on the effectiveness and continuation of the Master License Agreement. If we lose the right to license any of these key compounds, our ability to develop existing and new drug candidates would be harmed.

Ligand has the right to terminate the Master License Agreement under certain circumstances, including, but not limited to: (1) in the event of our insolvency or bankruptcy, (2) if we do not pay an undisputed amount owing under the Master License Agreement when due and fail to cure such default within a specified period of time, or (3) if we default on certain of our material obligations and fail to cure the default within a specified period of time.

We are dependent on the success of one or more of our current drug candidates and we cannot be certain that any of them will receive regulatory approval or be commercialized.

We have spent significant time, money and effort on the licensing and development of our core metabolic and endocrine disease assets, VK5211, VK2809, VK0214, VK0612 and our earlier-stage assets, the EPOR and DGAT-1 programs. To date, no pivotal clinical trials designed to provide clinically and statistically significant proof of efficacy, or to provide sufficient evidence of safety to justify approval, have been completed with any of our drug candidates. All of our drug candidates will require additional development, including clinical trials as well as further preclinical studies to evaluate their toxicology, carcinogenicity and pharmacokinetics and optimize their formulation, and regulatory clearances before they can be commercialized. Positive results obtained during early development do not necessarily mean later development will succeed or that regulatory clearances will be obtained. Our drug development efforts may not lead to commercial drugs, either because our drug candidates fail to be safe and effective or because we have inadequate financial or other resources to advance our drug candidates through the clinical development and approval processes.

If any of our drug candidates fail to demonstrate safety or efficacy at any time or during any phase of development, we would experience potentially significant delays in, or be required to abandon, development of the drug candidate.

We do not anticipate that any of our current drug candidates will be eligible to receive regulatory approval from the FDA, EMA or comparable foreign authorities and begin commercialization for a number of years, if ever. Even if we ultimately receive regulatory approval for any of these drug candidates, we or our potential future partners, if any, may be unable to commercialize them successfully for a variety of reasons. These include, for example, the availability of alternative treatments, lack of cost-effectiveness, the cost of manufacturing the product on a commercial scale and competition with other drugs. The success of our drug candidates may also be limited by the prevalence and severity of any adverse side effects. If we fail to commercialize one or more of our current drug candidates, we may be unable to generate sufficient revenues to attain or maintain profitability, and our financial condition and stock price may decline.

If development of our drug candidates does not produce favorable results, we and our collaborators, if any, may be unable to commercialize these products.

To receive regulatory approval for the commercialization of our core metabolic and endocrine disease assets, VK5211, VK2809, VK0214, VK0612 and our earlier-stage assets, the EPOR and DGAT-1 programs, or any other drug candidates that we may develop, adequate and well-controlled clinical trials must be conducted to demonstrate safety and efficacy in humans to the satisfaction of the FDA, EMA and comparable foreign authorities. In order to support marketing approval, these agencies typically require successful results in one or more Phase 3 clinical trials, which our current drug candidates have not yet reached and may never reach. The development process is expensive, can take many years and has an uncertain outcome. Failure can occur at any stage of the process. We may experience numerous unforeseen events during, or as a result of, the development process that could delay or prevent commercialization of our current or future drug candidates, including the following:

clinical trials may produce negative or inconclusive results;

preclinical studies conducted with drug candidates during clinical development to, among other things, evaluate their toxicology, carcinogenicity and pharmacokinetics and optimize their formulation may produce unfavorable results;

patient recruitment and enrollment in clinical trials may be slower than we anticipate;

costs of development may be greater than we anticipate;

our drug candidates may cause undesirable side effects that delay or preclude regulatory approval or limit their commercial use or market acceptance, if approved;

collaborators who may be responsible for the development of our drug candidates may not devote sufficient resources to these clinical trials or other preclinical studies of these candidates or conduct them in a timely manner; or

we may face delays in obtaining regulatory approvals to commence one or more clinical trials.

Success in early development does not mean that later development will be successful because, for example, drug candidates in later-stage clinical trials may fail to demonstrate sufficient safety and efficacy despite having progressed through initial clinical trials.

We licensed all of the intellectual property related to our drug candidates from Ligand pursuant to the Master License Agreement. We recently completed a Phase 1 clinical trial and initiated a Phase 2 clinical trial for VK5211. All other clinical trials, preclinical studies and other analyses performed to date with respect to our drug candidates have been conducted by Ligand. Therefore, as a company, we have limited experience in conducting clinical trials for our drug candidates. Since our experience with our drug candidates is limited, we will need to train our existing personnel and hire additional personnel in order to successfully administer and manage our clinical trials and other studies as planned, which may result in delays in completing such planned clinical trials and preclinical studies. Moreover, to date our drug candidates have been tested in less than the number of patients that will likely need to be studied to obtain regulatory approval. The data collected from clinical trials with larger patient populations may not demonstrate sufficient safety and efficacy to support regulatory approval of these drug candidates.

We currently do not have strategic collaborations in place for clinical development of any of our current drug candidates. Therefore, in the future, we or any potential future collaborative partner will be responsible for establishing the targeted endpoints and goals for development of our drug candidates. These targeted endpoints and goals may be inadequate to demonstrate the safety and efficacy levels required for regulatory approvals. Even if we believe data collected during the development of our drug candidates are promising, such data may not be sufficient to support marketing approval by the FDA, EMA or comparable foreign authorities. Further, data generated during development can be interpreted in different ways, and the FDA, EMA or comparable foreign authorities may interpret such data in different ways than us or our collaborators. Our failure to adequately demonstrate the safety and efficacy of

our drug candidates would prevent our receipt of regulatory approval, and ultimately the potential commercialization of these drug candidates.

Since we do not currently possess the resources necessary to independently develop and commercialize our drug candidates, including our core metabolic and endocrine disease assets, VK5211, VK2809, VK0214, VK0612 and our earlier-stage assets, the EPOR and DGAT-1 programs, or any other drug candidates that we may develop, we may seek to enter into collaborative agreements to assist in the development and potential future commercialization of some or all of these assets as a component of our strategic plan. However, our discussions with potential collaborators may not lead to the establishment of collaborations on acceptable terms, if at all, or it may take longer than expected to establish new collaborations, leading to development and potential commercialization delays, which would adversely affect our business, financial condition and results of operations.

We expect to continue to incur significant research and development expenses, which may make it difficult for us to attain profitability.

We expect to expend substantial funds in research and development, including preclinical studies and clinical trials of our drug candidates, and to manufacture and market any drug candidates in the event they are approved for commercial sale. We also may need additional funding to develop or acquire complementary companies, technologies and assets, as well as for working capital requirements and other operating and general corporate purposes. Moreover, our planned increases in staffing will dramatically increase our costs in the near and long-term.

However, our spending on current and future research and development programs and drug candidates for specific indications may not yield any commercially viable products. Due to our limited financial and managerial resources, we must focus on a limited number of research programs and drug candidates and on specific indications. Our resource allocation decisions may cause us to fail to capitalize on viable commercial products or profitable market opportunities.

Because the successful development of our drug candidates is uncertain, we are unable to precisely estimate the actual funds we will require to develop and potentially commercialize them. In addition, we may not be able to generate sufficient revenue, even if we are able to commercialize any of our drug candidates, to become profitable.

Our independent registered public accounting firm has expressed substantial doubt about our ability to continue as a going concern.

We are a clinical-stage company, and the development and commercialization of our drug candidates is uncertain and expected to require substantial expenditures. We have not yet generated any revenues from our operations to fund our activities, and are therefore dependent upon external sources for financing our operations. The audit report issued by our independent registered public accounting firm for our financial statements for the fiscal year ended December 31, 2015 states that our independent registered public accounting firm has expressed substantial doubt in our ability to continue as a going concern due to the risk that we may not have sufficient cash and liquid assets at December 31, 2015 to cover our operating and capital requirements for the next 12 months; and in the event that sufficient cash cannot be obtained, we would have to substantially alter, or possibly even discontinue, operations. Although it is difficult to predict our liquidity requirements, as of December 31, 2015, and based upon our current operating plan, we do not believe that we will have sufficient cash to meet our projected operating requirements for at least the next 12 months unless we raise additional capital. Our financial statements and related notes thereto included elsewhere in this Annual Report on Form 10-K do not include any adjustments that might result from the outcome of this uncertainty.

Given our lack of current cash flow, we will need to raise additional capital; however, it may be unavailable to us or, even if capital is obtained, may cause dilution or place significant restrictions on our ability to operate our business.

Since we will be unable to generate sufficient, if any, cash flow to fund our operations for the foreseeable future, we will need to seek additional equity or debt financing to provide the capital required to maintain or expand our operations. As of December 31, 2015, we had cash and cash equivalents and investments totaling $14,104,049.

There can be no assurance that we will be able to raise sufficient additional capital on acceptable terms or at all. If such additional financing is not available on satisfactory terms, or is not available in sufficient amounts, we may be required to delay, limit or eliminate the development of business opportunities and our ability to achieve our business objectives, our competitiveness, and our business, financial condition and results of operations may be materially adversely affected. In addition, we may be required to grant rights to develop and market drug candidates that we would otherwise prefer to develop and market ourselves. Our inability to fund our business could lead to the loss of your investment.

Our future capital requirements will depend on many factors, including, but not limited to:

the scope, rate of progress, results and cost of our clinical trials, preclinical studies and other related activities;

the timing of, and the costs involved in, obtaining regulatory approvals for any of our current or future drug candidates;

the number and characteristics of the drug candidates we seek to develop or commercialize;

the cost of manufacturing clinical supplies, and establishing commercial supplies, of our drug candidates;

the cost of commercialization activities if any of our current or future drug candidates are approved for sale, including marketing, sales and distribution costs;

the expenses needed to attract and retain skilled personnel;

the costs associated with being a public company;

our ability to establish and maintain strategic collaborations, licensing or other arrangements and the financial terms of such arrangements;

the amount of revenue, if any, received from commercial sales of our drug candidates, should any of our drug candidates receive marketing approval; and

the costs involved in preparing, filing, prosecuting, maintaining, defending and enforcing possible patent claims, including litigation costs and the outcome of any such litigation.

If we raise additional capital by issuing equity securities, the percentage ownership of our existing stockholders may be reduced, and accordingly these stockholders may experience substantial dilution. We may also issue equity securities that provide for rights, preferences and privileges senior to those of our common stock. Given our need for cash and that equity issuances are the most common type of fundraising for companies like ours, the risk of dilution is particularly significant for stockholders of our company.

Our drug candidates may cause undesirable side effects that could delay or prevent their regulatory approval or commercialization or have other significant adverse implications on our business, financial condition and results of operations.

Undesirable side effects observed in clinical trials or in supportive preclinical studies with our drug candidates could interrupt, delay or halt their development and could result in the denial of regulatory approval by the FDA, EMA or comparable foreign authorities for any or all targeted indications or adversely affect the marketability of any such drug candidates that receive regulatory approval. In turn, this could eliminate or limit our ability to commercialize our drug candidates.

Our drug candidates may exhibit adverse effects in preclinical toxicology studies and adverse interactions with other drugs. There are also risks associated with additional requirements the FDA, EMA or comparable foreign authorities may impose for marketing approval with regard to a particular disease.

Our drug candidates may require a risk management program that could include patient and healthcare provider education, usage guidelines, appropriate promotional activities, a post-marketing observational study, and ongoing safety and reporting mechanisms, among other requirements. Prescribing could be limited to physician specialists or physicians trained in the use of the drug, or could be limited to a more restricted patient population. Any risk management program required for approval of our drug candidates could potentially have an adverse effect on our business, financial condition and results of operations.

Undesirable side effects involving our drug candidates may have other significant adverse implications on our business, financial condition and results of operations. For example:

we may be unable to obtain additional financing on acceptable terms, if at all;

our collaborators may terminate any development agreements covering these drug candidates;

if any development agreements are terminated, we may determine not to further develop the affected drug candidates due to resource constraints and may not be able to establish additional collaborations for their further development on acceptable terms, if at all;

if we were to later continue the development of these drug candidates and receive regulatory approval, earlier findings may significantly limit their marketability and thus significantly lower our potential future revenues from their commercialization;

we may be subject to product liability or stockholder litigation; and

we may be unable to attract and retain key employees.

In addition, if any of our drug candidates receive marketing approval and we or others later identify undesirable side effects caused by the product:

regulatory authorities may withdraw their approval of the product, or we or our partners may decide to cease marketing and sale of the product voluntarily;

we may be required to change the way the product is administered, conduct additional clinical trials or preclinical studies regarding the product, change the labeling of the product, or change the product’s manufacturing facilities; and

our reputation may suffer.

Any of these events could prevent us from achieving or maintaining market acceptance of the affected product and could substantially increase the costs and expenses of commercializing the product, which in turn could delay or prevent us from generating significant revenues from the sale of the product.

Our efforts to discover drug candidates beyond our current drug candidates may not succeed, and any drug candidates we recommend for clinical development may not actually begin clinical trials.

We intend to use our technology, including our licensed technology, knowledge and expertise to develop novel drugs to address some of the world’s most widespread and costly chronic diseases. We intend to expand our existing pipeline of core assets by advancing drug compounds from current ongoing discovery programs into clinical development. However, the process of researching and discovering drug compounds is expensive, time-consuming and unpredictable. Data from our current preclinical programs may not support the clinical development of our lead compounds or other compounds from these programs, and we may not identify any additional drug compounds suitable for recommendation for clinical development. Moreover, any drug compounds we recommend for clinical development may not demonstrate, through preclinical studies, indications of safety and potential efficacy that would support advancement into clinical trials. Such findings would potentially impede our ability to maintain or expand our clinical development pipeline. Our ability to identify new drug compounds and advance them into clinical development also depends upon our ability to fund our research and development operations, and we cannot be certain that additional funding will be available on acceptable terms, or at all.

Delays in the commencement or completion of clinical trials could result in increased costs to us and delay our ability to establish strategic collaborations.

Delays in the commencement or completion of clinical trials could significantly impact our drug development costs. For example, in December 2015 the FDA requested from us information related to the toxicity of certain metabolites of VK2809, prior to initiation of our planned Phase 2 clinical trial in hypercholesterolemia and fatty liver disease. We are in the process of providing this information and currently expect to initiate this study in the second quarter of 2016, representing a delay from our previous plan to initiate the clinical trial in the fourth quarter of 2015. We do not know whether planned clinical trials will begin on time or be completed on schedule, if at all. The commencement of clinical trials can be delayed for a variety of reasons, including, but not limited to, delays related to:

obtaining regulatory approval to commence one or more clinical trials;

reaching agreement on acceptable terms with prospective third-party contract research organizations, or CROs, and clinical trial sites;

manufacturing sufficient quantities of a drug candidate or other materials necessary to conduct clinical trials;

obtaining institutional review board approval to conduct one or more clinical trials at a prospective site;

recruiting and enrolling patients to participate in one or more clinical trials; and

the failure of our collaborators to adequately resource our drug candidates due to their focus on other programs or as a result of general market conditions.

In addition, once a clinical trial has begun, it may be suspended or terminated by us, our collaborators, the institutional review boards or data safety monitoring boards charged with overseeing our clinical trials, the FDA, EMA or comparable foreign authorities due to a number of factors, including:

failure to conduct the clinical trial in accordance with regulatory requirements or clinical protocols;

inspection of the clinical trial operations or clinical trial site by the FDA, EMA or comparable foreign authorities resulting in the imposition of a clinical hold;

unforeseen safety issues; or

lack of adequate funding to continue the clinical trial.

If we experience delays in the completion or termination of any clinical trial of our product candidates, the commercial prospects of our product candidates will be harmed, and our ability to commence product sales and generate product revenues from any of our product candidates will be delayed. In addition, any delays in completing our clinical trials will increase our costs and slow down our product candidate development and approval process. Delays in completing our clinical trials could also allow our competitors to obtain marketing approval before we do or shorten the patent protection period during which we may have the exclusive right to commercialize our product candidates. Any of these occurrences may harm our business, financial condition and prospects significantly. In addition, many of the factors that cause, or lead to, a delay in the commencement or completion of clinical trials may also ultimately lead to the denial of regulatory approval of our product candidates.

Results of earlier clinical trials may not be predictive of the results of later-stage clinical trials.

The results of preclinical studies and early clinical trials of product candidates may not be predictive of the results of later-stage clinical trials. Product candidates in later stages of clinical trials may fail to show the desired safety and efficacy results despite having progressed through preclinical studies and initial clinical trials. Many companies in the biopharmaceutical industry have suffered significant setbacks in advanced clinical trials due to adverse safety profiles or lack of efficacy, notwithstanding promising results in earlier studies. Similarly, our future clinical trial results may not be successful for these or other reasons.

This drug candidate development risk is heightened by any changes in the planned clinical trials compared to the completed clinical trials. As product candidates are developed through preclinical to early to late stage clinical trials towards approval and commercialization, it is customary that various aspects of the development program, such as manufacturing and methods of administration, are altered along the way in an effort to optimize processes and results. While these types of changes are common and are intended to optimize the product candidates for late stage clinical trials, approval and commercialization, such changes carry the risk that they will not achieve these intended objectives.

Any of these changes could make the results of our planned clinical trials or other future clinical trials we may initiate less predictable and could cause our product candidates to perform differently, including causing toxicities, which could delay completion of our clinical trials, delay approval of our product candidates, and/or jeopardize our ability to commence product sales and generate revenues.

If we experience delays in the enrollment of patients in our clinical trials, our receipt of necessary regulatory approvals could be delayed or prevented.

We may not be able to initiate or continue clinical trials for our product candidates if we are unable to locate and enroll a sufficient number of eligible patients to participate in these trials as required by the FDA or other regulatory authorities. Patient enrollment, a significant factor in the timing of clinical trials, is affected by many factors, including the size and nature of the patient population, the proximity of patients to clinical sites, the eligibility criteria for the trial, the design of the clinical trial, competing clinical trials and clinicians’ and patients’ perceptions as to the potential advantages of the drug being studied in relation to other available therapies, including any new drugs that may be approved for the indications we are investigating.

If we fail to enroll and maintain the number of patients for which the clinical trial was designed, the statistical power of that clinical trial may be reduced, which would make it harder to demonstrate that the product candidate being tested in such clinical trial is safe and effective. Additionally, enrollment delays in our clinical trials may result in increased development costs for our product candidates, which would cause the value of our company to decline and limit our ability to obtain additional financing. Our inability to enroll a sufficient number of patients for any of our current or future clinical trials would result in significant delays or may require us to abandon one or more clinical trials altogether.

We intend to rely on third parties to conduct our preclinical studies and clinical trials and perform other tasks for us. If these third parties do not successfully carry out their contractual duties, meet expected deadlines, or comply with regulatory requirements, we may not be able to obtain regulatory approval for or commercialize our drug candidates and our business, financial condition and results of operations could be substantially harmed.

Ligand, the licensor of our development programs, has relied upon and plans to continue to rely upon third-party CROs, medical institutions, clinical investigators and contract laboratories to monitor and manage data for our licensed ongoing preclinical and clinical programs. We have relied and expect to continue to rely on these parties for execution of our preclinical studies and clinical trials, and we control only certain aspects of their activities. Nevertheless, we maintain responsibility for ensuring that each of our

clinical trials and preclinical studies is conducted in accordance with the applicable protocol, legal, regulatory, and scientific standards and our reliance on these third parties does not relieve us of our regulatory responsibilities. We and our CROs and other vendors are required to comply with current requirements on good manufacturing practices, or cGMP, good clinical practices, or GCP, and good laboratory practice, or GLP, which are a collection of laws and regulations enforced by the FDA, EMA or comparable foreign authorities for all of our drug candidates in clinical development. Regulatory authorities enforce these regulations through periodic inspections of preclinical study and clinical trial sponsors, principal investigators, preclinical study and clinical trial sites, and other contractors. If we or any of our CROs or vendors fails to comply with applicable regulations, the data generated in our preclinical studies and clinical trials may be deemed unreliable and the FDA, EMA or comparable foreign authorities may require us to perform additional preclinical studies and clinical trials before approving our marketing applications. We cannot assure you that upon inspection by a given regulatory authority, such regulatory authority will determine that any of our clinical trials comply with GCP regulations. In addition, our clinical trials must be conducted with products produced consistent with cGMP regulations. Our failure to comply with these regulations may require us to repeat clinical trials, which would delay the development and regulatory approval processes.

If any of our relationships with these third-party CROs, medical institutions, clinical investigators or contract laboratories terminate, we may not be able to enter into arrangements with alternative CROs on commercially reasonable terms, or at all. In addition, our CROs are not our employees, and except for remedies available to us under our agreements with such CROs, we cannot control whether or not they devote sufficient time and resources to our ongoing preclinical and clinical programs. If CROs do not successfully carry out their contractual duties or obligations or meet expected deadlines, if they need to be replaced or if the quality or accuracy of the data they obtain is compromised due to the failure to adhere to our protocols, regulatory requirements, or for other reasons, our clinical trials may be extended, delayed or terminated and we may not be able to obtain regulatory approval for or successfully commercialize our drug candidates. CROs may also generate higher costs than anticipated. As a result, our business, financial condition and results of operations and the commercial prospects for our drug candidates could be materially and adversely affected, our costs could increase, and our ability to generate revenue could be delayed.

Switching or adding additional CROs, medical institutions, clinical investigators or contract laboratories involves additional cost and requires management time and focus. In addition, there is a natural transition period when a new CRO commences work replacing a previous CRO. As a result, delays occur, which can materially impact our ability to meet our desired clinical development timelines. Though we carefully manage our relationships with our CROs, there can be no assurance that we will not encounter similar challenges or delays in the future or that these delays or challenges will not have a material adverse effect on our business, financial condition or results of operations.

Our drug candidates are subject to extensive regulation under the FDA, EMA or comparable foreign authorities, which can be costly and time consuming, cause unanticipated delays or prevent the receipt of the required approvals to commercialize our drug candidates.

The clinical development, manufacturing, labeling, storage, record-keeping, advertising, promotion, export, marketing and distribution of our drug candidates are subject to extensive regulation by the FDA and other U.S. regulatory agencies, EMA or comparable authorities in foreign markets. In the U.S., neither we nor our collaborators are permitted to market our drug candidates until we or our collaborators receive approval of a new drug application, or an NDA, from the FDA or receive similar approvals abroad. The process of obtaining these approvals is expensive, often takes many years, and can vary substantially based upon the type, complexity and novelty of the drug candidates involved. Approval policies or regulations may change and may be influenced by the results of other similar or competitive products, making it more difficult for us to achieve such approval in a timely manner or at all. For example, the FDA has released draft guidance regarding clinical trials for drug candidates treating diabetes that may result in more stringent requirements for the clinical trials and regulatory approval of such drug candidates. This and any future guidance that may result from recent FDA advisory panel discussions may make it more expensive to develop and commercialize such drug candidates. Such increased expense could make it more difficult to obtain favorable terms in the collaborative arrangements we require to maximize the value of our programs seeking to develop new drug candidates for diabetes. In addition, as a company, we have not previously filed NDAs with the FDA or filed similar applications with other foreign regulatory agencies. This lack of experience may impede our ability to obtain FDA or other foreign regulatory agency approval in a timely manner, if at all, for our drug candidates for which development and commercialization is our responsibility.

Despite the time and expense invested, regulatory approval is never guaranteed. The FDA, EMA or comparable foreign authorities can delay, limit or deny approval of a drug candidate for many reasons, including:

a drug candidate may not be deemed safe or effective;

agency officials of the FDA, EMA or comparable foreign authorities may not find the data from non-clinical or preclinical studies and clinical trials generated during development to be sufficient;

the FDA, EMA or comparable foreign authorities may not approve our third-party manufacturers’ processes or facilities; or

the FDA, EMA or a comparable foreign authority may change its approval policies or adopt new regulations.

Our inability to obtain these approvals would prevent us from commercializing our drug candidates.

Even if our drug candidates receive regulatory approval in the U.S., we may never receive approval or commercialize our products outside of the U.S.

In order to market any products outside of the U.S., we must establish and comply with numerous and varying regulatory requirements of other countries regarding safety and efficacy. Approval procedures vary among countries and can involve additional product testing and additional administrative review periods. The time required to obtain approval in other countries might differ from that required to obtain FDA approval. The regulatory approval process in other countries may include all of the risks detailed above regarding FDA approval in the U.S. as well as other risks. Regulatory approval in one country does not ensure regulatory approval in another, but a failure or delay in obtaining regulatory approval in one country may have a negative effect on the regulatory process in others. Failure to obtain regulatory approval in other countries or any delay seeking or obtaining such approval would impair our ability to develop foreign markets for our drug candidates.

Even if any of our drug candidates receive regulatory approval, our drug candidates may still face future development and regulatory difficulties.

If any of our drug candidates receive regulatory approval, the FDA, EMA or comparable foreign authorities may still impose significant restrictions on the indicated uses or marketing of the drug candidates or impose ongoing requirements for potentially costly post-approval studies and trials. In addition, regulatory agencies subject a product, its manufacturer and the manufacturer’s facilities to continual review and periodic inspections. If a regulatory agency discovers previously unknown problems with a product, including adverse events of unanticipated severity or frequency, or problems with the facility where the product is manufactured, a regulatory agency may impose restrictions on that product, our collaborators or us, including requiring withdrawal of the product from the market. Our drug candidates will also be subject to ongoing FDA, EMA or comparable foreign authorities’ requirements for the labeling, packaging, storage, advertising, promotion, record-keeping and submission of safety and other post-market information on the drug. If our drug candidates fail to comply with applicable regulatory requirements, a regulatory agency may:

issue warning letters or other notices of possible violations;

impose civil or criminal penalties or fines or seek disgorgement of revenue or profits;

suspend any ongoing clinical trials;

refuse to approve pending applications or supplements to approved applications filed by us or our collaborators;

withdraw any regulatory approvals;

impose restrictions on operations, including costly new manufacturing requirements, or shut down our manufacturing operations; or

seize or detain products or require a product recall.

The FDA, EMA and comparable foreign authorities actively enforce the laws and regulations prohibiting the promotion of off-label uses.

The FDA, EMA and comparable foreign authorities strictly regulate the promotional claims that may be made about prescription products, such as our drug candidates, if approved. In particular, a product may not be promoted for uses that are not approved by the FDA, EMA or comparable foreign authorities as reflected in the product’s approved labeling. If we receive marketing approval for our drug candidates for our proposed indications, physicians may nevertheless use our products for their patients in a manner that is inconsistent with the approved label, if the physicians personally believe in their professional medical judgment that our products could be used in such manner. However, if we are found to have promoted our products for any off-label uses, the federal government could levy civil, criminal or administrative penalties, and seek fines against us. Such enforcement has become more common in the industry. The FDA, EMA or comparable foreign authorities could also request that we enter into a consent decree or a corporate integrity agreement, or seek a permanent injunction against us under which specified promotional conduct is monitored, changed or curtailed. If we cannot successfully manage the promotion of our drug candidates, if approved, we could become subject to significant liability, which would materially adversely affect our business, financial condition and results of operations.

If our competitors have drug candidates that are approved faster, marketed more effectively or demonstrated to be more effective than ours, our commercial opportunity may be reduced or eliminated.

VK5211

In the U.S., there are currently no marketed therapies for the maintenance or improvement of lean body mass, or LBM, bone mineral density, or BMD, or physical function in patients recovering from non-elective hip fracture surgery. However, VK5211, if approved, will face competition from several experimental therapies that are in various stages of development for acute rehabilitation following hip fracture surgery, including programs in development at Novartis AG and Morphosys AG. There are also several experimental therapies that are in various stages of clinical development for conditions characterized by muscle wasting by companies including GTx, Inc., Helsinn Group and Morphosys AG. In addition, nutritional and growth hormone-based therapies are sometimes used in patients experiencing muscle wasting.

VK2809

There are many therapies currently available and numerous others being developed for the treatment of hypercholesterolemia and dyslipidemia. If approved, VK2809 will face competition from therapies that are currently available and from therapies that may become available in the future. Generic statin therapies such as atorvastatin are widely prescribed for the initial treatment of hypercholesterolemia. Cholesterol absorption inhibitors such as Merck & Co., Inc.’s Zetia (ezetimibe), generic bile acid sequestrants such as coleselevam and generic fibrates such as fenofibrate are also prescribed for the treatment of hypercholesterolemia. Various combinations of these therapies are often prescribed for patients suffering from dyslipidemia. In addition, recently-approved antibody therapies targeting the proprotein convertase subtilisin/kexin type 9 (PCSK9) gene are expected to be prescribed for patients whose low-density lipoprotein (LDL) remains elevated despite treatment with existing cholesterol-lowering agents. While no therapies are currently approved for the treatment of non-alcoholic steatohepatitis, we are aware of several development-stage programs targeting this disease, including obeticholic acid from Intercept Pharmaceuticals, Inc., GFT505 from Genfit SA, aramchol from Galmed Pharmaceuticals Ltd., simtuzumab from Gilead Sciences, Inc., and emricisan from Conatus Pharmaceuticals Inc.

VK0214

VK0612

if they do not wish to incur any potential additional costs related to VK0612; or

if they perceive the use of VK0612 to be of limited additional benefit to patients.

Preclinical Programs Focused on EPOR Agonists and DGAT-1 Inhibitors

We are subject to a multitude of manufacturing risks, any of which could substantially increase our costs and limit supply of our drug candidates.

The process of manufacturing our drug candidates is complex, highly regulated, and subject to several risks. For example, the process of manufacturing our drug candidates is extremely susceptible to product loss due to contamination, equipment failure or improper installation or operation of equipment, or vendor or operator error. Even minor deviations from normal manufacturing processes for any of our drug candidates could result in reduced production yields, product defects, and other supply disruptions. If microbial, viral, or other contaminations are discovered in our drug candidates or in the manufacturing facilities in which our drug candidates are made, such manufacturing facilities may need to be closed for an extended period of time to investigate and remedy the contamination. In addition, the manufacturing facilities in which our drug candidates are made could be adversely affected by equipment failures, labor shortages, natural disasters, power failures and numerous other factors.

In addition, any adverse developments affecting manufacturing operations for our drug candidates may result in shipment delays, inventory shortages, lot failures, withdrawals or recalls, or other interruptions in the supply of our drug candidates. We also may need to take inventory write-offs and incur other charges and expenses for drug candidates that fail to meet specifications, undertake costly remediation efforts, or seek costlier manufacturing alternatives.

We rely completely on third parties to manufacture our preclinical and clinical drug supplies, and our business, financial condition and results of operations could be harmed if those third parties fail to provide us with sufficient quantities of drug product, or fail to do so at acceptable quality levels or prices.

We do not currently have, nor do we plan to acquire, the infrastructure or capability internally to manufacture our preclinical and clinical drug supplies for use in our clinical trials, and we lack the resources and the capability to manufacture any of our drug candidates on a clinical or commercial scale. We rely on our manufacturers to purchase from third-party suppliers the materials necessary to produce our drug candidates for our clinical trials. There are a limited number of suppliers for raw materials that we use to manufacture our drugs, and there may be a need to identify alternate suppliers to prevent a possible disruption of the manufacture of the materials necessary to produce our drug candidates for our clinical trials, and, if approved, ultimately for commercial sale. We do not have any control over the process or timing of the acquisition of these raw materials by our manufacturers. Although we generally do not begin a clinical trial unless we believe we have a sufficient supply of a drug candidate to complete such clinical trial, any significant delay or discontinuity in the supply of a drug candidate, or the raw material components thereof, for an ongoing clinical trial due to the need to replace a third-party manufacturer could considerably delay completion of our clinical trials, product testing and potential regulatory approval of our drug candidates, which could harm our business, financial condition and results of operations.

We and our contract manufacturers are subject to significant regulation with respect to manufacturing our drug candidates. The manufacturing facilities on which we rely may not continue to meet regulatory requirements.

All entities involved in the preparation of therapeutics for clinical trials or commercial sale, including our existing contract manufacturers for our drug candidates, are subject to extensive regulation. Components of a finished therapeutic product approved for commercial sale or used in late-stage clinical trials must be manufactured in accordance with cGMP. These regulations govern manufacturing processes and procedures and the implementation and operation of quality systems to control and assure the quality of investigational products and products approved for sale. Poor control of production processes can lead to the introduction of contaminants or to inadvertent changes in the properties or stability of our drug candidates that may not be detectable in final product testing. We or our contract manufacturers must supply all necessary documentation in support of an NDA or marketing authorization application, or MAA, on a timely basis and must adhere to good laboratory practice and cGMP regulations enforced by the FDA, EMA or comparable foreign authorities through their facilities inspection program. Some of our contract manufacturers may not have produced a commercially approved pharmaceutical product and therefore may not have obtained the requisite regulatory authority approvals to do so. The facilities and quality systems of some or all of our third-party contractors must pass a pre-approval inspection for compliance with the applicable regulations as a condition of regulatory approval of our drug candidates or any of our other potential products. In addition, the regulatory authorities may, at any time, audit or inspect a manufacturing facility involved with the preparation of our drug candidates or any of our other potential products or the associated quality systems for compliance with the regulations applicable to the activities being conducted. Although we oversee the contract manufacturers, we cannot control the manufacturing process of, and are completely dependent on, our contract manufacturing partners for compliance with the regulatory requirements. If these facilities do not pass a pre-approval plant inspection, regulatory approval of the products may not be granted or may be substantially delayed until any violations are corrected to the satisfaction of the regulatory authority, if ever.

The regulatory authorities also may, at any time following approval of a product for sale, audit the manufacturing facilities of our third-party contractors. If any such inspection or audit identifies a failure to comply with applicable regulations or if a violation of our product specifications or applicable regulations occurs independent of such an inspection or audit, we or the relevant regulatory authority may require remedial measures that may be costly or time consuming for us or a third party to implement, and that may include the temporary or permanent suspension of a clinical trial or commercial sales or the temporary or permanent closure of a facility. Any such remedial measures imposed upon us or third parties with whom we contract could materially harm our business, financial condition and results of operations.

If we or any of our third-party manufacturers fail to maintain regulatory compliance, the FDA, EMA or comparable foreign authorities can impose regulatory sanctions including, among other things, refusal to approve a pending application for a drug candidate, withdrawal of an approval, or suspension of production. As a result, our business, financial condition and results of operations may be materially and adversely affected.

Additionally, if supply from one manufacturer is interrupted, an alternative manufacturer would need to be qualified through an NDA supplement or MAA variation, or equivalent foreign regulatory filing, which could result in further delay. The regulatory agencies may also require additional studies or trials if a new manufacturer is relied upon for commercial production. Switching manufacturers may involve substantial costs and is likely to result in a delay in our desired clinical and commercial timelines.

These factors could cause us to incur higher costs and could cause the delay or termination of clinical trials, regulatory submissions, required approvals, or commercialization of our drug candidates. Furthermore, if our suppliers fail to meet contractual requirements and we are unable to secure one or more replacement suppliers capable of production at a substantially equivalent cost, our clinical trials may be delayed or we could lose potential revenue.

Any collaboration arrangement that we may enter into in the future may not be successful, which could adversely affect our ability to develop and commercialize our current and potential future drug candidates.

We may seek collaboration arrangements with biopharmaceutical companies for the development or commercialization of our current and potential future drug candidates. To the extent that we decide to enter into collaboration agreements, we will face significant competition in seeking appropriate collaborators. Moreover, collaboration arrangements are complex and time consuming to negotiate, execute and implement. We may not be successful in our efforts to establish and implement collaborations or other alternative arrangements should we choose to enter into such arrangements, and the terms of the arrangements may not be favorable to us. If and when we collaborate with a third party for development and commercialization of a drug candidate, we can expect to relinquish some or all of the control over the future success of that drug candidate to the third party. The success of our collaboration arrangements will depend heavily on the efforts and activities of our collaborators. Collaborators generally have significant discretion in determining the efforts and resources that they will apply to these collaborations.

Disagreements between parties to a collaboration arrangement can lead to delays in developing or commercializing the applicable drug candidate and can be difficult to resolve in a mutually beneficial manner. In some cases, collaborations with biopharmaceutical companies and other third parties are terminated or allowed to expire by the other party. Any such termination or expiration would adversely affect our business, financial condition and results of operations.

If we are unable to develop our own commercial organization or enter into agreements with third parties to sell and market our drug candidates, we may be unable to generate significant revenues.

We do not have a sales and marketing organization, and we have no experience as a company in the sales, marketing and distribution of pharmaceutical products. If any of our drug candidates are approved for commercialization, we may be required to develop our sales, marketing and distribution capabilities, or make arrangements with a third party to perform sales and marketing services. Developing a sales force for any resulting product or any product resulting from any of our other drug candidates is expensive and time consuming and could delay any product launch. We may be unable to establish and manage an effective sales force in a timely or cost-effective manner, if at all, and any sales force we do establish may not be capable of generating sufficient demand for our drug candidates. To the extent that we enter into arrangements with collaborators or other third parties to perform sales and marketing services, our product revenues are likely to be lower than if we marketed and sold our drug candidates independently. If we are unable to establish adequate sales and marketing capabilities, independently or with others, we may not be able to generate significant revenues and may not become profitable.

The commercial success of our drug candidates depends upon their market acceptance among physicians, patients, healthcare payors and the medical community.

Even if our drug candidates obtain regulatory approval, our products, if any, may not gain market acceptance among physicians, patients, healthcare payors and the medical community. The degree of market acceptance of any of our approved drug candidates will depend on a number of factors, including:

the effectiveness of our approved drug candidates as compared to currently available products;

patient willingness to adopt our approved drug candidates in place of current therapies;

our ability to provide acceptable evidence of safety and efficacy;

relative convenience and ease of administration;

the prevalence and severity of any adverse side effects;

restrictions on use in combination with other products;

availability of alternative treatments;

pricing and cost-effectiveness assuming either competitive or potential premium pricing requirements, based on the profile of our drug candidates and target markets;

effectiveness of our or our partners’ sales and marketing strategy;

our ability to obtain sufficient third-party coverage or reimbursement; and

potential product liability claims.

In addition, the potential market opportunity for our drug candidates is difficult to precisely estimate. Our estimates of the potential market opportunity for our drug candidates include several key assumptions based on our industry knowledge, industry publications, third-party research reports and other surveys. Independent sources have not verified all of our assumptions. If any of these assumptions proves to be inaccurate, then the actual market for our drug candidates could be smaller than our estimates of our potential market opportunity. If the actual market for our drug candidates is smaller than we expect, our product revenue may be limited, it may be harder than expected to raise funds and it may be more difficult for us to achieve or maintain profitability. If we fail to achieve market acceptance of our drug candidates in the U.S. and abroad, our revenue will be limited and it will be more difficult to achieve profitability.

If we fail to obtain and sustain an adequate level of reimbursement for our potential products by third-party payors, potential future sales would be materially adversely affected.

There will be no viable commercial market for our drug candidates, if approved, without reimbursement from third-party payors. Reimbursement policies may be affected by future healthcare reform measures. We cannot be certain that reimbursement will be available for our current drug candidates or any other drug candidate we may develop. Additionally, even if there is a viable commercial market, if the level of reimbursement is below our expectations, our anticipated revenue and gross margins will be adversely affected.

Third-party payors, such as government or private healthcare insurers, carefully review and increasingly question and challenge the coverage of and the prices charged for drugs. Reimbursement rates from private health insurance companies vary depending on the company, the insurance plan and other factors. Reimbursement rates may be based on reimbursement levels already set for lower cost drugs and may be incorporated into existing payments for other services. There is a current trend in the U.S. healthcare industry toward cost containment.

Large public and private payors, managed care organizations, group purchasing organizations and similar organizations are exerting increasing influence on decisions regarding the use of, and reimbursement levels for, particular treatments. Such third-party payors, including Medicare, may question the coverage of, and challenge the prices charged for, medical products and services, and many third-party payors limit coverage of or reimbursement for newly approved healthcare products. In particular, third-party payors may limit the covered indications. Cost-control initiatives could decrease the price we might establish for products, which could result in product revenues being lower than anticipated. We believe our drugs will be priced significantly higher than existing generic drugs and consistent with current branded drugs. If we are unable to show a significant benefit relative to existing generic drugs, Medicare, Medicaid and private payors may not be willing to provide reimbursement for our drugs, which would significantly reduce the likelihood of our products gaining market acceptance.

We expect that private insurers will consider the efficacy, cost-effectiveness, safety and tolerability of our potential products in determining whether to approve reimbursement for such products and at what level. Obtaining these approvals can be a time consuming and expensive process. Our business, financial condition and results of operations would be materially adversely affected if we do not receive approval for reimbursement of our potential products from private insurers on a timely or satisfactory basis. Limitations on coverage could also be imposed at the local Medicare carrier level or by fiscal intermediaries. Medicare Part D, which provides a pharmacy benefit to Medicare patients as discussed below, does not require participating prescription drug plans to cover all drugs within a class of products. Our business, financial condition and results of operations could be materially adversely affected if Part D prescription drug plans were to limit access to, or deny or limit reimbursement of, our drug candidates or other potential products.

Reimbursement systems in international markets vary significantly by country and by region, and reimbursement approvals must be obtained on a country-by-country basis. In many countries, the product cannot be commercially launched until reimbursement is approved. In some foreign markets, prescription pharmaceutical pricing remains subject to continuing governmental control even after initial approval is granted. The negotiation process in some countries can exceed 12 months. To obtain reimbursement or pricing approval in some countries, we may be required to conduct a clinical trial that compares the cost-effectiveness of our products to other available therapies.

If the prices for our potential products are reduced or if governmental and other third-party payors do not provide adequate coverage and reimbursement of our drugs, our future revenue, cash flows and prospects for profitability will suffer.

Recently enacted and future legislation may increase the difficulty and cost of commercializing our drug candidates and may affect the prices we may obtain if our drug candidates are approved for commercialization.

In the U.S. and some foreign jurisdictions, there have been a number of adopted and proposed legislative and regulatory changes regarding the healthcare system that could prevent or delay regulatory approval of our drug candidates, restrict or regulate post-marketing activities and affect our ability to profitably sell any of our drug candidates for which we obtain regulatory approval.

In the U.S., the Medicare Prescription Drug, Improvement, and Modernization Act of 2003, or the MMA, changed the way Medicare covers and pays for pharmaceutical products. Cost reduction initiatives and other provisions of this legislation could limit the coverage and reimbursement rate that we receive for any of our approved products. While the MMA only applies to drug benefits for Medicare beneficiaries, private payors often follow Medicare coverage policy and payment limitations in setting their own reimbursement rates. Therefore, any reduction in reimbursement that results from the MMA may result in a similar reduction in payments from private payors.

In March 2010, President Obama signed into law the Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act of 2010, collectively the PPACA, intended to broaden access to health insurance, reduce or constrain the growth of healthcare spending, enhance remedies against healthcare fraud and abuse, add new transparency requirements for healthcare and health insurance industries, impose new taxes and fees on the health industry and impose additional health policy reforms. The PPACA increased manufacturers’ rebate liability under the Medicaid Drug Rebate Program by increasing the minimum rebate amount for both branded and generic drugs and revised the definition of “average manufacturer price,” or AMP, which may also increase the amount of Medicaid drug rebates manufacturers are required to pay to states. The legislation also expanded Medicaid drug rebates and created an alternative rebate formula for certain new formulations of certain existing products that is intended to increase the rebates due on those drugs. The Centers for Medicare & Medicaid Services, which administers the Medicaid Drug Rebate Program, also has proposed to expand Medicaid rebates to the utilization that occurs in the territories of the U.S., such as Puerto Rico and the Virgin Islands. Further, beginning in 2011, the PPACA imposed a significant annual fee on companies that manufacture or import branded prescription drug products and required manufacturers to provide a 50% discount off the negotiated price of prescriptions filled by beneficiaries in the Medicare Part D coverage gap, referred to as the “donut hole.” Although it is too early to determine the full effects of the PPACA, the law appears likely to continue the downward pressure on pharmaceutical pricing, especially under the Medicare program, and may also increase our regulatory burdens and operating costs.

Legislative and regulatory proposals have been introduced at both the state and federal level to expand post-approval requirements and restrict sales and promotional activities for pharmaceutical products. We are not sure whether additional legislative changes will be enacted, or whether the FDA regulations, guidance or interpretations will be changed, or what the impact of such changes on the marketing approvals of our drug candidates, if any, may be. In addition, increased scrutiny by the U.S. Congress of the FDA’s approval process may significantly delay or prevent marketing approval, as well as subject us to more stringent product labeling and post-marketing approval testing and other requirements.

We are subject to “fraud and abuse” and similar laws and regulations, and a failure to comply with such regulations or prevail in any litigation related to noncompliance could harm our business, financial condition and results of operations.

In the U.S., we are subject to various federal and state healthcare “fraud and abuse” laws, including anti-kickback laws, false claims laws and other laws intended, among other things, to reduce fraud and abuse in federal and state healthcare programs. The federal Anti-Kickback Statute makes it illegal for any person, including a prescription drug manufacturer, or a party acting on its behalf, to knowingly and willfully solicit, receive, offer or pay any remuneration that is intended to induce the referral of business, including the purchase, order or prescription of a particular drug, or other good or service for which payment in whole or in part may be made under a federal healthcare program, such as Medicare or Medicaid. Although we seek to structure our business arrangements in compliance with all applicable requirements, these laws are broadly written, and it is often difficult to determine precisely how the law will be applied in specific circumstances. Accordingly, it is possible that our practices may be challenged under the federal Anti-Kickback Statute.

The federal False Claims Act prohibits anyone from, among other things, knowingly presenting or causing to be presented for payment to the government, including the federal healthcare programs, claims for reimbursed drugs or services that are false or fraudulent, claims for items or services that were not provided as claimed, or claims for medically unnecessary items or services. Under the Health Insurance Portability and Accountability Act of 1996, we are prohibited from knowingly and willfully executing a scheme to defraud any healthcare benefit program, including private payors, or knowingly and willfully falsifying, concealing or covering up a material fact or making any materially false, fictitious or fraudulent statement in connection with the delivery of or payment for healthcare benefits, items or services to obtain money or property of any healthcare benefit program. Violations of fraud and abuse laws may be punishable by criminal or civil sanctions, including penalties, fines or exclusion or suspension from federal and state healthcare programs such as Medicare and Medicaid and debarment from contracting with the U.S. government. In addition, private individuals have the ability to bring actions on behalf of the government under the federal False Claims Act as well as under the false claims laws of several states.

Many states have adopted laws similar to the federal Anti-Kickback Statute, some of which apply to the referral of patients for healthcare services reimbursed by any source, not just governmental payors. In addition, some states have passed laws that require pharmaceutical companies to comply with the April 2003 Office of Inspector General Compliance Program Guidance for Pharmaceutical Manufacturers or the Pharmaceutical Research and Manufacturers of America’s Code on Interactions with Healthcare Professionals. Several states also impose other marketing restrictions or require pharmaceutical companies to make marketing or price disclosures to the state. There are ambiguities as to what is required to comply with these state requirements and if we fail to comply with an applicable state law requirement we could be subject to penalties.

Neither the government nor the courts have provided definitive guidance on the application of fraud and abuse laws to our business. Law enforcement authorities are increasingly focused on enforcing these laws, and it is possible that some of our practices may be challenged under these laws. Efforts to ensure that our business arrangements with third parties will comply with applicable healthcare laws and regulations will involve substantial costs. If we are found in violation of one of these laws, we could be subject to significant civil, criminal and administrative penalties, damages, fines, exclusion from governmental funded federal or state healthcare programs and the curtailment or restructuring of our operations. If this occurs, our business, financial condition and results of operations may be materially adversely affected.

If we face allegations of noncompliance with the law and encounter sanctions, our reputation, revenues and liquidity may suffer, and any of our drug candidates that are ultimately approved for commercialization could be subject to restrictions or withdrawal from the market.

Any government investigation of alleged violations of law could require us to expend significant time and resources in response, and could generate negative publicity. Any failure to comply with ongoing regulatory requirements may significantly and adversely affect our ability to generate revenues from any of our drug candidates that are ultimately approved for commercialization. If regulatory sanctions are applied or if regulatory approval is withdrawn, our business, financial condition and results of operations will be adversely affected. Additionally, if we are unable to generate revenues from product sales, our potential for achieving profitability will be diminished and our need to raise capital to fund our operations will increase.

If we fail to retain current members of our senior management and scientific personnel, or to attract and keep additional key personnel, we may be unable to successfully develop or commercialize our drug candidates.

Our success depends on our continued ability to attract, retain and motivate highly qualified management and scientific personnel. As of February 29, 2016, we had nine full-time employees, one part-time employee and a small number of consultants, which may make us more reliant on our individual employees than companies with a greater number of employees. The loss of any of our key personnel could delay or prevent the development of our drug candidates. These personnel are “at-will” employees and may terminate their employment with us at any time; however, our current executive officers have agreed to provide us with at least 60 days’ advance notice of resignation pursuant to their employment agreements with us. The replacement of key personnel likely would involve significant time and costs, and may significantly delay or prevent the achievement of our business objectives. We do not maintain “key person” insurance on any of our employees.

From time to time, our management seeks the advice and guidance of certain scientific advisors and consultants regarding clinical and regulatory development programs and other customary matters. These scientific advisors and consultants are not our employees and may have commitments to, or consulting or advisory contracts with, other entities that may limit their availability to us. In addition, our scientific advisors may have arrangements with other companies to assist those companies in developing products or technologies that may compete with ours.

Competition for qualified personnel is intense, especially in the greater San Diego, California area where we have a substantial presence and need for highly skilled personnel. We may not be successful in attracting qualified personnel to fulfill our current or future needs. Competitors and others have in the past attempted, and are likely in the future to attempt, to recruit our employees. While our employees are required to sign standard agreements concerning confidentiality and ownership of inventions, we generally do not have employment contracts or non-competition agreements with any of our personnel. The loss of the services of any of our key personnel, the inability to attract or retain highly qualified personnel in the future or delays in hiring such personnel, particularly senior management and other technical personnel, could materially and adversely affect our business, financial condition and results of operations.

We will need to increase the size of our organization and may not successfully manage our growth.

We are a clinical-stage biopharmaceutical company with a small number of employees, and our management systems currently in place are not likely to be adequate to support our future growth plans. Our ability to grow and to manage our growth effectively will require us to hire, train, retain, manage and motivate additional employees and to implement and improve our operational, financial and management systems. These demands also may require the hiring of additional senior management personnel or the development of additional expertise by our senior management personnel. Hiring a significant number of additional employees, particularly those at the management level, would increase our expenses significantly. Moreover, if we fail to expand and enhance our operational, financial and management systems in conjunction with our potential future growth, it could have a material adverse effect on our business, financial condition and results of operations.

We are party to a loan and security agreement that contains operating and financial covenants that may restrict our business and financing activities.

On May 21 2014, we entered into a Loan and Security Agreement with Ligand, as amended on April 8, 2015 and January 22, 2016, or the Loan and Security Agreement, pursuant to which, among other things, Ligand agreed to provide us with loans in the aggregate amount of up to $2.5 million. Each of the loans under the Loan and Security Agreement is evidenced by a Secured Convertible Promissory Note, or the Ligand Note. Under the Loan and Security Agreement and the Ligand Note, we are subject to affirmative and negative covenants. We agreed to, among other things, deliver financial statements, forecasts and budget information to Ligand. In addition, we agreed to use the proceeds from the loans solely as working capital and to fund our general business requirements in accordance with our forecast and budget, and not to take certain actions without Ligand’s consent, including, but not limited to, declaring or paying dividends, incurring or repaying certain indebtedness or engaging in certain related party transactions. The operating covenants, restrictions and obligations in our Loan and Security Agreement, as well as any future financing arrangements that we may enter into, may restrict our ability to finance our operations, engage in business activities or expand or fully pursue our business strategies. Our ability to comply with these covenants may be affected by events beyond our control, and we may not be able to meet all of our covenants under the Loan and Security Agreement.

Additionally, we may be required to repay the outstanding indebtedness under the Loan and Security Agreement and the Ligand Note if an event of default occurs. An event of default under the Loan and Security Agreement will be deemed to occur or exist upon the termination of the Master License Agreement; in the event we fail to make principal or interest payments under the Ligand Note when due; if we become insolvent or breach and fail to cure within a specified period of time any representation, warranty, covenant or agreement in the Loan and Security Agreement, the Master License Agreement, the Option Agreement, dated September 27, 2012, by and between us and Ligand, as amended, the Voting Agreement, dated May 21, 2014, by and among us, Ligand, Brian Lian, Ph.D., and Michael Dinerman, M.D., our former Chief Operating Officer, or our Management Rights Letter with Ligand, dated May 21, 2014; or upon the occurrence of certain other events. We may not have enough available cash or be able to raise additional funds through equity or debt financings to repay such indebtedness at the time any such event of default occurs. In this case, we may be required to delay, limit, reduce or terminate our product development or commercialization efforts or grant to others rights to develop and market product candidates that we would otherwise prefer to develop and market ourselves. If any of these events occur, our business, financial condition and results of operations may be materially adversely affected.

Our management’s relative lack of public company experience could put us at greater risk of incurring fines or regulatory actions for failure to comply with federal securities laws and could put us at a competitive disadvantage, and could require our management to devote additional time and resources to ensure compliance with applicable corporate governance requirements.

Some of our executive officers have limited experience in managing and operating a public company, which could have an adverse effect on their ability to quickly respond to problems or adequately address issues and matters applicable to public companies. Any failure to comply with federal securities laws, rules or regulations could subject us to fines or regulatory actions, which may materially adversely affect our business, financial condition and results of operations. Further, since some of our executive officers have minimal public company experience, we may have to dedicate additional time and resources to comply with legally mandated corporate governance policies relative to our competitors whose management teams have more public company experience.

We are exposed to product liability, non-clinical and clinical liability risks which could place a substantial financial burden upon us, should lawsuits be filed against us.

Our business exposes us to potential product liability and other liability risks that are inherent in the testing, manufacturing and marketing of pharmaceutical formulations and products. In addition, the use in our clinical trials of pharmaceutical products and the subsequent sale of these products by us or our potential collaborators may cause us to bear a portion of or all product liability risks. A successful liability claim or series of claims brought against us could have a material adverse effect on our business, financial condition and results of operations.

We currently maintain product liability insurance; however, there can be no assurance that we will be able to continue to maintain such insurance, and we may be unable to obtain replacement product liability insurance on commercially reasonable terms or in adequate amounts. On occasion, large judgments have been awarded in class action lawsuits based on drugs that had unanticipated adverse effects. A successful product liability claim or series of claims brought against us could cause our stock price to decline and, if judgments exceed our insurance coverage, could adversely affect our results of operations and business.

Our research and development activities involve the use of hazardous materials, which subject us to regulation, related costs and delays and potential liabilities.

Our research and development activities involve the controlled use of hazardous materials, chemicals and various radioactive compounds, and we will need to develop additional safety procedures for the handling and disposing of hazardous materials. If an accident occurs, we could be held liable for resulting damages, which could be substantial. We are also subject to numerous

environmental, health and workplace safety laws and regulations, including those governing laboratory procedures, exposure to blood-borne pathogens and the handling of biohazardous materials. Additional federal, state and local laws and regulations affecting our operations may be adopted in the future. We may incur substantial costs to comply with, and substantial fines or penalties if we violate any of these laws or regulations.

We rely significantly on information technology and any failure, inadequacy, interruption or security lapse of that technology, including any cybersecurity incidents, could harm our ability to operate our business effectively.

Despite the implementation of security measures, our internal computer systems and those of third parties with which we contract are vulnerable to damage from cyber-attacks, computer viruses, unauthorized access, natural disasters, terrorism, war and telecommunication and electrical failures. System failures, accidents or security breaches could cause interruptions in our operations, and could result in a material disruption of our drug development and clinical activities and business operations, in addition to possibly requiring substantial expenditures of resources to remedy. The loss of drug development or clinical trial data could result in delays in our regulatory approval efforts and significantly increase our costs to recover or reproduce the data. To the extent that any disruption or security breach were to result in a loss of, or damage to, our data or applications, or inappropriate disclosure of confidential or proprietary information, we could incur liability and our development programs and the development of our drug candidates could be delayed.

Our employees and consultants may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements.

We are exposed to the risk of employee or consultant fraud or other misconduct. Misconduct by our employees or consultants could include intentional failures to comply with FDA regulations, provide accurate information to the FDA, comply with manufacturing standards, comply with federal and state healthcare fraud and abuse laws and regulations, report financial information or data accurately or disclose unauthorized activities to us. In particular, sales, marketing and business arrangements in the healthcare industry are subject to extensive laws and regulations intended to prevent fraud, kickbacks, self-dealing and other abusive practices. These laws and regulations may restrict or prohibit a wide range of pricing, discounting, marketing and promotion, sales commissions, customer incentive programs and other business arrangements. Employee and consultant misconduct also could involve the improper use of information obtained in the course of clinical trials, which could result in regulatory sanctions and serious harm to our reputation. It is not always possible to identify and deter such misconduct, and the precautions we take to detect and prevent this activity may not be effective in controlling unknown or unmanaged risks or losses or in protecting us from governmental investigations or other actions or lawsuits stemming from a failure to be in compliance with such laws or regulations. If any such actions are instituted against us, and we are not successful in defending ourselves or asserting our rights, those actions could have a material adverse effect on our business, financial condition and results of operations, and result in the imposition of significant fines or other sanctions against us.

Business disruptions such as natural disasters could seriously harm our future revenues and financial condition and increase our costs and expenses.

Our corporate headquarters are located in greater San Diego, California, a region known for seismic activity. In addition, our third party manufacturers are located in the southeastern part of the United States, an area subject to hurricanes and related natural disasters. Our suppliers may also experience a disruption in their business as a result of natural disasters. A significant natural disaster, such as an earthquake, hurricane, flood or fire, could severely damage or destroy our headquarters or facilities or the facilities of our manufacturers or suppliers, which could have a material and adverse effect on our business, financial condition and results of operations. In addition, terrorist acts or acts of war targeted at the U.S., and specifically the greater San Diego, California region, could cause damage or disruption to us, our employees, facilities, partners and suppliers, which could have a material adverse effect on our business, financial condition and results of operations.

We may engage in strategic transactions that could impact our liquidity, increase our expenses and present significant distractions to our management.

From time to time, we may consider strategic transactions, such as acquisitions of companies, asset purchases and out-licensing or in-licensing of products, drug candidates or technologies. Additional potential transactions that we may consider include a variety of different business arrangements, including spin-offs, strategic partnerships, joint ventures, restructurings, divestitures, business combinations and investments. Any such transaction may require us to incur non-recurring or other charges, may increase our near- and long-term expenditures and may pose significant integration challenges or disrupt our management or business, which could adversely affect our business, financial condition and results of operations. For example, these transactions may entail numerous operational and financial risks, including:

exposure to unknown liabilities;

disruption of our business and diversion of our management’s time and attention in order to develop acquired products, drug candidates or technologies;

incurrence of substantial debt or dilutive issuances of equity securities to pay for any of these transactions;

higher-than-expected transaction and integration costs;

write-downs of assets or goodwill or impairment charges;

increased amortization expenses;

difficulty and cost in combining the operations and personnel of any acquired businesses or product lines with our operations and personnel;

impairment of relationships with key suppliers or customers of any acquired businesses or product lines due to changes in management and ownership; and

inability to retain key employees of any acquired businesses.

Accordingly, although there can be no assurance that we will undertake or successfully complete any transactions of the nature described above, any transactions that we do complete may be subject to the foregoing or other risks, and could have a material adverse effect on our business, financial condition and results of operations.

Our employment agreements with each of our executive officers may require us to pay severance benefits to any of those persons who are terminated in connection with a change in control of our company, which could harm our financial condition or results.

All of our executive officers are parties to employment agreements that contain change in control and severance provisions in the event of a termination of employment in connection with a change in control of our company providing for cash payments for severance and other benefits and acceleration of vesting of stock options and shares of restricted stock. The accelerated vesting of options and shares of restricted stock could result in dilution to our existing stockholders and lower the market price of our common stock. The payment of these severance benefits could harm our financial condition and results. In addition, these potential severance payments may discourage or prevent third parties from seeking a business combination with us.

Risks Relating to Our Intellectual Property

We may not be successful in obtaining or maintaining necessary rights to our drug candidates through acquisitions and in-licenses.

We currently have intellectual property rights to develop our drug candidates through a license from Ligand. As of December 31, 2015, we did not own any patents or have any patent applications pending. Because our programs require the use of proprietary rights held by Ligand, the growth of our business will likely depend in part on our ability to maintain and exploit these proprietary rights. In addition, we may need to acquire or in-license additional intellectual property in the future. We may be unable to acquire or in-license any compositions, methods of use, processes or other intellectual property rights from third parties that we identify as necessary for our drug candidates. We face competition with regard to acquiring and in-licensing third-party intellectual property rights, including from a number of more established companies. These established companies may have a competitive advantage over us due to their size, cash resources and greater clinical development and commercialization capabilities. In addition, companies that perceive us to be a competitor may be unwilling to assign or license intellectual property rights to us. We also may be unable to acquire or in-license third-party intellectual property rights on terms that would allow us to make an appropriate return on our investment.

We may enter into collaboration agreements with U.S. and foreign academic institutions to accelerate development of our current or future preclinical drug candidates. Typically, these agreements include an option for the company to negotiate a license to the institution’s intellectual property rights resulting from the collaboration. Even with such an option, we may be unable to negotiate a license within the specified timeframe or under terms that are acceptable to us. If we are unable to license rights from a collaborating institution, the institution may offer the intellectual property rights to other parties, potentially blocking our ability to pursue our desired program.

If we are unable to successfully obtain required third-party intellectual property rights or maintain our existing intellectual property rights, we may need to abandon development of the related program and our business, financial condition and results of operations could be materially and adversely affected.

If we fail to comply with our obligations in the agreements under which we in-license intellectual property and other rights from third parties or otherwise experience disruptions to our business relationships with our licensors, we could lose intellectual property rights that are important to our business.

The Master License Agreement is important to our business and we expect to enter into additional license agreements in the future. The Master License Agreement imposes, and we expect that future license agreements will impose, various diligence, milestone payment, royalty and other obligations on us. If we fail to comply with our obligations under these agreements, or if we file for bankruptcy, we may be required to make certain payments to the licensor, we may lose the exclusivity of our license, or the licensor may have the right to terminate the license, in which event we would not be able to develop or market products covered by the license. Additionally, the milestone and other payments associated with these licenses could materially and adversely affect our business, financial condition and results of operations.

Pursuant to the terms of the Master License Agreement, Ligand may terminate the Master License Agreement under certain circumstances, including, but not limited to: (1) in the event of our insolvency or bankruptcy, (2) if we do not pay an undisputed amount owing under the Master License Agreement when due and fail to cure such default within a specified period of time, or (3) if we default on certain of our material obligations and fail to cure the default within a specified period of time. If the Master License Agreement is terminated in its entirety or with respect to a specific licensed program for any reason, among other consequences, all licenses granted to us under the Master License Agreement (or with respect to the specific licensed program) will terminate and we may be requested to assign and transfer to Ligand certain regulatory documentation and regulatory approvals related to the licensed programs (or those related to the specific licensed program), and we may be required to wind down any ongoing clinical trials with respect to the licensed programs (or those related to the specific licensed program). Additionally, Ligand may require us to assign to Ligand the trademarks owned by us relating to the licensed programs (or those related to the specific licensed program), and we would be obligated to grant to Ligand a license under any patent rights and know-how controlled by us to the extent necessary to make, have made, import, use, offer to sell and sell the licensed programs (or those related to the specific licensed program) anywhere in the world at a royalty rate in the low single digits.

In some cases, patent prosecution of our licensed technology may be controlled solely by the licensor. If our licensor fails to obtain and maintain patent or other protection for the proprietary intellectual property we in-license, then we could lose our rights to the intellectual property or our exclusivity with respect to those rights, and our competitors could market competing products using the intellectual property. In certain cases, we may control the prosecution of patents resulting from licensed technology. In the event we breach any of our obligations related to such prosecution, we may incur significant liability to our licensing partners. Licensing of intellectual property is of critical importance to our business and involves complex legal, business and scientific issues. Disputes may arise regarding intellectual property subject to a licensing agreement, including, but not limited to:

the scope of rights granted under the license agreement and other interpretation-related issues;

the extent to which our technology and processes infringe on intellectual property of the licensor that is not subject to the licensing agreement;

the sublicensing of patent and other rights;

our diligence obligations under the license agreement and what activities satisfy those diligence obligations;

the ownership of inventions and know-how resulting from the joint creation or use of intellectual property by our licensors and us and our collaborators; and

the priority of invention of patented technology.

If disputes over intellectual property and other rights that we have in-licensed prevent or impair our ability to maintain our current licensing arrangements on acceptable terms, we may be unable to successfully develop and commercialize the affected drug candidates. If we fail to comply with any such obligations to our licensor, such licensor may terminate their licenses to us, in which case we would not be able to market products covered by these licenses. The loss of our license with Ligand, and potentially other licenses that we enter into in the future, would have a material adverse effect on our business.

We may be required to pay milestones and royalties to Ligand in connection with our use of the licensed technology under the Master License Agreement, which could adversely affect the overall profitability for us of any products that we may seek to commercialize.

Under the terms of the Master License Agreement, we may be obligated to pay Ligand up to an aggregate of approximately $1.54 billion in development, regulatory and sales milestones. We will also be required to pay Ligand single-digit royalties on future worldwide net product sales. These royalty payments could adversely affect the overall profitability for us of any products that we may seek to commercialize.

We may not be able to protect our proprietary or licensed technology in the marketplace.

We depend on our ability to protect our proprietary or licensed technology. We rely on trade secret, patent, copyright and trademark laws, and confidentiality, licensing and other agreements with employees and third parties, all of which offer only limited protection. Our success depends in large part on our ability, Ligand’s and any future licensor’s or licensee’s ability to obtain and maintain patent protection in the U.S. and other countries with respect to our proprietary or licensed technology and products. We currently in-license all of our intellectual property rights to develop our drug candidates and may in-license additional intellectual property rights in the future. Under the terms of the Master License Agreement, Ligand has the first right to file, prosecute and maintain the patents subject to the Master License Agreement in its name. We cannot be certain that patent enforcement activities by our current or future licensors have been or will be conducted in compliance with applicable laws and regulations or will result in valid and enforceable patents or other intellectual property rights. We also cannot be certain that our current or future licensors will allocate sufficient resources or prioritize their or our enforcement of such patents. Even if we are not a party to these legal actions, an adverse outcome could prevent us from continuing to license intellectual property that we may need to operate our business, which would have a material adverse effect on our business, financial condition and results of operations.

We believe we will be able to obtain, through prosecution of patent applications covering technology licensed from others, adequate patent protection for our proprietary drug technology, including those related to our in-licensed intellectual property. If we are compelled to spend significant time and money protecting or enforcing our licensed patents and future patents we may own, designing around patents held by others or licensing or acquiring, potentially for large fees, patents or other proprietary rights held by others, our business, financial condition and results of operations may be materially and adversely affected. If we are unable to effectively protect the intellectual property that we own or in-license, other companies may be able to offer the same or similar products for sale, which could materially adversely affect our business, financial condition and results of operations. The patents of others from whom we may license technology, and any future patents we may own, may be challenged, narrowed, invalidated or circumvented, which could limit our ability to stop competitors from marketing the same or similar products or limit the length of term of patent protection that we may have for our products.

Obtaining and maintaining patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by governmental patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.

Periodic maintenance fees, renewal fees, annuity fees and various other governmental fees on patents and/or patent applications will be due to be paid to the U.S. Patent and Trademark Office, or the USPTO, and various governmental patent agencies outside of the U.S. in several stages over the lifetime of the applicable patent and/or patent application. The USPTO and various non-U.S. governmental patent agencies require compliance with a number of procedural, documentary, fee payment and other similar provisions during the patent application process. In many cases, an inadvertent lapse can be cured by payment of a late fee or by other means in accordance with the applicable rules. However, there are situations in which noncompliance can result in abandonment or lapse of the patent or patent application, resulting in partial or complete loss of patent rights in the relevant jurisdiction. If this occurs with respect to our in-licensed patents or patent applications we may file in the future, our competitors might be able to use our technologies, which would have a material adverse effect on our business, financial condition and results of operations.

The patent positions of pharmaceutical products are often complex and uncertain. The breadth of claims allowed in pharmaceutical patents in the U.S. and many jurisdictions outside of the U.S. is not consistent. For example, in many jurisdictions, the support standards for pharmaceutical patents are becoming increasingly strict. Some countries prohibit method of treatment claims in patents. Changes in either the patent laws or interpretations of patent laws in the U.S. and other countries may diminish the value of our licensed or owned intellectual property or create uncertainty. In addition, publication of information related to our current drug candidates and potential products may prevent us from obtaining or enforcing patents relating to these drug candidates and potential products, including without limitation composition-of-matter patents, which are generally believed to offer the strongest patent protection.

Our intellectual property includes licenses covering issued patents and pending patent applications for composition of matter and method of use. For VK5211, we in-license five patents in the U.S. and several other patents in certain foreign jurisdictions. For each of VK2809 and VK0214, we in-license a patent in the U.S. and, for VK2809, additional patents in certain foreign jurisdictions. For VK0612, we in-license two patents in the U.S. and several other patents in certain foreign jurisdictions. With respect to our other current drug candidates, we have a license covering several issued patents and pending patent applications both in the U.S. and in certain foreign jurisdictions. See “Intellectual Property” under Part I, “Item 1. Business” of this Annual Report on Form 10-K.

Patents that we currently license and patents that we may own or license in the future do not necessarily ensure the protection of our licensed or owned intellectual property for a number of reasons, including, without limitation, the following:

the patents may not be broad or strong enough to prevent competition from other products that are identical or similar to our drug candidates;

there can be no assurance that the term of a patent can be extended under the provisions of patent term extension afforded by U.S. law or similar provisions in foreign countries, where available;

the issued patents and patents that we may obtain or license in the future may not prevent generic entry into the U.S. market for our drug candidates;

we do not at this time license or own a granted European patent or national phase patents in any European jurisdictions that would prevent generic entry into the European market for one of our primary drug candidates, VK2809;

we, or third parties from who we in-license or may license patents, may be required to disclaim part of the term of one or more patents;

there may be prior art of which we are not aware that may affect the validity or enforceability of a patent claim;

there may be prior art of which we are aware, which we do not believe affects the validity or enforceability of a patent claim, but which, nonetheless, ultimately may be found to affect the validity or enforceability of a patent claim;

there may be other patents issued to others that will affect our freedom to operate;

if the patents are challenged, a court could determine that they are invalid or unenforceable;

there might be a significant change in the law that governs patentability, validity and infringement of our licensed patents or any future patents we may own that adversely affects the scope of our patent rights;

a court could determine that a competitor’s technology or product does not infringe our licensed patents or any future patents we may own; and

the patents could irretrievably lapse due to failure to pay fees or otherwise comply with regulations or could be subject to compulsory licensing.

If we encounter delays in our development or clinical trials, the period of time during which we could market our potential products under patent protection would be reduced.

Our competitors may be able to circumvent our licensed patents or future patents we may own by developing similar or alternative technologies or products in a non-infringing manner. Our competitors may seek to market generic versions of any approved products by submitting abbreviated new drug applications to the FDA in which our competitors claim that our licensed patents or any future patents we may own are invalid, unenforceable or not infringed. Alternatively, our competitors may seek approval to market their own products similar to or otherwise competitive with our products. In these circumstances, we may need to defend or assert our licensed patents or any future patents we may own, including by filing lawsuits alleging patent infringement. In any of these types of proceedings, a court or other agency with jurisdiction may find our licensed patents or any future patents we may own invalid or unenforceable. We may also fail to identify patentable aspects of our research and development before it is too late to obtain patent protection. Even if we own or in-license valid and enforceable patents, these patents still may not provide protection against competing products or processes sufficient to achieve our business objectives.

The issuance of a patent is not conclusive as to its inventorship, scope, ownership, priority, validity or enforceability. In this regard, third parties may challenge our licensed patents or any future patents we may own in the courts or patent offices in the U.S. and abroad. Such challenges may result in loss of exclusivity or freedom to operate or in patent claims being narrowed, invalidated or held unenforceable, in whole or in part, which could limit our ability to stop others from using or commercializing similar or identical technology and products, or limit the duration of the patent protection of our technology and potential products. In addition, given the amount of time required for the development, testing and regulatory review of new drug candidates, patents protecting such drug candidates might expire before or shortly after such drug candidates are commercialized.

We may infringe the intellectual property rights of others, which may prevent or delay our drug development efforts and prevent us from commercializing or increase the costs of commercializing our products.

Our commercial success depends significantly on our ability to operate without infringing the patents and other intellectual property rights of third parties. For example, there could be issued patents of which we are not aware that our current or potential future drug candidates infringe. There also could be patents that we believe we do not infringe, but that we may ultimately be found to infringe.

Moreover, patent applications are in some cases maintained in secrecy until patents are issued. The publication of discoveries in the scientific or patent literature frequently occurs substantially later than the date on which the underlying discoveries were made and patent applications were filed. Because patents can take many years to issue, there may be currently pending applications of which we are unaware that may later result in issued patents that our drug candidates or potential products infringe. For example, pending applications may exist that claim or can be amended to claim subject matter that our drug candidates or potential products infringe. Competitors may file continuing patent applications claiming priority to already issued patents in the form of continuation, divisional, or continuation-in-part applications, in order to maintain the pendency of a patent family and attempt to cover our drug candidates.

Third parties may assert that we are employing their proprietary technology without authorization and may sue us for patent or other intellectual property infringement. These lawsuits are costly and could adversely affect our business, financial condition and results of operations and divert the attention of managerial and scientific personnel. If we are sued for patent infringement, we would need to demonstrate that our drug candidates, potential products or methods either do not infringe the claims of the relevant patent or that the patent claims are invalid, and we may not be able to do this. Proving invalidity is difficult. For example, in the U.S., proving invalidity requires a showing of clear and convincing evidence to overcome the presumption of validity enjoyed by issued patents. Even if we are successful in these proceedings, we may incur substantial costs and the time and attention of our management and scientific personnel could be diverted in pursuing these proceedings, which could have a material adverse effect on us. In addition, we may not have sufficient resources to bring these actions to a successful conclusion. If a court holds that any third-party patents are valid, enforceable and cover our products or their use, the holders of any of these patents may be able to block our ability to commercialize our products unless we acquire or obtain a license under the applicable patents or until the patents expire.

We may not be able to enter into licensing arrangements or make other arrangements at a reasonable cost or on reasonable terms. Any inability to secure licenses or alternative technology could result in delays in the introduction of our products or lead to prohibition of the manufacture or sale of products by us. Even if we are able to obtain a license, it may be non-exclusive, thereby giving our competitors access to the same technologies licensed to us. We could be forced, including by court order, to cease commercializing the infringing technology or product. In addition, in any such proceeding or litigation, we could be found liable for monetary damages, including treble damages and attorneys’ fees, if we are found to have willfully infringed a patent. A finding of infringement could prevent us from commercializing our drug candidates or force us to cease some of our business operations, which could materially and adversely affect our business, financial condition and results of operations. Any claims by third parties that we have misappropriated their confidential information or trade secrets could have a similar material and adverse effect on our business, financial condition and results of operations. In addition, any uncertainties resulting from the initiation and continuation of any litigation could have a material adverse effect on our ability to raise the funds necessary to continue our operations.

Any claims or lawsuits relating to infringement of intellectual property rights brought by or against us will be costly and time consuming and may adversely affect our business, financial condition and results of operations.

We may be required to initiate litigation to enforce or defend our licensed and owned intellectual property. For example, we are currently aware of at least two third-party companies that are selling products in the U.S. bearing the name “LGD-4033”, which is the name previously used by Ligand to refer to VK5211, without authority from either us or Ligand, and we may experience other potential intellectual property infringement in the future. Lawsuits to protect our intellectual property rights can be very time consuming and costly. There is a substantial amount of litigation involving patent and other intellectual property rights in the biopharmaceutical industry generally. Such litigation or proceedings could substantially increase our operating expenses and reduce the resources available for development activities or any future sales, marketing or distribution activities.

In any infringement litigation, any award of monetary damages we receive may not be commercially valuable. Furthermore, because of the substantial amount of discovery required in connection with intellectual property litigation, there is a risk that some of our confidential information could be compromised by disclosure during litigation. Moreover, there can be no assurance that we will have sufficient financial or other resources to file and pursue such infringement claims, which typically last for years before they are resolved. Further, any claims we assert against a perceived infringer could provoke these parties to assert counterclaims against us alleging that we have infringed their patents. Some of our competitors may be able to sustain the costs of such litigation or proceedings more effectively than we can because of their greater financial resources. Uncertainties resulting from the initiation and continuation of patent litigation or other proceedings could have a material adverse effect on our ability to compete in the marketplace.

In addition, our licensed patents and patent applications, and patents and patent applications that we may own or license in the future, could face other challenges, such as interference proceedings, opposition proceedings, re-examination proceedings and other forms of post-grant review. Any of these challenges, if successful, could result in the invalidation of, or in a narrowing of the scope of, any of our licensed patents and patent applications and patents and patent applications that we may own or license in the future subject to challenge. Any of these challenges, regardless of their success, would likely be time consuming and expensive to defend and resolve and would divert our management and scientific personnel’s time and attention.

In addition, there could be public announcements of the results of hearings, motions or other interim proceedings or developments, and if securities analysts or investors perceive these results to be negative, it could have a material adverse effect on the market price of our common stock.

Changes in U.S. patent law could diminish the value of patents in general, thereby impairing our ability to protect our products.

As is the case with other biopharmaceutical companies, our success is heavily dependent on intellectual property, particularly patents. Obtaining and enforcing patents in the biopharmaceutical industry involves both technological and legal complexity and is costly, time-consuming and inherently uncertain. For example, the U.S. has recently enacted and is currently implementing wide-ranging patent reform legislation. Specifically, on September 16, 2011, the Leahy-Smith America Invents Act, or the Leahy-Smith Act, was signed into law and included a number of significant changes to U.S. patent law. These included changes in the way patent applications will be prosecuted, including a transition to a “first-to-file” system for deciding which party should be granted a patent when two or more patent applications are filed by different parties claiming the same invention, and may also affect patent litigation. Under a “first-to-file” system, a third party that files a patent application with the USPTO before us could be awarded a patent covering an invention of ours even if we made the invention before it was made by the third party. The USPTO has developed new and untested regulations and procedures to govern the full implementation of the Leahy-Smith Act, and many of the substantive changes to patent law associated with the Leahy-Smith Act, and in particular, the “first-to-file” provisions, became effective in March 2013. The Leahy-Smith Act has also introduced procedures that may make it easier for third parties to challenge issued patents, as well as to intervene in the prosecution of patent applications. Finally, the Leahy-Smith Act contains new statutory provisions that still require the USPTO to issue new regulations for their implementation, and it may take the courts years to interpret the provisions of the new statute. Accordingly, it is not clear what, if any, impact the Leahy-Smith Act will have on our business, the cost of prosecuting our licensed and future patent applications, our ability to obtain patents based on our licensed and future patent applications and our ability to enforce or defend our licensed or future issued patents. However, the Leahy-Smith Act and its implementation could increase the uncertainties and costs surrounding the prosecution of our licensed and future patent applications and the enforcement or defense of our licensed and future patents, all of which could have a material adverse effect on our business, financial condition and results of operations.

In addition, the U.S. Supreme Court has ruled on several patent cases in recent years, either narrowing the scope of patent protection available in certain circumstances or weakening the rights of patent owners in certain situations. In addition to increasing uncertainty with regard to our ability to obtain patents in the future, this combination of events has created uncertainty with respect to the value of patents, once obtained. Depending on decisions by the U.S. Congress, the federal courts and the USPTO, the laws and regulations governing patents could change in unpredictable ways that would weaken our ability to obtain new patents or to enforce patents that we might obtain in the future.

We may not be able to protect our intellectual property rights throughout the world.

Filing, prosecuting and defending patents on drug candidates throughout the world would be prohibitively expensive. Competitors may use our licensed and owned technologies in jurisdictions where we have not licensed or obtained patent protection to develop their own products and, further, may export otherwise infringing products to territories where we may obtain or license patent protection, but where patent enforcement is not as strong as that in the U.S. These products may compete with our products in jurisdictions where we do not have any issued or licensed patents and any future patent claims or other intellectual property rights may not be effective or sufficient to prevent them from so competing.

Many companies have encountered significant problems in protecting and defending intellectual property rights in foreign jurisdictions. The legal systems of certain countries, particularly certain developing countries, do not favor the enforcement of patents and other intellectual property protection, particularly those relating to biopharmaceuticals, which could make it difficult for us to stop the infringement of our licensed patents and future patents we may own, or marketing of competing products in violation of our proprietary rights generally. Further, the laws of some foreign countries do not protect proprietary rights to the same extent or in the same manner as the laws of the U.S. As a result, we may encounter significant problems in protecting and defending our licensed and owned intellectual property both in the U.S. and abroad. For example, China, where we currently have seven licensed patents and three licensed patent applications, currently affords less protection to a company’s intellectual property than some other jurisdictions. As such, the lack of strong patent and other intellectual property protection in China may significantly increase our vulnerability as regards unauthorized disclosure or use of our intellectual property and undermine our competitive position. Proceedings to enforce our future patent rights, if any, in foreign jurisdictions could result in substantial cost and divert our efforts and attention from other aspects of our business.

Many countries, including European Union countries, India, Japan and China, have compulsory licensing laws under which a patent owner may be compelled under certain circumstances to grant licenses to third parties. In those countries, we currently have an aggregate of 19 licensed patents and 13 licensed patent applications and may have limited remedies if patents are infringed or if we are

compelled to grant a license to a third party, which could materially diminish the value of those patents. This could limit our potential revenue opportunities. Accordingly, our efforts to enforce intellectual property rights around the world may be inadequate to obtain a significant commercial advantage from the intellectual property that we own or license.

We may be unable to adequately prevent disclosure of trade secrets and other proprietary information.

In order to protect our proprietary and licensed technology and processes, we rely in part on confidentiality agreements with our corporate partners, employees, consultants, manufacturers, outside scientific collaborators and sponsored researchers and other advisors. These agreements may not effectively prevent disclosure of our confidential information and may not provide an adequate remedy in the event of unauthorized disclosure of confidential information. In addition, others may independently discover our trade secrets and proprietary information. Failure to obtain or maintain trade secret protection could adversely affect our competitive business position.

We may be subject to claims that our employees, consultants or independent contractors have wrongfully used or disclosed confidential information of third parties.

We employ individuals who were previously employed at other biopharmaceutical companies. Although we have no knowledge of any such claims against us, we may be subject to claims that we or our employees, consultants or independent contractors have inadvertently or otherwise used or disclosed confidential information of our employees’ former employers or other third parties. Litigation may be necessary to defend against these claims. There is no guarantee of success in defending these claims, and even if we are successful, litigation could result in substantial cost and be a distraction to our management and other employees. To date, none of our employees have been subject to such claims.

We may be subject to claims challenging the inventorship of our licensed patents, any future patents we may own and other intellectual property.

Although we are not currently experiencing any claims challenging the inventorship of our licensed patents or our licensed or owned intellectual property, we may in the future be subject to claims that former employees, collaborators or other third parties have an interest in our licensed patents or other licensed or owned intellectual property as an inventor or co-inventor. For example, we may have inventorship disputes arise from conflicting obligations of consultants or others who are involved in developing our drug candidates. Litigation may be necessary to defend against these and other claims challenging inventorship. If we fail in defending any such claims, in addition to paying monetary damages, we may lose valuable intellectual property rights, such as exclusive ownership of, or right to use, valuable intellectual property. Such an outcome could have a material adverse effect on our business, financial condition and results of operations. Even if we are successful in defending against such claims, litigation could result in substantial costs and be a distraction to management and other employees.

If we do not obtain additional protection under the Hatch-Waxman Amendments and similar foreign legislation extending the terms of our licensed patents and any future patents we may own, our business, financial condition and results of operations may be materially and adversely affected.

Depending upon the timing, duration and specifics of FDA regulatory approval for our drug candidates, one or more of our licensed U.S. patents or future U.S. patents that we may license or own may be eligible for limited patent term restoration under the Drug Price Competition and Patent Term Restoration Act of 1984, referred to as the Hatch-Waxman Amendments. The Hatch-Waxman Amendments permit a patent restoration term of up to five years as compensation for patent term lost during drug development and the FDA regulatory review process. This period is generally one-half the time between the effective date of an investigational new drug application, or IND (falling after issuance of the patent), and the submission date of an NDA, plus the time between the submission date of an NDA and the approval of that application. Patent term restorations, however, cannot extend the remaining term of a patent beyond a total of 14 years from the date of product approval by the FDA.

The application for patent term extension is subject to approval by the USPTO, in conjunction with the FDA. It takes at least six months to obtain approval of the application for patent term extension. We may not be granted an extension because of, for example, failing to apply within applicable deadlines, failing to apply prior to expiration of relevant patents or otherwise failing to satisfy applicable requirements. Moreover, the applicable time period or the scope of patent protection afforded could be less than we request. If we are unable to obtain patent term extension or restoration or the term of any such extension is less than we request, the period during which we will have the right to exclusively market our product will be shortened and our competitors may obtain earlier approval of competing products, and our ability to generate revenues could be materially adversely affected.

Risks Relating to Ownership of Our Common Stock

The market price of our common stock may be highly volatile.

The trading price of our common stock is likely to be volatile. Our stock price could be subject to wide fluctuations in response to a variety of factors, including the following:

any delay in filing an NDA for any of our drug candidates and any adverse development or perceived adverse development with respect to the FDA’s review of that NDA;

adverse results or delays in clinical trials, if any;

significant lawsuits, including patent or stockholder litigation;

inability to obtain additional funding;

failure to successfully develop and commercialize our drug candidates;

changes in laws or regulations applicable to our drug candidates;

inability to obtain adequate product supply for our drug candidates, or the inability to do so at acceptable prices;

unanticipated serious safety concerns related to any of our drug candidates;

adverse regulatory decisions;

introduction of new products or technologies by our competitors;

failure to meet or exceed drug development or financial projections we provide to the public;

failure to meet or exceed the estimates and projections of the investment community;

the perception of the biopharmaceutical industry by the public, legislatures, regulators and the investment community;

announcements of significant acquisitions, strategic partnerships, joint ventures or capital commitments by us or our competitors;

disputes or other developments relating to proprietary rights, including patents, litigation matters and our ability to obtain patent protection for our licensed and owned technologies;

additions or departures of key scientific or management personnel;

changes in the market valuations of similar companies;

general economic and market conditions and overall fluctuations in the U.S. equity market;

sales of our common stock by us or our stockholders, including Ligand, in the future; and

trading volume of our common stock.

In addition, the stock market, in general, and small biopharmaceutical companies, in particular, have experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of these companies. Broad market and industry factors may negatively affect the market price of our common stock, regardless of our actual operating performance. Further, a decline in the financial markets and related factors beyond our control may cause our stock price to decline rapidly and unexpectedly.

An active trading market for our common stock may not be sustained, and you may not be able to resell your common stock at a desired market price.

Our shares of common stock began trading on the Nasdaq Capital Market on April 29, 2015. If no active trading market for our common stock develops or is sustained, you may be unable to sell your shares when you wish to sell them or at a price that you consider attractive or satisfactory. The lack of an active market may also adversely affect our ability to raise capital by selling securities in the future, or impair our ability to acquire or in-license other drug candidates, businesses or technologies using our shares as consideration.

Our management owns a significant percentage of our stock and will be able to exert significant control over matters subject to stockholder approval.

As of December 31, 2015, our executive officers, directors and 5% or greater stockholders beneficially owned 73.2% of our common stock. Therefore, our executive officers, directors and 5% or greater stockholders have the ability to influence us through this ownership position.

This significant concentration of stock ownership may adversely affect the trading price for our common stock because investors often perceive disadvantages in owning stock in companies with controlling stockholders. As a result, these stockholders, if they acted together, could significantly influence all matters requiring approval by our stockholders, including the election of directors and the approval of mergers or other business combination transactions. These stockholders may be able to determine all matters requiring stockholder approval. The interests of these stockholders may not always coincide with our interests or the interests of other stockholders. This may also prevent or discourage unsolicited acquisition proposals or offers for our common stock that you may feel are in your best interest as one of our stockholders and they may act in a manner that advances their best interests and not necessarily those of other stockholders, including seeking a premium value for their common stock, and might affect the prevailing market price for our common stock.

Ligand is our largest stockholder, which may limit the ability of our stockholders to influence corporate matters and may give rise to conflicts of interest.

As of December 31, 2015, Ligand and its affiliates beneficially owned approximately 49.4% of our outstanding common stock. In addition to the above ownership, upon the consummation of our first bona fide capital financing transaction occurring after January 22, 2016, but prior to May 21, 2017, with aggregate net proceeds to us of at least $2,000,000, we will be obligated to repay $1,500,000 to Ligand under that certain Secured Convertible Promissory Note held by Ligand, or the Ligand Note, with at least $300,000 of such payment to be paid in cash and the balance to be paid in shares of our common stock. Furthermore, we may in the future elect or be obligated to repay amounts outstanding under the Ligand Note to Ligand in shares of our common stock. Accordingly, Ligand may be able to exert significant influence over us and any action requiring the approval of the holders of our common stock, including the election of directors and the approval of mergers or other business combination transactions. This concentration of voting power may make it less likely that any other holder of our common stock or our board of directors will be able to affect the way we are managed and could delay or prevent an acquisition of us on terms that other stockholders may desire.

Furthermore, the interests of Ligand may not be aligned with our other stockholders and this could lead to actions that may not be in the best interests of our other stockholders. For example, Ligand may have different tax positions or strategic plans for us, which could influence its decisions regarding whether and when we should dispose of assets or incur new or refinance existing indebtedness. In addition, Ligand’s significant ownership in us may discourage someone from making a significant equity investment in us, or could discourage transactions involving a change in control, including transactions in which our stockholders might otherwise receive a premium for their shares over the then-current market price.

Pursuant to the management rights letter between us and Ligand, dated May 21, 2014, Ligand has the right to nominate one individual for election to our board of directors. Matthew W. Foehr, Ligand’s President and Chief Operating Officer, is the current member of our board of directors nominated by Ligand. As a result of our relationship with Ligand, there may be transactions between us and Ligand that could present an actual or perceived conflict of interest. These conflicts of interest may lead Mr. Foehr to recuse himself from deliberation and voting as a member of our board of directors with respect to any transactions involving Ligand or its affiliates.

In addition, if Ligand obtains a majority of our common stock, Ligand would be able to control a number of matters submitted to our stockholders for approval, as well as our management and affairs. For example, Ligand would be able to control the election of directors, and may be able to control amendments to our organizational documents and approvals of any merger, consolidation, sale of all or substantially all of our assets or other business combination or reorganization. In addition, if Ligand obtains a majority of our common stock, we would be deemed a “controlled company” within the meaning of the rules and listing standards of The Nasdaq Stock Market LLC. Under the rules and listing standards of The Nasdaq Stock Market LLC, a company of which more than 50% of the voting power is held by another person or group of persons acting together is a “controlled company” and may elect not to comply with certain rules and listing standards of The Nasdaq Stock Market LLC regarding corporate governance, including: (1) the requirement that a majority of our board of directors consist of independent directors, (2) the requirement that the compensation of our officers be determined or recommended to our board of directors by a compensation committee that is composed entirely of independent directors, and (3) the requirement that director nominees be selected or recommended to our board of directors by a majority of independent directors or a nominating committee that is composed entirely of independent directors.

We are an “emerging growth company” within the meaning of the Securities Act of 1933, as amended, or the Securities Act, and if we decide to take advantage of certain exemptions from various reporting requirements applicable to emerging growth companies, our common stock could be less attractive to investors.

For as long as we remain an “emerging growth company”, as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act, we will have the option to take advantage of certain exemptions from various reporting and other requirements that are applicable to other public companies that are not “emerging growth companies,” including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, as amended, or the Sarbanes-Oxley Act, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. We may take advantage of these and other exemptions until we are no longer an “emerging growth company”.

The JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. However, we have chosen to “opt out” of such extended transition period, and as a result, we will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. Our decision to “opt out” of the extended transition period is irrevocable.

We will remain an emerging growth company until the earliest of (1) the last day of the fiscal year during which we have total annual gross revenues of $1.0 billion or more, (2) December 31, 2020 (the last day of the fiscal year following the fifth anniversary of the completion of our initial public offering), (3) the date on which we have, during the previous three-year period, issued more than $1.0 billion in non-convertible debt, and (4) the date on which we are deemed to be a “large accelerated filer” under the Securities Exchange Act of 1934, as amended, or the Exchange Act (i.e., the first day of the fiscal year after we have (a) more than $700,000,000 in outstanding common equity held by our non-affiliates, measured each year on the last day of our second fiscal quarter, and (b) been public for at least 12 months).

Even after we no longer qualify as an emerging growth company, we may still qualify as a “smaller reporting company,” which would allow us to take advantage of many of the same exemptions from disclosure requirements including exemption from compliance with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act and reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements. We cannot predict if investors will find our common stock less attractive because we may rely on these exemptions. If some investors find our common stock less attractive as a result, there may be a less active trading market for our common stock and our stock price may be more volatile.

Our internal control over financial reporting does not currently meet the standards required by Section 404 of the Sarbanes-Oxley Act, and we have previously identified a material weakness, and failure to achieve and maintain effective internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act, could have a material adverse effect on our business and share price.

As a privately held company, we were not required to evaluate our internal control over financial reporting in a manner that meets the standards of publicly traded companies required by Section 404 of the Sarbanes-Oxley Act, or Section 404. In the course of auditing our financial statements as of and for the year ended December 31, 2013, our independent registered public accounting firm identified a material weakness in our internal control over financial reporting relating to our failure to perform periodic reconciliations on various accounts. We remediated this material weakness in the year ended December 31, 2014.

Commencing with our Annual Report on Form 10-K for the fiscal year ending December 31, 2016, our management will be required to report on the effectiveness of our internal control over financial reporting. Additionally, under the JOBS Act, our independent registered public accounting firm will not be required to attest to the effectiveness of our internal control over financial reporting pursuant to Section 404 until we are no longer an “emerging growth company.” The rules governing the standards that must be met for our management to assess our internal control over financial reporting are complex and require significant documentation, testing and possible remediation.

In connection with the implementation of the necessary procedures and practices related to internal control over financial reporting, we may identify deficiencies or material weaknesses that we may not be able to remediate in time to meet the deadline imposed by the Sarbanes-Oxley Act for compliance with the requirements of Section 404. In addition, we may encounter problems or delays in completing the implementation of any requested improvements and receiving a favorable attestation in connection with the attestation provided by our independent registered public accounting firm. Failure to achieve and maintain an effective internal control environment could have a material adverse effect on our business, financial condition and results of operations and could limit our ability to report our financial results accurately and in a timely manner.

We will incur significant increased costs as a result of operating as a public company, our management has limited experience managing a public company, and our management will be required to devote substantial time to new compliance initiatives.

As a public company and particularly after we cease to be an “emerging growth company,” we will incur significant legal, accounting and other expenses that we did not incur as a private company. In addition, the Sarbanes-Oxley Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, or the Dodd-Frank Act, as well as rules subsequently implemented by the Securities and Exchange Commission, or the SEC, and The Nasdaq Stock Market LLC have imposed various requirements on public companies. There are significant corporate governance and executive compensation related provisions in the Dodd-Frank Act that require the SEC to adopt additional rules and regulations in these areas. Stockholder activism, the current political environment and the current high level of government intervention and regulatory reform may lead to substantial new regulations and disclosure obligations, which may lead to additional compliance costs and impact (in ways we cannot currently anticipate) the manner in which we operate our business. Our management and other personnel will need to devote a substantial amount of time to these compliance initiatives. Moreover, these rules and regulations will increase our legal and financial compliance costs and will make some activities more time-consuming and costly. For example, we expect these rules and regulations to make it more difficult and more expensive for us to obtain director and officer liability insurance and we may be required to incur substantial costs to maintain our current levels of such insurance coverage.

As a publicly traded company, we have incurred and will incur legal, accounting and other expenses associated with the SEC reporting requirements applicable to a company whose securities are registered under the Exchange Act, as well as corporate governance requirements, including those under the Sarbanes-Oxley Act, the Dodd-Frank Act and other rules implemented by the SEC and The Nasdaq Stock Market LLC. In addition, we expect that we will need to hire additional personnel in our finance department to help us comply with the various requirements applicable to public companies. The expenses incurred by public companies generally to meet SEC reporting, finance and accounting and corporate governance requirements have been increasing in recent years as a result of changes in rules and regulations and the adoption of new rules and regulations applicable to public companies.

If securities or industry analysts do not publish research, or publish inaccurate or unfavorable research, about our business, our stock price and trading volume could decline.

The trading market for our common stock depends, in part, on the research and reports that securities or industry analysts publish about us or our business. If one or more of the analysts who cover us downgrade our stock or publish inaccurate or unfavorable research about our business, our stock price would likely decline. In addition, if our operating results fail to meet the forecast of analysts, our stock price would likely decline. If one or more of these analysts cease coverage of our company or fail to publish reports on us regularly, demand for our common stock could decrease, which might cause our stock price and trading volume to decline.

Sales of a substantial number of shares of our common stock in the public market by our existing stockholders, or future issuances of our common stock or rights to purchase our common stock, could cause our stock price to fall.

Sales of a substantial number of shares of our common stock by our existing stockholders in the public market, or the perception that these sales might occur, could depress the market price of our common stock and could impair our ability to raise capital through the sale of additional equity securities. We are unable to predict the effect that such sales may have on the prevailing market price of our common stock.

Ligand is subject to a lock-up agreement with us that restricts its ability to transfer shares of our common stock until January 23, 2017. Beginning on October 25, 2015, shares held by our executive officers, directors, 5% or greater stockholders (other than Ligand) and their affiliates and family members were released from lock-up agreements with the underwriters of our initial public offering and, subject to certain limitations, including sales volume limitations, became eligible for sale in the public market. Sales of stock by these stockholders, or the perception that these sales may occur, could have a material adverse effect on the trading price of our common stock.

Certain holders of our securities are entitled to rights with respect to the registration of their shares under the Securities Act, subject to the lock-up arrangement described above. Registration of these shares under the Securities Act would result in the shares becoming freely tradable without restriction under the Securities Act. Any sales of securities by these stockholders, or the perception that these sales may occur, could have a material adverse effect on the trading price of our common stock.

Pursuant to our 2014 Equity Incentive Plan, or the 2014 Plan, a total of 1,214,773 shares of our common stock were reserved as of December 31, 2015 for issuance to our employees, directors and consultants. Under the terms of the 2014 Plan, the number of shares available for issuance under the 2014 Plan is, unless otherwise determined by our Board of Directors or the Compensation Committee of our Board of Directors, automatically increased on January 1st of each year in an amount equal to 3.5% of the total number of shares of our common stock outstanding on December 31st of the preceding calendar year. To the extent new equity awards are

granted and exercised or we issue additional shares of common stock in the future, our stockholders may experience additional dilution, which could cause our stock price to fall.

Our management will continue to have broad discretion over the use of the proceeds we received in our initial public offering and from the Loan and Security Agreement and might not apply the proceeds in ways that increase the value of your investment.

Our management will continue to have broad discretion to use the net proceeds from our initial public offering and the proceeds from the Loan and Security Agreement and you will be relying on the judgment of our management regarding the application of these proceeds. Our management might not apply the proceeds in ways that ultimately increase the value of your investment and the failure by our management to apply these proceeds effectively could harm our business. Because of the number and variability of factors that will determine our use of the remaining net proceeds from our initial public offering and the proceeds from the Loan and Security Agreement, their ultimate use may vary substantially from their currently intended use. If we do not invest or apply the net proceeds from our initial public offering or the proceeds from the Loan and Security Agreement in ways that enhance stockholder value, we may fail to achieve the expected financial results, which could cause our stock price to decline.

We are at risk of securities class action litigation.

In the past, securities class action litigation has often been brought against a company following a decline in the market price of its securities. This risk is especially relevant for us because biopharmaceutical companies have experienced significant stock price volatility in recent years. If we face such litigation, it could result in substantial costs and a diversion of management’s attention and resources, which could harm our business, financial condition and results of operations.

Our ability to use our net operating loss carryforwards may be subject to certain limitations.

At December 31, 2015, we had net operating loss carryforwards of approximately $5,890,000 for federal and $6,629,000 for state tax purposes, both of which will begin to expire in 2032. Our ability to utilize our federal net operating loss carryforwards may be limited under Section 382 of the Internal Revenue Code of 1986, as amended, or the Code. In the event of an “ownership change,” Section 382 imposes an annual limitation on the amount of post-ownership change taxable income that may be offset with pre-ownership change net operating losses of the loss corporation experiencing the ownership change. An “ownership change” is defined by Section 382 as a cumulative change in ownership of our company of more than 50% within a three-year period. Our initial public offering in May 2015 resulted in an “ownership change” of us. We performed an analysis and determined that $4,258,000 of the federal and $5,155,000 of the state tax net operating loss carryforwards are available for utilization as of December 31, 2015. The full amounts of the $5,890,000 federal and $6,629,000 state tax net operating loss carryforwards will be available for utilization as of December 31, 2016. In addition, current or future changes in our stock ownership may trigger an “ownership change,” some of which may be outside our control. Accordingly, our ability to utilize our net operating loss carryforwards to offset federal taxable income, if any, will likely be limited by Section 382, which could potentially result in increased future tax liability to us.

We may never pay dividends on our common stock so any returns would be limited to the appreciation of our stock.

We have never declared or paid any cash dividend on our common stock. We currently anticipate that we will retain future earnings for the development, operation and expansion of our business and do not anticipate declaring or paying any cash dividends for the foreseeable future. In addition, under the Loan and Security Agreement with Ligand, we may not declare or pay dividends in respect of our common stock without Ligand’s prior written consent. Any return to stockholders will therefore be limited to the appreciation of their stock.

Provisions in our amended and restated certificate of incorporation and bylaws, as well as provisions of Delaware law, could make it more difficult or expensive for a third party to acquire us or change our board of directors or current management.

Some provisions of our charter documents and Delaware law may have anti-takeover effects that could discourage an acquisition of us by others, even if an acquisition would be beneficial to our stockholders, and may prevent attempts by our stockholders to replace or remove our current management. These provisions include:

authorizing the issuance of “blank check” preferred stock, the terms of which may be established and shares of which may be issued without stockholder approval;

limiting the removal of directors by the stockholders;

creating a classified board of directors;

providing that no stockholder is permitted to cumulate votes at any election of directors;

allowing the authorized number of our directors to be changed only by resolution of our board of directors;

prohibiting stockholder action by written consent, thereby requiring all stockholder actions to be taken at a meeting of our stockholders;

requiring the approval of the holders of at least 66 2/3% of the votes that all our stockholders would be entitled to cast to amend or repeal specified provisions of our charter documents;

eliminating the ability of stockholders to call a special meeting of stockholders; and

establishing advance notice requirements for nominations for election to our board of directors or for proposing matters that can be acted upon at stockholder meetings.

These provisions may frustrate or prevent any attempts by our stockholders to replace or remove our current management by making it more difficult for stockholders to replace members of our board of directors, which is responsible for appointing the members of our management. In addition, we are subject to Section 203 of the General Corporation Law of the State of Delaware, or the DGCL, which generally prohibits a Delaware corporation from engaging in any of a broad range of business combinations with an interested stockholder for a period of three years following the date on which the stockholder became an interested stockholder, unless such transactions are approved in advance by our board of directors or ratified by our board of directors and certain of our stockholders. This provision could have the effect of delaying or preventing a change in control, whether or not it is desired by or beneficial to our stockholders. Further, other provisions of Delaware law may also discourage, delay or prevent someone from acquiring us or merging with us.

Our amended and restated bylaws designate the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or other employees.

Our amended and restated bylaws provide that, unless we consent in writing to an alternative forum, the Court of Chancery of the State of Delaware will be the sole and exclusive forum for (1) any derivative action or proceeding brought on our behalf, (2) any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee to us or our stockholders, (3) any action asserting a claim against us or our directors, officers or employees arising pursuant to any provision of our amended and restated bylaws, our amended and restated certificate of incorporation or the DGCL, (4) any action asserting a claim against us or our directors, officers or employees that is governed by the internal affairs doctrine, or (5) any action to interpret, apply, enforce or determine the validity of our amended and restated bylaws or our amended and restated certificate of incorporation. Any person purchasing or otherwise acquiring any interest in any shares of our capital stock shall be deemed to have notice of and to have consented to this provision of our amended and restated bylaws. This choice-of-forum provision may limit our stockholders’ ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers or other employees, which may discourage such lawsuits. Alternatively, if a court were to find this provision of our amended and restated bylaws inapplicable or unenforceable with respect to one or more of the specified types of actions or proceedings, we may incur additional costs associated with resolving such matters in other jurisdictions, which could materially and adversely affect our business, financial condition and results of operations.

Item 1B. Unresolved Staff Comments.

None.

Item 2. Properties.

Our facilities consist of office space in San Diego, California. We lease approximately 7,049 square feet of space for our headquarters in San Diego, California under an agreement that expires on September 30, 2018. We believe that our existing facilities are adequate to meet our current needs, and that suitable additional alternative spaces will be available in the future on commercially reasonable terms.

Item 3. Legal Proceedings.

From time to time, we may be party to lawsuits in the ordinary course of business. We are not presently a party to any legal proceedings, the outcome of which, if determined adversely to us, would individually or in the aggregate be reasonably expected to have a material adverse effect on our business, operating results or financial condition.

Item 4. Mine Safety Disclosures.

Not applicable.

PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Market Information

Our common stock began trading on the Nasdaq Capital Market on April 28, 2015 and trades under the symbol “VKTX”. Prior to April 28, 2015, there was no public market for our common stock. The following table sets forth the high and low sales prices per share of our common stock as reported on the Nasdaq Capital Market for the period indicated.

	Price Range
	High		Low
Year Ended December 31, 2015
Second Quarter (from April 29, 2015)	$	10.23	$	6.69
Third Quarter	$	7.75	$	5.00
Fourth Quarter	$	7.14	$	1.89

Holders of Record

As of February 29, 2016, there were approximately 11 stockholders of record of our common stock. Certain shares are held in “street” name and, accordingly, the number of beneficial owners of such shares is not known or included in the foregoing number.

Dividend Policy

We have never declared or paid any dividends on our common stock, and we currently intend to retain all available funds and any future earnings, if any, for use in our business. We do not anticipate paying any cash dividends in the foreseeable future. Any future determination to pay dividends will be made at the discretion of our board of directors or any authorized committee thereof after considering our financial condition, results of operations, capital requirements, business prospects and other factors our board of directors or such committee deems relevant, and will be subject to the restrictions contained in our current or future financing instruments. In addition, under our Loan and Security Agreement with Ligand Pharmaceuticals Incorporated, or Ligand, we may not declare or pay dividends in respect of our common stock without Ligand’s prior written consent.

Issuer Repurchases of Equity Securities

None.

Recent Sales of Unregistered Securities

None.

Performance Graph

We are a smaller reporting company, as defined by Rule 12b-2 of the Securities Exchange Act of 1934, as amended, and are not required to provide a performance graph.

Use of Proceeds

On May 4, 2015, we sold 3,000,000 shares of our common stock in our initial public offering at a public offering price of $8.00 per share and on May 28, 2015, we sold 450,000 shares of our common stock at a public offering price of $8.00 per share pursuant to the full exercise of the underwriters’ option to purchase additional shares for aggregate gross proceeds of $27,600,000, before deducting underwriting discounts, commissions and other offering expenses. The offer and sale of all of the shares in the offering were registered under the Securities Act of 1933, as amended, or the Securities Act, pursuant to a registration statement on Form S-1 (File No. 333-197182), which was declared effective by the Securities and Exchange Commission, or the SEC, on April 28, 2015, and a registration statement on Form S-1MEF (File No. 333-203702) filed pursuant to Rule 462(b) of the Securities Act. The offering commenced as of April 29, 2015 and did not terminate before all of the securities registered in the registration statements were sold. Laidlaw & Company (UK) Ltd. acted as the sole book-running manager for the offering. Feltl and Company, Inc. served as co-manager for the offering. After deducting underwriting discounts, commissions and other offering expenses paid by us of $5,273,634, the net proceeds

from the offering were $22,326,366. No offering expenses were paid or are payable, directly or indirectly, to our directors or officers, to persons owning 10% or more of any class of our equity securities, or to any of our affiliates.

The net proceeds from our initial public offering were originally deposited into money market funds. Since then, most of the proceeds have been invested in certificates of deposit as well as certain corporate debt securities with the balance of the net proceeds invested in money market funds. These investments are in accordance with our investment policy. As of December 31, 2015, we have used $8,244,958 of the net proceeds from our initial public offering. There has been no material change in the expected use of the net proceeds from our initial public offering as described in the final prospectus, relating to our initial public offering, dated April 28, 2015, filed by us with the SEC on April 29, 2015.

Item 6. Selected Financial Data.

We are a smaller reporting company, as defined by Rule 12b-2 of the Securities Exchange Act of 1934, as amended, and are not required to provide the information required under this item.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

You should read the following discussion and analysis in conjunction with Part II, “Item 8. Financial Statements and Supplementary Data” included below in this Annual Report on Form 10-K. Operating results are not necessarily indicative of results that may occur in future periods.

The following discussion and analysis of our financial condition and results of operations contains forward-looking statements that involve a number of risks, uncertainties and assumptions. Actual events or results may differ materially from our expectations. Important factors that could cause actual results to differ materially from those stated or implied by our forward-looking statements include, but are not limited to, those set forth in Part I, “Item 1A. Risk Factors” in this Annual Report on Form 10-K. All forward-looking statements included in this Annual Report on Form 10-K are based on information available to us as of the time we file this Annual Report on Form 10-K and, except as required by law, we undertake no obligation to update publicly or revise any forward-looking statements.

Overview

We are a clinical-stage biopharmaceutical company focused on the development of novel, first-in-class or best-in-class therapies for metabolic and endocrine disorders. We have exclusive worldwide rights to a portfolio of five drug candidates in clinical trials or preclinical studies, which are based on small molecules licensed from Ligand Pharmaceuticals Incorporated, or Ligand. Our lead clinical program is VK5211, an orally available drug candidate, currently in a Phase 2 clinical trial for acute rehabilitation following non-elective hip fracture surgery. Hip fracture is a common injury among persons aged 60 and older. The acute recovery period post-injury is characterized by significant and rapid declines in bone mineral density, or BMD, and lean body mass, or LBM, which contributes to substantial morbidity and mortality in these patients. VK5211 is a non-steroidal selective androgen receptor modulator, or SARM. A SARM is designed to selectively interact with a subset of receptors that have a normal physiologic role of interacting with naturally-occurring hormones called androgens. Broad activation of androgen receptors with drugs, such as exogenous testosterone, can stimulate muscle growth and improve BMD, but often results in unwanted side effects such as prostate growth, hair growth and acne. VK5211 is expected to selectively produce the therapeutic benefits of testosterone in muscle and bone tissue, potentially accelerating rehabilitation and improving patient outcomes. VK5211 is also expected to have improved safety, tolerability and patient acceptance relative to testosterone. We commenced the Phase 2 clinical trial of VK5211 in October 2015 and expect to complete enrollment in the trial in the second half of 2016 and complete the trial in the first quarter of 2017.

Our second clinical program is VK2809, an orally available, tissue and receptor-subtype selective agonist of the thyroid hormone receptor beta, or TRß, that is entering Phase 2 development for the treatment of patients with hypercholesterolemia and fatty liver disease. VK2809 belongs to a family of novel prodrugs which are cleaved in vivo to release potent thyromimetics. Selective activation of the TRß receptor in liver tissue is believed to favorably affect cholesterol and lipoprotein levels via multiple mechanisms, including increasing the expression of low-density lipoprotein receptors and increasing mitochondrial fatty acid oxidation. We expect to commence the Phase 2 clinical trial of VK2809 in the first half of 2016 and to complete the trial in the fourth quarter of 2016 or the first quarter of 2017.

We are also developing VK0214 for X-linked adrenoleukodystrophy, or X-ALD, a rare X-linked, inherited neurological disorder characterized by a breakdown in the protective barriers surrounding brain and nerve cells. The disease, for which there is no approved treatment, is caused by mutations in a peroxisomal transporter of very long chain fatty acids, or VLCFA, known as ABCD1. As a result, transporter function is impaired and patients are unable to efficiently metabolize VLCFA. The TRß receptor is known to regulate expression of an alternative VLCFA transporter, known as ABCD2. Various preclinical models have demonstrated that increased expression of ABCD2 can lead to normalization of VLCFA metabolism. Preliminary in vitro data suggest that VK0214 stimulates ABCD2 expression. We are conducting studies of VK0214 in an in vivo model of disease. Pending completion of this work, we expect in 2016 to commence work directed toward filing an Investigational New Drug Application, or IND.

We were incorporated under the laws of the State of Delaware on September 24, 2012. Since our incorporation, we have devoted substantially all of our efforts to raising capital, building infrastructure and obtaining the worldwide rights to certain technology, including VK5211, VK2809 and VK0214, pursuant to an exclusive license agreement with Ligand Pharmaceuticals Incorporated, or Ligand. The terms of this license agreement are detailed in the Master License Agreement, or the Master License Agreement, with Ligand, which we entered into on May 21, 2014 and amended on each of September 6, 2014 and April 8, 2015. A summary of the Master License Agreement, as amended, can be found under the heading “Agreements with Ligand—Master License Agreement” under Part I, “Item 1. Business” of this Annual Report on Form 10-K.

On May 4, 2015, we completed our initial public offering of our common stock, or the IPO, pursuant to a Registration Statement on Form S-1 that was declared effective on April 28, 2015. In the IPO, we sold 3,000,000 shares of our common stock at an initial public offering price of $8.00 per share. The underwriters for the IPO had 30 days to exercise an over-allotment option to purchase up to an additional 450,000 shares at the initial public offering price, less the underwriting discount. Upon the closing of the IPO, on May 4, 2015, we raised a total of $19,100,500 in net proceeds after deducting underwriting discounts, commissions and other offering expenses of $4,899,500.

On May 26, 2015, the underwriters of the IPO exercised their full over-allotment option to purchase an additional 450,000 shares of our common stock. On May 28, 2015, we sold the 450,000 shares to the underwriters pursuant to the over-allotment option and received additional net proceeds of $3,225,866 after deducting underwriting discounts, commissions and other offering expenses of $374,134.

Although it is difficult to predict our liquidity requirements, as of December 31, 2015, and based upon our current operating plan, we do not believe that we will have sufficient cash to meet our projected operating requirements for at least the next 12 months unless we raise additional capital. As of December 31, 2015, we had an accumulated deficit of $45,545,445. These losses have resulted principally from research and development costs incurred in connection with acquiring the exclusive worldwide rights to the portfolio of five drug candidates discussed above and the related non-cash interest expense recorded for increases in the deemed fair market value for the license fees payable to Ligand, research and development expenses related to the manufacturing of clinical drug product and clinical development of VK5211, VK2809 and VK0214, consulting fees and general and administrative expenses. We anticipate that we will continue to incur net losses for the foreseeable future as we continue the development of our clinical drug candidates and preclinical programs and incur additional costs associated with being a public company.

Financial Operations Overview

Revenues

To date, we have not generated any revenue. We do not expect to receive any revenue from any drug candidates that we develop unless and until we obtain regulatory approval for, and commercialize, our drug candidates or enter into collaborative agreements with third parties.

Research and Development Expenses

We had limited operating expenses related to research and development activities prior to May 2014. In May 2014, we acquired certain rights to a number of research and development programs from Ligand and charged $21,687,576 to research and development expense during the year ended December 31, 2014 as a cost of acquiring these assets. During the year ended December 31, 2015, we charged $6,966,842 to research and development expense as following the IPO, we began manufacturing certain drug supply and initiated efforts related to conducting Phase 2 clinical trials for VK5211 and VK2809 and in vivo studies for VK0214. We expect that our ongoing research and development expenses will consist of costs incurred for the development of our drug candidates, including, but not limited to:

employee and consultant-related expenses, which will include salaries, benefits and stock-based compensation, and certain consultant fees and travel expenses;

expenses incurred under agreements with investigative sites and contract research organizations, or CROs, which will conduct a substantial portion of our research and development activities on our behalf;

payments to third-party manufacturers, which will produce our active pharmaceutical ingredients and finished products;

license fees paid to third parties for use of their intellectual property; and

facilities, depreciation and other allocated expenses, which will include direct and allocated expenses for rent and maintenance of facilities and equipment, depreciation of leasehold improvements, equipment and laboratory and other supplies.

We expense all research and development costs as incurred.

The process of conducting the necessary clinical research to obtain regulatory approval is costly and time consuming and the successful development of our drug candidates is highly uncertain. Our future research and development expenses will depend on the clinical success of each of our drug candidates, as well as ongoing assessments of the commercial potential of such drug candidates. In addition, we cannot forecast with any degree of certainty which drug candidates may be subject to future collaborations, when such arrangements will be secured, if at all, and to what degree such arrangements would affect our development plans and capital requirements. We expect to incur increased research and development expenses in the future as we continue our Phase 2 clinical trial for VK5211, commence our Phase 2 clinical trial for VK2809 and seek to advance our additional programs.

General and Administrative Expenses

Prior to the consummation of the IPO, our general and administrative expenses consisted primarily of salaries and related benefits paid to our employees in executive, operational and finance functions, including stock-based compensation and fees paid to certain consultants to help commence and continue our operations. Following the consummation of the IPO, our general and administrative expenses have increased as we have hired additional employees, issued additional equity awards, which has resulted in increased stock-based compensation expense, moved to a larger office to accommodate the increase in headcount, implemented certain systems to increase efficiency, and incurred additional costs for insurance, legal and accounting related to operating as a public company. We expect that our general and administrative expenses will continue to increase in the future in order to support our expected increase in research and development activities, including increased salaries and other related costs, stock-based compensation and consulting fees for executive, finance, accounting and business development functions. We also expect general and administrative expenses to increase as a result of additional costs associated with being a public company, including expenses related to compliance with the rules and regulations of the SEC and The Nasdaq Stock Market LLC, additional insurance expenses, investor relations activities and other administration and professional services. Other significant costs are expected to include legal fees relating to patent and corporate matters, facility costs not otherwise included in research and development expenses, and fees for accounting and other consulting services.

Other Expense

Other expense, following the IPO, includes the change in fair value of the debt conversion feature liability contained in the Secured Convertible Promissory Note issued to Ligand on May 21, 2014, or the Ligand Note, and its related interest expense, as well as the non-cash amortization of debt discount cost associated with the Ligand Note, offset by interest income earned from our cash and short-term investments. Prior to the consummation of the IPO, other expense also included the change in fair value of the debt conversion feature liability contained in our outstanding convertible promissory notes issued from September 2012 through June 2013, or the Convertible Notes, and the interest expense and non-cash amortization of debt discount cost associated with the Convertible Notes, and the change in fair value at each reporting period of the accrued license fees payable to Ligand under the Master License Agreement with Ligand, as amended, or the Master License Agreement. Upon the consummation of the IPO, the Convertible Notes, and the accrued interest and related debt conversion feature liability under the Convertible Notes, and the accrued license fees payable to Ligand under the Master License Agreement were converted to equity and, therefore, changes in their fair values are no longer recorded as expense.

JOBS Act

We are an “emerging growth company” within the meaning of the rules under the Securities Act of 1933, as amended, or the Securities Act, and we utilize certain exemptions from various reporting requirements that are applicable to public companies that are not emerging growth companies. For example, as an emerging growth company, we are not required to provide an auditor’s attestation report on our internal control over financial reporting in this and future annual reports on Form 10-K as otherwise required by Section 404(b) of the Sarbanes-Oxley Act of 2002, as amended. In addition, Section 107 of the Jumpstart Our Business Startups Act of 2012, or the JOBS Act, provides that an emerging growth company can utilize the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have irrevocably elected to “opt out” of the extended transition period for complying with new or revised accounting standards pursuant to Section 107(b) of the JOBS Act. As a result, we are complying with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies.

Critical Accounting Policies and Estimates

Our management’s discussion and analysis of financial condition and results of operations is based on our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported revenues and expenses during the reporting periods. On an ongoing basis, we evaluate our estimates and judgments related to the fair value of the debt conversion liability, preclinical, nonclinical and clinical development costs and drug manufacturing costs. We base our estimates on historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

While our significant accounting policies are more fully described in Note 1 to our financial statements included elsewhere in this
Annual Report on Form 10-K, we believe that the following accounting policies will be critical to understanding our historical and future performance, as these policies relate to the significant areas involving management’s judgments and estimates in the preparation of our financial statements.

Revenue Recognition

We have not recorded any revenues since our inception. However, in the future we may enter into collaborative research and licensing agreements, under which we could be eligible for payments made in the form of upfront license fees, research funding, cost reimbursement, contingent event-based payments and royalties.

Revenue from upfront, nonrefundable license fees is recognized over the period that any related services are to be provided by us. Amounts received for research funding are recognized as revenue as the research services that are the subject of such funding are performed. Revenue derived from reimbursement of research and development costs in transactions where we act as a principal are recorded as revenue for the gross amount of the reimbursement, and the costs associated with these reimbursements are reflected as a component of research and development expense in our statements of operations.

Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 605-28, Revenue Recognition – Milestone Method, or ASC 605-28, established the milestone method as an acceptable method of revenue recognition for certain contingent event-based payments under research and development arrangements. Under the milestone method, a payment that is contingent upon the achievement of a substantive milestone is recognized in its entirety in the period in which the milestone is achieved. A milestone is an event (1) that can be achieved based in whole or in part on either our performance or on the occurrence of a specific outcome resulting from our performance, (2) for which there is substantive uncertainty at the date the arrangement is entered into that the event will be achieved, and (3) that would result in additional payments being due to us. The determination that a milestone is substantive is subject to management’s judgment and is made at the inception of the arrangement. Milestones are considered substantive when the consideration earned from the achievement of the milestone (a) is commensurate with either our performance to achieve the milestone or the enhancement of value of the item delivered as a result of a specific outcome resulting from our performance to achieve the milestone, (b) relates solely to past performance, and (c) is reasonable relative to all deliverables and payment terms in the arrangement.

Other contingent event-based payments received for which payment is either contingent solely upon the passage of time or the results of a collaborative partner’s performance are not considered milestones under ASC 605-28. In accordance with ASC Topic 605-25, Revenue Recognition – Multiple-Element Arrangements, or ASC 605-25, such payments will be recognized as revenue when all of the following criteria are met: (1) persuasive evidence of an arrangement exists, (2) delivery has occurred or services have been rendered, (3) price is fixed or determinable, and (4) collectability is reasonably assured. Revenues recognized for royalty payments, if any, are based upon actual net sales of the licensed compounds, as provided by the collaboration arrangement, in the period the sales occur. Any amounts received prior to satisfying our revenue recognition criteria are recorded as deferred revenue on our balance sheets.

Research and Development

All costs of research and development are expensed in the period incurred. Research and development costs primarily consist of fees paid to CROs and clinical trial sites; employee and consultant related expenses, which include salaries, benefits and stock-based compensation for research and development personnel; external research and development expenses incurred pursuant to agreements with third-party manufacturing organizations; license fees paid to third parties for use of their intellectual property; facilities costs; travel costs; dues and subscriptions; depreciation; and materials used in preclinical studies, clinical trials and research and development.

We estimate our preclinical study and clinical trial expenses based on the services we received pursuant to contracts with research institutions and CROs that conduct and manage preclinical studies and clinical trials on our behalf. Clinical trial-related contracts vary significantly in length and may be for a fixed amount, based on milestones or deliverables, a variable amount based on actual costs incurred, capped at a certain limit, or for a combination of these elements. We accrue service fees based on work performed, which relies on estimates of total costs incurred based on milestones achieved, patient enrollment and other events. The majority of our service providers invoice us in arrears and, to the extent that amounts invoiced differ from our estimates of expenses incurred, we accrue for additional costs. The financial terms of these agreements vary from contract to contract and may result in uneven expenses and payment flows. Preclinical study and clinical trial expenses include:

fees paid to CROs, laboratories and consultants in connection with preclinical studies;

fees paid to CROs, clinical trial sites, investigators and consultants in connection with clinical trials; and

fees paid to contract manufacturers and service providers in connection with the production, testing and packaging of active pharmaceutical ingredients and drug materials for preclinical studies and clinical trials.

Payments under some of these agreements depend on factors such as the milestones accomplished, including enrollment of certain numbers of patients, site initiation and the completion of clinical trial milestones. To date, we have not experienced any events requiring us to make material adjustments to our accruals for service fees. If we do not identify costs that we have begun to incur or if we underestimate or overestimate the level of services performed or the costs of these services, our actual expenses could differ from our estimates, which could materially affect our results of operations. Adjustments to our accruals are recorded as changes in estimates become evident. Furthermore, based on amounts invoiced to us by our service providers, we may also record payments made to those providers as prepaid expenses that will be recognized as expense in future periods as services are rendered.

Our historical research and development expenses have primarily related to obtaining certain licensed compounds and related intellectual property rights from Ligand. In May 2014, we acquired certain rights to a number of research and development programs from Ligand. In doing so, we updated our policy on research and development to include the purchase of rights to intangible assets. In accordance with ASC Topic 730, Research and Development, intangible assets that are acquired and have an alternative future use, as defined, should be capitalized and reported as an intangible asset; however, the cost of acquired intangible assets that do not have alternative future uses should be reported as research and development expense as incurred. We note that intangible assets acquired that are in the preclinical or clinical stages of development when acquired, and that are not approved by the U.S. Food and Drug Administration, or the FDA, are deemed to have not satisfied the definition of having an alternative future use, as defined. Accordingly, assets acquired in the preclinical and clinical stages of development should be expensed as incurred in our statement of operations.

Patent Costs

Costs related to filing and pursuing patent applications are expensed as incurred to general and administrative expense, as recoverability of such expenditures is uncertain.

Stock-Based Compensation

We generally use the straight-line or graded vesting method to allocate compensation cost to reporting periods over each optionee’s requisite service period, which is generally the vesting period, and estimate the fair value of stock-based awards or restricted stock units to employees and directors using the Black-Scholes option-valuation model. For options with a graded vesting schedule, we use the graded vesting schedule to allocate compensation cost to reporting periods. The Black-Scholes model requires the input of subjective assumptions, including volatility, the expected term and the fair value of the underlying common stock on the date of grant, among other inputs. Stock options granted to non-employees are accounted for using the fair value approach. Stock options granted to non-employees are subject to periodic revaluation over their vesting terms. For restricted stock and restricted stock unit awards, we generally use the straight-line or graded vesting method to allocate compensation cost to reporting periods over the holder’s requisite service period, which is generally the vesting period, and use the fair value at grant date to value the awards.

Prior to the consummation of the IPO, we accounted for stock-based compensation by measuring and recognizing compensation expense for all stock-based payments made to employees and directors based on estimated award date fair values, which estimates were highly complex and subjective in nature. We used the straight-line or graded vesting method to allocate compensation cost to reporting periods over each restricted award’s requisite service period, which was generally the vesting period, and estimated the fair value of restricted stock-based awards to employees and consultants using a Monte Carlo market approach simulation method and performed an allocation of value to common stock based on the estimated time to a liquidity event. In addition, we accounted for performance-based restricted stock awards to employees by determining the fair value of the restricted stock award at the date of issuance by using the Probability Weighted Expected Return Method, or PWERM, and then assessing at each balance sheet date the

probability of the performance criteria being met. If the probability of achieving the criteria was deemed less-than-probable, then no expense was recorded. At the point where the criteria are deemed probable of being met, we will begin recording stock-based compensation with a cumulative catch-up expense in the period first recognized and then on a straight-line basis over the remaining period for which the performance criteria are expected to be completed.

Income Taxes

We account for our income taxes using the liability method whereby deferred tax assets and liabilities are determined based on temporary differences between the basis used for financial reporting and income tax reporting purposes. Deferred income taxes are provided based on the enacted tax rates in effect at the time such temporary differences are expected to reverse. A valuation allowance is provided for deferred tax assets if it is more likely than not that we will not realize those tax assets through future operations.

ASC Topic 740-10, Income Taxes, clarifies the accounting for uncertainty in income taxes recognized in our financial statements in accordance with generally accepted accounting principles. Income tax positions must meet a more-likely-than-not recognition threshold to be recognized. Income tax positions that previously failed to meet the more-likely-than-not threshold are recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not threshold are derecognized in the first subsequent financial reporting period in which that threshold is no longer met.

Our policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense.

Net Loss per Common Share

Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method. For purposes of this calculation, we currently do not have any deemed common share equivalents; therefore, our basic and diluted net loss per share calculations are the same.

Segments

We operate in only one segment. Management uses cash flows as the primary measure to manage our business and does not segment our business for internal reporting or decision making purposes.

Results of Operations

Comparison of the Years Ended December 31, 2015 and 2014

Research and Development Expenses

The following table summarizes our research and development expenses for the years ended December 31, 2015 and 2014.

Year Ended December 31,

Change

2015

2014

Research and development expenses

6,966,842

22,223,073

(15,256,231

)

(68.7

The decrease in research and development expenses during the year ended December 31, 2015 as compared to the year ended December 31, 2014 was primarily due to a decrease in license fees of $21,687,576 in the year ended December 31, 2015. These fees were recorded during the year ended December 31, 2014 and related to the estimated license fee liability payable to Ligand under the Master License Agreement. This decrease was offset by increases during the year ended December 31, 2015 in research and development expenses of $2,016,994 related to clinical manufacturing for our drug candidates, $1,016,469 related to salaries and benefits, $849,557 related to stock-based compensation expense, $1,768,162 related to clinical trial activity for our VK5211 and VK2809 programs and $565,356 related to services provided by certain third party consultants.

General and Administrative Expenses

The following table summarizes our general and administrative expenses for the years ended December 31, 2015 and 2014.

Year Ended December 31,

Change

2015

2014

General and administrative expenses

5,029,636

1,244,910

3,784,726

304.0

The increase in general and administrative expenses during the year ended December 31, 2015 as compared to the year ended December 31, 2014 was primarily due to increases in stock-based compensation expense of $1,745,633, salaries and related benefits of $1,012,486, insurance premiums expense of $336,658, board of director fees of $154,807, legal and patent expenses of $178,252, investor relations expenses of $83,526 and consulting expenses of $26,683.

Other Income (Expense)

The following table summarizes our other income (expense) for the years ended December 31, 2015 and 2014.

Year Ended December 31,

Change

2015

2014

Other income (expense)

(11,407,510

)

1,583,800

(12,991,310

)

(820.3

Other income (expense) increased during the year ended December 31, 2015 primarily due to the establishment in May 2014 of a license fee liability in accordance with the Master License Agreement, which requires the license fee liability to be marked to market at each reporting period. The increase in other income (expense) for the year ended December 31, 2015 as compared to the year ended December 31, 2014 is primarily due to the recording of an increase in the value of the license fee liability of $9,381,848 during the year ended December 31, 2015, as compared to a decrease in the value of the license fee liability of $1,821,713 during the year ended December 31, 2014. In addition, during the year ended December 31, 2015, we recorded additional amounts to other expense related to the Ligand Note, including an incremental expense of $354,993 related to the amortization of the Ligand Note discount and an expense of $1,358,284 related to the incremental change in fair value of the Ligand Note’s conversion feature.

Liquidity and Capital Resources

We have incurred losses and negative cash flows from operations and have not generated any revenues since our inception. The audit report issued by our independent registered public accounting firm for our financial statements for the fiscal year ended December 31, 2015 included in this Annual Report on Form 10-K states that our independent registered public accounting firm has substantial doubt in our ability to continue as a going concern due to the risk that we may not have sufficient cash and liquid assets at December 31, 2015 to cover our operating and capital requirements for the next 12 months. In the event we cannot obtain sufficient funding, we may have to substantially alter, or possibly even discontinue, operations. Our financial statements and related notes thereto included elsewhere in this Annual Report on Form 10-K do not include any adjustments that might result from the outcome of this uncertainty.

Our primary use of cash is to fund operating expenses, which to date have consisted of the cost to obtain the license of intellectual property from Ligand, certain research and development expenses related to furthering the development of VK5211, VK2089 and VK0214 efforts and general and administrative expenses. Since we have not generated any revenues to date, we have incurred operating losses since our inception. Cash used to fund operating expenses is impacted by the timing of payment of these expenses, as reflected in the change in our outstanding accounts payable and accrued expenses.

On May 4, 2015, prior to the completion of the IPO, we repurchased an aggregate of 3,802,859 shares of our common stock from our stockholders at a price of $0.00001 per share for an aggregate purchase price of $38. Pursuant to the Master License Agreement, upon the closing of the IPO, on May 4, 2015, we issued an aggregate of 3,427,859 shares of our common stock to Ligand and Metabasis Therapeutics, Inc., a wholly-owned subsidiary of Ligand, or Metabasis.

On May 4, 2015, we consummated the IPO, pursuant to which we sold 3,000,000 shares of our common stock at an initial public offering price of $8.00 per share. The underwriters for the IPO had 30 days to exercise an over-allotment option to purchase up to an additional 450,000 shares at the initial public offering price, less the underwriting discount. Upon the closing of the IPO, on May 4, 2015, we raised a total of $19,100,500 in net proceeds after deducting underwriting discounts, commissions and other offering expenses of $4,899,500. Costs directly associated with the IPO were capitalized and recorded as deferred IPO costs prior to the closing of the IPO. These costs have been recorded as a reduction of the proceeds received in arriving at the amount to be recorded in additional paid-in capital.

On May 26, 2015, the underwriters of the IPO exercised their full over-allotment option to purchase an additional 450,000 shares of our common stock at the initial public offering price of $8.00 per share, less the underwriting discount. On May 28, 2015, we sold the 450,000 shares to the underwriters pursuant to the over-allotment option and received additional net proceeds of $3,225,866 after deducting underwriting discounts, commissions and other offering expenses of $374,134. In connection with the underwriters’ exercise of the over-allotment option, on May 28, 2015, we issued an aggregate of 228,105 additional shares of our common stock to Ligand and Metabasis in accordance with the terms of the Master License Agreement.

The following table summarizes our cash flows for the periods indicated below:

	Year Ended December 31,
	2015			2014
Cash used in operating activities	$	(8,731,494	)	$	(1,591,423	)
Cash used in investing activities	$	(13,470,042	)	$	—
Cash provided by financing activities	$	22,214,229		$	2,167,661

Cash Used in Operating Activities

During the year ended December 31, 2015, cash used in operating activities of $8,731,494 primarily reflected our net losses for the period, offset by non-cash charges such as an increase in the fair value of accrued license fees and debt conversion feature liability, amortization of discount charged to interest expense on the Convertible Notes and the Ligand Note, stock-based compensation and changes in our working capital accounts, primarily consisting of an increase in prepaid expenses, accounts payable and accrued expenses.

During the year ended December 31, 2014, cash used in operating activities was $1,591,423. Cash used in operating activities primarily reflected our net losses for the period, offset by non-cash charges such as stock-based compensation, amortization of discount charged to interest expense on the Convertible Notes and changes in fair value of debt conversion feature liability and accrued license fees, as well as changes in our working capital accounts, primarily consisting of an increase in accounts payable, accrued expenses, accrued license fees, debt conversion feature liability and deferred initial public offering financing costs.

Cash Used in Investing Activities

During the year ended December 31, 2015, cash used in investing activities of $13,470,042 resulted from the investment of the proceeds from the IPO into short term investments that are available for sale. We did not engage in any investing activities during the year ended December 31, 2014.

Cash Provided by Financing Activities

During the year ended December 31, 2015, cash provided by financing activities of $22,214,229 was primarily due to the net proceeds from the IPO of $25,392,500 (after deducting underwriting discounts and commissions) offset by payment of certain other offering expenses of $2,782,462.

During the year ended December 31, 2014, cash provided by financing activities was $2,167,661, which consisted primarily of proceeds from the issuance of the Ligand Note in the amount of $2,500,000, offset by the payment of certain deferred offering costs of $332,337 and the repurchase of shares of restricted common stock from a former service provider at par value.

Future Funding Requirements

As of December 31, 2015, and based upon our current operating plan, we do not believe that we will have sufficient cash to meet our projected operating requirements for at least the next 12 months unless we raise additional capital. We anticipate that we will continue to generate losses for the foreseeable future, and we expect the losses to increase materially as we continue the development of, and seek regulatory approvals for, our drug candidates, and seek to commercialize any drugs for which we receive regulatory approval. We will need to raise additional capital to fund our operations and complete our ongoing and planned clinical trials. Although we expect to finance future cash needs through public or private equity or debt offerings, funding may not be available to us on acceptable terms, or at all. If we are unable to raise additional capital in sufficient amounts or on terms acceptable to us, we may be required to delay, limit, reduce or terminate our drug development or future commercialization efforts or grant rights to develop and market drug candidates that we would otherwise prefer to develop and market ourselves.

Our future capital requirements will depend on many factors, including, but not limited to:

the scope, rate of progress, results and costs of our clinical trials, preclinical studies and other related activities;

the timing of, and the costs involved in, obtaining regulatory approvals for any of our current or future drug candidates;

the number and characteristics of the drug candidates we seek to develop or commercialize;

the cost of manufacturing clinical supplies, and establishing commercial supplies, of our drug candidates;

the cost of commercialization activities if any of our current or future drug candidates are approved for sale, including marketing, sales and distribution costs;

the expenses needed to attract and retain skilled personnel;

the costs associated with being a public company;

our ability to establish and maintain strategic collaborations, licensing or other arrangements and the financial terms of such agreements;

the amount of revenue, if any, received from commercial sales of our drug candidates, should any of our drug candidates receive marketing approval; and

the costs involved in preparing, filing, prosecuting, maintaining, defending and enforcing possible patent claims, including litigation costs and the outcome of any such litigation.

Contractual Obligations and Commitments

We are a smaller reporting company, as defined by Rule 12b-2 of the Securities Exchange Act of 1934, as amended, and are not required to provide the information required under this item.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K promulgated by the SEC.

Recent Accounting Pronouncements

In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, or ASU 2014-15. ASU 2014-15 provides guidance on presentation of management’s plans, when conditions or events, considered in the aggregate, raise substantial doubt about an entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. This guidance is intended to mitigate those conditions or events that will alleviate substantial doubt about the entity’s ability to continue as a going concern. ASU 2014-15 is effective for fiscal years ending after December 15, 2016. The adoption of ASU 2014-15 is not expected to have a material impact on our financial statements.

In May 2014, the FASB issued Accounting Standards Update No. 2014-9, Revenue from Contracts with Customers, or ASU 2014-9, which provides guidance for revenue recognition. The core principle of ASU 2014-9 is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The new guidance initially was effective for us beginning January 1, 2017, but on July 9, 2015 the FASB deferred the effective date and, as a result, the new guidance is effective for us beginning January 1, 2018. Companies may adopt the new revenue standard as of the original effective date. We are currently evaluating the method of adoption and the potential impact this standard will have on our financial statements.

In November 2015, the FASB issued Accounting Standards Update No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, or ASU 2015-17. To simplify the presentation of deferred income taxes, the amendments in ASU 2015-17 require that deferred income tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The adoption of ASU 2015-17 is not expected to have a material impact on our financial statements.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

We are a smaller reporting company, as defined by Rule 12b-2 of the Securities Exchange Act of 1934, as amended, and are not required to provide the information required under this item.

Item 8. Financial Statements and Supplementary Data.

The information required by this Item 8 is contained on the pages indicated in Part IV, Item 15(a)(1) of this Annual Report on Form 10-K.

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.

Our board of directors appointed Marcum LLP as our independent registered public accounting firm effective April 7, 2014. There were no disagreements or reportable events related to the change in accountants requiring disclosure under Item 304(b) of Regulation S-K.

Item 9A. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures.

We maintain disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, or the Exchange Act. Disclosure controls and procedures are controls and other procedures designed to ensure that the information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and our principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. As required by Rule 13a-15(b) or Rule 15d-15(b) promulgated by the SEC under the Exchange Act, we carried out an evaluation, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this Annual Report on Form 10-K. Based on the foregoing, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this Annual Report on Form 10-K at the reasonable assurance level.

Management’s Report on Internal Control over Financial Reporting.

This Annual Report on Form 10-K does not include a report of management’s assessment regarding internal control over financial reporting or an attestation report of our independent registered public accounting firm due to a transition period established by rules of the SEC for newly public companies.

Changes in Internal Control over Financial Reporting.

There were no changes in our internal control over financial reporting during the quarter ended December 31, 2015 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Item 9B. Other Information.

None.

PART III

Item 10. Directors, Executive Officers and Corporate Governance.

The information required by this item will be set forth in the sections entitled “Board of Directors”, “Executive Officers”, “Section 16(a) Beneficial Ownership Reporting Compliance” and “Corporate Governance and Board Matters” in our Definitive Proxy Statement for our 2016 Annual Meeting of Stockholders, or our 2016 Proxy Statement, to be filed with the SEC within 120 days after the end of the fiscal year ended December 31, 2015, and is incorporated herein by reference.

Item 11. Executive Compensation.

The information required by this item will be set forth in the section entitled “Executive Compensation” in our 2016 Proxy Statement and is incorporated herein by reference.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

The information required by this item will be set forth in the sections entitled “Securities Authorized for Issuance Under Equity Compensation Plans” and “Security Ownership of Certain Beneficial Owners and Management” in our 2016 Proxy Statement and is incorporated herein by reference.

Item 13. Certain Relationships and Related Transactions, and Director Independence.

The information required by this item will be set forth in the sections entitled “Transactions with Related Persons, Promoters and Certain Control Persons” and “Corporate Governance and Board Matters” in our 2016 Proxy Statement and is incorporated herein by reference.

Item 14. Principal Accounting Fees and Services.

The information required by this item will be set forth in the section entitled “Audit Related Matters” in our 2016 Proxy Statement and is incorporated herein by reference.

PART IV

Item 15. Exhibits, Financial Statement Schedules.

(a)(1) The Financial Statements required to be filed by Items 8 and 15(c) of this Annual Report on Form 10-K, and filed herewith, are as follows:

		Page Number in this Annual Report on Form 10-K
Report of Independent Registered Public Accounting Firm		F-2
Balance Sheets		F-3
Statement of Operations		F-4
Statements of Stockholders’ Equity (Deficit)		F-5
Statement of Cash Flows		F-6
Notes to Financial Statements		F-7

(a)(2) Financial Statement Schedules have been omitted because they are either not applicable or the required information is included in the consolidated financial statements or notes thereto listed in (a)(1) above.

(a)(3) Exhibits.

The following exhibits are filed herewith or incorporated herein by reference:

Exhibit Number	Description	Registrant’s Form	Date Filed with the SEC	Exhibit Number

3.1	Amended and Restated Certificate of Incorporation.	S-1	7/1/2014	3.3

3.2	Amendment to Certificate of Incorporation.	S-1/A	9/2/2014	3.5

3.3	Amended and Restated Bylaws.	S-1	7/1/2014	3.4

4.1	Form of Common Stock Certificate.	S-1	7/1/2014	4.1

4.2	Form of Common Stock Purchase Warrant issued by Viking Therapeutics, Inc. to Laidlaw & Company (UK) Ltd.	S-1/A	4/10/2015	4.2

10.1#	Form of Indemnification Agreement between Viking Therapeutics, Inc. and its directors and executive officers.	S-1	7/1/2014	10.1

10.2#	2014 Equity Incentive Plan.	S-1/A	3/2/2015	10.2

10.3#	Form of Stock Option Award Agreement (2014 Equity Incentive Plan).	S-1	7/1/2014	10.3

10.4#	Form of Restricted Stock Unit Award Agreement (2014 Equity Incentive Plan).	S-1	7/1/2014	10.4

10.5#	Form of Restricted Stock Award Agreement (2014 Equity Incentive Plan).	S-1/A	9/2/2014	10.23

10.6#	Form of Stock Appreciation Rights Award Agreement (2014 Equity Incentive Plan).	S-1	7/1/2014	10.5

10.7#	2014 Employee Stock Purchase Plan.	S-1/A	3/2/2015	10.22

10.8#	Amendment No. 1 to 2014 Employee Stock Purchase Plan.	S-1	11/24/2015	10.8

10.9#	Employment Agreement, effective as of June 2, 2014, by and between Viking Therapeutics, Inc. and Brian Lian, Ph.D.	S-1/A	9/2/2014	10.6

Exhibit Number	Description	Registrant’s Form	Date Filed with the SEC	Exhibit Number

10.10#	Employment Agreement, effective as of May 21, 2014, by and between Viking Therapeutics, Inc. and Michael Morneau.	S-1/A	9/2/2014	10.7

10.11#	Amendment to Employment Agreement, effective as of September 30, 2014, by and between Viking Therapeutics, Inc. and Michael Morneau.	S-1/A	3/2/2015	10.26

10.12#	Employment Agreement, effective as of June 2, 2014, by and between Viking Therapeutics, Inc. and Michael Dinerman, M.D.	S-1/A	9/2/2014	10.8

10.13#	Amendment to Employment Agreement, effective as of September 30, 2014, by and between Viking Therapeutics, Inc. and Michael Dinerman, M.D.	S-1/A	3/2/2015	10.27

10.14#	Employment Agreement, effective as of June 2, 2014, by and between Viking Therapeutics, Inc. and Rochelle Hanley, M.D.	S-/1A	9/2/2014	10.9

10.15#	Amendment to Employment Agreement, effective as of September 30, 2014, by and between Viking Therapeutics, Inc. and Rochelle Hanley, M.D.	S-1/A	3/2/2015	10.28

10.16#	Non-Employee Director Compensation Policy.	S-1	11/24/2015	10.16

10.17†	Master License Agreement, dated May 21, 2014, by and among Viking Therapeutics, Inc., Ligand Pharmaceuticals Incorporated and Metabasis Therapeutics, Inc.	S-1	7/1/2014	10.12

10.18†	First Amendment to Master License Agreement, dated September 6, 2014, by and among Viking Therapeutics, Inc., Ligand Pharmaceuticals Incorporated and Metabasis Therapeutics, Inc.	S-1/A	9/8/2014	10.24

10.19†	Second Amendment to Master License Agreement, dated April 8, 2015, by and among Viking Therapeutics, Inc., Ligand Pharmaceuticals Incorporated and Metabasis Therapeutics, Inc.	S-1/A	4/10/2015	10.30

10.20†	Loan and Security Agreement, dated May 21, 2014, by and between Viking Therapeutics, Inc. and Ligand Pharmaceuticals Incorporated.	S-1	7/1/2014	10.13

10.21†	First Amendment to Loan and Security Agreement, dated April 8, 2015, by and between Viking Therapeutics, Inc. and Ligand Pharmaceuticals Incorporated.	S-1/A	4/10/2015	10.31

10.22	Convertible Note, dated May 27, 2014, issued by Viking Therapeutics, Inc. to Ligand Pharmaceuticals Incorporated.	S-1	7/1/2014	10.14

10.23	Letter Agreement regarding board composition and management rights, dated May 21, 2014, by and between Viking Therapeutics, Inc. and Ligand Pharmaceuticals Incorporated.	S-1	7/1/2014	10.15

10.24	Registration Rights Agreement, dated May 21, 2014, by and among Viking Therapeutics, Inc., Metabasis Therapeutics, Inc. and Ligand Pharmaceuticals Incorporated.	S-1	7/1/2014	10.16

10.25	Voting Agreement, dated May 21, 2014, by and among Viking Therapeutics, Inc., Ligand Pharmaceuticals Incorporated, Metabasis Therapeutics, Inc., Brian Lian, Ph.D. and Michael Dinerman, M.D.	S-1	7/1/2014	10.17

10.26#	Founder Common Stock Purchase Agreement, dated September 26, 2012, by and between Viking Therapeutics, Inc. and Brian Lian, Ph.D.	S-1	7/1/2014	10.18

Exhibit Number	Description	Registrant’s Form	Date Filed with the SEC	Exhibit Number

10.27#	Amendment No. 1 to Founder Common Stock Purchase Agreement, dated May 4, 2015, by and between Viking Therapeutics, Inc. and Brian Lian, Ph.D.	10-Q	6/12/2015	10.2

10.28#	Founder Common Stock Purchase Agreement, dated September 26, 2012, by and between Viking Therapeutics, Inc. and Michael Dinerman, M.D.	S-1	7/1/2014	10.19

10.29#	Amendment No. 1 to Founder Common Stock Purchase Agreement, dated May 4, 2015, by and between Viking Therapeutics, Inc. and Michael Dinerman, M.D.	10-Q	6/12/2015	10.3

10.30#	Common Stock Purchase Agreement, dated April 15, 2013, by and between Viking Therapeutics, Inc. and Rochelle Hanley, M.D.	S-1	7/1/2014	10.20

10.31#	Amendment No. 1 to Common Stock Purchase Agreement, dated May 4, 2015, by and between Viking Therapeutics, Inc. and Rochelle Hanley, M.D.	10-Q	6/12/2015	10.4

10.32#†	Common Stock Purchase Agreement, dated February 20, 2014, by and between Viking Therapeutics, Inc. and Brian Lian, Ph.D.	S-1	7/1/2014	10.21

10.33#	Amendment No. 1 to Common Stock Purchase Agreement, dated May 4, 2015, by and between Viking Therapeutics, Inc. and Brian Lian, Ph.D.	10-Q	6/12/2015	10.5

10.34#	Amended and Restated Stock Repurchase Agreement, dated April 28, 2015, by and among Viking Therapeutics, Inc., Brian Lian, Ph.D., Michael Dinerman, M.D., Isabelle Dinerman and Rochelle Hanley, M.D.	10-Q	6/12/2015	10.1

10.35	Research Services Agreement, dated January 27, 2015, by and between Viking Therapeutics, Inc. and Academisch Medisch Centrum.	S-1/A	4/10/2015	10.29

10.36	Sublease between Fish & Richardson P.C. and Viking Therapeutics, Inc. dated July 7, 2015.	10-Q	11/5/2015	10.1

10.37	Second Amendment to Loan and Security Agreement, dated January 22, 2016, by and between Viking Therapeutics, Inc. and Ligand Pharmaceuticals Incorporated.	8-K	1/25/2016	10.1

10.38	First Amendment to Registration Rights Agreement, dated January 22, 2016, by and between Viking Therapeutics, Inc. and Ligand Pharmaceuticals Incorporated.	8-K	1/25/2016	10.2

23.1	Consent of Marcum LLP, Independent Registered Public Accounting Firm.

24.1	Power of Attorney (included on the signature page to this Annual Report on Form 10-K).

31.1	Certification of the Principal Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934.

31.2	Certification of the Principal Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934.

32.1	Certification of the Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS	XBRL Instance Document.

101.SCH	XBRL Taxonomy Extension Schema Document.

101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document.

Exhibit Number	Description	Registrant’s Form	Date Filed with the SEC	Exhibit Number

101.DEF	XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB	XBRL Taxonomy Extension Label Linkbase Document.

101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document.

Attached as Exhibit 101 to this report are the following formatted in XBRL (Extensible Business Reporting Language): (i) Balance Sheets as of December 31, 2015 and December 31, 2014, (ii) Statements of Operations for the years ended December 31, 2015 and 2014, (iii) Statements of Stockholders’ Equity (Deficit) for the period from December 31, 2013 to December 31, 2015, (iv) Statements of Cash Flows for the years ended December 31, 2015 and 2014, and (v) Notes to Financial Statements.

#	Indicates compensatory plan or arrangement.

†	Confidential treatment has been granted with respect to certain portions of this exhibit, which portions have been omitted and filed separately with the Securities and Exchange Commission.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Viking Therapeutics, Inc.

Date: March 8, 2016	By:	/s/ Brian Lian, Ph.D.
		Brian Lian, Ph. D.
		President and Chief Executive Officer

POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints, jointly and severally, Brian Lian, Ph.D. and Michael Morneau, and each of them acting individually, as his attorney-in-fact, each with full power of substitution and resubstitution, for him in any and all capacities, to sign any and all amendments to this Annual Report on Form 10-K, and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Name	Title	Date

/s/ Brian Lian, Ph.D.	President, Chief Executive Officer and Director (Principal Executive Officer)	March 8, 2016
Brian Lian, Ph.D.

/s/ Michael Morneau	Chief Financial Officer (Principal Accounting and Financial Officer)	March 8, 2016
Michael Morneau

/s/ Lawson Macartney, DVM, Ph.D.	Director	March 8, 2016
Lawson Macartney, DVM, Ph.D.

/s/ Matthew W. Foehr	Director	March 8, 2016
Matthew W. Foehr

/s/ Matthew Singleton	Director	March 8, 2016
Matthew Singleton

/s/ Stephen W. Webster	Director	March 8, 2016
Stephen W. Webster

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

Report of Independent Registered Public Accounting Firm		F-2

Balance Sheets as of December 31, 2015 and 2014		F-3

Statements of Operations for the Years ended December 31, 2015 and 2014		F-4

Statements of Stockholders’ Equity (Deficit) for the Years ended December 31, 2015 and 2014		F-5

Statements of Cash Flows for the Years ended December 31, 2015 and 2014		F-6

Notes to Consolidated Financial Statements		F-7

F-1

Report of Independent Registered Public Accounting Firm

Board of Directors and Stockholders

of Viking Therapeutics, Inc.

We have audited the accompanying balance sheets of Viking Therapeutics, Inc. (the “Company”) as of December 31, 2015 and 2014, and the related statements of operations, stockholders’ equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Viking Therapeutics, Inc., as of December 31, 2015 and 2014, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company has had recurring net losses and negative cash flows from operations that raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans regarding these matters also are described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

/s/ Marcum LLP

Irvine, California

March 8, 2016

F-2

Viking Therapeutics, Inc.

Balance Sheets

	December 31, 2015			December 31, 2014
Assets
Current assets:
Cash and cash equivalents	$	768,550		$	755,857
Short-term investments – available for sale		13,335,499			—
Prepaid expenses and other current assets		1,097,599			17,827
Total current assets		15,201,648			773,684
Deferred public offering financing costs		157,455			2,268,675
Deposits		80,000			775
Total assets	$	15,439,103		$	3,043,134
Liabilities, convertible notes and stockholders’ equity (deficit)
Current liabilities:
Accounts payable	$	592,414		$	1,830,724
Accrued license fees		—			19,865,863
Other accrued liabilities		1,384,398			380,257
Accrued interest		—			77,222
Convertible notes payable, current portion (net of discount of $0 and $6,076 at December 31, 2015 and 2014, respectively)		—			304,274
Debt conversion feature liability		—			58,742
Total current liabilities		1,976,812			22,517,082
Accrued interest, non-current		183,611			—
Convertible notes payable (net of discount of $348,460 and $1,235,886 at December 31, 2015 and 2014, respectively)		2,151,540			1,264,114
Debt conversion feature liability		2,370,903			1,390,469
Deferred rent		31,239			—
Total long-term liabilities		4,737,293			2,654,583
Total liabilities		6,714,105			25,171,665
Commitments and contingencies (Note 12)
Stockholders’ equity (deficit):
Preferred stock, $0.00001 par value: 10,000,000 shares authorized at December 31, 2015 and no shares authorized at December 31, 2014; no shares issued and outstanding at December 31, 2015 and 2014		—			—
Common stock, $0.00001 par value: 300,000,000 shares authorized at December 31, 2015 and 25,000,000 shares authorized at December 31, 2014; 9,683,741 shares issued and outstanding at December 31, 2015 and 6,000,000 shares issued and outstanding at December 31, 2014		97			60
Additional paid-in capital		54,277,716			12,866
Accumulated deficit		(45,545,445	)		(22,141,457	)
Accumulated other comprehensive loss		(7,370	)		—
Total stockholders’ equity (deficit)		8,724,998			(22,128,531	)
Total liabilities and stockholders’ equity (deficit)	$	15,439,103		$	3,043,134

The accompanying notes are an integral part of these financial statements.

F-3

Viking Therapeutics, Inc.

Statements of Operations and Comprehensive Loss

	Year Ended December 31,
	2015			2014
Revenues	$	—		$	—
Operating expenses:
Research and development		6,966,842			22,223,073
General and administrative		5,029,636			1,244,910
Total operating expenses		11,996,478			23,467,983
Loss from operations		(11,996,478	)		(23,467,983	)
Other income (expense):
Change in fair value of accrued license fees		(9,381,848	)		1,821,713
Change in fair value of debt conversion feature liability		(1,043,478	)		390,763
Amortization of debt discount		(893,502	)		(557,961	)
Interest expense, net		(88,682	)		(70,715	)
Total other income (expense)		(11,407,510	)		1,583,800
Net loss		(23,403,988	)		(21,884,183	)
Other comprehensive loss, net of tax:
Unrealized gain (loss) on securities		(7,370	)		—
Comprehensive loss	$	(23,411,358	)	$	(21,884,183	)
Basic and diluted net loss per share	$	(3.68	)	$	(5.23	)
Weighted-average shares used to compute basic and diluted net loss per share		6,355,869			4,187,415

The accompanying notes are an integral part of these financial statements.

F-4

Viking Therapeutics, Inc.

Statements of Stockholders’ Equity (Deficit)

	Common Stock						Additional Paid-In			Notes Receivable from			Accumulated Other Comprehensive			Accumulated
	Shares			Amount			Capital			Stockholders			Loss			Deficit			Total
Balance at December 31, 2013		5,200,000		$	52		$	11,114		$	(4,496	)	$	—		$	(257,274	)	$	(250,604	)
Repurchase of common stock		(200,000	)		(2	)		(1,998	)		1,998			—			—			(2	)
Issuance of performance-based common stock		1,000,000			10			(10	)		—			—			—			—
Employee stock-based compensation		—			—			3,760			—			—			—			3,760
Forgiveness of note receivable in consideration of services rendered		—			—			—			2,498			—			—			2,498
Net loss		—			—			—			—			—			(21,884,183	)		(21,884,183	)
Balance at December 31, 2014		6,000,000			60			12,866			—			—			(22,141,457	)		(22,128,531	)
Repurchase of common stock		(3,802,859	)		(38	)		—			—			—			—			(38	)
Employee stock-based compensation		318,708			3			2,205,673			—			—			—			2,205,676
Issuance of common stock to consultant		4,882			—			28,760			—			—			—			28,760
Conversion of debt to equity		57,046			1			456,411			—			—			—			456,412
Issuances of common stock to related party		3,655,964			36			29,247,675			—			—			—			29,247,711
Initial public offering, net of issuance costs		3,450,000			35			22,326,331			—			—			—			22,326,366
Unrealized gain (loss) on investments		—			—			—			—			(7,370	)		—			(7,370	)
Net loss		—			—			—			—			—			(23,403,988	)		(23,403,988	)
Balance at December 31, 2015		9,683,741		$	97		$	54,277,716		$	—		$	(7,370	)	$	(45,545,445	)	$	8,724,998

The accompanying notes are an integral part of these financial statements.

F-5

Viking Therapeutics, Inc.

Statements of Cash Flows

	Year Ended December 31,
	2015			2014
Cash flows from operating activities
Net loss	$	(23,403,988	)	$	(21,884,183	)
Adjustments to reconcile net loss to net cash used in operating activities
Amortization of debt discount on notes payable		893,502			557,961
Amortization of investment premiums		131,899			—
Change in fair value of accrued license fees		9,381,848			(1,821,713	)
Change in fair value of debt conversion feature liability		1,043,478			(390,763	)
Stock-based compensation		2,601,448			6,258
Changes in operating assets and liabilities:
Prepaid expenses and other current assets		(1,079,772	)		(17,827	)
Deposits		(79,225	)		—
Accounts payable		219,237			191,008
Accounts payable - related party		—			(712	)
Accrued license fees		—			21,687,576
Accrued expenses		1,560,079			80,972
Net cash used in operating activities		(8,731,494	)		(1,591,423	)
Cash flows from investing activities
Purchases of investments		(16,033,042	)		—
Proceeds from sales and maturities of investments		2,563,000			—
Net cash used in investing activities		(13,470,042	)		—
Cash flows from financing activities
Proceeds from issuances of common stock, net of underwriting discounts and commissions		25,392,500			—
Public offering costs		(2,782,462	)		(332,337	)
Value of shares withheld related to employee tax withholding		(418,412	)		—
Repurchases of common stock		(38	)		(2	)
Proceeds from convertible notes payable		—			2,500,000
Proceeds from stock issuance under employee stock purchase plan		22,641			—
Net cash provided by financing activities		22,214,229			2,167,661
Net increase in cash and cash equivalents		12,693			576,238
Cash and cash equivalents beginning of period		755,857			179,619
Cash and cash equivalents end of period	$	768,550		$	755,857
Supplemental disclosure of non-cash investing and financing transactions
Shares issued in lieu of license fee payment	$	29,247,711		$	—
Unpaid deferred public offering costs	$	108,791		$	1,936,338
Conversion of notes payable	$	456,412		$	—
Issuance of common stock to consultant	$	28,760		$	—
Issuance of common stock in exchange for notes receivable	$	—		$	—
Repurchases of common stock	$	—		$	(1,998	)

The accompanying notes are an integral part of these financial statements.

F-6

Viking Therapeutics, Inc.

Notes to Financial Statements

1.	Organization, Liquidity and Management’s Plan, and Summary of Significant Accounting Policies

The Company

Viking Therapeutics, Inc., a Delaware corporation (the “Company”), is a clinical-stage biopharmaceutical company focused on the development of novel, first-in-class or best-in-class therapies for metabolic and endocrine disorders.

The Company was incorporated under the laws of the State of Delaware on September 24, 2012 and its principal executive offices are located in San Diego, CA.

Basis of Presentation

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying financial statements. Significant estimates made in preparing these financial statements relate to determining the fair value of the debt conversion liability and accounting for certain commitments. Actual results could differ from those estimates.

Cash and Cash Equivalents

The Company considers all highly liquid investments with maturities of three months or less from the date of purchase to be cash equivalents.

Investments Available-for-Sale

Available-for-sale securities are carried at fair value, with the unrealized gains and losses reported in accumulated other comprehensive income (loss). The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. The amortization of premiums and accretion of discounts is included in interest income. Realized gains and losses and declines in value judged to be other-than-temporary, if any, on available-for-sale securities are included in other income (expense). The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in interest income.

Concentration of Credit Risk

Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents and marketable securities. The Company maintains deposits in federally insured depository institutions in excess of federally insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. Additionally, the Company has established guidelines regarding approved investments and maturities of investments, which are designed to maintain safety and liquidity.

Liquidity and Management’s Plan

In May 2015, the Company completed an initial public offering (“IPO”), issuing 3,450,000 shares of its common stock and raising net proceeds of $22,326,366, including the full exercise of the over-allotment option, and after deducting underwriting discounts, commissions and other offering expenses of $5,273,634. (See Note 7 regarding proceeds from the Company’s initial public offering received in May 2015.)

F-7

Although it is difficult to predict the Company’s liquidity requirements, as of December 31, 2015, and based upon the Company’s current operating plan, the Company does not believe that it will have sufficient cash to meet its projected operating requirements for at least the next 12 months unless it raises additional capital. As of December 31, 2015, the Company had an accumulated deficit of $45,545,445. These losses have resulted principally from research and development costs incurred in connection with acquiring the exclusive worldwide rights to the portfolio of five drug candidates from Ligand Pharmaceuticals Incorporated (“Ligand”) and the related non-cash interest expense recorded for increases in the deemed fair market value for the license fees payable to Ligand, research and development expenses related to the manufacturing of clinical drug product and clinical development of VK5211, VK2809 and VK0214, consulting fees and general and administrative expenses. The Company anticipates that it will continue to incur net losses for the foreseeable future as it continues the development of its clinical drug candidates and preclinical programs and incurs additional costs associated with being a public company.

Deferred Financing Costs

Deferred financing costs represent legal, accounting and other direct costs related to the Company’s efforts to raise capital through a public sale of the Company’s common stock. Costs related to the public sale of the Company’s common stock will be deferred until its completion, at which time they will be reclassified to additional paid-in-capital as a reduction of the proceeds.

Revenue Recognition

The Company has not recorded any revenues since its inception. However, in the future the Company may enter into collaborative research and licensing agreements, under which the Company could be eligible for payments made in the form of upfront license fees, research funding, cost reimbursement, contingent event-based payments and royalties.

Revenue from upfront, nonrefundable license fees is recognized over the period that any related services are to be provided by the Company. Amounts received for research funding are recognized as revenue as the research services that are the subject of such funding are performed. Revenue derived from reimbursement of research and development costs in transactions where the Company acts as a principal are recorded as revenue for the gross amount of the reimbursement, and the costs associated with these reimbursements are reflected as a component of research and development expense in the statements of operations.

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 605-28, Revenue Recognition – Milestone Method (“ASC 605-28”), established the milestone method as an acceptable method of revenue recognition for certain contingent event-based payments under research and development arrangements. Under the milestone method, a payment that is contingent upon the achievement of a substantive milestone is recognized in its entirety in the period in which the milestone is achieved. A milestone is an event (1) that can be achieved based in whole or in part on either the Company’s performance or on the occurrence of a specific outcome resulting from the Company’s performance, (2) for which there is substantive uncertainty at the date the arrangement is entered into that the event will be achieved, and (3) that would result in additional payments being due to the Company. The determination that a milestone is substantive is subject to management’s judgment and is made at the inception of the arrangement. Milestones are considered substantive when the consideration earned from the achievement of the milestone is (a) commensurate with either the Company’s performance to achieve the milestone or the enhancement of value of the item delivered as a result of a specific outcome resulting from the Company’s performance to achieve the milestone, (b) relates solely to past performance, and (c) is reasonable relative to all deliverables and payment terms in the arrangement.

Other contingent event-based payments received for which payment is either contingent solely upon the passage of time or the results of a collaborative partner’s performance are not considered milestones under ASC 605-28. In accordance with ASC Topic 605-25, Revenue Recognition – Multiple-Element Arrangements (“ASC 605-25”), such payments will be recognized as revenue when all of the following criteria are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, price is fixed or determinable and collectability is reasonably assured. Revenues recognized for royalty payments, if any, are based upon actual net sales of the licensed compounds, as provided by the collaboration arrangement, in the period the sales occur. Any amounts received prior to satisfying the Company’s revenue recognition criteria are recorded as deferred revenue on its balance sheets.

Research and Development Expenses

All costs of research and development are expensed in the period incurred. Research and development costs primarily consist of fees paid to clinical research organizations (“CROs”) and clinical trial sites, employee and consultant related expenses, which include salaries, benefits and stock-based compensation for research and development personnel, external research and development expenses incurred pursuant to agreements with third-party manufacturing organizations, facilities costs, travel costs, dues and subscriptions, depreciation and materials used in preclinical studies, clinical trials and research and development.

F-8

The Company estimates its preclinical study and clinical trial expenses based on the services it received pursuant to contracts with research institutions and CROs that conduct and manage preclinical studies and clinical trials on the Company’s behalf. Clinical trial-related contracts vary significantly in length, and may be for a fixed amount, based on milestones or deliverables, a variable amount based on actual costs incurred, capped at a certain limit, or for a combination of these elements. The Company accrues service fees based on work performed, which relies on estimates of total costs incurred based on milestones achieved, patient enrollment and other events. The majority of the Company’s service providers invoice the Company in arrears, and to the extent that amounts invoiced differ from its estimates of expenses incurred, the Company accrues for additional costs. The financial terms of these agreements vary from contract to contract and may result in uneven expenses and payment flows. Preclinical study and clinical trial expenses include:

fees paid to CROs, consultants and laboratories in connection with preclinical studies;

fees paid to CROs, clinical trial sites, investigators and consultants in connection with clinical trials; and

Payments under some of these agreements depend on factors such as the milestones accomplished, including enrollment of certain numbers of patients, site initiation and the completion of clinical trial milestones. To date, the Company has not experienced any events requiring it to make material adjustments to its accruals for service fees. If the Company does not identify costs that it has begun to incur or if it underestimates or overestimates the level of services performed or the costs of these services, its actual expenses could differ from its estimates which could materially affect its results of operations. Adjustments to the Company’s accruals are recorded as changes in estimates become evident. Furthermore, based on amounts invoiced to the Company by its service providers, the Company may also record payments made to those providers as prepaid expenses that will be recognized as expense in future periods as services are rendered.

The Company’s historical research and development expenses primarily related to obtaining the option to license compounds and related intellectual property rights from Ligand. In May 2014, the Company entered into a master license agreement with Ligand, as amended (the “Master License Agreement”), pursuant to which it acquired certain rights to a number of research and development programs from Ligand. In doing so, the Company updated its policy on research and development to include the purchase of rights to intangible assets. In accordance with ASC Topic 730, Research and Development, intangible assets that are acquired and have an alternative future use, as defined, should be capitalized and reported as an intangible asset; however, the cost of acquired intangible assets that do not have alternative future uses should be reported as research and development expense as incurred. The Company notes that intangible assets acquired that are in the preclinical or clinical stages of development when acquired, and not approved by the U.S. Food and Drug Administration, are deemed to have not satisfied the definition of having an alternative future use, as defined. Accordingly, assets acquired in the preclinical and clinical stages of development were expensed as incurred in the Company’s statement of operations.

Patent Costs

Costs related to filing and pursuing patent applications are expensed as incurred to general and administrative expense, as recoverability of such expenditures is uncertain.

Stock-Based Compensation

The Company generally uses the straight-line or graded vesting method to allocate compensation cost to reporting periods over each optionee’s requisite service period, which is generally the vesting period, and estimates the fair value of stock-based awards or restricted stock units to employees and directors using the Black-Scholes option-valuation model. For options with a graded vesting schedule, the Company uses the graded vesting schedule to allocate compensation cost to reporting periods. The Black-Scholes model requires the input of subjective assumptions, including volatility, the expected term and the fair value of the underlying common stock on the date of grant, among other inputs. Stock options granted to non-employees are accounted for using the fair value approach. Stock options granted to non-employees are subject to periodic revaluation over their vesting terms. For restricted stock and restricted stock unit awards, the Company generally uses the straight-line or graded vesting method to allocate compensation cost to reporting periods over the holder’s requisite service period, which is generally the vesting period, and uses the fair value at grant date to value the awards. For restricted stock that vests upon the satisfaction of certain performance conditions, the Company recognizes stock-based compensation expense when it becomes probable that the performance conditions will be met. At the point that it becomes probable that the performance conditions will be met, the Company will record a cumulative catchup of the expense from the grant date to the current date, and the Company will then amortize the remainder of the expense over the remaining service period.

F-9

Prior to the IPO, the Company accounted for stock-based compensation by measuring and recognizing compensation expense for all stock-based payments made to employees and directors based on estimated award date fair values, which estimates were highly complex and subjective in nature. The Company used the straight-line or graded vesting method to allocate compensation cost to reporting periods over each restricted award’s requisite service period, which was generally the vesting period, and estimated the fair value of restricted stock-based awards to employees and consultants using a Monte Carlo market approach simulation method and performed an allocation of value to common stock based on the estimated time to a liquidity event. In addition, the Company accounted for performance-based restricted stock awards to employees by determining the fair value of the restricted stock award at the date of issuance by using the Probability Weighted Expected Return Method (“PWERM”) and then assessing at each balance sheet date the probability of the performance criteria being met. If the probability of achieving the criteria was deemed less-than-probable, then no expense was recorded. At the point where the criteria were deemed probable of being met, then the Company began recording stock-based compensation with a cumulative catch-up expense in the period first recognized and then on a straight-line basis over the remaining period for which the performance criteria were expected to be completed.

Income Taxes

The Company accounts for its income taxes using the liability method whereby deferred tax assets and liabilities are determined based on temporary differences between the basis used for financial reporting and income tax reporting purposes. Deferred income taxes are provided based on the enacted tax rates in effect at the time such temporary differences are expected to reverse. A valuation allowance is provided for deferred tax assets if it is more likely than not that the Company will not realize those tax assets through future operations.

ASC Topic 740-10, Income Taxes, clarifies the accounting for uncertainty in income taxes recognized in the Company’s financial statements in accordance with generally accepted accounting principles. Income tax positions must meet a more-likely-than-not recognition threshold to be recognized. Income tax positions that previously failed to meet the more-likely-than-not threshold are recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not threshold are derecognized in the first subsequent financial reporting period in which that threshold is no longer met.

The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense.

Net Loss per Common Share

Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method. For purposes of this calculation, the Company currently does not have any deemed common share equivalents; therefore, its basic and diluted net loss per share calculations are the same.

The following table presents the computation of basic and diluted net loss per common share:

	Year Ended December 31,
	2015			2014
Historical net loss per share
Numerator
Net loss attributable to common stockholders	$	(23,403,988	)	$	(21,884,183	)
Denominator
Weighted-average common shares outstanding		8,514,155			5,860,274
Less: Weighted-average shares subject to repurchase		(2,158,286	)		(1,672,859	)
Denominator for basic and diluted net loss per share		6,355,869			4,187,415
Basic and diluted net loss per share	$	(3.68	)	$	(5.23	)

F-10

Potentially dilutive securities that are not included in the calculation of diluted net loss per share because their effect is anti-dilutive are as follows (in common equivalent shares):

	Year Ended December 31,
	2015		2014
Common stock warrants		82,500		—
Restricted stock units		75,750		—
Common stock subject to repurchase		667,963		2,018,754
Common stock options		365,394		—
Shares issuable upon conversion of debt		670,902		695,733
		1,862,509		2,714,487

Segments

The Company operates in only one segment. Management uses cash flows as the primary measure to manage its business and does not segment its business for internal reporting or decision making purposes.

Recent Accounting Pronouncements

In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 provides guidance on presentation of management’s plans, when conditions or events, considered in the aggregate, raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. This guidance is intended to mitigate those conditions or events that will alleviate substantial doubt about the entity’s ability to continue as a going concern. ASU 2014-15 is effective for fiscal years ending after December 15, 2016. The adoption of ASU 2014-15 is not expected to have a material impact on the Company’s financial statements.

In May 2014, the FASB issued Accounting Standards Update No. 2014-9, Revenue from Contracts with Customers (“ASU 2014-9”), which provides guidance for revenue recognition. The core principle of ASU 2014-9 is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The new guidance initially was effective for the Company beginning January 1, 2017, but on July 9, 2015 the FASB deferred the effective date and, as a result, the new guidance is effective for the Company beginning January 1, 2018. Companies may adopt the new revenue standard as of the original effective date. The Company is currently evaluating the method of adoption and the potential impact this standard will have on its financial statements.

In November 2015, the FASB issued Accounting Standards Update No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). To simplify the presentation of deferred income taxes, the amendments in ASU 2015-17 require that deferred income tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The adoption of ASU 2015-17 is not expected to have a material impact on the Company’s financial statements.

2.	Investments in Marketable Securities

The Company’s investment strategy is focused on capital preservation. The Company invests in instruments that meet the credit quality standards outlined in the Company’s investment policy. This policy also limits the amount of credit exposure to any one issue or type of instrument. The Company did not have any investments classified as available-for-sale as of December 31, 2014. As of December 31, 2015, the Company’s investments were in money market funds, certificates of deposit and corporate debt securities. There were no sales of available-for-sale securities during the year ended December 31, 2015.

F-11

Investments classified as available-for-sale as of December 31, 2015 consisted of the following:

	Amortized Cost		Gross Unrealized Gains ⁽¹⁾		Gross Unrealized Losses ⁽¹⁾			Aggregate Estimated Fair Value
Certificates of deposit (2)	$	5,851,343	$	—	$	—		$	5,851,343
Corporate debt securities (2)		7,491,526		—		(7,370	)		7,484,156
	$	13,342,869	$	—	$	(7,370	)	$	13,335,499

(1)

Unrealized gains and losses on available-for-sale securities are included as a component of comprehensive loss. At December 31, 2015, there were 14 securities in an unrealized loss position. These unrealized losses were less than $2,000 individually and $8,000 in the aggregate. These securities have not been in a continuous unrealized loss position for more than 12 months. The Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis which may be at maturity. The Company reviews its investments to identify and evaluate investments that have an indication of possible other-than-temporary impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the investee, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value.

(2)	At December 31, 2015, none of these securities were classified as cash and cash equivalents on the Company’s balance sheet and none of these securities were scheduled to mature outside of one year.

3.	Fair Value of Financial Instruments

The Company’s financial instruments consist of cash and cash equivalents, investments, accounts payable, accrued license fees, debt and its related debt conversion feature liability. The carrying amounts reported in the accompanying balance sheets for cash and cash equivalents and accounts payable approximate fair value because of the short-term maturity of those instruments. Fair value measurements are classified and disclosed in one of the following three categories:

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

Level 2 —Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 —Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

As of December 31, 2015, all of the Company’s financial assets that were subject to fair value measurements were valued using observable inputs. The Company’s financial assets valued based on Level 1 inputs consist of money market funds and certificates of deposit. The Company’s financial assets valued based on Level 2 inputs consist of corporate debt securities, which consist of investments in highly-rated investment-grade corporations. The Company did not have any assets or liabilities categorized as Level 1 or Level 2 in the fair value hierarchy as of December 31, 2014.

The Company’s financial liabilities that were subject to fair value measurements consist of accrued license fees and debt conversion features that have been recorded as liabilities based on Level 3 unobservable inputs.

The fair value of the debt conversion feature, long-term as of December 31, 2015 required management to estimate fair value based on assumed timing of conversion and an assumed annual discount rate. Alternate probabilities would have resulted in increases or decreases in the fair value of the debt conversion feature liabilities.

As of December 31, 2014, the Company’s accrued license fees have been recorded based on “Level 3” fair value inputs, which consist of unobservable inputs and generally reflect management’s estimate of assumptions that market participants would use in pricing the assets. The fair value of the debt conversion feature liability, current at December 31, 2014 required management to make assumptions about the occurrence of an equity financing resulting in net proceeds of at least $5,000,000 and the outstanding convertible promissory notes issued by the Company from September 2012 through June 2013 (the “Convertible Notes”) converting based on the applicable conversion terms.

F-12

The fair value of the debt conversion feature, long-term at December 31, 2014 required management to make assumptions about the probability of the occurrence of the earlier of a private equity financing with aggregate net proceeds to the Company of at least $20,000,000 or the Company’s initial public offering, and the Ligand Note being converted based on the applicable conversion terms.

The fair values of the Company’s financial instruments are presented below:

			Fair Value Measurements at December 31, 2015
	Total		Level 1		Level 2		Level 3
Financial assets carried at fair value:
Cash equivalents:
Money market funds	$	548,872	$	548,872	$	—	$	—
Short-term investments
Certificates of deposit		5,851,343		5,851,343		—		—
Corporate debt securities, available-for-sale		7,484,156		—		7,484,156		—
Total financial assets	$	13,884,371	$	6,400,215	$	7,484,156	$	—
Financial liabilities carried at fair value:
Debt conversion feature - long-term	$	2,370,903	$	—	$	—	$	2,370,903
Total financial liabilities	$	2,370,903	$	—	$	—	$	2,370,903

			Fair Value Measurements at December 31, 2014
	Total		Level 1		Level 2		Level 3
Financial liabilities carried at fair value:
Accrued license fees	$	19,865,863	$	—	$	—	$	19,865,863
Debt conversion feature – current		58,742		—		—		58,742
Debt conversion feature – long-term		1,390,469		—		—		1,390,469
Total financial liabilities	$	21,315,074	$	—	$	—	$	21,315,074

The table below presents a summary of changes in the Company’s accrued license fees and debt conversion feature liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2015 and 2014:

	Year Ended December 31,
	2015			2014
Accrued license fees:
Beginning balance	$	19,865,863		$	—
Additions		—			21,687,576
Adjustments resulting from changes in fair value recognized in earnings		9,381,848			(1,821,713	)
Issuance of shares of common stock		(29,247,711	)		—
Ending balance	$	—		$	19,865,863
Debt conversion feature:
Beginning balance	$	1,449,211		$	71,655
Additions		—			1,768,319
Adjustments resulting from changes in fair value recognized in earnings		1,043,478			(390,763	)
Issuance of shares of common stock		(121,786	)		—
Ending balance	$	2,370,903		$	1,449,211

The following table sets forth the Company’s valuation techniques and significant unobservable inputs used to determine fair value for significant Level 3 liabilities:

F-13

Fair Value

Significant

Assets

Liabilities

Valuation Technique(s)

Unobservable Input

Range

Accrued license fees:

December 31, 2014

—

19,865,863

Probability weighted

expected return model

Probability weightings assigned to each scenario

30% to 40%

Time assumptions to liquidation events

4/30/2015-

3/31/2017

Discount rates

12% to 60%

Debt conversion feature

liability

December 31, 2015

—

2,370,903

Discounted cash

flow model

Timing of the events

5/21/2016

Probabilities of Occurrence

100%

Discount rate

37.5%

December 31, 2014

—

1,449,211

Discounted cash

flow model

Timing of the events

3/31/2015 to

6/30/2015

Probabilities of Occurrence

30% to 40%

Discount rate

37.5%

Level 3 Fair Value Sensitivity

Accrued license fees

For accrued license fees, generally increases (decreases) in the probability weightings assigned to each scenario would result in increases (decreases) to the fair value. In general, an increase (decrease) in discount rate tends to result in (decreases) increases to fair value.

Debt conversion features

The fair value of the debt conversion feature liabilities includes the estimated timing of the events as well as the related probabilities of occurrence. The shorter/longer the period estimated to the events, the higher/lower the value of the debt conversion feature liabilities. The higher/lower the probability of occurrence, the higher/lower the value of the debt conversion feature liability.

4.	Agreements with Ligand Pharmaceuticals Incorporated

In May 2014, the Company entered into a master license agreement with Ligand (the “Master License Agreement”), pursuant to which, among other things, the Company acquired the rights to a number of research and development programs under patents related to the Company’s VK5211, VK2809, VK0214, VK0612, EPOR and DGAT-1 programs, related know-how controlled by Ligand and physical quantities of VK5211, VK2809, VK0214, VK0612, EPOR and DGAT-1 compounds.

Pursuant to the terms of the Master License Agreement, the Company has the exclusive right and sole responsibility and decision-making authority for researching and developing any pharmaceutical products that contain or comprise one or any combination of the technology and compounds licensed from Ligand pursuant to the Master License Agreement (the “Licensed Products”). The Company also has the exclusive right and sole responsibility and decision-making authority to conduct all clinical trials and preclinical studies that the Company believes are appropriate to obtain the regulatory approvals necessary for commercialization of the Licensed Products, and the Company will own and maintain all regulatory filings and all regulatory approvals for the Licensed Products. Additionally, pursuant to the terms of the Master License Agreement, the Company has the sole decision-making authority and responsibility and the exclusive right to commercialize any of the Licensed Products, either by itself or, in certain circumstances, through sublicensees selected by the Company. The Company also has the exclusive right to manufacture or have manufactured any Licensed Product itself or, in certain circumstances, through sublicensees or third parties selected by the Company. The Company will own any intellectual property that it develops in connection with the license granted under the Master License Agreement.

As partial consideration for the grant of the rights and licenses to the Company under the Master License Agreement, the Company issued to Ligand at the closing of the IPO 3,655,964 shares of its common stock having an estimated aggregate value of $29.2 million. Furthermore, as partial consideration for the grant of the rights and licenses to the Company under the Master License Agreement the Company entered into the Loan and Security Agreement with Ligand (as discussed below).

F-14

As further partial consideration for the grant of the rights and licenses to the Company by Ligand under the Master License Agreement, the Company has agreed to pay to Ligand certain one-time, non-refundable milestone payments in connection with the Licensed Products of up to $1.54 billion in the aggregate upon the achievement of certain development, regulatory and sales milestones. The Company will also pay to Ligand royalties on aggregate annual worldwide net sales of Licensed Products by the Company, its affiliates and its sublicensees at tiered percentage rates from the low-to-upper single digits based upon net sales.

The term of the Master License Agreement will continue unless the agreement is terminated by the Company or Ligand, and each of the Company and Ligand have the right to terminate the Master License Agreement in certain circumstances, including, without limitation, if the other party defaults on certain of its obligations under the Master License Agreement.

Ligand has the right to terminate the Master License Agreement under certain circumstances, including, but not limited to: (1) in the event of the Company’s insolvency or bankruptcy, (2) if the Company does not pay an undisputed amount owing under the Master License Agreement when due and fails to cure such default within a specified period of time, or (3) if the Company defaults on certain of its material and substantial obligations and fails to cure the default within a specified period of time. The Company has the right to terminate the Master License Agreement under certain circumstances, including, but not limited to: (i) if Ligand does not pay an undisputed amount owing under the Master License Agreement when due and fails to cure such default within a specified period of time, or (ii) if Ligand defaults on certain of its material and substantial obligations and fails to cure the default within a specified period of time. In addition, provisions of the Master License Agreement can be terminated on a licensed program-by-program basis under certain circumstances. In the event that the Master License Agreement is terminated in its entirety or with respect to a specific licensed program for any reason: (A) all licenses granted to the Company under the Master License Agreement (or with respect to the specific licensed program) will terminate and the Company will, upon Ligand’s request (subject to Ligand assuming legal responsibility for any clinical trials of the Licensed Products then ongoing), assign and transfer to Ligand (or to such transferee as Ligand may direct), at no cost to Ligand, all regulatory documentation and all regulatory approvals prepared or obtained by the Company or on its behalf related to the Licensed Products (or those related to the specific licensed program), or, if Ligand does not make such a request, the Company will wind down any ongoing clinical trials with respect to the Licensed Products (or those related to the specific licensed program) at no cost to Ligand; (B) the Company will, upon Ligand’s request, sell and transfer to Ligand (or to such transferee as Ligand may direct), at a price equal to 125% of the Company’s costs of goods, any and all chemical, biological or physical materials relating to or comprising the Licensed Products (or those related to the specific licensed program); (C) the Company will have, for a period of six months following termination, the right to sell on the normal business terms in existence before such termination any finished commercial inventory of Licensed Products (or those related to the specific licensed program) which remains on hand, so long as the Company pays to Ligand the applicable royalties and sales milestones; (D) Ligand has the right to require the Company to assign to Ligand the trademarks owned by the Company relating to the Licensed Products (or those related to the specific licensed program); and (E) the Company will grant to Ligand a non-exclusive, worldwide, royalty-bearing sublicensable license under any patent rights and know-how controlled by the Company to the extent necessary to make, have made, import, use, offer to sell and sell the Licensed Products (or those related to the specific licensed program) anywhere in the world at a royalty rate in the low single digits.

Under the Master License Agreement, the Company has agreed to indemnify Ligand for claims relating to the performance of the Company’s obligations under the Master License Agreement, any breach of the representations and warranties made by the Company under the Master License Agreement, clinical trials conducted by the Company and the research, development and commercialization of the Licensed Products by the Company and its affiliates, sublicensees, distributors and agents. In addition, Ligand has agreed to indemnify the Company for claims relating to the performance of its obligations under the Master License Agreement, its breach of representations and warranties under the agreement and its research and development of the licensed compounds before the effective date of the Master License Agreement. Each party’s indemnification obligations will not apply to the extent the claims result from the negligence or willful misconduct of the indemnified party or any of its employees, agents, officers or directors or from the indemnified party’s breach of its representations or warranties set forth in the Master License Agreement.

On September 6, 2014, the Company and Ligand entered into an amendment to the Master License Agreement pursuant to which the parties agreed to certain modifications to the calculations used to determine the number of shares issuable to Ligand pursuant to the Master License Agreement. As a result of the modification, the Company incurred an incremental charge to research and development expense of $517,960 and a corresponding increase in the accrued license fees. In connection with entering into the Master License Agreement with Ligand, the Company entered into a loan and security agreement with Ligand, dated May 21, 2014 (the “Loan and Security Agreement”), pursuant to which, among other things, Ligand agreed to provide the Company with loans in the aggregate amount of up to $2.5 million.

In May 2014, the Company also entered into a Management Rights Letter with Ligand that requires the Company to expand the size of the Company’s board of directors to create an additional directorship on the Company’s board of directors and to allow Ligand to appoint an individual to fill the new directorship. The Management Rights Letter will terminate upon the earliest to occur of the liquidation or indefinite cessation of the Company’s business operations, the execution by the Company of a general assignment for

F-15

the benefit of creditors or the appointment of a receiver or trustee to take possession of the Company’s property and assets, an acquisition of the Company by means of any transaction (including, without limitation, any reorganization, merger or consolidation) if the Company’s stockholders of record as constituted immediately prior to the transaction hold less than 50% of the voting power of the surviving or acquiring entity, or following the issuance of the Company’s securities pursuant to the Master License Agreement, the date that Ligand ceases to beneficially own at least 7.5% of the Company’s outstanding voting stock, or the date of May 21, 2024.

The Company also entered into a Registration Rights Agreement with Ligand in May 2014 for which the Company granted certain registration rights to Ligand with respect to the securities of the Company issued to Ligand pursuant to the Master License Agreement and the Ligand Note (collectively, the “Viking Securities”), the shares of the Company’s common stock issued or issuable upon conversion of the Viking Securities, if applicable, the shares of the Company’s common stock issued as a dividend or other distribution with respect to, in exchange for or in replacement of the Viking Securities and the shares of the Company’s capital stock issued upon conversion of the Ligand Note, or collectively, the Registrable Securities.

Under the Registration Rights Agreement, the Company has agreed to file with the SEC, by no later than the first date on which the lock-up requested by the underwriters for the Company’s initial public offering expires or lapses with respect to Ligand (or the first business day thereafter), a registration statement on Form S-1 under the Securities Act that covers the resale of the full amount of the Registrable Securities. The Company has agreed to use commercially reasonable efforts to have the Registration Statement declared effective by the SEC as soon as practically possible after it is filed with the SEC. There are certain cash payment penalties that the Company may need to pay to Ligand if the Company does not meet certain timelines with the SEC. The Company has also agreed to use commercially reasonable efforts to keep each Registration Statement filed pursuant to the Registration Rights Agreement effective for certain periods of time.

The Registration Rights Agreement was amended on January 22, 2016 (see Note 13 for a description of the amendments to the agreement).

In May 2014, the Company entered into a Sublease Agreement with Ligand, as sublandlord, for approximately 5,851 square feet of individual and shared space within the building located at 11119 North Torrey Pines, San Diego, California 92037. Under the Sublease Agreement, the Company was required, among other things, to pay base rent in the amount of approximately $13,500 per month through December 31, 2014. The sublease commenced on May 21, 2014 and expired on December 31, 2014.

5.	Accrued License Fees and License Fees Expense

As partial consideration for the grant of the rights and licenses to the Company under the Master License Agreement, the Company issued to Ligand at the closing of the Company’s IPO 3,655,964 shares of its common stock having an estimated aggregate value of $29.2 million. Prior to this event, the Company had to determine how to account for the potential issuance of these shares to Ligand in accordance with the Master License Agreement. Under the Master License Agreement, in the event the Company consummated a firmly underwritten public offering pursuant to a Registration Statement on Form S-1 or any successor form (an “Initial Public Offering”), the Company would issue to Ligand at the closing of the Initial Public Offering a number of shares of its common stock having an estimated aggregate value of $29.0 million, subject to adjustment based on the deemed value of the Company as of immediately prior to the Initial Public Offering and the per share price at which shares of its common stock are sold in the Initial Public Offering. In the event the Company consummated a private financing of its equity securities (a “Private Financing”) prior to an Initial Public Offering, Ligand had the option to receive a number of shares of the same class and type of securities issued and sold by the Company in the Private Financing having an estimated aggregate value of $29.0 million, subject to adjustment based on the deemed value of the Company as of immediately prior to the Private Financing and the per share price at which shares of the Company’s common stock are sold in the Private Financing, or, in lieu of receiving the same class and type of shares issued in the Private Financing, to defer its right to receive equity in the Company until an Initial Public Offering or subsequent private financing of the Company.

Prior to the IPO, the Company reported the expected issuance of stock to Ligand under the Master License Agreement as a liability in accordance with ASC Topic 480, Distinguishing Liabilities from Equity, as it represents a conditional obligation that the Company must settle by issuing a variable number of shares of its common stock. The Company measured, at each reporting date until settled, the estimated amount of cash that would be paid if settlement occurred on the reporting date, with any changes in that fair market value reported as other expense during the period of change. In accordance with this guidance, the Company determined its enterprise values as of May 21, 2014, the date the Master License Agreement was entered into, December 31, 2014, its most recent fiscal year end, and as of May 4, 2015, the closing date of the Company’s IPO.

The fair value of the assets was determined using a PWERM, which incorporated relevant events and expected exit scenarios for the Company. The exit scenarios included an initial public offering, a merger or acquisition, which included an assumption of a Private

F-16

Financing, and a scenario in which neither an initial public offering nor the merger or acquisition occurred. The enterprise value was based primarily on the market approach and probability-weighted expected exit values for the Company under each scenario. As of the execution of the Master License Agreement, the Company ascribed a percentage likelihood to each expected exit scenario, and each was less than 50%. However, since Ligand was entitled to receive shares under the Master License Agreement if either of these IPO or merger or acquisition scenarios were to occur, and the sum of the percentage likelihoods for the two exceeded 50%, the Company determined that a payout of shares was probable. Further, since the valuations would determine a value, the Company determined that the liability under the Master License Agreement should be reported as of the execution of the Master License Agreement. Similar publicly traded companies and merger or acquisition transactions were utilized as part of the market approach, and appropriate metrics were applied to the Company’s numbers along with qualitative comparable assessments. The Company utilized a Monte Carlo simulation method to determine the weighted average per share value as of the acquisition date and in accordance with the Master License Agreement, utilized that per share value to calculate the estimated license fee liability as of May 21, 2014 to be $21,169,616. In addition, the Company incurred an incremental charge of $517,960 on September 6, 2014 related to the license fee liability pursuant to the amendment to the Master License Agreement.

Having determined the amount of the liability to be reported, the Company then evaluated whether to report the offset as an asset or as an expense. In accordance with ASC Topic 730, Research and Development, intangible assets that are acquired and have an alternative future use, as defined, should be capitalized and reported as an intangible asset; however, the cost of acquired intangible assets that do not have alternative future uses should be reported as research and development expense as incurred. The Company noted that the assets, the rights for which were acquired pursuant to the Master License Agreement, are in the preclinical and clinical stages, and not FDA approved. The Company has therefore interpreted the guidance to say that since these assets are not commercially readily saleable, i.e., they are still in preclinical and clinical trials, that they do not satisfy the definition of having an alternative future use, as defined. Accordingly, the Company recorded the offset to the license fee liability as research and development expense in May 2014.

The Company revalued the license fee liability as of December 31, 2014 using consistent methodology to that used for the May valuation; however, given the Company’s recent refocus to certain other programs as well as some deemed market risks as of December 31, 2014, it revalued the license fee liability based upon these new programs; VK5211 to be used in hip fractures and VK0214 to be used in X-ALD; and, based upon their updated fair value, reported a decrease in the license fee liability and other expense for the year ended December 31, 2014 in the amount of $1,821,713, to reduce the license fee liability to $19,865,863 as of December 31, 2014. During 2015, the Company continued to revalue the license fee liability under these new assumptions with any increases in that liability being recorded as other expense. On May 4, 2015, upon the closing of the Company’s IPO, the license fee liability was determined to be valued at $29,247,711 and the incremental amount of $9,381,848 was recorded as additional Other expense in the Company’s Statement of Operations for the period from January 1, 2015 through May 4, 2015. In accordance with the Master License Agreement, the Company issued 3,655,964 shares of its common stock having an estimated aggregate value equivalent to the May 4, 2015 license fee liability of $29,247,711 and offset this liability against its common stock and additional paid-in-capital.

6.	Convertible Notes Payable

Convertible notes payable consisted of the following at:

	December 31,
	2015			2014
Current maturities:
Various convertible notes payable issued during 2013 with interest rates ranging from 2.16% to 4.68% annually, due during 2015	$	—		$	310,350
Discount on notes payable, current		—			(6,076	)
Convertible notes payable, current portion (net of discount)	$	—		$	304,274
Long-term maturities:
Convertible note payable issued during 2014 to Ligand as part of the Master License Agreement with a 5% annual interest rate, due during 2016 (subsequently amended to 2017)	$	2,500,000		$	2,500,000
Discount on notes payable, long-term		(348,460	)		(1,235,886	)
Convertible notes payable, long-term (net of discount)	$	2,151,540		$	1,264,114

F-17

In September 2012, the Company’s board of directors authorized the Company to issue and sell up to an aggregate of $1.0 million in convertible promissory notes (the “Notes”) to accredited investors in one or more closings through September 2014 (the “Note Authorization”). The notes bore interest at a rate equal to the lesser of the short-term monthly applicable federal rate as published by the Internal Revenue Service or the maximum rate permissible by law. Interest under the Notes is due and payable at maturity. Unless repaid in full, amended or converted in full, each Note matured two years from its date of purchase. In the event that any principal amount due under the Notes was not paid in full by the maturity date, such unpaid principal amount would bear interest at the lesser of 2% or the maximum rate permissible by law.

If, prior to maturity of the Notes, the Company issues capital stock resulting in net proceeds of at least $5.0 million (a “Qualifying Financing”), the Notes will convert into shares of the capital stock issued in the Qualifying Financing. The number of shares issued upon conversion will be equal to the quotient obtained by dividing the then-outstanding loan balance by either 70% or 75%, as applicable, of the lowest purchase price paid per share paid by another investor in the Qualifying Financing. If, prior to the maturity of the Notes, the Company issues preferred stock in a financing that does not qualify as a Qualifying Financing (a “Non-Qualifying Financing”), the holders of the Notes will have the option of converting their Notes into shares of the preferred stock issued in the Non-Qualifying Financing on the same terms as the investors in the Non-Qualifying Financing. In the event the Company undergoes a change in control, as defined in the Notes, prior to the maturity date and repayment of the Notes, the holders of the Notes will have the option to either (1) convert the loan balance into shares of the Company’s common stock in an amount equal to the ratio of (a) the then-outstanding loan balance over (b) the ratio of $7,500,000 divided by the number of shares of capital stock of the Company outstanding immediately prior to the change in control, or (2) demand immediate repayment of an amount equal to 125% of the then-outstanding loan balance. If the Notes are still outstanding at their maturity date, the holders of the Notes have the option to either demand immediate repayment of all outstanding principal and interest or to convert the loan balance into shares of the Company’s common stock in an amount equal to the ratio of the then-outstanding loan balance over the ratio of $7,500,000 divided by the number of shares of capital stock of the Company outstanding immediately prior to the maturity date.

The debt conversion feature embedded in the Notes is accounted for under ASC Topic 815 – Derivatives and Hedging. At issuance, the fair value of the debt conversion feature totaled $8,286 on the Notes issued during 2012 and $42,747 on the Notes issued during 2013. The fair value of the debt conversion feature was allocated from the gross proceeds of the Notes with the respective discount amortized to interest expense over the original term of the Notes using the effective interest method. The valuation of the bifurcated debt conversion feature was performed using Level 3 inputs, requiring the Company to make assumptions about the probability of the occurrence of a Qualifying Financing and the Notes being converted based on the applicable conversion terms. Alternative probabilities would have resulted in increases or decreases in the value of the debt conversion feature. The Company is required to mark to market the value of the conversion feature liability. Therefore, as of December 31, 2014, the Company revalued the fair value of the debt conversion feature for each tranche and determined the conversion feature liability to be $58,742. The Company amortized $25,529 of the discount in 2014.

Pursuant to the terms of the Note Authorization, from September 2012 through June 2013, the Company issued a total aggregate principal amount of $310,350 in Notes and recorded interest expense at interest rates ranging from 3.00% to 4.68% on an annual basis of $12,104 for the year ended December 31, 2014. The cumulative accrued interest payable on the Notes as of December 31, 2014 was $18,611.

In accordance with the provisions of the convertible notes, on May 4, 2015, at the closing of the Company’s IPO, the Company converted $310,350 of principal amounts owed plus $24,276 of accrued but unpaid interest as of that date on the Notes into 57,046 shares of the Company’s common stock. The Company eliminated the notes payable and recorded the offsets to common stock and additional paid-in-capital.

The Company entered into a Loan and Security Agreement with Ligand on May 21, 2014, pursuant to which, among other things, Ligand agreed to provide the Company with loans in the aggregate amount of up to $2.5 million. Pursuant to the Loan and Security Agreement, Ligand initially loaned $1.0 million to the Company on May 27, 2014, and additional amounts of $250,000 to the Company each month from June 2014 through and including November 2014 for a total of $2.5 million. The principal amount outstanding under the loans accrue interest at a fixed per annum rate equal to the lesser of 5% and the maximum interest rate permitted by law. In the event the Company defaults under the loans, the loans will accrue interest at a fixed per annum rate equal to the lesser of 8% and the maximum interest rate permitted by law. The loans are and will be evidenced by a Secured Convertible Promissory Note (the “Ligand Note”). Pursuant to the terms of the Loan and Security Agreement and the Ligand Note, the loans will become due and payable upon the written demand of Ligand at any time after the earlier to occur of an event of default under the Loan and Security Agreement or the Ligand Note, and May 21, 2016, unless the loans are converted into equity prior to such time. In addition, under the Loan and Security Agreement, the Company may not declare or pay dividends in respect of its common stock without Ligand’s prior written consent. Pursuant to the terms of the Loan and Security Agreement, the Company recorded interest expense of $58,611 during the year ended December 31, 2014, which remained payable as of December 31, 2014.

F-18

The debt conversion feature embedded in each tranche of the Ligand Note is accounted for under ASC Topic 815 – Derivatives and Hedging. At each issuance date, the fair value of the debt conversion feature was determined. The fair value of the debt conversion feature was allocated from the gross proceeds of the Ligand Note with the respective discount amortized to interest expense over the original term of the Ligand Note using the effective interest method. The valuation of the bifurcated debt conversion feature was performed using Level 3 inputs, requiring the Company to make assumptions about the probability of the occurrence of a private equity financing with aggregate net proceeds to the Company of at least $20,000,000 or the Company’s initial public offering and the Ligand Note being converted based on the applicable conversion terms. Alternative probabilities would have resulted in increases or decreases in the value of the debt conversion feature. The Company is required to mark to market the value of the conversion feature liability. Therefore, as of December 31, 2014, the Company revalued the fair value of the debt conversion feature for each tranche of the Note outstanding as of December 31, 2014, and determined the conversion feature liability to be $1,390,469. The Company amortized $532,433 of the discount during the year ended December 31, 2014.

On April 8, 2015, the Company and Ligand entered into a First Amendment to Loan and Security Agreement with Ligand (the “Loan Amendment”), pursuant to which the parties agreed to amend, among other things, the timing of Ligand’s conversion rights under the Secured Convertible Promissory Note issued to Ligand on May 21, 2014 (the “Ligand Note”) following certain Company transactions. Under the terms of the Loan Amendment, following the consummation of the earlier to occur of (1) a bona fide capital financing transaction or series of financing transactions with one or more financial non-strategic investors resulting in aggregate net proceeds to the Company of at least $20,000,000 and pursuant to which the Company issues shares of its equity securities, (2) a firmly underwritten public offering pursuant to the Securities Act of 1933, as amended, on Form S-1 or Form S-3, or any successor forms, or (3) May 4, 2016 (the one year anniversary of the closing of the IPO), Ligand may elect to convert the Ligand Note into shares of the Company’s common stock and/or cash in an amount equal to 200% of the principal amount of the loan plus all accrued and previously unpaid interest thereon. Additionally, pursuant to the Loan Amendment, Ligand has agreed that it will not, until the earlier of (A) 270 days from the date of conversion of the Ligand Note or (B) April 28, 2016 (one year following the date of the prospectus filed with the SEC relating to the IPO), sell or otherwise transfer or dispose of the shares of common stock issuable upon conversion of the Ligand Note.

As of December 31, 2015, the Ligand Note was recorded at $2,500,000, and interest in the amount of $183,611 was payable on the Ligand Note. During the year ended December 31, 2015, the Company also recorded $125,000 of interest expense, $887,426 of amortization of debt discount and $980,434 as other expense related to increases in the fair value of the debt conversion feature liability.

In connection with the Loan and Security Agreement, the Company also granted Ligand a continuing security interest in all of its right, title and interest in and to its assets as collateral for the full, prompt, complete and final payment and performance when due of all obligations under the Loan and Security Agreement and the Ligand Note.

A second amendment to the Loan and Security Agreement was entered into on January 22, 2016 (see Note 13).

7.	Stockholders’ Equity (Deficit)

Preferred Stock

The Company is authorized to issue up to 10,000,000 shares of $0.00001 par value preferred stock, with no shares outstanding as of December 31, 2015 and 2014. The Board of Directors is authorized to designate the terms and conditions of any preferred stock the company issues without further action by the common stockholders.

Common Stock

The Company is authorized to issue up to 300,000,000 shares of common stock, $0.00001 par value per share. On September 26, 2012, the Company issued 4,750,000 shares of common stock to its founders for the contribution of certain intellectual property and assets having a deemed fair value of $0.01 per share. The shares of common stock issued to the founders are subject to a repurchase feature whereby the Company can repurchase the stock if the applicable founder’s arrangements with the Company are terminated. The repurchase feature lapses over time and the repurchase option immediately ceases upon the occurrence of certain triggering events. The related expense is being charged over the requisite service period. At December 31, 2015, none of these shares were subject to the repurchase option. See below regarding the repurchase of certain of these shares.

During fiscal year 2013, the Company sold an additional 700,000 shares of its common stock to consultants. The purchase price of the shares of common stock was $0.01, which approximated fair value. The Company received a total of $7 in cash and $6,993 in notes receivable as consideration for the issuance of the 700,000 shares of common stock. The shares of common stock were subject to

F-19

repurchase features whereby the Company can repurchase the shares from the consultants if their arrangements with the Company are terminated. The repurchase features lapse over time. In June 2013, the Company exercised its right to repurchase 250,000 shares of its common stock issued earlier in 2013 in connection with the termination of one of the consulting arrangements. The Company paid $3 in cash to refund the cash contributed by the consultant and eliminated the $2,497 note receivable issued by the consultant to the Company. In March 2014, the Company terminated another one of the consulting agreements. In conjunction with the termination of the consulting agreement, the Company exercised its right to repurchase 200,000 shares by repaying the $2 in cash contributed by the consultant and eliminating the $1,998 note receivable issued by the consultant to the Company. In May 2014, the Company forgave the remaining notes receivable balance of $2,581, which included $2,498 of principal and $83 of interest from one of its consultants in consideration for services rendered by the consultant. At December 31, 2015, there was $290 of total unrecognized compensation costs related to these shares, which are expected to be recognized over a weighted-average period of 1.25 years. During the year ended December 31, 2015, the Company recorded stock-based compensation of $145 related to these share issuances.

In connection with the preparation of the financial statements necessary for inclusion in a registration statement, in May 2014 the Company reassessed the estimated fair value of its common stock for financial reporting purposes. The Company reassessed the estimated fair value of its common stock for each quarterly period from its inception on September 24, 2012 through December 31, 2013. Valuation analyses were performed as of September 26, 2012, April 15, 2013 and July 15, 2013 (the respective dates of stock activity noted above). The Company concluded that its shares of common stock as of each such date had a fair value less than or equal to the then estimated fair value of common stock at the date of issuance. Therefore, no additional stock expense was required to be expensed by the Company.

In February 2014, the Company entered into a stock purchase agreement with one of its founders. The agreement provides for the purchase of 1,000,000 shares of the Company’s common stock at a price per share of $0.01 in exchange for future services to be rendered to the Company as measured by certain performance criteria. The shares are subject to a repurchase option and vest in two tranches of 500,000 shares each, upon achievement of the performance target or upon a triggering event as defined.

To appropriately account for this stock purchase, the Company determined the fair value of the common stock on the date of purchase as well as the likelihood of achievement of each of the performance conditions included in the agreement. The valuation methodology utilized in determining fair value relied on the PWERM, which incorporates relevant events and expected future exit scenarios for the Company. The exit scenarios included merger and acquisition and initial public offering scenarios. The enterprise value under each scenario was based primarily on the market approach and probability-weighted expected exit values for the Company under each scenario. Similar merger and acquisition transactions and publicly traded companies were utilized within the market approach and appropriate metrics were applied to the Company along with qualitative comparable assessments. The indicated value under the market approach was used as the starting aggregate value for the valuation of these performance-based shares. The Company utilized a Monte Carlo simulation method to determine the fair value of the performance-based shares as of the issuance date. The Monte Carlo simulation method takes into consideration the expected timing of the performance milestones, probability of achieving the milestones and estimated per share common stock prices at expected vesting dates.

The Company determined that the issuance in February 2014 had a deemed fair value lower than the reassessed fair value of the common stock on the date of issuance based upon the PWERM. Since the stock issuance to the founder is tied to certain performance criteria, the Company reviewed the probability of achieving such criteria at February 20, 2014 and December 31, 2014 and determined that it was not probable that the criteria would be met. Therefore, no compensation expense was recorded for this issuance through December 31, 2014. The Company will continue to reassess at each reporting period whether it is probable that either of the two performance criteria will be met, and if and when either are deemed probable, the Company will begin to record compensation expense using the fair value to determine stock-based compensation expense in its financial statements over the period the Company estimates the performance criteria will actually be met. The Company determined that the fair value of the unrecognized expense was approximately $168,000 at February 20, 2014, the grant date. In May 2015, the Company repurchased 633,810 of these shares at a purchase price of $0.00001 per share. In connection with the repurchase, the Company entered into an amendment to the stock purchase agreement to provide that the remaining 366,190 shares will continue to vest in two tranches of 183,095 shares each, upon achievement of the performance target or upon a triggering event as defined, with the pro rata fair value of the expense of $61,566 to be recognized. In October 2015, one of the two triggering events became probable of occurrence; therefore, for the year ended December 31, 2015, the Company recorded $18,407 of stock-based compensation expense, with the remaining expense relating to this event estimated to be recognized through April 2017.

In June 2014, the Company entered into employment agreements with each of its five employees pursuant to which, among other things, each employee agreed to be paid a lower salary during the period of time between the signing of his or her employment agreement and the date of the closing of the Company’s IPO. In exchange for this agreement to receive a lower salary, the Company agreed to issue, on the date of the closing of the IPO, to each of these employees a certain amount of fully vested restricted stock equal to the quotient of (1) the product of 150% of the difference between the employee’s post-IPO salary and his or her pre-IPO salary multiplied by the number of days between the date of the closing of the IPO and the date of execution of the employee’s employment

F-20

agreement, divided by (2) the product of 365 multiplied by the closing sales price of the Company’s common stock on the date of the closing of the IPO. Since the likelihood of an IPO was deemed to be less than probable as of December 31, 2014, the Company determined that it was not required to record the liability, which, as of December 31, 2014, would have been $520,476, with respect to the potential issuance of these shares of fully vested restricted stock as of December 31, 2014, as it was less than probable that the Company would be required to issue such shares of fully vested restricted stock. Upon the closing of the IPO in May 2015, the Company issued 56,997 shares, net of shares withheld for taxes, in accordance with these agreements.

In September 2014, the Company entered into a stock repurchase agreement (the “Stock Repurchase Agreement”) with each of its existing stockholders. Pursuant to the Stock Repurchase Agreement, the Company agreed to repurchase prior to the completion of the IPO, on a pro rata basis from each of the holders of its outstanding common stock, shares of the Company’s common stock from these stockholders at a purchase price of $0.00001 per share. The number of shares of common stock that the Company will repurchase pursuant to the Stock Repurchase Agreement and prior to the completion of the IPO is based on a formula in accordance with the Stock Repurchase Agreement. In accordance with this agreement, on May 4, 2015, the Company repurchased an aggregate of 3,802,859 shares of its common stock from its stockholders at a price of $0.00001 per share for an aggregate purchase price of $38.

On April 8, 2015, the Company entered into a Second Amendment to Master License Agreement with Ligand, pursuant to which the parties agreed to revise (1) the calculations used to determine the number of securities to be issued to Ligand upon the closing of the IPO, and (2) certain of the royalty percentages payable by the Company to Ligand based on worldwide annual net sales of the products licensed under the Master License Agreement.

Further, on April 8, 2015, the Company and Ligand entered into a First Amendment to Loan and Security Agreement with Ligand (the “Loan Amendment”), pursuant to which the parties agreed to amend, among other things, the timing of Ligand’s conversion rights under the Secured Convertible Promissory Note issued to Ligand on May 21, 2014 (the “Ligand Note”) following certain Company transactions. Under the terms of the Loan Amendment, following the consummation of the earlier to occur of (1) a bona fide capital financing transaction or series of financing transactions with one or more financial non-strategic investors resulting in aggregate net proceeds to the Company of at least $20,000,000 and pursuant to which the Company issues shares of its equity securities, (2) a firmly underwritten public offering pursuant to the Securities Act of 1933, as amended, on Form S-1 or Form S-3, or any successor forms, or (3) May 4, 2016 (the one year anniversary of the closing of the IPO), Ligand may elect to convert the Ligand Note into shares of the Company’s common stock and/or cash in an amount equal to 200% of the principal amount of the loan plus all accrued and previously unpaid interest thereon. Additionally, pursuant to the Loan Amendment, Ligand has agreed that it will not, until the earlier of (A) 270 days from the date of conversion of the Ligand Note or (B) April 28, 2016 (one year following the date of the prospectus filed with the SEC relating to the IPO), sell or otherwise transfer or dispose of the shares of common stock issuable upon conversion of the Ligand Note.

On May 4, 2015, the Company completed the IPO pursuant to a Registration Statement on Form S-1 that was declared effective on April 28, 2015. In the IPO, the Company sold 3,000,000 shares of its common stock at an initial public offering price of $8.00 per share. The underwriters for the IPO had 30 days to exercise an over-allotment option to purchase up to an additional 450,000 shares at the initial public offering price, less the underwriting discount. Upon the closing of the IPO, on May 4, 2015, the Company raised a total of $19,100,500 in net proceeds after deducting underwriting discounts, commissions and other offering expenses of $4,899,500. These costs have been recorded as a reduction of the proceeds received in arriving at the amount to be recorded in additional paid-in capital upon completion of the IPO.

On April 28, 2015, the date of the execution and delivery of the underwriting agreement for the IPO, the Company granted stock options to purchase an aggregate of 83,144 shares of the Company’s common stock to the non-employee directors of the Company.

Upon the closing of the IPO in May 2015, the Company (1) converted $27,422,872 of accrued license fees as of May 4, 2015 into an aggregate of 3,427,859 shares of the Company’s common stock issued to Ligand and Metabasis Therapeutics, Inc., a wholly-owned subsidiary of Ligand (“Metabasis”) pursuant to the Master License Agreement; (2) incurred a non-cash interest charge of $4,421,338 at the time of conversion of the accrued license fees, relating to the difference between the carrying amounts of the $24,826,374 of accrued license fees and the fair market value of the shares issued in the IPO; (3) converted $310,350 of the Company’s convertible notes payable plus interest of $24,276 as of May 4, 2015 into 57,046 shares of the Company’s common stock; (4) incurred a beneficial conversion charge of $121,786; and (5) issued an aggregate of 422,879 shares of the Company’s common stock and granted options to purchase an aggregate of 206,000 shares of the Company’s common stock to its employees, directors and a consultant of the Company pursuant to employment agreements, offer letters and a consulting agreement.

On May 26, 2015, the underwriters for the IPO exercised their full over-allotment option to purchase an additional 450,000 shares of the Company’s common stock at $8.00 per share, less the underwriting discount. On May 28, 2015, the Company sold the 450,000 shares to the underwriters pursuant to the over-allotment option and received additional net proceeds of $3,225,866 after deducting underwriting discounts, commissions and other offering expenses of $374,134. Upon the closing of the over-allotment option,

F-21

pursuant to the Master License Agreement, on May 28, 2015, the Company issued an additional aggregate of 228,105 shares of its common stock to Ligand and Metabasis.

During the year ended December 31, 2015, and in accordance with the Company’s 2014 Employee Stock Purchase Plan (the “ESPP”), the Company issued an aggregate of 5,711 shares of its common stock to certain employees.

8.	Stock-Based Compensation

In connection with the IPO, the Company’s 2014 Equity Incentive Plan (the “2014 Plan”) and the ESPP became effective on April 28, 2015, the date of the execution and delivery of the underwriting agreement for the IPO. A total of 1,527,770 shares of the Company’s common stock were initially reserved for issuance under the 2014 Plan, and 458,331 shares of the Company’s common stock were initially reserved for issuance under the ESPP.

2014 Plan. The 2014 Plan provides that the compensation committee of the Company’s Board of Directors (the “Compensation Committee”) may grant or issue stock options, stock appreciation rights, restricted shares, restricted stock units and unrestricted shares, deferred share units, performance and cash-settled awards and dividend equivalent rights to participants under the 2014 Plan. Initially, a total of 1,527,770 shares of the Company’s common stock were reserved for issuance pursuant to the 2014 Plan, which number is also the limit on shares of common stock available for awards of incentive stock options. The number of shares available for issuance under the 2014 Plan will, unless otherwise determined by the Company’s Board of Directors or the Compensation Committee, be automatically increased on January 1st of each year commencing on January 1, 2016 and ending on (and including) January 1, 2024, in an amount equal to 3.5% of the total number of shares of the Company’s common stock outstanding on December 31st of the preceding calendar year. The shares of common stock deliverable pursuant to awards under the 2014 Plan are authorized but unissued shares of the Company’s common stock, or shares of the Company’s common stock that the Company otherwise holds in treasury or in trust. Any shares of the Company’s common stock underlying awards that are settled in cash or otherwise expire, or are forfeited, terminated or cancelled (including pursuant to an exchange program established by the Compensation Committee) prior to the issuance of stock will again be available for issuance under the 2014 Plan. In addition, shares of the Company’s common stock that are withheld (or not issued) in payment of the exercise price or taxes relating to an award, and shares of the Company’s common stock equal to the number surrendered in payment of any exercise price or withholding taxes relating to an award, will again be available for issuance under the 2014 Plan.

ESPP. Initially, a total of 458,331 shares of the Company’s common stock were reserved for issuance pursuant to the ESPP. The number of shares available for issuance under the ESPP will, unless otherwise determined by the Company’s Board of Directors or the Compensation Committee, be automatically increased on January 1st of each year commencing on January 1, 2016 and ending on (and including) January 1, 2024, in an amount equal to 1% of the total number of shares of the Company’s common stock outstanding on December 31st of the preceding calendar year. The shares of common stock available for purchase pursuant to the ESPP are authorized but unissued shares of the Company’s common stock, shares of the Company’s common stock that the Company otherwise holds in treasury or shares of the Company’s common stock that were purchased on the open market in arms’ length transactions in accordance with applicable securities laws. Shares of the Company’s common stock will be offered for purchase under the ESPP as determined by the Compensation Committee through a series of successive offerings that each have a term of 24 months and consist of four consecutive purchase periods of six months each. Prior to the commencement of any future offering under the ESPP, the Compensation Committee may determine that the current offering shall end, may commence a new offering on the first day after the end of such terminal purchase period (or any desired later date), and may decide that future offerings will consist of one or more consecutive purchase periods, each to be of such duration as determined by the Compensation Committee; however, no offering will exceed 27 months and no purchase period will exceed one year. Each employee of the Company who (1) is an employee on the first date of any offering under the ESPP, (2) is customarily scheduled to work for more than 20 hours per week and more than five months per calendar year, and (3) meets such other criteria as may be determined by the Compensation Committee (consistent with Section 423 of the Internal Revenue Code of 1986, as amended), is eligible to participate in the ESPP for each purchase period within such offering. The purchase price per share of the Company’s common stock under the ESPP may not be less than, and will initially be equal to, the lesser of: (1) 85% of the fair market value per share of the Company’s common stock on the first day of the offering, or (2) 85% of the fair market value per share of the Company’s common stock on the date the purchase right is exercised, which will be the last day of the applicable purchase period.

F-22

During the years ended December 31, 2015 and 2014, the Company recognized the following stock-based compensation expense:

	Year Ended December 31,
	2015		2014
Stock-based compensation expense by type of award:
Stock options	$	949,955	$	—
Restricted stock and restricted stock units		1,608,049		6,258
Employee stock purchase plan		43,444		—
Total stock-based compensation expense included in expenses	$	2,601,448	$	6,258
Stock-based compensation expense by line item:
Research and development expenses	$	852,200	$	2,643
General and administrative expenses		1,749,248		3,615
Total stock-based compensation expense included in expenses	$	2,601,448	$	6,258

The following table sets forth the Company’s unrecognized stock-based compensation expense, net of estimated forfeitures, by type of award and the weighted-average period over which that expense is expected to be recognized:

	As of December 31, 2015
	Unrecognized Expense, Net of Estimated Forfeitures		Weighted- average Recognition Period (in years)

Type of award:
Stock options	$	1,409,808		2.61
Restricted stock and restricted stock units	$	2,442,289		2.58

The following table is a summary of restricted shares granted during the year ended December 31, 2015:

	Shares			Weighted- Average Grant Date Fair Value
Unvested at December 31, 2014		2,018,752		$	0.08
Granted		462,090		$	9.49
Vested		(702,165	)	$	1.37
Forfeited		(105,000	)	$	9.49
Repurchased		(1,005,714	)	$	0.03
Unvested at December 31, 2015		667,963		$	3.68

The following table summarizes restricted stock units activity during the year ended December 31, 2015:

	Shares			Weighted- Average Grant Date Value
Unvested at December 31, 2014		—		$	—
Granted		84,000		$	8.18
Vested		—		$	—
Forfeited		(8,250	)	$	7.27
Repurchased		—		$	—
Unvested December 31, 2015		75,750		$	8.27

F-23

The following table summarizes stock option activity during the year ended December 31, 2015:

	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)
Options outstanding at December 31, 2014		—		$	—		—
Granted		443,894		$	8.49		—
Exercised		—		$	—		—
Cancelled		(78,500	)	$	8.54		—
Options outstanding at December 31, 2015		365,394		$	8.48		9.39
Options exercisable at December 31, 2015		40,250		$	9.49		9.35

Compensation expense for stock options granted to employees is based on the estimated grant date fair value and is recognized ratably over the vesting period of the applicable option. The estimated per share weighted average fair value of stock options granted to employees during the year ended December 31, 2015 was $6.26. The options outstanding and exercisable at December 31, 2015 had no intrinsic value in the aggregate.

As stock-based compensation expense recognized is based on options ultimately expected to vest, the fair value of each employee option grant during the year ended December 31, 2015 was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:

	Year Ended December 31, 2015
Expected volatility		85.2	%
Expected term (in years)		6.49
Risk-free interest rate		1.81	%
Expected dividend yield		0	%

Expected Volatility. The expected volatility rate used to value stock option grants is based on volatilities of a peer group of similar companies whose share prices are publicly available. The peer group was developed based on companies in the pharmaceutical and biotechnology industry in a similar stage of development to the Company.

Expected Term. The Company elected to utilize the “simplified” method for “plain vanilla” options to value stock option grants. Under this approach, the weighted-average expected life is presumed to be the average of the vesting term and the contractual term of the option.

Risk-free Interest Rate. The risk-free interest rate assumption was based on zero-coupon U.S. Treasury instruments that had terms consistent with the expected term of the Company’s stock option grants.

Expected Dividend Yield. The Company has never declared or paid any cash dividends and does not presently plan to pay cash dividends in the foreseeable future.

Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from estimates. The Company estimates forfeitures based on its historical experience. Groups of employees that have similar historical forfeiture behavior are considered separately for expense recognition.

Since the Company had a net operating loss carryforward as of December 31, 2015, no excess tax benefits for the tax deductions related to stock-based awards were recognized in the Statements of Operations.

F-24

Common Stock Reserved for Future Issuance

Common stock reserved for future issuance as of December 31, 2015 and 2014 is as follows:

Common Stock Reserved for Future Issuance	December 31,
	2015		2014
Common stock warrants		82,500	—
Restricted stock units		75,750	—
Common stock options		365,394	—
Available for grant under the 2014 Plan		773,629	—
Available for issuance under Employee Stock Purchase Plan		452,620	—
Shares issuable upon conversion of Ligand debt		670,902		695,733
		2,420,795		695,733

9.	Representative’s Warrant

Upon the closing of the IPO, on May 4, 2015, the Company issued to the representative of the underwriters as additional compensation a warrant to purchase the aggregate of 82,500 shares of the Company’s common stock. The warrant is exercisable for cash or on a cashless basis at a per share exercise price equal to $10.00 commencing on April 28, 2016, one year following the date of the prospectus filed with the SEC relating to the IPO, and expiring on April 28, 2020. In addition, the warrant provides for registration rights upon request, under certain circumstances. The piggyback registration right provided in connection with the warrant will terminate on April 28, 2022.

10.	Income Taxes

The reconciliations of the U.S. federal statutory tax rate to the effective income tax rate for the years ended December 31, 2015 and 2014 are as follows:

	December 31,
	2015			2014
Tax provision at U.S. Federal statutory rates		34	%		34	%
State income taxes net of federal benefit		8	%		8	%
Non-deductible permanent items		(2	)%		(1	)%
Stock options		—			—
Other		—			—
Change in valuation allowance		(40	)%		(41	)%
Effective income tax rate		—			—

Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred taxes as of December 31, 2015 and 2014 are as follows:

F-25

	December 31,
	2015			2014
Deferred tax assets:
Accrued liabilities	$	48,982		$	—
Intangible assets		14,009,497			7,993,293
Net operating loss carryforwards		2,430,249			548,247
Share-based compensation		986,534			6,306
Share conversion feature		243,759			—
Other		3,510			530
Total deferred tax assets		17,722,531			8,548,376
Valuation Allowance		(17,722,531	)		(8,403,620	)
Net deferred tax assets	$	—		$	144,756
Deferred tax liabilities:
Debt conversion feature	$	—		$	(144,756	)
Total:	$	—		$	—

A valuation allowance of $17,722,531 and $8,403,620 at December 31, 2015 and December 31, 2014, respectively, has been recorded to offset net deferred tax assets, as the Company is unable to conclude that it is more likely than not that such deferred tax assets will be realized.

At December 31, 2015, the Company had federal and state net operating loss carryforwards of approximately $5,890,000 and $6,629,000, respectively. The federal and state net operating loss carryforwards will begin to expire in 2032. The Company’s ability to utilize its federal net operating loss carryforwards may be limited under Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”). Specifically, this limitation may arise in the event of an “ownership change,” which is defined by Section 382 of the Code as a cumulative change in ownership of the Company of more than 50% within a three-year period. If the Company undergoes one or more ownership changes in connection with any future transactions in its stock, the Company’s ability to utilize net operating loss carryforwards to offset federal taxable income, if any, could potentially result in increased future tax liability to the Company. An ownership change under Section 382 of the Code occurred during the year ended December 31, 2015 in connection with the Company’s initial public offering. A portion of the net operating loss carryforwards are subject to an annual limitation.

The Company is subject to U.S. federal income tax as well as income tax in various state jurisdictions. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service and various state agencies for the years ended December 31, 2012 through December 31, 2015.

The differences between the Company’s effective income tax rate and the statutory federal rate for the year ended December 31, 2015 and the year ended December 31, 2014 relate primarily to losses incurred for which no tax benefit was recognized, due to the uncertainty of realization. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the period in which those temporary differences become deductible. The Company considers projected future taxable income and tax planning strategies in making this assessment. At each of December 31, 2015 and December 31, 2014, the Company provided a full valuation allowance against its deferred tax assets due to uncertainty surrounding the realization of those assets as a result of historical taxable net losses.

The Company has reviewed its operations and has not identified any material uncertain tax positions. As a result, there is no liability for uncertain tax positions in the income tax provision as of December 31, 2015 or December 31, 2014.

11.	Related Party Transactions

In May 2014, the Company entered into the Master License Agreement with Ligand, pursuant to which, among other things, Ligand granted the Company an exclusive worldwide license to certain clinical and preclinical programs. See Note 4 for more information related to this agreement. In connection with entering into the Master License Agreement, the Company also entered into a Loan and Security Agreement (see Note 6 and Note 13) and a sublease and services agreement (See Note 4). As Ligand owns 49.4% of the Company’s outstanding shares as of December 31, 2015, the Company considers Ligand to be a related party.

F-26

12.	Commitments and Contingencies

In May 2014, the Company entered into a master license agreement with the licensor that included a license to the products covered by the option. See Note 4 for a description of the terms of the Master License Agreement. As noted in Note 4, in connection with the Master License Agreement, the Company also entered into a Sublease Agreement with Ligand, pursuant to which the Company leased approximately 5,851 square feet of office space from Ligand for the period from May 21, 2014 through December 31, 2014. Under the terms of the Sublease Agreement, the Company was required to make minimum lease payments of approximately $167,000.

On July 7, 2015, the Company entered into a Sublease (the “Sublease”) for approximately 7,049 rentable square feet of space located at 12340 El Camino Real, Suite 250, San Diego, California 92130. Monthly base rent payments due under the Sublease are $19,737, subject to annual increases of 3.0% during the term of the Sublease.

Rent expense was $142,288 and $186,774 for the years ended December 31, 2015 and 2014, respectively.

The Company is subject to charges for common area maintenance and other costs pursuant to the Sublease, and the Sublease provides for abatement of rent during certain periods and escalating rent payments throughout the term of the Sublease. Rent expense is being recorded on straight line basis over the life of the Sublease and the difference between the rent expense and rent paid is being recorded as deferred rent.

Future minimum payments pursuant to the Sublease are as follows:

Year Ending December 31:
2016		180,004
2017		247,611
2018		190,337
Total minimum lease payments	$	617,952

13.	Subsequent Events

The Company evaluated subsequent events through March 8, 2016, the date of the filing of this Annual Report on Form 10-K with the SEC, to ensure that this filing includes appropriate disclosure of events both recognized in the financial statements as of December 31, 2015, and events which occurred subsequent to December 31, 2015 but were not recognized in the financial statements. The Company has determined that there were no subsequent events which required recognition, adjustment to or disclosure in the financial statements, except as follows:

On January 22, 2016, the Company entered into a Second Amendment to Loan and Security Agreement (the “Second Loan Amendment”) with Ligand, which amends the Loan and Security Agreement, as amended by the Loan Amendment (the “Original Loan Agreement”). The Second Loan Amendment amended the Original Loan Agreement (as so amended by the Second Loan Amendment, the “Amended Loan Agreement”) to, among other things, (1) extend the maturity date of the loans under the Ligand Note from May 21, 2016 to May 21, 2017 (the “Maturity Date”), (2) reduce the annual interest rate on the principal amount outstanding under the Ligand Note from 5.0% to 2.5%, and (3) extend Ligand’s lock-up period by one year such that Ligand may not, directly or indirectly, sell or otherwise transfer or dispose of any Company securities prior to January 23, 2017. The amount payable by the Company under the Amended Loan Agreement remains equal to 200% of the original principal amount of the loans under the Ligand Note and of all accrued and previously unpaid interest thereon.

Additionally, the Amended Loan Agreement provides that, upon the consummation of the Company’s first bona fide capital financing transaction occurring subsequent to January 22, 2016, but prior to the Maturity Date, with aggregate net proceeds to the Company of at least $2.0 million (the “Next Financing”), the Company will be required to repay $1.5 million of the Ligand Note obligation to Ligand (the “Next Financing Payment”), with at least $0.3 million of the Next Financing Payment to be paid in cash, subject to the Company’s sole and absolute discretion to pay a greater amount in cash, and the remaining amount of the Next Financing Payment that will not be paid in cash (the “Balance”) to be paid in the form of such number of shares of the Company’s equity securities that are issued in the Next Financing as is equal to the quotient obtained by dividing the Balance by the lesser of (1) the lowest price per share paid by investors in the Next Financing (the “Financing Price”), and (2) $8.00 (subject to adjustment for stock dividends, splits, combinations or similar transactions). Notwithstanding the foregoing, the number of shares that the Company may issue to Ligand will be reduced to the extent the issuance of shares would increase Ligand’s beneficial ownership of the Company’s common stock to greater than 49.9%, and any remaining amount of the Balance would have to be paid by the Company in cash (the “Share Cap”).

F-27

Under the terms of the Amended Loan Agreement, following the consummation of the Next Financing, the Company may elect to repay any portion of the outstanding principal under the Ligand Note, plus accrued and unpaid interest thereon, by delivering a notice to Ligand (the “Additional Repayment Notice”), specifying the amount that the Company wishes to repay (the “Additional Payment Amount”). Ligand will then have five days to elect to receive the Additional Payment Amount in cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock. If Ligand does not make an election within such five-day period, the Company will have the right, at its sole election and discretion, to elect the form of the Additional Payment Amount, subject to the Share Cap. To the extent that any portion of an Additional Payment Amount will be paid in shares of the Company’s common stock, the Amended Loan Agreement provides that the number of shares issuable will be equal to the quotient obtained by dividing the portion of the Additional Payment Amount that will be paid in shares by the lesser of (1) (a) if the Company delivers the Additional Repayment Notice within 180 days of the closing of the Next Financing, the Financing Price, or (b) if the Company delivers the Additional Repayment Notice 180 days or more after the closing of the Next Financing, the volume weighted average closing price of the Company’s common stock for the 30 days prior to the date the Company delivers the Additional Repayment Notice, and (2) $8.00 (subject to adjustment for stock dividends, splits, combinations or similar transactions).

The Amended Loan Agreement also provides that, on or after the Maturity Date, Ligand may demand payment of the remaining amount payable under the Ligand Note (the “Remaining Balance”). In addition, the Company is permitted to, at its sole election and discretion, repay to Ligand the Remaining Balance solely in cash. However, if the Company does not elect to repay the Remaining Balance solely in cash, Ligand can set the form of payment as cash, shares of the Company’s common stock or both. To the extent that any portion of the Remaining Balance will be paid in shares of the Company’s common stock, the number of shares issuable will be equal to the quotient obtained by dividing the portion of the Remaining Balance that will be paid in shares by the lesser of (a) the volume weighted average closing price of the Company’s common stock for the 30 days prior to the date of Ligand’s demand for repayment or the date of the Company’s prepayment of the Remaining Balance in full, as applicable, and (b) $8.00 (subject to adjustment for stock dividends, splits, combinations or similar transactions).

On January 22, 2016, the Company also entered into a First Amendment to Registration Rights Agreement (the “Registration Rights Agreement Amendment”) with Ligand, which amends the Registration Rights Agreement. The Registration Rights Agreement Amendment extends the deadline by which the Company must file with the SEC a Registration Statement on Form S-1 (the “Registration Statement”) covering the resale of certain Company securities held by Ligand, including the shares of the Company’s common stock issuable to Ligand under the Amended Loan Agreement, by one year from January 23, 2016 to January 23, 2017, and extends the applicable deadline for seeking to have such Registration Statement declared effective by the SEC by one year.

F-28

EX-23.1 2 vktx-ex231_11.htm EX-23.1 vktx-ex231_11.htm

Exhibit 23.1

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the Registration Statement of Viking Therapeutics, Inc. on Form S-8 File No. 333-203810 of our report, which includes an explanatory paragraph as to the Company’s ability to continue as a going concern, dated March 8, 2016 with respect to our audits of the financial statements of Viking Therapeutics, Inc. as of December 31, 2015 and 2014 and for the years then ended, which report is included in this Annual Report on Form 10-K of Viking Therapeutics, Inc. for the year ended December 31, 2015.

/s/ Marcum LLP

Irvine, California

March 8, 2016

EX-31.1 3 vktx-ex311_10.htm EX-31.1 vktx-ex311_10.htm

Exhibit 31.1

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Brian Lian, Ph.D., certify that:

I have reviewed this Annual Report on Form 10-K of Viking Therapeutics, Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 8, 2016	By:	/s/ Brian Lian, Ph.D.
		Brian Lian, Ph.D.
		Chief Executive Officer

EX-31.2 4 vktx-ex312_8.htm EX-31.2 vktx-ex312_8.htm

Exhibit 31.2

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Michael Morneau, certify that:

I have reviewed this Annual Report on Form 10-K of Viking Therapeutics, Inc.;

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 8, 2016	By:	/s/ Michael Morneau
		Michael Morneau
		Chief Financial Officer

EX-32.1 5 vktx-ex321_9.htm EX-32.1 vktx-ex321_9.htm

Exhibit 32.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report on Form 10-K of Viking Therapeutics, Inc. (the “Company”) for the period ended December 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to their knowledge that:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

By:	/s/ Brian Lian, Ph.D.	By:	/s/ Michael Morneau
	Brian Lian, Ph.D.		Michael Morneau
	Chief Executive Officer		Chief Financial Officer
	March 8, 2016		March 8, 2016

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

This certification accompanies the Report, is not deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act (whether made before or after the date of the Report), irrespective of any general incorporation language contained in such filing.

GRAPHIC 6 g201603081912266314922.jpg GRAPHIC begin 644 g201603081912266314922.jpg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end GRAPHIC 7 g201603081912266784925.jpg GRAPHIC begin 644 g201603081912266784925.jpg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end GRAPHIC 8 g201603081912266474923.jpg GRAPHIC begin 644 g201603081912266474923.jpg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�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end GRAPHIC 9 g201603081912270694926.jpg GRAPHIC begin 644 g201603081912270694926.jpg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ⅅ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end GRAPHIC 10 g201603081912259284921.jpg GRAPHIC begin 644 g201603081912259284921.jpg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g201603081912266634924.jpg GRAPHIC begin 644 g201603081912266634924.jpg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end EX-101.INS 12 vktx-20151231.xml XBRL INSTANCE DOCUMENT shares iso4217:USD iso4217:USD shares vktx:Candidate vktx:Segment vktx:Security pure utr:sqft vktx:Tranche vktx:Employee vktx:Period 0001607678 2015-01-01 2015-12-31 0001607678 2016-02-29 0001607678 2015-06-30 0001607678 2015-12-31 0001607678 2014-12-31 0001607678 2014-01-01 2014-12-31 0001607678 us-gaap:CommonStockMember 2013-12-31 0001607678 us-gaap:AdditionalPaidInCapitalMember 2013-12-31 0001607678 us-gaap:ReceivablesFromStockholderMember 2013-12-31 0001607678 us-gaap:RetainedEarningsMember 2013-12-31 0001607678 2013-12-31 0001607678 us-gaap:CommonStockMember 2014-01-01 2014-12-31 0001607678 us-gaap:AdditionalPaidInCapitalMember 2014-01-01 2014-12-31 0001607678 us-gaap:ReceivablesFromStockholderMember 2014-01-01 2014-12-31 0001607678 us-gaap:RetainedEarningsMember 2014-01-01 2014-12-31 0001607678 us-gaap:CommonStockMember 2014-12-31 0001607678 us-gaap:AdditionalPaidInCapitalMember 2014-12-31 0001607678 us-gaap:RetainedEarningsMember 2014-12-31 0001607678 us-gaap:CommonStockMember 2015-01-01 2015-12-31 0001607678 us-gaap:AdditionalPaidInCapitalMember 2015-01-01 2015-12-31 0001607678 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2015-01-01 2015-12-31 0001607678 us-gaap:RetainedEarningsMember 2015-01-01 2015-12-31 0001607678 us-gaap:CommonStockMember 2015-12-31 0001607678 us-gaap:AdditionalPaidInCapitalMember 2015-12-31 0001607678 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2015-12-31 0001607678 us-gaap:RetainedEarningsMember 2015-12-31 0001607678 us-gaap:RestrictedStockUnitsRSUMember 2015-01-01 2015-12-31 0001607678 us-gaap:IPOMember 2015-05-01 2015-05-31 0001607678 vktx:LigandPharmaceuticalsIncorporatedMember 2015-12-31 0001607678 vktx:LigandPharmaceuticalsIncorporatedMember 2015-01-01 2015-12-31 0001607678 us-gaap:WarrantMember 2015-01-01 2015-12-31 0001607678 us-gaap:RestrictedStockUnitsRSUMember 2015-01-01 2015-12-31 0001607678 vktx:CommonStockSubjectToRepurchaseMember 2015-01-01 2015-12-31 0001607678 vktx:CommonStockSubjectToRepurchaseMember 2014-01-01 2014-12-31 0001607678 us-gaap:EmployeeStockOptionMember 2015-01-01 2015-12-31 0001607678 us-gaap:ConvertibleDebtSecuritiesMember 2015-01-01 2015-12-31 0001607678 us-gaap:ConvertibleDebtSecuritiesMember 2014-01-01 2014-12-31 0001607678 us-gaap:CertificatesOfDepositMember 2015-12-31 0001607678 us-gaap:CorporateDebtSecuritiesMember 2015-12-31 0001607678 us-gaap:MaximumMember 2015-12-31 0001607678 us-gaap:CertificatesOfDepositMember us-gaap:CashEquivalentsMember 2015-12-31 0001607678 us-gaap:CorporateDebtSecuritiesMember us-gaap:CashEquivalentsMember 2015-12-31 0001607678 us-gaap:MinimumMember 2015-01-01 2015-12-31 0001607678 us-gaap:MoneyMarketFundsMember 2015-12-31 0001607678 us-gaap:FairValueInputsLevel1Member us-gaap:MoneyMarketFundsMember 2015-12-31 0001607678 us-gaap:CertificatesOfDepositMember 2015-12-31 0001607678 us-gaap:FairValueInputsLevel1Member us-gaap:CertificatesOfDepositMember 2015-12-31 0001607678 us-gaap:CorporateDebtSecuritiesMember 2015-12-31 0001607678 us-gaap:FairValueInputsLevel2Member us-gaap:CorporateDebtSecuritiesMember 2015-12-31 0001607678 us-gaap:FairValueInputsLevel1Member 2015-12-31 0001607678 us-gaap:FairValueInputsLevel2Member 2015-12-31 0001607678 us-gaap:FairValueInputsLevel3Member 2015-12-31 0001607678 us-gaap:FairValueInputsLevel3Member 2014-12-31 0001607678 vktx:AccruedLicenseFeesMember 2014-12-31 0001607678 vktx:AccruedLicenseFeesMember 2014-01-01 2014-12-31 0001607678 vktx:AccruedLicenseFeesMember 2015-01-01 2015-12-31 0001607678 vktx:DebtConversionFeatureMember 2014-12-31 0001607678 vktx:DebtConversionFeatureMember 2013-12-31 0001607678 vktx:DebtConversionFeatureMember 2014-01-01 2014-12-31 0001607678 vktx:DebtConversionFeatureMember 2015-01-01 2015-12-31 0001607678 vktx:DebtConversionFeatureMember 2015-12-31 0001607678 us-gaap:FairValueInputsLevel3Member vktx:AccruedLicenseFeesMember 2014-12-31 0001607678 us-gaap:FairValueInputsLevel3Member vktx:DebtConversionFeatureMember 2015-12-31 0001607678 us-gaap:FairValueInputsLevel3Member vktx:AccruedLicenseFeesMember 2015-01-01 2015-12-31 0001607678 us-gaap:FairValueInputsLevel3Member vktx:DebtConversionFeatureMember 2015-01-01 2015-12-31 0001607678 us-gaap:FairValueInputsLevel3Member 2015-01-01 2015-12-31 0001607678 us-gaap:MinimumMember vktx:ProbabilityWeightedExpectedReturnModelMember vktx:AccruedLicenseFeesMember us-gaap:FairValueInputsLevel3Member 2014-01-01 2014-12-31 0001607678 us-gaap:MaximumMember vktx:ProbabilityWeightedExpectedReturnModelMember vktx:AccruedLicenseFeesMember us-gaap:FairValueInputsLevel3Member 2014-01-01 2014-12-31 0001607678 us-gaap:MinimumMember vktx:ProbabilityWeightedExpectedReturnModelMember us-gaap:FairValueInputsLevel3Member 2014-01-01 2014-12-31 0001607678 us-gaap:MaximumMember vktx:ProbabilityWeightedExpectedReturnModelMember us-gaap:FairValueInputsLevel3Member 2014-01-01 2014-12-31 0001607678 us-gaap:MinimumMember vktx:DebtConversionFeatureMember vktx:DiscountedCashFlowModelMember us-gaap:FairValueInputsLevel3Member 2015-01-01 2015-12-31 0001607678 vktx:DebtConversionFeatureMember vktx:DiscountedCashFlowModelMember us-gaap:FairValueInputsLevel3Member 2015-01-01 2015-12-31 0001607678 us-gaap:MinimumMember vktx:DiscountedCashFlowModelMember us-gaap:FairValueInputsLevel3Member 2014-01-01 2014-12-31 0001607678 us-gaap:MaximumMember vktx:DiscountedCashFlowModelMember us-gaap:FairValueInputsLevel3Member 2014-01-01 2014-12-31 0001607678 vktx:DiscountedCashFlowModelMember us-gaap:FairValueInputsLevel3Member 2014-01-01 2014-12-31 0001607678 us-gaap:IPOMember vktx:LigandPharmaceuticalsIncorporatedMember 2015-01-01 2015-12-31 0001607678 us-gaap:ResearchAndDevelopmentExpenseMember vktx:LigandPharmaceuticalsIncorporatedMember 2014-09-05 2014-09-06 0001607678 vktx:LoanAndSecurityAgreementMember vktx:LigandPharmaceuticalsIncorporatedMember 2014-09-05 2014-09-06 0001607678 vktx:LoanAndSecurityAgreementMember vktx:LigandPharmaceuticalsIncorporatedMember 2014-09-06 0001607678 vktx:LigandPharmaceuticalsIncorporatedMember vktx:ManagementRightsLetterMember us-gaap:MaximumMember 2014-05-31 0001607678 vktx:LigandPharmaceuticalsIncorporatedMember vktx:ManagementRightsLetterMember us-gaap:MinimumMember 2014-05-31 0001607678 vktx:LigandPharmaceuticalsIncorporatedMember vktx:ManagementRightsLetterMember 2014-05-01 2014-05-31 0001607678 vktx:LigandPharmaceuticalsIncorporatedMember stpr:CA vktx:SubleaseMember 2014-05-31 0001607678 vktx:LigandPharmaceuticalsIncorporatedMember 2014-01-01 2014-12-31 0001607678 vktx:LigandPharmaceuticalsIncorporatedMember 2014-05-01 2014-05-31 0001607678 us-gaap:IPOMember vktx:LigandPharmaceuticalsIncorporatedMember 2015-12-31 0001607678 us-gaap:IPOMember 2015-12-31 0001607678 2014-05-21 0001607678 2014-09-05 2014-09-06 0001607678 2015-05-04 0001607678 2015-05-03 2015-05-04 0001607678 us-gaap:MaximumMember 2015-01-01 2015-12-31 0001607678 us-gaap:ConvertibleNotesPayableMember 2012-09-30 0001607678 us-gaap:ConvertibleNotesPayableMember 2012-09-29 2012-09-30 0001607678 us-gaap:ConvertibleNotesPayableMember 2015-01-01 2015-12-31 0001607678 vktx:QualifyingFinancingMember 2015-01-01 2015-12-31 0001607678 us-gaap:ConvertibleNotesPayableMember vktx:OptionOneMember 2015-01-01 2015-12-31 0001607678 us-gaap:ConvertibleNotesPayableMember vktx:OptionTwoMember 2015-01-01 2015-12-31 0001607678 us-gaap:ConvertibleNotesPayableMember 2012-01-01 2012-12-31 0001607678 us-gaap:ConvertibleNotesPayableMember 2013-01-01 2013-12-31 0001607678 us-gaap:ConvertibleNotesPayableMember 2014-12-31 0001607678 us-gaap:ConvertibleNotesPayableMember 2014-01-01 2014-12-31 0001607678 us-gaap:MinimumMember us-gaap:ConvertibleNotesPayableMember 2015-01-01 2015-12-31 0001607678 us-gaap:MaximumMember us-gaap:ConvertibleNotesPayableMember 2015-01-01 2015-12-31 0001607678 vktx:LigandDebtMember 2014-05-21 0001607678 vktx:LigandDebtMember 2014-05-27 0001607678 vktx:LigandDebtMember 2014-06-01 2014-11-30 0001607678 vktx:LigandDebtMember 2015-12-31 0001607678 vktx:LigandDebtMember 2015-01-01 2015-12-31 0001607678 vktx:LigandDebtMember 2014-01-01 2014-12-31 0001607678 vktx:LigandDebtMember 2014-12-31 0001607678 us-gaap:MinimumMember vktx:AmendedLoanAndSecurityAgreementMember 2015-04-07 2015-04-08 0001607678 vktx:AmendedLoanAndSecurityAgreementMember 2015-04-08 0001607678 vktx:AmendedLoanAndSecurityAgreementMember 2015-01-01 2015-12-31 0001607678 us-gaap:IPOMember 2015-01-01 2015-12-31 0001607678 vktx:LigandNoteMember 2015-12-31 0001607678 vktx:LigandNoteMember 2015-01-01 2015-12-31 0001607678 vktx:FounderMember 2012-09-25 2012-09-26 0001607678 vktx:FounderMember 2012-09-26 0001607678 vktx:FounderMember 2015-12-31 0001607678 vktx:ConsultantMember 2013-01-01 2013-12-31 0001607678 vktx:ConsultantMember 2013-12-31 0001607678 vktx:ConsultantMember 2013-06-01 2013-06-30 0001607678 vktx:ConsultantMember 2014-03-01 2014-03-31 0001607678 vktx:ConsultantMember 2014-05-01 2014-05-31 0001607678 vktx:ConsultantMember 2015-12-31 0001607678 vktx:ConsultantMember 2015-01-01 2015-12-31 0001607678 2014-02-28 0001607678 2014-02-01 2014-02-28 0001607678 us-gaap:ShareBasedCompensationAwardTrancheOneMember 2014-02-28 0001607678 us-gaap:ShareBasedCompensationAwardTrancheTwoMember 2014-02-28 0001607678 2014-02-20 0001607678 2015-05-31 0001607678 2015-05-01 2015-05-31 0001607678 us-gaap:ShareBasedCompensationAwardTrancheOneMember 2015-05-31 0001607678 us-gaap:ShareBasedCompensationAwardTrancheTwoMember 2015-05-31 0001607678 us-gaap:ShareBasedCompensationAwardTrancheOneMember 2015-01-01 2015-12-31 0001607678 2014-06-01 2014-06-30 0001607678 us-gaap:IPOMember 2015-05-03 2015-05-04 0001607678 vktx:AmendedLoanAndSecurityAgreementMember us-gaap:IPOMember 2015-01-01 2015-12-31 0001607678 us-gaap:IPOMember 2015-04-27 2015-04-28 0001607678 us-gaap:IPOMember 2015-04-28 0001607678 vktx:NonEmployeeDirectorsMember 2015-04-27 2015-04-28 0001607678 vktx:EmployeesDirectorsAndConsultantsMember us-gaap:IPOMember 2015-01-01 2015-12-31 0001607678 us-gaap:IPOMember 2015-05-04 0001607678 us-gaap:IPOMember vktx:AccruedLicenseFeesMember 2015-05-03 2015-05-04 0001607678 us-gaap:IPOMember 2015-03-31 0001607678 vktx:LigandAndMetabasisTherapeuticsIncMember us-gaap:IPOMember 2015-05-27 2015-05-28 0001607678 us-gaap:IPOMember 2015-05-26 0001607678 us-gaap:IPOMember 2015-05-27 2015-05-28 0001607678 us-gaap:IPOMember 2015-05-25 2015-05-26 0001607678 vktx:TwoThousandFourteenStockOptionPlanMember 2015-01-01 2015-12-31 0001607678 vktx:TwoThousandFourteenPlanMember 2015-12-31 0001607678 vktx:EmployeeStockPurchasePlanMember 2015-12-31 0001607678 vktx:TwoThousandFourteenEmployeeStockPurchasePlanMember 2015-01-01 2015-12-31 0001607678 us-gaap:EmployeeStockOptionMember 2015-01-01 2015-12-31 0001607678 vktx:RestrictedStockAndRestrictedStockUnitsMember 2015-01-01 2015-12-31 0001607678 vktx:RestrictedStockAndRestrictedStockUnitsMember 2014-01-01 2014-12-31 0001607678 vktx:EmployeeStockPurchasePlanMember 2015-01-01 2015-12-31 0001607678 us-gaap:ResearchAndDevelopmentExpenseMember 2015-01-01 2015-12-31 0001607678 us-gaap:ResearchAndDevelopmentExpenseMember 2014-01-01 2014-12-31 0001607678 us-gaap:GeneralAndAdministrativeExpenseMember 2015-01-01 2015-12-31 0001607678 us-gaap:GeneralAndAdministrativeExpenseMember 2014-01-01 2014-12-31 0001607678 us-gaap:EmployeeStockOptionMember 2015-12-31 0001607678 vktx:RestrictedStockAndRestrictedStockUnitsMember 2015-12-31 0001607678 vktx:RestrictedSharesGrantedMember 2014-12-31 0001607678 vktx:RestrictedSharesGrantedMember 2015-01-01 2015-12-31 0001607678 vktx:RestrictedSharesGrantedMember 2015-12-31 0001607678 us-gaap:RestrictedStockUnitsRSUMember 2015-12-31 0001607678 2015-12-30 2015-12-31 0001607678 us-gaap:WarrantMember 2015-12-31 0001607678 vktx:CommonStockOptionsMember 2015-12-31 0001607678 vktx:AvailableForGrantUnderTwoThousandFourteenPlanMember 2015-12-31 0001607678 vktx:AvailableForIssuanceUnderEmployeeStockPurchasePlanMember 2015-12-31 0001607678 vktx:SharesIssuableUponConversionOfLigandDebtMember 2015-12-31 0001607678 vktx:SharesIssuableUponConversionOfLigandDebtMember 2014-12-31 0001607678 us-gaap:WarrantMember 2015-05-03 2015-05-04 0001607678 vktx:LigandPharmaceuticalsIncorporatedMember 2015-12-31 0001607678 vktx:LigandPharmaceuticalsIncorporatedMember 2014-05-31 0001607678 vktx:SubleaseMember stpr:CA 2015-07-07 0001607678 2015-07-06 2015-07-07 0001607678 vktx:LigandPharmaceuticalsIncorporatedMember vktx:SecondLoanAmendmentMember 2015-01-01 2015-12-31 0001607678 vktx:LigandPharmaceuticalsIncorporatedMember vktx:SecondLoanAmendmentMember us-gaap:SubsequentEventMember 2016-01-22 0001607678 vktx:LigandPharmaceuticalsIncorporatedMember vktx:SecondLoanAmendmentMember us-gaap:SubsequentEventMember 2016-01-21 2016-01-22 0001607678 us-gaap:SubsequentEventMember vktx:AmendedLoanAndSecurityAgreementMember 2016-01-21 2016-01-22 0001607678 us-gaap:SubsequentEventMember vktx:LigandNoteMember vktx:AmendedLoanAndSecurityAgreementMember 2016-01-22 0001607678 us-gaap:SubsequentEventMember us-gaap:MinimumMember vktx:LigandNoteMember vktx:AmendedLoanAndSecurityAgreementMember 2016-01-21 2016-01-22 0001607678 us-gaap:SubsequentEventMember vktx:AmendedLoanAndSecurityAgreementMember 2016-01-22 0001607678 us-gaap:SubsequentEventMember us-gaap:MinimumMember vktx:AmendedLoanAndSecurityAgreementMember 2016-01-22 0001607678 vktx:AmendedLoanAndSecurityAgreementMember 2015-01-01 2015-12-31 0001607678 us-gaap:SubsequentEventMember vktx:RegistrationRightsAgreementMember 2016-01-21 2016-01-22 10-K false 2015-12-31 2015 FY VKTX Viking Therapeutics, Inc. 0001607678 --12-31 No Yes No Smaller Reporting Company 9683741 18289869 768550 755857 13335499 1097599 17827 15201648 773684 157455 2268675 80000 775 15439103 3043134 592414 1830724 19865863 1384398 380257 77222 304274 58742 1976812 22517082 183611 2151540 1264114 2370903 1390469 31239 4737293 2654583 6714105 25171665 97 60 54277716 12866 -45545445 -22141457 -7370 8724998 -22128531 15439103 3043134 0 6076 348460 1235886 0.00001 10000000 0 0 0 0 0 0.00001 0.00001 300000000 25000000 9683741 6000000 9683741 6000000 0 0 6966842 22223073 5029636 1244910 11996478 23467983 -11996478 -23467983 -9381848 1821713 -1043478 390763 893502 557961 -88682 -70715 -11407510 1583800 -23403988 -21884183 -7370 -23411358 -21884183 -3.68 -5.23 6355869 4187415 52 11114 -4496 -257274 -250604 5200000 2 1998 -1998 2 200000 10 -10 1000000 3760 3760 2498 2498 -21884183 60 12866 -22141457 -22128531 6000000 38 38 3802859 3 2205673 2205676 318708 28760 28760 4882 1 456411 456412 57046 36 29247675 29247711 3655964 35 22326331 22326366 3450000 -7370 -23403988 97 54277716 -7370 -45545445 8724998 9683741 131899 2601448 6258 1079772 17827 -79225 219237 191008 -712 21687576 1560079 80972 -8731494 -1591423 16033042 2563000 -13470042 25392500 2782462 332337 418412 38 2 2500000 22641 22214229 2167661 12693 576238 179619 29247711 108791 1936338 456412 28760 1998 <div>     <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> 1.</td> <td valign="top"> Organization, Liquidity and Management’s Plan, and Summary of Significant Accounting Policies</td></tr></table></div> The Company Viking Therapeutics, Inc., a Delaware corporation (the “Company”), is a clinical-stage biopharmaceutical company focused on the development of novel, first-in-class or best-in-class therapies for metabolic and endocrine disorders. The Company was incorporated under the laws of the State of Delaware on September 24, 2012 and its principal executive offices are located in San Diego, CA. Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying financial statements. Significant estimates made in preparing these financial statements relate to determining the fair value of the debt conversion liability and accounting for certain commitments. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less from the date of purchase to be cash equivalents. Investments Available-for-Sale Available-for-sale securities are carried at fair value, with the unrealized gains and losses reported in accumulated other comprehensive income (loss). The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. The amortization of premiums and accretion of discounts is included in interest income. Realized gains and losses and declines in value judged to be other-than-temporary, if any, on available-for-sale securities are included in other income (expense). The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in interest income. Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents and marketable securities. The Company maintains deposits in federally insured depository institutions in excess of federally insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. Additionally, the Company has established guidelines regarding approved investments and maturities of investments, which are designed to maintain safety and liquidity. Liquidity and Management’s Plan In May 2015, the Company completed an initial public offering (“IPO”), issuing 3,450,000 shares of its common stock and raising net proceeds of $22,326,366, including the full exercise of the over-allotment option, and after deducting underwriting discounts, commissions and other offering expenses of $5,273,634. (See Note 7 regarding proceeds from the Company’s initial public offering received in May 2015.) Although it is difficult to predict the Company’s liquidity requirements, as of December 31, 2015, and based upon the Company’s current operating plan, the Company does not believe that it will have sufficient cash to meet its projected operating requirements for at least the next 12 months unless it raises additional capital. As of December 31, 2015, the Company had an accumulated deficit of $45,545,445. These losses have resulted principally from research and development costs incurred in connection with acquiring the exclusive worldwide rights to the portfolio of five drug candidates from Ligand Pharmaceuticals Incorporated (“Ligand”) and the related non-cash interest expense recorded for increases in the deemed fair market value for the license fees payable to Ligand, research and development expenses related to the manufacturing of clinical drug product and clinical development of VK5211, VK2809 and VK0214, consulting fees and general and administrative expenses. The Company anticipates that it will continue to incur net losses for the foreseeable future as it continues the development of its clinical drug candidates and preclinical programs and incurs additional costs associated with being a public company. Deferred Financing Costs Deferred financing costs represent legal, accounting and other direct costs related to the Company’s efforts to raise capital through a public sale of the Company’s common stock. Costs related to the public sale of the Company’s common stock will be deferred until its completion, at which time they will be reclassified to additional paid-in-capital as a reduction of the proceeds. Revenue Recognition The Company has not recorded any revenues since its inception. However, in the future the Company may enter into collaborative research and licensing agreements, under which the Company could be eligible for payments made in the form of upfront license fees, research funding, cost reimbursement, contingent event-based payments and royalties. Revenue from upfront, nonrefundable license fees is recognized over the period that any related services are to be provided by the Company. Amounts received for research funding are recognized as revenue as the research services that are the subject of such funding are performed. Revenue derived from reimbursement of research and development costs in transactions where the Company acts as a principal are recorded as revenue for the gross amount of the reimbursement, and the costs associated with these reimbursements are reflected as a component of research and development expense in the statements of operations. The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 605-28, Revenue Recognition – Milestone Method (“ASC 605-28”), established the milestone method as an acceptable method of revenue recognition for certain contingent event-based payments under research and development arrangements. Under the milestone method, a payment that is contingent upon the achievement of a substantive milestone is recognized in its entirety in the period in which the milestone is achieved. A milestone is an event (1) that can be achieved based in whole or in part on either the Company’s performance or on the occurrence of a specific outcome resulting from the Company’s performance, (2) for which there is substantive uncertainty at the date the arrangement is entered into that the event will be achieved, and (3) that would result in additional payments being due to the Company. The determination that a milestone is substantive is subject to management’s judgment and is made at the inception of the arrangement. Milestones are considered substantive when the consideration earned from the achievement of the milestone is (a) commensurate with either the Company’s performance to achieve the milestone or the enhancement of value of the item delivered as a result of a specific outcome resulting from the Company’s performance to achieve the milestone, (b) relates solely to past performance, and (c) is reasonable relative to all deliverables and payment terms in the arrangement. Other contingent event-based payments received for which payment is either contingent solely upon the passage of time or the results of a collaborative partner’s performance are not considered milestones under ASC 605-28. In accordance with ASC Topic 605-25, Revenue Recognition – Multiple-Element Arrangements (“ASC 605-25”), such payments will be recognized as revenue when all of the following criteria are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, price is fixed or determinable and collectability is reasonably assured. Revenues recognized for royalty payments, if any, are based upon actual net sales of the licensed compounds, as provided by the collaboration arrangement, in the period the sales occur. Any amounts received prior to satisfying the Company’s revenue recognition criteria are recorded as deferred revenue on its balance sheets. Research and Development Expenses All costs of research and development are expensed in the period incurred. Research and development costs primarily consist of fees paid to clinical research organizations (“CROs”) and clinical trial sites, employee and consultant related expenses, which include salaries, benefits and stock-based compensation for research and development personnel, external research and development expenses incurred pursuant to agreements with third-party manufacturing organizations, facilities costs, travel costs, dues and subscriptions, depreciation and materials used in preclinical studies, clinical trials and research and development. The Company estimates its preclinical study and clinical trial expenses based on the services it received pursuant to contracts with research institutions and CROs that conduct and manage preclinical studies and clinical trials on the Company’s behalf. Clinical trial-related contracts vary significantly in length, and may be for a fixed amount, based on milestones or deliverables, a variable amount based on actual costs incurred, capped at a certain limit, or for a combination of these elements. The Company accrues service fees based on work performed, which relies on estimates of total costs incurred based on milestones achieved, patient enrollment and other events. The majority of the Company’s service providers invoice the Company in arrears, and to the extent that amounts invoiced differ from its estimates of expenses incurred, the Company accrues for additional costs. The financial terms of these agreements vary from contract to contract and may result in uneven expenses and payment flows. Preclinical study and clinical trial expenses include: <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap">  </td> <td valign="top" style="width:4.54%;white-space:nowrap"> ·</td> <td valign="top"> fees paid to CROs, consultants and laboratories in connection with preclinical studies;</td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap">  </td> <td valign="top" style="width:4.54%;white-space:nowrap"> ·</td> <td valign="top"> fees paid to CROs, clinical trial sites, investigators and consultants in connection with clinical trials; and</td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap">  </td> <td valign="top" style="width:4.54%;white-space:nowrap"> ·</td> <td valign="top"> fees paid to contract manufacturers and service providers in connection with the production, testing and packaging of active pharmaceutical ingredients and drug materials for preclinical studies and clinical trials.</td></tr></table></div> Payments under some of these agreements depend on factors such as the milestones accomplished, including enrollment of certain numbers of patients, site initiation and the completion of clinical trial milestones. To date, the Company has not experienced any events requiring it to make material adjustments to its accruals for service fees. If the Company does not identify costs that it has begun to incur or if it underestimates or overestimates the level of services performed or the costs of these services, its actual expenses could differ from its estimates which could materially affect its results of operations. Adjustments to the Company’s accruals are recorded as changes in estimates become evident. Furthermore, based on amounts invoiced to the Company by its service providers, the Company may also record payments made to those providers as prepaid expenses that will be recognized as expense in future periods as services are rendered. The Company’s historical research and development expenses primarily related to obtaining the option to license compounds and related intellectual property rights from Ligand. In May 2014, the Company entered into a master license agreement with Ligand, as amended (the “Master License Agreement”), pursuant to which it acquired certain rights to a number of research and development programs from Ligand. In doing so, the Company updated its policy on research and development to include the purchase of rights to intangible assets. In accordance with ASC Topic 730, Research and Development, intangible assets that are acquired and have an alternative future use, as defined, should be capitalized and reported as an intangible asset; however, the cost of acquired intangible assets that do not have alternative future uses should be reported as research and development expense as incurred. The Company notes that intangible assets acquired that are in the preclinical or clinical stages of development when acquired, and not approved by the U.S. Food and Drug Administration, are deemed to have not satisfied the definition of having an alternative future use, as defined. Accordingly, assets acquired in the preclinical and clinical stages of development were expensed as incurred in the Company’s statement of operations. Patent Costs Costs related to filing and pursuing patent applications are expensed as incurred to general and administrative expense, as recoverability of such expenditures is uncertain. Stock-Based Compensation The Company generally uses the straight-line or graded vesting method to allocate compensation cost to reporting periods over each optionee’s requisite service period, which is generally the vesting period, and estimates the fair value of stock-based awards or restricted stock units to employees and directors using the Black-Scholes option-valuation model. For options with a graded vesting schedule, the Company uses the graded vesting schedule to allocate compensation cost to reporting periods. The Black-Scholes model requires the input of subjective assumptions, including volatility, the expected term and the fair value of the underlying common stock on the date of grant, among other inputs. Stock options granted to non-employees are accounted for using the fair value approach. Stock options granted to non-employees are subject to periodic revaluation over their vesting terms. For restricted stock and restricted stock unit awards, the Company generally uses the straight-line or graded vesting method to allocate compensation cost to reporting periods over the holder’s requisite service period, which is generally the vesting period, and uses the fair value at grant date to value the awards. For restricted stock that vests upon the satisfaction of certain performance conditions, the Company recognizes stock-based compensation expense when it becomes probable that the performance conditions will be met. At the point that it becomes probable that the performance conditions will be met, the Company will record a cumulative catchup of the expense from the grant date to the current date, and the Company will then amortize the remainder of the expense over the remaining service period. Prior to the IPO, the Company accounted for stock-based compensation by measuring and recognizing compensation expense for all stock-based payments made to employees and directors based on estimated award date fair values, which estimates were highly complex and subjective in nature. The Company used the straight-line or graded vesting method to allocate compensation cost to reporting periods over each restricted award’s requisite service period, which was generally the vesting period, and estimated the fair value of restricted stock-based awards to employees and consultants using a Monte Carlo market approach simulation method and performed an allocation of value to common stock based on the estimated time to a liquidity event. In addition, the Company accounted for performance-based restricted stock awards to employees by determining the fair value of the restricted stock award at the date of issuance by using the Probability Weighted Expected Return Method (“PWERM”) and then assessing at each balance sheet date the probability of the performance criteria being met. If the probability of achieving the criteria was deemed less-than-probable, then no expense was recorded. At the point where the criteria were deemed probable of being met, then the Company began recording stock-based compensation with a cumulative catch-up expense in the period first recognized and then on a straight-line basis over the remaining period for which the performance criteria were expected to be completed. Income Taxes The Company accounts for its income taxes using the liability method whereby deferred tax assets and liabilities are determined based on temporary differences between the basis used for financial reporting and income tax reporting purposes. Deferred income taxes are provided based on the enacted tax rates in effect at the time such temporary differences are expected to reverse. A valuation allowance is provided for deferred tax assets if it is more likely than not that the Company will not realize those tax assets through future operations. ASC Topic 740-10, Income Taxes, clarifies the accounting for uncertainty in income taxes recognized in the Company’s financial statements in accordance with generally accepted accounting principles.  Income tax positions must meet a more-likely-than-not recognition threshold to be recognized. Income tax positions that previously failed to meet the more-likely-than-not threshold are recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not threshold are derecognized in the first subsequent financial reporting period in which that threshold is no longer met. The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. Net Loss per Common Share Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method. For purposes of this calculation, the Company currently does not have any deemed common share equivalents; therefore, its basic and diluted net loss per share calculations are the same. The following table presents the computation of basic and diluted net loss per common share:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:80%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.38%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Year Ended December 31,</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2015</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2014</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Historical net loss per share</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Numerator</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Net loss attributable to common stockholders</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(23,403,988</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(21,884,183</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Denominator</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Weighted-average common shares outstanding</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8,514,155</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,860,274</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Less: Weighted-average shares subject to repurchase</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2,158,286</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,672,859</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Denominator for basic and diluted net loss per share</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,355,869</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,187,415</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Basic and diluted net loss per share</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3.68</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(5.23</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> </tr> </table></div>    Potentially dilutive securities that are not included in the calculation of diluted net loss per share because their effect is anti-dilutive are as follows (in common equivalent shares):   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:80%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.38%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Year Ended December 31,</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">  </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2015</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">  </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2014</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Common stock warrants</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">82,500</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Restricted stock units</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">75,750</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Common stock subject to repurchase</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">667,963</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,018,754</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Common stock options</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">365,394</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Shares issuable upon conversion of debt</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">670,902</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">695,733</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,862,509</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,714,487</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> </table></div>   Segments The Company operates in only one segment. Management uses cash flows as the primary measure to manage its business and does not segment its business for internal reporting or decision making purposes. Recent Accounting Pronouncements In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 provides guidance on presentation of management’s plans, when conditions or events, considered in the aggregate, raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. This guidance is intended to mitigate those conditions or events that will alleviate substantial doubt about the entity’s ability to continue as a going concern. ASU 2014-15 is effective for fiscal years ending after December 15, 2016. The adoption of ASU 2014-15 is not expected to have a material impact on the Company’s financial statements.   In May 2014, the FASB issued Accounting Standards Update No. 2014-9, Revenue from Contracts with Customers (“ASU 2014-9”), which provides guidance for revenue recognition. The core principle of ASU 2014-9 is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The new guidance initially was effective for the Company beginning January 1, 2017, but on July 9, 2015 the FASB deferred the effective date and, as a result, the new guidance is effective for the Company beginning January 1, 2018. Companies may adopt the new revenue standard as of the original effective date. The Company is currently evaluating the method of adoption and the potential impact this standard will have on its financial statements.   In November 2015, the FASB issued Accounting Standards Update No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). To simplify the presentation of deferred income taxes, the amendments in ASU 2015-17 require that deferred income tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The adoption of ASU 2015-17 is not expected to have a material impact on the Company’s financial statements.    </div> <div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> 2.</td> <td valign="top"> Investments in Marketable Securities</td></tr></table></div> The Company’s investment strategy is focused on capital preservation. The Company invests in instruments that meet the credit quality standards outlined in the Company’s investment policy. This policy also limits the amount of credit exposure to any one issue or type of instrument. The Company did not have any investments classified as available-for-sale as of December 31, 2014. As of December 31, 2015, the Company’s investments were in money market funds, certificates of deposit and corporate debt securities. There were no sales of available-for-sale securities during the year ended December 31, 2015. Investments classified as available-for-sale as of December 31, 2015 consisted of the following:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:90%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Amortized <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Cost</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Gross <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Unrealized <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Gains  (1)</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:11pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Gross <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Unrealized <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Losses  (1)</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:11pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Aggregate <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Estimated <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Fair Value</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certificates of deposit  (2)</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,851,343</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,851,343</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Corporate debt securities  (2)</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,491,526</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(7,370</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,484,156</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13,342,869</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(7,370</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13,335,499</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> </table></div>   <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> (1)</td> <td valign="top"> Unrealized gains and losses on available-for-sale securities are included as a component of comprehensive loss. At December 31, 2015, there were 14 securities in an unrealized loss position. These unrealized losses were less than $2,000 individually and $8,000 in the aggregate. These securities have not been in a continuous unrealized loss position for more than 12 months. The Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis which may be at maturity. The Company reviews its investments to identify and evaluate investments that have an indication of possible other-than-temporary impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the investee, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value.</td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> (2)</td> <td valign="top"> At December 31, 2015, none of these securities were classified as cash and cash equivalents on the Company’s balance sheet and none of these securities were scheduled to mature outside of one year.</td></tr></table></div>    </div> <div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> 3.</td> <td valign="top"> Fair Value of Financial Instruments</td></tr></table></div> The Company’s financial instruments consist of cash and cash equivalents, investments, accounts payable, accrued license fees, debt and its related debt conversion feature liability. The carrying amounts reported in the accompanying balance sheets for cash and cash equivalents and accounts payable approximate fair value because of the short-term maturity of those instruments. Fair value measurements are classified and disclosed in one of the following three categories: Level 1 —Quoted prices in active markets for identical assets or liabilities. Level 2 —Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 —Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. As of December 31, 2015, all of the Company’s financial assets that were subject to fair value measurements were valued using observable inputs. The Company’s financial assets valued based on Level 1 inputs consist of money market funds and certificates of deposit. The Company’s financial assets valued based on Level 2 inputs consist of corporate debt securities, which consist of investments in highly-rated investment-grade corporations.  The Company did not have any assets or liabilities categorized as Level 1 or Level 2 in the fair value hierarchy as of December 31, 2014. The Company’s financial liabilities that were subject to fair value measurements consist of accrued license fees and debt conversion features that have been recorded as liabilities based on Level 3 unobservable inputs. The fair value of the debt conversion feature, long-term as of December 31, 2015 required management to estimate fair value based on assumed timing of conversion and an assumed annual discount rate. Alternate probabilities would have resulted in increases or decreases in the fair value of the debt conversion feature liabilities. As of December 31, 2014, the Company’s accrued license fees have been recorded based on “Level 3” fair value inputs, which consist of unobservable inputs and generally reflect management’s estimate of assumptions that market participants would use in pricing the assets. The fair value of the debt conversion feature liability, current at December 31, 2014 required management to make assumptions about the occurrence of an equity financing resulting in net proceeds of at least $5,000,000 and the outstanding convertible promissory notes issued by the Company from September 2012 through June 2013 (the “Convertible Notes”) converting based on the applicable conversion terms. The fair value of the debt conversion feature, long-term at December 31, 2014 required management to make assumptions about the probability of the occurrence of the earlier of a private equity financing with aggregate net proceeds to the Company of at least $20,000,000 or the Company’s initial public offering, and the Ligand Note being converted based on the applicable conversion terms. The fair values of the Company’s financial instruments are presented below:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:90%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:9.18%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">  </td> <td colspan="10" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:35%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Fair Value Measurements at December 31, 2015</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Total</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level 1</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-top:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level 2</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-top:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level 3</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial assets carried at fair value:</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cash equivalents:</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:27.35pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Money market funds</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">548,872</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">548,872</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Short-term investments</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:27.35pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certificates of deposit</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,851,343</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,851,343</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:27.35pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Corporate debt securities, available-for-sale</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,484,156</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,484,156</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:41.05pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total financial assets</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13,884,371</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,400,215</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,484,156</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial liabilities carried at fair value:</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:27.35pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Debt conversion feature - long-term</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,370,903</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,370,903</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:41.05pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total financial liabilities</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,370,903</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,370,903</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> </table></div>   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:90%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:9.18%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="10" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:35%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Fair Value Measurements at December 31, 2014</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Total</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level 1</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level 2</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level 3</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial liabilities carried at fair value:</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accrued license fees</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">19,865,863</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">19,865,863</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Debt conversion feature – current</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">58,742</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">58,742</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Debt conversion feature – long-term</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,390,469</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,390,469</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:27.35pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total financial liabilities</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">21,315,074</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">21,315,074</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> </table></div>    The table below presents a summary of changes in the Company’s accrued license fees and debt conversion feature liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2015 and 2014:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.38%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Year Ended December 31,</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2015</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2014</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Accrued license fees:</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Beginning balance</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">19,865,863</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Additions</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">21,687,576</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Adjustments resulting from changes in fair <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">   value recognized in earnings</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,381,848</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,821,713</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Issuance of shares of common stock</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(29,247,711</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Ending balance</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">19,865,863</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Debt conversion feature:</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Beginning balance</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,449,211</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">71,655</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Additions</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,768,319</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Adjustments resulting from changes in fair <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">   value recognized in earnings</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,043,478</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(390,763</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Issuance of shares of common stock</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(121,786</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Ending balance</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,370,903</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,449,211</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> </table></div>   The following table sets forth the Company’s valuation techniques and significant unobservable inputs used to determine fair value for significant Level 3 liabilities:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:100%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:21.98%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.04%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:19.4%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Fair Value</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.04%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:17.66%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.04%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:24.18%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Significant</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.04%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:11.52%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:21.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.04%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:8.66%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Assets</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.04%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:8.66%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Liabilities</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.66%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Valuation Technique(s)</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.04%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.18%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Unobservable Input</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.04%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.52%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Range</td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accrued license fees:</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.66%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.18%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.52%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2014</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">19,865,863</td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.66%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Probability weighted <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">expected return model</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.18%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Probability weightings assigned to each scenario</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.52%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">30% to 40%</td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.66%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.18%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Time assumptions to liquidation events</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">  <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.52%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4/30/2015- <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3/31/2017</td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.66%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.18%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Discount rates</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.52%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12% to 60%</td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Debt conversion feature <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">   liability</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.66%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.18%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.52%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2015</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,370,903</td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.66%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Discounted cash <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">flow model</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.18%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Timing of the events</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.52%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5/21/2016</td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.66%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.18%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Probabilities of Occurrence</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.52%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100%</td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.66%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.18%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Discount rate</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.52%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">37.5%</td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2014</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,449,211</td> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.66%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Discounted cash <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">flow model</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.18%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Timing of the events</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">  <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.52%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3/31/2015 to <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6/30/2015</td> </tr> <tr> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.66%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.18%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Probabilities of Occurrence</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.52%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">30% to 40%</td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.66%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.18%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Discount rate</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">  <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.52%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">37.5%</td> </tr> </table></div>   Level 3 Fair Value Sensitivity Accrued license fees For accrued license fees, generally increases (decreases) in the probability weightings assigned to each scenario would result in increases (decreases) to the fair value. In general, an increase (decrease) in discount rate tends to result in (decreases) increases to fair value. Debt conversion features The fair value of the debt conversion feature liabilities includes the estimated timing of the events as well as the related probabilities of occurrence. The shorter/longer the period estimated to the events, the higher/lower the value of the debt conversion feature liabilities. The higher/lower the probability of occurrence, the higher/lower the value of the debt conversion feature liability.</div> <div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> 4.</td> <td valign="top"> Agreements with Ligand Pharmaceuticals Incorporated</td></tr></table></div> In May 2014, the Company entered into a master license agreement with Ligand (the “Master License Agreement”), pursuant to which, among other things, the Company acquired the rights to a number of research and development programs under patents related to the Company’s VK5211, VK2809, VK0214, VK0612, EPOR and DGAT-1 programs, related know-how controlled by Ligand and physical quantities of VK5211, VK2809, VK0214, VK0612, EPOR and DGAT-1 compounds. Pursuant to the terms of the Master License Agreement, the Company has the exclusive right and sole responsibility and decision-making authority for researching and developing any pharmaceutical products that contain or comprise one or any combination of the technology and compounds licensed from Ligand pursuant to the Master License Agreement (the “Licensed Products”). The Company also has the exclusive right and sole responsibility and decision-making authority to conduct all clinical trials and preclinical studies that the Company believes are appropriate to obtain the regulatory approvals necessary for commercialization of the Licensed Products, and the Company will own and maintain all regulatory filings and all regulatory approvals for the Licensed Products. Additionally, pursuant to the terms of the Master License Agreement, the Company has the sole decision-making authority and responsibility and the exclusive right to commercialize any of the Licensed Products, either by itself or, in certain circumstances, through sublicensees selected by the Company. The Company also has the exclusive right to manufacture or have manufactured any Licensed Product itself or, in certain circumstances, through sublicensees or third parties selected by the Company. The Company will own any intellectual property that it develops in connection with the license granted under the Master License Agreement. As partial consideration for the grant of the rights and licenses to the Company under the Master License Agreement, the Company issued to Ligand at the closing of the IPO 3,655,964 shares of its common stock having an estimated aggregate value of $29.2 million. Furthermore, as partial consideration for the grant of the rights and licenses to the Company under the Master License Agreement the Company entered into the Loan and Security Agreement with Ligand (as discussed below). As further partial consideration for the grant of the rights and licenses to the Company by Ligand under the Master License Agreement, the Company has agreed to pay to Ligand certain one-time, non-refundable milestone payments in connection with the Licensed Products of up to $1.54 billion in the aggregate upon the achievement of certain development, regulatory and sales milestones. The Company will also pay to Ligand royalties on aggregate annual worldwide net sales of Licensed Products by the Company, its affiliates and its sublicensees at tiered percentage rates from the low-to-upper single digits based upon net sales. The term of the Master License Agreement will continue unless the agreement is terminated by the Company or Ligand, and each of the Company and Ligand have the right to terminate the Master License Agreement in certain circumstances, including, without limitation, if the other party defaults on certain of its obligations under the Master License Agreement. Ligand has the right to terminate the Master License Agreement under certain circumstances, including, but not limited to: (1) in the event of the Company’s insolvency or bankruptcy, (2) if the Company does not pay an undisputed amount owing under the Master License Agreement when due and fails to cure such default within a specified period of time, or (3) if the Company defaults on certain of its material and substantial obligations and fails to cure the default within a specified period of time. The Company has the right to terminate the Master License Agreement under certain circumstances, including, but not limited to: (i) if Ligand does not pay an undisputed amount owing under the Master License Agreement when due and fails to cure such default within a specified period of time, or (ii) if Ligand defaults on certain of its material and substantial obligations and fails to cure the default within a specified period of time. In addition, provisions of the Master License Agreement can be terminated on a licensed program-by-program basis under certain circumstances. In the event that the Master License Agreement is terminated in its entirety or with respect to a specific licensed program for any reason: (A) all licenses granted to the Company under the Master License Agreement (or with respect to the specific licensed program) will terminate and the Company will, upon Ligand’s request (subject to Ligand assuming legal responsibility for any clinical trials of the Licensed Products then ongoing), assign and transfer to Ligand (or to such transferee as Ligand may direct), at no cost to Ligand, all regulatory documentation and all regulatory approvals prepared or obtained by the Company or on its behalf related to the Licensed Products (or those related to the specific licensed program), or, if Ligand does not make such a request, the Company will wind down any ongoing clinical trials with respect to the Licensed Products (or those related to the specific licensed program) at no cost to Ligand; (B) the Company will, upon Ligand’s request, sell and transfer to Ligand (or to such transferee as Ligand may direct), at a price equal to 125% of the Company’s costs of goods, any and all chemical, biological or physical materials relating to or comprising the Licensed Products (or those related to the specific licensed program); (C) the Company will have, for a period of six months following termination, the right to sell on the normal business terms in existence before such termination any finished commercial inventory of Licensed Products (or those related to the specific licensed program) which remains on hand, so long as the Company pays to Ligand the applicable royalties and sales milestones; (D) Ligand has the right to require the Company to assign to Ligand the trademarks owned by the Company relating to the Licensed Products (or those related to the specific licensed program); and (E) the Company will grant to Ligand a non-exclusive, worldwide, royalty-bearing sublicensable license under any patent rights and know-how controlled by the Company to the extent necessary to make, have made, import, use, offer to sell and sell the Licensed Products (or those related to the specific licensed program) anywhere in the world at a royalty rate in the low single digits. Under the Master License Agreement, the Company has agreed to indemnify Ligand for claims relating to the performance of the Company’s obligations under the Master License Agreement, any breach of the representations and warranties made by the Company under the Master License Agreement, clinical trials conducted by the Company and the research, development and commercialization of the Licensed Products by the Company and its affiliates, sublicensees, distributors and agents. In addition, Ligand has agreed to indemnify the Company for claims relating to the performance of its obligations under the Master License Agreement, its breach of representations and warranties under the agreement and its research and development of the licensed compounds before the effective date of the Master License Agreement. Each party’s indemnification obligations will not apply to the extent the claims result from the negligence or willful misconduct of the indemnified party or any of its employees, agents, officers or directors or from the indemnified party’s breach of its representations or warranties set forth in the Master License Agreement. On September 6, 2014, the Company and Ligand entered into an amendment to the Master License Agreement pursuant to which the parties agreed to certain modifications to the calculations used to determine the number of shares issuable to Ligand pursuant to the Master License Agreement. As a result of the modification, the Company incurred an incremental charge to research and development expense of $517,960 and a corresponding increase in the accrued license fees. In connection with entering into the Master License Agreement with Ligand, the Company entered into a loan and security agreement with Ligand, dated May 21, 2014 (the “Loan and Security Agreement”), pursuant to which, among other things, Ligand agreed to provide the Company with loans in the aggregate amount of up to $2.5 million. In May 2014, the Company also entered into a Management Rights Letter with Ligand that requires the Company to expand the size of the Company’s board of directors to create an additional directorship on the Company’s board of directors and to allow Ligand to appoint an individual to fill the new directorship. The Management Rights Letter will terminate upon the earliest to occur of the liquidation or indefinite cessation of the Company’s business operations, the execution by the Company of a general assignment for the benefit of creditors or the appointment of a receiver or trustee to take possession of the Company’s property and assets, an acquisition of the Company by means of any transaction (including, without limitation, any reorganization, merger or consolidation) if the Company’s stockholders of record as constituted immediately prior to the transaction hold less than 50% of the voting power of the surviving or acquiring entity, or following the issuance of the Company’s securities pursuant to the Master License Agreement, the date that Ligand ceases to beneficially own at least 7.5% of the Company’s outstanding voting stock, or the date of May 21, 2024. The Company also entered into a Registration Rights Agreement with Ligand in May 2014 for which the Company granted certain registration rights to Ligand with respect to the securities of the Company issued to Ligand pursuant to the Master License Agreement and the Ligand Note (collectively, the “Viking Securities”), the shares of the Company’s common stock issued or issuable upon conversion of the Viking Securities, if applicable, the shares of the Company’s common stock issued as a dividend or other distribution with respect to, in exchange for or in replacement of the Viking Securities and the shares of the Company’s capital stock issued upon conversion of the Ligand Note, or collectively, the Registrable Securities. Under the Registration Rights Agreement, the Company has agreed to file with the SEC, by no later than the first date on which the lock-up requested by the underwriters for the Company’s initial public offering expires or lapses with respect to Ligand (or the first business day thereafter), a registration statement on Form S-1 under the Securities Act that covers the resale of the full amount of the Registrable Securities. The Company has agreed to use commercially reasonable efforts to have the Registration Statement declared effective by the SEC as soon as practically possible after it is filed with the SEC. There are certain cash payment penalties that the Company may need to pay to Ligand if the Company does not meet certain timelines with the SEC. The Company has also agreed to use commercially reasonable efforts to keep each Registration Statement filed pursuant to the Registration Rights Agreement effective for certain periods of time. The Registration Rights Agreement was amended on January 22, 2016 (see Note 13 for a description of the amendments to the agreement). In May 2014, the Company entered into a Sublease Agreement with Ligand, as sublandlord, for approximately 5,851 square feet of individual and shared space within the building located at 11119 North Torrey Pines, San Diego, California 92037. Under the Sublease Agreement, the Company was required, among other things, to pay base rent in the amount of approximately $13,500 per month through December 31, 2014. The sublease commenced on May 21, 2014 and expired on December 31, 2014.</div> <div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> 5.</td> <td valign="top"> Accrued License Fees and License Fees Expense</td></tr></table></div> As partial consideration for the grant of the rights and licenses to the Company under the Master License Agreement, the Company issued to Ligand at the closing of the Company’s IPO 3,655,964 shares of its common stock having an estimated aggregate value of $29.2 million. Prior to this event, the Company had to determine how to account for the potential issuance of these shares to Ligand in accordance with the Master License Agreement. Under the Master License Agreement, in the event the Company consummated a firmly underwritten public offering pursuant to a Registration Statement on Form S-1 or any successor form (an “Initial Public Offering”), the Company would issue to Ligand at the closing of the Initial Public Offering a number of shares of its common stock having an estimated aggregate value of $29.0 million, subject to adjustment based on the deemed value of the Company as of immediately prior to the Initial Public Offering and the per share price at which shares of its common stock are sold in the Initial Public Offering. In the event the Company consummated a private financing of its equity securities (a “Private Financing”) prior to an Initial Public Offering, Ligand had the option to receive a number of shares of the same class and type of securities issued and sold by the Company in the Private Financing having an estimated aggregate value of $29.0 million, subject to adjustment based on the deemed value of the Company as of immediately prior to the Private Financing and the per share price at which shares of the Company’s common stock are sold in the Private Financing, or, in lieu of receiving the same class and type of shares issued in the Private Financing, to defer its right to receive equity in the Company until an Initial Public Offering or subsequent private financing of the Company. Prior to the IPO, the Company reported the expected issuance of stock to Ligand under the Master License Agreement as a liability in accordance with ASC Topic 480, Distinguishing Liabilities from Equity, as it represents a conditional obligation that the Company must settle by issuing a variable number of shares of its common stock. The Company measured, at each reporting date until settled, the estimated amount of cash that would be paid if settlement occurred on the reporting date, with any changes in that fair market value reported as other expense during the period of change. In accordance with this guidance, the Company determined its enterprise values as of May 21, 2014, the date the Master License Agreement was entered into, December 31, 2014, its most recent fiscal year end, and as of May 4, 2015, the closing date of the Company’s IPO. The fair value of the assets was determined using a PWERM, which incorporated relevant events and expected exit scenarios for the Company. The exit scenarios included an initial public offering, a merger or acquisition, which included an assumption of a Private Financing, and a scenario in which neither an initial public offering nor the merger or acquisition occurred. The enterprise value was based primarily on the market approach and probability-weighted expected exit values for the Company under each scenario. As of the execution of the Master License Agreement, the Company ascribed a percentage likelihood to each expected exit scenario, and each was less than 50%. However, since Ligand was entitled to receive shares under the Master License Agreement if either of these IPO or merger or acquisition scenarios were to occur, and the sum of the percentage likelihoods for the two exceeded 50%, the Company determined that a payout of shares was probable. Further, since the valuations would determine a value, the Company determined that the liability under the Master License Agreement should be reported as of the execution of the Master License Agreement. Similar publicly traded companies and merger or acquisition transactions were utilized as part of the market approach, and appropriate metrics were applied to the Company’s numbers along with qualitative comparable assessments. The Company utilized a Monte Carlo simulation method to determine the weighted average per share value as of the acquisition date and in accordance with the Master License Agreement, utilized that per share value to calculate the estimated license fee liability as of May 21, 2014 to be $21,169,616. In addition, the Company incurred an incremental charge of $517,960 on September 6, 2014 related to the license fee liability pursuant to the amendment to the Master License Agreement. Having determined the amount of the liability to be reported, the Company then evaluated whether to report the offset as an asset or as an expense. In accordance with ASC Topic 730, Research and Development, intangible assets that are acquired and have an alternative future use, as defined, should be capitalized and reported as an intangible asset; however, the cost of acquired intangible assets that do not have alternative future uses should be reported as research and development expense as incurred. The Company noted that the assets, the rights for which were acquired pursuant to the Master License Agreement, are in the preclinical and clinical stages, and not FDA approved. The Company has therefore interpreted the guidance to say that since these assets are not commercially readily saleable, i.e., they are still in preclinical and clinical trials, that they do not satisfy the definition of having an alternative future use, as defined. Accordingly, the Company recorded the offset to the license fee liability as research and development expense in May 2014. The Company revalued the license fee liability as of December 31, 2014 using consistent methodology to that used for the May valuation; however, given the Company’s recent refocus to certain other programs as well as some deemed market risks as of December 31, 2014, it revalued the license fee liability based upon these new programs; VK5211 to be used in hip fractures and VK0214 to be used in X-ALD; and, based upon their updated fair value, reported a decrease in the license fee liability and other expense for the year ended December 31, 2014 in the amount of $1,821,713, to reduce the license fee liability to $19,865,863 as of December 31, 2014. During 2015, the Company continued to revalue the license fee liability under these new assumptions with any increases in that liability being recorded as other expense. On May 4, 2015, upon the closing of the Company’s IPO, the license fee liability was determined to be valued at $29,247,711 and the incremental amount of $9,381,848 was recorded as additional Other expense in the Company’s Statement of Operations for the period from January 1, 2015 through May 4, 2015. In accordance with the Master License Agreement, the Company issued 3,655,964 shares of its common stock having an estimated aggregate value equivalent to the May 4, 2015 license fee liability of $29,247,711 and offset this liability against its common stock and additional paid-in-capital.</div> <div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> 6.</td> <td valign="top"> Convertible Notes Payable</td></tr></table></div> Convertible notes payable consisted of the following at:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="6" valign="middle" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.38%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31,</td> <td valign="middle" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="middle" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2015</td> <td valign="middle" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="middle" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2014</td> <td valign="middle" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Current maturities:</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Various convertible notes payable issued during 2013 with <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">   interest rates ranging from 2.16% to 4.68% annually, <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">   due during 2015</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">310,350</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Discount on notes payable, current</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(6,076</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Convertible notes payable, current portion (net of discount)</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">304,274</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Long-term maturities:</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Convertible note payable issued during 2014 to Ligand as <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">   part of the Master License Agreement with a 5% annual <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">   interest rate, due during 2016 (subsequently <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">   amended to 2017)</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,500,000</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,500,000</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Discount on notes payable, long-term</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(348,460</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,235,886</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Convertible notes payable, long-term (net of discount)</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,151,540</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,264,114</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> </table></div>   In September 2012, the Company’s board of directors authorized the Company to issue and sell up to an aggregate of $1.0 million in convertible promissory notes (the “Notes”) to accredited investors in one or more closings through September 2014 (the “Note Authorization”). The notes bore interest at a rate equal to the lesser of the short-term monthly applicable federal rate as published by the Internal Revenue Service or the maximum rate permissible by law. Interest under the Notes is due and payable at maturity. Unless repaid in full, amended or converted in full, each Note matured two years from its date of purchase. In the event that any principal amount due under the Notes was not paid in full by the maturity date, such unpaid principal amount would bear interest at the lesser of 2% or the maximum rate permissible by law. If, prior to maturity of the Notes, the Company issues capital stock resulting in net proceeds of at least $5.0 million (a “Qualifying Financing”), the Notes will convert into shares of the capital stock issued in the Qualifying Financing. The number of shares issued upon conversion will be equal to the quotient obtained by dividing the then-outstanding loan balance by either 70% or 75%, as applicable, of the lowest purchase price paid per share paid by another investor in the Qualifying Financing. If, prior to the maturity of the Notes, the Company issues preferred stock in a financing that does not qualify as a Qualifying Financing (a “Non-Qualifying Financing”), the holders of the Notes will have the option of converting their Notes into shares of the preferred stock issued in the Non-Qualifying Financing on the same terms as the investors in the Non-Qualifying Financing. In the event the Company undergoes a change in control, as defined in the Notes, prior to the maturity date and repayment of the Notes, the holders of the Notes will have the option to either (1) convert the loan balance into shares of the Company’s common stock in an amount equal to the ratio of (a) the then-outstanding loan balance over (b) the ratio of $7,500,000 divided by the number of shares of capital stock of the Company outstanding immediately prior to the change in control, or (2) demand immediate repayment of an amount equal to 125% of the then-outstanding loan balance. If the Notes are still outstanding at their maturity date, the holders of the Notes have the option to either demand immediate repayment of all outstanding principal and interest or to convert the loan balance into shares of the Company’s common stock in an amount equal to the ratio of the then-outstanding loan balance over the ratio of $7,500,000 divided by the number of shares of capital stock of the Company outstanding immediately prior to the maturity date. The debt conversion feature embedded in the Notes is accounted for under ASC Topic 815 – Derivatives and Hedging. At issuance, the fair value of the debt conversion feature totaled $8,286 on the Notes issued during 2012 and $42,747 on the Notes issued during 2013. The fair value of the debt conversion feature was allocated from the gross proceeds of the Notes with the respective discount amortized to interest expense over the original term of the Notes using the effective interest method. The valuation of the bifurcated debt conversion feature was performed using Level 3 inputs, requiring the Company to make assumptions about the probability of the occurrence of a Qualifying Financing and the Notes being converted based on the applicable conversion terms. Alternative probabilities would have resulted in increases or decreases in the value of the debt conversion feature. The Company is required to mark to market the value of the conversion feature liability. Therefore, as of December 31, 2014, the Company revalued the fair value of the debt conversion feature for each tranche and determined the conversion feature liability to be $58,742. The Company amortized $25,529 of the discount in 2014. Pursuant to the terms of the Note Authorization, from September 2012 through June 2013, the Company issued a total aggregate principal amount of $310,350 in Notes and recorded interest expense at interest rates ranging from 3.00% to 4.68% on an annual basis of $12,104 for the year ended December 31, 2014. The cumulative accrued interest payable on the Notes as of December 31, 2014 was $18,611. In accordance with the provisions of the convertible notes, on May 4, 2015, at the closing of the Company’s IPO, the Company converted $310,350 of principal amounts owed plus $24,276 of accrued but unpaid interest as of that date on the Notes into 57,046 shares of the Company’s common stock. The Company eliminated the notes payable and recorded the offsets to common stock and additional paid-in-capital. The Company entered into a Loan and Security Agreement with Ligand on May 21, 2014, pursuant to which, among other things, Ligand agreed to provide the Company with loans in the aggregate amount of up to $2.5 million. Pursuant to the Loan and Security Agreement, Ligand initially loaned $1.0 million to the Company on May 27, 2014, and additional amounts of $250,000 to the Company each month from June 2014 through and including November 2014 for a total of $2.5 million. The principal amount outstanding under the loans accrue interest at a fixed per annum rate equal to the lesser of 5% and the maximum interest rate permitted by law. In the event the Company defaults under the loans, the loans will accrue interest at a fixed per annum rate equal to the lesser of 8% and the maximum interest rate permitted by law. The loans are and will be evidenced by a Secured Convertible Promissory Note (the “Ligand Note”). Pursuant to the terms of the Loan and Security Agreement and the Ligand Note, the loans will become due and payable upon the written demand of Ligand at any time after the earlier to occur of an event of default under the Loan and Security Agreement or the Ligand Note, and May 21, 2016, unless the loans are converted into equity prior to such time. In addition, under the Loan and Security Agreement, the Company may not declare or pay dividends in respect of its common stock without Ligand’s prior written consent.  Pursuant to the terms of the Loan and Security Agreement, the Company recorded interest expense of $58,611 during the year ended December 31, 2014, which remained payable as of December 31, 2014. The debt conversion feature embedded in each tranche of the Ligand Note is accounted for under ASC Topic 815 – Derivatives and Hedging. At each issuance date, the fair value of the debt conversion feature was determined. The fair value of the debt conversion feature was allocated from the gross proceeds of the Ligand Note with the respective discount amortized to interest expense over the original term of the Ligand Note using the effective interest method. The valuation of the bifurcated debt conversion feature was performed using Level 3 inputs, requiring the Company to make assumptions about the probability of the occurrence of a private equity financing with aggregate net proceeds to the Company of at least $20,000,000 or the Company’s initial public offering and the Ligand Note being converted based on the applicable conversion terms. Alternative probabilities would have resulted in increases or decreases in the value of the debt conversion feature. The Company is required to mark to market the value of the conversion feature liability. Therefore, as of December 31, 2014, the Company revalued the fair value of the debt conversion feature for each tranche of the Note outstanding as of December 31, 2014, and determined the conversion feature liability to be $1,390,469. The Company amortized $532,433 of the discount during the year ended December 31, 2014. On April 8, 2015, the Company and Ligand entered into a First Amendment to Loan and Security Agreement with Ligand (the “Loan Amendment”), pursuant to which the parties agreed to amend, among other things, the timing of Ligand’s conversion rights under the Secured Convertible Promissory Note issued to Ligand on May 21, 2014 (the “Ligand Note”) following certain Company transactions. Under the terms of the Loan Amendment, following the consummation of the earlier to occur of (1) a bona fide capital financing transaction or series of financing transactions with one or more financial non-strategic investors resulting in aggregate net proceeds to the Company of at least $20,000,000 and pursuant to which the Company issues shares of its equity securities, (2) a firmly underwritten public offering pursuant to the Securities Act of 1933, as amended, on Form S-1 or Form S-3, or any successor forms, or (3) May 4, 2016 (the one year anniversary of the closing of the IPO), Ligand may elect to convert the Ligand Note into shares of the Company’s common stock and/or cash in an amount equal to 200% of the principal amount of the loan plus all accrued and previously unpaid interest thereon. Additionally, pursuant to the Loan Amendment, Ligand has agreed that it will not, until the earlier of (A) 270 days from the date of conversion of the Ligand Note or (B) April 28, 2016 (one year following the date of the prospectus filed with the SEC relating to the IPO), sell or otherwise transfer or dispose of the shares of common stock issuable upon conversion of the Ligand Note. As of December 31, 2015, the Ligand Note was recorded at $2,500,000, and interest in the amount of $183,611 was payable on the Ligand Note. During the year ended December 31, 2015, the Company also recorded $125,000 of interest expense, $887,426 of amortization of debt discount and $980,434 as other expense related to increases in the fair value of the debt conversion feature liability. In connection with the Loan and Security Agreement, the Company also granted Ligand a continuing security interest in all of its right, title and interest in and to its assets as collateral for the full, prompt, complete and final payment and performance when due of all obligations under the Loan and Security Agreement and the Ligand Note. A second amendment to the Loan and Security Agreement was entered into on January 22, 2016 (see Note 13).</div> <div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> 7.</td> <td valign="top"> Stockholders’ Equity (Deficit)</td></tr></table></div>   Preferred Stock   The Company is authorized to issue up to 10,000,000 shares of $0.00001 par value preferred stock, with no shares outstanding as of December 31, 2015 and 2014. The Board of Directors is authorized to designate the terms and conditions of any preferred stock the company issues without further action by the common stockholders.   Common Stock   The Company is authorized to issue up to 300,000,000 shares of common stock, $0.00001 par value per share. On September 26, 2012, the Company issued 4,750,000 shares of common stock to its founders for the contribution of certain intellectual property and assets having a deemed fair value of $0.01 per share. The shares of common stock issued to the founders are subject to a repurchase feature whereby the Company can repurchase the stock if the applicable founder’s arrangements with the Company are terminated. The repurchase feature lapses over time and the repurchase option immediately ceases upon the occurrence of certain triggering events. The related expense is being charged over the requisite service period. At December 31, 2015, none of these shares were subject to the repurchase option. See below regarding the repurchase of certain of these shares. During fiscal year 2013, the Company sold an additional 700,000 shares of its common stock to consultants. The purchase price of the shares of common stock was $0.01, which approximated fair value. The Company received a total of $7 in cash and $6,993 in notes receivable as consideration for the issuance of the 700,000 shares of common stock. The shares of common stock were subject to repurchase features whereby the Company can repurchase the shares from the consultants if their arrangements with the Company are terminated. The repurchase features lapse over time. In June 2013, the Company exercised its right to repurchase 250,000 shares of its common stock issued earlier in 2013 in connection with the termination of one of the consulting arrangements. The Company paid $3 in cash to refund the cash contributed by the consultant and eliminated the $2,497 note receivable issued by the consultant to the Company. In March 2014, the Company terminated another one of the consulting agreements. In conjunction with the termination of the consulting agreement, the Company exercised its right to repurchase 200,000 shares by repaying the $2 in cash contributed by the consultant and eliminating the $1,998 note receivable issued by the consultant to the Company. In May 2014, the Company forgave the remaining notes receivable balance of $2,581, which included $2,498 of principal and $83 of interest from one of its consultants in consideration for services rendered by the consultant. At December 31, 2015, there was $290 of total unrecognized compensation costs related to these shares, which are expected to be recognized over a weighted-average period of 1.25 years. During the year ended December 31, 2015, the Company recorded stock-based compensation of $145 related to these share issuances. In connection with the preparation of the financial statements necessary for inclusion in a registration statement, in May 2014 the Company reassessed the estimated fair value of its common stock for financial reporting purposes. The Company reassessed the estimated fair value of its common stock for each quarterly period from its inception on September 24, 2012 through December 31, 2013. Valuation analyses were performed as of September 26, 2012, April 15, 2013 and July 15, 2013 (the respective dates of stock activity noted above). The Company concluded that its shares of common stock as of each such date had a fair value less than or equal to the then estimated fair value of common stock at the date of issuance. Therefore, no additional stock expense was required to be expensed by the Company. In February 2014, the Company entered into a stock purchase agreement with one of its founders. The agreement provides for the purchase of 1,000,000 shares of the Company’s common stock at a price per share of $0.01 in exchange for future services to be rendered to the Company as measured by certain performance criteria. The shares are subject to a repurchase option and vest in two tranches of 500,000 shares each, upon achievement of the performance target or upon a triggering event as defined. To appropriately account for this stock purchase, the Company determined the fair value of the common stock on the date of purchase as well as the likelihood of achievement of each of the performance conditions included in the agreement. The valuation methodology utilized in determining fair value relied on the PWERM, which incorporates relevant events and expected future exit scenarios for the Company. The exit scenarios included merger and acquisition and initial public offering scenarios. The enterprise value under each scenario was based primarily on the market approach and probability-weighted expected exit values for the Company under each scenario. Similar merger and acquisition transactions and publicly traded companies were utilized within the market approach and appropriate metrics were applied to the Company along with qualitative comparable assessments. The indicated value under the market approach was used as the starting aggregate value for the valuation of these performance-based shares. The Company utilized a Monte Carlo simulation method to determine the fair value of the performance-based shares as of the issuance date. The Monte Carlo simulation method takes into consideration the expected timing of the performance milestones, probability of achieving the milestones and estimated per share common stock prices at expected vesting dates. The Company determined that the issuance in February 2014 had a deemed fair value lower than the reassessed fair value of the common stock on the date of issuance based upon the PWERM. Since the stock issuance to the founder is tied to certain performance criteria, the Company reviewed the probability of achieving such criteria at February 20, 2014 and December 31, 2014 and determined that it was not probable that the criteria would be met. Therefore, no compensation expense was recorded for this issuance through December 31, 2014. The Company will continue to reassess at each reporting period whether it is probable that either of the two performance criteria will be met, and if and when either are deemed probable, the Company will begin to record compensation expense using the fair value to determine stock-based compensation expense in its financial statements over the period the Company estimates the performance criteria will actually be met. The Company determined that the fair value of the unrecognized expense was approximately $168,000 at February 20, 2014, the grant date. In May 2015, the Company repurchased 633,810 of these shares at a purchase price of $0.00001 per share. In connection with the repurchase, the Company entered into an amendment to the stock purchase agreement to provide that the remaining 366,190 shares will continue to vest in two tranches of 183,095 shares each, upon achievement of the performance target or upon a triggering event as defined, with the pro rata fair value of the expense of $61,566 to be recognized.  In October 2015, one of the two triggering events became probable of occurrence; therefore, for the year ended December 31, 2015, the Company recorded $18,407 of stock-based compensation expense, with the remaining expense relating to this event estimated to be recognized through April 2017. In June 2014, the Company entered into employment agreements with each of its five employees pursuant to which, among other things, each employee agreed to be paid a lower salary during the period of time between the signing of his or her employment agreement and the date of the closing of the Company’s IPO. In exchange for this agreement to receive a lower salary, the Company agreed to issue, on the date of the closing of the IPO, to each of these employees a certain amount of fully vested restricted stock equal to the quotient of (1) the product of 150% of the difference between the employee’s post-IPO salary and his or her pre-IPO salary multiplied by the number of days between the date of the closing of the IPO and the date of execution of the employee’s employment agreement, divided by (2) the product of 365 multiplied by the closing sales price of the Company’s common stock on the date of the closing of the IPO. Since the likelihood of an IPO was deemed to be less than probable as of December 31, 2014, the Company determined that it was not required to record the liability, which, as of December 31, 2014, would have been $520,476, with respect to the potential issuance of these shares of fully vested restricted stock as of December 31, 2014, as it was less than probable that the Company would be required to issue such shares of fully vested restricted stock. Upon the closing of the IPO in May 2015, the Company issued 56,997 shares, net of shares withheld for taxes, in accordance with these agreements. In September 2014, the Company entered into a stock repurchase agreement (the “Stock Repurchase Agreement”) with each of its existing stockholders. Pursuant to the Stock Repurchase Agreement, the Company agreed to repurchase prior to the completion of the IPO, on a pro rata basis from each of the holders of its outstanding common stock, shares of the Company’s common stock from these stockholders at a purchase price of $0.00001 per share. The number of shares of common stock that the Company will repurchase pursuant to the Stock Repurchase Agreement and prior to the completion of the IPO is based on a formula in accordance with the Stock Repurchase Agreement. In accordance with this agreement, on May 4, 2015, the Company repurchased an aggregate of 3,802,859 shares of its common stock from its stockholders at a price of $0.00001 per share for an aggregate purchase price of $38. On April 8, 2015, the Company entered into a Second Amendment to Master License Agreement with Ligand, pursuant to which the parties agreed to revise (1) the calculations used to determine the number of securities to be issued to Ligand upon the closing of the IPO, and (2) certain of the royalty percentages payable by the Company to Ligand based on worldwide annual net sales of the products licensed under the Master License Agreement. Further, on April 8, 2015, the Company and Ligand entered into a First Amendment to Loan and Security Agreement with Ligand (the “Loan Amendment”), pursuant to which the parties agreed to amend, among other things, the timing of Ligand’s conversion rights under the Secured Convertible Promissory Note issued to Ligand on May 21, 2014 (the “Ligand Note”) following certain Company transactions. Under the terms of the Loan Amendment, following the consummation of the earlier to occur of (1) a bona fide capital financing transaction or series of financing transactions with one or more financial non-strategic investors resulting in aggregate net proceeds to the Company of at least $20,000,000 and pursuant to which the Company issues shares of its equity securities, (2) a firmly underwritten public offering pursuant to the Securities Act of 1933, as amended, on Form S-1 or Form S-3, or any successor forms, or (3) May 4, 2016 (the one year anniversary of the closing of the IPO), Ligand may elect to convert the Ligand Note into shares of the Company’s common stock and/or cash in an amount equal to 200% of the principal amount of the loan plus all accrued and previously unpaid interest thereon. Additionally, pursuant to the Loan Amendment, Ligand has agreed that it will not, until the earlier of (A) 270 days from the date of conversion of the Ligand Note or (B) April 28, 2016 (one year following the date of the prospectus filed with the SEC relating to the IPO), sell or otherwise transfer or dispose of the shares of common stock issuable upon conversion of the Ligand Note. On May 4, 2015, the Company completed the IPO pursuant to a Registration Statement on Form S-1 that was declared effective on April 28, 2015. In the IPO, the Company sold 3,000,000 shares of its common stock at an initial public offering price of $8.00 per share. The underwriters for the IPO had 30 days to exercise an over-allotment option to purchase up to an additional 450,000 shares at the initial public offering price, less the underwriting discount. Upon the closing of the IPO, on May 4, 2015, the Company raised a total of $19,100,500 in net proceeds after deducting underwriting discounts, commissions and other offering expenses of $4,899,500. These costs have been recorded as a reduction of the proceeds received in arriving at the amount to be recorded in additional paid-in capital upon completion of the IPO. On April 28, 2015, the date of the execution and delivery of the underwriting agreement for the IPO, the Company granted stock options to purchase an aggregate of 83,144 shares of the Company’s common stock to the non-employee directors of the Company. Upon the closing of the IPO in May 2015, the Company (1) converted $27,422,872 of accrued license fees as of May 4, 2015 into an aggregate of 3,427,859 shares of the Company’s common stock issued to Ligand and Metabasis Therapeutics, Inc., a wholly-owned subsidiary of Ligand (“Metabasis”) pursuant to the Master License Agreement; (2) incurred a non-cash interest charge of $4,421,338 at the time of conversion of the accrued license fees, relating to the difference between the carrying amounts of the $24,826,374 of accrued license fees and the fair market value of the shares issued in the IPO; (3) converted $310,350 of the Company’s convertible notes payable plus interest of $24,276 as of May 4, 2015 into 57,046 shares of the Company’s common stock; (4) incurred a beneficial conversion charge of $121,786; and (5) issued an aggregate of 422,879 shares of the Company’s common stock and granted options to purchase an aggregate of 206,000 shares of the Company’s common stock to its employees, directors and a consultant of the Company pursuant to employment agreements, offer letters and a consulting agreement. On May 26, 2015, the underwriters for the IPO exercised their full over-allotment option to purchase an additional 450,000 shares of the Company’s common stock at $8.00 per share, less the underwriting discount. On May 28, 2015, the Company sold the 450,000 shares to the underwriters pursuant to the over-allotment option and received additional net proceeds of $3,225,866 after deducting underwriting discounts, commissions and other offering expenses of $374,134. Upon the closing of the over-allotment option, pursuant to the Master License Agreement, on May 28, 2015, the Company issued an additional aggregate of 228,105 shares of its common stock to Ligand and Metabasis. During the year ended December 31, 2015, and in accordance with the Company’s 2014 Employee Stock Purchase Plan (the “ESPP”), the Company issued an aggregate of 5,711 shares of its common stock to certain employees.  </div> <div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> 8.</td> <td valign="top"> Stock-Based Compensation</td></tr></table></div> In connection with the IPO, the Company’s 2014 Equity Incentive Plan (the “2014 Plan”) and the ESPP became effective on April 28, 2015, the date of the execution and delivery of the underwriting agreement for the IPO. A total of 1,527,770 shares of the Company’s common stock were initially reserved for issuance under the 2014 Plan, and 458,331 shares of the Company’s common stock were initially reserved for issuance under the ESPP. The Company generally uses the straight-line or graded vesting method to allocate compensation cost to reporting periods over each optionee’s requisite service period, which is generally the vesting period, and estimates the fair value of stock-based awards or restricted stock units to employees and directors using the Black-Scholes option-valuation model. For options with a graded vesting schedule, the Company uses the graded vesting schedule to allocate compensation cost to reporting periods. The Black-Scholes model requires the input of subjective assumptions, including volatility, the expected term and the fair value of the underlying common stock on the date of grant, among other inputs. Stock options granted to non-employees are accounted for using the fair value approach. Stock options granted to non-employees are subject to periodic revaluation over their vesting terms. 2014 Plan. The 2014 Plan provides that the compensation committee of the Company’s Board of Directors (the “Compensation Committee”) may grant or issue stock options, stock appreciation rights, restricted shares, restricted stock units and unrestricted shares, deferred share units, performance and cash-settled awards and dividend equivalent rights to participants under the 2014 Plan. Initially, a total of 1,527,770 shares of the Company’s common stock were reserved for issuance pursuant to the 2014 Plan, which number is also the limit on shares of common stock available for awards of incentive stock options. The number of shares available for issuance under the 2014 Plan will, unless otherwise determined by the Company’s Board of Directors or the Compensation Committee, be automatically increased on January 1st of each year commencing on January 1, 2016 and ending on (and including) January 1, 2024, in an amount equal to 3.5% of the total number of shares of the Company’s common stock outstanding on December 31st of the preceding calendar year. The shares of common stock deliverable pursuant to awards under the 2014 Plan are authorized but unissued shares of the Company’s common stock, or shares of the Company’s common stock that the Company otherwise holds in treasury or in trust. Any shares of the Company’s common stock underlying awards that are settled in cash or otherwise expire, or are forfeited, terminated or cancelled (including pursuant to an exchange program established by the Compensation Committee) prior to the issuance of stock will again be available for issuance under the 2014 Plan. In addition, shares of the Company’s common stock that are withheld (or not issued) in payment of the exercise price or taxes relating to an award, and shares of the Company’s common stock equal to the number surrendered in payment of any exercise price or withholding taxes relating to an award, will again be available for issuance under the 2014 Plan. ESPP. Initially, a total of 458,331 shares of the Company’s common stock were reserved for issuance pursuant to the ESPP. The number of shares available for issuance under the ESPP will, unless otherwise determined by the Company’s Board of Directors or the Compensation Committee, be automatically increased on January 1st of each year commencing on January 1, 2016 and ending on (and including) January 1, 2024, in an amount equal to 1% of the total number of shares of the Company’s common stock outstanding on December 31st of the preceding calendar year. The shares of common stock available for purchase pursuant to the ESPP are authorized but unissued shares of the Company’s common stock, shares of the Company’s common stock that the Company otherwise holds in treasury or shares of the Company’s common stock that were purchased on the open market in arms’ length transactions in accordance with applicable securities laws. Shares of the Company’s common stock will be offered for purchase under the ESPP as determined by the Compensation Committee through a series of successive offerings that each have a term of 24 months and consist of four consecutive purchase periods of six months each. Prior to the commencement of any future offering under the ESPP, the Compensation Committee may determine that the current offering shall end, may commence a new offering on the first day after the end of such terminal purchase period (or any desired later date), and may decide that future offerings will consist of one or more consecutive purchase periods, each to be of such duration as determined by the Compensation Committee; however, no offering will exceed 27 months and no purchase period will exceed one year. Each employee of the Company who (1) is an employee on the first date of any offering under the ESPP, (2) is customarily scheduled to work for more than 20 hours per week and more than five months per calendar year, and (3) meets such other criteria as may be determined by the Compensation Committee (consistent with Section 423 of the Internal Revenue Code of 1986, as amended), is eligible to participate in the ESPP for each purchase period within such offering. The purchase price per share of the Company’s common stock under the ESPP may not be less than, and will initially be equal to, the lesser of: (1) 85% of the fair market value per share of the Company’s common stock on the first day of the offering, or (2) 85% of the fair market value per share of the Company’s common stock on the date the purchase right is exercised, which will be the last day of the applicable purchase period. During the years ended December 31, 2015 and 2014, the Company recognized the following stock-based compensation expense:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:80%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.38%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Year Ended December 31,</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2015</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2014</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Stock-based compensation expense by type of award:</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Stock options</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">949,955</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Restricted stock and restricted stock units</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,608,049</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,258</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Employee stock purchase plan</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">43,444</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total stock-based compensation expense included <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">   in expenses</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,601,448</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,258</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Stock-based compensation expense by line item:</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Research and development expenses</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">852,200</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,643</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">General and administrative expenses</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,749,248</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,615</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total stock-based compensation expense included <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">   in expenses</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,601,448</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,258</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> </table></div>   The following table sets forth the Company’s unrecognized stock-based compensation expense, net of estimated forfeitures, by type of award and the weighted-average period over which that expense is expected to be recognized:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.38%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of  December 31, 2015</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Unrecognized <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Expense, <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Net of <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Estimated <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Forfeitures</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Weighted- <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">average <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Recognition <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Period <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(in years)</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Type of award:</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Stock options</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,409,808</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.61</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Restricted stock and restricted stock units</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,442,289</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.58</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> </table></div>   The following table is a summary of restricted shares granted during the year ended December 31, 2015:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Shares</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Weighted- <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Average <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Grant Date <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Fair Value</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Unvested at December 31, 2014</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,018,752</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0.08</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Granted</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">462,090</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9.49</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Vested</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(702,165</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.37</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Forfeited</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(105,000</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9.49</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Repurchased</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,005,714</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0.03</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Unvested at December 31, 2015</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">667,963</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3.68</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> </table></div>   The following table summarizes restricted stock units activity during the year ended December 31, 2015:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Shares</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Weighted- <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Average <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Grant Date <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Value</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Unvested at December 31, 2014</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Granted</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">84,000</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8.18</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Vested</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Forfeited</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(8,250</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7.27</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Repurchased</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Unvested December 31, 2015</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">75,750</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8.27</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> </table></div>   The following table summarizes stock option activity during the year ended December 31, 2015:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:80%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:57.48%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.76%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Shares</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.76%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Weighted- <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Average <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Exercise <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Price</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.76%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Weighted- <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Average <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Remaining <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Contractual <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Term (in years)</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:57.48%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Options outstanding at December 31, 2014</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:57.48%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Granted</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">443,894</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8.49</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:57.48%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Exercised</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:57.48%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cancelled</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(78,500</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:10.76%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8.54</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:10.76%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:57.48%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Options outstanding at December 31, 2015</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">365,394</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:10.76%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8.48</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:10.76%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9.39</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:57.48%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Options exercisable at December 31, 2015</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">40,250</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:10.76%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9.49</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:10.76%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9.35</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> </table></div>   Compensation expense for stock options granted to employees is based on the estimated grant date fair value and is recognized ratably over the vesting period of the applicable option. The estimated per share weighted average fair value of stock options granted to employees during the year ended December 31, 2015 was $6.26. The options outstanding and exercisable at December 31, 2015 had no intrinsic value in the aggregate. As stock-based compensation expense recognized is based on options ultimately expected to vest, the fair value of each employee option grant during the year ended December 31, 2015 was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:80%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:67.8%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.64%; border-bottom:solid 0.75pt transparent;">  </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:29.54%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Year Ended December 31, 2015</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:67.8%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Expected volatility</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.64%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:28.54%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">85.2</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:67.8%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Expected term (in years)</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.64%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:28.54%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6.49</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:67.8%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Risk-free interest rate</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.64%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:28.54%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.81</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:67.8%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Expected dividend yield</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.64%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:28.54%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</td> </tr> </table></div>   Expected Volatility. The expected volatility rate used to value stock option grants is based on volatilities of a peer group of similar companies whose share prices are publicly available. The peer group was developed based on companies in the pharmaceutical and biotechnology industry in a similar stage of development to the Company. Expected Term. The Company elected to utilize the “simplified” method for “plain vanilla” options to value stock option grants. Under this approach, the weighted-average expected life is presumed to be the average of the vesting term and the contractual term of the option. Risk-free Interest Rate. The risk-free interest rate assumption was based on zero-coupon U.S. Treasury instruments that had terms consistent with the expected term of the Company’s stock option grants. Expected Dividend Yield. The Company has never declared or paid any cash dividends and does not presently plan to pay cash dividends in the foreseeable future. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from estimates. The Company estimates forfeitures based on its historical experience. Groups of employees that have similar historical forfeiture behavior are considered separately for expense recognition. Since the Company had a net operating loss carryforward as of December 31, 2015, no excess tax benefits for the tax deductions related to stock-based awards were recognized in the Statements of Operations. Common Stock Reserved for Future Issuance Common stock reserved for future issuance as of December 31, 2015 and 2014 is as follows:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Common Stock Reserved for Future Issuance</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.38%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31,</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2015</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2014</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Common stock warrants</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">82,500</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Restricted stock units</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">75,750</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Common stock options</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">365,394</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Available for grant under the 2014 Plan</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">773,629</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Available for issuance under Employee Stock Purchase Plan</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">452,620</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Shares issuable upon conversion of Ligand debt</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">670,902</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">695,733</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,420,795</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">695,733</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> </table></div>  </div> <div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> 9.</td> <td valign="top"> Representative’s Warrant</td></tr></table></div> Upon the closing of the IPO, on May 4, 2015, the Company issued to the representative of the underwriters as additional compensation a warrant to purchase the aggregate of 82,500 shares of the Company’s common stock. The warrant is exercisable for cash or on a cashless basis at a per share exercise price equal to $10.00 commencing on April 28, 2016, one year following the date of the prospectus filed with the SEC relating to the IPO, and expiring on April 28, 2020. In addition, the warrant provides for registration rights upon request, under certain circumstances. The piggyback registration right provided in connection with the warrant will terminate on April 28, 2022.  </div> <div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> 10.</td> <td valign="top"> Income Taxes</td></tr></table></div> The reconciliations of the U.S. federal statutory tax rate to the effective income tax rate for the years ended December 31, 2015 and 2014 are as follows:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;"> <tr> <td valign="middle" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.38%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31,</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="middle" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2015</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2014</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Tax provision at U.S. Federal statutory rates</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">34</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">34</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">State income taxes net of federal benefit</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Non-deductible permanent items</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)%</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)%</td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Stock options</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Change in valuation allowance</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(40</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)%</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(41</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)%</td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Effective income tax rate</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> </table></div>   Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred taxes as of December 31, 2015 and 2014 are as follows:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.38%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31,</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2015</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2014</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Deferred tax assets:</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accrued liabilities</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">48,982</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Intangible assets</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14,009,497</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,993,293</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Net operating loss carryforwards</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,430,249</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">548,247</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Share-based compensation</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">986,534</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,306</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Share conversion feature</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">243,759</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,510</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">530</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total deferred tax assets</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">17,722,531</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8,548,376</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Valuation Allowance</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(17,722,531</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(8,403,620</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Net deferred tax assets</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">144,756</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Deferred tax liabilities:</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Debt conversion feature</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(144,756</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total:</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> </table></div>   A valuation allowance of $17,722,531 and $8,403,620 at December 31, 2015 and December 31, 2014, respectively, has been recorded to offset net deferred tax assets, as the Company is unable to conclude that it is more likely than not that such deferred tax assets will be realized. At December 31, 2015, the Company had federal and state net operating loss carryforwards of approximately $5,890,000 and $6,629,000, respectively. The federal and state net operating loss carryforwards will begin to expire in 2032. The Company’s ability to utilize its federal net operating loss carryforwards may be limited under Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”). Specifically, this limitation may arise in the event of an “ownership change,” which is defined by Section 382 of the Code as a cumulative change in ownership of the Company of more than 50% within a three-year period. If the Company undergoes one or more ownership changes in connection with any future transactions in its stock, the Company’s ability to utilize net operating loss carryforwards to offset federal taxable income, if any, could potentially result in increased future tax liability to the Company.  An ownership change under Section 382 of the Code occurred during the year ended December 31, 2015 in connection with the Company’s initial public offering.  A portion of the net operating loss carryforwards are subject to an annual limitation. The Company is subject to U.S. federal income tax as well as income tax in various state jurisdictions.  The Company is currently open to audit under the statute of limitations by the Internal Revenue Service and various state agencies for the years ended December 31, 2012 through December 31, 2015. The differences between the Company’s effective income tax rate and the statutory federal rate for the year ended December 31, 2015 and the year ended December 31, 2014 relate primarily to losses incurred for which no tax benefit was recognized, due to the uncertainty of realization. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the period in which those temporary differences become deductible. The Company considers projected future taxable income and tax planning strategies in making this assessment. At each of December 31, 2015 and December 31, 2014, the Company provided a full valuation allowance against its deferred tax assets due to uncertainty surrounding the realization of those assets as a result of historical taxable net losses. The Company has reviewed its operations and has not identified any material uncertain tax positions. As a result, there is no liability for uncertain tax positions in the income tax provision as of December 31, 2015 or December 31, 2014.  </div> <div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> 11.</td> <td valign="top"> Related Party Transactions</td></tr></table></div> In May 2014, the Company entered into the Master License Agreement with Ligand, pursuant to which, among other things, Ligand granted the Company an exclusive worldwide license to certain clinical and preclinical programs. See Note 4 for more information related to this agreement. In connection with entering into the Master License Agreement, the Company also entered into a Loan and Security Agreement (see Note 6 and Note 13) and a sublease and services agreement (See Note 4). As Ligand owns 49.4% of the Company’s outstanding shares as of December 31, 2015, the Company considers Ligand to be a related party.  </div> <div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> 12.</td> <td valign="top"> Commitments and Contingencies</td></tr></table></div> In May 2014, the Company entered into a master license agreement with the licensor that included a license to the products covered by the option. See Note 4 for a description of the terms of the Master License Agreement. As noted in Note 4, in connection with the Master License Agreement, the Company also entered into a Sublease Agreement with Ligand, pursuant to which the Company leased approximately 5,851 square feet of office space from Ligand for the period from May 21, 2014 through December 31, 2014. Under the terms of the Sublease Agreement, the Company was required to make minimum lease payments of approximately $167,000. On July 7, 2015, the Company entered into a Sublease (the “Sublease”) for approximately 7,049 rentable square feet of space located at 12340 El Camino Real, Suite 250, San Diego, California 92130.  Monthly base rent payments due under the Sublease are $19,737, subject to annual increases of 3.0% during the term of the Sublease. Rent expense was $142,288 and $186,774 for the years ended December 31, 2015 and 2014, respectively. The Company is subject to charges for common area maintenance and other costs pursuant to the Sublease, and the Sublease provides for abatement of rent during certain periods and escalating rent payments throughout the term of the Sublease. Rent expense is being recorded on straight line basis over the life of the Sublease and the difference between the rent expense and rent paid is being recorded as deferred rent. Future minimum payments pursuant to the Sublease are as follows:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:60%;"> <tr> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.22%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Year Ending December 31:</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.82%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="middle" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.22%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2016</td> <td valign="middle" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="middle" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="middle" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.82%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">180,004</td> <td valign="middle" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.22%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2017</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.82%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">247,611</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="middle" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:80.22%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2018</td> <td valign="middle" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.94%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="middle" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="middle" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.82%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">190,337</td> <td valign="middle" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:80.22%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total minimum lease payments</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.94%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.82%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">617,952</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> </table></div>  </div> <div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> 13.</td> <td valign="top"> Subsequent Events</td></tr></table></div> The Company evaluated subsequent events through March 8, 2016, the date of the filing of this Annual Report on Form 10-K with the SEC, to ensure that this filing includes appropriate disclosure of events both recognized in the financial statements as of December 31, 2015, and events which occurred subsequent to December 31, 2015 but were not recognized in the financial statements. The Company has determined that there were no subsequent events which required recognition, adjustment to or disclosure in the financial statements, except as follows: On January 22, 2016, the Company entered into a Second Amendment to Loan and Security Agreement (the “Second Loan Amendment”) with Ligand, which amends the Loan and Security Agreement, as amended by the Loan Amendment (the “Original Loan Agreement”). The Second Loan Amendment amended the Original Loan Agreement (as so amended by the Second Loan Amendment, the “Amended Loan Agreement”) to, among other things, (1) extend the maturity date of the loans under the Ligand Note from May 21, 2016 to May 21, 2017 (the “Maturity Date”), (2) reduce the annual interest rate on the principal amount outstanding under the Ligand Note from 5.0% to 2.5%, and (3) extend Ligand’s lock-up period by one year such that Ligand may not, directly or indirectly, sell or otherwise transfer or dispose of any Company securities prior to January 23, 2017. The amount payable by the Company under the Amended Loan Agreement remains equal to 200% of the original principal amount of the loans under the Ligand Note and of all accrued and previously unpaid interest thereon. Additionally, the Amended Loan Agreement provides that, upon the consummation of the Company’s first bona fide capital financing transaction occurring subsequent to January 22, 2016, but prior to the Maturity Date, with aggregate net proceeds to the Company of at least $2.0 million (the “Next Financing”), the Company will be required to repay $1.5 million of the Ligand Note obligation to Ligand (the “Next Financing Payment”), with at least $0.3 million of the Next Financing Payment to be paid in cash, subject to the Company’s sole and absolute discretion to pay a greater amount in cash, and the remaining amount of the Next Financing Payment that will not be paid in cash (the “Balance”) to be paid in the form of such number of shares of the Company’s equity securities that are issued in the Next Financing as is equal to the quotient obtained by dividing the Balance by the lesser of (1) the lowest price per share paid by investors in the Next Financing (the “Financing Price”), and (2) $8.00 (subject to adjustment for stock dividends, splits, combinations or similar transactions). Notwithstanding the foregoing, the number of shares that the Company may issue to Ligand will be reduced to the extent the issuance of shares would increase Ligand’s beneficial ownership of the Company’s common stock to greater than 49.9%, and any remaining amount of the Balance would have to be paid by the Company in cash (the “Share Cap”). Under the terms of the Amended Loan Agreement, following the consummation of the Next Financing, the Company may elect to repay any portion of the outstanding principal under the Ligand Note, plus accrued and unpaid interest thereon, by delivering a notice to Ligand (the “Additional Repayment Notice”), specifying the amount that the Company wishes to repay (the “Additional Payment Amount”). Ligand will then have five days to elect to receive the Additional Payment Amount in cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock. If Ligand does not make an election within such five-day period, the Company will have the right, at its sole election and discretion, to elect the form of the Additional Payment Amount, subject to the Share Cap. To the extent that any portion of an Additional Payment Amount will be paid in shares of the Company’s common stock, the Amended Loan Agreement provides that the number of shares issuable will be equal to the quotient obtained by dividing the portion of the Additional Payment Amount that will be paid in shares by the lesser of (1) (a) if the Company delivers the Additional Repayment Notice within 180 days of the closing of the Next Financing, the Financing Price, or (b) if the Company delivers the Additional Repayment Notice 180 days or more after the closing of the Next Financing, the volume weighted average closing price of the Company’s common stock for the 30 days prior to the date the Company delivers the Additional Repayment Notice, and (2) $8.00 (subject to adjustment for stock dividends, splits, combinations or similar transactions). The Amended Loan Agreement also provides that, on or after the Maturity Date, Ligand may demand payment of the remaining amount payable under the Ligand Note (the “Remaining Balance”). In addition, the Company is permitted to, at its sole election and discretion, repay to Ligand the Remaining Balance solely in cash. However, if the Company does not elect to repay the Remaining Balance solely in cash, Ligand can set the form of payment as cash, shares of the Company’s common stock or both. To the extent that any portion of the Remaining Balance will be paid in shares of the Company’s common stock, the number of shares issuable will be equal to the quotient obtained by dividing the portion of the Remaining Balance that will be paid in shares by the lesser of (a) the volume weighted average closing price of the Company’s common stock for the 30 days prior to the date of Ligand’s demand for repayment or the date of the Company’s prepayment of the Remaining Balance in full, as applicable, and (b) $8.00 (subject to adjustment for stock dividends, splits, combinations or similar transactions). On January 22, 2016, the Company also entered into a First Amendment to Registration Rights Agreement (the “Registration Rights Agreement Amendment”) with Ligand, which amends the Registration Rights Agreement. The Registration Rights Agreement Amendment extends the deadline by which the Company must file with the SEC a Registration Statement on Form S-1 (the “Registration Statement”) covering the resale of certain Company securities held by Ligand, including the shares of the Company’s common stock issuable to Ligand under the Amended Loan Agreement, by one year from January 23, 2016 to January 23, 2017, and extends the applicable deadline for seeking to have such Registration Statement declared effective by the SEC by one year.</div> <div> The Company Viking Therapeutics, Inc., a Delaware corporation (the “Company”), is a clinical-stage biopharmaceutical company focused on the development of novel, first-in-class or best-in-class therapies for metabolic and endocrine disorders. The Company was incorporated under the laws of the State of Delaware on September 24, 2012 and its principal executive offices are located in San Diego, CA.</div> <div> Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).</div> <div> Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying financial statements. Significant estimates made in preparing these financial statements relate to determining the fair value of the debt conversion liability and accounting for certain commitments. Actual results could differ from those estimates.</div> <div> Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less from the date of purchase to be cash equivalents.</div> <div> Investments Available-for-Sale Available-for-sale securities are carried at fair value, with the unrealized gains and losses reported in accumulated other comprehensive income (loss). The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. The amortization of premiums and accretion of discounts is included in interest income. Realized gains and losses and declines in value judged to be other-than-temporary, if any, on available-for-sale securities are included in other income (expense). The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in interest income.</div> <div> Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents and marketable securities. The Company maintains deposits in federally insured depository institutions in excess of federally insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. Additionally, the Company has established guidelines regarding approved investments and maturities of investments, which are designed to maintain safety and liquidity.</div> <div> Liquidity and Management’s Plan In May 2015, the Company completed an initial public offering (“IPO”), issuing 3,450,000 shares of its common stock and raising net proceeds of $22,326,366, including the full exercise of the over-allotment option, and after deducting underwriting discounts, commissions and other offering expenses of $5,273,634. (See Note 7 regarding proceeds from the Company’s initial public offering received in May 2015.) Although it is difficult to predict the Company’s liquidity requirements, as of December 31, 2015, and based upon the Company’s current operating plan, the Company does not believe that it will have sufficient cash to meet its projected operating requirements for at least the next 12 months unless it raises additional capital. As of December 31, 2015, the Company had an accumulated deficit of $45,545,445. These losses have resulted principally from research and development costs incurred in connection with acquiring the exclusive worldwide rights to the portfolio of five drug candidates from Ligand Pharmaceuticals Incorporated (“Ligand”) and the related non-cash interest expense recorded for increases in the deemed fair market value for the license fees payable to Ligand, research and development expenses related to the manufacturing of clinical drug product and clinical development of VK5211, VK2809 and VK0214, consulting fees and general and administrative expenses. The Company anticipates that it will continue to incur net losses for the foreseeable future as it continues the development of its clinical drug candidates and preclinical programs and incurs additional costs associated with being a public company.</div> <div> Deferred Financing Costs Deferred financing costs represent legal, accounting and other direct costs related to the Company’s efforts to raise capital through a public sale of the Company’s common stock. Costs related to the public sale of the Company’s common stock will be deferred until its completion, at which time they will be reclassified to additional paid-in-capital as a reduction of the proceeds.</div> <div> Revenue Recognition The Company has not recorded any revenues since its inception. However, in the future the Company may enter into collaborative research and licensing agreements, under which the Company could be eligible for payments made in the form of upfront license fees, research funding, cost reimbursement, contingent event-based payments and royalties. Revenue from upfront, nonrefundable license fees is recognized over the period that any related services are to be provided by the Company. Amounts received for research funding are recognized as revenue as the research services that are the subject of such funding are performed. Revenue derived from reimbursement of research and development costs in transactions where the Company acts as a principal are recorded as revenue for the gross amount of the reimbursement, and the costs associated with these reimbursements are reflected as a component of research and development expense in the statements of operations. The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 605-28, Revenue Recognition – Milestone Method (“ASC 605-28”), established the milestone method as an acceptable method of revenue recognition for certain contingent event-based payments under research and development arrangements. Under the milestone method, a payment that is contingent upon the achievement of a substantive milestone is recognized in its entirety in the period in which the milestone is achieved. A milestone is an event (1) that can be achieved based in whole or in part on either the Company’s performance or on the occurrence of a specific outcome resulting from the Company’s performance, (2) for which there is substantive uncertainty at the date the arrangement is entered into that the event will be achieved, and (3) that would result in additional payments being due to the Company. The determination that a milestone is substantive is subject to management’s judgment and is made at the inception of the arrangement. Milestones are considered substantive when the consideration earned from the achievement of the milestone is (a) commensurate with either the Company’s performance to achieve the milestone or the enhancement of value of the item delivered as a result of a specific outcome resulting from the Company’s performance to achieve the milestone, (b) relates solely to past performance, and (c) is reasonable relative to all deliverables and payment terms in the arrangement. Other contingent event-based payments received for which payment is either contingent solely upon the passage of time or the results of a collaborative partner’s performance are not considered milestones under ASC 605-28. In accordance with ASC Topic 605-25, Revenue Recognition – Multiple-Element Arrangements (“ASC 605-25”), such payments will be recognized as revenue when all of the following criteria are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, price is fixed or determinable and collectability is reasonably assured. Revenues recognized for royalty payments, if any, are based upon actual net sales of the licensed compounds, as provided by the collaboration arrangement, in the period the sales occur. Any amounts received prior to satisfying the Company’s revenue recognition criteria are recorded as deferred revenue on its balance sheets.</div> <div> Research and Development Expenses All costs of research and development are expensed in the period incurred. Research and development costs primarily consist of fees paid to clinical research organizations (“CROs”) and clinical trial sites, employee and consultant related expenses, which include salaries, benefits and stock-based compensation for research and development personnel, external research and development expenses incurred pursuant to agreements with third-party manufacturing organizations, facilities costs, travel costs, dues and subscriptions, depreciation and materials used in preclinical studies, clinical trials and research and development. The Company estimates its preclinical study and clinical trial expenses based on the services it received pursuant to contracts with research institutions and CROs that conduct and manage preclinical studies and clinical trials on the Company’s behalf. Clinical trial-related contracts vary significantly in length, and may be for a fixed amount, based on milestones or deliverables, a variable amount based on actual costs incurred, capped at a certain limit, or for a combination of these elements. The Company accrues service fees based on work performed, which relies on estimates of total costs incurred based on milestones achieved, patient enrollment and other events. The majority of the Company’s service providers invoice the Company in arrears, and to the extent that amounts invoiced differ from its estimates of expenses incurred, the Company accrues for additional costs. The financial terms of these agreements vary from contract to contract and may result in uneven expenses and payment flows. Preclinical study and clinical trial expenses include: <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap">  </td> <td valign="top" style="width:4.54%;white-space:nowrap"> ·</td> <td valign="top"> fees paid to CROs, consultants and laboratories in connection with preclinical studies;</td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap">  </td> <td valign="top" style="width:4.54%;white-space:nowrap"> ·</td> <td valign="top"> fees paid to CROs, clinical trial sites, investigators and consultants in connection with clinical trials; and</td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap">  </td> <td valign="top" style="width:4.54%;white-space:nowrap"> ·</td> <td valign="top"> fees paid to contract manufacturers and service providers in connection with the production, testing and packaging of active pharmaceutical ingredients and drug materials for preclinical studies and clinical trials.</td></tr></table></div> Payments under some of these agreements depend on factors such as the milestones accomplished, including enrollment of certain numbers of patients, site initiation and the completion of clinical trial milestones. To date, the Company has not experienced any events requiring it to make material adjustments to its accruals for service fees. If the Company does not identify costs that it has begun to incur or if it underestimates or overestimates the level of services performed or the costs of these services, its actual expenses could differ from its estimates which could materially affect its results of operations. Adjustments to the Company’s accruals are recorded as changes in estimates become evident. Furthermore, based on amounts invoiced to the Company by its service providers, the Company may also record payments made to those providers as prepaid expenses that will be recognized as expense in future periods as services are rendered. The Company’s historical research and development expenses primarily related to obtaining the option to license compounds and related intellectual property rights from Ligand. In May 2014, the Company entered into a master license agreement with Ligand, as amended (the “Master License Agreement”), pursuant to which it acquired certain rights to a number of research and development programs from Ligand. In doing so, the Company updated its policy on research and development to include the purchase of rights to intangible assets. In accordance with ASC Topic 730, Research and Development, intangible assets that are acquired and have an alternative future use, as defined, should be capitalized and reported as an intangible asset; however, the cost of acquired intangible assets that do not have alternative future uses should be reported as research and development expense as incurred. The Company notes that intangible assets acquired that are in the preclinical or clinical stages of development when acquired, and not approved by the U.S. Food and Drug Administration, are deemed to have not satisfied the definition of having an alternative future use, as defined. Accordingly, assets acquired in the preclinical and clinical stages of development were expensed as incurred in the Company’s statement of operations.</div> <div> Patent Costs Costs related to filing and pursuing patent applications are expensed as incurred to general and administrative expense, as recoverability of such expenditures is uncertain.</div> <div> Stock-Based Compensation The Company generally uses the straight-line or graded vesting method to allocate compensation cost to reporting periods over each optionee’s requisite service period, which is generally the vesting period, and estimates the fair value of stock-based awards or restricted stock units to employees and directors using the Black-Scholes option-valuation model. For options with a graded vesting schedule, the Company uses the graded vesting schedule to allocate compensation cost to reporting periods. The Black-Scholes model requires the input of subjective assumptions, including volatility, the expected term and the fair value of the underlying common stock on the date of grant, among other inputs. Stock options granted to non-employees are accounted for using the fair value approach. Stock options granted to non-employees are subject to periodic revaluation over their vesting terms. For restricted stock and restricted stock unit awards, the Company generally uses the straight-line or graded vesting method to allocate compensation cost to reporting periods over the holder’s requisite service period, which is generally the vesting period, and uses the fair value at grant date to value the awards. For restricted stock that vests upon the satisfaction of certain performance conditions, the Company recognizes stock-based compensation expense when it becomes probable that the performance conditions will be met. At the point that it becomes probable that the performance conditions will be met, the Company will record a cumulative catchup of the expense from the grant date to the current date, and the Company will then amortize the remainder of the expense over the remaining service period. Prior to the IPO, the Company accounted for stock-based compensation by measuring and recognizing compensation expense for all stock-based payments made to employees and directors based on estimated award date fair values, which estimates were highly complex and subjective in nature. The Company used the straight-line or graded vesting method to allocate compensation cost to reporting periods over each restricted award’s requisite service period, which was generally the vesting period, and estimated the fair value of restricted stock-based awards to employees and consultants using a Monte Carlo market approach simulation method and performed an allocation of value to common stock based on the estimated time to a liquidity event. In addition, the Company accounted for performance-based restricted stock awards to employees by determining the fair value of the restricted stock award at the date of issuance by using the Probability Weighted Expected Return Method (“PWERM”) and then assessing at each balance sheet date the probability of the performance criteria being met. If the probability of achieving the criteria was deemed less-than-probable, then no expense was recorded. At the point where the criteria were deemed probable of being met, then the Company began recording stock-based compensation with a cumulative catch-up expense in the period first recognized and then on a straight-line basis over the remaining period for which the performance criteria were expected to be completed.</div> <div> Income Taxes The Company accounts for its income taxes using the liability method whereby deferred tax assets and liabilities are determined based on temporary differences between the basis used for financial reporting and income tax reporting purposes. Deferred income taxes are provided based on the enacted tax rates in effect at the time such temporary differences are expected to reverse. A valuation allowance is provided for deferred tax assets if it is more likely than not that the Company will not realize those tax assets through future operations. ASC Topic 740-10, Income Taxes, clarifies the accounting for uncertainty in income taxes recognized in the Company’s financial statements in accordance with generally accepted accounting principles.  Income tax positions must meet a more-likely-than-not recognition threshold to be recognized. Income tax positions that previously failed to meet the more-likely-than-not threshold are recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not threshold are derecognized in the first subsequent financial reporting period in which that threshold is no longer met. The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense.</div> <div> Net Loss per Common Share Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method. For purposes of this calculation, the Company currently does not have any deemed common share equivalents; therefore, its basic and diluted net loss per share calculations are the same. The following table presents the computation of basic and diluted net loss per common share:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:80%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.38%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Year Ended December 31,</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2015</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2014</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Historical net loss per share</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Numerator</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Net loss attributable to common stockholders</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(23,403,988</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(21,884,183</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Denominator</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Weighted-average common shares outstanding</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8,514,155</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,860,274</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Less: Weighted-average shares subject to repurchase</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2,158,286</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,672,859</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Denominator for basic and diluted net loss per share</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,355,869</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,187,415</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Basic and diluted net loss per share</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3.68</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(5.23</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> </tr> </table></div>    Potentially dilutive securities that are not included in the calculation of diluted net loss per share because their effect is anti-dilutive are as follows (in common equivalent shares):   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:80%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.38%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Year Ended December 31,</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">  </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2015</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">  </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2014</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Common stock warrants</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">82,500</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Restricted stock units</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">75,750</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Common stock subject to repurchase</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">667,963</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,018,754</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Common stock options</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">365,394</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Shares issuable upon conversion of debt</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">670,902</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">695,733</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,862,509</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,714,487</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> </table></div>  </div> <div> Segments The Company operates in only one segment. Management uses cash flows as the primary measure to manage its business and does not segment its business for internal reporting or decision making purposes.</div> <div> Recent Accounting Pronouncements In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 provides guidance on presentation of management’s plans, when conditions or events, considered in the aggregate, raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. This guidance is intended to mitigate those conditions or events that will alleviate substantial doubt about the entity’s ability to continue as a going concern. ASU 2014-15 is effective for fiscal years ending after December 15, 2016. The adoption of ASU 2014-15 is not expected to have a material impact on the Company’s financial statements.   In May 2014, the FASB issued Accounting Standards Update No. 2014-9, Revenue from Contracts with Customers (“ASU 2014-9”), which provides guidance for revenue recognition. The core principle of ASU 2014-9 is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The new guidance initially was effective for the Company beginning January 1, 2017, but on July 9, 2015 the FASB deferred the effective date and, as a result, the new guidance is effective for the Company beginning January 1, 2018. Companies may adopt the new revenue standard as of the original effective date. The Company is currently evaluating the method of adoption and the potential impact this standard will have on its financial statements.   In November 2015, the FASB issued Accounting Standards Update No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). To simplify the presentation of deferred income taxes, the amendments in ASU 2015-17 require that deferred income tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The adoption of ASU 2015-17 is not expected to have a material impact on the Company’s financial statements.  </div> <div> The following table presents the computation of basic and diluted net loss per common share:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:80%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.38%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Year Ended December 31,</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2015</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2014</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Historical net loss per share</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Numerator</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Net loss attributable to common stockholders</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(23,403,988</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(21,884,183</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Denominator</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Weighted-average common shares outstanding</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8,514,155</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,860,274</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Less: Weighted-average shares subject to repurchase</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2,158,286</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,672,859</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Denominator for basic and diluted net loss per share</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,355,869</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,187,415</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Basic and diluted net loss per share</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3.68</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(5.23</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> </tr> </table></div>  </div> <div>  Potentially dilutive securities that are not included in the calculation of diluted net loss per share because their effect is anti-dilutive are as follows (in common equivalent shares):   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:80%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.38%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Year Ended December 31,</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">  </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2015</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">  </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2014</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Common stock warrants</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">82,500</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Restricted stock units</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">75,750</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Common stock subject to repurchase</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">667,963</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,018,754</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Common stock options</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">365,394</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Shares issuable upon conversion of debt</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">670,902</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">695,733</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,862,509</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,714,487</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> </table></div>  </div> <div> Investments classified as available-for-sale as of December 31, 2015 consisted of the following:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:90%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Amortized <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Cost</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Gross <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Unrealized <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Gains  (1)</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:11pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Gross <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Unrealized <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Losses  (1)</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:11pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Aggregate <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Estimated <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Fair Value</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certificates of deposit  (2)</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,851,343</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,851,343</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Corporate debt securities  (2)</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,491,526</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(7,370</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,484,156</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13,342,869</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(7,370</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13,335,499</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> </table></div>   <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> (1)</td> <td valign="top"> Unrealized gains and losses on available-for-sale securities are included as a component of comprehensive loss. At December 31, 2015, there were 14 securities in an unrealized loss position. These unrealized losses were less than $2,000 individually and $8,000 in the aggregate. These securities have not been in a continuous unrealized loss position for more than 12 months. The Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis which may be at maturity. The Company reviews its investments to identify and evaluate investments that have an indication of possible other-than-temporary impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the investee, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value.</td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> (2)</td> <td valign="top"> At December 31, 2015, none of these securities were classified as cash and cash equivalents on the Company’s balance sheet and none of these securities were scheduled to mature outside of one year.</td></tr></table></div>    </div> <div> The fair values of the Company’s financial instruments are presented below:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:90%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:9.18%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">  </td> <td colspan="10" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:35%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Fair Value Measurements at December 31, 2015</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Total</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level 1</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-top:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level 2</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-top:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level 3</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial assets carried at fair value:</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cash equivalents:</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:27.35pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Money market funds</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">548,872</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">548,872</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Short-term investments</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:27.35pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certificates of deposit</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,851,343</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,851,343</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:27.35pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Corporate debt securities, available-for-sale</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,484,156</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,484,156</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:41.05pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total financial assets</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13,884,371</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,400,215</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,484,156</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial liabilities carried at fair value:</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:27.35pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Debt conversion feature - long-term</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,370,903</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,370,903</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:41.05pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total financial liabilities</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,370,903</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,370,903</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> </table></div>   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:90%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:9.18%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="10" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:35%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Fair Value Measurements at December 31, 2014</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Total</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level 1</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level 2</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level 3</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial liabilities carried at fair value:</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accrued license fees</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">19,865,863</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">19,865,863</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Debt conversion feature – current</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">58,742</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">58,742</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Debt conversion feature – long-term</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,390,469</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,390,469</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:27.35pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total financial liabilities</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">21,315,074</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">21,315,074</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> </table></div>  </div> <div>  The table below presents a summary of changes in the Company’s accrued license fees and debt conversion feature liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2015 and 2014:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.38%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Year Ended December 31,</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2015</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2014</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Accrued license fees:</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Beginning balance</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">19,865,863</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Additions</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">21,687,576</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Adjustments resulting from changes in fair <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">   value recognized in earnings</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,381,848</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,821,713</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Issuance of shares of common stock</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(29,247,711</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Ending balance</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">19,865,863</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Debt conversion feature:</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Beginning balance</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,449,211</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">71,655</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Additions</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,768,319</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Adjustments resulting from changes in fair <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">   value recognized in earnings</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,043,478</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(390,763</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Issuance of shares of common stock</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(121,786</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Ending balance</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,370,903</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,449,211</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> </table></div>  </div> <div> The following table sets forth the Company’s valuation techniques and significant unobservable inputs used to determine fair value for significant Level 3 liabilities:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:100%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:21.98%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.04%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:19.4%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Fair Value</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.04%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:17.66%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.04%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:24.18%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Significant</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.04%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:11.52%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:21.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.04%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:8.66%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Assets</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.04%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:8.66%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Liabilities</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.66%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Valuation Technique(s)</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.04%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.18%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Unobservable Input</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.04%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.52%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Range</td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accrued license fees:</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.66%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.18%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.52%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2014</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">19,865,863</td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.66%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Probability weighted <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">expected return model</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.18%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Probability weightings assigned to each scenario</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.52%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">30% to 40%</td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.66%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.18%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Time assumptions to liquidation events</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">  <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.52%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4/30/2015- <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3/31/2017</td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.66%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.18%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Discount rates</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.52%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12% to 60%</td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Debt conversion feature <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">   liability</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.66%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.18%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.52%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2015</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,370,903</td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.66%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Discounted cash <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">flow model</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.18%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Timing of the events</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.52%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5/21/2016</td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.66%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.18%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Probabilities of Occurrence</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.52%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100%</td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.66%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.18%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Discount rate</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.52%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">37.5%</td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2014</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,449,211</td> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.66%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Discounted cash <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">flow model</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.18%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Timing of the events</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">  <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.52%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3/31/2015 to <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6/30/2015</td> </tr> <tr> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.66%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.18%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Probabilities of Occurrence</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.52%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">30% to 40%</td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.66%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.66%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.18%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Discount rate</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">  <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.52%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">37.5%</td> </tr> </table></div>  </div> <div> Convertible notes payable consisted of the following at:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="6" valign="middle" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.38%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31,</td> <td valign="middle" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="middle" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2015</td> <td valign="middle" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="middle" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2014</td> <td valign="middle" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Current maturities:</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Various convertible notes payable issued during 2013 with <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">   interest rates ranging from 2.16% to 4.68% annually, <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">   due during 2015</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">310,350</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Discount on notes payable, current</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(6,076</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Convertible notes payable, current portion (net of discount)</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">304,274</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Long-term maturities:</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Convertible note payable issued during 2014 to Ligand as <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">   part of the Master License Agreement with a 5% annual <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">   interest rate, due during 2016 (subsequently <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">   amended to 2017)</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,500,000</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,500,000</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Discount on notes payable, long-term</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(348,460</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,235,886</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Convertible notes payable, long-term (net of discount)</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,151,540</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,264,114</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> </table></div>  </div> <div> During the years ended December 31, 2015 and 2014, the Company recognized the following stock-based compensation expense:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:80%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.38%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Year Ended December 31,</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2015</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2014</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Stock-based compensation expense by type of award:</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Stock options</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">949,955</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Restricted stock and restricted stock units</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,608,049</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,258</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Employee stock purchase plan</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">43,444</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total stock-based compensation expense included <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">   in expenses</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,601,448</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,258</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Stock-based compensation expense by line item:</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Research and development expenses</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">852,200</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,643</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">General and administrative expenses</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,749,248</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,615</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total stock-based compensation expense included <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">   in expenses</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,601,448</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,258</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> </table></div>  </div> <div> The following table sets forth the Company’s unrecognized stock-based compensation expense, net of estimated forfeitures, by type of award and the weighted-average period over which that expense is expected to be recognized:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.38%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of  December 31, 2015</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Unrecognized <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Expense, <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Net of <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Estimated <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Forfeitures</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Weighted- <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">average <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Recognition <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Period <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(in years)</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Type of award:</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Stock options</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,409,808</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.61</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Restricted stock and restricted stock units</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,442,289</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.58</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> </table></div>  </div> <div> The following table is a summary of restricted shares granted during the year ended December 31, 2015:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Shares</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Weighted- <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Average <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Grant Date <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Fair Value</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Unvested at December 31, 2014</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,018,752</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0.08</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Granted</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">462,090</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9.49</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Vested</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(702,165</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.37</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Forfeited</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(105,000</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9.49</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Repurchased</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,005,714</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0.03</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Unvested at December 31, 2015</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">667,963</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3.68</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> </table></div>  </div> <div> The following table summarizes restricted stock units activity during the year ended December 31, 2015:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Shares</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Weighted- <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Average <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Grant Date <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Value</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Unvested at December 31, 2014</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Granted</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">84,000</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8.18</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Vested</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Forfeited</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(8,250</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7.27</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Repurchased</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Unvested December 31, 2015</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">75,750</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8.27</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> </table></div>  </div> <div> The following table summarizes stock option activity during the year ended December 31, 2015:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:80%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:57.48%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.76%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Shares</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.76%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Weighted- <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Average <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Exercise <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Price</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.76%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Weighted- <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Average <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Remaining <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Contractual <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Term (in years)</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:57.48%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Options outstanding at December 31, 2014</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:57.48%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Granted</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">443,894</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8.49</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:57.48%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Exercised</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:57.48%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cancelled</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(78,500</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:10.76%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8.54</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:10.76%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:57.48%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Options outstanding at December 31, 2015</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">365,394</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:10.76%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8.48</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:10.76%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9.39</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:57.48%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Options exercisable at December 31, 2015</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">40,250</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:10.76%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9.49</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:10.76%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9.35</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> </table></div>  </div> <div> As stock-based compensation expense recognized is based on options ultimately expected to vest, the fair value of each employee option grant during the year ended December 31, 2015 was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:</div><div>   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:80%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:67.8%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.64%; border-bottom:solid 0.75pt transparent;">  </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:29.54%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Year Ended December 31, 2015</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:67.8%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Expected volatility</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.64%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:28.54%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">85.2</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:67.8%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Expected term (in years)</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.64%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:28.54%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6.49</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:67.8%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Risk-free interest rate</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.64%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:28.54%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.81</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:67.8%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Expected dividend yield</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.64%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:28.54%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</td> </tr> </table></div>  </div> <div> Common stock reserved for future issuance as of December 31, 2015 and 2014 is as follows:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Common Stock Reserved for Future Issuance</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.38%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31,</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2015</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2014</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Common stock warrants</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">82,500</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Restricted stock units</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">75,750</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Common stock options</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">365,394</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Available for grant under the 2014 Plan</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">773,629</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Available for issuance under Employee Stock Purchase Plan</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">452,620</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Shares issuable upon conversion of Ligand debt</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">670,902</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">695,733</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,420,795</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">695,733</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> </table></div>  </div> <div> The reconciliations of the U.S. federal statutory tax rate to the effective income tax rate for the years ended December 31, 2015 and 2014 are as follows:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;"> <tr> <td valign="middle" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.38%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31,</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="middle" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2015</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2014</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Tax provision at U.S. Federal statutory rates</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">34</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">34</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">State income taxes net of federal benefit</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Non-deductible permanent items</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)%</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)%</td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Stock options</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Change in valuation allowance</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(40</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)%</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(41</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)%</td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Effective income tax rate</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> </table></div>  </div> <div> Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred taxes as of December 31, 2015 and 2014 are as follows:</div><div>   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.38%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31,</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2015</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2014</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Deferred tax assets:</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accrued liabilities</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">48,982</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Intangible assets</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14,009,497</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,993,293</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Net operating loss carryforwards</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,430,249</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">548,247</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Share-based compensation</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">986,534</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,306</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Share conversion feature</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">243,759</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,510</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">530</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total deferred tax assets</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">17,722,531</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8,548,376</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Valuation Allowance</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(17,722,531</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(8,403,620</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Net deferred tax assets</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">144,756</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Deferred tax liabilities:</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Debt conversion feature</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(144,756</td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total:</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> </table></div>  </div> <div> Future minimum payments pursuant to the Sublease are as follows:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:60%;"> <tr> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.22%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Year Ending December 31:</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.82%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="middle" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.22%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2016</td> <td valign="middle" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="middle" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="middle" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.82%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">180,004</td> <td valign="middle" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.22%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2017</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.82%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">247,611</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="middle" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:80.22%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2018</td> <td valign="middle" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.94%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="middle" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="middle" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.82%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">190,337</td> <td valign="middle" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:80.22%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total minimum lease payments</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.94%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.82%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">617,952</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> </table></div>  </div> 2012-09-24 Delaware Three months or less 3450000 22326366 5273634 -45545445 5 8514155 5860274 2158286 1672859 82500 75750 667963 2018754 365394 670902 695733 1862509 2714487 1 0 0 0 5851343 7491526 13342869 7370 7370 5851343 7484156 13335499 14 2000 8000 0 0 0 0 5000000 20000000 548872 548872 5851343 5851343 7484156 7484156 13884371 6400215 7484156 2370903 2370903 2370903 19865863 58742 1390469 21315074 21315074 19865863 21687576 9381848 -1821713 29247711 1449211 71655 1768319 1043478 -390763 121786 2370903 0 0 19865863 2370903 1449211 Probability weighted expected return model Discounted cash flow model Discounted cash flow model 0.30 0.40 2015-04-30 2017-03-31 0.12 0.60 2016-05-21 1.00 0.375 2015-03-31 2015-06-30 0.30 0.40 0.375 2014-05 3655964 29200000 1540000000 0 1.25 517960 2014-05-21 2500000 0.50 0.075 2024-05-21 2016-01-22 5851 13500 2014-12-31 2014-05-21 3655964 29200000 29000000 2014-12-31 2015-05-04 0.50 21169616 517960 1821713 19865863 29247711 9381848 3655964 29247711 310350 2500000 2500000 0.0216 0.0468 2015 2015 0.05 0.05 2016 2016 1000000 P2Y 0.02 In the event that any principal amount due under the Notes was not paid in full by the maturity date, such unpaid principal amount would bear interest at the lesser of 2% or the maximum rate permissible by law. 5000000 0.70 0.75 In the event the Company undergoes a change in control, as defined in the Notes, prior to the maturity date and repayment of the Notes, the holders of the Notes will have the option to either (1) convert the loan balance into shares of the Company’s common stock in an amount equal to the ratio of (a) the then-outstanding loan balance over (b) the ratio of $7,500,000 divided by the number of shares of capital stock of the Company outstanding immediately prior to the change in control, or (2) demand immediate repayment of an amount equal to 125% of the then-outstanding loan balance. 7500000 1.25 8286 42747 58742 25529 0.0300 0.0468 12104 18611 310350 24276 57046 2500000 1000000 250000 0.05 0.08 58611 1390469 532433 20000000 2.00 Ligand has agreed that it will not, until the earlier of (A) 270 days from the date of conversion of the Ligand Note or (B) April 28, 2016 (one year following the date of the prospectus filed with the SEC relating to the IPO), sell or otherwise transfer or dispose of the shares of common stock issuable upon conversion of the Ligand Note. 2016-05-04 2500000 183611 125000 887426 980434 4750000 0.01 0 700000 0.01 7 6993 250000 3 2497 200000 2 1998 2498 2581 83 290 P1Y3M 145 1000000 0.01 2 500000 500000 168000 633810 0.00001 366190 183095 183095 61566 18407 5 In exchange for this agreement to receive a lower salary, the Company agreed to issue, on the date of the closing of the IPO, to each of these employees a certain amount of fully vested restricted stock equal to the quotient of (1) the product of 150% of the difference between the employee’s post-IPO salary and his or her pre-IPO salary multiplied by the number of days between the date of the closing of the IPO and the date of execution of the employee’s employment agreement, divided by (2) the product of 365 multiplied by the closing sales price of the Company’s common stock on the date of the closing of the IPO. 1.50 520476 56997 0.00001 3802859 38 2016-05-04 2015-05-04 3000000 8.00 P30D 450000 19100500 4899500 83144 422879 206000 27422872 3427859 4421338 24826374 310350 24276 57046 121786 228105 8.00 450000 3225866 450000 374134 5711 Initially, a total of 1,527,770 shares of the Company’s common stock were reserved for issuance pursuant to the 2014 Plan, which number is also the limit on shares of common stock available for awards of incentive stock options. The number of shares available for issuance under the 2014 Plan will, unless otherwise determined by the Company’s Board of Directors or the Compensation Committee, be automatically increased on January 1st of each year commencing on January 1, 2016 and ending on (and including) January 1, 2024, in an amount equal to 3.5% of the total number of shares of the Company’s common stock outstanding on December 31st of the preceding calendar year. 1527770 0.035 458331 The number of shares available for issuance under the ESPP will, unless otherwise determined by the Company’s Board of Directors or the Compensation Committee, be automatically increased on January 1st of each year commencing on January 1, 2016 and ending on (and including) January 1, 2024, in an amount equal to 1% of the total number of shares of the Company’s common stock outstanding on December 31st of the preceding calendar year. 0.01 P24M P6M 4 P1Y P27M 0.85 0.85 949955 1608049 6258 43444 2601448 6258 852200 2643 1749248 3615 1409808 2442289 P2Y7M10D P2Y6M29D 2018752 462090 702165 105000 1005714 667963 0.08 9.49 1.37 9.49 0.03 3.68 84000 8250 75750 8.18 7.27 8.27 443894 78500 365394 40250 8.49 8.54 8.48 9.49 P9Y4M21D P9Y4M6D 6.26 0 0 0.852 P6Y5M27D 0.0181 0.00 0 82500 75750 365394 773629 452620 670902 695733 2420795 695733 82500 10.00 The warrant is exercisable for cash or on a cashless basis at a per share exercise price equal to $10.00 commencing on April 28, 2016, one year following the date of the prospectus filed with the SEC relating to the IPO, and expiring on April 28, 2020. In addition, the warrant provides for registration rights upon request, under certain circumstances. The piggyback registration right provided in connection with the warrant will terminate on April 28, 2022 2022-04-28 2020-04-28 0.34 0.34 0.08 0.08 0.02 0.01 0.40 0.41 0.00 0.00 48982 14009497 7993293 2430249 548247 986534 6306 243759 3510 530 17722531 8548376 17722531 8403620 144756 144756 0 0 5890000 6629000 2032 Specifically, this limitation may arise in the event of an “ownership change,” which is defined by Section 382 of the Code as a cumulative change in ownership of the Company of more than 50% within a three-year period. If the Company undergoes one or more ownership changes in connection with any future transactions in its stock, the Company’s ability to utilize net operating loss carryforwards to offset federal taxable income, if any, could potentially result in increased future tax liability to the Company. An ownership change under Section 382 of the Code occurred during the year ended December 31, 2015 in connection with the Company’s initial public offering. A portion of the net operating loss carryforwards are subject to an annual limitation. 0.50 0 0 0 0 0.494 167000 7049 19737 0.030 142288 186774 180004 247611 190337 617952 2016-05-21 2017-05-21 0.050 0.025 2017-01-23 2.00 2000000 1500000 300000 8.00 0.499 P180D P180D P30D P1Y EX-101.SCH 13 vktx-20151231.xsd XBRL TAXONOMY EXTENSION SCHEMA 00000 - Document - Template Link link:presentationLink link:calculationLink link:definitionLink 100000 - Document - Document and Entity Information link:calculationLink link:presentationLink link:definitionLink 100010 - Statement - Balance Sheets link:calculationLink link:presentationLink link:definitionLink 100020 - Statement - Balance Sheets (Parenthetical) link:calculationLink link:presentationLink link:definitionLink 100030 - Statement - Statements of Operations and Comprehensive Loss link:calculationLink link:presentationLink link:definitionLink 100040 - Statement - Statements of Stockholders' Equity (Deficit) link:calculationLink link:presentationLink link:definitionLink 100050 - Statement - Statements of Cash Flows link:calculationLink link:presentationLink link:definitionLink 100060 - Disclosure - Organization, Liquidity and Management's Plan, and Summary of Significant Accounting Policies link:calculationLink link:presentationLink link:definitionLink 100070 - Disclosure - Investments in Marketable Securities link:calculationLink link:presentationLink link:definitionLink 100080 - Disclosure - Fair Value of Financial Instruments link:calculationLink link:presentationLink link:definitionLink 100090 - Disclosure - Agreements with Ligand Pharmaceuticals Incorporated link:calculationLink link:presentationLink link:definitionLink 100100 - Disclosure - Accrued License Fees and License Fees Expense link:calculationLink link:presentationLink link:definitionLink 100110 - Disclosure - Convertible Notes Payable link:calculationLink link:presentationLink link:definitionLink 100120 - Disclosure - Stockholders' Equity (Deficit) link:calculationLink link:presentationLink link:definitionLink 100130 - Disclosure - Stock-Based Compensation link:calculationLink link:presentationLink link:definitionLink 100140 - Disclosure - Representative's Warrant link:calculationLink link:presentationLink link:definitionLink 100150 - Disclosure - Income Taxes link:calculationLink link:presentationLink link:definitionLink 100160 - Disclosure - Related Party Transactions link:calculationLink link:presentationLink link:definitionLink 100170 - Disclosure - Commitments and Contingencies link:calculationLink link:presentationLink link:definitionLink 100180 - Disclosure - Subsequent Events link:calculationLink link:presentationLink link:definitionLink 100190 - Disclosure - Organization, Liquidity and Management's Plan, and Summary of Significant Accounting Policies (Policies) link:calculationLink link:presentationLink link:definitionLink 100200 - Disclosure - Organization, Liquidity and Management's Plan, and Summary of Significant Accounting Policies (Tables) link:calculationLink link:presentationLink link:definitionLink 100210 - Disclosure - Investments in Marketable Securities (Tables) link:calculationLink link:presentationLink link:definitionLink 100220 - Disclosure - Fair Value of Financial Instruments (Tables) link:calculationLink link:presentationLink link:definitionLink 100230 - Disclosure - Convertible Notes Payable (Tables) link:calculationLink link:presentationLink link:definitionLink 100240 - Disclosure - Stock-Based Compensation (Tables) link:calculationLink link:presentationLink link:definitionLink 100250 - Disclosure - Income Taxes (Tables) link:calculationLink link:presentationLink link:definitionLink 100260 - Disclosure - Commitments and Contingencies (Tables) link:calculationLink link:presentationLink link:definitionLink 100270 - Disclosure - Organization, Liquidity and Management's Plan, and Summary of Significant Accounting Policies - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 100280 - Disclosure - Organization, Liquidity and Management's Plan, and Summary of Significant Accounting Policies - Schedule of Computation of Basic and Diluted Net Loss per Common Share (Detail) link:calculationLink link:presentationLink link:definitionLink 100290 - Disclosure - Organization, Liquidity and Management's Plan, and Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities Not Included in Calculation of Diluted Net Loss per Share (Detail) link:calculationLink link:presentationLink link:definitionLink 100300 - Disclosure - Investments in Marketable Securities - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 100310 - Disclosure - Investments in Marketable Securities - Summary of Investments Classified As Available-For-Sale Securities (Detail) link:calculationLink link:presentationLink link:definitionLink 100320 - Disclosure - Investments in Marketable Securities - Summary of Investments Classified As Available-For-Sale Securities (Parenthetical) (Detail) link:calculationLink link:presentationLink link:definitionLink 100330 - Disclosure - Fair Value of Financial Instruments - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 100340 - Disclosure - Fair Value of Financial Instruments - Summary of Fair Values of Financial Instruments (Detail) link:calculationLink link:presentationLink link:definitionLink 100350 - Disclosure - Fair Value of Financial Instruments - Summary of Fair Values of Financial Instruments (Detail)2 link:calculationLink link:presentationLink link:definitionLink 100360 - Disclosure - Fair Value of Financial Instruments - Summary of Changes in Accrued License Fees and Debt Conversion Feature Liability Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Detail) link:calculationLink link:presentationLink link:definitionLink 100370 - Disclosure - Fair Value of Financial Instruments - Schedule of Valuation Techniques and Significant Unobservable Inputs Used to Determine Fair Value of Significant Level 3 Liabilities (Detail) link:calculationLink link:presentationLink link:definitionLink 100380 - Disclosure - Agreements with Ligand Pharmaceuticals Incorporated - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 100390 - Disclosure - Accrued License Fees and License Fees Expense - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 100400 - Disclosure - Convertible Notes Payable - Schedule of Convertible Notes Payable (Detail) link:calculationLink link:presentationLink link:definitionLink 100410 - Disclosure - Convertible Notes Payable - Schedule of Convertible Notes Payable (Parenthetical) (Detail) link:calculationLink link:presentationLink link:definitionLink 100420 - Disclosure - Convertible Notes Payable - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 100430 - Disclosure - Stockholders' Equity (Deficit) - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 100440 - Disclosure - Stock-Based Compensation - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 100450 - Disclosure - Stock-Based Compensation - Summary of Stock-based Compensation Expense Recognized (Detail) link:calculationLink link:presentationLink link:definitionLink 100460 - Disclosure - Stock-Based Compensation - Schedule of Unrecognized Stock-based Compensation Expense, Net of Estimated Forfeitures, by Type of Award and Weighted-average Recognition Period (Detail) link:calculationLink link:presentationLink link:definitionLink 100470 - Disclosure - Stock-Based Compensation - Summary of Restricted Shares Granted and Stock Units Activity (Detail) link:calculationLink link:presentationLink link:definitionLink 100480 - Disclosure - Stock-Based Compensation - Summary of Stock Option Activity (Detail) link:calculationLink link:presentationLink link:definitionLink 100490 - Disclosure - Stock-Based Compensation - Schedule of Weighted Average Assumptions using Black-Scholes Option Pricing Model (Detail) link:calculationLink link:presentationLink link:definitionLink 100500 - Disclosure - Stock-Based Compensation - Common Stock Reserved for Future Issuance (Detail) link:calculationLink link:presentationLink link:definitionLink 100510 - Disclosure - Representative's Warrant - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 100520 - Disclosure - Income Taxes - Schedule of Reconciliations of the U.S. Federal Statutory Tax Rate to the Effective Income Tax Rate (Detail) link:calculationLink link:presentationLink link:definitionLink 100530 - Disclosure - Income Taxes - Schedule of Significant Components of Company's Deferred Taxes (Detail) link:calculationLink link:presentationLink link:definitionLink 100540 - Disclosure - Income Taxes - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 100550 - Disclosure - Related Party Transactions - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 100560 - Disclosure - Commitments and Contingencies - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 100570 - Disclosure - Commitments and Contingencies - Summary of Future Minimum Payments for Sublease (Detail) link:calculationLink link:presentationLink link:definitionLink 100580 - Disclosure - Subsequent Events - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink EX-101.CAL 14 vktx-20151231_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 15 vktx-20151231_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 16 vktx-20151231_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Entity Central Index Key Document And Entity Information [Abstract] Document And Entity Information [Abstract] Document Type Document Type Amendment Flag Amendment Flag Document Period End Date Document Period End Date Document Fiscal Year Focus Document Fiscal Year Focus Document Fiscal Period Focus Document Fiscal Period Focus Trading Symbol Trading Symbol Entity Registrant Name Entity Registrant Name Entity Central Index Key Current Fiscal Year End Date Current Fiscal Year End Date Entity Well-known Seasoned Issuer Entity Well Known Seasoned Issuer Entity Current Reporting Status Entity Current Reporting Status Entity Voluntary Filers Entity Voluntary Filers Entity Filer Category Entity Filer Category Entity Common Stock, Shares Outstanding Entity Common Stock Shares Outstanding Entity Public Float Entity Public Float Accrued license fees current. Debt conversion feature liability current. Accrued interest, non-current. Debt conversion feature liability noncurrent. Statement Of Financial Position [Abstract] Assets Assets [Abstract] Current assets: Assets Current [Abstract] Cash and cash equivalents Cash And Cash Equivalents At Carrying Value Short-term investments – available for sale Available For Sale Securities Current Prepaid expenses and other current assets Prepaid Expense And Other Assets Current Total current assets Assets Current Deferred public offering financing costs Deferred Finance Costs Noncurrent Net Deposits Deposits Assets Noncurrent Total assets Assets Liabilities, convertible notes and stockholders’ equity (deficit) Liabilities And Stockholders Equity [Abstract] Current liabilities: Liabilities Current [Abstract] Accounts payable Accounts Payable Current Accrued license fees Accrued License Fees Current Other accrued liabilities Other Accrued Liabilities Current Accrued interest Interest Payable Current Convertible notes payable, current portion (net of discount of $0 and $6,076 at December 31, 2015 and 2014, respectively) Convertible Notes Payable Current Debt conversion feature liability Debt Conversion Feature Liability Current Total current liabilities Liabilities Current Accrued interest, non-current Accrued Interest Non Current Convertible notes payable (net of discount of $348,460 and $1,235,886 at December 31, 2015 and 2014, respectively) Convertible Long Term Notes Payable Debt conversion feature liability Debt Conversion Feature Liability Noncurrent Deferred rent Deferred Rent Credit Noncurrent Total long-term liabilities Liabilities Noncurrent Total liabilities Liabilities Commitments and contingencies (Note 12) Commitments And Contingencies Stockholders’ equity (deficit): Stockholders Equity [Abstract] Preferred stock, $0.00001 par value: 10,000,000 shares authorized at December 31, 2015 and no shares authorized at December 31, 2014; no shares issued and outstanding at December 31, 2015 and 2014 Preferred Stock Value Common stock, $0.00001 par value: 300,000,000 shares authorized at December 31, 2015 and 25,000,000 shares authorized at December 31, 2014; 9,683,741 shares issued and outstanding at December 31, 2015 and 6,000,000 shares issued and outstanding at December 31, 2014 Common Stock Value Additional paid-in capital Additional Paid In Capital Common Stock Accumulated deficit Retained Earnings Accumulated Deficit Accumulated other comprehensive loss Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax Total stockholders’ equity (deficit) Stockholders Equity Total liabilities and stockholders’ equity (deficit) Liabilities And Stockholders Equity Convertible notes payable discount current. Convertible notes payable discount noncurrent. Convertible notes payable, discount, current portion Convertible Notes Payable Discount Current Convertible notes payable, discount, noncurrent portion Convertible Notes Payable Discount Noncurrent Preferred stock, par value Preferred Stock Par Or Stated Value Per Share Preferred stock, shares authorized Preferred Stock Shares Authorized Preferred stock, shares issued Preferred Stock Shares Issued Preferred stock, shares outstanding Preferred Stock Shares Outstanding Common stock, par value Common Stock Par Or Stated Value Per Share Common stock, shares authorized Common Stock Shares Authorized Common stock, shares issued Common Stock Shares Issued Common stock, shares outstanding Common Stock Shares Outstanding Change In Fair Value Of Accrued License Fees. Change In Fair Value Of Debt Conversion Features. Income Statement [Abstract] Revenues Revenues Operating expenses: Operating Expenses [Abstract] Research and development Research And Development Expense General and administrative General And Administrative Expense Total operating expenses Operating Expenses Loss from operations Operating Income Loss Other income (expense): Other Nonoperating Income Expense [Abstract] Change in fair value of accrued license fees Change In Fair Value Of Accrued License Fees Change in fair value of debt conversion feature liability Change In Fair Value Of Debt Conversion Features Amortization of debt discount Amortization Of Debt Discount Premium Interest expense, net Interest Income Expense Nonoperating Net Total other income (expense) Other Nonoperating Income Expense Net loss Net Income Loss Other comprehensive loss, net of tax: Other Comprehensive Income Loss Net Of Tax Period Increase Decrease [Abstract] Unrealized gain (loss) on securities Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax Comprehensive loss Comprehensive Income Net Of Tax Basic and diluted net loss per share Earnings Per Share Basic And Diluted Weighted-average shares used to compute basic and diluted net loss per share Weighted Average Number Of Share Outstanding Basic And Diluted Stock issued during period value performance based shares. Stock issued during period performance based shares. Stock issued during period, shares, employee share-based compensation. Issuance of common stock in initial public offering issuance costs. Issuance of common stock in initial public offering issuance costs. Forgiveness of note receivable in consideration of services rendered. Statement Of Stockholders Equity [Abstract] Statement [Table] Statement [Table] Statement Equity Components Statement Equity Components [Axis] Equity Component Equity Component [Domain] Common Stock [Member] Common Stock [Member] Additional Paid-In Capital [Member] Additional Paid In Capital [Member] Notes Receivable from Stockholders [Member] Receivables From Stockholder [Member] Accumulated Other Comprehensive Loss [Member] Accumulated Other Comprehensive Income [Member] Accumulated Deficit [Member] Retained Earnings [Member] Statement [Line Items] Statement [Line Items] Balance Stockholders Equity Including Portion Attributable To Noncontrolling Interest Balance (in shares) Shares Issued Repurchase of common stock Stock Repurchased During Period Value Repurchase of common stock (in shares) Stock Repurchased During Period Shares Issuance of performance based common stock Stock Issued During Period Value Performance Based Shares Issuance of performance based common stock (in shares) Stock Issued During Period Performance Based Shares Employee stock-based compensation Adjustments To Additional Paid In Capital Share Based Compensation Employee Stock Purchase Program Requisite Service Period Recognition Employee stock-based compensation (in shares) Stock Issued During Period Shares Employee Share Based Compensation Issuance of common stock to consultant Stock Issued During Period Value Issued For Services Issuance of common stock to consultant (in shares) Stock Issued During Period Shares Issued For Services Value of shares withheld related to employee tax withholding Adjustments Related To Tax Withholding For Share Based Compensation Conversion of debt to equity Adjustments To Additional Paid In Capital Equity Component Of Convertible Debt Conversion of debt to equity (in shares) Stock Issued During Period Shares Conversion Of Convertible Securities Issuances of common stock to related party Stock Issued During Period Value New Issues Issuances of common stock to related party (in shares) Stock Issued During Period Shares New Issues Issuance of restricted stock to employees Stock Issued During Period Value Restricted Stock Award Gross Issuance of restricted stock to employees (in shares) Stock Issued During Period Shares Restricted Stock Award Gross Forfeiture of employee restricted stock Stock Issued During Period Value Restricted Stock Award Forfeitures Forfeiture of employee restricted stock (in shares) Stock Issued During Period Shares Restricted Stock Award Forfeited Initial public offering, net of issuance costs Issuance Of Common Stock In Initial Public Offering Issuance Costs Initial public offering, net of issuance costs (in shares) Issuance Of Common Stock In Initial Public Offering Issuance Costs Shares Forgiveness of note receivable in consideration of services rendered Forgiveness Of Note Receivable In Consideration Of Services Rendered Net loss Balance Balance (in shares) Increase decrease in accrued license fees. Stock issued in lieu of license fee payment. Unpaid deferred initial public offering costs. Issuance of common stock to consultant Issuance of common stock in exchange for notes receivable. Non cash repurchase of common stock. Statement Of Cash Flows [Abstract] Cash flows from operating activities Net Cash Provided By Used In Operating Activities Continuing Operations [Abstract] Adjustments to reconcile net loss to net cash used in operating activities Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities [Abstract] Amortization of debt discount on notes payable Amortization of investment premiums Investment Income Amortization Of Premium Change in fair value of accrued license fees Change in fair value of debt conversion feature liability Stock-based compensation Share Based Compensation Changes in operating assets and liabilities: Increase Decrease In Operating Capital [Abstract] Prepaid expenses and other current assets Increase Decrease In Prepaid Deferred Expense And Other Assets Deposits Increase Decrease In Deposits Accounts payable Increase Decrease In Accounts Payable Accounts payable - related party Increase Decrease In Accounts Payable Related Parties Accrued license fees Increase Decrease In Accrued License Fees Accrued expenses Increase Decrease In Accrued Liabilities Net cash used in operating activities Net Cash Provided By Used In Operating Activities Continuing Operations Cash flows from investing activities Net Cash Provided By Used In Investing Activities Continuing Operations [Abstract] Purchases of investments Payments To Acquire Investments Proceeds from sales and maturities of investments Proceeds From Sale Maturity And Collections Of Investments Net cash used in investing activities Net Cash Provided By Used In Investing Activities Continuing Operations Cash flows from financing activities Net Cash Provided By Used In Financing Activities Continuing Operations [Abstract] Proceeds from issuances of common stock, net of underwriting discounts and commissions Proceeds From Issuance Of Common Stock Public offering costs Payments Of Stock Issuance Costs Value of shares withheld related to employee tax withholding Payments Related To Tax Withholding For Share Based Compensation Repurchases of common stock Payments For Repurchase Of Common Stock Proceeds from convertible notes payable Proceeds From Notes Payable Proceeds from stock issuance under employee stock purchase plan Proceeds From Stock Plans Net cash provided by financing activities Net Cash Provided By Used In Financing Activities Continuing Operations Net increase in cash and cash equivalents Cash And Cash Equivalents Period Increase Decrease Cash and cash equivalents beginning of period Cash and cash equivalents end of period Supplemental disclosure of non-cash investing and financing transactions Cash Flow Noncash Investing And Financing Activities Disclosure [Abstract] Shares issued in lieu of license fee payment Stock Issued In Lieu Of License Fee Payment Unpaid deferred public offering costs Unpaid Deferred Initial Public Offering Costs Conversion of notes payable Debt Conversion Converted Instrument Amount1 Issuance of common stock to consultant Issuance Of Common Stock To Consultant Issuance of common stock in exchange for notes receivable Issuance Of Common Stock In Exchange For Notes Receivable Repurchases of common stock Non Cash Repurchase Of Common Stock Organization Consolidation And Presentation Of Financial Statements [Abstract] Organization, Liquidity and Management's Plan, and Summary of Significant Accounting Policies Organization Consolidation And Presentation Of Financial Statements Disclosure And Significant Accounting Policies [Text Block] Investments Debt And Equity Securities [Abstract] Investments in Marketable Securities Investments In Debt And Marketable Equity Securities And Certain Trading Assets Disclosure [Text Block] Fair Value Disclosures [Abstract] Fair Value of Financial Instruments Fair Value Disclosures [Text Block] Agreements with Ligand Pharmaceuticals Incorporated Collaborative Arrangement Disclosure [Text Block] Accrued License Fees and License Fees Expense. Accrued license fees and license fees expense. Accrued License Fees And License Fees Expense [Abstract] Accrued License Fees and License Fees Expense Accrued License Fees And License Fees Expense [Text Block] Debt Disclosure [Abstract] Convertible Notes Payable Long Term Debt [Text Block] Equity [Abstract] Stockholders' Equity (Deficit) Stockholders Equity Note Disclosure [Text Block] Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] Stock-Based Compensation Disclosure Of Compensation Related Costs Share Based Payments [Text Block] Warrant. Warrants And Rights Note Disclosure [Abstract] Representative's Warrant Warrant Disclosure [Text Block] Income Tax Disclosure [Abstract] Income Taxes Income Tax Disclosure [Text Block] Related Party Transactions [Abstract] Related Party Transactions Related Party Transactions Disclosure [Text Block] Commitments And Contingencies Disclosure [Abstract] Commitments and Contingencies Commitments And Contingencies Disclosure [Text Block] Subsequent Events [Abstract] Subsequent Events Subsequent Events [Text Block] Business description. The Company Business Description Policy [Text Block] Basis of Presentation Basis Of Accounting Policy Policy [Text Block] Use of Estimates Use Of Estimates Cash and Cash Equivalents Cash And Cash Equivalents Policy [Text Block] Investments Available-for-Sale Marketable Securities Available For Sale Securities Policy Concentration of Credit Risk Concentration Risk Credit Risk Liquidity and management plan. Liquidity and Management's Plan Liquidity And Management Plan Policy [Text Block] Deferred Financing Costs Deferred Charges Policy [Text Block] Revenue Recognition Revenue Recognition Policy [Text Block] Research and Development Expenses Research And Development Expense Policy Patent Costs Policy. Patent Costs Patent Costs Policy [Text Block] Stock-Based Compensation Share Based Compensation Option And Incentive Plans Policy Income Taxes Income Tax Policy [Text Block] Net Loss per Common Share Earnings Per Share Policy [Text Block] Segments Segment Reporting Policy Policy [Text Block] Recent Accounting Pronouncements New Accounting Pronouncements Policy Policy [Text Block] Schedule of Computation of Basic and Diluted Net Loss per Common Share Schedule Of Earnings Per Share Basic And Diluted Table [Text Block] Schedule of Potentially Dilutive Securities Not Included in Calculation of Diluted Net Loss per Share Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share [Text Block] Summary of Investments Classified As Available-For-Sale Securities Available For Sale Securities [Text Block] Summary of Fair Values of Financial Instruments Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Table [Text Block] Summary of Changes in Accrued License Fees and Debt Conversion Feature Liability Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs Fair Value Assets Measured On Recurring Basis [Text Block] Schedule of Valuation Techniques and Significant Unobservable Inputs Used to Determine Fair Value of Significant Level 3 Liabilities Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques Table [Text Block] Schedule of Convertible Notes Payable Convertible Debt Table [Text Block] Award Type Award Type [Axis] Share Based Compensation Arrangements By Share Based Payment Award Award Type And Plan Name Share Based Compensation Arrangements By Share Based Payment Award Award Type And Plan Name [Domain] Restricted stock units [Member] Restricted Stock Units R S U [Member] Summary of Stock-based Compensation Expense Recognized Schedule Of Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Text Block] Schedule of Unrecognized Stock-based Compensation Expense, Net of Estimated Forfeitures, by Type of Award and Weighted-average Recognition Period Schedule Of Unrecognized Compensation Cost Nonvested Awards Table [Text Block] Summary of Restricted Shares Granted and Stock Units Activity Schedule Of Share Based Compensation Restricted Stock Units Award Activity Table [Text Block] Summary of Stock Option Activity Schedule Of Share Based Compensation Stock Options Activity Table [Text Block] Schedule of Weighted Average Assumptions using Black-Scholes Option Pricing Model Schedule Of Share Based Payment Award Stock Options Valuation Assumptions Table [Text Block] Common stock reserved for issuance. Common Stock Reserved For Future Issuance Common Stock Reserved For Future Issuance Table [Text Block] Schedule of Reconciliations of the U.S. Federal Statutory Tax Rate to the Effective Income Tax Rate Schedule Of Effective Income Tax Rate Reconciliation Table [Text Block] Schedule of Significant Components of Company's Deferred Taxes Schedule Of Deferred Tax Assets And Liabilities Table [Text Block] Summary of Future Minimum Payments for Sublease Schedule Of Future Minimum Rental Payments For Operating Leases Table [Text Block] Accounting Policies [Abstract] Organization and summary of significant accounting policies. Organization and summary of significant accounting policies. Organization And Summary Of Significant Accounting Policies [Table] Organization And Summary Of Significant Accounting Policies [Table] Subsidiary Sale Of Stock Subsidiary Sale Of Stock [Axis] Sale Of Stock Name Of Transaction Sale Of Stock Name Of Transaction [Domain] IPO [Member] I P O [Member] Legal Entity Legal Entity [Axis] Entity Entity [Domain] Ligand Pharmaceuticals Incorporated. Ligand [Member] Ligand Pharmaceuticals Incorporated [Member] Organization And Summary Of Significant Accounting Policies [Line Items] Organization And Summary Of Significant Accounting Policies [Line Items] Date of incorporation Entity Incorporation Date Of Incorporation State of Incorporation Entity Incorporation State Country Name Highly liquid investments maturities Additional Cash And Cash Equivalent Related Text Proceeds from issuance initial public offering net of underwriting discount and commissions. Underwriting discounts commissions and other offering expenses. Common stock sold Net proceeds after deducting underwriting discounts and commissions Proceeds From Issuance Initial Public Offering Net Of Underwriting Discount And Commissions Underwriting discounts, commissions and other offering expenses Underwriting Discounts Commissions And Other Offering Expenses Number of drug candidates. Number of drug candidates Number Of Drug Candidates Numerator Net Income Loss [Abstract] Net loss attributable to common stockholders Denominator Weighted Average Number Of Shares Outstanding [Abstract] Weighted-average common shares outstanding Weighted Average Number Of Shares Issued Basic Less: Weighted-average shares subject to repurchase Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation Denominator for basic and diluted net loss per share Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share [Table] Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share [Table] Antidilutive Securities Excluded From Computation Of Earnings Per Share By Antidilutive Securities Antidilutive Securities Excluded From Computation Of Earnings Per Share By Antidilutive Securities [Axis] Antidilutive Securities Name Antidilutive Securities Name [Domain] Common stock warrants [Member] Warrant [Member] Common stock subject to repurchase. Common stock subject to repurchase [Member] Common Stock Subject To Repurchase [Member] Stock options [Member] Employee Stock Option [Member] Convertible Debt Securities [Member] Convertible Debt Securities [Member] Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] Antidilutive securities excluded in calculation of diluted net loss per share Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount Number of operating segment Number Of Operating Segments Available For Sale Securities [Abstract] Investments classified as available-for-sale Available For Sale Securities Proceeds from sales of available-for-sale securities Proceeds From Sale Of Available For Sale Securities Schedule Of Available For Sale Securities [Table] Schedule Of Available For Sale Securities [Table] Investment Type Investment Type [Axis] Investment Type Categorization Member Investment Type Categorization [Member] Certificates of deposit [Member] Certificates Of Deposit [Member] Corporate debt securities, available-for-sale [Member] Corporate Debt Securities [Member] Schedule of Available-for-sale Securities [Line Items] Schedule Of Available For Sale Securities [Line Items] Amortized Cost Available For Sale Securities Amortized Cost Gross Unrealized Gains Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax Gross Unrealized Losses Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax Aggregate Estimated Fair Value Range Range [Axis] Range Member Range [Member] Maximum [Member] Maximum [Member] Cash And Cash Equivalents Cash And Cash Equivalents [Axis] Restricted Cash And Cash Equivalents Cash And Cash Equivalents Member Restricted Cash And Cash Equivalents Cash And Cash Equivalents [Member] Cash equivalents [Member] Cash Equivalents [Member] Number of securities in unrealized loss position Availableforsale Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions Greater Than Or Equal To One Year unrealized losses, individually Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss unrealized losses, aggregate Available For Sale Securities Continuous Unrealized Loss Position Accumulated Loss Investments classified as available-for-sale, current Investments classified as available-for-sale, noncurrent Available For Sale Securities Noncurrent Fair Value By Balance Sheet Grouping [Table] Fair Value By Balance Sheet Grouping [Table] Minimum [Member] Minimum [Member] Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] Net proceeds from equity financing Proceeds From Sale Of Equity Method Investments Net proceeds from initial public offering Proceeds From Issuance Initial Public Offering Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Table] Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Table] Eligible Item Or Group For Fair Value Option Eligible Item Or Group For Fair Value Option [Axis] Fair Value Option Eligible Item Or Group Fair Value Option Eligible Item Or Group [Domain] Money market funds [Member] Money Market Funds [Member] Fair Value By Fair Value Hierarchy Level Fair Value By Fair Value Hierarchy Level [Axis] Fair Value Measurements Fair Value Hierarchy Fair Value Measurements Fair Value Hierarchy [Domain] Level 1 [Member] Fair Value Inputs Level1 [Member] Level 2 [Member] Fair Value Inputs Level2 [Member] Level 3 [Member] Fair Value Inputs Level3 [Member] Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] Financial assets carried at fair value: Assets Fair Value Disclosure [Abstract] Cash and cash equivalents, fair value disclosure Cash And Cash Equivalents Fair Value Disclosure Short-term investments, available for sale Total financial assets Assets Fair Value Disclosure Financial liabilities carried at fair value: Liabilities Fair Value Disclosure [Abstract] Debt conversion feature – current Debt conversion feature – long-term Total financial liabilities Financial Liabilities Fair Value Disclosure Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Table] Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Table] Financial Instrument Financial Instrument [Axis] Transfers And Servicing Of Financial Instruments Types Of Financial Instruments Transfers And Servicing Of Financial Instruments Types Of Financial Instruments [Domain] Debt conversion feature. Debt Conversion Feature Liability [Member] Debt Conversion Feature [Member] Fair Value By Liability Class Fair Value By Liability Class [Axis] Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation By Liability Class Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation By Liability Class [Domain] Accrued license fees. Accrued License Fees [Member] Accrued License Fees [Member] Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] Beginning balance Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value Additions Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases Adjustments resulting from changes in fair value recognized in earnings Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings Issuance of shares of common stock Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements Ending balance Debt instrument fair value carrying value. Debt Instrument Fair Value Carrying Value [Abstract] Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Table] Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Table] Valuation Technique Valuation Technique [Axis] Valuation Technique Valuation Technique [Domain] Probability weighted expected return model. Probability Weighted Expected Return Model [Member] Probability Weighted Expected Return Model [Member] Discounted cash flow model. Discounted Cash Flow Model [Member] Discounted Cash Flow Model [Member] Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] Fair Value, Assets Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value Fair Value, Liabilities Valuation Technique(s) Fair Value Measurements Valuation Techniques Fair value inputs probability weightings assigned to each scenario. Fair value inputs time assumptions to liquidation events. Fair value inputs timing of events. Fair value inputs probabilities of occurrence discount rate. Probability weightings assigned to each scenario, Range Fair Value Inputs Probability Weightings Assigned To Each Scenario Time assumptions to liquidation events, Range Fair Value Inputs Time Assumptions To Liquidation Events Discount rate, Range Fair Value Inputs Discount Rate Timing of the events, Range Fair Value Inputs Timing Of Events Probabilities of Occurrence Discount rate, Range Fair Value Inputs Probabilities Of Occurrence Discount Rate License agreement entered date. Schedule Of Collaborative Arrangements And Noncollaborative Arrangement Transactions [Table] Schedule Of Collaborative Arrangements And Noncollaborative Arrangement Transactions [Table] Type Of Arrangement Type Of Arrangement [Axis] Arrangements And Nonarrangement Transactions Member Arrangements And Nonarrangement Transactions [Member] Loan and security agreement. Loan and Security Agreement [Member] Loan And Security Agreement [Member] Income Statement Location Income Statement Location [Axis] Income Statement Location Income Statement Location [Domain] Research and development expense [Member] Research And Development Expense [Member] Management rights letter. Management Rights Letter [Member] Management Rights Letter [Member] Statement Geographical Statement Geographical [Axis] Segment Geographical Segment Geographical [Domain] California [Member] C A Lease Arrangement Type Lease Arrangement Type [Axis] Lease Arrangement Type Lease Arrangement Type [Domain] Sublease. Sublease [Member] Sublease [Member] Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] License agreement entered date License Agreement Entered Date Common stock issued as part of partial consideration of agreement Common stock issued value as part of partial consideration of agreement One time nonrefundable mile stone payments maximum payable amount. One time nonrefundable mile stone payments maximum payable amount One Time Nonrefundable Mile Stone Payments Maximum Payable Amount Legal costs. Sale and transfer of price equals to percentage of cost of goods. Legal costs Legal Costs Sale and transfer of price equals to percentage of cost of goods Sale And Transfer Of Price Equals To Percentage Of Cost Of Goods Incremental charges incurred. Date of agreement. Maximum aggregate loan amount. Incremental charges incurred Incremental Charges Incurred Date of agreement Date Of Agreement Maximum aggregate loan amount Maximum Aggregate Loan Amount Agreement termination date. Voting power of the surviving or acquiring entity Business Acquisition Percentage Of Voting Interests Acquired Percentage of voting interest beneficiary owned Business Combination Step Acquisition Equity Interest In Acquiree Percentage Date agreement might terminate Agreement Termination Date Date of registration rights agreement amendment. Date of registration rights agreement amendment Date Of Registration Rights Agreement Amendment Sublease commencement date. Area of subleased premises Net Rentable Area Sublease rent expense per month Lease And Rental Expense Sublease expiration date Lease Expiration Date1 Sublease commencement date Sublease Commencement Date Accrued license fees and license fees expense. Schedule of accrued license fees and license fees expense. Accrued License Fees And License Fees Expense [Table] Accrued License Fees And License Fees Expense [Table] Accrued License Fees And License Fees Expense [Line Items] Accrued License Fees And License Fees Expense [Line Items] Estimated aggregate value of common stock License agreement date of agreement. License agreement date of maturity. License agreement date of agreement License Agreement Date Of Agreement License agreement date of maturity License Agreement Date Of Maturity Exit scenario. Incremental charge. Exit scenario Exit Scenario License fee liability Incremental charge Incremental Charge Decrease in license fee liability and other expense. Reduce the license fee liability. Decrease in license fee liability and other expense Increase Decrease In License Fee Liability And Other Expense Reduce the license fee liability Reduce The License Fee Liability Convertible notes payable current portion including discount. Convertible notes payable noncurrent portion including discount. Current maturities: Debt Current [Abstract] Various convertible notes payable issued during 2013 with interest rates ranging from 2.16% to 4.68% annually, due during 2015 Convertible Notes Payable Current Portion Including Discount Discount on notes payable, current Convertible notes payable, current portion (net of discount) Long-term maturities: Long Term Debt Noncurrent [Abstract] Convertible note payable issued during 2014 to Ligand as part of the Master License Agreement with a 5% annual interest rate, due during 2016 (subsequently amended to 2017) Convertible Notes Payable Noncurrent Portion Including Discount Discount on notes payable, long-term Convertible notes payable, long-term (net of discount) Debt instrument current maturities due date. Debt instrument long term maturities due date. Debt Instrument [Table] Debt Instrument [Table] Debt Instrument [Line Items] Debt Instrument [Line Items] Interest rate for current maturities Debt Instrument Interest Rate During Period Due date for current maturities Debt Instrument Current Maturities Due Date Interest rate of Long-term maturities Debt Instrument Interest Rate Stated Percentage Due date for Long-term maturities Debt Instrument Long Term Maturities Due Date Short Term Debt Type Short Term Debt Type [Axis] Short Term Debt Type Short Term Debt Type [Domain] Notes [Member] Convertible Notes Payable [Member] Debt Conversion By Unique Description Debt Conversion By Unique Description [Axis] Debt Conversion Name Debt Conversion Name [Domain] Qualifying financing. Qualifying Financing [Member] Qualifying Financing [Member] Option one. Option One [Member] Option One [Member] Option two. Option Two [Member] Option Two [Member] Debt Instrument Debt Instrument [Axis] Debt Instrument Name Debt Instrument Name [Domain] Ligand debt Member. Ligand Debt Ligand Debt [Member] Amended loan and security agreement. Loan Amendment [Member] Amended Loan And Security Agreement [Member] Longterm Debt Type Longterm Debt Type [Axis] Longterm Debt Type Longterm Debt Type [Domain] Ligand note. Ligand Note [Member] Ligand Note [Member] Maximum Issuance under Note Authorization Line Of Credit Facility Maximum Borrowing Capacity Convertible promissory notes maturity term Debt Instrument Term Interest rate on unpaid principal amount Debt Instrument Interest Rate Effective Percentage Rate Range Maximum Term of Convertible promissory notes interest rate Debt Instrument Interest Rate Terms Debt instrument convertible conversion ratio amount used in numerator. Net proceeds from issuances of common stock Percentage used to determine the issuance of shares upon conversion Debt Instrument Convertible Threshold Percentage Of Stock Price Trigger Convertible notes payable description Debt Conversion Description Amount used to determine the issuance of shares upon conversion Debt Instrument Convertible Conversion Ratio Amount Used In Numerator Repayment percentage of convertible notes Debt Instrument Redemption Price Percentage Fair value of debt conversion feature embedded note Debt Instrument Convertible Beneficial Conversion Feature Amortization of debt discount Maximum amount of convertible promissory notes Notes interest rate Interest expense Interest Expense Cumulative accrued interest payable Interest Payable Current And Noncurrent Accrued interest converted. Principal amount of notes converted Accrued interest of notes converted Accrued Interest Converted Converted into shares of the company's common stock Debt Conversion Converted Instrument Shares Issued1 Loan and security agreement. Initial loan amount received. Loans receivable monthly installment. Loans receivable accrued interest rate in event of default. Loan and security agreement Loan And Security Agreement Initial loan amount received Initial Loan Amount Received Loans receivable monthly installment Loans Receivable Monthly Installment Fixed accrued interest rate Long Term Debt Percentage Bearing Fixed Interest Rate Fixed accrued interest rate of default loan Loans Receivable Accrued Interest Rate In Event Of Default Debt instrument convertible, percentage of principal and accrued interest. Anniversary closing date. Aggregate net proceeds from issue of equity securities Proceeds From Issuance Of Private Placement Note conversion, principal amount of loan plus all accrued and previously unpaid interest Debt Instrument Convertible Percentage Of Principal And Accrued Interest Anniversary date of closing Anniversary Closing Date Notes Payable Notes Payable Other expenses related to debt conversion feature Other Expenses Deemed fair value per share. Common stock available under repurchase agreement. Equity. Equity. Equity [Table] Equity [Table] Title Of Individual Title Of Individual [Axis] Title Of Individual With Relationship To Entity Title Of Individual With Relationship To Entity [Domain] Founder. Founder [Member] Founder [Member] Consultant. Consultant [Member] Consultant [Member] Vesting Vesting [Axis] Vesting Vesting [Domain] Tranche One [Member] Share Based Compensation Award Tranche One [Member] Tranche Two [Member] Share Based Compensation Award Tranche Two [Member] Non employee directors. Non-employee Directors [Member] Non Employee Directors [Member] Employees directors and consultants. Employees, Directors and Consultants [Member] Employees Directors And Consultants [Member] Ligand and Metabasis Therapeutics Inc. Ligand And Metabasis Therapeutics Inc [Member] Ligand And Metabasis Therapeutics Inc [Member] Equity [Line Items] Equity [Line Items] Common stock, shares issued for contribution of intellectual property Deemed fair value per share Deemed Fair Value Per Share Common stock available under repurchase agreement Common Stock Available Under Repurchase Agreement Notes received for consideration of common stock issued. Termination of notes receivable in exchange of common stock repurchased. Accounts receivable write off for consideration of service provided. Accounts receivable write off including interest for consideration of service provided. Accrued interest write off for consideration of service provided. Cash proceeds from common stock issuance Issuance of common stock for notes receivable Notes Received For Consideration Of Common Stock Issued Repurchase of common stock Refund of cash contributed by consultant for repurchase of common stock Termination of notes receivable in exchange of common stock repurchased Termination Of Notes Receivable In Exchange Of Common Stock Repurchased Write off accounts receivable for consideration of service provided Accounts Receivable Write Off For Consideration Of Service Provided Write off accounts receivable including interest for consideration of service provided Accounts Receivable Write Off Including Interest For Consideration Of Service Provided Accrued interest writes off for consideration of service provided Accrued Interest Write Off For Consideration Of Service Provided Unrecognized compensation expense Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Weighted-average Recognition Period Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1 Stock compensation expense Allocated Share Based Compensation Expense Number of tranches. Number of common stock for issuance in exchange for future services from founders Deferred Compensation Arrangement With Individual Common Stock Reserved For Future Issuance Common stock price per share Deferred Compensation Arrangement With Individual Exercise Price Number of tranches Number Of Tranches Shares repurchase price per share. Common stock shares repurchased Stock Repurchase Program Number Of Shares Authorized To Be Repurchased Repurchase of common stock from stockholders, per share Shares Repurchase Price Per Share Remaining number of repurchased shares Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased Employment agreement with number of employees. Employee agreement description. Percentage of salary difference between post and pre IPO quotient of product. Potential full vested restricted stock amount not recorded as liability. Employment agreement with number of employees Employment Agreement With Number Of Employees Employee agreement description Employee Agreement Description Percentage of salary difference between post and pre IPO quotient of product Percentage Of Salary Difference Between Post And Pre I P O Quotient Of Product Potential full vested restricted stock amount not recorded as liability Potential Full Vested Restricted Stock Amount Not Recorded As Liability Repurchase of common stock from stockholders, value Note conversion, description Underwriters option exercise period. Additional shares offered under underwriting agreement. Common stock, price per share Shares Issued Price Per Share Underwriters option exercise period Underwriters Option Exercise Period Number of additional common shares pursuant to over-allotment option granted to the underwriters Additional Shares Offered Under Underwriting Agreement Granted, Shares Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross Non-cash interest charge Amortization Of Financing Costs And Discounts Convertible notes payable, current Convertible notes payable, interest Convertible notes payable and interest conversion, shares issued Beneficial conversion charge Additional shares purchase under underwriting agreement. Additional shares purchase under underwriting agreement Additional Shares Purchase Under Underwriting Agreement Shares issued under ESPP Stock Issued During Period Shares Employee Stock Purchase Plans Percentage of common stock outstanding to increase shares reserved for issuance. Employee Service Share Based Compensation Aggregate Disclosures [Abstract] Schedule Of Share Based Compensation Arrangements By Share Based Payment Award [Table] Schedule Of Share Based Compensation Arrangements By Share Based Payment Award [Table] Plan Name Plan Name [Axis] Plan Name Plan Name [Domain] Two thousand fourteen stock option plan. 2014 Plan [Member] Two Thousand Fourteen Stock Option Plan [Member] Two thousand fourteen plan. The 2014 Plan [Member] Two Thousand Fourteen Plan [Member] Employee stock purchase plan. Employee Stock Purchase Plan [Member] Employee Stock Purchase Plan [Member] Two thousand fourteen employee stock purchase plan. ESPP [Member] Two Thousand Fourteen Employee Stock Purchase Plan [Member] Share-based Compensation Arrangement by Share-based Payment Award [Line Items] Share Based Compensation Arrangement By Share Based Payment Award [Line Items] Common stock reserved for issuance, description Share Based Compensation Arrangement By Share Based Payment Award Description Number of shares of common stock reserved for issuance Common Stock Capital Shares Reserved For Future Issuance Percentage of common stock outstanding to increase shares reserved for issuance Percentage Of Common Stock Outstanding To Increase Shares Reserved For Issuance Share based compensation arrangement by share based payment award employee stock purchase plan offering term. Employee stock purchase plan duration of offering period. Employee stock purchase plan number of purchase periods. Maximum duration for purchase under employee stock purchase plan. Maximum duration of employee stock purchase plan. Duration of employee stock purchase plan as determined by the compensation committee Share Based Compensation Arrangement By Share Based Payment Award Employee Stock Purchase Plan Offering Term Duration for offering period, employee stock purchase plan Employee Stock Purchase Plan Duration Of Offering Period Employee stock purchase plan, number of purchase periods Employee Stock Purchase Plan Number Of Purchase Periods Maximum duration for purchase under employee stock purchase plan Maximum Duration For Purchase Under Employee Stock Purchase Plan Maximum duration of employee stock purchase plan Maximum Duration Of Employee Stock Purchase Plan Percentage of purchase of common stock Share Based Compensation Arrangement By Share Based Payment Award Discount From Market Price Offering Date Percentage of common stock on the date of purchase Share Based Compensation Arrangement By Share Based Payment Award Discount From Market Price Purchase Date Restricted stock and restricted stock units. Restricted stock and restricted stock units [Member] Restricted Stock And Restricted Stock Units [Member] Research and development expenses [Member] General and administrative expenses [Member] General And Administrative Expense [Member] Total stock-based compensation expense included in expenses Unrecognized Expense, Net of Estimated Forfeitures Share based compensation arrangement by share based payment award equity instruments other than options repurchased in period. Restricted shares granted. Restricted shares granted [Member] Restricted Shares Granted [Member] Shares, Unvested, Beginning balance Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number Shares, Granted Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Shares, Vested Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Shares, Forfeited Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period Shares, Repurchased Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Repurchased In Period Shares, Unvested, Ending balance Share based compensation arrangement by share based payment award equity instruments other than options repurchased weighted average grant date fair value. Weighted-Average Grant Date Fair Value, Unvested, Beginning balance Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value Weighted-Average Grant Date Fair Value, Granted Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value Weighted-Average Grant Date Fair Value, Vested Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value Weighted-Average Grant Date Fair Value, Forfeited Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value Weighted-Average Grant Date Fair Value, Repurchased Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Repurchased Weighted Average Grant Date Fair Value Weighted-Average Grant Date Fair Value, Unvested, Ending balance Outstanding beginning balance, Shares Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number Exercised, Shares Stock Issued During Period Shares Stock Options Exercised Cancelled, Shares Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period Outstanding ending balance, Shares Options exercisable, Shares Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number Outstanding beginning balance, Weighted-Average Exercise Price Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price Granted, Weighted-Average Exercise Price Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price Exercised, Weighted-Average Exercise Price Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price Cancelled, Weighted-Average Exercise Price Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price Outstanding ending balance, Weighted-Average Exercise Price Options exercisable, Weighted-Average Exercise Price Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price Options outstanding, Weighted Average Remaining Contractual Term Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2 Options exercisable, Weighted Average Remaining Contractual Term Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1 Weighted average fair value of stock options granted to employees Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value Options outstanding, Aggregate Intrinsic Value Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value Options exercisable, Aggregate Intrinsic Value Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1 Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract] Expected volatility Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Expected term (in years) Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1 Risk-free interest rate Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Expected dividend yield Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate Excess tax benefit from stock-based awards Employee Service Share Based Compensation Tax Benefit From Compensation Expense Common stock options Member. Common stock options [Member] Common Stock Options [Member] Available for grant under the two thousand fourteen plan Member. Available for grant under the 2014 Plan [Member] Available For Grant Under Two Thousand Fourteen Plan [Member] Available for issuance under Employee Stock Purchase Plan. Available for issuance under Employee Stock Purchase Plan [Member] Available For Issuance Under Employee Stock Purchase Plan [Member] Shares issuable upon conversion of Ligand debt. Shares issuable upon conversion of Ligand debt [Member] Shares Issuable Upon Conversion Of Ligand Debt [Member] Common stock reserved for future issuance Description of warrant. Warrant expiration date. Initial public offering expiration date. Class Of Warrant Or Right [Table] Class Of Warrant Or Right [Table] Class of Warrant or Right [Line Items] Class Of Warrant Or Right [Line Items] Issuance of shares of common stock Exercise price of warrant Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1 Warrant description Description Of Warrant Warrant termination date Warrant Expiration Date Initial public offering, expiration date Initial Public Offering Expiration Date Tax provision at U.S. Federal statutory rates Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate State income taxes net of federal benefit Effective Income Tax Rate Reconciliation State And Local Income Taxes Non-deductible permanent items Effective Income Tax Rate Reconciliation Nondeductible Expense Stock options Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost Other Effective Income Tax Rate Reconciliation Deductions Other Change in valuation allowance Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance Effective income tax rate Effective Income Tax Rate Continuing Operations Deferred tax assets share conversion feature. Deferred tax liabilities convertible debt. Deferred tax assets: Deferred Tax Assets Net [Abstract] Accrued liabilities Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities Intangible assets Deferred Tax Assets Goodwill And Intangible Assets Net operating loss carryforwards Deferred Tax Assets Operating Loss Carryforwards Share-based compensation Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost Share conversion feature Deferred Tax Assets Share Conversion Feature Other Deferred Tax Assets Other Total deferred tax assets Deferred Tax Assets Gross Valuation Allowance Deferred Tax Assets Valuation Allowance Net deferred tax assets Deferred Tax Assets Net Deferred tax liabilities: Deferred Tax Liabilities Net [Abstract] Debt conversion feature Deferred Tax Liabilities Convertible Debt Total: Deferred Tax Assets Liabilities Net Federal and state net operating loss carryforwards, begin to expiration year. Percentage of cumulative change in stock ownership. Federal net operating loss carryforwards Deferred Tax Assets Operating Loss Carryforwards Domestic State net operating loss carryforwards Deferred Tax Assets Operating Loss Carryforwards State And Local Federal and state net operating loss carryforwards, begin to expiration year. Federal And State Net Operating Loss Carryforwards Begin To Expiration Year Description of the limitations on the use of all operating loss carryforwards Operating Loss Carryforwards Limitations On Use Percentage of cumulative change in stock ownership. Percentage Of Cumulative Change In Stock Ownership Tax benefit not recognized Unrecognized Tax Benefits Liability for uncertain tax positions Liability For Uncertain Tax Positions Noncurrent Schedule Of Related Party Transactions By Related Party [Table] Schedule Of Related Party Transactions By Related Party [Table] Related Party Transactions By Related Party Related Party Transactions By Related Party [Axis] Related Party Related Party [Domain] Related Party Transaction [Line Items] Related Party Transaction [Line Items] Equity method investment, ownership percentage Equity Method Investment Ownership Percentage Commitments and contingencies. Contingencies and Commitments. Contingencies And Commitments [Table] Contingencies And Commitments [Table] Commitments And Contingencies [Line Items] Commitments And Contingencies [Line Items] Minimum lease payments Operating Leases Future Minimum Payments Due Percentage of rent increases. Monthly base rent payments Operating Leases Rent Expense Sublease Rentals1 Percentage of rent increase under sublease Percentage Of Rent Increases Rent expense Operating Leases Rent Expense Net Operating Leases, Future Minimum Payments [Abstract] Operating Leases Future Minimum Payments Due [Abstract] 2016 Operating Leases Future Minimum Payments Due Current 2017 Operating Leases Future Minimum Payments Due In Two Years 2018 Operating Leases Future Minimum Payments Due In Three Years Total minimum lease payments Securities dispose date. Percentage of debt remained outstanding. Subsequent Event [Table] Subsequent Event [Table] Subsequent Event Type Subsequent Event Type [Axis] Subsequent Event Type Subsequent Event Type [Domain] Subsequent Event Subsequent Event [Member] Second loan amendment. Second Loan Amendment [Member] Second Loan Amendment [Member] Registration Rights Agreement. Registration Rights Agreement [Member] Registration Rights Agreement [Member] Subsequent Event [Line Items] Subsequent Event [Line Items] Debt instrument maturity date Debt Instrument Maturity Date Securities dispose date Securities Dispose Date Percentage of debt remained outstanding Percentage Of Debt Remained Outstanding Shares issued price per share subject to adjustment for stock dividends, splits, combinations or similar transactions. Beneficial ownership of company's common stock. Note obligation Convertible Notes Payable Next financing payment to be paid in cash Repayments Of Notes Payable Shares issued price per share Shares Issued Price Per Share Subject To Adjustment For Stock Dividends Splits Combinations Or Similar Transactions Beneficial ownership of company's common stock Beneficial Ownership Of Company S Common Stock Additional repayment notice period within closing of the next financing. Additional repayment notice period after the closing of the next financing. Weighted average closing price period. Additional repayment notice period within closing of the next financing Additional Repayment Notice Period Within Closing Of The Next Financing Additional repayment notice period after the closing of the next financing Additional Repayment Notice Period After The Closing Of The Next Financing Weighted average closing price of common stock period Weighted Average Closing Price Period Period to file registration statement. Period to file registration statement Period To File Registration Statement EX-101.PRE 17 vktx-20151231_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 18 R1.htm IDEA: XBRL DOCUMENT v3.3.1.900

Document and Entity Information - USD ($)
12 Months Ended

Dec. 31, 2015

Feb. 29, 2016

Jun. 30, 2015

Document And Entity Information [Abstract]

Document Type 10-K

Amendment Flag false

Document Period End Date Dec. 31, 2015

Document Fiscal Year Focus 2015

Document Fiscal Period Focus FY

Trading Symbol VKTX

Entity Registrant Name Viking Therapeutics, Inc.

Entity Central Index Key 0001607678

Current Fiscal Year End Date --12-31

Entity Well-known Seasoned Issuer No

Entity Current Reporting Status Yes

Entity Voluntary Filers No

Entity Filer Category Smaller Reporting Company

Entity Common Stock, Shares Outstanding 9,683,741

Entity Public Float $ 18,289,869

X

- Definition
If the value is true, then the document is an amendment to previously-filed/accepted document.
+ References
No definition available.
+ Details

Name: dei_AmendmentFlag

Namespace Prefix: dei_

Data Type: xbrli:booleanItemType

Balance Type: na

Period Type: duration

X

- Definition
End date of current fiscal year in the format --MM-DD.
+ References
No definition available.
+ Details

Name: dei_CurrentFiscalYearEndDate

Namespace Prefix: dei_

Data Type: xbrli:gMonthDayItemType

Balance Type: na

Period Type: duration

X

- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.
+ References
No definition available.
+ Details

Name: dei_DocumentFiscalPeriodFocus

Namespace Prefix: dei_

Data Type: dei:fiscalPeriodItemType

Balance Type: na

Period Type: duration

X

- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.
+ References
No definition available.
+ Details

Name: dei_DocumentFiscalYearFocus

Namespace Prefix: dei_

Data Type: xbrli:gYearItemType

Balance Type: na

Period Type: duration

X

- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.
+ References
No definition available.
+ Details

Name: dei_DocumentPeriodEndDate

Namespace Prefix: dei_

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- Definition
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".
+ References
No definition available.
+ Details

Name: dei_DocumentType

Namespace Prefix: dei_

Data Type: dei:submissionTypeItemType

Balance Type: na

Period Type: duration

X

- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation 12B
-Number 240
-Section 12b
-Subsection 1
+ Details

Name: dei_EntityCentralIndexKey

Namespace Prefix: dei_

Data Type: dei:centralIndexKeyItemType

Balance Type: na

Period Type: duration

X

- Definition
Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.
+ References
No definition available.
+ Details

Name: dei_EntityCommonStockSharesOutstanding

Namespace Prefix: dei_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.
+ References
No definition available.
+ Details

Name: dei_EntityCurrentReportingStatus

Namespace Prefix: dei_

Data Type: dei:yesNoItemType

Balance Type: na

Period Type: duration

X

- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.
+ References
No definition available.
+ Details

Name: dei_EntityFilerCategory

Namespace Prefix: dei_

Data Type: dei:filerCategoryItemType

Balance Type: na

Period Type: duration

X

- Definition
State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K.
+ References
No definition available.
+ Details

Name: dei_EntityPublicFloat

Namespace Prefix: dei_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation 12B
-Number 240
-Section 12b
-Subsection 1
+ Details

Name: dei_EntityRegistrantName

Namespace Prefix: dei_

Data Type: xbrli:normalizedStringItemType

Balance Type: na

Period Type: duration

X

- Definition
Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
+ References
No definition available.
+ Details

Name: dei_EntityVoluntaryFilers

Namespace Prefix: dei_

Data Type: dei:yesNoItemType

Balance Type: na

Period Type: duration

X

- Definition
Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.
+ References
No definition available.
+ Details

Name: dei_EntityWellKnownSeasonedIssuer

Namespace Prefix: dei_

Data Type: dei:yesNoItemType

Balance Type: na

Period Type: duration

X

- Definition
Trading symbol of an instrument as listed on an exchange.
+ References
No definition available.
+ Details

Name: dei_TradingSymbol

Namespace Prefix: dei_

Data Type: xbrli:normalizedStringItemType

Balance Type: na

Period Type: duration

X

- Definition
Document And Entity Information [Abstract]
+ References
No definition available.
+ Details

Name: vktx_DocumentAndEntityInformationAbstract

Namespace Prefix: vktx_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 19 R2.htm IDEA: XBRL DOCUMENT v3.3.1.900

Balance Sheets - USD ($)

Dec. 31, 2015

Dec. 31, 2014

Current assets:

Cash and cash equivalents $ 768,550 $ 755,857

Short-term investments – available for sale 13,335,499

Prepaid expenses and other current assets 1,097,599 17,827

Total current assets 15,201,648 773,684

Deferred public offering financing costs 157,455 2,268,675

Deposits 80,000 775

Total assets 15,439,103 3,043,134

Current liabilities:

Accounts payable 592,414 1,830,724

Accrued license fees 19,865,863

Other accrued liabilities 1,384,398 380,257

Accrued interest 77,222

Convertible notes payable, current portion (net of discount of $0 and $6,076 at December 31, 2015 and 2014, respectively) 304,274

Debt conversion feature liability 58,742

Total current liabilities 1,976,812 22,517,082

Accrued interest, non-current 183,611

Convertible notes payable (net of discount of $348,460 and $1,235,886 at December 31, 2015 and 2014, respectively) 2,151,540 1,264,114

Debt conversion feature liability 2,370,903 1,390,469

Deferred rent 31,239

Total long-term liabilities 4,737,293 2,654,583

Total liabilities $ 6,714,105 $ 25,171,665

Commitments and contingencies (Note 12)

Stockholders’ equity (deficit):

Preferred stock, $0.00001 par value: 10,000,000 shares authorized at December 31, 2015 and no shares authorized at December 31, 2014; no shares issued and outstanding at December 31, 2015 and 2014

Common stock, $0.00001 par value: 300,000,000 shares authorized at December 31, 2015 and 25,000,000 shares authorized at December 31, 2014; 9,683,741 shares issued and outstanding at December 31, 2015 and 6,000,000 shares issued and outstanding at December 31, 2014 $ 97 $ 60

Additional paid-in capital 54,277,716 12,866

Accumulated deficit (45,545,445) (22,141,457)

Accumulated other comprehensive loss (7,370)

Total stockholders’ equity (deficit) 8,724,998 (22,128,531)

Total liabilities and stockholders’ equity (deficit) $ 15,439,103 $ 3,043,134

X

- Definition
Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19(a))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_AccountsPayableCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Accumulated appreciation or loss, net of tax, in value of the total of available-for-sale securities at the end of an accounting period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669686-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e637-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e681-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 10A
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669646-108580
+ Details

Name: us-gaap_AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.30(a)(1))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 31
-Article 5
+ Details

Name: us-gaap_AdditionalPaidInCapitalCommonStock

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.18)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 12
-Article 7
+ Details

Name: us-gaap_Assets

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.9)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6801-107765

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6676-107765
+ Details

Name: us-gaap_AssetsCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_AssetsCurrentAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of investment in debt and equity securities categorized neither as trading securities nor held-to-maturity securities and intended be sold or mature one year or operating cycle, if longer.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 25
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=51813488&loc=d3e22054-111558

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=49167202&loc=d3e26626-111562
+ Details

Name: us-gaap_AvailableForSaleSecuritiesCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Cash
-URI http://asc.fasb.org/extlink&oid=6506951

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 45
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6676-107765

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3044-108585

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Cash Equivalents
-URI http://asc.fasb.org/extlink&oid=6507016

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 210.5-02.1)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_CashAndCashEquivalentsAtCarryingValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.(a),19)
-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14326-108349

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.17)
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_CommitmentsAndContingencies

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.
+ References
Reference 1: 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)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 30
-Article 5
+ Details

Name: us-gaap_CommonStockValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Carrying value as of the balance sheet date of long-term debt (with maturities initially due after one year or beyond the operating cycle if longer) identified as Convertible Notes Payable, excluding current portion. Convertible Notes Payable is a written promise to pay a note which can be exchanged for a specified amount of another, related security, at the option of the issuer and the holder.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_ConvertibleLongTermNotesPayable

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Carrying value as of the balance sheet date of the portion of long-term debt due within one year or the operating cycle if longer identified as Convertible Notes Payable. Convertible Notes Payable is a written promise to pay a note which can be exchanged for a specified amount of another, related security, at the option of the issuer and the holder.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.20)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_ConvertibleNotesPayableCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Net amount of long-term deferred finance costs capitalized at the end of the reporting period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28555-108399

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.17)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_DeferredFinanceCostsNoncurrentNet

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
For a classified balance sheet, the cumulative difference between the rental income or payments required by a lease agreement and the rental income or expense recognized on a straight-line basis, or other systematic and rational basis more representative of the time pattern in which use or benefit is granted or derived from the leased property, expected to be recognized in income or expense, by the lessor or lessee, respectively, more than one year after the balance sheet date.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.26(c))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 20
-Section 25
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=7501430&loc=d3e39927-112707
+ Details

Name: us-gaap_DeferredRentCreditNoncurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Carrying value of amounts transferred to third parties for security purposes that are expected to be returned or applied towards payment after one year or beyond the operating cycle, if longer.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.17)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_DepositsAssetsNoncurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Carrying value as of the balance sheet date of [accrued] interest payable on all forms of debt, including trade payables, that has been incurred and is unpaid. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Current Liabilities
-URI http://asc.fasb.org/extlink&oid=6509677

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.20)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 45
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e7018-107765

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 45
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6935-107765
+ Details

Name: us-gaap_InterestPayableCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19-26)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_Liabilities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.32)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 25
-Article 7
+ Details

Name: us-gaap_LiabilitiesAndStockholdersEquity

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.21)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_LiabilitiesCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_LiabilitiesCurrentAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of obligation due after one year or beyond the normal operating cycle, if longer.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22-26)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22, 23, 24, 25, 26, 27
-Article 5
+ Details

Name: us-gaap_LiabilitiesNoncurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Carrying value as of the balance sheet date of obligations incurred through that date and payable arising from transactions not otherwise specified in the taxonomy. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 45
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e7018-107765

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Current Liabilities
-URI http://asc.fasb.org/extlink&oid=6509677

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6911-107765

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 45
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6935-107765

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 210.5-02.20)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_OtherAccruedLiabilitiesCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.
+ References
Reference 1: 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 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.28)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29
-Article 5
+ Details

Name: us-gaap_PreferredStockValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6676-107765

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 8
-Article 5
+ Details

Name: us-gaap_PrepaidExpenseAndOtherAssetsCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.31(a)(3))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3
+ Details

Name: us-gaap_RetainedEarningsAccumulatedDeficit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.
+ References
Reference 1: 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 2: 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 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E
+ Details

Name: us-gaap_StockholdersEquity

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_StockholdersEquityAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Accrued interest, non-current.
+ References
No definition available.
+ Details

Name: vktx_AccruedInterestNonCurrent

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Accrued license fees current.
+ References
No definition available.
+ Details

Name: vktx_AccruedLicenseFeesCurrent

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Debt conversion feature liability current.
+ References
No definition available.
+ Details

Name: vktx_DebtConversionFeatureLiabilityCurrent

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Debt conversion feature liability noncurrent.
+ References
No definition available.
+ Details

Name: vktx_DebtConversionFeatureLiabilityNoncurrent

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

XML 20 R3.htm IDEA: XBRL DOCUMENT v3.3.1.900

Balance Sheets (Parenthetical) - USD ($)

Dec. 31, 2015

Dec. 31, 2014

Statement Of Financial Position [Abstract]

Convertible notes payable, discount, current portion $ 0 $ 6,076

Convertible notes payable, discount, noncurrent portion $ 348,460 $ 1,235,886

Preferred stock, par value $ 0.00001

Preferred stock, shares authorized 10,000,000 0

Preferred stock, shares issued 0 0

Preferred stock, shares outstanding 0 0

Common stock, par value $ 0.00001 $ 0.00001

Common stock, shares authorized 300,000,000 25,000,000

Common stock, shares issued 9,683,741 6,000,000

Common stock, shares outstanding 9,683,741 6,000,000

X

- Definition
Face amount or stated value per share of common stock.
+ References
Reference 1: 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)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 30
-Article 5
+ Details

Name: us-gaap_CommonStockParOrStatedValuePerShare

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: instant

X

- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws.
+ References
Reference 1: 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)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 30
-Article 5
+ Details

Name: us-gaap_CommonStockSharesAuthorized

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.
+ References
Reference 1: 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)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 30
-Article 5
+ Details

Name: us-gaap_CommonStockSharesIssued

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.
+ References
Reference 1: 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 2: 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)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: 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 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 30
-Article 5
+ Details

Name: us-gaap_CommonStockSharesOutstanding

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Face amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.28)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29
-Article 5
+ Details

Name: us-gaap_PreferredStockParOrStatedValuePerShare

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: instant

X

- Definition
The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.28)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29
-Article 5
+ Details

Name: us-gaap_PreferredStockSharesAuthorized

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.28)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29
-Article 5
+ Details

Name: us-gaap_PreferredStockSharesIssued

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.28)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29
-Article 5
+ Details

Name: us-gaap_PreferredStockSharesOutstanding

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_StatementOfFinancialPositionAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Convertible notes payable discount current.
+ References
No definition available.
+ Details

Name: vktx_ConvertibleNotesPayableDiscountCurrent

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Convertible notes payable discount noncurrent.
+ References
No definition available.
+ Details

Name: vktx_ConvertibleNotesPayableDiscountNoncurrent

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

XML 21 R4.htm IDEA: XBRL DOCUMENT v3.3.1.900

Statements of Operations and Comprehensive Loss - USD ($)
12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Income Statement [Abstract]

Revenues $ 0 $ 0

Operating expenses:

Research and development 6,966,842 22,223,073

General and administrative 5,029,636 1,244,910

Total operating expenses 11,996,478 23,467,983

Loss from operations (11,996,478) (23,467,983)

Other income (expense):

Change in fair value of accrued license fees (9,381,848) 1,821,713

Change in fair value of debt conversion feature liability (1,043,478) 390,763

Amortization of debt discount (893,502) (557,961)

Interest expense, net (88,682) (70,715)

Total other income (expense) (11,407,510) 1,583,800

Net loss (23,403,988) (21,884,183)

Other comprehensive loss, net of tax:

Unrealized gain (loss) on securities (7,370)

Comprehensive loss $ (23,411,358) $ (21,884,183)

Basic and diluted net loss per share $ (3.68) $ (5.23)

Weighted-average shares used to compute basic and diluted net loss per share 6,355,869 4,187,415

X

- Definition
Amount of noncash expense included in interest expense to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate captions include noncash interest expense.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.8)
-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details

Name: us-gaap_AmortizationOfDebtDiscountPremium

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=51831270

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=51831223

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e557-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=51831255
+ Details

Name: us-gaap_ComprehensiveIncomeNetOfTax

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.
+ References
No definition available.
+ Details

Name: us-gaap_EarningsPerShareBasicAndDiluted

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.4)
-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details

Name: us-gaap_GeneralAndAdministrativeExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_IncomeStatementAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The net amount of nonoperating interest income (expense).
+ References
No definition available.
+ Details

Name: us-gaap_InterestIncomeExpenseNonoperatingNet

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=51831255

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.18)
-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.22)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=51831270

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 19
-Article 5

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9
+ Details

Name: us-gaap_NetIncomeLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.
+ References
No definition available.
+ Details

Name: us-gaap_OperatingExpenses

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_OperatingExpensesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The net result for the period of deducting operating expenses from operating revenues.
+ References
No definition available.
+ Details

Name: us-gaap_OperatingIncomeLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount after tax, before reclassification adjustments, of unrealized holding gain (loss) on available-for-sale securities.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 10A
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669646-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e637-108580
+ Details

Name: us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.9)
-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details

Name: us-gaap_OtherNonoperatingIncomeExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_OtherNonoperatingIncomeExpenseAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 730
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6420194&loc=d3e21568-108373

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 985
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6501960&loc=d3e128462-111756
+ Details

Name: us-gaap_ResearchAndDevelopmentExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1)
-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details

Name: us-gaap_Revenues

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS).
+ References
No definition available.
+ Details

Name: us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Change In Fair Value Of Accrued License Fees.
+ References
No definition available.
+ Details

Name: vktx_ChangeInFairValueOfAccruedLicenseFees

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Change In Fair Value Of Debt Conversion Features.
+ References
No definition available.
+ Details

Name: vktx_ChangeInFairValueOfDebtConversionFeatures

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

XML 22 R5.htm IDEA: XBRL DOCUMENT v3.3.1.900

Statements of Stockholders' Equity (Deficit) - USD ($)

Total

Common Stock [Member]

Additional Paid-In Capital [Member]

Notes Receivable from Stockholders [Member]

Accumulated Other Comprehensive Loss [Member]

Accumulated Deficit [Member]

Balance at Dec. 31, 2013 $ (250,604) $ 52 $ 11,114 $ (4,496) $ (257,274)

Balance (in shares) at Dec. 31, 2013 5,200,000

Repurchase of common stock (2) $ (2) (1,998) 1,998

Repurchase of common stock (in shares) (200,000)

Issuance of performance based common stock $ 10 (10)

Issuance of performance based common stock (in shares) 1,000,000

Employee stock-based compensation 3,760 3,760

Forgiveness of note receivable in consideration of services rendered 2,498 $ 2,498

Net loss (21,884,183) (21,884,183)

Balance at Dec. 31, 2014 (22,128,531) $ 60 12,866 (22,141,457)

Balance (in shares) at Dec. 31, 2014 6,000,000

Repurchase of common stock (38) $ (38)

Repurchase of common stock (in shares) (3,802,859)

Employee stock-based compensation 2,205,676 $ 3 2,205,673

Employee stock-based compensation (in shares) 318,708

Issuance of common stock to consultant 28,760 28,760

Issuance of common stock to consultant (in shares) 4,882

Conversion of debt to equity 456,412 $ 1 456,411

Conversion of debt to equity (in shares) 57,046

Issuances of common stock to related party 29,247,711 $ 36 29,247,675

Issuances of common stock to related party (in shares) 3,655,964

Initial public offering, net of issuance costs 22,326,366 $ 35 22,326,331

Initial public offering, net of issuance costs (in shares) 3,450,000

Unrealized gain (loss) on securities (7,370) $ (7,370)

Net loss (23,403,988) (23,403,988)

Balance at Dec. 31, 2015 $ 8,724,998 $ 97 $ 54,277,716 $ (7,370) $ (45,545,445)

Balance (in shares) at Dec. 31, 2015 9,683,741

X

- Definition
Adjustment to additional paid in capital resulting from the recognition of convertible debt instruments as two separate components - a debt component and an equity component. This bifurcation may result in a basis difference associated with the liability component that represents a temporary difference for purposes of applying accounting for income taxes. The initial recognition of deferred taxes for the tax effect of that temporary difference is as an adjustment to additional paid in capital.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 25
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=51819886&loc=SL6014347-161799
+ Details

Name: us-gaap_AdjustmentsToAdditionalPaidInCapitalEquityComponentOfConvertibleDebt

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
This element represents the amount of recognized equity-based compensation related to employee stock purchase programs during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized).
+ References
No definition available.
+ Details

Name: us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationEmployeeStockPurchaseProgramRequisiteServicePeriodRecognition

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=51831255

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.18)
-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.22)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=51831270

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 19
-Article 5

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9
+ Details

Name: us-gaap_NetIncomeLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount after tax, before reclassification adjustments, of unrealized holding gain (loss) on available-for-sale securities.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 10A
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669646-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e637-108580
+ Details

Name: us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Number of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury.
+ References
Reference 1: 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
+ Details

Name: us-gaap_SharesIssued

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Number of shares issued during the period as a result of the conversion of convertible securities.
+ References
Reference 1: 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 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-30)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: 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 4: 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
+ Details

Name: us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Number of shares issued in lieu of cash for services contributed to the entity. Number of shares includes, but is not limited to, shares issued for services contributed by vendors and founders.
+ References
No definition available.
+ Details

Name: us-gaap_StockIssuedDuringPeriodSharesIssuedForServices

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Number of new stock issued during the period.
+ References
Reference 1: 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 2: 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 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30
-Article 5
+ Details

Name: us-gaap_StockIssuedDuringPeriodSharesNewIssues

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Value of stock issued in lieu of cash for services contributed to the entity. Value of the stock issued includes, but is not limited to, services contributed by vendors and founders.
+ References
No definition available.
+ Details

Name: us-gaap_StockIssuedDuringPeriodValueIssuedForServices

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.
+ References
Reference 1: 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 2: 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 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5
+ Details

Name: us-gaap_StockIssuedDuringPeriodValueNewIssues

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.
+ References
Reference 1: 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 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30
-Article 5
+ Details

Name: us-gaap_StockRepurchasedDuringPeriodShares

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.
+ References
Reference 1: 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 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3
+ Details

Name: us-gaap_StockRepurchasedDuringPeriodValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4I
-URI http://asc.fasb.org/extlink&oid=35736750&loc=SL4590271-111686

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=51664549&loc=SL4568740-111683

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=51664549&loc=SL4568447-111683
+ Details

Name: us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Forgiveness of note receivable in consideration of services rendered.
+ References
No definition available.
+ Details

Name: vktx_ForgivenessOfNoteReceivableInConsiderationOfServicesRendered

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Issuance of common stock in initial public offering issuance costs.
+ References
No definition available.
+ Details

Name: vktx_IssuanceOfCommonStockInInitialPublicOfferingIssuanceCosts

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Issuance of common stock in initial public offering issuance costs.
+ References
No definition available.
+ Details

Name: vktx_IssuanceOfCommonStockInInitialPublicOfferingIssuanceCostsShares

Namespace Prefix: vktx_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Stock issued during period performance based shares.
+ References
No definition available.
+ Details

Name: vktx_StockIssuedDuringPeriodPerformanceBasedShares

Namespace Prefix: vktx_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Stock issued during period, shares, employee share-based compensation.
+ References
No definition available.
+ Details

Name: vktx_StockIssuedDuringPeriodSharesEmployeeShareBasedCompensation

Namespace Prefix: vktx_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Stock issued during period value performance based shares.
+ References
No definition available.
+ Details

Name: vktx_StockIssuedDuringPeriodValuePerformanceBasedShares

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Details

Name: us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_StatementEquityComponentsAxis=us-gaap_ReceivablesFromStockholderMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_StatementEquityComponentsAxis=us-gaap_AccumulatedOtherComprehensiveIncomeMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 23 R6.htm IDEA: XBRL DOCUMENT v3.3.1.900

Statements of Cash Flows - USD ($)
12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Cash flows from operating activities

Net loss $ (23,403,988) $ (21,884,183)

Adjustments to reconcile net loss to net cash used in operating activities

Amortization of debt discount on notes payable 893,502 557,961

Amortization of investment premiums 131,899

Change in fair value of accrued license fees 9,381,848 (1,821,713)

Change in fair value of debt conversion feature liability 1,043,478 (390,763)

Stock-based compensation 2,601,448 6,258

Changes in operating assets and liabilities:

Prepaid expenses and other current assets (1,079,772) (17,827)

Deposits (79,225)

Accounts payable 219,237 191,008

Accounts payable - related party (712)

Accrued license fees 21,687,576

Accrued expenses 1,560,079 80,972

Net cash used in operating activities (8,731,494) (1,591,423)

Cash flows from investing activities

Purchases of investments (16,033,042)

Proceeds from sales and maturities of investments 2,563,000

Net cash used in investing activities (13,470,042)

Cash flows from financing activities

Proceeds from issuances of common stock, net of underwriting discounts and commissions 25,392,500

Public offering costs (2,782,462) (332,337)

Value of shares withheld related to employee tax withholding (418,412)

Repurchases of common stock (38) (2)

Proceeds from convertible notes payable 2,500,000

Proceeds from stock issuance under employee stock purchase plan 22,641

Net cash provided by financing activities 22,214,229 2,167,661

Net increase in cash and cash equivalents 12,693 576,238

Cash and cash equivalents beginning of period 755,857 179,619

Cash and cash equivalents end of period 768,550 755,857

Supplemental disclosure of non-cash investing and financing transactions

Shares issued in lieu of license fee payment 29,247,711

Unpaid deferred public offering costs 108,791 1,936,338

Conversion of notes payable 456,412

Issuance of common stock to consultant $ 28,760

Repurchases of common stock $ (1,998)

X

- References
No definition available.
+ Details

Name: us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of noncash expense included in interest expense to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate captions include noncash interest expense.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.8)
-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details

Name: us-gaap_AmortizationOfDebtDiscountPremium

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Cash
-URI http://asc.fasb.org/extlink&oid=6506951

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 45
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6676-107765

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3044-108585

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Cash Equivalents
-URI http://asc.fasb.org/extlink&oid=6507016

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 210.5-02.1)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_CashAndCashEquivalentsAtCarryingValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 24
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 230
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=49171198&loc=d3e33268-110906
+ Details

Name: us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The value of the financial instrument(s) that the original debt is being converted into in a noncash (or part noncash) transaction. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4304-108586

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4332-108586
+ Details

Name: us-gaap_DebtConversionConvertedInstrumentAmount1

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details

Name: us-gaap_IncreaseDecreaseInAccountsPayable

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The increase (decrease) during the reporting period in the obligations due for goods and services provided by the following types of related parties: a parent company and its subsidiaries, subsidiaries of a common parent, an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entities' management, an entity and its principal owners, management, or member of their immediate families, affiliates, or other parties with the ability to exert significant influence.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details

Name: us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The increase (decrease) during the reporting period in the aggregate amount of expenses incurred but not yet paid.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details

Name: us-gaap_IncreaseDecreaseInAccruedLiabilities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The net cash inflow or outflow for the increase (decrease) in the beginning and end of period deposits balances.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 230
-Section 45
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6477933&loc=d3e60009-112784

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3095-108585
+ Details

Name: us-gaap_IncreaseDecreaseInDeposits

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_IncreaseDecreaseInOperatingCapitalAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets, or income taxes.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details

Name: us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of amortization of purchase premium on nonoperating securities.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.8)
-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details

Name: us-gaap_InvestmentIncomeAmortizationOfPremium

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3574-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 24
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585
+ Details

Name: us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3574-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 24
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585
+ Details

Name: us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 24
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 25
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3536-108585
+ Details

Name: us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=51831255

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.18)
-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.22)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=51831270

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 19
-Article 5

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9
+ Details

Name: us-gaap_NetIncomeLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The cash outflow to reacquire common stock during the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 15
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3291-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Financing Activities
-URI http://asc.fasb.org/extlink&oid=6513228
+ Details

Name: us-gaap_PaymentsForRepurchaseOfCommonStock

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The cash outflow for cost incurred directly with the issuance of an equity security.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Financing Activities
-URI http://asc.fasb.org/extlink&oid=6513228

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3291-108585
+ Details

Name: us-gaap_PaymentsOfStockIssuanceCosts

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of cash outflow to satisfy an employee's income tax withholding obligation as part of a net-share settlement of a share-based award.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 15
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3291-108585
+ Details

Name: us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The cash outflow associated with the purchase of all investments (debt, security, other) during the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Investing Activities
-URI http://asc.fasb.org/extlink&oid=6516133

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3213-108585
+ Details

Name: us-gaap_PaymentsToAcquireInvestments

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The cash inflow from the additional capital contribution to the entity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Financing Activities
-URI http://asc.fasb.org/extlink&oid=6513228

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3255-108585
+ Details

Name: us-gaap_ProceedsFromIssuanceOfCommonStock

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The cash inflow from a borrowing supported by a written promise to pay an obligation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3255-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Financing Activities
-URI http://asc.fasb.org/extlink&oid=6513228
+ Details

Name: us-gaap_ProceedsFromNotesPayable

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The cash inflow associated with the sale, maturity and collection of all investments such as debt, security and so forth during the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Investing Activities
-URI http://asc.fasb.org/extlink&oid=6516133

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3179-108585
+ Details

Name: us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The cash inflow associated with the amount received from the stock plan during the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3255-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Financing Activities
-URI http://asc.fasb.org/extlink&oid=6513228
+ Details

Name: us-gaap_ProceedsFromStockPlans

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details

Name: us-gaap_ShareBasedCompensation

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Change In Fair Value Of Accrued License Fees.
+ References
No definition available.
+ Details

Name: vktx_ChangeInFairValueOfAccruedLicenseFees

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Change In Fair Value Of Debt Conversion Features.
+ References
No definition available.
+ Details

Name: vktx_ChangeInFairValueOfDebtConversionFeatures

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Increase decrease in accrued license fees.
+ References
No definition available.
+ Details

Name: vktx_IncreaseDecreaseInAccruedLicenseFees

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Issuance of common stock to consultant
+ References
No definition available.
+ Details

Name: vktx_IssuanceOfCommonStockToConsultant

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Non cash repurchase of common stock.
+ References
No definition available.
+ Details

Name: vktx_NonCashRepurchaseOfCommonStock

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Stock issued in lieu of license fee payment.
+ References
No definition available.
+ Details

Name: vktx_StockIssuedInLieuOfLicenseFeePayment

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Unpaid deferred initial public offering costs.
+ References
No definition available.
+ Details

Name: vktx_UnpaidDeferredInitialPublicOfferingCosts

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

XML 24 R7.htm IDEA: XBRL DOCUMENT v3.3.1.900

Organization, Liquidity and Management's Plan, and Summary of Significant Accounting Policies
12 Months Ended

Dec. 31, 2015

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization, Liquidity and Management's Plan, and Summary of Significant Accounting Policies

1.

Organization, Liquidity and Management’s Plan, and Summary of Significant Accounting Policies

The Company

Viking Therapeutics, Inc., a Delaware corporation (the “Company”), is a clinical-stage biopharmaceutical company focused on the development of novel, first-in-class or best-in-class therapies for metabolic and endocrine disorders.

The Company was incorporated under the laws of the State of Delaware on September 24, 2012 and its principal executive offices are located in San Diego, CA.

Basis of Presentation

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying financial statements. Significant estimates made in preparing these financial statements relate to determining the fair value of the debt conversion liability and accounting for certain commitments. Actual results could differ from those estimates.

Cash and Cash Equivalents

The Company considers all highly liquid investments with maturities of three months or less from the date of purchase to be cash equivalents.

Investments Available-for-Sale

Available-for-sale securities are carried at fair value, with the unrealized gains and losses reported in accumulated other comprehensive income (loss). The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. The amortization of premiums and accretion of discounts is included in interest income. Realized gains and losses and declines in value judged to be other-than-temporary, if any, on available-for-sale securities are included in other income (expense). The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in interest income.

Concentration of Credit Risk

Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents and marketable securities. The Company maintains deposits in federally insured depository institutions in excess of federally insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. Additionally, the Company has established guidelines regarding approved investments and maturities of investments, which are designed to maintain safety and liquidity.

Liquidity and Management’s Plan

In May 2015, the Company completed an initial public offering (“IPO”), issuing 3,450,000 shares of its common stock and raising net proceeds of $22,326,366, including the full exercise of the over-allotment option, and after deducting underwriting discounts, commissions and other offering expenses of $5,273,634. (See Note 7 regarding proceeds from the Company’s initial public offering received in May 2015.)

Although it is difficult to predict the Company’s liquidity requirements, as of December 31, 2015, and based upon the Company’s current operating plan, the Company does not believe that it will have sufficient cash to meet its projected operating requirements for at least the next 12 months unless it raises additional capital. As of December 31, 2015, the Company had an accumulated deficit of $45,545,445. These losses have resulted principally from research and development costs incurred in connection with acquiring the exclusive worldwide rights to the portfolio of five drug candidates from Ligand Pharmaceuticals Incorporated (“Ligand”) and the related non-cash interest expense recorded for increases in the deemed fair market value for the license fees payable to Ligand, research and development expenses related to the manufacturing of clinical drug product and clinical development of VK5211, VK2809 and VK0214, consulting fees and general and administrative expenses. The Company anticipates that it will continue to incur net losses for the foreseeable future as it continues the development of its clinical drug candidates and preclinical programs and incurs additional costs associated with being a public company.

Deferred Financing Costs

Deferred financing costs represent legal, accounting and other direct costs related to the Company’s efforts to raise capital through a public sale of the Company’s common stock. Costs related to the public sale of the Company’s common stock will be deferred until its completion, at which time they will be reclassified to additional paid-in-capital as a reduction of the proceeds.

Revenue Recognition

The Company has not recorded any revenues since its inception. However, in the future the Company may enter into collaborative research and licensing agreements, under which the Company could be eligible for payments made in the form of upfront license fees, research funding, cost reimbursement, contingent event-based payments and royalties.

Revenue from upfront, nonrefundable license fees is recognized over the period that any related services are to be provided by the Company. Amounts received for research funding are recognized as revenue as the research services that are the subject of such funding are performed. Revenue derived from reimbursement of research and development costs in transactions where the Company acts as a principal are recorded as revenue for the gross amount of the reimbursement, and the costs associated with these reimbursements are reflected as a component of research and development expense in the statements of operations.

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 605-28, Revenue Recognition – Milestone Method (“ASC 605-28”), established the milestone method as an acceptable method of revenue recognition for certain contingent event-based payments under research and development arrangements. Under the milestone method, a payment that is contingent upon the achievement of a substantive milestone is recognized in its entirety in the period in which the milestone is achieved. A milestone is an event (1) that can be achieved based in whole or in part on either the Company’s performance or on the occurrence of a specific outcome resulting from the Company’s performance, (2) for which there is substantive uncertainty at the date the arrangement is entered into that the event will be achieved, and (3) that would result in additional payments being due to the Company. The determination that a milestone is substantive is subject to management’s judgment and is made at the inception of the arrangement. Milestones are considered substantive when the consideration earned from the achievement of the milestone is (a) commensurate with either the Company’s performance to achieve the milestone or the enhancement of value of the item delivered as a result of a specific outcome resulting from the Company’s performance to achieve the milestone, (b) relates solely to past performance, and (c) is reasonable relative to all deliverables and payment terms in the arrangement.

Other contingent event-based payments received for which payment is either contingent solely upon the passage of time or the results of a collaborative partner’s performance are not considered milestones under ASC 605-28. In accordance with ASC Topic 605-25, Revenue Recognition – Multiple-Element Arrangements (“ASC 605-25”), such payments will be recognized as revenue when all of the following criteria are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, price is fixed or determinable and collectability is reasonably assured. Revenues recognized for royalty payments, if any, are based upon actual net sales of the licensed compounds, as provided by the collaboration arrangement, in the period the sales occur. Any amounts received prior to satisfying the Company’s revenue recognition criteria are recorded as deferred revenue on its balance sheets.

Research and Development Expenses

All costs of research and development are expensed in the period incurred. Research and development costs primarily consist of fees paid to clinical research organizations (“CROs”) and clinical trial sites, employee and consultant related expenses, which include salaries, benefits and stock-based compensation for research and development personnel, external research and development expenses incurred pursuant to agreements with third-party manufacturing organizations, facilities costs, travel costs, dues and subscriptions, depreciation and materials used in preclinical studies, clinical trials and research and development.

The Company estimates its preclinical study and clinical trial expenses based on the services it received pursuant to contracts with research institutions and CROs that conduct and manage preclinical studies and clinical trials on the Company’s behalf. Clinical trial-related contracts vary significantly in length, and may be for a fixed amount, based on milestones or deliverables, a variable amount based on actual costs incurred, capped at a certain limit, or for a combination of these elements. The Company accrues service fees based on work performed, which relies on estimates of total costs incurred based on milestones achieved, patient enrollment and other events. The majority of the Company’s service providers invoice the Company in arrears, and to the extent that amounts invoiced differ from its estimates of expenses incurred, the Company accrues for additional costs. The financial terms of these agreements vary from contract to contract and may result in uneven expenses and payment flows. Preclinical study and clinical trial expenses include:

·

fees paid to CROs, consultants and laboratories in connection with preclinical studies;

·

fees paid to CROs, clinical trial sites, investigators and consultants in connection with clinical trials; and

·

fees paid to contract manufacturers and service providers in connection with the production, testing and packaging of active pharmaceutical ingredients and drug materials for preclinical studies and clinical trials.

Payments under some of these agreements depend on factors such as the milestones accomplished, including enrollment of certain numbers of patients, site initiation and the completion of clinical trial milestones. To date, the Company has not experienced any events requiring it to make material adjustments to its accruals for service fees. If the Company does not identify costs that it has begun to incur or if it underestimates or overestimates the level of services performed or the costs of these services, its actual expenses could differ from its estimates which could materially affect its results of operations. Adjustments to the Company’s accruals are recorded as changes in estimates become evident. Furthermore, based on amounts invoiced to the Company by its service providers, the Company may also record payments made to those providers as prepaid expenses that will be recognized as expense in future periods as services are rendered.

The Company’s historical research and development expenses primarily related to obtaining the option to license compounds and related intellectual property rights from Ligand. In May 2014, the Company entered into a master license agreement with Ligand, as amended (the “Master License Agreement”), pursuant to which it acquired certain rights to a number of research and development programs from Ligand. In doing so, the Company updated its policy on research and development to include the purchase of rights to intangible assets. In accordance with ASC Topic 730, Research and Development, intangible assets that are acquired and have an alternative future use, as defined, should be capitalized and reported as an intangible asset; however, the cost of acquired intangible assets that do not have alternative future uses should be reported as research and development expense as incurred. The Company notes that intangible assets acquired that are in the preclinical or clinical stages of development when acquired, and not approved by the U.S. Food and Drug Administration, are deemed to have not satisfied the definition of having an alternative future use, as defined. Accordingly, assets acquired in the preclinical and clinical stages of development were expensed as incurred in the Company’s statement of operations.

Patent Costs

Costs related to filing and pursuing patent applications are expensed as incurred to general and administrative expense, as recoverability of such expenditures is uncertain.

Stock-Based Compensation

The Company generally uses the straight-line or graded vesting method to allocate compensation cost to reporting periods over each optionee’s requisite service period, which is generally the vesting period, and estimates the fair value of stock-based awards or restricted stock units to employees and directors using the Black-Scholes option-valuation model. For options with a graded vesting schedule, the Company uses the graded vesting schedule to allocate compensation cost to reporting periods. The Black-Scholes model requires the input of subjective assumptions, including volatility, the expected term and the fair value of the underlying common stock on the date of grant, among other inputs. Stock options granted to non-employees are accounted for using the fair value approach. Stock options granted to non-employees are subject to periodic revaluation over their vesting terms. For restricted stock and restricted stock unit awards, the Company generally uses the straight-line or graded vesting method to allocate compensation cost to reporting periods over the holder’s requisite service period, which is generally the vesting period, and uses the fair value at grant date to value the awards. For restricted stock that vests upon the satisfaction of certain performance conditions, the Company recognizes stock-based compensation expense when it becomes probable that the performance conditions will be met. At the point that it becomes probable that the performance conditions will be met, the Company will record a cumulative catchup of the expense from the grant date to the current date, and the Company will then amortize the remainder of the expense over the remaining service period.

Prior to the IPO, the Company accounted for stock-based compensation by measuring and recognizing compensation expense for all stock-based payments made to employees and directors based on estimated award date fair values, which estimates were highly complex and subjective in nature. The Company used the straight-line or graded vesting method to allocate compensation cost to reporting periods over each restricted award’s requisite service period, which was generally the vesting period, and estimated the fair value of restricted stock-based awards to employees and consultants using a Monte Carlo market approach simulation method and performed an allocation of value to common stock based on the estimated time to a liquidity event. In addition, the Company accounted for performance-based restricted stock awards to employees by determining the fair value of the restricted stock award at the date of issuance by using the Probability Weighted Expected Return Method (“PWERM”) and then assessing at each balance sheet date the probability of the performance criteria being met. If the probability of achieving the criteria was deemed less-than-probable, then no expense was recorded. At the point where the criteria were deemed probable of being met, then the Company began recording stock-based compensation with a cumulative catch-up expense in the period first recognized and then on a straight-line basis over the remaining period for which the performance criteria were expected to be completed.

Income Taxes

The Company accounts for its income taxes using the liability method whereby deferred tax assets and liabilities are determined based on temporary differences between the basis used for financial reporting and income tax reporting purposes. Deferred income taxes are provided based on the enacted tax rates in effect at the time such temporary differences are expected to reverse. A valuation allowance is provided for deferred tax assets if it is more likely than not that the Company will not realize those tax assets through future operations.

ASC Topic 740-10, Income Taxes, clarifies the accounting for uncertainty in income taxes recognized in the Company’s financial statements in accordance with generally accepted accounting principles. Income tax positions must meet a more-likely-than-not recognition threshold to be recognized. Income tax positions that previously failed to meet the more-likely-than-not threshold are recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not threshold are derecognized in the first subsequent financial reporting period in which that threshold is no longer met.

The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense.

Net Loss per Common Share

Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method. For purposes of this calculation, the Company currently does not have any deemed common share equivalents; therefore, its basic and diluted net loss per share calculations are the same.

The following table presents the computation of basic and diluted net loss per common share:

Year Ended December 31,

2015

2014

Historical net loss per share

Numerator

Net loss attributable to common stockholders

$

(23,403,988

)

$

(21,884,183

)

Denominator

Weighted-average common shares outstanding

8,514,155

5,860,274

Less: Weighted-average shares subject to repurchase

(2,158,286

)

(1,672,859

)

Denominator for basic and diluted net loss per share

6,355,869

4,187,415

Basic and diluted net loss per share

$

(3.68

)

$

(5.23

)

Potentially dilutive securities that are not included in the calculation of diluted net loss per share because their effect is anti-dilutive are as follows (in common equivalent shares):

Year Ended December 31,

2015

2014

Common stock warrants

82,500

—

Restricted stock units

75,750

—

Common stock subject to repurchase

667,963

2,018,754

Common stock options

365,394

—

Shares issuable upon conversion of debt

670,902

695,733

1,862,509

2,714,487

Segments

The Company operates in only one segment. Management uses cash flows as the primary measure to manage its business and does not segment its business for internal reporting or decision making purposes.

Recent Accounting Pronouncements

In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 provides guidance on presentation of management’s plans, when conditions or events, considered in the aggregate, raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. This guidance is intended to mitigate those conditions or events that will alleviate substantial doubt about the entity’s ability to continue as a going concern. ASU 2014-15 is effective for fiscal years ending after December 15, 2016. The adoption of ASU 2014-15 is not expected to have a material impact on the Company’s financial statements.

In May 2014, the FASB issued Accounting Standards Update No. 2014-9, Revenue from Contracts with Customers (“ASU 2014-9”), which provides guidance for revenue recognition. The core principle of ASU 2014-9 is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The new guidance initially was effective for the Company beginning January 1, 2017, but on July 9, 2015 the FASB deferred the effective date and, as a result, the new guidance is effective for the Company beginning January 1, 2018. Companies may adopt the new revenue standard as of the original effective date. The Company is currently evaluating the method of adoption and the potential impact this standard will have on its financial statements.

In November 2015, the FASB issued Accounting Standards Update No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). To simplify the presentation of deferred income taxes, the amendments in ASU 2015-17 require that deferred income tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The adoption of ASU 2015-17 is not expected to have a material impact on the Company’s financial statements.

X

- References
No definition available.
+ Details

Name: us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=51801978&loc=d3e6003-108592
+ Details

Name: us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 25 R8.htm IDEA: XBRL DOCUMENT v3.3.1.900

Investments in Marketable Securities
12 Months Ended

Dec. 31, 2015

Investments Debt And Equity Securities [Abstract]

Investments in Marketable Securities

2.

Investments in Marketable Securities

The Company’s investment strategy is focused on capital preservation. The Company invests in instruments that meet the credit quality standards outlined in the Company’s investment policy. This policy also limits the amount of credit exposure to any one issue or type of instrument. The Company did not have any investments classified as available-for-sale as of December 31, 2014. As of December 31, 2015, the Company’s investments were in money market funds, certificates of deposit and corporate debt securities. There were no sales of available-for-sale securities during the year ended December 31, 2015.

Investments classified as available-for-sale as of December 31, 2015 consisted of the following:

Amortized

Cost

Gross

Unrealized

Gains ⁽¹⁾

Gross

Unrealized

Losses ⁽¹⁾

Aggregate

Estimated

Fair Value

Certificates of deposit (2)

$

5,851,343

$

—

$

—

$

5,851,343

Corporate debt securities (2)

7,491,526

—

(7,370

)

7,484,156

$

13,342,869

$

—

$

(7,370

)

$

13,335,499

(1)

Unrealized gains and losses on available-for-sale securities are included as a component of comprehensive loss. At December 31, 2015, there were 14 securities in an unrealized loss position. These unrealized losses were less than $2,000 individually and $8,000 in the aggregate. These securities have not been in a continuous unrealized loss position for more than 12 months. The Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis which may be at maturity. The Company reviews its investments to identify and evaluate investments that have an indication of possible other-than-temporary impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the investee, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value.

(2)

At December 31, 2015, none of these securities were classified as cash and cash equivalents on the Company’s balance sheet and none of these securities were scheduled to mature outside of one year.

X

- References
No definition available.
+ Details

Name: us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for investments in certain debt and equity securities.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-Glossary Debt Security
-URI http://asc.fasb.org/extlink&oid=6509901

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27232-111563

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-Glossary Equity Security
-URI http://asc.fasb.org/extlink&oid=6511694

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27161-111563

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27405-111563
+ Details

Name: us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 26 R9.htm IDEA: XBRL DOCUMENT v3.3.1.900

Fair Value of Financial Instruments
12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

3.

Fair Value of Financial Instruments

The Company’s financial instruments consist of cash and cash equivalents, investments, accounts payable, accrued license fees, debt and its related debt conversion feature liability. The carrying amounts reported in the accompanying balance sheets for cash and cash equivalents and accounts payable approximate fair value because of the short-term maturity of those instruments. Fair value measurements are classified and disclosed in one of the following three categories:

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

Level 2 —Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 —Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

As of December 31, 2015, all of the Company’s financial assets that were subject to fair value measurements were valued using observable inputs. The Company’s financial assets valued based on Level 1 inputs consist of money market funds and certificates of deposit. The Company’s financial assets valued based on Level 2 inputs consist of corporate debt securities, which consist of investments in highly-rated investment-grade corporations. The Company did not have any assets or liabilities categorized as Level 1 or Level 2 in the fair value hierarchy as of December 31, 2014.

The Company’s financial liabilities that were subject to fair value measurements consist of accrued license fees and debt conversion features that have been recorded as liabilities based on Level 3 unobservable inputs.

The fair value of the debt conversion feature, long-term as of December 31, 2015 required management to estimate fair value based on assumed timing of conversion and an assumed annual discount rate. Alternate probabilities would have resulted in increases or decreases in the fair value of the debt conversion feature liabilities.

As of December 31, 2014, the Company’s accrued license fees have been recorded based on “Level 3” fair value inputs, which consist of unobservable inputs and generally reflect management’s estimate of assumptions that market participants would use in pricing the assets. The fair value of the debt conversion feature liability, current at December 31, 2014 required management to make assumptions about the occurrence of an equity financing resulting in net proceeds of at least $5,000,000 and the outstanding convertible promissory notes issued by the Company from September 2012 through June 2013 (the “Convertible Notes”) converting based on the applicable conversion terms.

The fair value of the debt conversion feature, long-term at December 31, 2014 required management to make assumptions about the probability of the occurrence of the earlier of a private equity financing with aggregate net proceeds to the Company of at least $20,000,000 or the Company’s initial public offering, and the Ligand Note being converted based on the applicable conversion terms.

The fair values of the Company’s financial instruments are presented below:

Fair Value Measurements at December 31, 2015

Total

Level 1

Level 2

Level 3

Financial assets carried at fair value:

Cash equivalents:

Money market funds

$

548,872

$

548,872

$

—

$

—

Short-term investments

Certificates of deposit

5,851,343

5,851,343

—

—

Corporate debt securities, available-for-sale

7,484,156

—

7,484,156

—

Total financial assets

$

13,884,371

$

6,400,215

$

7,484,156

$

—

Financial liabilities carried at fair value:

Debt conversion feature - long-term

$

2,370,903

$

—

$

—

$

2,370,903

Total financial liabilities

$

2,370,903

$

—

$

—

$

2,370,903

Fair Value Measurements at December 31, 2014

Total

Level 1

Level 2

Level 3

Financial liabilities carried at fair value:

Accrued license fees

$

19,865,863

$

—

$

—

$

19,865,863

Debt conversion feature – current

58,742

—

—

58,742

Debt conversion feature – long-term

1,390,469

—

—

1,390,469

Total financial liabilities

$

21,315,074

$

—

$

—

$

21,315,074

The table below presents a summary of changes in the Company’s accrued license fees and debt conversion feature liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2015 and 2014:

Year Ended December 31,

2015

2014

Accrued license fees:

Beginning balance

$

19,865,863

$

—

Additions

—

21,687,576

Adjustments resulting from changes in fair

 value recognized in earnings

9,381,848

(1,821,713

)

Issuance of shares of common stock

(29,247,711

)

—

Ending balance

$

—

$

19,865,863

Debt conversion feature:

Beginning balance

$

1,449,211

$

71,655

Additions

—

1,768,319

Adjustments resulting from changes in fair

 value recognized in earnings

1,043,478

(390,763

)

Issuance of shares of common stock

(121,786

)

—

Ending balance

$

2,370,903

$

1,449,211

The following table sets forth the Company’s valuation techniques and significant unobservable inputs used to determine fair value for significant Level 3 liabilities:

Fair Value

Significant

Assets

Liabilities

Valuation Technique(s)

Unobservable Input

Range

Accrued license fees:

December 31, 2014

$

—

$

19,865,863

Probability weighted

expected return model

Probability weightings assigned to each scenario

30% to 40%

Time assumptions to liquidation events

4/30/2015-

3/31/2017

Discount rates

12% to 60%

Debt conversion feature

 liability

December 31, 2015

$

—

$

2,370,903

Discounted cash

flow model

Timing of the events

5/21/2016

Probabilities of Occurrence

100%

Discount rate

37.5%

December 31, 2014

$

—

$

1,449,211

Discounted cash

flow model

Timing of the events

3/31/2015 to

6/30/2015

Probabilities of Occurrence

30% to 40%

Discount rate

37.5%

Level 3 Fair Value Sensitivity

Accrued license fees

For accrued license fees, generally increases (decreases) in the probability weightings assigned to each scenario would result in increases (decreases) to the fair value. In general, an increase (decrease) in discount rate tends to result in (decreases) increases to fair value.

Debt conversion features

The fair value of the debt conversion feature liabilities includes the estimated timing of the events as well as the related probabilities of occurrence. The shorter/longer the period estimated to the events, the higher/lower the value of the debt conversion feature liabilities. The higher/lower the probability of occurrence, the higher/lower the value of the debt conversion feature liability.

X

- References
No definition available.
+ Details

Name: us-gaap_FairValueDisclosuresAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- 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
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13537-108611

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13504-108611

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13433-108611
+ Details

Name: us-gaap_FairValueDisclosuresTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 27 R10.htm IDEA: XBRL DOCUMENT v3.3.1.900

Agreements with Ligand Pharmaceuticals Incorporated
12 Months Ended

Dec. 31, 2015

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Agreements with Ligand Pharmaceuticals Incorporated

4.

Agreements with Ligand Pharmaceuticals Incorporated

In May 2014, the Company entered into a master license agreement with Ligand (the “Master License Agreement”), pursuant to which, among other things, the Company acquired the rights to a number of research and development programs under patents related to the Company’s VK5211, VK2809, VK0214, VK0612, EPOR and DGAT-1 programs, related know-how controlled by Ligand and physical quantities of VK5211, VK2809, VK0214, VK0612, EPOR and DGAT-1 compounds.

Pursuant to the terms of the Master License Agreement, the Company has the exclusive right and sole responsibility and decision-making authority for researching and developing any pharmaceutical products that contain or comprise one or any combination of the technology and compounds licensed from Ligand pursuant to the Master License Agreement (the “Licensed Products”). The Company also has the exclusive right and sole responsibility and decision-making authority to conduct all clinical trials and preclinical studies that the Company believes are appropriate to obtain the regulatory approvals necessary for commercialization of the Licensed Products, and the Company will own and maintain all regulatory filings and all regulatory approvals for the Licensed Products. Additionally, pursuant to the terms of the Master License Agreement, the Company has the sole decision-making authority and responsibility and the exclusive right to commercialize any of the Licensed Products, either by itself or, in certain circumstances, through sublicensees selected by the Company. The Company also has the exclusive right to manufacture or have manufactured any Licensed Product itself or, in certain circumstances, through sublicensees or third parties selected by the Company. The Company will own any intellectual property that it develops in connection with the license granted under the Master License Agreement.

As partial consideration for the grant of the rights and licenses to the Company under the Master License Agreement, the Company issued to Ligand at the closing of the IPO 3,655,964 shares of its common stock having an estimated aggregate value of $29.2 million. Furthermore, as partial consideration for the grant of the rights and licenses to the Company under the Master License Agreement the Company entered into the Loan and Security Agreement with Ligand (as discussed below).

As further partial consideration for the grant of the rights and licenses to the Company by Ligand under the Master License Agreement, the Company has agreed to pay to Ligand certain one-time, non-refundable milestone payments in connection with the Licensed Products of up to $1.54 billion in the aggregate upon the achievement of certain development, regulatory and sales milestones. The Company will also pay to Ligand royalties on aggregate annual worldwide net sales of Licensed Products by the Company, its affiliates and its sublicensees at tiered percentage rates from the low-to-upper single digits based upon net sales.

The term of the Master License Agreement will continue unless the agreement is terminated by the Company or Ligand, and each of the Company and Ligand have the right to terminate the Master License Agreement in certain circumstances, including, without limitation, if the other party defaults on certain of its obligations under the Master License Agreement.

Ligand has the right to terminate the Master License Agreement under certain circumstances, including, but not limited to: (1) in the event of the Company’s insolvency or bankruptcy, (2) if the Company does not pay an undisputed amount owing under the Master License Agreement when due and fails to cure such default within a specified period of time, or (3) if the Company defaults on certain of its material and substantial obligations and fails to cure the default within a specified period of time. The Company has the right to terminate the Master License Agreement under certain circumstances, including, but not limited to: (i) if Ligand does not pay an undisputed amount owing under the Master License Agreement when due and fails to cure such default within a specified period of time, or (ii) if Ligand defaults on certain of its material and substantial obligations and fails to cure the default within a specified period of time. In addition, provisions of the Master License Agreement can be terminated on a licensed program-by-program basis under certain circumstances. In the event that the Master License Agreement is terminated in its entirety or with respect to a specific licensed program for any reason: (A) all licenses granted to the Company under the Master License Agreement (or with respect to the specific licensed program) will terminate and the Company will, upon Ligand’s request (subject to Ligand assuming legal responsibility for any clinical trials of the Licensed Products then ongoing), assign and transfer to Ligand (or to such transferee as Ligand may direct), at no cost to Ligand, all regulatory documentation and all regulatory approvals prepared or obtained by the Company or on its behalf related to the Licensed Products (or those related to the specific licensed program), or, if Ligand does not make such a request, the Company will wind down any ongoing clinical trials with respect to the Licensed Products (or those related to the specific licensed program) at no cost to Ligand; (B) the Company will, upon Ligand’s request, sell and transfer to Ligand (or to such transferee as Ligand may direct), at a price equal to 125% of the Company’s costs of goods, any and all chemical, biological or physical materials relating to or comprising the Licensed Products (or those related to the specific licensed program); (C) the Company will have, for a period of six months following termination, the right to sell on the normal business terms in existence before such termination any finished commercial inventory of Licensed Products (or those related to the specific licensed program) which remains on hand, so long as the Company pays to Ligand the applicable royalties and sales milestones; (D) Ligand has the right to require the Company to assign to Ligand the trademarks owned by the Company relating to the Licensed Products (or those related to the specific licensed program); and (E) the Company will grant to Ligand a non-exclusive, worldwide, royalty-bearing sublicensable license under any patent rights and know-how controlled by the Company to the extent necessary to make, have made, import, use, offer to sell and sell the Licensed Products (or those related to the specific licensed program) anywhere in the world at a royalty rate in the low single digits.

Under the Master License Agreement, the Company has agreed to indemnify Ligand for claims relating to the performance of the Company’s obligations under the Master License Agreement, any breach of the representations and warranties made by the Company under the Master License Agreement, clinical trials conducted by the Company and the research, development and commercialization of the Licensed Products by the Company and its affiliates, sublicensees, distributors and agents. In addition, Ligand has agreed to indemnify the Company for claims relating to the performance of its obligations under the Master License Agreement, its breach of representations and warranties under the agreement and its research and development of the licensed compounds before the effective date of the Master License Agreement. Each party’s indemnification obligations will not apply to the extent the claims result from the negligence or willful misconduct of the indemnified party or any of its employees, agents, officers or directors or from the indemnified party’s breach of its representations or warranties set forth in the Master License Agreement.

On September 6, 2014, the Company and Ligand entered into an amendment to the Master License Agreement pursuant to which the parties agreed to certain modifications to the calculations used to determine the number of shares issuable to Ligand pursuant to the Master License Agreement. As a result of the modification, the Company incurred an incremental charge to research and development expense of $517,960 and a corresponding increase in the accrued license fees. In connection with entering into the Master License Agreement with Ligand, the Company entered into a loan and security agreement with Ligand, dated May 21, 2014 (the “Loan and Security Agreement”), pursuant to which, among other things, Ligand agreed to provide the Company with loans in the aggregate amount of up to $2.5 million.

In May 2014, the Company also entered into a Management Rights Letter with Ligand that requires the Company to expand the size of the Company’s board of directors to create an additional directorship on the Company’s board of directors and to allow Ligand to appoint an individual to fill the new directorship. The Management Rights Letter will terminate upon the earliest to occur of the liquidation or indefinite cessation of the Company’s business operations, the execution by the Company of a general assignment for the benefit of creditors or the appointment of a receiver or trustee to take possession of the Company’s property and assets, an acquisition of the Company by means of any transaction (including, without limitation, any reorganization, merger or consolidation) if the Company’s stockholders of record as constituted immediately prior to the transaction hold less than 50% of the voting power of the surviving or acquiring entity, or following the issuance of the Company’s securities pursuant to the Master License Agreement, the date that Ligand ceases to beneficially own at least 7.5% of the Company’s outstanding voting stock, or the date of May 21, 2024.

The Company also entered into a Registration Rights Agreement with Ligand in May 2014 for which the Company granted certain registration rights to Ligand with respect to the securities of the Company issued to Ligand pursuant to the Master License Agreement and the Ligand Note (collectively, the “Viking Securities”), the shares of the Company’s common stock issued or issuable upon conversion of the Viking Securities, if applicable, the shares of the Company’s common stock issued as a dividend or other distribution with respect to, in exchange for or in replacement of the Viking Securities and the shares of the Company’s capital stock issued upon conversion of the Ligand Note, or collectively, the Registrable Securities.

Under the Registration Rights Agreement, the Company has agreed to file with the SEC, by no later than the first date on which the lock-up requested by the underwriters for the Company’s initial public offering expires or lapses with respect to Ligand (or the first business day thereafter), a registration statement on Form S-1 under the Securities Act that covers the resale of the full amount of the Registrable Securities. The Company has agreed to use commercially reasonable efforts to have the Registration Statement declared effective by the SEC as soon as practically possible after it is filed with the SEC. There are certain cash payment penalties that the Company may need to pay to Ligand if the Company does not meet certain timelines with the SEC. The Company has also agreed to use commercially reasonable efforts to keep each Registration Statement filed pursuant to the Registration Rights Agreement effective for certain periods of time.

The Registration Rights Agreement was amended on January 22, 2016 (see Note 13 for a description of the amendments to the agreement).

In May 2014, the Company entered into a Sublease Agreement with Ligand, as sublandlord, for approximately 5,851 square feet of individual and shared space within the building located at 11119 North Torrey Pines, San Diego, California 92037. Under the Sublease Agreement, the Company was required, among other things, to pay base rent in the amount of approximately $13,500 per month through December 31, 2014. The sublease commenced on May 21, 2014 and expired on December 31, 2014.

X

- Definition
The entire disclosure for collaborative arrangements in which the entity is a participant, including a) information about the nature and purpose of such arrangements; b) its rights and obligations thereunder; c) the accounting policy for collaborative arrangements; and d) the income statement classification and amounts attributable to transactions arising from the collaborative arrangement between participants.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 808
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6931272&loc=SL5834143-161434
+ Details

Name: us-gaap_CollaborativeArrangementDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 28 R11.htm IDEA: XBRL DOCUMENT v3.3.1.900

Accrued License Fees and License Fees Expense
12 Months Ended

Dec. 31, 2015

Accrued License Fees And License Fees Expense [Abstract]

Accrued License Fees and License Fees Expense

5.

Accrued License Fees and License Fees Expense

As partial consideration for the grant of the rights and licenses to the Company under the Master License Agreement, the Company issued to Ligand at the closing of the Company’s IPO 3,655,964 shares of its common stock having an estimated aggregate value of $29.2 million. Prior to this event, the Company had to determine how to account for the potential issuance of these shares to Ligand in accordance with the Master License Agreement. Under the Master License Agreement, in the event the Company consummated a firmly underwritten public offering pursuant to a Registration Statement on Form S-1 or any successor form (an “Initial Public Offering”), the Company would issue to Ligand at the closing of the Initial Public Offering a number of shares of its common stock having an estimated aggregate value of $29.0 million, subject to adjustment based on the deemed value of the Company as of immediately prior to the Initial Public Offering and the per share price at which shares of its common stock are sold in the Initial Public Offering. In the event the Company consummated a private financing of its equity securities (a “Private Financing”) prior to an Initial Public Offering, Ligand had the option to receive a number of shares of the same class and type of securities issued and sold by the Company in the Private Financing having an estimated aggregate value of $29.0 million, subject to adjustment based on the deemed value of the Company as of immediately prior to the Private Financing and the per share price at which shares of the Company’s common stock are sold in the Private Financing, or, in lieu of receiving the same class and type of shares issued in the Private Financing, to defer its right to receive equity in the Company until an Initial Public Offering or subsequent private financing of the Company.

Prior to the IPO, the Company reported the expected issuance of stock to Ligand under the Master License Agreement as a liability in accordance with ASC Topic 480, Distinguishing Liabilities from Equity, as it represents a conditional obligation that the Company must settle by issuing a variable number of shares of its common stock. The Company measured, at each reporting date until settled, the estimated amount of cash that would be paid if settlement occurred on the reporting date, with any changes in that fair market value reported as other expense during the period of change. In accordance with this guidance, the Company determined its enterprise values as of May 21, 2014, the date the Master License Agreement was entered into, December 31, 2014, its most recent fiscal year end, and as of May 4, 2015, the closing date of the Company’s IPO.

The fair value of the assets was determined using a PWERM, which incorporated relevant events and expected exit scenarios for the Company. The exit scenarios included an initial public offering, a merger or acquisition, which included an assumption of a Private Financing, and a scenario in which neither an initial public offering nor the merger or acquisition occurred. The enterprise value was based primarily on the market approach and probability-weighted expected exit values for the Company under each scenario. As of the execution of the Master License Agreement, the Company ascribed a percentage likelihood to each expected exit scenario, and each was less than 50%. However, since Ligand was entitled to receive shares under the Master License Agreement if either of these IPO or merger or acquisition scenarios were to occur, and the sum of the percentage likelihoods for the two exceeded 50%, the Company determined that a payout of shares was probable. Further, since the valuations would determine a value, the Company determined that the liability under the Master License Agreement should be reported as of the execution of the Master License Agreement. Similar publicly traded companies and merger or acquisition transactions were utilized as part of the market approach, and appropriate metrics were applied to the Company’s numbers along with qualitative comparable assessments. The Company utilized a Monte Carlo simulation method to determine the weighted average per share value as of the acquisition date and in accordance with the Master License Agreement, utilized that per share value to calculate the estimated license fee liability as of May 21, 2014 to be $21,169,616. In addition, the Company incurred an incremental charge of $517,960 on September 6, 2014 related to the license fee liability pursuant to the amendment to the Master License Agreement.

Having determined the amount of the liability to be reported, the Company then evaluated whether to report the offset as an asset or as an expense. In accordance with ASC Topic 730, Research and Development, intangible assets that are acquired and have an alternative future use, as defined, should be capitalized and reported as an intangible asset; however, the cost of acquired intangible assets that do not have alternative future uses should be reported as research and development expense as incurred. The Company noted that the assets, the rights for which were acquired pursuant to the Master License Agreement, are in the preclinical and clinical stages, and not FDA approved. The Company has therefore interpreted the guidance to say that since these assets are not commercially readily saleable, i.e., they are still in preclinical and clinical trials, that they do not satisfy the definition of having an alternative future use, as defined. Accordingly, the Company recorded the offset to the license fee liability as research and development expense in May 2014.

The Company revalued the license fee liability as of December 31, 2014 using consistent methodology to that used for the May valuation; however, given the Company’s recent refocus to certain other programs as well as some deemed market risks as of December 31, 2014, it revalued the license fee liability based upon these new programs; VK5211 to be used in hip fractures and VK0214 to be used in X-ALD; and, based upon their updated fair value, reported a decrease in the license fee liability and other expense for the year ended December 31, 2014 in the amount of $1,821,713, to reduce the license fee liability to $19,865,863 as of December 31, 2014. During 2015, the Company continued to revalue the license fee liability under these new assumptions with any increases in that liability being recorded as other expense. On May 4, 2015, upon the closing of the Company’s IPO, the license fee liability was determined to be valued at $29,247,711 and the incremental amount of $9,381,848 was recorded as additional Other expense in the Company’s Statement of Operations for the period from January 1, 2015 through May 4, 2015. In accordance with the Master License Agreement, the Company issued 3,655,964 shares of its common stock having an estimated aggregate value equivalent to the May 4, 2015 license fee liability of $29,247,711 and offset this liability against its common stock and additional paid-in-capital.

X

- Definition
Accrued license fees and license fees expense.
+ References
No definition available.
+ Details

Name: vktx_AccruedLicenseFeesAndLicenseFeesExpenseAbstract

Namespace Prefix: vktx_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Accrued License Fees and License Fees Expense.
+ References
No definition available.
+ Details

Name: vktx_AccruedLicenseFeesAndLicenseFeesExpenseTextBlock

Namespace Prefix: vktx_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 29 R12.htm IDEA: XBRL DOCUMENT v3.3.1.900

Convertible Notes Payable
12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Convertible Notes Payable

6.

Convertible Notes Payable

Convertible notes payable consisted of the following at:

December 31,

2015

2014

Current maturities:

Various convertible notes payable issued during 2013 with

 interest rates ranging from 2.16% to 4.68% annually,

 due during 2015

$

—

$

310,350

Discount on notes payable, current

—

(6,076

)

Convertible notes payable, current portion (net of discount)

$

—

$

304,274

Long-term maturities:

Convertible note payable issued during 2014 to Ligand as

 part of the Master License Agreement with a 5% annual

 interest rate, due during 2016 (subsequently

 amended to 2017)

$

2,500,000

$

2,500,000

Discount on notes payable, long-term

(348,460

)

(1,235,886

)

Convertible notes payable, long-term (net of discount)

$

2,151,540

$

1,264,114

In September 2012, the Company’s board of directors authorized the Company to issue and sell up to an aggregate of $1.0 million in convertible promissory notes (the “Notes”) to accredited investors in one or more closings through September 2014 (the “Note Authorization”). The notes bore interest at a rate equal to the lesser of the short-term monthly applicable federal rate as published by the Internal Revenue Service or the maximum rate permissible by law. Interest under the Notes is due and payable at maturity. Unless repaid in full, amended or converted in full, each Note matured two years from its date of purchase. In the event that any principal amount due under the Notes was not paid in full by the maturity date, such unpaid principal amount would bear interest at the lesser of 2% or the maximum rate permissible by law.

If, prior to maturity of the Notes, the Company issues capital stock resulting in net proceeds of at least $5.0 million (a “Qualifying Financing”), the Notes will convert into shares of the capital stock issued in the Qualifying Financing. The number of shares issued upon conversion will be equal to the quotient obtained by dividing the then-outstanding loan balance by either 70% or 75%, as applicable, of the lowest purchase price paid per share paid by another investor in the Qualifying Financing. If, prior to the maturity of the Notes, the Company issues preferred stock in a financing that does not qualify as a Qualifying Financing (a “Non-Qualifying Financing”), the holders of the Notes will have the option of converting their Notes into shares of the preferred stock issued in the Non-Qualifying Financing on the same terms as the investors in the Non-Qualifying Financing. In the event the Company undergoes a change in control, as defined in the Notes, prior to the maturity date and repayment of the Notes, the holders of the Notes will have the option to either (1) convert the loan balance into shares of the Company’s common stock in an amount equal to the ratio of (a) the then-outstanding loan balance over (b) the ratio of $7,500,000 divided by the number of shares of capital stock of the Company outstanding immediately prior to the change in control, or (2) demand immediate repayment of an amount equal to 125% of the then-outstanding loan balance. If the Notes are still outstanding at their maturity date, the holders of the Notes have the option to either demand immediate repayment of all outstanding principal and interest or to convert the loan balance into shares of the Company’s common stock in an amount equal to the ratio of the then-outstanding loan balance over the ratio of $7,500,000 divided by the number of shares of capital stock of the Company outstanding immediately prior to the maturity date.

The debt conversion feature embedded in the Notes is accounted for under ASC Topic 815 – Derivatives and Hedging. At issuance, the fair value of the debt conversion feature totaled $8,286 on the Notes issued during 2012 and $42,747 on the Notes issued during 2013. The fair value of the debt conversion feature was allocated from the gross proceeds of the Notes with the respective discount amortized to interest expense over the original term of the Notes using the effective interest method. The valuation of the bifurcated debt conversion feature was performed using Level 3 inputs, requiring the Company to make assumptions about the probability of the occurrence of a Qualifying Financing and the Notes being converted based on the applicable conversion terms. Alternative probabilities would have resulted in increases or decreases in the value of the debt conversion feature. The Company is required to mark to market the value of the conversion feature liability. Therefore, as of December 31, 2014, the Company revalued the fair value of the debt conversion feature for each tranche and determined the conversion feature liability to be $58,742. The Company amortized $25,529 of the discount in 2014.

Pursuant to the terms of the Note Authorization, from September 2012 through June 2013, the Company issued a total aggregate principal amount of $310,350 in Notes and recorded interest expense at interest rates ranging from 3.00% to 4.68% on an annual basis of $12,104 for the year ended December 31, 2014. The cumulative accrued interest payable on the Notes as of December 31, 2014 was $18,611.

In accordance with the provisions of the convertible notes, on May 4, 2015, at the closing of the Company’s IPO, the Company converted $310,350 of principal amounts owed plus $24,276 of accrued but unpaid interest as of that date on the Notes into 57,046 shares of the Company’s common stock. The Company eliminated the notes payable and recorded the offsets to common stock and additional paid-in-capital.

The Company entered into a Loan and Security Agreement with Ligand on May 21, 2014, pursuant to which, among other things, Ligand agreed to provide the Company with loans in the aggregate amount of up to $2.5 million. Pursuant to the Loan and Security Agreement, Ligand initially loaned $1.0 million to the Company on May 27, 2014, and additional amounts of $250,000 to the Company each month from June 2014 through and including November 2014 for a total of $2.5 million. The principal amount outstanding under the loans accrue interest at a fixed per annum rate equal to the lesser of 5% and the maximum interest rate permitted by law. In the event the Company defaults under the loans, the loans will accrue interest at a fixed per annum rate equal to the lesser of 8% and the maximum interest rate permitted by law. The loans are and will be evidenced by a Secured Convertible Promissory Note (the “Ligand Note”). Pursuant to the terms of the Loan and Security Agreement and the Ligand Note, the loans will become due and payable upon the written demand of Ligand at any time after the earlier to occur of an event of default under the Loan and Security Agreement or the Ligand Note, and May 21, 2016, unless the loans are converted into equity prior to such time. In addition, under the Loan and Security Agreement, the Company may not declare or pay dividends in respect of its common stock without Ligand’s prior written consent. Pursuant to the terms of the Loan and Security Agreement, the Company recorded interest expense of $58,611 during the year ended December 31, 2014, which remained payable as of December 31, 2014.

The debt conversion feature embedded in each tranche of the Ligand Note is accounted for under ASC Topic 815 – Derivatives and Hedging. At each issuance date, the fair value of the debt conversion feature was determined. The fair value of the debt conversion feature was allocated from the gross proceeds of the Ligand Note with the respective discount amortized to interest expense over the original term of the Ligand Note using the effective interest method. The valuation of the bifurcated debt conversion feature was performed using Level 3 inputs, requiring the Company to make assumptions about the probability of the occurrence of a private equity financing with aggregate net proceeds to the Company of at least $20,000,000 or the Company’s initial public offering and the Ligand Note being converted based on the applicable conversion terms. Alternative probabilities would have resulted in increases or decreases in the value of the debt conversion feature. The Company is required to mark to market the value of the conversion feature liability. Therefore, as of December 31, 2014, the Company revalued the fair value of the debt conversion feature for each tranche of the Note outstanding as of December 31, 2014, and determined the conversion feature liability to be $1,390,469. The Company amortized $532,433 of the discount during the year ended December 31, 2014.

On April 8, 2015, the Company and Ligand entered into a First Amendment to Loan and Security Agreement with Ligand (the “Loan Amendment”), pursuant to which the parties agreed to amend, among other things, the timing of Ligand’s conversion rights under the Secured Convertible Promissory Note issued to Ligand on May 21, 2014 (the “Ligand Note”) following certain Company transactions. Under the terms of the Loan Amendment, following the consummation of the earlier to occur of (1) a bona fide capital financing transaction or series of financing transactions with one or more financial non-strategic investors resulting in aggregate net proceeds to the Company of at least $20,000,000 and pursuant to which the Company issues shares of its equity securities, (2) a firmly underwritten public offering pursuant to the Securities Act of 1933, as amended, on Form S-1 or Form S-3, or any successor forms, or (3) May 4, 2016 (the one year anniversary of the closing of the IPO), Ligand may elect to convert the Ligand Note into shares of the Company’s common stock and/or cash in an amount equal to 200% of the principal amount of the loan plus all accrued and previously unpaid interest thereon. Additionally, pursuant to the Loan Amendment, Ligand has agreed that it will not, until the earlier of (A) 270 days from the date of conversion of the Ligand Note or (B) April 28, 2016 (one year following the date of the prospectus filed with the SEC relating to the IPO), sell or otherwise transfer or dispose of the shares of common stock issuable upon conversion of the Ligand Note.

As of December 31, 2015, the Ligand Note was recorded at $2,500,000, and interest in the amount of $183,611 was payable on the Ligand Note. During the year ended December 31, 2015, the Company also recorded $125,000 of interest expense, $887,426 of amortization of debt discount and $980,434 as other expense related to increases in the fair value of the debt conversion feature liability.

In connection with the Loan and Security Agreement, the Company also granted Ligand a continuing security interest in all of its right, title and interest in and to its assets as collateral for the full, prompt, complete and final payment and performance when due of all obligations under the Loan and Security Agreement and the Ligand Note.

A second amendment to the Loan and Security Agreement was entered into on January 22, 2016 (see Note 13).

X

- References
No definition available.
+ Details

Name: us-gaap_DebtDisclosureAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for long-term debt.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_LongTermDebtTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 30 R13.htm IDEA: XBRL DOCUMENT v3.3.1.900

Stockholders' Equity (Deficit)
12 Months Ended

Dec. 31, 2015

Equity [Abstract]

Stockholders' Equity (Deficit)

7.

Stockholders’ Equity (Deficit)

Preferred Stock

The Company is authorized to issue up to 10,000,000 shares of $0.00001 par value preferred stock, with no shares outstanding as of December 31, 2015 and 2014. The Board of Directors is authorized to designate the terms and conditions of any preferred stock the company issues without further action by the common stockholders.

Common Stock

The Company is authorized to issue up to 300,000,000 shares of common stock, $0.00001 par value per share. On September 26, 2012, the Company issued 4,750,000 shares of common stock to its founders for the contribution of certain intellectual property and assets having a deemed fair value of $0.01 per share. The shares of common stock issued to the founders are subject to a repurchase feature whereby the Company can repurchase the stock if the applicable founder’s arrangements with the Company are terminated. The repurchase feature lapses over time and the repurchase option immediately ceases upon the occurrence of certain triggering events. The related expense is being charged over the requisite service period. At December 31, 2015, none of these shares were subject to the repurchase option. See below regarding the repurchase of certain of these shares.

During fiscal year 2013, the Company sold an additional 700,000 shares of its common stock to consultants. The purchase price of the shares of common stock was $0.01, which approximated fair value. The Company received a total of $7 in cash and $6,993 in notes receivable as consideration for the issuance of the 700,000 shares of common stock. The shares of common stock were subject to repurchase features whereby the Company can repurchase the shares from the consultants if their arrangements with the Company are terminated. The repurchase features lapse over time. In June 2013, the Company exercised its right to repurchase 250,000 shares of its common stock issued earlier in 2013 in connection with the termination of one of the consulting arrangements. The Company paid $3 in cash to refund the cash contributed by the consultant and eliminated the $2,497 note receivable issued by the consultant to the Company. In March 2014, the Company terminated another one of the consulting agreements. In conjunction with the termination of the consulting agreement, the Company exercised its right to repurchase 200,000 shares by repaying the $2 in cash contributed by the consultant and eliminating the $1,998 note receivable issued by the consultant to the Company. In May 2014, the Company forgave the remaining notes receivable balance of $2,581, which included $2,498 of principal and $83 of interest from one of its consultants in consideration for services rendered by the consultant. At December 31, 2015, there was $290 of total unrecognized compensation costs related to these shares, which are expected to be recognized over a weighted-average period of 1.25 years. During the year ended December 31, 2015, the Company recorded stock-based compensation of $145 related to these share issuances.

In connection with the preparation of the financial statements necessary for inclusion in a registration statement, in May 2014 the Company reassessed the estimated fair value of its common stock for financial reporting purposes. The Company reassessed the estimated fair value of its common stock for each quarterly period from its inception on September 24, 2012 through December 31, 2013. Valuation analyses were performed as of September 26, 2012, April 15, 2013 and July 15, 2013 (the respective dates of stock activity noted above). The Company concluded that its shares of common stock as of each such date had a fair value less than or equal to the then estimated fair value of common stock at the date of issuance. Therefore, no additional stock expense was required to be expensed by the Company.

In February 2014, the Company entered into a stock purchase agreement with one of its founders. The agreement provides for the purchase of 1,000,000 shares of the Company’s common stock at a price per share of $0.01 in exchange for future services to be rendered to the Company as measured by certain performance criteria. The shares are subject to a repurchase option and vest in two tranches of 500,000 shares each, upon achievement of the performance target or upon a triggering event as defined.

To appropriately account for this stock purchase, the Company determined the fair value of the common stock on the date of purchase as well as the likelihood of achievement of each of the performance conditions included in the agreement. The valuation methodology utilized in determining fair value relied on the PWERM, which incorporates relevant events and expected future exit scenarios for the Company. The exit scenarios included merger and acquisition and initial public offering scenarios. The enterprise value under each scenario was based primarily on the market approach and probability-weighted expected exit values for the Company under each scenario. Similar merger and acquisition transactions and publicly traded companies were utilized within the market approach and appropriate metrics were applied to the Company along with qualitative comparable assessments. The indicated value under the market approach was used as the starting aggregate value for the valuation of these performance-based shares. The Company utilized a Monte Carlo simulation method to determine the fair value of the performance-based shares as of the issuance date. The Monte Carlo simulation method takes into consideration the expected timing of the performance milestones, probability of achieving the milestones and estimated per share common stock prices at expected vesting dates.

The Company determined that the issuance in February 2014 had a deemed fair value lower than the reassessed fair value of the common stock on the date of issuance based upon the PWERM. Since the stock issuance to the founder is tied to certain performance criteria, the Company reviewed the probability of achieving such criteria at February 20, 2014 and December 31, 2014 and determined that it was not probable that the criteria would be met. Therefore, no compensation expense was recorded for this issuance through December 31, 2014. The Company will continue to reassess at each reporting period whether it is probable that either of the two performance criteria will be met, and if and when either are deemed probable, the Company will begin to record compensation expense using the fair value to determine stock-based compensation expense in its financial statements over the period the Company estimates the performance criteria will actually be met. The Company determined that the fair value of the unrecognized expense was approximately $168,000 at February 20, 2014, the grant date. In May 2015, the Company repurchased 633,810 of these shares at a purchase price of $0.00001 per share. In connection with the repurchase, the Company entered into an amendment to the stock purchase agreement to provide that the remaining 366,190 shares will continue to vest in two tranches of 183,095 shares each, upon achievement of the performance target or upon a triggering event as defined, with the pro rata fair value of the expense of $61,566 to be recognized. In October 2015, one of the two triggering events became probable of occurrence; therefore, for the year ended December 31, 2015, the Company recorded $18,407 of stock-based compensation expense, with the remaining expense relating to this event estimated to be recognized through April 2017.

In June 2014, the Company entered into employment agreements with each of its five employees pursuant to which, among other things, each employee agreed to be paid a lower salary during the period of time between the signing of his or her employment agreement and the date of the closing of the Company’s IPO. In exchange for this agreement to receive a lower salary, the Company agreed to issue, on the date of the closing of the IPO, to each of these employees a certain amount of fully vested restricted stock equal to the quotient of (1) the product of 150% of the difference between the employee’s post-IPO salary and his or her pre-IPO salary multiplied by the number of days between the date of the closing of the IPO and the date of execution of the employee’s employment agreement, divided by (2) the product of 365 multiplied by the closing sales price of the Company’s common stock on the date of the closing of the IPO. Since the likelihood of an IPO was deemed to be less than probable as of December 31, 2014, the Company determined that it was not required to record the liability, which, as of December 31, 2014, would have been $520,476, with respect to the potential issuance of these shares of fully vested restricted stock as of December 31, 2014, as it was less than probable that the Company would be required to issue such shares of fully vested restricted stock. Upon the closing of the IPO in May 2015, the Company issued 56,997 shares, net of shares withheld for taxes, in accordance with these agreements.

In September 2014, the Company entered into a stock repurchase agreement (the “Stock Repurchase Agreement”) with each of its existing stockholders. Pursuant to the Stock Repurchase Agreement, the Company agreed to repurchase prior to the completion of the IPO, on a pro rata basis from each of the holders of its outstanding common stock, shares of the Company’s common stock from these stockholders at a purchase price of $0.00001 per share. The number of shares of common stock that the Company will repurchase pursuant to the Stock Repurchase Agreement and prior to the completion of the IPO is based on a formula in accordance with the Stock Repurchase Agreement. In accordance with this agreement, on May 4, 2015, the Company repurchased an aggregate of 3,802,859 shares of its common stock from its stockholders at a price of $0.00001 per share for an aggregate purchase price of $38.

On April 8, 2015, the Company entered into a Second Amendment to Master License Agreement with Ligand, pursuant to which the parties agreed to revise (1) the calculations used to determine the number of securities to be issued to Ligand upon the closing of the IPO, and (2) certain of the royalty percentages payable by the Company to Ligand based on worldwide annual net sales of the products licensed under the Master License Agreement.

Further, on April 8, 2015, the Company and Ligand entered into a First Amendment to Loan and Security Agreement with Ligand (the “Loan Amendment”), pursuant to which the parties agreed to amend, among other things, the timing of Ligand’s conversion rights under the Secured Convertible Promissory Note issued to Ligand on May 21, 2014 (the “Ligand Note”) following certain Company transactions. Under the terms of the Loan Amendment, following the consummation of the earlier to occur of (1) a bona fide capital financing transaction or series of financing transactions with one or more financial non-strategic investors resulting in aggregate net proceeds to the Company of at least $20,000,000 and pursuant to which the Company issues shares of its equity securities, (2) a firmly underwritten public offering pursuant to the Securities Act of 1933, as amended, on Form S-1 or Form S-3, or any successor forms, or (3) May 4, 2016 (the one year anniversary of the closing of the IPO), Ligand may elect to convert the Ligand Note into shares of the Company’s common stock and/or cash in an amount equal to 200% of the principal amount of the loan plus all accrued and previously unpaid interest thereon. Additionally, pursuant to the Loan Amendment, Ligand has agreed that it will not, until the earlier of (A) 270 days from the date of conversion of the Ligand Note or (B) April 28, 2016 (one year following the date of the prospectus filed with the SEC relating to the IPO), sell or otherwise transfer or dispose of the shares of common stock issuable upon conversion of the Ligand Note.

On May 4, 2015, the Company completed the IPO pursuant to a Registration Statement on Form S-1 that was declared effective on April 28, 2015. In the IPO, the Company sold 3,000,000 shares of its common stock at an initial public offering price of $8.00 per share. The underwriters for the IPO had 30 days to exercise an over-allotment option to purchase up to an additional 450,000 shares at the initial public offering price, less the underwriting discount. Upon the closing of the IPO, on May 4, 2015, the Company raised a total of $19,100,500 in net proceeds after deducting underwriting discounts, commissions and other offering expenses of $4,899,500. These costs have been recorded as a reduction of the proceeds received in arriving at the amount to be recorded in additional paid-in capital upon completion of the IPO.

On April 28, 2015, the date of the execution and delivery of the underwriting agreement for the IPO, the Company granted stock options to purchase an aggregate of 83,144 shares of the Company’s common stock to the non-employee directors of the Company.

Upon the closing of the IPO in May 2015, the Company (1) converted $27,422,872 of accrued license fees as of May 4, 2015 into an aggregate of 3,427,859 shares of the Company’s common stock issued to Ligand and Metabasis Therapeutics, Inc., a wholly-owned subsidiary of Ligand (“Metabasis”) pursuant to the Master License Agreement; (2) incurred a non-cash interest charge of $4,421,338 at the time of conversion of the accrued license fees, relating to the difference between the carrying amounts of the $24,826,374 of accrued license fees and the fair market value of the shares issued in the IPO; (3) converted $310,350 of the Company’s convertible notes payable plus interest of $24,276 as of May 4, 2015 into 57,046 shares of the Company’s common stock; (4) incurred a beneficial conversion charge of $121,786; and (5) issued an aggregate of 422,879 shares of the Company’s common stock and granted options to purchase an aggregate of 206,000 shares of the Company’s common stock to its employees, directors and a consultant of the Company pursuant to employment agreements, offer letters and a consulting agreement.

On May 26, 2015, the underwriters for the IPO exercised their full over-allotment option to purchase an additional 450,000 shares of the Company’s common stock at $8.00 per share, less the underwriting discount. On May 28, 2015, the Company sold the 450,000 shares to the underwriters pursuant to the over-allotment option and received additional net proceeds of $3,225,866 after deducting underwriting discounts, commissions and other offering expenses of $374,134. Upon the closing of the over-allotment option, pursuant to the Master License Agreement, on May 28, 2015, the Company issued an additional aggregate of 228,105 shares of its common stock to Ligand and Metabasis.

During the year ended December 31, 2015, and in accordance with the Company’s 2014 Employee Stock Purchase Plan (the “ESPP”), the Company issued an aggregate of 5,711 shares of its common stock to certain employees.

X

- References
No definition available.
+ Details

Name: us-gaap_EquityAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- 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

Name: us-gaap_StockholdersEquityNoteDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 31 R14.htm IDEA: XBRL DOCUMENT v3.3.1.900

Stock-Based Compensation
12 Months Ended

Dec. 31, 2015

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

8.

Stock-Based Compensation

In connection with the IPO, the Company’s 2014 Equity Incentive Plan (the “2014 Plan”) and the ESPP became effective on April 28, 2015, the date of the execution and delivery of the underwriting agreement for the IPO. A total of 1,527,770 shares of the Company’s common stock were initially reserved for issuance under the 2014 Plan, and 458,331 shares of the Company’s common stock were initially reserved for issuance under the ESPP.

The Company generally uses the straight-line or graded vesting method to allocate compensation cost to reporting periods over each optionee’s requisite service period, which is generally the vesting period, and estimates the fair value of stock-based awards or restricted stock units to employees and directors using the Black-Scholes option-valuation model. For options with a graded vesting schedule, the Company uses the graded vesting schedule to allocate compensation cost to reporting periods. The Black-Scholes model requires the input of subjective assumptions, including volatility, the expected term and the fair value of the underlying common stock on the date of grant, among other inputs. Stock options granted to non-employees are accounted for using the fair value approach. Stock options granted to non-employees are subject to periodic revaluation over their vesting terms.

2014 Plan. The 2014 Plan provides that the compensation committee of the Company’s Board of Directors (the “Compensation Committee”) may grant or issue stock options, stock appreciation rights, restricted shares, restricted stock units and unrestricted shares, deferred share units, performance and cash-settled awards and dividend equivalent rights to participants under the 2014 Plan. Initially, a total of 1,527,770 shares of the Company’s common stock were reserved for issuance pursuant to the 2014 Plan, which number is also the limit on shares of common stock available for awards of incentive stock options. The number of shares available for issuance under the 2014 Plan will, unless otherwise determined by the Company’s Board of Directors or the Compensation Committee, be automatically increased on January 1st of each year commencing on January 1, 2016 and ending on (and including) January 1, 2024, in an amount equal to 3.5% of the total number of shares of the Company’s common stock outstanding on December 31st of the preceding calendar year. The shares of common stock deliverable pursuant to awards under the 2014 Plan are authorized but unissued shares of the Company’s common stock, or shares of the Company’s common stock that the Company otherwise holds in treasury or in trust. Any shares of the Company’s common stock underlying awards that are settled in cash or otherwise expire, or are forfeited, terminated or cancelled (including pursuant to an exchange program established by the Compensation Committee) prior to the issuance of stock will again be available for issuance under the 2014 Plan. In addition, shares of the Company’s common stock that are withheld (or not issued) in payment of the exercise price or taxes relating to an award, and shares of the Company’s common stock equal to the number surrendered in payment of any exercise price or withholding taxes relating to an award, will again be available for issuance under the 2014 Plan.

ESPP. Initially, a total of 458,331 shares of the Company’s common stock were reserved for issuance pursuant to the ESPP. The number of shares available for issuance under the ESPP will, unless otherwise determined by the Company’s Board of Directors or the Compensation Committee, be automatically increased on January 1st of each year commencing on January 1, 2016 and ending on (and including) January 1, 2024, in an amount equal to 1% of the total number of shares of the Company’s common stock outstanding on December 31st of the preceding calendar year. The shares of common stock available for purchase pursuant to the ESPP are authorized but unissued shares of the Company’s common stock, shares of the Company’s common stock that the Company otherwise holds in treasury or shares of the Company’s common stock that were purchased on the open market in arms’ length transactions in accordance with applicable securities laws. Shares of the Company’s common stock will be offered for purchase under the ESPP as determined by the Compensation Committee through a series of successive offerings that each have a term of 24 months and consist of four consecutive purchase periods of six months each. Prior to the commencement of any future offering under the ESPP, the Compensation Committee may determine that the current offering shall end, may commence a new offering on the first day after the end of such terminal purchase period (or any desired later date), and may decide that future offerings will consist of one or more consecutive purchase periods, each to be of such duration as determined by the Compensation Committee; however, no offering will exceed 27 months and no purchase period will exceed one year. Each employee of the Company who (1) is an employee on the first date of any offering under the ESPP, (2) is customarily scheduled to work for more than 20 hours per week and more than five months per calendar year, and (3) meets such other criteria as may be determined by the Compensation Committee (consistent with Section 423 of the Internal Revenue Code of 1986, as amended), is eligible to participate in the ESPP for each purchase period within such offering. The purchase price per share of the Company’s common stock under the ESPP may not be less than, and will initially be equal to, the lesser of: (1) 85% of the fair market value per share of the Company’s common stock on the first day of the offering, or (2) 85% of the fair market value per share of the Company’s common stock on the date the purchase right is exercised, which will be the last day of the applicable purchase period.

During the years ended December 31, 2015 and 2014, the Company recognized the following stock-based compensation expense:

Year Ended December 31,

2015

2014

Stock-based compensation expense by type of award:

Stock options

$

949,955

$

—

Restricted stock and restricted stock units

1,608,049

6,258

Employee stock purchase plan

43,444

—

Total stock-based compensation expense included

 in expenses

$

2,601,448

$

6,258

Stock-based compensation expense by line item:

Research and development expenses

$

852,200

$

2,643

General and administrative expenses

1,749,248

3,615

Total stock-based compensation expense included

 in expenses

$

2,601,448

$

6,258

The following table sets forth the Company’s unrecognized stock-based compensation expense, net of estimated forfeitures, by type of award and the weighted-average period over which that expense is expected to be recognized:

As of December 31, 2015

Unrecognized

Expense,

Net of

Estimated

Forfeitures

Weighted-

average

Recognition

Period

(in years)

Type of award:

Stock options

$

1,409,808

2.61

Restricted stock and restricted stock units

$

2,442,289

2.58

The following table is a summary of restricted shares granted during the year ended December 31, 2015:

Shares

Weighted-

Average

Grant Date

Fair Value

Unvested at December 31, 2014

2,018,752

$

0.08

Granted

462,090

$

9.49

Vested

(702,165

)

$

1.37

Forfeited

(105,000

)

$

9.49

Repurchased

(1,005,714

)

$

0.03

Unvested at December 31, 2015

667,963

$

3.68

The following table summarizes restricted stock units activity during the year ended December 31, 2015:

Shares

Weighted-

Average

Grant Date

Value

Unvested at December 31, 2014

—

$

—

Granted

84,000

$

8.18

Vested

—

$

—

Forfeited

(8,250

)

$

7.27

Repurchased

—

$

—

Unvested December 31, 2015

75,750

$

8.27

The following table summarizes stock option activity during the year ended December 31, 2015:

Shares

Weighted-

Average

Exercise

Price

Weighted-

Average

Remaining

Contractual

Term (in years)

Options outstanding at December 31, 2014

—

$

—

—

Granted

443,894

$

8.49

—

Exercised

—

$

—

—

Cancelled

(78,500

)

$

8.54

—

Options outstanding at December 31, 2015

365,394

$

8.48

9.39

Options exercisable at December 31, 2015

40,250

$

9.49

9.35

Compensation expense for stock options granted to employees is based on the estimated grant date fair value and is recognized ratably over the vesting period of the applicable option. The estimated per share weighted average fair value of stock options granted to employees during the year ended December 31, 2015 was $6.26. The options outstanding and exercisable at December 31, 2015 had no intrinsic value in the aggregate.

As stock-based compensation expense recognized is based on options ultimately expected to vest, the fair value of each employee option grant during the year ended December 31, 2015 was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:

Year Ended December 31, 2015

Expected volatility

85.2

%

Expected term (in years)

6.49

Risk-free interest rate

1.81

%

Expected dividend yield

0

%

Expected Volatility. The expected volatility rate used to value stock option grants is based on volatilities of a peer group of similar companies whose share prices are publicly available. The peer group was developed based on companies in the pharmaceutical and biotechnology industry in a similar stage of development to the Company.

Expected Term. The Company elected to utilize the “simplified” method for “plain vanilla” options to value stock option grants. Under this approach, the weighted-average expected life is presumed to be the average of the vesting term and the contractual term of the option.

Risk-free Interest Rate. The risk-free interest rate assumption was based on zero-coupon U.S. Treasury instruments that had terms consistent with the expected term of the Company’s stock option grants.

Expected Dividend Yield. The Company has never declared or paid any cash dividends and does not presently plan to pay cash dividends in the foreseeable future.

Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from estimates. The Company estimates forfeitures based on its historical experience. Groups of employees that have similar historical forfeiture behavior are considered separately for expense recognition.

Since the Company had a net operating loss carryforward as of December 31, 2015, no excess tax benefits for the tax deductions related to stock-based awards were recognized in the Statements of Operations.

Common Stock Reserved for Future Issuance

Common stock reserved for future issuance as of December 31, 2015 and 2014 is as follows:

Common Stock Reserved for Future Issuance

December 31,

2015

2014

Common stock warrants

82,500

—

Restricted stock units

75,750

—

Common stock options

365,394

—

Available for grant under the 2014 Plan

773,629

—

Available for issuance under Employee Stock Purchase Plan

452,620

—

Shares issuable upon conversion of Ligand debt

670,902

695,733

2,420,795

695,733

X

- 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
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=51659978&loc=d3e25284-112666

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14
+ Details

Name: us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 32 R15.htm IDEA: XBRL DOCUMENT v3.3.1.900

Representative's Warrant
12 Months Ended

Dec. 31, 2015

Warrants And Rights Note Disclosure [Abstract]

Representative's Warrant

9.

Representative’s Warrant

Upon the closing of the IPO, on May 4, 2015, the Company issued to the representative of the underwriters as additional compensation a warrant to purchase the aggregate of 82,500 shares of the Company’s common stock. The warrant is exercisable for cash or on a cashless basis at a per share exercise price equal to $10.00 commencing on April 28, 2016, one year following the date of the prospectus filed with the SEC relating to the IPO, and expiring on April 28, 2020. In addition, the warrant provides for registration rights upon request, under certain circumstances. The piggyback registration right provided in connection with the warrant will terminate on April 28, 2022.

X

- References
No definition available.
+ Details

Name: us-gaap_WarrantsAndRightsNoteDisclosureAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Warrant.
+ References
No definition available.
+ Details

Name: vktx_WarrantDisclosureTextBlock

Namespace Prefix: vktx_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 33 R16.htm IDEA: XBRL DOCUMENT v3.3.1.900

Income Taxes
12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Income Taxes

10.

Income Taxes

The reconciliations of the U.S. federal statutory tax rate to the effective income tax rate for the years ended December 31, 2015 and 2014 are as follows:

December 31,

2015

2014

Tax provision at U.S. Federal statutory rates

34

%

34

%

State income taxes net of federal benefit

8

%

8

%

Non-deductible permanent items

(2

)%

(1

)%

Stock options

—

—

Other

—

—

Change in valuation allowance

(40

)%

(41

)%

Effective income tax rate

—

—

Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred taxes as of December 31, 2015 and 2014 are as follows:

December 31,

2015

2014

Deferred tax assets:

Accrued liabilities

$

48,982

$

—

Intangible assets

14,009,497

7,993,293

Net operating loss carryforwards

2,430,249

548,247

Share-based compensation

986,534

6,306

Share conversion feature

243,759

—

Other

3,510

530

Total deferred tax assets

17,722,531

8,548,376

Valuation Allowance

(17,722,531

)

(8,403,620

)

Net deferred tax assets

$

—

$

144,756

Deferred tax liabilities:

Debt conversion feature

$

—

$

(144,756

)

Total:

$

—

$

—

A valuation allowance of $17,722,531 and $8,403,620 at December 31, 2015 and December 31, 2014, respectively, has been recorded to offset net deferred tax assets, as the Company is unable to conclude that it is more likely than not that such deferred tax assets will be realized.

At December 31, 2015, the Company had federal and state net operating loss carryforwards of approximately $5,890,000 and $6,629,000, respectively. The federal and state net operating loss carryforwards will begin to expire in 2032. The Company’s ability to utilize its federal net operating loss carryforwards may be limited under Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”). Specifically, this limitation may arise in the event of an “ownership change,” which is defined by Section 382 of the Code as a cumulative change in ownership of the Company of more than 50% within a three-year period. If the Company undergoes one or more ownership changes in connection with any future transactions in its stock, the Company’s ability to utilize net operating loss carryforwards to offset federal taxable income, if any, could potentially result in increased future tax liability to the Company. An ownership change under Section 382 of the Code occurred during the year ended December 31, 2015 in connection with the Company’s initial public offering. A portion of the net operating loss carryforwards are subject to an annual limitation.

The Company is subject to U.S. federal income tax as well as income tax in various state jurisdictions. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service and various state agencies for the years ended December 31, 2012 through December 31, 2015.

The differences between the Company’s effective income tax rate and the statutory federal rate for the year ended December 31, 2015 and the year ended December 31, 2014 relate primarily to losses incurred for which no tax benefit was recognized, due to the uncertainty of realization. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the period in which those temporary differences become deductible. The Company considers projected future taxable income and tax planning strategies in making this assessment. At each of December 31, 2015 and December 31, 2014, the Company provided a full valuation allowance against its deferred tax assets due to uncertainty surrounding the realization of those assets as a result of historical taxable net losses.

The Company has reviewed its operations and has not identified any material uncertain tax positions. As a result, there is no liability for uncertain tax positions in the income tax provision as of December 31, 2015 or December 31, 2014.

X

- References
No definition available.
+ Details

Name: us-gaap_IncomeTaxDisclosureAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
+ 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.(h))
-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 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319
+ Details

Name: us-gaap_IncomeTaxDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 34 R17.htm IDEA: XBRL DOCUMENT v3.3.1.900

Related Party Transactions
12 Months Ended

Dec. 31, 2015

Related Party Transactions [Abstract]

Related Party Transactions

11.

Related Party Transactions

In May 2014, the Company entered into the Master License Agreement with Ligand, pursuant to which, among other things, Ligand granted the Company an exclusive worldwide license to certain clinical and preclinical programs. See Note 4 for more information related to this agreement. In connection with entering into the Master License Agreement, the Company also entered into a Loan and Security Agreement (see Note 6 and Note 13) and a sublease and services agreement (See Note 4). As Ligand owns 49.4% of the Company’s outstanding shares as of December 31, 2015, the Company considers Ligand to be a related party.

X

- References
No definition available.
+ Details

Name: us-gaap_RelatedPartyTransactionsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864

Reference 6: 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.(k))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph b
-Article 3A
+ Details

Name: us-gaap_RelatedPartyTransactionsDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 35 R18.htm IDEA: XBRL DOCUMENT v3.3.1.900

Commitments and Contingencies
12 Months Ended

Dec. 31, 2015

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

12.

Commitments and Contingencies

In May 2014, the Company entered into a master license agreement with the licensor that included a license to the products covered by the option. See Note 4 for a description of the terms of the Master License Agreement. As noted in Note 4, in connection with the Master License Agreement, the Company also entered into a Sublease Agreement with Ligand, pursuant to which the Company leased approximately 5,851 square feet of office space from Ligand for the period from May 21, 2014 through December 31, 2014. Under the terms of the Sublease Agreement, the Company was required to make minimum lease payments of approximately $167,000.

On July 7, 2015, the Company entered into a Sublease (the “Sublease”) for approximately 7,049 rentable square feet of space located at 12340 El Camino Real, Suite 250, San Diego, California 92130. Monthly base rent payments due under the Sublease are $19,737, subject to annual increases of 3.0% during the term of the Sublease.

Rent expense was $142,288 and $186,774 for the years ended December 31, 2015 and 2014, respectively.

The Company is subject to charges for common area maintenance and other costs pursuant to the Sublease, and the Sublease provides for abatement of rent during certain periods and escalating rent payments throughout the term of the Sublease. Rent expense is being recorded on straight line basis over the life of the Sublease and the difference between the rent expense and rent paid is being recorded as deferred rent.

Future minimum payments pursuant to the Sublease are as follows:

Year Ending December 31:

2016

180,004

2017

247,611

2018

190,337

Total minimum lease payments

$

617,952

X

- References
No definition available.
+ Details

Name: us-gaap_CommitmentsAndContingenciesDisclosureAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for commitments and contingencies.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=51674963&loc=d3e12565-110249

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14435-108349

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308
+ Details

Name: us-gaap_CommitmentsAndContingenciesDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 36 R19.htm IDEA: XBRL DOCUMENT v3.3.1.900

Subsequent Events
12 Months Ended

Dec. 31, 2015

Subsequent Events [Abstract]

Subsequent Events

13.

Subsequent Events

The Company evaluated subsequent events through March 8, 2016, the date of the filing of this Annual Report on Form 10-K with the SEC, to ensure that this filing includes appropriate disclosure of events both recognized in the financial statements as of December 31, 2015, and events which occurred subsequent to December 31, 2015 but were not recognized in the financial statements. The Company has determined that there were no subsequent events which required recognition, adjustment to or disclosure in the financial statements, except as follows:

On January 22, 2016, the Company entered into a Second Amendment to Loan and Security Agreement (the “Second Loan Amendment”) with Ligand, which amends the Loan and Security Agreement, as amended by the Loan Amendment (the “Original Loan Agreement”). The Second Loan Amendment amended the Original Loan Agreement (as so amended by the Second Loan Amendment, the “Amended Loan Agreement”) to, among other things, (1) extend the maturity date of the loans under the Ligand Note from May 21, 2016 to May 21, 2017 (the “Maturity Date”), (2) reduce the annual interest rate on the principal amount outstanding under the Ligand Note from 5.0% to 2.5%, and (3) extend Ligand’s lock-up period by one year such that Ligand may not, directly or indirectly, sell or otherwise transfer or dispose of any Company securities prior to January 23, 2017. The amount payable by the Company under the Amended Loan Agreement remains equal to 200% of the original principal amount of the loans under the Ligand Note and of all accrued and previously unpaid interest thereon.

Additionally, the Amended Loan Agreement provides that, upon the consummation of the Company’s first bona fide capital financing transaction occurring subsequent to January 22, 2016, but prior to the Maturity Date, with aggregate net proceeds to the Company of at least $2.0 million (the “Next Financing”), the Company will be required to repay $1.5 million of the Ligand Note obligation to Ligand (the “Next Financing Payment”), with at least $0.3 million of the Next Financing Payment to be paid in cash, subject to the Company’s sole and absolute discretion to pay a greater amount in cash, and the remaining amount of the Next Financing Payment that will not be paid in cash (the “Balance”) to be paid in the form of such number of shares of the Company’s equity securities that are issued in the Next Financing as is equal to the quotient obtained by dividing the Balance by the lesser of (1) the lowest price per share paid by investors in the Next Financing (the “Financing Price”), and (2) $8.00 (subject to adjustment for stock dividends, splits, combinations or similar transactions). Notwithstanding the foregoing, the number of shares that the Company may issue to Ligand will be reduced to the extent the issuance of shares would increase Ligand’s beneficial ownership of the Company’s common stock to greater than 49.9%, and any remaining amount of the Balance would have to be paid by the Company in cash (the “Share Cap”).

Under the terms of the Amended Loan Agreement, following the consummation of the Next Financing, the Company may elect to repay any portion of the outstanding principal under the Ligand Note, plus accrued and unpaid interest thereon, by delivering a notice to Ligand (the “Additional Repayment Notice”), specifying the amount that the Company wishes to repay (the “Additional Payment Amount”). Ligand will then have five days to elect to receive the Additional Payment Amount in cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock. If Ligand does not make an election within such five-day period, the Company will have the right, at its sole election and discretion, to elect the form of the Additional Payment Amount, subject to the Share Cap. To the extent that any portion of an Additional Payment Amount will be paid in shares of the Company’s common stock, the Amended Loan Agreement provides that the number of shares issuable will be equal to the quotient obtained by dividing the portion of the Additional Payment Amount that will be paid in shares by the lesser of (1) (a) if the Company delivers the Additional Repayment Notice within 180 days of the closing of the Next Financing, the Financing Price, or (b) if the Company delivers the Additional Repayment Notice 180 days or more after the closing of the Next Financing, the volume weighted average closing price of the Company’s common stock for the 30 days prior to the date the Company delivers the Additional Repayment Notice, and (2) $8.00 (subject to adjustment for stock dividends, splits, combinations or similar transactions).

The Amended Loan Agreement also provides that, on or after the Maturity Date, Ligand may demand payment of the remaining amount payable under the Ligand Note (the “Remaining Balance”). In addition, the Company is permitted to, at its sole election and discretion, repay to Ligand the Remaining Balance solely in cash. However, if the Company does not elect to repay the Remaining Balance solely in cash, Ligand can set the form of payment as cash, shares of the Company’s common stock or both. To the extent that any portion of the Remaining Balance will be paid in shares of the Company’s common stock, the number of shares issuable will be equal to the quotient obtained by dividing the portion of the Remaining Balance that will be paid in shares by the lesser of (a) the volume weighted average closing price of the Company’s common stock for the 30 days prior to the date of Ligand’s demand for repayment or the date of the Company’s prepayment of the Remaining Balance in full, as applicable, and (b) $8.00 (subject to adjustment for stock dividends, splits, combinations or similar transactions).

On January 22, 2016, the Company also entered into a First Amendment to Registration Rights Agreement (the “Registration Rights Agreement Amendment”) with Ligand, which amends the Registration Rights Agreement. The Registration Rights Agreement Amendment extends the deadline by which the Company must file with the SEC a Registration Statement on Form S-1 (the “Registration Statement”) covering the resale of certain Company securities held by Ligand, including the shares of the Company’s common stock issuable to Ligand under the Amended Loan Agreement, by one year from January 23, 2016 to January 23, 2017, and extends the applicable deadline for seeking to have such Registration Statement declared effective by the SEC by one year.

X

- References
No definition available.
+ Details

Name: us-gaap_SubsequentEventsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
+ References
No definition available.
+ Details

Name: us-gaap_SubsequentEventsTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 37 R20.htm IDEA: XBRL DOCUMENT v3.3.1.900

Organization, Liquidity and Management's Plan, and Summary of Significant Accounting Policies (Policies)
12 Months Ended

Dec. 31, 2015

Organization Consolidation And Presentation Of Financial Statements [Abstract]

The Company

The Company

Viking Therapeutics, Inc., a Delaware corporation (the “Company”), is a clinical-stage biopharmaceutical company focused on the development of novel, first-in-class or best-in-class therapies for metabolic and endocrine disorders.

The Company was incorporated under the laws of the State of Delaware on September 24, 2012 and its principal executive offices are located in San Diego, CA.

Basis of Presentation

Basis of Presentation

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying financial statements. Significant estimates made in preparing these financial statements relate to determining the fair value of the debt conversion liability and accounting for certain commitments. Actual results could differ from those estimates.

Cash and Cash Equivalents

Cash and Cash Equivalents

The Company considers all highly liquid investments with maturities of three months or less from the date of purchase to be cash equivalents.

Investments Available-for-Sale

Investments Available-for-Sale

Available-for-sale securities are carried at fair value, with the unrealized gains and losses reported in accumulated other comprehensive income (loss). The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. The amortization of premiums and accretion of discounts is included in interest income. Realized gains and losses and declines in value judged to be other-than-temporary, if any, on available-for-sale securities are included in other income (expense). The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in interest income.

Concentration of Credit Risk

Concentration of Credit Risk

Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents and marketable securities. The Company maintains deposits in federally insured depository institutions in excess of federally insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. Additionally, the Company has established guidelines regarding approved investments and maturities of investments, which are designed to maintain safety and liquidity.

Liquidity and Management's Plan

Liquidity and Management’s Plan

In May 2015, the Company completed an initial public offering (“IPO”), issuing 3,450,000 shares of its common stock and raising net proceeds of $22,326,366, including the full exercise of the over-allotment option, and after deducting underwriting discounts, commissions and other offering expenses of $5,273,634. (See Note 7 regarding proceeds from the Company’s initial public offering received in May 2015.)

Although it is difficult to predict the Company’s liquidity requirements, as of December 31, 2015, and based upon the Company’s current operating plan, the Company does not believe that it will have sufficient cash to meet its projected operating requirements for at least the next 12 months unless it raises additional capital. As of December 31, 2015, the Company had an accumulated deficit of $45,545,445. These losses have resulted principally from research and development costs incurred in connection with acquiring the exclusive worldwide rights to the portfolio of five drug candidates from Ligand Pharmaceuticals Incorporated (“Ligand”) and the related non-cash interest expense recorded for increases in the deemed fair market value for the license fees payable to Ligand, research and development expenses related to the manufacturing of clinical drug product and clinical development of VK5211, VK2809 and VK0214, consulting fees and general and administrative expenses. The Company anticipates that it will continue to incur net losses for the foreseeable future as it continues the development of its clinical drug candidates and preclinical programs and incurs additional costs associated with being a public company.

Deferred Financing Costs

Deferred Financing Costs

Deferred financing costs represent legal, accounting and other direct costs related to the Company’s efforts to raise capital through a public sale of the Company’s common stock. Costs related to the public sale of the Company’s common stock will be deferred until its completion, at which time they will be reclassified to additional paid-in-capital as a reduction of the proceeds.

Revenue Recognition

Revenue Recognition

The Company has not recorded any revenues since its inception. However, in the future the Company may enter into collaborative research and licensing agreements, under which the Company could be eligible for payments made in the form of upfront license fees, research funding, cost reimbursement, contingent event-based payments and royalties.

Revenue from upfront, nonrefundable license fees is recognized over the period that any related services are to be provided by the Company. Amounts received for research funding are recognized as revenue as the research services that are the subject of such funding are performed. Revenue derived from reimbursement of research and development costs in transactions where the Company acts as a principal are recorded as revenue for the gross amount of the reimbursement, and the costs associated with these reimbursements are reflected as a component of research and development expense in the statements of operations.

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 605-28, Revenue Recognition – Milestone Method (“ASC 605-28”), established the milestone method as an acceptable method of revenue recognition for certain contingent event-based payments under research and development arrangements. Under the milestone method, a payment that is contingent upon the achievement of a substantive milestone is recognized in its entirety in the period in which the milestone is achieved. A milestone is an event (1) that can be achieved based in whole or in part on either the Company’s performance or on the occurrence of a specific outcome resulting from the Company’s performance, (2) for which there is substantive uncertainty at the date the arrangement is entered into that the event will be achieved, and (3) that would result in additional payments being due to the Company. The determination that a milestone is substantive is subject to management’s judgment and is made at the inception of the arrangement. Milestones are considered substantive when the consideration earned from the achievement of the milestone is (a) commensurate with either the Company’s performance to achieve the milestone or the enhancement of value of the item delivered as a result of a specific outcome resulting from the Company’s performance to achieve the milestone, (b) relates solely to past performance, and (c) is reasonable relative to all deliverables and payment terms in the arrangement.

Other contingent event-based payments received for which payment is either contingent solely upon the passage of time or the results of a collaborative partner’s performance are not considered milestones under ASC 605-28. In accordance with ASC Topic 605-25, Revenue Recognition – Multiple-Element Arrangements (“ASC 605-25”), such payments will be recognized as revenue when all of the following criteria are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, price is fixed or determinable and collectability is reasonably assured. Revenues recognized for royalty payments, if any, are based upon actual net sales of the licensed compounds, as provided by the collaboration arrangement, in the period the sales occur. Any amounts received prior to satisfying the Company’s revenue recognition criteria are recorded as deferred revenue on its balance sheets.

Research and Development Expenses

Research and Development Expenses

All costs of research and development are expensed in the period incurred. Research and development costs primarily consist of fees paid to clinical research organizations (“CROs”) and clinical trial sites, employee and consultant related expenses, which include salaries, benefits and stock-based compensation for research and development personnel, external research and development expenses incurred pursuant to agreements with third-party manufacturing organizations, facilities costs, travel costs, dues and subscriptions, depreciation and materials used in preclinical studies, clinical trials and research and development.

The Company estimates its preclinical study and clinical trial expenses based on the services it received pursuant to contracts with research institutions and CROs that conduct and manage preclinical studies and clinical trials on the Company’s behalf. Clinical trial-related contracts vary significantly in length, and may be for a fixed amount, based on milestones or deliverables, a variable amount based on actual costs incurred, capped at a certain limit, or for a combination of these elements. The Company accrues service fees based on work performed, which relies on estimates of total costs incurred based on milestones achieved, patient enrollment and other events. The majority of the Company’s service providers invoice the Company in arrears, and to the extent that amounts invoiced differ from its estimates of expenses incurred, the Company accrues for additional costs. The financial terms of these agreements vary from contract to contract and may result in uneven expenses and payment flows. Preclinical study and clinical trial expenses include:

·

fees paid to CROs, consultants and laboratories in connection with preclinical studies;

·

fees paid to CROs, clinical trial sites, investigators and consultants in connection with clinical trials; and

·

fees paid to contract manufacturers and service providers in connection with the production, testing and packaging of active pharmaceutical ingredients and drug materials for preclinical studies and clinical trials.

Payments under some of these agreements depend on factors such as the milestones accomplished, including enrollment of certain numbers of patients, site initiation and the completion of clinical trial milestones. To date, the Company has not experienced any events requiring it to make material adjustments to its accruals for service fees. If the Company does not identify costs that it has begun to incur or if it underestimates or overestimates the level of services performed or the costs of these services, its actual expenses could differ from its estimates which could materially affect its results of operations. Adjustments to the Company’s accruals are recorded as changes in estimates become evident. Furthermore, based on amounts invoiced to the Company by its service providers, the Company may also record payments made to those providers as prepaid expenses that will be recognized as expense in future periods as services are rendered.

The Company’s historical research and development expenses primarily related to obtaining the option to license compounds and related intellectual property rights from Ligand. In May 2014, the Company entered into a master license agreement with Ligand, as amended (the “Master License Agreement”), pursuant to which it acquired certain rights to a number of research and development programs from Ligand. In doing so, the Company updated its policy on research and development to include the purchase of rights to intangible assets. In accordance with ASC Topic 730, Research and Development, intangible assets that are acquired and have an alternative future use, as defined, should be capitalized and reported as an intangible asset; however, the cost of acquired intangible assets that do not have alternative future uses should be reported as research and development expense as incurred. The Company notes that intangible assets acquired that are in the preclinical or clinical stages of development when acquired, and not approved by the U.S. Food and Drug Administration, are deemed to have not satisfied the definition of having an alternative future use, as defined. Accordingly, assets acquired in the preclinical and clinical stages of development were expensed as incurred in the Company’s statement of operations.

Patent Costs

Patent Costs

Costs related to filing and pursuing patent applications are expensed as incurred to general and administrative expense, as recoverability of such expenditures is uncertain.

Stock-Based Compensation

Stock-Based Compensation

The Company generally uses the straight-line or graded vesting method to allocate compensation cost to reporting periods over each optionee’s requisite service period, which is generally the vesting period, and estimates the fair value of stock-based awards or restricted stock units to employees and directors using the Black-Scholes option-valuation model. For options with a graded vesting schedule, the Company uses the graded vesting schedule to allocate compensation cost to reporting periods. The Black-Scholes model requires the input of subjective assumptions, including volatility, the expected term and the fair value of the underlying common stock on the date of grant, among other inputs. Stock options granted to non-employees are accounted for using the fair value approach. Stock options granted to non-employees are subject to periodic revaluation over their vesting terms. For restricted stock and restricted stock unit awards, the Company generally uses the straight-line or graded vesting method to allocate compensation cost to reporting periods over the holder’s requisite service period, which is generally the vesting period, and uses the fair value at grant date to value the awards. For restricted stock that vests upon the satisfaction of certain performance conditions, the Company recognizes stock-based compensation expense when it becomes probable that the performance conditions will be met. At the point that it becomes probable that the performance conditions will be met, the Company will record a cumulative catchup of the expense from the grant date to the current date, and the Company will then amortize the remainder of the expense over the remaining service period.

Prior to the IPO, the Company accounted for stock-based compensation by measuring and recognizing compensation expense for all stock-based payments made to employees and directors based on estimated award date fair values, which estimates were highly complex and subjective in nature. The Company used the straight-line or graded vesting method to allocate compensation cost to reporting periods over each restricted award’s requisite service period, which was generally the vesting period, and estimated the fair value of restricted stock-based awards to employees and consultants using a Monte Carlo market approach simulation method and performed an allocation of value to common stock based on the estimated time to a liquidity event. In addition, the Company accounted for performance-based restricted stock awards to employees by determining the fair value of the restricted stock award at the date of issuance by using the Probability Weighted Expected Return Method (“PWERM”) and then assessing at each balance sheet date the probability of the performance criteria being met. If the probability of achieving the criteria was deemed less-than-probable, then no expense was recorded. At the point where the criteria were deemed probable of being met, then the Company began recording stock-based compensation with a cumulative catch-up expense in the period first recognized and then on a straight-line basis over the remaining period for which the performance criteria were expected to be completed.

Income Taxes

Income Taxes

The Company accounts for its income taxes using the liability method whereby deferred tax assets and liabilities are determined based on temporary differences between the basis used for financial reporting and income tax reporting purposes. Deferred income taxes are provided based on the enacted tax rates in effect at the time such temporary differences are expected to reverse. A valuation allowance is provided for deferred tax assets if it is more likely than not that the Company will not realize those tax assets through future operations.

ASC Topic 740-10, Income Taxes, clarifies the accounting for uncertainty in income taxes recognized in the Company’s financial statements in accordance with generally accepted accounting principles. Income tax positions must meet a more-likely-than-not recognition threshold to be recognized. Income tax positions that previously failed to meet the more-likely-than-not threshold are recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not threshold are derecognized in the first subsequent financial reporting period in which that threshold is no longer met.

The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense.

Net Loss per Common Share

Net Loss per Common Share

Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method. For purposes of this calculation, the Company currently does not have any deemed common share equivalents; therefore, its basic and diluted net loss per share calculations are the same.

The following table presents the computation of basic and diluted net loss per common share:

Year Ended December 31,

2015

2014

Historical net loss per share

Numerator

Net loss attributable to common stockholders

$

(23,403,988

)

$

(21,884,183

)

Denominator

Weighted-average common shares outstanding

8,514,155

5,860,274

Less: Weighted-average shares subject to repurchase

(2,158,286

)

(1,672,859

)

Denominator for basic and diluted net loss per share

6,355,869

4,187,415

Basic and diluted net loss per share

$

(3.68

)

$

(5.23

)

Potentially dilutive securities that are not included in the calculation of diluted net loss per share because their effect is anti-dilutive are as follows (in common equivalent shares):

Year Ended December 31,

2015

2014

Common stock warrants

82,500

—

Restricted stock units

75,750

—

Common stock subject to repurchase

667,963

2,018,754

Common stock options

365,394

—

Shares issuable upon conversion of debt

670,902

695,733

1,862,509

2,714,487

Segments

Segments

The Company operates in only one segment. Management uses cash flows as the primary measure to manage its business and does not segment its business for internal reporting or decision making purposes.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 provides guidance on presentation of management’s plans, when conditions or events, considered in the aggregate, raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. This guidance is intended to mitigate those conditions or events that will alleviate substantial doubt about the entity’s ability to continue as a going concern. ASU 2014-15 is effective for fiscal years ending after December 15, 2016. The adoption of ASU 2014-15 is not expected to have a material impact on the Company’s financial statements.

In May 2014, the FASB issued Accounting Standards Update No. 2014-9, Revenue from Contracts with Customers (“ASU 2014-9”), which provides guidance for revenue recognition. The core principle of ASU 2014-9 is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The new guidance initially was effective for the Company beginning January 1, 2017, but on July 9, 2015 the FASB deferred the effective date and, as a result, the new guidance is effective for the Company beginning January 1, 2018. Companies may adopt the new revenue standard as of the original effective date. The Company is currently evaluating the method of adoption and the potential impact this standard will have on its financial statements.

In November 2015, the FASB issued Accounting Standards Update No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). To simplify the presentation of deferred income taxes, the amendments in ASU 2015-17 require that deferred income tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The adoption of ASU 2015-17 is not expected to have a material impact on the Company’s financial statements.

X

- Definition
Disclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
+ References
No definition available.
+ Details

Name: us-gaap_BasisOfAccountingPolicyPolicyTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 305
-SubTopic 10
-Section 05
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6375392&loc=d3e26790-107797

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4273-108586

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Cash
-URI http://asc.fasb.org/extlink&oid=6506951

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Cash Equivalents
-URI http://asc.fasb.org/extlink&oid=6507016

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Financial Reporting Release (FRR)
-Number 203
-Paragraph 02-03

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 1
-Article 5
+ Details

Name: us-gaap_CashAndCashEquivalentsPolicyTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Disclosure of accounting policy for credit risk.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 55
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6875567&loc=d3e14489-108613

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 825
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=51676700&loc=d3e61082-112788

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 825
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=28088331&loc=SL29635902-196195

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13537-108611

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13531-108611

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 825
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=51676700&loc=d3e61044-112788
+ Details

Name: us-gaap_ConcentrationRiskCreditRisk

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Disclosure of accounting policy for deferral and amortization of significant deferred charges.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.17)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790
+ Details

Name: us-gaap_DeferredChargesPolicyTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3630-109257

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790
+ Details

Name: us-gaap_EarningsPerSharePolicyTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32840-109319

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 05
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6423966&loc=d3e40913-109327

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 954
-SubTopic 740
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6491622&loc=d3e9504-115650

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32809-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 45
-Paragraph 25
-URI http://asc.fasb.org/extlink&oid=37586315&loc=d3e32247-109318

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=37586315&loc=d3e32280-109318
+ Details

Name: us-gaap_IncomeTaxPolicyTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Disclosure of accounting policy for investments in debt and equity securities that are classified as available-for-sale. This policy also may describe the entity's accounting treatment for transfers between investment categories, how the entity determines whether impairments of available-for-sale securities are other than temporary, and how the fair values of such securities are determined.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27161-111563

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 5
-Section M

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 2, 12
-Article 5
+ Details

Name: us-gaap_MarketableSecuritiesAvailableForSaleSecuritiesPolicy

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.
+ References
No definition available.
+ Details

Name: us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Disclosure of accounting policy for costs it has incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 730
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6420194&loc=d3e21568-108373

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Research and Development
-URI http://asc.fasb.org/extlink&oid=6523717
+ Details

Name: us-gaap_ResearchAndDevelopmentExpensePolicy

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18823-107790

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18726-107790

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 605
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 13.B.Q1)
-URI http://asc.fasb.org/extlink&oid=27012821&loc=d3e214044-122780

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 13
-Section B
-Paragraph Question 1
+ Details

Name: us-gaap_RevenueRecognitionPolicyTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Disclosure of accounting policy for segment reporting.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790
+ Details

Name: us-gaap_SegmentReportingPolicyPolicyTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Disclosure of accounting policy for stock option and stock incentive plans. This disclosure may include (1) the types of stock option or incentive plans sponsored by the entity (2) the groups that participate in (or are covered by) each plan (3) significant plan provisions and (4) how stock compensation is measured, and the methodologies and significant assumptions used to determine that measurement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b),(f)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details

Name: us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=51801978&loc=d3e6061-108592

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=51801978&loc=d3e6143-108592

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=51801978&loc=d3e6132-108592
+ Details

Name: us-gaap_UseOfEstimates

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Business description.
+ References
No definition available.
+ Details

Name: vktx_BusinessDescriptionPolicyTextBlock

Namespace Prefix: vktx_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Liquidity and management plan.
+ References
No definition available.
+ Details

Name: vktx_LiquidityAndManagementPlanPolicyTextBlock

Namespace Prefix: vktx_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Patent Costs Policy.
+ References
No definition available.
+ Details

Name: vktx_PatentCostsPolicyTextBlock

Namespace Prefix: vktx_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 38 R21.htm IDEA: XBRL DOCUMENT v3.3.1.900

Organization, Liquidity and Management's Plan, and Summary of Significant Accounting Policies (Tables)
12 Months Ended

Dec. 31, 2015

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Schedule of Computation of Basic and Diluted Net Loss per Common Share

The following table presents the computation of basic and diluted net loss per common share:

Year Ended December 31,

2015

2014

Historical net loss per share

Numerator

Net loss attributable to common stockholders

$

(23,403,988

)

$

(21,884,183

)

Denominator

Weighted-average common shares outstanding

8,514,155

5,860,274

Less: Weighted-average shares subject to repurchase

(2,158,286

)

(1,672,859

)

Denominator for basic and diluted net loss per share

6,355,869

4,187,415

Basic and diluted net loss per share

$

(3.68

)

$

(5.23

)

Schedule of Potentially Dilutive Securities Not Included in Calculation of Diluted Net Loss per Share

Potentially dilutive securities that are not included in the calculation of diluted net loss per share because their effect is anti-dilutive are as follows (in common equivalent shares):

Year Ended December 31,

2015

2014

Common stock warrants

82,500

—

Restricted stock units

75,750

—

Common stock subject to repurchase

667,963

2,018,754

Common stock options

365,394

—

Shares issuable upon conversion of debt

670,902

695,733

1,862,509

2,714,487

X

- References
No definition available.
+ Details

Name: us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
+ Details

Name: us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
+ Details

Name: us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 39 R22.htm IDEA: XBRL DOCUMENT v3.3.1.900

Investments in Marketable Securities (Tables)
12 Months Ended

Dec. 31, 2015

Investments Debt And Equity Securities [Abstract]

Summary of Investments Classified As Available-For-Sale Securities

Investments classified as available-for-sale as of December 31, 2015 consisted of the following:

Amortized

Cost

Gross

Unrealized

Gains ⁽¹⁾

Gross

Unrealized

Losses ⁽¹⁾

Aggregate

Estimated

Fair Value

Certificates of deposit (2)

$

5,851,343

$

—

$

—

$

5,851,343

Corporate debt securities (2)

7,491,526

—

(7,370

)

7,484,156

$

13,342,869

$

—

$

(7,370

)

$

13,335,499

(1)

Unrealized gains and losses on available-for-sale securities are included as a component of comprehensive loss. At December 31, 2015, there were 14 securities in an unrealized loss position. These unrealized losses were less than $2,000 individually and $8,000 in the aggregate. These securities have not been in a continuous unrealized loss position for more than 12 months. The Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis which may be at maturity. The Company reviews its investments to identify and evaluate investments that have an indication of possible other-than-temporary impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the investee, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value.

(2)

At December 31, 2015, none of these securities were classified as cash and cash equivalents on the Company’s balance sheet and none of these securities were scheduled to mature outside of one year.

X

- Definition
Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27337-111563

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27198-111563

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62586-112803

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27161-111563

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563
+ Details

Name: us-gaap_AvailableForSaleSecuritiesTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 40 R23.htm IDEA: XBRL DOCUMENT v3.3.1.900

Fair Value of Financial Instruments (Tables)
12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Summary of Fair Values of Financial Instruments

The fair values of the Company’s financial instruments are presented below:

Fair Value Measurements at December 31, 2015

Total

Level 1

Level 2

Level 3

Financial assets carried at fair value:

Cash equivalents:

Money market funds

$

548,872

$

548,872

$

—

$

—

Short-term investments

Certificates of deposit

5,851,343

5,851,343

—

—

Corporate debt securities, available-for-sale

7,484,156

—

7,484,156

—

Total financial assets

$

13,884,371

$

6,400,215

$

7,484,156

$

—

Financial liabilities carried at fair value:

Debt conversion feature - long-term

$

2,370,903

$

—

$

—

$

2,370,903

Total financial liabilities

$

2,370,903

$

—

$

—

$

2,370,903

Fair Value Measurements at December 31, 2014

Total

Level 1

Level 2

Level 3

Financial liabilities carried at fair value:

Accrued license fees

$

19,865,863

$

—

$

—

$

19,865,863

Debt conversion feature – current

58,742

—

—

58,742

Debt conversion feature – long-term

1,390,469

—

—

1,390,469

Total financial liabilities

$

21,315,074

$

—

$

—

$

21,315,074

Summary of Changes in Accrued License Fees and Debt Conversion Feature Liability Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs

The table below presents a summary of changes in the Company’s accrued license fees and debt conversion feature liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2015 and 2014:

Year Ended December 31,

2015

2014

Accrued license fees:

Beginning balance

$

19,865,863

$

—

Additions

—

21,687,576

Adjustments resulting from changes in fair

 value recognized in earnings

9,381,848

(1,821,713

)

Issuance of shares of common stock

(29,247,711

)

—

Ending balance

$

—

$

19,865,863

Debt conversion feature:

Beginning balance

$

1,449,211

$

71,655

Additions

—

1,768,319

Adjustments resulting from changes in fair

 value recognized in earnings

1,043,478

(390,763

)

Issuance of shares of common stock

(121,786

)

—

Ending balance

$

2,370,903

$

1,449,211

Schedule of Valuation Techniques and Significant Unobservable Inputs Used to Determine Fair Value of Significant Level 3 Liabilities

The following table sets forth the Company’s valuation techniques and significant unobservable inputs used to determine fair value for significant Level 3 liabilities:

Fair Value

Significant

Assets

Liabilities

Valuation Technique(s)

Unobservable Input

Range

Accrued license fees:

December 31, 2014

$

—

$

19,865,863

Probability weighted

expected return model

Probability weightings assigned to each scenario

30% to 40%

Time assumptions to liquidation events

4/30/2015-

3/31/2017

Discount rates

12% to 60%

Debt conversion feature

 liability

December 31, 2015

$

—

$

2,370,903

Discounted cash

flow model

Timing of the events

5/21/2016

Probabilities of Occurrence

100%

Discount rate

37.5%

December 31, 2014

$

—

$

1,449,211

Discounted cash

flow model

Timing of the events

3/31/2015 to

6/30/2015

Probabilities of Occurrence

30% to 40%

Discount rate

37.5%

X

- Definition
Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a,b,bb)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2C
-URI http://asc.fasb.org/extlink&oid=36462937&loc=SL7498348-110258

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258
+ Details

Name: us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258
+ Details

Name: us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a),(b)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258
+ Details

Name: us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_FairValueDisclosuresAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 41 R24.htm IDEA: XBRL DOCUMENT v3.3.1.900

Convertible Notes Payable (Tables)
12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Schedule of Convertible Notes Payable

Convertible notes payable consisted of the following at:

December 31,

2015

2014

Current maturities:

Various convertible notes payable issued during 2013 with

 interest rates ranging from 2.16% to 4.68% annually,

 due during 2015

$

—

$

310,350

Discount on notes payable, current

—

(6,076

)

Convertible notes payable, current portion (net of discount)

$

—

$

304,274

Long-term maturities:

Convertible note payable issued during 2014 to Ligand as

 part of the Master License Agreement with a 5% annual

 interest rate, due during 2016 (subsequently

 amended to 2017)

$

2,500,000

$

2,500,000

Discount on notes payable, long-term

(348,460

)

(1,235,886

)

Convertible notes payable, long-term (net of discount)

$

2,151,540

$

1,264,114

X

- Definition
Tabular disclosure of borrowings which can be exchanged for a specified number of another security at the option of the issuer or the holder. Disclosures include, but are not limited to, principal amount, amortized premium or discount, and amount of liability and equity components.
+ References
No definition available.
+ Details

Name: us-gaap_ConvertibleDebtTableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_DebtDisclosureAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 42 R25.htm IDEA: XBRL DOCUMENT v3.3.1.900

Stock-Based Compensation (Tables)
12 Months Ended

Dec. 31, 2015

Summary of Stock-based Compensation Expense Recognized

During the years ended December 31, 2015 and 2014, the Company recognized the following stock-based compensation expense:

Year Ended December 31,

2015

2014

Stock-based compensation expense by type of award:

Stock options

$

949,955

$

—

Restricted stock and restricted stock units

1,608,049

6,258

Employee stock purchase plan

43,444

—

Total stock-based compensation expense included

 in expenses

$

2,601,448

$

6,258

Stock-based compensation expense by line item:

Research and development expenses

$

852,200

$

2,643

General and administrative expenses

1,749,248

3,615

Total stock-based compensation expense included

 in expenses

$

2,601,448

$

6,258

Schedule of Unrecognized Stock-based Compensation Expense, Net of Estimated Forfeitures, by Type of Award and Weighted-average Recognition Period

The following table sets forth the Company’s unrecognized stock-based compensation expense, net of estimated forfeitures, by type of award and the weighted-average period over which that expense is expected to be recognized:

As of December 31, 2015

Unrecognized

Expense,

Net of

Estimated

Forfeitures

Weighted-

average

Recognition

Period

(in years)

Type of award:

Stock options

$

1,409,808

2.61

Restricted stock and restricted stock units

$

2,442,289

2.58

Summary of Restricted Shares Granted and Stock Units Activity

The following table is a summary of restricted shares granted during the year ended December 31, 2015:

Shares

Weighted-

Average

Grant Date

Fair Value

Unvested at December 31, 2014

2,018,752

$

0.08

Granted

462,090

$

9.49

Vested

(702,165

)

$

1.37

Forfeited

(105,000

)

$

9.49

Repurchased

(1,005,714

)

$

0.03

Unvested at December 31, 2015

667,963

$

3.68

Summary of Stock Option Activity

The following table summarizes stock option activity during the year ended December 31, 2015:

Shares

Weighted-

Average

Exercise

Price

Weighted-

Average

Remaining

Contractual

Term (in years)

Options outstanding at December 31, 2014

—

$

—

—

Granted

443,894

$

8.49

—

Exercised

—

$

—

—

Cancelled

(78,500

)

$

8.54

—

Options outstanding at December 31, 2015

365,394

$

8.48

9.39

Options exercisable at December 31, 2015

40,250

$

9.49

9.35

Schedule of Weighted Average Assumptions using Black-Scholes Option Pricing Model

As stock-based compensation expense recognized is based on options ultimately expected to vest, the fair value of each employee option grant during the year ended December 31, 2015 was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:

Year Ended December 31, 2015

Expected volatility

85.2

%

Expected term (in years)

6.49

Risk-free interest rate

1.81

%

Expected dividend yield

0

%

Common Stock Reserved For Future Issuance

Common stock reserved for future issuance as of December 31, 2015 and 2014 is as follows:

Common Stock Reserved for Future Issuance

December 31,

2015

2014

Common stock warrants

82,500

—

Restricted stock units

75,750

—

Common stock options

365,394

—

Available for grant under the 2014 Plan

773,629

—

Available for issuance under Employee Stock Purchase Plan

452,620

—

Shares issuable upon conversion of Ligand debt

670,902

695,733

2,420,795

695,733

Restricted stock units [Member]

Summary of Restricted Shares Granted and Stock Units Activity

The following table summarizes restricted stock units activity during the year ended December 31, 2015:

Shares

Weighted-

Average

Grant Date

Value

Unvested at December 31, 2014

—

$

—

Granted

84,000

$

8.18

Vested

—

$

—

Forfeited

(8,250

)

$

7.27

Repurchased

—

$

—

Unvested December 31, 2015

75,750

$

8.27

X

- Definition
Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 14.F)
-URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809

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

Name: us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details

Name: us-gaap_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details

Name: us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details

Name: us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of the total compensation cost related to nonvested awards not yet recognized and the weighted-average period over which it is expected to be recognized.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details

Name: us-gaap_ScheduleOfUnrecognizedCompensationCostNonvestedAwardsTableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Common stock reserved for issuance.
+ References
No definition available.
+ Details

Name: vktx_CommonStockReservedForFutureIssuanceTableTextBlock

Namespace Prefix: vktx_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_AwardTypeAxis=us-gaap_RestrictedStockUnitsRSUMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 43 R26.htm IDEA: XBRL DOCUMENT v3.3.1.900

Income Taxes (Tables)
12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of Reconciliations of the U.S. Federal Statutory Tax Rate to the Effective Income Tax Rate

The reconciliations of the U.S. federal statutory tax rate to the effective income tax rate for the years ended December 31, 2015 and 2014 are as follows:

December 31,

2015

2014

Tax provision at U.S. Federal statutory rates

34

%

34

%

State income taxes net of federal benefit

8

%

8

%

Non-deductible permanent items

(2

)%

(1

)%

Stock options

—

—

Other

—

—

Change in valuation allowance

(40

)%

(41

)%

Effective income tax rate

—

—

Schedule of Significant Components of Company's Deferred Taxes

Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred taxes as of December 31, 2015 and 2014 are as follows:

December 31,

2015

2014

Deferred tax assets:

Accrued liabilities

$

48,982

$

—

Intangible assets

14,009,497

7,993,293

Net operating loss carryforwards

2,430,249

548,247

Share-based compensation

986,534

6,306

Share conversion feature

243,759

—

Other

3,510

530

Total deferred tax assets

17,722,531

8,548,376

Valuation Allowance

(17,722,531

)

(8,403,620

)

Net deferred tax assets

$

—

$

144,756

Deferred tax liabilities:

Debt conversion feature

$

—

$

(144,756

)

Total:

$

—

$

—

X

- References
No definition available.
+ Details

Name: us-gaap_IncomeTaxDisclosureAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319
+ Details

Name: us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319
+ Details

Name: us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 44 R27.htm IDEA: XBRL DOCUMENT v3.3.1.900

Commitments and Contingencies (Tables)
12 Months Ended

Dec. 31, 2015

Commitments And Contingencies Disclosure [Abstract]

Summary of Future Minimum Payments for Sublease

Future minimum payments pursuant to the Sublease are as follows:

Year Ending December 31:

2016

180,004

2017

247,611

2018

190,337

Total minimum lease payments

$

617,952

X

- References
No definition available.
+ Details

Name: us-gaap_CommitmentsAndContingenciesDisclosureAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41502-112717
+ Details

Name: us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 45 R28.htm IDEA: XBRL DOCUMENT v3.3.1.900

Organization, Liquidity and Management's Plan, and Summary of Significant Accounting Policies - Additional Information (Detail)
1 Months Ended 12 Months Ended

May. 28, 2015

USD ($)

May. 04, 2015

USD ($)

Apr. 28, 2015

shares

May. 31, 2015

USD ($)

shares

Dec. 31, 2015

USD ($)

Candidate

Segment

shares

Dec. 31, 2014

USD ($)

Organization And Summary Of Significant Accounting Policies [Line Items]

Date of incorporation Sep. 24, 2012

State of Incorporation Delaware

Highly liquid investments maturities Three months or less

Common stock sold | shares 56,997

Accumulated deficit $ (45,545,445) $ (22,141,457)

Number of operating segment | Segment 1

Ligand [Member]

Organization And Summary Of Significant Accounting Policies [Line Items]

Accumulated deficit $ (45,545,445)

Number of drug candidates | Candidate 5

IPO [Member]

Organization And Summary Of Significant Accounting Policies [Line Items]

Common stock sold | shares 3,000,000 3,450,000

Net proceeds after deducting underwriting discounts and commissions $ 22,326,366

Underwriting discounts, commissions and other offering expenses $ 374,134 $ 4,899,500 $ 5,273,634

IPO [Member] | Ligand [Member]

Organization And Summary Of Significant Accounting Policies [Line Items]

Common stock sold | shares 3,655,964

X

- Definition
Date when an entity was incorporated
+ References
No definition available.
+ Details

Name: dei_EntityIncorporationDateOfIncorporation

Namespace Prefix: dei_

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- Definition
State or Country Name where an entity is incorporated
+ References
No definition available.
+ Details

Name: dei_EntityIncorporationStateCountryName

Namespace Prefix: dei_

Data Type: xbrli:normalizedStringItemType

Balance Type: na

Period Type: duration

X

- Definition
An element designated to encapsulate any additional information related to cash and cash equivalents not otherwise addressed by the existing taxonomy. Cash includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Cash
-URI http://asc.fasb.org/extlink&oid=6506951

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Cash Equivalents
-URI http://asc.fasb.org/extlink&oid=6507016
+ Details

Name: us-gaap_AdditionalCashAndCashEquivalentRelatedText

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Number of operating segments. An operating segment is a component of an enterprise: (a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same enterprise), (b) whose operating results are regularly reviewed by the enterprise's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (c) for which discrete financial information is available. An operating segment may engage in business activities for which it has yet to earn revenues, for example, start-up operations may be operating segments before earning revenues.
+ References
No definition available.
+ Details

Name: us-gaap_NumberOfOperatingSegments

Namespace Prefix: us-gaap_

Data Type: xbrli:integerItemType

Balance Type: na

Period Type: duration

X

- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.31(a)(3))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3
+ Details

Name: us-gaap_RetainedEarningsAccumulatedDeficit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Number of new stock issued during the period.
+ References
Reference 1: 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 2: 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 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30
-Article 5
+ Details

Name: us-gaap_StockIssuedDuringPeriodSharesNewIssues

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Number of drug candidates.
+ References
No definition available.
+ Details

Name: vktx_NumberOfDrugCandidates

Namespace Prefix: vktx_

Data Type: xbrli:integerItemType

Balance Type: na

Period Type: duration

X

- Definition
Organization and summary of significant accounting policies.
+ References
No definition available.
+ Details

Name: vktx_OrganizationAndSummaryOfSignificantAccountingPoliciesLineItems

Namespace Prefix: vktx_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Proceeds from issuance initial public offering net of underwriting discount and commissions.
+ References
No definition available.
+ Details

Name: vktx_ProceedsFromIssuanceInitialPublicOfferingNetOfUnderwritingDiscountAndCommissions

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Underwriting discounts commissions and other offering expenses.
+ References
No definition available.
+ Details

Name: vktx_UnderwritingDiscountsCommissionsAndOtherOfferingExpenses

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Details

Name: dei_LegalEntityAxis=vktx_LigandPharmaceuticalsIncorporatedMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_SubsidiarySaleOfStockAxis=us-gaap_IPOMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 46 R29.htm IDEA: XBRL DOCUMENT v3.3.1.900

Organization, Liquidity and Management's Plan, and Summary of Significant Accounting Policies - Schedule of Computation of Basic and Diluted Net Loss per Common Share (Detail) - USD ($)
12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Numerator

Net loss attributable to common stockholders $ (23,403,988) $ (21,884,183)

Denominator

Weighted-average common shares outstanding 8,514,155 5,860,274

Less: Weighted-average shares subject to repurchase (2,158,286) (1,672,859)

Denominator for basic and diluted net loss per share 6,355,869 4,187,415

Basic and diluted net loss per share $ (3.68) $ (5.23)

X

- Definition
The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.
+ References
No definition available.
+ Details

Name: us-gaap_EarningsPerShareBasicAndDiluted

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=51831255

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.18)
-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.22)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=51831270

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 19
-Article 5

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9
+ Details

Name: us-gaap_NetIncomeLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_NetIncomeLossAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS).
+ References
No definition available.
+ Details

Name: us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Number of shares of common stock subject to repurchase or cancellation determined by relating the portion of time within a reporting period that these shares have been outstanding to the total time in that period. Common stock subject to repurchase are outstanding common shares that are contingently returnable (that is, subject to recall).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e2646-109256
+ Details

Name: us-gaap_WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
This element represents the weighted average total number of shares issued throughout the period including the first (beginning balance outstanding) and last (ending balance outstanding) day of the period before considering any reductions (for instance, shares held in treasury) to arrive at the weighted average number of shares outstanding. Weighted average relates to the portion of time within a reporting period that common shares have been issued and outstanding to the total time in that period. Such concept is used in determining the weighted average number of shares outstanding for purposes of calculating earnings per share (basic).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1448-109256

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e2646-109256
+ Details

Name: us-gaap_WeightedAverageNumberOfSharesIssuedBasic

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 47 R30.htm IDEA: XBRL DOCUMENT v3.3.1.900

Organization, Liquidity and Management's Plan, and Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities Not Included in Calculation of Diluted Net Loss per Share (Detail) - shares
12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]

Antidilutive securities excluded in calculation of diluted net loss per share 1,862,509 2,714,487

Common stock warrants [Member]

Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]

Antidilutive securities excluded in calculation of diluted net loss per share 82,500

Restricted stock units [Member]

Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]

Antidilutive securities excluded in calculation of diluted net loss per share 75,750

Common stock subject to repurchase [Member]

Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]

Antidilutive securities excluded in calculation of diluted net loss per share 667,963 2,018,754

Stock options [Member]

Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]

Antidilutive securities excluded in calculation of diluted net loss per share 365,394

Convertible Debt Securities [Member]

Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]

Antidilutive securities excluded in calculation of diluted net loss per share 670,902 695,733

X

- Definition
Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Antidilution
-URI http://asc.fasb.org/extlink&oid=6505113

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Diluted Earnings Per Share
-URI http://asc.fasb.org/extlink&oid=6510752

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Contingent Stock Agreement
-URI http://asc.fasb.org/extlink&oid=6508534

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
+ Details

Name: us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=us-gaap_WarrantMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=us-gaap_RestrictedStockUnitsRSUMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=vktx_CommonStockSubjectToRepurchaseMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=us-gaap_EmployeeStockOptionMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=us-gaap_ConvertibleDebtSecuritiesMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 48 R31.htm IDEA: XBRL DOCUMENT v3.3.1.900

Investments in Marketable Securities - Additional Information (Detail) - USD ($)
12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Available For Sale Securities [Abstract]

Investments classified as available-for-sale $ 13,335,499 $ 0 $ 0

Proceeds from sales of available-for-sale securities $ 0

X

- Definition
Amount of investment in debt and equity securities categorized neither as held-to-maturity nor trading.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 25
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=51813488&loc=d3e22054-111558

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5
-Subparagraph (aa)
-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27232-111563

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=49167202&loc=d3e26610-111562
+ Details

Name: us-gaap_AvailableForSaleSecurities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_AvailableForSaleSecuritiesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The cash inflow associated with the sale of debt and equity securities classified as available-for-sale securities.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Investing Activities
-URI http://asc.fasb.org/extlink&oid=6516133

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=49167202&loc=d3e26853-111562

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 12
-Subparagraph (a),(b)
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3179-108585
+ Details

Name: us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

XML 49 R32.htm IDEA: XBRL DOCUMENT v3.3.1.900

Investments in Marketable Securities - Summary of Investments Classified As Available-For-Sale Securities (Detail) - USD ($)

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Schedule of Available-for-sale Securities [Line Items]

Amortized Cost $ 13,342,869

Gross Unrealized Losses (7,370)

Aggregate Estimated Fair Value 13,335,499 $ 0 $ 0

Certificates of deposit [Member]

Schedule of Available-for-sale Securities [Line Items]

Amortized Cost 5,851,343

Aggregate Estimated Fair Value 5,851,343

Corporate debt securities, available-for-sale [Member]

Schedule of Available-for-sale Securities [Line Items]

Amortized Cost 7,491,526

Gross Unrealized Losses (7,370)

Aggregate Estimated Fair Value $ 7,484,156

X

- Definition
Amount of investment in debt and equity securities categorized neither as held-to-maturity nor trading.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 25
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=51813488&loc=d3e22054-111558

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5
-Subparagraph (aa)
-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27232-111563

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=49167202&loc=d3e26610-111562
+ Details

Name: us-gaap_AvailableForSaleSecurities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount before tax of unrealized loss in accumulated other comprehensive income (AOCI) on investments in debt and equity securities classified as available-for-sale.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27161-111563
+ Details

Name: us-gaap_AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
This item represents the cost of debt and equity securities, which are categorized neither as held-to-maturity nor trading, net of adjustments including accretion, amortization, collection of cash, previous other-than-temporary impairments recognized in earnings (less any cumulative-effect adjustments recognized, as defined), and fair value hedge accounting adjustments, if any.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.2)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_AvailableForSaleSecuritiesAmortizedCost

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_InvestmentTypeAxis=us-gaap_CertificatesOfDepositMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_InvestmentTypeAxis=us-gaap_CorporateDebtSecuritiesMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 50 R33.htm IDEA: XBRL DOCUMENT v3.3.1.900

Investments in Marketable Securities - Summary of Investments Classified As Available-For-Sale Securities (Parenthetical) (Detail)

Dec. 31, 2015

USD ($)

Security

Schedule of Available-for-sale Securities [Line Items]

Number of securities in unrealized loss position | Security 14

Investments classified as available-for-sale, current $ 13,335,499

Certificates of deposit [Member]

Schedule of Available-for-sale Securities [Line Items]

Investments classified as available-for-sale, noncurrent 0

Corporate debt securities, available-for-sale [Member]

Schedule of Available-for-sale Securities [Line Items]

Investments classified as available-for-sale, noncurrent 0

Cash equivalents [Member] | Certificates of deposit [Member]

Schedule of Available-for-sale Securities [Line Items]

Investments classified as available-for-sale, current 0

Cash equivalents [Member] | Corporate debt securities, available-for-sale [Member]

Schedule of Available-for-sale Securities [Line Items]

Investments classified as available-for-sale, current 0

Maximum [Member]

Schedule of Available-for-sale Securities [Line Items]

unrealized losses, individually 2,000

unrealized losses, aggregate $ 8,000

X

- Definition
Amount of accumulated unrealized loss on investments in debt and equity securities classified as available-for-sale in a continuous loss position.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27337-111563

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-Subparagraph (a)(2)
-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563
+ Details

Name: us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount of accumulated unrealized loss on investments in debt and equity securities classified as available-for-sale that have been in a continuous loss position for less than twelve months.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-Subparagraph (a)(2)
-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27337-111563
+ Details

Name: us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount of investment in debt and equity securities categorized neither as trading securities nor held-to-maturity securities and intended be sold or mature one year or operating cycle, if longer.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 25
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=51813488&loc=d3e22054-111558

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=49167202&loc=d3e26626-111562
+ Details

Name: us-gaap_AvailableForSaleSecuritiesCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Investments in debt and equity securities which are categorized neither as held-to-maturity nor trading and which are intended to be sold or mature more than one year from the balance sheet date or operating cycle, if longer. Such securities are reported at fair value; unrealized gains (losses) related to Available-for-sale Securities are excluded from earnings and reported in a separate component of shareholders' equity (other comprehensive income), unless the Available-for-sale security is designated as a hedge or is determined to have had an other than temporary decline in fair value below its amortized cost basis. All or a portion of the unrealized holding gain (loss) of an Available-for-sale security that is designated as being hedged in a fair value hedge is recognized in earnings during the period of the hedge, as are other than temporary declines in fair value below the cost basis for investments in equity securities and debt securities that an entity intends to sell or it is more likely than not that it will be required to sell before the recovery of its amortized cost basis. Other than temporary declines in fair value below the cost basis for debt securities categorized as Available-for-sale that an entity does not intend to sell and for which it is not more likely than not that the entity will be required to sell before the recovery of its amortized cost basis are bifurcated into credit losses and losses related to all other factors. Other than temporary declines in fair value below cost basis related to credit losses are recognized in earnings, and losses related to all other factors are recognized in other comprehensive income.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Available-for-Sale Securities
-URI http://asc.fasb.org/extlink&oid=6505594

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=49167202&loc=d3e26626-111562
+ Details

Name: us-gaap_AvailableForSaleSecuritiesNoncurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Number of investment positions in available-for-sale investments that have been in a continuous unrealized loss position for greater than or equal to a year for which an other-than-temporary impairment (OTTI) has not been recognized in the income statement.
+ References
No definition available.
+ Details

Name: us-gaap_AvailableforsaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositionsGreaterThanOrEqualToOneYear

Namespace Prefix: us-gaap_

Data Type: xbrli:integerItemType

Balance Type: na

Period Type: instant

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_InvestmentTypeAxis=us-gaap_CertificatesOfDepositMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_InvestmentTypeAxis=us-gaap_CorporateDebtSecuritiesMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_CashAndCashEquivalentsAxis=us-gaap_CashEquivalentsMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RangeAxis=us-gaap_MaximumMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 51 R34.htm IDEA: XBRL DOCUMENT v3.3.1.900

Fair Value of Financial Instruments - Additional Information (Detail) - Minimum [Member]
12 Months Ended

Dec. 31, 2015

USD ($)

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Net proceeds from equity financing $ 5,000,000

Net proceeds from initial public offering $ 20,000,000

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The cash inflow associated with the amount received from entity's first offering of stock to the public.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3255-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Financing Activities
-URI http://asc.fasb.org/extlink&oid=6513228
+ Details

Name: us-gaap_ProceedsFromIssuanceInitialPublicOffering

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The cash inflow associated with the sale of equity method investments, which are investments in joint ventures and entities in which the entity has an equity ownership interest normally of 20 to 50 percent and exercises significant influence.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Investing Activities
-URI http://asc.fasb.org/extlink&oid=6516133

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3179-108585
+ Details

Name: us-gaap_ProceedsFromSaleOfEquityMethodInvestments

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Details

Name: us-gaap_RangeAxis=us-gaap_MinimumMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 52 R35.htm IDEA: XBRL DOCUMENT v3.3.1.900

Fair Value of Financial Instruments - Summary of Fair Values of Financial Instruments (Detail) - USD ($)

Dec. 31, 2015

May. 04, 2015

Dec. 31, 2014

May. 21, 2014

Dec. 31, 2013

Financial assets carried at fair value:

Short-term investments, available for sale $ 13,335,499 $ 0 $ 0

Total financial assets 13,884,371

Financial liabilities carried at fair value:

Accrued license fees $ 29,247,711 19,865,863 $ 21,169,616

Debt conversion feature – current 58,742

Debt conversion feature – long-term 2,370,903 1,390,469

Total financial liabilities 2,370,903 21,315,074

Level 1 [Member]

Financial assets carried at fair value:

Total financial assets 6,400,215

Level 2 [Member]

Financial assets carried at fair value:

Total financial assets 7,484,156

Level 3 [Member]

Financial liabilities carried at fair value:

Accrued license fees 19,865,863

Debt conversion feature – current 58,742

Debt conversion feature – long-term 2,370,903 1,390,469

Total financial liabilities 2,370,903 $ 21,315,074

Money market funds [Member]

Financial assets carried at fair value:

Cash and cash equivalents, fair value disclosure 548,872

Money market funds [Member] | Level 1 [Member]

Financial assets carried at fair value:

Cash and cash equivalents, fair value disclosure 548,872

Certificates of deposit [Member]

Financial assets carried at fair value:

Short-term investments, available for sale 5,851,343

Certificates of deposit [Member] | Level 1 [Member]

Financial assets carried at fair value:

Short-term investments, available for sale 5,851,343

Corporate debt securities, available-for-sale [Member]

Financial assets carried at fair value:

Short-term investments, available for sale 7,484,156

Corporate debt securities, available-for-sale [Member] | Level 2 [Member]

Financial assets carried at fair value:

Short-term investments, available for sale $ 7,484,156

X

- Definition
Fair value portion of probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258
+ Details

Name: us-gaap_AssetsFairValueDisclosure

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_AssetsFairValueDisclosureAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of investment in debt and equity securities categorized neither as held-to-maturity nor trading.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 25
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=51813488&loc=d3e22054-111558

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5
-Subparagraph (aa)
-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27232-111563

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=49167202&loc=d3e26610-111562
+ Details

Name: us-gaap_AvailableForSaleSecurities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Fair value portion of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Cash
-URI http://asc.fasb.org/extlink&oid=6506951

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Cash Equivalents
-URI http://asc.fasb.org/extlink&oid=6507016
+ Details

Name: us-gaap_CashAndCashEquivalentsFairValueDisclosure

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Fair value of financial obligations, including, but not limited to, debt instruments, derivative liabilities, federal funds purchased and sold under agreements to repurchase, securities loaned or sold under agreements to repurchase, financial instruments sold not yet purchased, guarantees, line of credit, loans and notes payable, servicing liability, and trading liabilities.
+ References
No definition available.
+ Details

Name: us-gaap_FinancialLiabilitiesFairValueDisclosure

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_LiabilitiesFairValueDisclosureAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Accrued license fees current.
+ References
No definition available.
+ Details

Name: vktx_AccruedLicenseFeesCurrent

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Debt conversion feature liability current.
+ References
No definition available.
+ Details

Name: vktx_DebtConversionFeatureLiabilityCurrent

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Debt conversion feature liability noncurrent.
+ References
No definition available.
+ Details

Name: vktx_DebtConversionFeatureLiabilityNoncurrent

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Details

Name: us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_EligibleItemOrGroupForFairValueOptionAxis=us-gaap_MoneyMarketFundsMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_EligibleItemOrGroupForFairValueOptionAxis=us-gaap_CertificatesOfDepositMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_EligibleItemOrGroupForFairValueOptionAxis=us-gaap_CorporateDebtSecuritiesMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 53 R36.htm IDEA: XBRL DOCUMENT v3.3.1.900

Fair Value of Financial Instruments - Summary of Changes in Accrued License Fees and Debt Conversion Feature Liability Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Detail) - USD ($)
12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Accrued License Fees [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Beginning balance $ 19,865,863

Additions $ 21,687,576

Adjustments resulting from changes in fair value recognized in earnings 9,381,848 (1,821,713)

Issuance of shares of common stock (29,247,711)

Ending balance 19,865,863

Debt Conversion Feature Liability [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Beginning balance 1,449,211 71,655

Additions 1,768,319

Adjustments resulting from changes in fair value recognized in earnings 1,043,478 (390,763)

Issuance of shares of common stock (121,786)

Ending balance $ 2,370,903 $ 1,449,211

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of gain (loss) recognized on the income statement for financial instrument classified as a liability measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258
+ Details

Name: us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of purchases of financial instrument classified as a liability measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258
+ Details

Name: us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of settlements of financial instrument classified as a liability measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258
+ Details

Name: us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Fair value of financial instrument classified as a liability measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258
+ Details

Name: us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Details

Name: us-gaap_FairValueByLiabilityClassAxis=vktx_AccruedLicenseFeesMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_FinancialInstrumentAxis=vktx_DebtConversionFeatureMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 54 R37.htm IDEA: XBRL DOCUMENT v3.3.1.900

Fair Value of Financial Instruments - Schedule of Valuation Techniques and Significant Unobservable Inputs Used to Determine Fair Value of Significant Level 3 Liabilities (Detail) - USD ($)
12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Accrued License Fees [Member]

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]

Fair Value, Liabilities $ 19,865,863

Debt Conversion Feature Liability [Member]

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]

Fair Value, Liabilities $ 2,370,903 1,449,211 $ 71,655

Level 3 [Member]

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]

Fair Value, Assets $ 0 0

Fair Value, Liabilities $ 1,449,211

Valuation Technique(s) Discounted cash flow model

Level 3 [Member] | Discounted Cash Flow Model [Member]

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]

Probabilities of Occurrence Discount rate, Range 37.50%

Level 3 [Member] | Minimum [Member] | Probability Weighted Expected Return Model [Member]

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]

Discount rate, Range 12.00%

Level 3 [Member] | Minimum [Member] | Discounted Cash Flow Model [Member]

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]

Timing of the events, Range Mar. 31, 2015

Probabilities of Occurrence Discount rate, Range 30.00%

Level 3 [Member] | Maximum [Member] | Probability Weighted Expected Return Model [Member]

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]

Discount rate, Range 60.00%

Level 3 [Member] | Maximum [Member] | Discounted Cash Flow Model [Member]

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]

Timing of the events, Range Jun. 30, 2015

Probabilities of Occurrence Discount rate, Range 40.00%

Level 3 [Member] | Accrued License Fees [Member]

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]

Fair Value, Liabilities $ 19,865,863

Valuation Technique(s) Probability weighted expected return model

Level 3 [Member] | Accrued License Fees [Member] | Minimum [Member] | Probability Weighted Expected Return Model [Member]

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]

Probability weightings assigned to each scenario, Range 30.00%

Time assumptions to liquidation events, Range Apr. 30, 2015

Level 3 [Member] | Accrued License Fees [Member] | Maximum [Member] | Probability Weighted Expected Return Model [Member]

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]

Probability weightings assigned to each scenario, Range 40.00%

Time assumptions to liquidation events, Range Mar. 31, 2017

Level 3 [Member] | Debt Conversion Feature Liability [Member]

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]

Fair Value, Liabilities $ 2,370,903

Valuation Technique(s) Discounted cash flow model

Level 3 [Member] | Debt Conversion Feature Liability [Member] | Discounted Cash Flow Model [Member]

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]

Discount rate, Range 37.50%

Level 3 [Member] | Debt Conversion Feature Liability [Member] | Minimum [Member] | Discounted Cash Flow Model [Member]

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]

Timing of the events, Range May 21, 2016

Probabilities of Occurrence Discount rate, Range 100.00%

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Interest rate used to find the present value of an amount to be paid or received in the future as an input to measure fair value. For example, but not limited to, weighted average cost of capital (WACC), cost of capital, cost of equity and cost of debt.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258
+ Details

Name: us-gaap_FairValueInputsDiscountRate

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Fair value of financial instrument classified as an asset measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258
+ Details

Name: us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Fair value of financial instrument classified as a liability measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258
+ Details

Name: us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Description of the inputs and valuation technique(s) used to measure fair value.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258
+ Details

Name: us-gaap_FairValueMeasurementsValuationTechniques

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Fair value inputs probabilities of occurrence discount rate.
+ References
No definition available.
+ Details

Name: vktx_FairValueInputsProbabilitiesOfOccurrenceDiscountRate

Namespace Prefix: vktx_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Fair value inputs probability weightings assigned to each scenario.
+ References
No definition available.
+ Details

Name: vktx_FairValueInputsProbabilityWeightingsAssignedToEachScenario

Namespace Prefix: vktx_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Fair value inputs time assumptions to liquidation events.
+ References
No definition available.
+ Details

Name: vktx_FairValueInputsTimeAssumptionsToLiquidationEvents

Namespace Prefix: vktx_

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- Definition
Fair value inputs timing of events.
+ References
No definition available.
+ Details

Name: vktx_FairValueInputsTimingOfEvents

Namespace Prefix: vktx_

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_FairValueByLiabilityClassAxis=vktx_AccruedLicenseFeesMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_FinancialInstrumentAxis=vktx_DebtConversionFeatureMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_ValuationTechniqueAxis=vktx_DiscountedCashFlowModelMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RangeAxis=us-gaap_MinimumMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_ValuationTechniqueAxis=vktx_ProbabilityWeightedExpectedReturnModelMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RangeAxis=us-gaap_MaximumMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 55 R38.htm IDEA: XBRL DOCUMENT v3.3.1.900

Agreements with Ligand Pharmaceuticals Incorporated - Additional Information (Detail)
1 Months Ended 12 Months Ended

Apr. 28, 2015

shares

Sep. 06, 2014

USD ($)

May. 31, 2015

shares

May. 31, 2014

ft²

Dec. 31, 2015

USD ($)

shares

Dec. 31, 2014

USD ($)

Jul. 07, 2015

ft²

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

License agreement entered date 2014-05

Common stock issued as part of partial consideration of agreement | shares 56,997

Common stock issued value as part of partial consideration of agreement $ 29,247,711

Date of registration rights agreement amendment Jan. 22, 2016

California [Member] | Sublease [Member]

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Area of subleased premises | ft² 7,049

Ligand [Member]

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

One time nonrefundable mile stone payments maximum payable amount $ 1,540,000,000

Legal costs $ 0

Sale and transfer of price equals to percentage of cost of goods 125.00%

Sublease rent expense per month $ 13,500

Sublease expiration date Dec. 31, 2014

Sublease commencement date May 21, 2014

Ligand [Member] | California [Member] | Sublease [Member]

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Area of subleased premises | ft² 5,851

Ligand [Member] | Research and development expense [Member]

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Incremental charges incurred $ 517,960

Ligand [Member] | Loan and Security Agreement [Member]

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Date of agreement May 21, 2014

Maximum aggregate loan amount $ 2,500,000

Ligand [Member] | Management Rights Letter [Member]

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Date agreement might terminate May 21, 2024

Ligand [Member] | Management Rights Letter [Member] | Maximum [Member]

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Voting power of the surviving or acquiring entity 50.00%

Ligand [Member] | Management Rights Letter [Member] | Minimum [Member]

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Percentage of voting interest beneficiary owned 7.50%

IPO [Member]

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Common stock issued as part of partial consideration of agreement | shares 3,000,000 3,450,000

IPO [Member] | Ligand [Member]

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Common stock issued as part of partial consideration of agreement | shares 3,655,964

Common stock issued value as part of partial consideration of agreement $ 29,200,000

X

- Definition
Percentage of voting equity interests acquired at the acquisition date in the business combination.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1392-128463
+ Details

Name: us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
Percentage of equity in the acquiree held by the acquirer immediately before the acquisition date in a business combination.
+ References
No definition available.
+ Details

Name: us-gaap_BusinessCombinationStepAcquisitionEquityInterestInAcquireePercentage

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_CollaborativeArrangementsAndNoncollaborativeArrangementTransactionsLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of rent expense incurred for leased assets, including but not limited to, furniture and equipment, that is not directly or indirectly associated with the manufacture, sale or creation of a product or product line.
+ References
No definition available.
+ Details

Name: us-gaap_LeaseAndRentalExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Date which lease or group of leases is set to expire, in CCYY-MM-DD format.
+ References
No definition available.
+ Details

Name: us-gaap_LeaseExpirationDate1

Namespace Prefix: us-gaap_

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- Definition
Net rentable area for properties owned.
+ References
No definition available.
+ Details

Name: us-gaap_NetRentableArea

Namespace Prefix: us-gaap_

Data Type: num:areaItemType

Balance Type: na

Period Type: instant

X

- Definition
Number of new stock issued during the period.
+ References
Reference 1: 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 2: 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 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30
-Article 5
+ Details

Name: us-gaap_StockIssuedDuringPeriodSharesNewIssues

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.
+ References
Reference 1: 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 2: 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 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5
+ Details

Name: us-gaap_StockIssuedDuringPeriodValueNewIssues

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Agreement termination date.
+ References
No definition available.
+ Details

Name: vktx_AgreementTerminationDate

Namespace Prefix: vktx_

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- Definition
Date of agreement.
+ References
No definition available.
+ Details

Name: vktx_DateOfAgreement

Namespace Prefix: vktx_

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- Definition
Date of registration rights agreement amendment.
+ References
No definition available.
+ Details

Name: vktx_DateOfRegistrationRightsAgreementAmendment

Namespace Prefix: vktx_

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- Definition
Incremental charges incurred.
+ References
No definition available.
+ Details

Name: vktx_IncrementalChargesIncurred

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Legal costs.
+ References
No definition available.
+ Details

Name: vktx_LegalCosts

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
License agreement entered date.
+ References
No definition available.
+ Details

Name: vktx_LicenseAgreementEnteredDate

Namespace Prefix: vktx_

Data Type: xbrli:gYearMonthItemType

Balance Type: na

Period Type: duration

X

- Definition
Maximum aggregate loan amount.
+ References
No definition available.
+ Details

Name: vktx_MaximumAggregateLoanAmount

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
One time nonrefundable mile stone payments maximum payable amount.
+ References
No definition available.
+ Details

Name: vktx_OneTimeNonrefundableMileStonePaymentsMaximumPayableAmount

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Sale and transfer of price equals to percentage of cost of goods.
+ References
No definition available.
+ Details

Name: vktx_SaleAndTransferOfPriceEqualsToPercentageOfCostOfGoods

Namespace Prefix: vktx_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Sublease commencement date.
+ References
No definition available.
+ Details

Name: vktx_SubleaseCommencementDate

Namespace Prefix: vktx_

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_StatementGeographicalAxis=stpr_CA

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_LeaseArrangementTypeAxis=vktx_SubleaseMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: dei_LegalEntityAxis=vktx_LigandPharmaceuticalsIncorporatedMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_IncomeStatementLocationAxis=us-gaap_ResearchAndDevelopmentExpenseMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_TypeOfArrangementAxis=vktx_LoanAndSecurityAgreementMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_TypeOfArrangementAxis=vktx_ManagementRightsLetterMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RangeAxis=us-gaap_MaximumMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RangeAxis=us-gaap_MinimumMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_SubsidiarySaleOfStockAxis=us-gaap_IPOMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 56 R39.htm IDEA: XBRL DOCUMENT v3.3.1.900

Accrued License Fees and License Fees Expense - Additional Information (Detail) - USD ($)
12 Months Ended

May. 04, 2015

Sep. 06, 2014

Dec. 31, 2015

Dec. 31, 2014

Mar. 31, 2015

May. 21, 2014

Accrued License Fees And License Fees Expense [Line Items]

Common stock, shares issued 3,655,964 9,683,741 6,000,000

Estimated aggregate value of common stock $ 97 $ 60

License agreement date of agreement Dec. 31, 2014

License agreement date of maturity May 04, 2015

License fee liability $ 29,247,711 19,865,863 $ 21,169,616

Incremental charge 9,381,848 $ 517,960

Decrease in license fee liability and other expense 1,821,713

Reduce the license fee liability 19,865,863

Additional paid-in capital 29,247,711 $ 54,277,716 $ 12,866

Maximum [Member]

Accrued License Fees And License Fees Expense [Line Items]

Exit scenario 50.00%

IPO [Member]

Accrued License Fees And License Fees Expense [Line Items]

Estimated aggregate value of common stock $ 29,200,000

License fee liability $ 27,422,872 $ 24,826,374

Ligand [Member]

Accrued License Fees And License Fees Expense [Line Items]

Estimated aggregate value of common stock $ 29,000,000

Ligand [Member] | IPO [Member]

Accrued License Fees And License Fees Expense [Line Items]

Common stock, shares issued 3,655,964

X

- Definition
Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.30(a)(1))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 31
-Article 5
+ Details

Name: us-gaap_AdditionalPaidInCapitalCommonStock

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.
+ References
Reference 1: 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)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 30
-Article 5
+ Details

Name: us-gaap_CommonStockSharesIssued

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.
+ References
Reference 1: 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)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 30
-Article 5
+ Details

Name: us-gaap_CommonStockValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Accrued license fees and license fees expense.
+ References
No definition available.
+ Details

Name: vktx_AccruedLicenseFeesAndLicenseFeesExpenseLineItems

Namespace Prefix: vktx_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Accrued license fees current.
+ References
No definition available.
+ Details

Name: vktx_AccruedLicenseFeesCurrent

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Exit scenario.
+ References
No definition available.
+ Details

Name: vktx_ExitScenario

Namespace Prefix: vktx_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
Decrease in license fee liability and other expense.
+ References
No definition available.
+ Details

Name: vktx_IncreaseDecreaseInLicenseFeeLiabilityAndOtherExpense

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Incremental charge.
+ References
No definition available.
+ Details

Name: vktx_IncrementalCharge

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
License agreement date of agreement.
+ References
No definition available.
+ Details

Name: vktx_LicenseAgreementDateOfAgreement

Namespace Prefix: vktx_

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- Definition
License agreement date of maturity.
+ References
No definition available.
+ Details

Name: vktx_LicenseAgreementDateOfMaturity

Namespace Prefix: vktx_

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- Definition
Reduce the license fee liability.
+ References
No definition available.
+ Details

Name: vktx_ReduceTheLicenseFeeLiability

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Details

Name: us-gaap_RangeAxis=us-gaap_MaximumMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_SubsidiarySaleOfStockAxis=us-gaap_IPOMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: dei_LegalEntityAxis=vktx_LigandPharmaceuticalsIncorporatedMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 57 R40.htm IDEA: XBRL DOCUMENT v3.3.1.900

Convertible Notes Payable - Schedule of Convertible Notes Payable (Detail) - USD ($)

Dec. 31, 2015

Dec. 31, 2014

Current maturities:

Various convertible notes payable issued during 2013 with interest rates ranging from 2.16% to 4.68% annually, due during 2015 $ 310,350

Discount on notes payable, current $ 0 (6,076)

Convertible notes payable, current portion (net of discount) 304,274

Long-term maturities:

Convertible note payable issued during 2014 to Ligand as part of the Master License Agreement with a 5% annual interest rate, due during 2016 (subsequently amended to 2017) 2,500,000 2,500,000

Discount on notes payable, long-term (348,460) (1,235,886)

Convertible notes payable, long-term (net of discount) $ 2,151,540 $ 1,264,114

X

- Definition
Carrying value as of the balance sheet date of long-term debt (with maturities initially due after one year or beyond the operating cycle if longer) identified as Convertible Notes Payable, excluding current portion. Convertible Notes Payable is a written promise to pay a note which can be exchanged for a specified amount of another, related security, at the option of the issuer and the holder.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_ConvertibleLongTermNotesPayable

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Carrying value as of the balance sheet date of the portion of long-term debt due within one year or the operating cycle if longer identified as Convertible Notes Payable. Convertible Notes Payable is a written promise to pay a note which can be exchanged for a specified amount of another, related security, at the option of the issuer and the holder.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.20)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_ConvertibleNotesPayableCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_DebtCurrentAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_LongTermDebtNoncurrentAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Convertible notes payable current portion including discount.
+ References
No definition available.
+ Details

Name: vktx_ConvertibleNotesPayableCurrentPortionIncludingDiscount

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Convertible notes payable discount current.
+ References
No definition available.
+ Details

Name: vktx_ConvertibleNotesPayableDiscountCurrent

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Convertible notes payable discount noncurrent.
+ References
No definition available.
+ Details

Name: vktx_ConvertibleNotesPayableDiscountNoncurrent

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Convertible notes payable noncurrent portion including discount.
+ References
No definition available.
+ Details

Name: vktx_ConvertibleNotesPayableNoncurrentPortionIncludingDiscount

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

XML 58 R41.htm IDEA: XBRL DOCUMENT v3.3.1.900

Convertible Notes Payable - Schedule of Convertible Notes Payable (Parenthetical) (Detail)
12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Debt Instrument [Line Items]

Due date for current maturities 2015 2015

Interest rate of Long-term maturities 5.00% 5.00%

Due date for Long-term maturities 2016 2016

Minimum [Member]

Debt Instrument [Line Items]

Interest rate for current maturities 2.16%

Maximum [Member]

Debt Instrument [Line Items]

Interest rate for current maturities 4.68%

X

- Definition
The average effective interest rate during the reporting period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22(a)(1))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_DebtInstrumentInterestRateDuringPeriod

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Contractual interest rate for funds borrowed, under the debt agreement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22(a)(1))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_DebtInstrumentInterestRateStatedPercentage

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_DebtInstrumentLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Debt instrument current maturities due date.
+ References
No definition available.
+ Details

Name: vktx_DebtInstrumentCurrentMaturitiesDueDate

Namespace Prefix: vktx_

Data Type: xbrli:gYearItemType

Balance Type: na

Period Type: duration

X

- Definition
Debt instrument long term maturities due date.
+ References
No definition available.
+ Details

Name: vktx_DebtInstrumentLongTermMaturitiesDueDate

Namespace Prefix: vktx_

Data Type: xbrli:gYearItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_RangeAxis=us-gaap_MinimumMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RangeAxis=us-gaap_MaximumMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 59 R42.htm IDEA: XBRL DOCUMENT v3.3.1.900

Convertible Notes Payable - Additional Information (Detail) - USD ($)
6 Months Ended 12 Months Ended

May. 28, 2015

May. 04, 2015

Apr. 28, 2015

Apr. 08, 2015

Sep. 30, 2012

Nov. 30, 2014

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

May. 27, 2014

May. 21, 2014

Debt Instrument [Line Items]

Net proceeds from issuances of common stock $ 25,392,500

Debt conversion feature liability $ 58,742

Amortization of debt discount 893,502 557,961

Maximum amount of convertible promissory notes 310,350

Principal amount of notes converted $ 310,350 456,412

Accrued interest of notes converted $ 24,276

Converted into shares of the company's common stock 57,046

Debt conversion feature liability 2,370,903 1,390,469

Ligand Note [Member]

Debt Instrument [Line Items]

Amortization of debt discount 887,426

Interest expense 125,000

Cumulative accrued interest payable 183,611

Notes Payable 2,500,000

Other expenses related to debt conversion feature 980,434

IPO [Member]

Debt Instrument [Line Items]

Net proceeds from issuances of common stock $ 3,225,866 $ 19,100,500

Fair value of debt conversion feature embedded note $ 121,786

Converted into shares of the company's common stock 57,046

Anniversary date of closing May 04, 2015 May 04, 2016

Ligand Debt

Debt Instrument [Line Items]

Amortization of debt discount 532,433

Interest expense 58,611

Loan and security agreement $ 2,500,000

Initial loan amount received $ 1,000,000

Loans receivable monthly installment $ 250,000

Fixed accrued interest rate 5.00%

Fixed accrued interest rate of default loan 8.00%

Debt conversion feature liability 1,390,469

Loan Amendment [Member]

Debt Instrument [Line Items]

Convertible notes payable description Ligand has agreed that it will not, until the earlier of (A) 270 days from the date of conversion of the Ligand Note or (B) April 28, 2016 (one year following the date of the prospectus filed with the SEC relating to the IPO), sell or otherwise transfer or dispose of the shares of common stock issuable upon conversion of the Ligand Note.

Note conversion, principal amount of loan plus all accrued and previously unpaid interest 200.00%

Loan Amendment [Member] | IPO [Member]

Debt Instrument [Line Items]

Anniversary date of closing May 04, 2016

Minimum [Member]

Debt Instrument [Line Items]

Notes interest rate 2.16%

Minimum [Member] | Loan Amendment [Member]

Debt Instrument [Line Items]

Aggregate net proceeds from issue of equity securities $ 20,000,000

Maximum [Member]

Debt Instrument [Line Items]

Notes interest rate 4.68%

Qualifying Financing [Member]

Debt Instrument [Line Items]

Net proceeds from issuances of common stock $ 5,000,000

Notes [Member]

Debt Instrument [Line Items]

Maximum Issuance under Note Authorization $ 1,000,000

Convertible promissory notes maturity term 2 years

Interest rate on unpaid principal amount 2.00%

Term of Convertible promissory notes interest rate In the event that any principal amount due under the Notes was not paid in full by the maturity date, such unpaid principal amount would bear interest at the lesser of 2% or the maximum rate permissible by law.

Convertible notes payable description In the event the Company undergoes a change in control, as defined in the Notes, prior to the maturity date and repayment of the Notes, the holders of the Notes will have the option to either (1) convert the loan balance into shares of the Company’s common stock in an amount equal to the ratio of (a) the then-outstanding loan balance over (b) the ratio of $7,500,000 divided by the number of shares of capital stock of the Company outstanding immediately prior to the change in control, or (2) demand immediate repayment of an amount equal to 125% of the then-outstanding loan balance.

Amount used to determine the issuance of shares upon conversion $ 7,500,000

Repayment percentage of convertible notes 125.00%

Fair value of debt conversion feature embedded note $ 42,747 $ 8,286

Debt conversion feature liability 58,742

Amortization of debt discount 25,529

Interest expense 12,104

Cumulative accrued interest payable $ 18,611

Notes [Member] | Minimum [Member]

Debt Instrument [Line Items]

Notes interest rate 3.00%

Notes [Member] | Maximum [Member]

Debt Instrument [Line Items]

Notes interest rate 4.68%

Notes [Member] | Option One [Member]

Debt Instrument [Line Items]

Percentage used to determine the issuance of shares upon conversion 70.00%

Notes [Member] | Option Two [Member]

Debt Instrument [Line Items]

Percentage used to determine the issuance of shares upon conversion 75.00%

X

- Definition
Amount of noncash expense included in interest expense to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate captions include noncash interest expense.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.8)
-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details

Name: us-gaap_AmortizationOfDebtDiscountPremium

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The value of the financial instrument(s) that the original debt is being converted into in a noncash (or part noncash) transaction. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4304-108586

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4332-108586
+ Details

Name: us-gaap_DebtConversionConvertedInstrumentAmount1

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The number of shares issued in exchange for the original debt being converted in a noncash (or part noncash) transaction. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or payments in the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4332-108586

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4304-108586
+ Details

Name: us-gaap_DebtConversionConvertedInstrumentSharesIssued1

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
The name of the original debt issue that has been converted in a noncash (or part noncash) transaction during the accounting period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.
+ References
No definition available.
+ Details

Name: us-gaap_DebtConversionDescription

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of a favorable spread to a debt holder between the amount of debt being converted and the value of the securities received upon conversion. This is an embedded conversion feature of convertible debt issued that is in-the-money at the commitment date.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Beneficial Conversion Feature
-URI http://asc.fasb.org/extlink&oid=6505963
+ Details

Name: us-gaap_DebtInstrumentConvertibleBeneficialConversionFeature

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Minimum percentage of common stock price to conversion price of convertible debt instruments to determine eligibility of conversion.
+ References
No definition available.
+ Details

Name: us-gaap_DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
The average effective interest rate during the reporting period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22(a)(1))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_DebtInstrumentInterestRateDuringPeriod

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
When presenting a range of interest rates, the highest effective rate for funds borrowed under the debt agreement as of the balance sheet date.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22(a)(1))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_DebtInstrumentInterestRateEffectivePercentageRateRangeMaximum

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Description of the interest rate as being fixed or variable, and, if variable, identification of the index or rate on which the interest rate is based and the number of points or percentage added to that index or rate to set the rate, and other pertinent information, such as frequency of rate resets.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22(a)(1))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_DebtInstrumentInterestRateTerms

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_DebtInstrumentLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Percentage price of original principal amount of debt at which debt can be redeemed by the issuer.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Subparagraph e
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823
+ Details

Name: us-gaap_DebtInstrumentRedemptionPricePercentage

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
+ References
No definition available.
+ Details

Name: us-gaap_DebtInstrumentTerm

Namespace Prefix: us-gaap_

Data Type: xbrli:durationItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of the cost of borrowed funds accounted for as interest expense.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450988&loc=d3e26243-108391

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04.9)
-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882
+ Details

Name: us-gaap_InterestExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount of interest payable on debt, including, but not limited to, trade payables.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.15(5))
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.15(a))
-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910
+ Details

Name: us-gaap_InterestPayableCurrentAndNoncurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19(b),22(b))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
The interest rate applicable to the portion of the carrying amount of long-term borrowings outstanding as of the balance sheet date, including current maturities, which accrues interest at a set, unchanging rate.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22(a)(1))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_LongTermDebtPercentageBearingFixedInterestRate

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
Including the current and noncurrent portions, aggregate carrying amount of all types of notes payable, as of the balance sheet date, with initial maturities beyond one year or beyond the normal operating cycle, if longer.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.16)
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.16)
-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 13, 16
-Article 9

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 19, 20, 22
-Article 5
+ Details

Name: us-gaap_NotesPayable

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
This element represents a sum total of expenses not separately reflected on the income statement for the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.7)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.4,6)
-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details

Name: us-gaap_OtherExpenses

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The cash inflow from the additional capital contribution to the entity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Financing Activities
-URI http://asc.fasb.org/extlink&oid=6513228

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3255-108585
+ Details

Name: us-gaap_ProceedsFromIssuanceOfCommonStock

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The cash inflow associated with the amount received from entity's raising of capital via private rather than public placement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Financing Activities
-URI http://asc.fasb.org/extlink&oid=6513228

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3255-108585
+ Details

Name: us-gaap_ProceedsFromIssuanceOfPrivatePlacement

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Accrued interest converted.
+ References
No definition available.
+ Details

Name: vktx_AccruedInterestConverted

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Anniversary closing date.
+ References
No definition available.
+ Details

Name: vktx_AnniversaryClosingDate

Namespace Prefix: vktx_

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- Definition
Convertible notes payable current portion including discount.
+ References
No definition available.
+ Details

Name: vktx_ConvertibleNotesPayableCurrentPortionIncludingDiscount

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Debt conversion feature liability current.
+ References
No definition available.
+ Details

Name: vktx_DebtConversionFeatureLiabilityCurrent

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Debt conversion feature liability noncurrent.
+ References
No definition available.
+ Details

Name: vktx_DebtConversionFeatureLiabilityNoncurrent

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Debt instrument convertible conversion ratio amount used in numerator.
+ References
No definition available.
+ Details

Name: vktx_DebtInstrumentConvertibleConversionRatioAmountUsedInNumerator

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Debt instrument convertible, percentage of principal and accrued interest.
+ References
No definition available.
+ Details

Name: vktx_DebtInstrumentConvertiblePercentageOfPrincipalAndAccruedInterest

Namespace Prefix: vktx_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
Initial loan amount received.
+ References
No definition available.
+ Details

Name: vktx_InitialLoanAmountReceived

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Loan and security agreement.
+ References
No definition available.
+ Details

Name: vktx_LoanAndSecurityAgreement

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Loans receivable accrued interest rate in event of default.
+ References
No definition available.
+ Details

Name: vktx_LoansReceivableAccruedInterestRateInEventOfDefault

Namespace Prefix: vktx_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Loans receivable monthly installment.
+ References
No definition available.
+ Details

Name: vktx_LoansReceivableMonthlyInstallment

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Details

Name: us-gaap_LongtermDebtTypeAxis=vktx_LigandNoteMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_SubsidiarySaleOfStockAxis=us-gaap_IPOMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DebtInstrumentAxis=vktx_LigandDebtMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DebtInstrumentAxis=vktx_AmendedLoanAndSecurityAgreementMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RangeAxis=us-gaap_MinimumMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RangeAxis=us-gaap_MaximumMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DebtConversionByUniqueDescriptionAxis=vktx_QualifyingFinancingMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_ShortTermDebtTypeAxis=us-gaap_ConvertibleNotesPayableMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DebtConversionByUniqueDescriptionAxis=vktx_OptionOneMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DebtConversionByUniqueDescriptionAxis=vktx_OptionTwoMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 60 R43.htm IDEA: XBRL DOCUMENT v3.3.1.900

Stockholders' Equity (Deficit) - Additional Information (Detail)
1 Months Ended 12 Months Ended

May. 28, 2015

USD ($)

shares

May. 26, 2015

$ / shares

shares

May. 04, 2015

USD ($)

$ / shares

shares

Apr. 28, 2015

USD ($)

$ / shares

shares

Apr. 08, 2015

USD ($)

Sep. 26, 2012

$ / shares

shares

May. 31, 2015

USD ($)

$ / shares

shares

Jun. 30, 2014

Employee

May. 31, 2014

USD ($)

Mar. 31, 2014

USD ($)

shares

Feb. 28, 2014

Tranche

$ / shares

shares

Jun. 30, 2013

USD ($)

shares

Dec. 31, 2015

USD ($)

$ / shares

shares

Dec. 31, 2014

USD ($)

$ / shares

shares

Dec. 31, 2013

USD ($)

$ / shares

shares

Mar. 31, 2015

USD ($)

May. 21, 2014

USD ($)

Feb. 20, 2014

USD ($)

Equity [Line Items]

Preferred stock, shares authorized | shares 10,000,000 0

Preferred stock, par value | $ / shares $ 0.00001

Preferred stock, shares outstanding | shares 0 0

Common stock, shares authorized | shares 300,000,000 25,000,000

Common stock, par value | $ / shares $ 0.00001 $ 0.00001

Common stock sold | shares 56,997

Cash proceeds from common stock issuance | $ $ 25,392,500

Refund of cash contributed by consultant for repurchase of common stock | $ 38 $ 2

Unrecognized compensation expense | $ 61,566 $ 168,000

Stock compensation expense | $ $ 2,601,448 6,258

Number of common stock for issuance in exchange for future services from founders | shares 1,000,000

Common stock price per share | $ / shares $ 0.01

Number of tranches | Tranche 2

Common stock shares repurchased | shares 633,810

Repurchase of common stock from stockholders, per share | $ / shares $ 0.00001

Remaining number of repurchased shares | shares 366,190

Employment agreement with number of employees | Employee 5

Employee agreement description In exchange for this agreement to receive a lower salary, the Company agreed to issue, on the date of the closing of the IPO, to each of these employees a certain amount of fully vested restricted stock equal to the quotient of (1) the product of 150% of the difference between the employee’s post-IPO salary and his or her pre-IPO salary multiplied by the number of days between the date of the closing of the IPO and the date of execution of the employee’s employment agreement, divided by (2) the product of 365 multiplied by the closing sales price of the Company’s common stock on the date of the closing of the IPO.

Percentage of salary difference between post and pre IPO quotient of product 150.00%

Potential full vested restricted stock amount not recorded as liability | $ 520,476

Repurchase of common stock from stockholders, value | $ $ 38 2

Granted, Shares | shares 443,894

Accrued license fees | $ $ 29,247,711 19,865,863 $ 21,169,616

Convertible notes payable, current | $ 304,274

Convertible notes payable, interest | $ $ 77,222

Convertible notes payable and interest conversion, shares issued | shares 57,046

Shares issued under ESPP | shares 5,711

Loan Amendment [Member]

Equity [Line Items]

Note conversion, principal amount of loan plus all accrued and previously unpaid interest 200.00%

Note conversion, description Ligand has agreed that it will not, until the earlier of (A) 270 days from the date of conversion of the Ligand Note or (B) April 28, 2016 (one year following the date of the prospectus filed with the SEC relating to the IPO), sell or otherwise transfer or dispose of the shares of common stock issuable upon conversion of the Ligand Note.

Minimum [Member] | Loan Amendment [Member]

Equity [Line Items]

Aggregate net proceeds from issue of equity securities | $ $ 20,000,000

IPO [Member]

Equity [Line Items]

Common stock sold | shares 3,000,000 3,450,000

Cash proceeds from common stock issuance | $ $ 3,225,866 $ 19,100,500

Repurchase of common stock | shares 3,802,859

Repurchase of common stock from stockholders, per share | $ / shares $ 0.00001

Repurchase of common stock from stockholders, value | $ $ 38

Anniversary date of closing May 04, 2015 May 04, 2016

Common stock, price per share | $ / shares $ 8.00 $ 8.00

Underwriters option exercise period 30 days

Number of additional common shares pursuant to over-allotment option granted to the underwriters | shares 450,000 450,000

Underwriting discounts, commissions and other offering expenses | $ $ 374,134 4,899,500 $ 5,273,634

Accrued license fees | $ 27,422,872 $ 24,826,374

Non-cash interest charge | $ 4,421,338

Convertible notes payable, current | $ 310,350

Convertible notes payable, interest | $ $ 24,276

Convertible notes payable and interest conversion, shares issued | shares 57,046

Beneficial conversion charge | $ $ 121,786

Additional shares purchase under underwriting agreement | shares 450,000

IPO [Member] | Ligand And Metabasis Therapeutics Inc [Member]

Equity [Line Items]

Common stock sold | shares 228,105

IPO [Member] | Accrued License Fees [Member]

Equity [Line Items]

Common stock, shares issued for contribution of intellectual property | shares 3,427,859

IPO [Member] | Loan Amendment [Member]

Equity [Line Items]

Anniversary date of closing May 04, 2016

Tranche One [Member]

Equity [Line Items]

Stock compensation expense | $ $ 18,407

Number of common stock for issuance in exchange for future services from founders | shares 500,000

Remaining number of repurchased shares | shares 183,095

Tranche Two [Member]

Equity [Line Items]

Number of common stock for issuance in exchange for future services from founders | shares 500,000

Remaining number of repurchased shares | shares 183,095

Founder [Member]

Equity [Line Items]

Common stock, shares issued for contribution of intellectual property | shares 4,750,000

Deemed fair value per share | $ / shares $ 0.01

Common stock available under repurchase agreement | shares 0

Consultant [Member]

Equity [Line Items]

Deemed fair value per share | $ / shares $ 0.01

Common stock sold | shares 700,000

Cash proceeds from common stock issuance | $ $ 7

Issuance of common stock for notes receivable | $ $ 6,993

Repurchase of common stock | shares 200,000 250,000

Refund of cash contributed by consultant for repurchase of common stock | $ $ 2 $ 3

Termination of notes receivable in exchange of common stock repurchased | $ $ 1,998 $ 2,497

Write off accounts receivable for consideration of service provided | $ $ 2,498

Write off accounts receivable including interest for consideration of service provided | $ 2,581

Accrued interest writes off for consideration of service provided | $ $ 83

Unrecognized compensation expense | $ $ 290

Weighted-average Recognition Period 1 year 3 months

Stock compensation expense | $ $ 145

Non-employee Directors [Member]

Equity [Line Items]

Granted, Shares | shares 83,144

Employees, Directors and Consultants [Member] | IPO [Member]

Equity [Line Items]

Common stock sold | shares 422,879

Granted, Shares | shares 206,000

X

- Definition
Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 14.F)
-URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)(i)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

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

Name: us-gaap_AllocatedShareBasedCompensationExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount of noncash expense included in interest expense to allocate debt discount and premium, and the costs to issue debt and obtain financing over the related debt instruments. Alternate captions include noncash interest expense.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details

Name: us-gaap_AmortizationOfFinancingCostsAndDiscounts

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Face amount or stated value per share of common stock.
+ References
Reference 1: 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)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 30
-Article 5
+ Details

Name: us-gaap_CommonStockParOrStatedValuePerShare

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: instant

X

- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws.
+ References
Reference 1: 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)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 30
-Article 5
+ Details

Name: us-gaap_CommonStockSharesAuthorized

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Carrying value as of the balance sheet date of the portion of long-term debt due within one year or the operating cycle if longer identified as Convertible Notes Payable. Convertible Notes Payable is a written promise to pay a note which can be exchanged for a specified amount of another, related security, at the option of the issuer and the holder.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.20)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_ConvertibleNotesPayableCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
The number of shares issued in exchange for the original debt being converted in a noncash (or part noncash) transaction. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or payments in the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4332-108586

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4304-108586
+ Details

Name: us-gaap_DebtConversionConvertedInstrumentSharesIssued1

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
The name of the original debt issue that has been converted in a noncash (or part noncash) transaction during the accounting period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.
+ References
No definition available.
+ Details

Name: us-gaap_DebtConversionDescription

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of a favorable spread to a debt holder between the amount of debt being converted and the value of the securities received upon conversion. This is an embedded conversion feature of convertible debt issued that is in-the-money at the commitment date.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Beneficial Conversion Feature
-URI http://asc.fasb.org/extlink&oid=6505963
+ Details

Name: us-gaap_DebtInstrumentConvertibleBeneficialConversionFeature

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Number of common shares reserved for future issuance related to deferred compensation arrangements with individuals.
+ References
No definition available.
+ Details

Name: us-gaap_DeferredCompensationArrangementWithIndividualCommonStockReservedForFutureIssuance

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
The per share price that the individual must pay to acquire shares under the deferred compensation arrangement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details

Name: us-gaap_DeferredCompensationArrangementWithIndividualExercisePrice

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition
Unrecognized cost of unvested share-based compensation awards.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details

Name: us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plans, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details

Name: us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1

Namespace Prefix: us-gaap_

Data Type: xbrli:durationItemType

Balance Type: na

Period Type: duration

X

- Definition
Carrying value as of the balance sheet date of [accrued] interest payable on all forms of debt, including trade payables, that has been incurred and is unpaid. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Current Liabilities
-URI http://asc.fasb.org/extlink&oid=6509677

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.20)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 45
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e7018-107765

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 45
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6935-107765
+ Details

Name: us-gaap_InterestPayableCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
The cash outflow to reacquire common stock during the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 15
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3291-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Financing Activities
-URI http://asc.fasb.org/extlink&oid=6513228
+ Details

Name: us-gaap_PaymentsForRepurchaseOfCommonStock

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Face amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.28)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29
-Article 5
+ Details

Name: us-gaap_PreferredStockParOrStatedValuePerShare

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: instant

X

- Definition
The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.28)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29
-Article 5
+ Details

Name: us-gaap_PreferredStockSharesAuthorized

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.28)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29
-Article 5
+ Details

Name: us-gaap_PreferredStockSharesOutstanding

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
The cash inflow from the additional capital contribution to the entity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Financing Activities
-URI http://asc.fasb.org/extlink&oid=6513228

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3255-108585
+ Details

Name: us-gaap_ProceedsFromIssuanceOfCommonStock

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The cash inflow associated with the amount received from entity's raising of capital via private rather than public placement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Financing Activities
-URI http://asc.fasb.org/extlink&oid=6513228

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3255-108585
+ Details

Name: us-gaap_ProceedsFromIssuanceOfPrivatePlacement

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Gross number of share options (or share units) granted during the period.
+ References
No definition available.
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Per share or per unit amount of equity securities issued.
+ References
No definition available.
+ Details

Name: us-gaap_SharesIssuedPricePerShare

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: instant

X

- Definition
Number of shares issued during the period as a result of an employee stock purchase plan.
+ References
Reference 1: 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 2: 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 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30
-Article 5
+ Details

Name: us-gaap_StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Number of shares issued in lieu of cash for services contributed to the entity. Number of shares includes, but is not limited to, shares issued for services contributed by vendors and founders.
+ References
No definition available.
+ Details

Name: us-gaap_StockIssuedDuringPeriodSharesIssuedForServices

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Number of new stock issued during the period.
+ References
Reference 1: 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 2: 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 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30
-Article 5
+ Details

Name: us-gaap_StockIssuedDuringPeriodSharesNewIssues

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
The number of shares authorized to be repurchased by an entity's Board of Directors under a stock repurchase plan.
+ References
No definition available.
+ Details

Name: us-gaap_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
The remaining number of shares authorized to be repurchased by an entity's Board of Directors under a stock repurchase plan.
+ References
No definition available.
+ Details

Name: us-gaap_StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.
+ References
Reference 1: 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 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30
-Article 5
+ Details

Name: us-gaap_StockRepurchasedDuringPeriodShares

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.
+ References
Reference 1: 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 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3
+ Details

Name: us-gaap_StockRepurchasedDuringPeriodValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Accounts receivable write off for consideration of service provided.
+ References
No definition available.
+ Details

Name: vktx_AccountsReceivableWriteOffForConsiderationOfServiceProvided

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Accounts receivable write off including interest for consideration of service provided.
+ References
No definition available.
+ Details

Name: vktx_AccountsReceivableWriteOffIncludingInterestForConsiderationOfServiceProvided

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Accrued interest write off for consideration of service provided.
+ References
No definition available.
+ Details

Name: vktx_AccruedInterestWriteOffForConsiderationOfServiceProvided

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Accrued license fees current.
+ References
No definition available.
+ Details

Name: vktx_AccruedLicenseFeesCurrent

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Additional shares offered under underwriting agreement.
+ References
No definition available.
+ Details

Name: vktx_AdditionalSharesOfferedUnderUnderwritingAgreement

Namespace Prefix: vktx_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Additional shares purchase under underwriting agreement.
+ References
No definition available.
+ Details

Name: vktx_AdditionalSharesPurchaseUnderUnderwritingAgreement

Namespace Prefix: vktx_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Anniversary closing date.
+ References
No definition available.
+ Details

Name: vktx_AnniversaryClosingDate

Namespace Prefix: vktx_

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- Definition
Common stock available under repurchase agreement.
+ References
No definition available.
+ Details

Name: vktx_CommonStockAvailableUnderRepurchaseAgreement

Namespace Prefix: vktx_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Debt instrument convertible, percentage of principal and accrued interest.
+ References
No definition available.
+ Details

Name: vktx_DebtInstrumentConvertiblePercentageOfPrincipalAndAccruedInterest

Namespace Prefix: vktx_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
Deemed fair value per share.
+ References
No definition available.
+ Details

Name: vktx_DeemedFairValuePerShare

Namespace Prefix: vktx_

Data Type: num:perShareItemType

Balance Type: na

Period Type: instant

X

- Definition
Employee agreement description.
+ References
No definition available.
+ Details

Name: vktx_EmployeeAgreementDescription

Namespace Prefix: vktx_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Employment agreement with number of employees.
+ References
No definition available.
+ Details

Name: vktx_EmploymentAgreementWithNumberOfEmployees

Namespace Prefix: vktx_

Data Type: xbrli:integerItemType

Balance Type: na

Period Type: duration

X

- Definition
Equity.
+ References
No definition available.
+ Details

Name: vktx_EquityLineItems

Namespace Prefix: vktx_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Notes received for consideration of common stock issued.
+ References
No definition available.
+ Details

Name: vktx_NotesReceivedForConsiderationOfCommonStockIssued

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Number of tranches.
+ References
No definition available.
+ Details

Name: vktx_NumberOfTranches

Namespace Prefix: vktx_

Data Type: xbrli:integerItemType

Balance Type: na

Period Type: duration

X

- Definition
Percentage of salary difference between post and pre IPO quotient of product.
+ References
No definition available.
+ Details

Name: vktx_PercentageOfSalaryDifferenceBetweenPostAndPreIPOQuotientOfProduct

Namespace Prefix: vktx_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Potential full vested restricted stock amount not recorded as liability.
+ References
No definition available.
+ Details

Name: vktx_PotentialFullVestedRestrictedStockAmountNotRecordedAsLiability

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Shares repurchase price per share.
+ References
No definition available.
+ Details

Name: vktx_SharesRepurchasePricePerShare

Namespace Prefix: vktx_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition
Termination of notes receivable in exchange of common stock repurchased.
+ References
No definition available.
+ Details

Name: vktx_TerminationOfNotesReceivableInExchangeOfCommonStockRepurchased

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Underwriters option exercise period.
+ References
No definition available.
+ Details

Name: vktx_UnderwritersOptionExercisePeriod

Namespace Prefix: vktx_

Data Type: xbrli:durationItemType

Balance Type: na

Period Type: duration

X

- Definition
Underwriting discounts commissions and other offering expenses.
+ References
No definition available.
+ Details

Name: vktx_UnderwritingDiscountsCommissionsAndOtherOfferingExpenses

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Details

Name: us-gaap_DebtInstrumentAxis=vktx_AmendedLoanAndSecurityAgreementMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RangeAxis=us-gaap_MinimumMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_SubsidiarySaleOfStockAxis=us-gaap_IPOMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: dei_LegalEntityAxis=vktx_LigandAndMetabasisTherapeuticsIncMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_FairValueByLiabilityClassAxis=vktx_AccruedLicenseFeesMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_VestingAxis=us-gaap_ShareBasedCompensationAwardTrancheOneMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_VestingAxis=us-gaap_ShareBasedCompensationAwardTrancheTwoMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_TitleOfIndividualAxis=vktx_FounderMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_TitleOfIndividualAxis=vktx_ConsultantMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_TitleOfIndividualAxis=vktx_NonEmployeeDirectorsMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_TitleOfIndividualAxis=vktx_EmployeesDirectorsAndConsultantsMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 61 R44.htm IDEA: XBRL DOCUMENT v3.3.1.900

Stock-Based Compensation - Additional Information (Detail)
12 Months Ended

Dec. 31, 2015

USD ($)

shares

Dec. 31, 2015

USD ($)

Period

$ / shares

shares

Dec. 31, 2014

shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares of common stock reserved for issuance | shares 2,420,795 2,420,795 695,733

Weighted average fair value of stock options granted to employees | $ / shares $ 6.26

Options outstanding, Aggregate Intrinsic Value | $ $ 0 $ 0

Options exercisable, Aggregate Intrinsic Value | $ 0 $ 0

Excess tax benefit from stock-based awards | $ $ 0

2014 Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Common stock reserved for issuance, description Initially, a total of 1,527,770 shares of the Company’s common stock were reserved for issuance pursuant to the 2014 Plan, which number is also the limit on shares of common stock available for awards of incentive stock options. The number of shares available for issuance under the 2014 Plan will, unless otherwise determined by the Company’s Board of Directors or the Compensation Committee, be automatically increased on January 1st of each year commencing on January 1, 2016 and ending on (and including) January 1, 2024, in an amount equal to 3.5% of the total number of shares of the Company’s common stock outstanding on December 31st of the preceding calendar year.

Percentage of common stock outstanding to increase shares reserved for issuance 3.50%

The 2014 Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares of common stock reserved for issuance | shares 1,527,770 1,527,770

Employee Stock Purchase Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares of common stock reserved for issuance | shares 458,331 458,331

ESPP [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Common stock reserved for issuance, description The number of shares available for issuance under the ESPP will, unless otherwise determined by the Company’s Board of Directors or the Compensation Committee, be automatically increased on January 1st of each year commencing on January 1, 2016 and ending on (and including) January 1, 2024, in an amount equal to 1% of the total number of shares of the Company’s common stock outstanding on December 31st of the preceding calendar year.

Percentage of common stock outstanding to increase shares reserved for issuance 1.00%

Duration of employee stock purchase plan as determined by the compensation committee 24 months

Duration for offering period, employee stock purchase plan 6 months

Employee stock purchase plan, number of purchase periods | Period 4

Maximum duration for purchase under employee stock purchase plan 1 year

Maximum duration of employee stock purchase plan 27 months

Percentage of purchase of common stock 85.00%

Percentage of common stock on the date of purchase 85.00%

X

- Definition
Aggregate number of common shares reserved for future issuance.
+ References
Reference 1: 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)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_CommonStockCapitalSharesReservedForFutureIssuance

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
The total recognized tax benefit related to compensation cost for equity-based payment arrangements recognized in income during the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)(i)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details

Name: us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
General descriptive information regarding an arrangement under which employees and directors receive: (a) awards of equity shares, equity share options, or other equity instruments; or (b) the entity incurs liabilities to them: (1) in amounts based, at least in part, on the price of the entity's shares or other equity instruments; or (2) that require or may require settlement by issuance of the entity's shares. Such an arrangement is usually provided to employees and directors to compensate them, provide performance incentives to them, and to attract or retain their services. May also include pertinent information particular to a plan that is not elsewhere specified in the taxonomy.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Discount rate from fair value on offering date that participants pay for shares.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardDiscountFromMarketPriceOfferingDate

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Discount rate from fair value on purchase date that participants pay for shares.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardDiscountFromMarketPricePurchaseDate

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The weighted average grant-date fair value of options granted during the reporting period as calculated by applying the disclosed option pricing methodology.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount by which the current fair value of the underlying stock exceeds the exercise price of options outstanding.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount of difference between fair value of the underlying shares reserved for issuance and exercise price of vested portions of options outstanding and currently exercisable.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details

Name: us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Employee stock purchase plan duration of offering period.
+ References
No definition available.
+ Details

Name: vktx_EmployeeStockPurchasePlanDurationOfOfferingPeriod

Namespace Prefix: vktx_

Data Type: xbrli:durationItemType

Balance Type: na

Period Type: duration

X

- Definition
Employee stock purchase plan number of purchase periods.
+ References
No definition available.
+ Details

Name: vktx_EmployeeStockPurchasePlanNumberOfPurchasePeriods

Namespace Prefix: vktx_

Data Type: xbrli:integerItemType

Balance Type: na

Period Type: duration

X

- Definition
Maximum duration for purchase under employee stock purchase plan.
+ References
No definition available.
+ Details

Name: vktx_MaximumDurationForPurchaseUnderEmployeeStockPurchasePlan

Namespace Prefix: vktx_

Data Type: xbrli:durationItemType

Balance Type: na

Period Type: duration

X

- Definition
Maximum duration of employee stock purchase plan.
+ References
No definition available.
+ Details

Name: vktx_MaximumDurationOfEmployeeStockPurchasePlan

Namespace Prefix: vktx_

Data Type: xbrli:durationItemType

Balance Type: na

Period Type: duration

X

- Definition
Percentage of common stock outstanding to increase shares reserved for issuance.
+ References
No definition available.
+ Details

Name: vktx_PercentageOfCommonStockOutstandingToIncreaseSharesReservedForIssuance

Namespace Prefix: vktx_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Share based compensation arrangement by share based payment award employee stock purchase plan offering term.
+ References
No definition available.
+ Details

Name: vktx_ShareBasedCompensationArrangementByShareBasedPaymentAwardEmployeeStockPurchasePlanOfferingTerm

Namespace Prefix: vktx_

Data Type: xbrli:durationItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_PlanNameAxis=vktx_TwoThousandFourteenStockOptionPlanMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_PlanNameAxis=vktx_TwoThousandFourteenPlanMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_PlanNameAxis=vktx_EmployeeStockPurchasePlanMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_PlanNameAxis=vktx_TwoThousandFourteenEmployeeStockPurchasePlanMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 62 R45.htm IDEA: XBRL DOCUMENT v3.3.1.900

Stock-Based Compensation - Summary of Stock-based Compensation Expense Recognized (Detail) - USD ($)
12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total stock-based compensation expense included in expenses $ 2,601,448 $ 6,258

Research and development expenses [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total stock-based compensation expense included in expenses 852,200 2,643

General and administrative expenses [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total stock-based compensation expense included in expenses 1,749,248 3,615

Stock options [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total stock-based compensation expense included in expenses 949,955

Restricted stock and restricted stock units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total stock-based compensation expense included in expenses 1,608,049 $ 6,258

Employee Stock Purchase Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total stock-based compensation expense included in expenses $ 43,444

X

- Definition
Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 14.F)
-URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)(i)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

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

Name: us-gaap_AllocatedShareBasedCompensationExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_IncomeStatementLocationAxis=us-gaap_ResearchAndDevelopmentExpenseMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_IncomeStatementLocationAxis=us-gaap_GeneralAndAdministrativeExpenseMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_AwardTypeAxis=us-gaap_EmployeeStockOptionMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_AwardTypeAxis=vktx_RestrictedStockAndRestrictedStockUnitsMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_AwardTypeAxis=vktx_EmployeeStockPurchasePlanMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 63 R46.htm IDEA: XBRL DOCUMENT v3.3.1.900

Stock-Based Compensation - Schedule of Unrecognized Stock-based Compensation Expense, Net of Estimated Forfeitures, by Type of Award and Weighted-average Recognition Period (Detail) - USD ($)
12 Months Ended

Dec. 31, 2015

Feb. 20, 2014

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Unrecognized Expense, Net of Estimated Forfeitures $ 61,566 $ 168,000

Stock options [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Unrecognized Expense, Net of Estimated Forfeitures $ 1,409,808

Weighted-average Recognition Period 2 years 7 months 10 days

Restricted stock and restricted stock units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Unrecognized Expense, Net of Estimated Forfeitures $ 2,442,289

Weighted-average Recognition Period 2 years 6 months 29 days

X

- Definition
Unrecognized cost of unvested share-based compensation awards.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details

Name: us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plans, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details

Name: us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1

Namespace Prefix: us-gaap_

Data Type: xbrli:durationItemType

Balance Type: na

Period Type: duration

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_AwardTypeAxis=us-gaap_EmployeeStockOptionMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_AwardTypeAxis=vktx_RestrictedStockAndRestrictedStockUnitsMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 64 R47.htm IDEA: XBRL DOCUMENT v3.3.1.900

Stock-Based Compensation - Summary of Restricted Shares Granted and Stock Units Activity (Detail)
12 Months Ended

Dec. 31, 2015

$ / shares

shares

Restricted shares granted [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares, Unvested, Beginning balance | shares 2,018,752

Shares, Granted | shares 462,090

Shares, Vested | shares (702,165)

Shares, Forfeited | shares (105,000)

Shares, Repurchased | shares (1,005,714)

Shares, Unvested, Ending balance | shares 667,963

Weighted-Average Grant Date Fair Value, Unvested, Beginning balance | $ / shares $ 0.08

Weighted-Average Grant Date Fair Value, Granted | $ / shares 9.49

Weighted-Average Grant Date Fair Value, Vested | $ / shares 1.37

Weighted-Average Grant Date Fair Value, Forfeited | $ / shares 9.49

Weighted-Average Grant Date Fair Value, Repurchased | $ / shares 0.03

Weighted-Average Grant Date Fair Value, Unvested, Ending balance | $ / shares $ 3.68

Restricted stock units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares, Granted | shares 84,000

Shares, Forfeited | shares (8,250)

Shares, Unvested, Ending balance | shares 75,750

Weighted-Average Grant Date Fair Value, Granted | $ / shares $ 8.18

Weighted-Average Grant Date Fair Value, Forfeited | $ / shares 7.27

Weighted-Average Grant Date Fair Value, Unvested, Ending balance | $ / shares $ 8.27

X

- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(3)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Weighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were not exercised or put into effect as a result of the occurrence of a terminating event.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(3)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition
The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(1)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(1)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition
The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)-(ii)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)-(ii)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: instant

X

- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(2)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(2)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Share based compensation arrangement by share based payment award equity instruments other than options repurchased in period.
+ References
No definition available.
+ Details

Name: vktx_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsRepurchasedInPeriod

Namespace Prefix: vktx_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Share based compensation arrangement by share based payment award equity instruments other than options repurchased weighted average grant date fair value.
+ References
No definition available.
+ Details

Name: vktx_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsRepurchasedWeightedAverageGrantDateFairValue

Namespace Prefix: vktx_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_AwardTypeAxis=vktx_RestrictedSharesGrantedMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_AwardTypeAxis=us-gaap_RestrictedStockUnitsRSUMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 65 R48.htm IDEA: XBRL DOCUMENT v3.3.1.900

Stock-Based Compensation - Summary of Stock Option Activity (Detail)
12 Months Ended

Dec. 31, 2015

$ / shares

shares

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Granted, Shares | shares 443,894

Cancelled, Shares | shares (78,500)

Outstanding ending balance, Shares | shares 365,394

Options exercisable, Shares | shares 40,250

Granted, Weighted-Average Exercise Price | $ / shares $ 8.49

Cancelled, Weighted-Average Exercise Price | $ / shares 8.54

Outstanding ending balance, Weighted-Average Exercise Price | $ / shares 8.48

Options exercisable, Weighted-Average Exercise Price | $ / shares $ 9.49

Options outstanding, Weighted Average Remaining Contractual Term 9 years 4 months 21 days

Options exercisable, Weighted Average Remaining Contractual Term 9 years 4 months 6 days

X

- References
No definition available.
+ Details

Name: us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
The weighted-average price as of the balance sheet date at which grantees can acquire the shares reserved for issuance on vested portions of options outstanding and currently exercisable under the stock option plan.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: instant

X

- Definition
The number of shares under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(3)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Gross number of share options (or share units) granted during the period.
+ References
No definition available.
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Number of options outstanding, including both vested and non-vested options.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)-(ii)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Weighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: instant

X

- Definition
Weighted average price at which grantees could have acquired the underlying shares with respect to stock options that were terminated.
+ References
No definition available.
+ Details

Name: us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition
Weighted average per share amount at which grantees can acquire shares of common stock by exercise of options.
+ References
No definition available.
+ Details

Name: us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition
Weighted average remaining contractual term for vested portions of options outstanding and currently exercisable or convertible, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details

Name: us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1

Namespace Prefix: us-gaap_

Data Type: xbrli:durationItemType

Balance Type: na

Period Type: duration

X

- Definition
Weighted average remaining contractual term for option awards outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details

Name: us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2

Namespace Prefix: us-gaap_

Data Type: xbrli:durationItemType

Balance Type: na

Period Type: duration

XML 66 R49.htm IDEA: XBRL DOCUMENT v3.3.1.900

Stock-Based Compensation - Schedule of Weighted Average Assumptions using Black-Scholes Option Pricing Model (Detail)
12 Months Ended

Dec. 31, 2015

Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract]

Expected volatility 85.20%

Expected term (in years) 6 years 5 months 27 days

Risk-free interest rate 1.81%

Expected dividend yield 0.00%

X

- References
No definition available.
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsAndMethodologyAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The estimated dividend rate (a percentage of the share price) to be paid (expected dividends) to holders of the underlying shares over the option's term.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
The estimated measure of the percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
The risk-free interest rate assumption that is used in valuing an option on its own shares.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Expected term of share-based compensation awards, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 14.D.2)
-URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14
-Section D
-Subsection 2
+ Details

Name: us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1

Namespace Prefix: us-gaap_

Data Type: xbrli:durationItemType

Balance Type: na

Period Type: duration

XML 67 R50.htm IDEA: XBRL DOCUMENT v3.3.1.900

Stock-Based Compensation - Common Stock Reserved for Future Issuance (Detail) - shares

Dec. 31, 2015

Dec. 31, 2014

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Common stock reserved for future issuance 2,420,795 695,733

Common stock warrants [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Common stock reserved for future issuance 82,500

Restricted stock units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Common stock reserved for future issuance 75,750

Common stock options [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Common stock reserved for future issuance 365,394

Available for grant under the 2014 Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Common stock reserved for future issuance 773,629

Available for issuance under Employee Stock Purchase Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Common stock reserved for future issuance 452,620

Shares issuable upon conversion of Ligand debt [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Common stock reserved for future issuance 670,902 695,733

X

- Definition
Aggregate number of common shares reserved for future issuance.
+ References
Reference 1: 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)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_CommonStockCapitalSharesReservedForFutureIssuance

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_StatementEquityComponentsAxis=us-gaap_WarrantMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_AwardTypeAxis=us-gaap_RestrictedStockUnitsRSUMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_AwardTypeAxis=vktx_CommonStockOptionsMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_AwardTypeAxis=vktx_AvailableForGrantUnderTwoThousandFourteenPlanMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_AwardTypeAxis=vktx_AvailableForIssuanceUnderEmployeeStockPurchasePlanMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_AwardTypeAxis=vktx_SharesIssuableUponConversionOfLigandDebtMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 68 R51.htm IDEA: XBRL DOCUMENT v3.3.1.900

Representative's Warrant - Additional Information (Detail) - $ / shares
1 Months Ended 12 Months Ended

May. 04, 2015

May. 31, 2015

Dec. 31, 2015

Class of Warrant or Right [Line Items]

Issuance of shares of common stock 56,997

Exercise price of warrant $ 10.00

Warrant description The warrant is exercisable for cash or on a cashless basis at a per share exercise price equal to $10.00 commencing on April 28, 2016, one year following the date of the prospectus filed with the SEC relating to the IPO, and expiring on April 28, 2020. In addition, the warrant provides for registration rights upon request, under certain circumstances. The piggyback registration right provided in connection with the warrant will terminate on April 28, 2022

Warrant termination date Apr. 28, 2022

Initial public offering, expiration date Apr. 28, 2020

Common stock warrants [Member]

Class of Warrant or Right [Line Items]

Issuance of shares of common stock 82,500

X

- Definition
Exercise price per share or per unit of warrants or rights outstanding.
+ 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.(i)(4))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690
+ Details

Name: us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: instant

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_ClassOfWarrantOrRightLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Number of new stock issued during the period.
+ References
Reference 1: 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 2: 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 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30
-Article 5
+ Details

Name: us-gaap_StockIssuedDuringPeriodSharesNewIssues

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Description of warrant.
+ References
No definition available.
+ Details

Name: vktx_DescriptionOfWarrant

Namespace Prefix: vktx_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Initial public offering expiration date.
+ References
No definition available.
+ Details

Name: vktx_InitialPublicOfferingExpirationDate

Namespace Prefix: vktx_

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- Definition
Warrant expiration date.
+ References
No definition available.
+ Details

Name: vktx_WarrantExpirationDate

Namespace Prefix: vktx_

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_StatementEquityComponentsAxis=us-gaap_WarrantMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 69 R52.htm IDEA: XBRL DOCUMENT v3.3.1.900

Income Taxes - Schedule of Reconciliations of the U.S. Federal Statutory Tax Rate to the Effective Income Tax Rate (Detail)
12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Tax provision at U.S. Federal statutory rates 34.00% 34.00%

State income taxes net of federal benefit 8.00% 8.00%

Non-deductible permanent items (2.00%) (1.00%)

Change in valuation allowance (40.00%) (41.00%)

Effective income tax rate 0.00% 0.00%

X

- Definition
Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32698-109319

Reference 2: 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.(h)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319
+ Details

Name: us-gaap_EffectiveIncomeTaxRateContinuingOperations

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Percentage of domestic federal statutory tax rate applicable to pretax income (loss).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I)
-URI http://asc.fasb.org/extlink&oid=34349781&loc=d3e330036-122817

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32698-109319
+ Details

Name: us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to changes in the valuation allowance for deferred tax assets.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32698-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I)
-URI http://asc.fasb.org/extlink&oid=34349781&loc=d3e330036-122817
+ Details

Name: us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to nondeductible expenses.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32698-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I)
-URI http://asc.fasb.org/extlink&oid=34349781&loc=d3e330036-122817

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319
+ Details

Name: us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpense

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations applicable to state and local income tax expense (benefit), net of federal tax expense (benefit).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I)
-URI http://asc.fasb.org/extlink&oid=34349781&loc=d3e330036-122817

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32698-109319
+ Details

Name: us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_IncomeTaxDisclosureAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 70 R53.htm IDEA: XBRL DOCUMENT v3.3.1.900

Income Taxes - Schedule of Significant Components of Company's Deferred Taxes (Detail) - USD ($)

Dec. 31, 2015

Dec. 31, 2014

Deferred tax assets:

Accrued liabilities $ 48,982

Intangible assets 14,009,497 $ 7,993,293

Net operating loss carryforwards 2,430,249 548,247

Share-based compensation 986,534 6,306

Share conversion feature 243,759

Other 3,510 530

Total deferred tax assets 17,722,531 8,548,376

Valuation Allowance (17,722,531) (8,403,620)

Net deferred tax assets 144,756

Deferred tax liabilities:

Debt conversion feature (144,756)

Total: $ 0 $ 0

X

- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from intangible assets including goodwill.
+ References
No definition available.
+ Details

Name: us-gaap_DeferredTaxAssetsGoodwillAndIntangibleAssets

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Deferred Tax Asset
-URI http://asc.fasb.org/extlink&oid=6510090
+ Details

Name: us-gaap_DeferredTaxAssetsGross

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, before jurisdictional netting.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319
+ Details

Name: us-gaap_DeferredTaxAssetsLiabilitiesNet

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b),(c)
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319
+ Details

Name: us-gaap_DeferredTaxAssetsNet

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_DeferredTaxAssetsNetAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible operating loss carryforwards.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 25
-Paragraph 20
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=51675352&loc=d3e28680-109314

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32621-109319

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32632-109319
+ Details

Name: us-gaap_DeferredTaxAssetsOperatingLossCarryforwards

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences not separately disclosed.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32621-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32632-109319

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 25
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=51675352&loc=d3e28680-109314
+ Details

Name: us-gaap_DeferredTaxAssetsOther

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from share-based compensation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32632-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 25
-Paragraph 20
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=51675352&loc=d3e28680-109314

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32621-109319
+ Details

Name: us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from accrued liabilities.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 25
-Paragraph 20
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=51675352&loc=d3e28680-109314

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32632-109319

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32621-109319
+ Details

Name: us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount of deferred tax assets for which it is more likely than not that a tax benefit will not be realized.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319
+ Details

Name: us-gaap_DeferredTaxAssetsValuationAllowance

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_DeferredTaxLiabilitiesNetAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Deferred tax assets share conversion feature.
+ References
No definition available.
+ Details

Name: vktx_DeferredTaxAssetsShareConversionFeature

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Deferred tax liabilities convertible debt.
+ References
No definition available.
+ Details

Name: vktx_DeferredTaxLiabilitiesConvertibleDebt

Namespace Prefix: vktx_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

XML 71 R54.htm IDEA: XBRL DOCUMENT v3.3.1.900

Income Taxes - Additional Information (Detail) - USD ($)
12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Valuation Allowance $ (17,722,531) $ (8,403,620)

Federal net operating loss carryforwards 5,890,000

State net operating loss carryforwards $ 6,629,000

Federal and state net operating loss carryforwards, begin to expiration year. 2032

Description of the limitations on the use of all operating loss carryforwards Specifically, this limitation may arise in the event of an “ownership change,” which is defined by Section 382 of the Code as a cumulative change in ownership of the Company of more than 50% within a three-year period. If the Company undergoes one or more ownership changes in connection with any future transactions in its stock, the Company’s ability to utilize net operating loss carryforwards to offset federal taxable income, if any, could potentially result in increased future tax liability to the Company. An ownership change under Section 382 of the Code occurred during the year ended December 31, 2015 in connection with the Company’s initial public offering. A portion of the net operating loss carryforwards are subject to an annual limitation.

Percentage of cumulative change in stock ownership. 50.00%

Tax benefit not recognized $ 0 0

Liability for uncertain tax positions $ 0 $ 0

X

- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible domestic operating loss carryforwards. Excludes state and local operating loss carryforwards.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32621-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 25
-Paragraph 20
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=51675352&loc=d3e28680-109314

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32632-109319
+ Details

Name: us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsDomestic

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible state and local operating loss carryforwards.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32632-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32621-109319

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 25
-Paragraph 20
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=51675352&loc=d3e28680-109314
+ Details

Name: us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount of deferred tax assets for which it is more likely than not that a tax benefit will not be realized.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319
+ Details

Name: us-gaap_DeferredTaxAssetsValuationAllowance

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_IncomeTaxDisclosureAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The noncurrent portion of the amount recognized for uncertain tax positions as of the balance sheet date.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.24)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_LiabilityForUncertainTaxPositionsNoncurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
A description of the limitations on the use of all operating loss carryforwards available to reduce future taxable income.
+ References
No definition available.
+ Details

Name: us-gaap_OperatingLossCarryforwardsLimitationsOnUse

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of unrecognized tax benefits pertaining to uncertain tax positions taken in tax returns.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6907707&loc=SL6600010-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Unrecognized Tax Benefit
-URI http://asc.fasb.org/extlink&oid=6527854
+ Details

Name: us-gaap_UnrecognizedTaxBenefits

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Federal and state net operating loss carryforwards, begin to expiration year.
+ References
No definition available.
+ Details

Name: vktx_FederalAndStateNetOperatingLossCarryforwardsBeginToExpirationYear

Namespace Prefix: vktx_

Data Type: xbrli:gYearItemType

Balance Type: na

Period Type: duration

X

- Definition
Percentage of cumulative change in stock ownership.
+ References
No definition available.
+ Details

Name: vktx_PercentageOfCumulativeChangeInStockOwnership

Namespace Prefix: vktx_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

XML 72 R55.htm IDEA: XBRL DOCUMENT v3.3.1.900

Related Party Transactions - Additional Information (Detail)

Dec. 31, 2015

Ligand [Member]

Related Party Transaction [Line Items]

Equity method investment, ownership percentage 49.40%

X

- Definition
The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571
+ Details

Name: us-gaap_EquityMethodInvestmentOwnershipPercentage

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_RelatedPartyTransactionLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=vktx_LigandPharmaceuticalsIncorporatedMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 73 R56.htm IDEA: XBRL DOCUMENT v3.3.1.900

Commitments and Contingencies - Additional Information (Detail)
12 Months Ended

Jul. 07, 2015

USD ($)

ft²

Dec. 31, 2015

USD ($)

Dec. 31, 2014

USD ($)

May. 31, 2014

USD ($)

ft²

Commitments And Contingencies [Line Items]

Minimum lease payments $ 617,952

Monthly base rent payments $ 19,737

Percentage of rent increase under sublease 3.00%

Rent expense $ 142,288 $ 186,774

California [Member] | Sublease [Member]

Commitments And Contingencies [Line Items]

Area of subleased premises | ft² 7,049

Ligand [Member]

Commitments And Contingencies [Line Items]

Minimum lease payments $ 167,000

Ligand [Member] | California [Member] | Sublease [Member]

Commitments And Contingencies [Line Items]

Area of subleased premises | ft² 5,851

X

- Definition
Net rentable area for properties owned.
+ References
No definition available.
+ Details

Name: us-gaap_NetRentableArea

Namespace Prefix: us-gaap_

Data Type: num:areaItemType

Balance Type: na

Period Type: instant

X

- Definition
Amount of required minimum rental payments for leases having an initial or remaining non-cancelable letter-terms in excess of one year.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 10
-Section 55
-Paragraph 40
-Subparagraph (Note 3)
-URI http://asc.fasb.org/extlink&oid=6584154&loc=d3e38371-112697

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41502-112717
+ Details

Name: us-gaap_OperatingLeasesFutureMinimumPaymentsDue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Rental expense for the reporting period incurred under operating leases, including minimum and any contingent rent expense, net of related sublease income.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41499-112717
+ Details

Name: us-gaap_OperatingLeasesRentExpenseNet

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The total amount of sublease rental income recognized during the period that reduces the entity's rent expense incurred under operating leases.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 10
-Section 55
-Paragraph 40
-Subparagraph (Note 3)
-URI http://asc.fasb.org/extlink&oid=6584154&loc=d3e38371-112697
+ Details

Name: us-gaap_OperatingLeasesRentExpenseSubleaseRentals1

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Commitments and contingencies.
+ References
No definition available.
+ Details

Name: vktx_CommitmentsAndContingenciesLineItems

Namespace Prefix: vktx_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Percentage of rent increases.
+ References
No definition available.
+ Details

Name: vktx_PercentageOfRentIncreases

Namespace Prefix: vktx_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_StatementGeographicalAxis=stpr_CA

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_LeaseArrangementTypeAxis=vktx_SubleaseMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: dei_LegalEntityAxis=vktx_LigandPharmaceuticalsIncorporatedMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 74 R57.htm IDEA: XBRL DOCUMENT v3.3.1.900

Commitments and Contingencies - Summary of Future Minimum Payments for Sublease (Detail)

Dec. 31, 2015

USD ($)

Operating Leases, Future Minimum Payments [Abstract]

2016 $ 180,004

2017 247,611

2018 190,337

Total minimum lease payments $ 617,952

X

- Definition
Amount of required minimum rental payments for leases having an initial or remaining non-cancelable letter-terms in excess of one year.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 10
-Section 55
-Paragraph 40
-Subparagraph (Note 3)
-URI http://asc.fasb.org/extlink&oid=6584154&loc=d3e38371-112697

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41502-112717
+ Details

Name: us-gaap_OperatingLeasesFutureMinimumPaymentsDue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 10
-Section 55
-Paragraph 40
-Subparagraph (Note 3)
-URI http://asc.fasb.org/extlink&oid=6584154&loc=d3e38371-112697

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41502-112717
+ Details

Name: us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41502-112717

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 10
-Section 55
-Paragraph 40
-Subparagraph (Note 3)
-URI http://asc.fasb.org/extlink&oid=6584154&loc=d3e38371-112697
+ Details

Name: us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 10
-Section 55
-Paragraph 40
-Subparagraph (Note 3)
-URI http://asc.fasb.org/extlink&oid=6584154&loc=d3e38371-112697

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41502-112717
+ Details

Name: us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

XML 75 R58.htm IDEA: XBRL DOCUMENT v3.3.1.900

Subsequent Events - Additional Information (Detail) - USD ($)
12 Months Ended

Jan. 22, 2016

Dec. 31, 2015

Dec. 31, 2014

Subsequent Event [Line Items]

Interest rate of Long-term maturities 5.00% 5.00%

Loan Amendment [Member]

Subsequent Event [Line Items]

Additional repayment notice period within closing of the next financing 180 days

Additional repayment notice period after the closing of the next financing 180 days

Weighted average closing price of common stock period 30 days

Subsequent Event | Loan Amendment [Member]

Subsequent Event [Line Items]

Aggregate net proceeds from issue of equity securities $ 2,000,000

Shares issued price per share $ 8.00

Subsequent Event | Loan Amendment [Member] | Minimum [Member]

Subsequent Event [Line Items]

Beneficial ownership of company's common stock 49.90%

Subsequent Event | Registration Rights Agreement [Member]

Subsequent Event [Line Items]

Period to file registration statement 1 year

Subsequent Event | Ligand Note [Member] | Loan Amendment [Member]

Subsequent Event [Line Items]

Note obligation $ 1,500,000

Subsequent Event | Ligand Note [Member] | Loan Amendment [Member] | Minimum [Member]

Subsequent Event [Line Items]

Next financing payment to be paid in cash $ 300,000

Ligand [Member]

Subsequent Event [Line Items]

Debt instrument maturity date May 21, 2016

Interest rate of Long-term maturities 5.00%

Ligand [Member] | Second Loan Amendment [Member]

Subsequent Event [Line Items]

Debt instrument maturity date May 21, 2017

Securities dispose date Jan. 23, 2017

Ligand [Member] | Subsequent Event | Second Loan Amendment [Member]

Subsequent Event [Line Items]

Interest rate of Long-term maturities 2.50%

Percentage of debt remained outstanding 200.00%

X

- Definition
Including the current and noncurrent portions, carrying value as of the balance sheet date of a written promise to pay a note, initially due after one year or beyond the operating cycle if longer, which can be exchanged for a specified amount of one or more securities (typically common stock), at the option of the issuer or the holder.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.16)
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.16(a))
-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 20, 22
-Article 5
+ Details

Name: us-gaap_ConvertibleNotesPayable

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Contractual interest rate for funds borrowed, under the debt agreement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22(a)(1))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_DebtInstrumentInterestRateStatedPercentage

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
Date when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22(a)(2))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_DebtInstrumentMaturityDate

Namespace Prefix: us-gaap_

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- Definition
The cash inflow associated with the amount received from entity's raising of capital via private rather than public placement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Financing Activities
-URI http://asc.fasb.org/extlink&oid=6513228

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3255-108585
+ Details

Name: us-gaap_ProceedsFromIssuanceOfPrivatePlacement

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The cash outflow for a borrowing supported by a written promise to pay an obligation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Financing Activities
-URI http://asc.fasb.org/extlink&oid=6513228

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 15
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3291-108585
+ Details

Name: us-gaap_RepaymentsOfNotesPayable

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Detail information of subsequent event by type. User is expected to use existing line items from elsewhere in the taxonomy as the primary line items for this disclosure, which is further associated with dimension and member elements pertaining to a subsequent event.
+ References
No definition available.
+ Details

Name: us-gaap_SubsequentEventLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Additional repayment notice period after the closing of the next financing.
+ References
No definition available.
+ Details

Name: vktx_AdditionalRepaymentNoticePeriodAfterTheClosingOfTheNextFinancing

Namespace Prefix: vktx_

Data Type: xbrli:durationItemType

Balance Type: na

Period Type: duration

X

- Definition
Additional repayment notice period within closing of the next financing.
+ References
No definition available.
+ Details

Name: vktx_AdditionalRepaymentNoticePeriodWithinClosingOfTheNextFinancing

Namespace Prefix: vktx_

Data Type: xbrli:durationItemType

Balance Type: na

Period Type: duration

X

- Definition
Beneficial ownership of company's common stock.
+ References
No definition available.
+ Details

Name: vktx_BeneficialOwnershipOfCompanySCommonStock

Namespace Prefix: vktx_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
Percentage of debt remained outstanding.
+ References
No definition available.
+ Details

Name: vktx_PercentageOfDebtRemainedOutstanding

Namespace Prefix: vktx_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Period to file registration statement.
+ References
No definition available.
+ Details

Name: vktx_PeriodToFileRegistrationStatement

Namespace Prefix: vktx_

Data Type: xbrli:durationItemType

Balance Type: na

Period Type: duration

X

- Definition
Securities dispose date.
+ References
No definition available.
+ Details

Name: vktx_SecuritiesDisposeDate

Namespace Prefix: vktx_

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- Definition
Shares issued price per share subject to adjustment for stock dividends, splits, combinations or similar transactions.
+ References
No definition available.
+ Details

Name: vktx_SharesIssuedPricePerShareSubjectToAdjustmentForStockDividendsSplitsCombinationsOrSimilarTransactions

Namespace Prefix: vktx_

Data Type: num:perShareItemType

Balance Type: na

Period Type: instant

X

- Definition
Weighted average closing price period.
+ References
No definition available.
+ Details

Name: vktx_WeightedAverageClosingPricePeriod

Namespace Prefix: vktx_

Data Type: xbrli:durationItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_FinancialInstrumentAxis=vktx_AmendedLoanAndSecurityAgreementMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RangeAxis=us-gaap_MinimumMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_FinancialInstrumentAxis=vktx_RegistrationRightsAgreementMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_LongtermDebtTypeAxis=vktx_LigandNoteMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: dei_LegalEntityAxis=vktx_LigandPharmaceuticalsIncorporatedMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DebtInstrumentAxis=vktx_SecondLoanAmendmentMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

EXCEL 76 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 77 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 78 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 80 FilingSummary.xml IDEA: XBRL DOCUMENT 3.3.1.900 html 191 349 1 false 66 0 false 11 false false R1.htm 100000 - Document - Document and Entity Information Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DocumentDocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 100010 - Statement - Balance Sheets Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/StatementBalanceSheets Balance Sheets Statements 2 false false R3.htm 100020 - Statement - Balance Sheets (Parenthetical) Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/StatementBalanceSheetsParenthetical Balance Sheets (Parenthetical) Statements 3 false false R4.htm 100030 - Statement - Statements of Operations and Comprehensive Loss Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/StatementStatementsOfOperationsAndComprehensiveLoss Statements of Operations and Comprehensive Loss Statements 4 false false R5.htm 100040 - Statement - Statements of Stockholders' Equity (Deficit) Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/StatementStatementsOfStockholdersEquityDeficit Statements of Stockholders' Equity (Deficit) Statements 5 false false R6.htm 100050 - Statement - Statements of Cash Flows Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/StatementStatementsOfCashFlows Statements of Cash Flows Statements 6 false false R7.htm 100060 - Disclosure - Organization, Liquidity and Management's Plan, and Summary of Significant Accounting Policies Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureOrganizationLiquidityAndManagementSPlanAndSummaryOfSignificantAccountingPolicies Organization, Liquidity and Management's Plan, and Summary of Significant Accounting Policies Notes 7 false false R8.htm 100070 - Disclosure - Investments in Marketable Securities Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureInvestmentsInMarketableSecurities Investments in Marketable Securities Notes 8 false false R9.htm 100080 - Disclosure - Fair Value of Financial Instruments Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureFairValueOfFinancialInstruments Fair Value of Financial Instruments Notes 9 false false R10.htm 100090 - Disclosure - Agreements with Ligand Pharmaceuticals Incorporated Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureAgreementsWithLigandPharmaceuticalsIncorporated Agreements with Ligand Pharmaceuticals Incorporated Notes 10 false false R11.htm 100100 - Disclosure - Accrued License Fees and License Fees Expense Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureAccruedLicenseFeesAndLicenseFeesExpense Accrued License Fees and License Fees Expense Notes 11 false false R12.htm 100110 - Disclosure - Convertible Notes Payable Notes http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureConvertibleNotesPayable Convertible Notes Payable Notes 12 false false R13.htm 100120 - Disclosure - Stockholders' Equity (Deficit) Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureStockholdersEquityDeficit Stockholders' Equity (Deficit) Notes 13 false false R14.htm 100130 - Disclosure - Stock-Based Compensation Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureStockBasedCompensation Stock-Based Compensation Notes 14 false false R15.htm 100140 - Disclosure - Representative's Warrant Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureRepresentativeSWarrant Representative's Warrant Notes 15 false false R16.htm 100150 - Disclosure - Income Taxes Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureIncomeTaxes Income Taxes Notes 16 false false R17.htm 100160 - Disclosure - Related Party Transactions Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureRelatedPartyTransactions Related Party Transactions Notes 17 false false R18.htm 100170 - Disclosure - Commitments and Contingencies Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureCommitmentsAndContingencies Commitments and Contingencies Notes 18 false false R19.htm 100180 - Disclosure - Subsequent Events Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureSubsequentEvents Subsequent Events Notes 19 false false R20.htm 100190 - Disclosure - Organization, Liquidity and Management's Plan, and Summary of Significant Accounting Policies (Policies) Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureOrganizationLiquidityAndManagementSPlanAndSummaryOfSignificantAccountingPoliciesPolicies Organization, Liquidity and Management's Plan, and Summary of Significant Accounting Policies (Policies) Policies http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureOrganizationLiquidityAndManagementSPlanAndSummaryOfSignificantAccountingPolicies 20 false false R21.htm 100200 - Disclosure - Organization, Liquidity and Management's Plan, and Summary of Significant Accounting Policies (Tables) Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureOrganizationLiquidityAndManagementSPlanAndSummaryOfSignificantAccountingPoliciesTables Organization, Liquidity and Management's Plan, and Summary of Significant Accounting Policies (Tables) Tables http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureOrganizationLiquidityAndManagementSPlanAndSummaryOfSignificantAccountingPolicies 21 false false R22.htm 100210 - Disclosure - Investments in Marketable Securities (Tables) Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureInvestmentsInMarketableSecuritiesTables Investments in Marketable Securities (Tables) Tables http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureInvestmentsInMarketableSecurities 22 false false R23.htm 100220 - Disclosure - Fair Value of Financial Instruments (Tables) Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureFairValueOfFinancialInstrumentsTables Fair Value of Financial Instruments (Tables) Tables http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureFairValueOfFinancialInstruments 23 false false R24.htm 100230 - Disclosure - Convertible Notes Payable (Tables) Notes http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureConvertibleNotesPayableTables Convertible Notes Payable (Tables) Tables http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureConvertibleNotesPayable 24 false false R25.htm 100240 - Disclosure - Stock-Based Compensation (Tables) Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureStockBasedCompensationTables Stock-Based Compensation (Tables) Tables http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureStockBasedCompensation 25 false false R26.htm 100250 - Disclosure - Income Taxes (Tables) Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureIncomeTaxesTables Income Taxes (Tables) Tables http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureIncomeTaxes 26 false false R27.htm 100260 - Disclosure - Commitments and Contingencies (Tables) Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureCommitmentsAndContingenciesTables Commitments and Contingencies (Tables) Tables http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureCommitmentsAndContingencies 27 false false R28.htm 100270 - Disclosure - Organization, Liquidity and Management's Plan, and Summary of Significant Accounting Policies - Additional Information (Detail) Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureOrganizationLiquidityAndManagementSPlanAndSummaryOfSignificantAccountingPoliciesAdditionalInformationDetail Organization, Liquidity and Management's Plan, and Summary of Significant Accounting Policies - Additional Information (Detail) Details 28 false false R29.htm 100280 - Disclosure - Organization, Liquidity and Management's Plan, and Summary of Significant Accounting Policies - Schedule of Computation of Basic and Diluted Net Loss per Common Share (Detail) Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureOrganizationLiquidityAndManagementSPlanAndSummaryOfSignificantAccountingPoliciesScheduleOfComputationOfBasicAndDilutedNetLossPerCommonShareDetail Organization, Liquidity and Management's Plan, and Summary of Significant Accounting Policies - Schedule of Computation of Basic and Diluted Net Loss per Common Share (Detail) Details 29 false false R30.htm 100290 - Disclosure - Organization, Liquidity and Management's Plan, and Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities Not Included in Calculation of Diluted Net Loss per Share (Detail) Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureOrganizationLiquidityAndManagementSPlanAndSummaryOfSignificantAccountingPoliciesScheduleOfPotentiallyDilutiveSecuritiesNotIncludedInCalculationOfDilutedNetLossPerShareDetail Organization, Liquidity and Management's Plan, and Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities Not Included in Calculation of Diluted Net Loss per Share (Detail) Details 30 false false R31.htm 100300 - Disclosure - Investments in Marketable Securities - Additional Information (Detail) Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureInvestmentsInMarketableSecuritiesAdditionalInformationDetail Investments in Marketable Securities - Additional Information (Detail) Details 31 false false R32.htm 100310 - Disclosure - Investments in Marketable Securities - Summary of Investments Classified As Available-For-Sale Securities (Detail) Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureInvestmentsInMarketableSecuritiesSummaryOfInvestmentsClassifiedAsAvailableForSaleSecuritiesDetail Investments in Marketable Securities - Summary of Investments Classified As Available-For-Sale Securities (Detail) Details 32 false false R33.htm 100320 - Disclosure - Investments in Marketable Securities - Summary of Investments Classified As Available-For-Sale Securities (Parenthetical) (Detail) Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureInvestmentsInMarketableSecuritiesSummaryOfInvestmentsClassifiedAsAvailableForSaleSecuritiesParentheticalDetail Investments in Marketable Securities - Summary of Investments Classified As Available-For-Sale Securities (Parenthetical) (Detail) Details 33 false false R34.htm 100330 - Disclosure - Fair Value of Financial Instruments - Additional Information (Detail) Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureFairValueOfFinancialInstrumentsAdditionalInformationDetail Fair Value of Financial Instruments - Additional Information (Detail) Details 34 false false R35.htm 100340 - Disclosure - Fair Value of Financial Instruments - Summary of Fair Values of Financial Instruments (Detail) Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureFairValueOfFinancialInstrumentsSummaryOfFairValuesOfFinancialInstrumentsDetail Fair Value of Financial Instruments - Summary of Fair Values of Financial Instruments (Detail) Details 35 false false R36.htm 100360 - Disclosure - Fair Value of Financial Instruments - Summary of Changes in Accrued License Fees and Debt Conversion Feature Liability Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Detail) Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureFairValueOfFinancialInstrumentsSummaryOfChangesInAccruedLicenseFeesAndDebtConversionFeatureLiabilityMeasuredAtFairValueOnRecurringBasisUsingSignificantUnobservableInputsDetail Fair Value of Financial Instruments - Summary of Changes in Accrued License Fees and Debt Conversion Feature Liability Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Detail) Details 36 false false R37.htm 100370 - Disclosure - Fair Value of Financial Instruments - Schedule of Valuation Techniques and Significant Unobservable Inputs Used to Determine Fair Value of Significant Level 3 Liabilities (Detail) Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureFairValueOfFinancialInstrumentsScheduleOfValuationTechniquesAndSignificantUnobservableInputsUsedToDetermineFairValueOfSignificantLevel3LiabilitiesDetail Fair Value of Financial Instruments - Schedule of Valuation Techniques and Significant Unobservable Inputs Used to Determine Fair Value of Significant Level 3 Liabilities (Detail) Details 37 false false R38.htm 100380 - Disclosure - Agreements with Ligand Pharmaceuticals Incorporated - Additional Information (Detail) Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureAgreementsWithLigandPharmaceuticalsIncorporatedAdditionalInformationDetail Agreements with Ligand Pharmaceuticals Incorporated - Additional Information (Detail) Details 38 false false R39.htm 100390 - Disclosure - Accrued License Fees and License Fees Expense - Additional Information (Detail) Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureAccruedLicenseFeesAndLicenseFeesExpenseAdditionalInformationDetail Accrued License Fees and License Fees Expense - Additional Information (Detail) Details 39 false false R40.htm 100400 - Disclosure - Convertible Notes Payable - Schedule of Convertible Notes Payable (Detail) Notes http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureConvertibleNotesPayableScheduleOfConvertibleNotesPayableDetail Convertible Notes Payable - Schedule of Convertible Notes Payable (Detail) Details 40 false false R41.htm 100410 - Disclosure - Convertible Notes Payable - Schedule of Convertible Notes Payable (Parenthetical) (Detail) Notes http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureConvertibleNotesPayableScheduleOfConvertibleNotesPayableParentheticalDetail Convertible Notes Payable - Schedule of Convertible Notes Payable (Parenthetical) (Detail) Details 41 false false R42.htm 100420 - Disclosure - Convertible Notes Payable - Additional Information (Detail) Notes http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureConvertibleNotesPayableAdditionalInformationDetail Convertible Notes Payable - Additional Information (Detail) Details 42 false false R43.htm 100430 - Disclosure - Stockholders' Equity (Deficit) - Additional Information (Detail) Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureStockholdersEquityDeficitAdditionalInformationDetail Stockholders' Equity (Deficit) - Additional Information (Detail) Details http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureStockholdersEquityDeficit 43 false false R44.htm 100440 - Disclosure - Stock-Based Compensation - Additional Information (Detail) Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureStockBasedCompensationAdditionalInformationDetail Stock-Based Compensation - Additional Information (Detail) Details 44 false false R45.htm 100450 - Disclosure - Stock-Based Compensation - Summary of Stock-based Compensation Expense Recognized (Detail) Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureStockBasedCompensationSummaryOfStockBasedCompensationExpenseRecognizedDetail Stock-Based Compensation - Summary of Stock-based Compensation Expense Recognized (Detail) Details 45 false false R46.htm 100460 - Disclosure - Stock-Based Compensation - Schedule of Unrecognized Stock-based Compensation Expense, Net of Estimated Forfeitures, by Type of Award and Weighted-average Recognition Period (Detail) Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureStockBasedCompensationScheduleOfUnrecognizedStockBasedCompensationExpenseNetOfEstimatedForfeituresByTypeOfAwardAndWeightedAverageRecognitionPeriodDetail Stock-Based Compensation - Schedule of Unrecognized Stock-based Compensation Expense, Net of Estimated Forfeitures, by Type of Award and Weighted-average Recognition Period (Detail) Details 46 false false R47.htm 100470 - Disclosure - Stock-Based Compensation - Summary of Restricted Shares Granted and Stock Units Activity (Detail) Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureStockBasedCompensationSummaryOfRestrictedSharesGrantedAndStockUnitsActivityDetail Stock-Based Compensation - Summary of Restricted Shares Granted and Stock Units Activity (Detail) Details 47 false false R48.htm 100480 - Disclosure - Stock-Based Compensation - Summary of Stock Option Activity (Detail) Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureStockBasedCompensationSummaryOfStockOptionActivityDetail Stock-Based Compensation - Summary of Stock Option Activity (Detail) Details 48 false false R49.htm 100490 - Disclosure - Stock-Based Compensation - Schedule of Weighted Average Assumptions using Black-Scholes Option Pricing Model (Detail) Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureStockBasedCompensationScheduleOfWeightedAverageAssumptionsUsingBlackScholesOptionPricingModelDetail Stock-Based Compensation - Schedule of Weighted Average Assumptions using Black-Scholes Option Pricing Model (Detail) Details 49 false false R50.htm 100500 - Disclosure - Stock-Based Compensation - Common Stock Reserved for Future Issuance (Detail) Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureStockBasedCompensationCommonStockReservedForFutureIssuanceDetail Stock-Based Compensation - Common Stock Reserved for Future Issuance (Detail) Details 50 false false R51.htm 100510 - Disclosure - Representative's Warrant - Additional Information (Detail) Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureRepresentativeSWarrantAdditionalInformationDetail Representative's Warrant - Additional Information (Detail) Details 51 false false R52.htm 100520 - Disclosure - Income Taxes - Schedule of Reconciliations of the U.S. Federal Statutory Tax Rate to the Effective Income Tax Rate (Detail) Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureIncomeTaxesScheduleOfReconciliationsOfUSFederalStatutoryTaxRateToEffectiveIncomeTaxRateDetail Income Taxes - Schedule of Reconciliations of the U.S. Federal Statutory Tax Rate to the Effective Income Tax Rate (Detail) Details 52 false false R53.htm 100530 - Disclosure - Income Taxes - Schedule of Significant Components of Company's Deferred Taxes (Detail) Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureIncomeTaxesScheduleOfSignificantComponentsOfCompanySDeferredTaxesDetail Income Taxes - Schedule of Significant Components of Company's Deferred Taxes (Detail) Details 53 false false R54.htm 100540 - Disclosure - Income Taxes - Additional Information (Detail) Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureIncomeTaxesAdditionalInformationDetail Income Taxes - Additional Information (Detail) Details 54 false false R55.htm 100550 - Disclosure - Related Party Transactions - Additional Information (Detail) Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureRelatedPartyTransactionsAdditionalInformationDetail Related Party Transactions - Additional Information (Detail) Details 55 false false R56.htm 100560 - Disclosure - Commitments and Contingencies - Additional Information (Detail) Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureCommitmentsAndContingenciesAdditionalInformationDetail Commitments and Contingencies - Additional Information (Detail) Details 56 false false R57.htm 100570 - Disclosure - Commitments and Contingencies - Summary of Future Minimum Payments for Sublease (Detail) Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureCommitmentsAndContingenciesSummaryOfFutureMinimumPaymentsForSubleaseDetail Commitments and Contingencies - Summary of Future Minimum Payments for Sublease (Detail) Details 57 false false R58.htm 100580 - Disclosure - Subsequent Events - Additional Information (Detail) Sheet http://www.vikingtherapeutics.com/20151231/taxonomy/role/DisclosureSubsequentEventsAdditionalInformationDetail Subsequent Events - Additional Information (Detail) Details 58 false false All Reports Book All Reports vktx-20151231.xml vktx-20151231.xsd vktx-20151231_cal.xml vktx-20151231_def.xml vktx-20151231_lab.xml vktx-20151231_pre.xml true true ZIP 82 0001564590-16-014212-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001564590-16-014212-xbrl.zip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end

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2015	Feb. 29, 2016	Jun. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY
Trading Symbol	VKTX
Entity Registrant Name	Viking Therapeutics, Inc.
Entity Central Index Key	0001607678
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		9,683,741
Entity Public Float			$ 18,289,869

Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 768,550	$ 755,857
Short-term investments – available for sale	13,335,499
Prepaid expenses and other current assets	1,097,599	17,827
Total current assets	15,201,648	773,684
Deferred public offering financing costs	157,455	2,268,675
Deposits	80,000	775
Total assets	15,439,103	3,043,134
Current liabilities:
Accounts payable	592,414	1,830,724
Accrued license fees		19,865,863
Other accrued liabilities	1,384,398	380,257
Accrued interest		77,222
Convertible notes payable, current portion (net of discount of $0 and $6,076 at December 31, 2015 and 2014, respectively)		304,274
Debt conversion feature liability		58,742
Total current liabilities	1,976,812	22,517,082
Accrued interest, non-current	183,611
Convertible notes payable (net of discount of $348,460 and $1,235,886 at December 31, 2015 and 2014, respectively)	2,151,540	1,264,114
Debt conversion feature liability	2,370,903	1,390,469
Deferred rent	31,239
Total long-term liabilities	4,737,293	2,654,583
Total liabilities	$ 6,714,105	$ 25,171,665
Commitments and contingencies (Note 12)
Stockholders’ equity (deficit):
Preferred stock, $0.00001 par value: 10,000,000 shares authorized at December 31, 2015 and no shares authorized at December 31, 2014; no shares issued and outstanding at December 31, 2015 and 2014
Common stock, $0.00001 par value: 300,000,000 shares authorized at December 31, 2015 and 25,000,000 shares authorized at December 31, 2014; 9,683,741 shares issued and outstanding at December 31, 2015 and 6,000,000 shares issued and outstanding at December 31, 2014	$ 97	$ 60
Additional paid-in capital	54,277,716	12,866
Accumulated deficit	(45,545,445)	(22,141,457)
Accumulated other comprehensive loss	(7,370)
Total stockholders’ equity (deficit)	8,724,998	(22,128,531)
Total liabilities and stockholders’ equity (deficit)	$ 15,439,103	$ 3,043,134

Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Statement Of Financial Position [Abstract]
Convertible notes payable, discount, current portion	$ 0	$ 6,076
Convertible notes payable, discount, noncurrent portion	$ 348,460	$ 1,235,886
Preferred stock, par value	$ 0.00001
Preferred stock, shares authorized	10,000,000	0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	300,000,000	25,000,000
Common stock, shares issued	9,683,741	6,000,000
Common stock, shares outstanding	9,683,741	6,000,000

Statements of Operations and Comprehensive Loss - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Statement [Abstract]
Revenues	$ 0	$ 0
Operating expenses:
Research and development	6,966,842	22,223,073
General and administrative	5,029,636	1,244,910
Total operating expenses	11,996,478	23,467,983
Loss from operations	(11,996,478)	(23,467,983)
Other income (expense):
Change in fair value of accrued license fees	(9,381,848)	1,821,713
Change in fair value of debt conversion feature liability	(1,043,478)	390,763
Amortization of debt discount	(893,502)	(557,961)
Interest expense, net	(88,682)	(70,715)
Total other income (expense)	(11,407,510)	1,583,800
Net loss	(23,403,988)	(21,884,183)
Other comprehensive loss, net of tax:
Unrealized gain (loss) on securities	(7,370)
Comprehensive loss	$ (23,411,358)	$ (21,884,183)
Basic and diluted net loss per share	$ (3.68)	$ (5.23)
Weighted-average shares used to compute basic and diluted net loss per share	6,355,869	4,187,415

Statements of Stockholders' Equity (Deficit) - USD ($)	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Notes Receivable from Stockholders [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]
Balance at Dec. 31, 2013	$ (250,604)	$ 52	$ 11,114	$ (4,496)		$ (257,274)
Balance (in shares) at Dec. 31, 2013		5,200,000
Repurchase of common stock	(2)	$ (2)	(1,998)	1,998
Repurchase of common stock (in shares)		(200,000)
Issuance of performance based common stock		$ 10	(10)
Issuance of performance based common stock (in shares)		1,000,000
Employee stock-based compensation	3,760		3,760
Forgiveness of note receivable in consideration of services rendered	2,498			$ 2,498
Net loss	(21,884,183)					(21,884,183)
Balance at Dec. 31, 2014	(22,128,531)	$ 60	12,866			(22,141,457)
Balance (in shares) at Dec. 31, 2014		6,000,000
Repurchase of common stock	(38)	$ (38)
Repurchase of common stock (in shares)		(3,802,859)
Employee stock-based compensation	2,205,676	$ 3	2,205,673
Employee stock-based compensation (in shares)		318,708
Issuance of common stock to consultant	28,760		28,760
Issuance of common stock to consultant (in shares)		4,882
Conversion of debt to equity	456,412	$ 1	456,411
Conversion of debt to equity (in shares)		57,046
Issuances of common stock to related party	29,247,711	$ 36	29,247,675
Issuances of common stock to related party (in shares)		3,655,964
Initial public offering, net of issuance costs	22,326,366	$ 35	22,326,331
Initial public offering, net of issuance costs (in shares)		3,450,000
Unrealized gain (loss) on securities	(7,370)				$ (7,370)
Net loss	(23,403,988)					(23,403,988)
Balance at Dec. 31, 2015	$ 8,724,998	$ 97	$ 54,277,716		$ (7,370)	$ (45,545,445)
Balance (in shares) at Dec. 31, 2015		9,683,741

Statements of Cash Flows - USD ($)	12 Months Ended
Statements of Cash Flows - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities
Net loss	$ (23,403,988)	$ (21,884,183)
Adjustments to reconcile net loss to net cash used in operating activities
Amortization of debt discount on notes payable	893,502	557,961
Amortization of investment premiums	131,899
Change in fair value of accrued license fees	9,381,848	(1,821,713)
Change in fair value of debt conversion feature liability	1,043,478	(390,763)
Stock-based compensation	2,601,448	6,258
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(1,079,772)	(17,827)
Deposits	(79,225)
Accounts payable	219,237	191,008
Accounts payable - related party		(712)
Accrued license fees		21,687,576
Accrued expenses	1,560,079	80,972
Net cash used in operating activities	(8,731,494)	(1,591,423)
Cash flows from investing activities
Purchases of investments	(16,033,042)
Proceeds from sales and maturities of investments	2,563,000
Net cash used in investing activities	(13,470,042)
Cash flows from financing activities
Proceeds from issuances of common stock, net of underwriting discounts and commissions	25,392,500
Public offering costs	(2,782,462)	(332,337)
Value of shares withheld related to employee tax withholding	(418,412)
Repurchases of common stock	(38)	(2)
Proceeds from convertible notes payable		2,500,000
Proceeds from stock issuance under employee stock purchase plan	22,641
Net cash provided by financing activities	22,214,229	2,167,661
Net increase in cash and cash equivalents	12,693	576,238
Cash and cash equivalents beginning of period	755,857	179,619
Cash and cash equivalents end of period	768,550	755,857
Supplemental disclosure of non-cash investing and financing transactions
Shares issued in lieu of license fee payment	29,247,711
Unpaid deferred public offering costs	108,791	1,936,338
Conversion of notes payable	456,412
Issuance of common stock to consultant	$ 28,760
Repurchases of common stock		$ (1,998)

Organization, Liquidity and Management's Plan, and Summary of Significant Accounting Policies - Additional Information (Detail)				1 Months Ended	12 Months Ended
	May. 28, 2015 USD ($)	May. 04, 2015 USD ($)	Apr. 28, 2015 shares	May. 31, 2015 USD ($) shares	Dec. 31, 2015 USD ($) Candidate Segment shares	Dec. 31, 2014 USD ($)
Organization And Summary Of Significant Accounting Policies [Line Items]
Date of incorporation					Sep. 24, 2012
State of Incorporation					Delaware
Highly liquid investments maturities					Three months or less
Common stock sold \| shares				56,997
Accumulated deficit					$ (45,545,445)	$ (22,141,457)
Number of operating segment \| Segment					1
Ligand [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Accumulated deficit					$ (45,545,445)
Number of drug candidates \| Candidate					5
IPO [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Common stock sold \| shares			3,000,000	3,450,000
Net proceeds after deducting underwriting discounts and commissions				$ 22,326,366
Underwriting discounts, commissions and other offering expenses	$ 374,134	$ 4,899,500		$ 5,273,634
IPO [Member] \| Ligand [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Common stock sold \| shares					3,655,964

Organization, Liquidity and Management's Plan, and Summary of Significant Accounting Policies - Schedule of Computation of Basic and Diluted Net Loss per Common Share (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Numerator
Net loss attributable to common stockholders	$ (23,403,988)	$ (21,884,183)
Denominator
Weighted-average common shares outstanding	8,514,155	5,860,274
Less: Weighted-average shares subject to repurchase	(2,158,286)	(1,672,859)
Denominator for basic and diluted net loss per share	6,355,869	4,187,415
Basic and diluted net loss per share	$ (3.68)	$ (5.23)

Organization, Liquidity and Management's Plan, and Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities Not Included in Calculation of Diluted Net Loss per Share (Detail) - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded in calculation of diluted net loss per share	1,862,509	2,714,487
Common stock warrants [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded in calculation of diluted net loss per share	82,500
Restricted stock units [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded in calculation of diluted net loss per share	75,750
Common stock subject to repurchase [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded in calculation of diluted net loss per share	667,963	2,018,754
Stock options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded in calculation of diluted net loss per share	365,394
Convertible Debt Securities [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded in calculation of diluted net loss per share	670,902	695,733

Investments in Marketable Securities - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Available For Sale Securities [Abstract]
Investments classified as available-for-sale	$ 13,335,499	$ 0	$ 0
Proceeds from sales of available-for-sale securities	$ 0

Investments in Marketable Securities - Summary of Investments Classified As Available-For-Sale Securities (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 13,342,869
Gross Unrealized Losses	(7,370)
Aggregate Estimated Fair Value	13,335,499	$ 0	$ 0
Certificates of deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	5,851,343
Aggregate Estimated Fair Value	5,851,343
Corporate debt securities, available-for-sale [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	7,491,526
Gross Unrealized Losses	(7,370)
Aggregate Estimated Fair Value	$ 7,484,156

Investments in Marketable Securities - Summary of Investments Classified As Available-For-Sale Securities (Parenthetical) (Detail)	Dec. 31, 2015 USD ($) Security
Schedule of Available-for-sale Securities [Line Items]
Number of securities in unrealized loss position \| Security	14
Investments classified as available-for-sale, current	$ 13,335,499
Certificates of deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Investments classified as available-for-sale, noncurrent	0
Corporate debt securities, available-for-sale [Member]
Schedule of Available-for-sale Securities [Line Items]
Investments classified as available-for-sale, noncurrent	0
Cash equivalents [Member] \| Certificates of deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Investments classified as available-for-sale, current	0
Cash equivalents [Member] \| Corporate debt securities, available-for-sale [Member]
Schedule of Available-for-sale Securities [Line Items]
Investments classified as available-for-sale, current	0
Maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
unrealized losses, individually	2,000
unrealized losses, aggregate	$ 8,000

Fair Value of Financial Instruments - Additional Information (Detail) - Minimum [Member]	12 Months Ended
	Dec. 31, 2015 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net proceeds from equity financing	$ 5,000,000
Net proceeds from initial public offering	$ 20,000,000

Fair Value of Financial Instruments - Summary of Fair Values of Financial Instruments (Detail) - USD ($)	Dec. 31, 2015	May. 04, 2015	Dec. 31, 2014	May. 21, 2014	Dec. 31, 2013
Financial assets carried at fair value:
Short-term investments, available for sale	$ 13,335,499		$ 0		$ 0
Total financial assets	13,884,371
Financial liabilities carried at fair value:
Accrued license fees		$ 29,247,711	19,865,863	$ 21,169,616
Debt conversion feature – current			58,742
Debt conversion feature – long-term	2,370,903		1,390,469
Total financial liabilities	2,370,903		21,315,074
Level 1 [Member]
Financial assets carried at fair value:
Total financial assets	6,400,215
Level 2 [Member]
Financial assets carried at fair value:
Total financial assets	7,484,156
Level 3 [Member]
Financial liabilities carried at fair value:
Accrued license fees			19,865,863
Debt conversion feature – current			58,742
Debt conversion feature – long-term	2,370,903		1,390,469
Total financial liabilities	2,370,903		$ 21,315,074
Money market funds [Member]
Financial assets carried at fair value:
Cash and cash equivalents, fair value disclosure	548,872
Money market funds [Member] \| Level 1 [Member]
Financial assets carried at fair value:
Cash and cash equivalents, fair value disclosure	548,872
Certificates of deposit [Member]
Financial assets carried at fair value:
Short-term investments, available for sale	5,851,343
Certificates of deposit [Member] \| Level 1 [Member]
Financial assets carried at fair value:
Short-term investments, available for sale	5,851,343
Corporate debt securities, available-for-sale [Member]
Financial assets carried at fair value:
Short-term investments, available for sale	7,484,156
Corporate debt securities, available-for-sale [Member] \| Level 2 [Member]
Financial assets carried at fair value:
Short-term investments, available for sale	$ 7,484,156

Fair Value of Financial Instruments - Summary of Changes in Accrued License Fees and Debt Conversion Feature Liability Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Accrued License Fees [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 19,865,863
Additions		$ 21,687,576
Adjustments resulting from changes in fair value recognized in earnings	9,381,848	(1,821,713)
Issuance of shares of common stock	(29,247,711)
Ending balance		19,865,863
Debt Conversion Feature Liability [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	1,449,211	71,655
Additions		1,768,319
Adjustments resulting from changes in fair value recognized in earnings	1,043,478	(390,763)
Issuance of shares of common stock	(121,786)
Ending balance	$ 2,370,903	$ 1,449,211

Agreements with Ligand Pharmaceuticals Incorporated - Additional Information (Detail)			1 Months Ended		12 Months Ended
	Apr. 28, 2015 shares	Sep. 06, 2014 USD ($)	May. 31, 2015 shares	May. 31, 2014 ft²	Dec. 31, 2015 USD ($) shares	Dec. 31, 2014 USD ($)	Jul. 07, 2015 ft²
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
License agreement entered date					2014-05
Common stock issued as part of partial consideration of agreement \| shares			56,997
Common stock issued value as part of partial consideration of agreement					$ 29,247,711
Date of registration rights agreement amendment					Jan. 22, 2016
California [Member] \| Sublease [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Area of subleased premises \| ft²							7,049
Ligand [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
One time nonrefundable mile stone payments maximum payable amount					$ 1,540,000,000
Legal costs					$ 0
Sale and transfer of price equals to percentage of cost of goods					125.00%
Sublease rent expense per month						$ 13,500
Sublease expiration date				Dec. 31, 2014
Sublease commencement date				May 21, 2014
Ligand [Member] \| California [Member] \| Sublease [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Area of subleased premises \| ft²				5,851
Ligand [Member] \| Research and development expense [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Incremental charges incurred		$ 517,960
Ligand [Member] \| Loan and Security Agreement [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Date of agreement		May 21, 2014
Maximum aggregate loan amount		$ 2,500,000
Ligand [Member] \| Management Rights Letter [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Date agreement might terminate				May 21, 2024
Ligand [Member] \| Management Rights Letter [Member] \| Maximum [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Voting power of the surviving or acquiring entity				50.00%
Ligand [Member] \| Management Rights Letter [Member] \| Minimum [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Percentage of voting interest beneficiary owned				7.50%
IPO [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Common stock issued as part of partial consideration of agreement \| shares	3,000,000		3,450,000
IPO [Member] \| Ligand [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Common stock issued as part of partial consideration of agreement \| shares					3,655,964
Common stock issued value as part of partial consideration of agreement					$ 29,200,000

Accrued License Fees and License Fees Expense - Additional Information (Detail) - USD ($)			12 Months Ended
	May. 04, 2015	Sep. 06, 2014	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2015	May. 21, 2014
Accrued License Fees And License Fees Expense [Line Items]
Common stock, shares issued	3,655,964		9,683,741	6,000,000
Estimated aggregate value of common stock			$ 97	$ 60
License agreement date of agreement			Dec. 31, 2014
License agreement date of maturity			May 04, 2015
License fee liability	$ 29,247,711			19,865,863		$ 21,169,616
Incremental charge	9,381,848	$ 517,960
Decrease in license fee liability and other expense				1,821,713
Reduce the license fee liability				19,865,863
Additional paid-in capital	29,247,711		$ 54,277,716	$ 12,866
Maximum [Member]
Accrued License Fees And License Fees Expense [Line Items]
Exit scenario			50.00%
IPO [Member]
Accrued License Fees And License Fees Expense [Line Items]
Estimated aggregate value of common stock			$ 29,200,000
License fee liability	$ 27,422,872				$ 24,826,374
Ligand [Member]
Accrued License Fees And License Fees Expense [Line Items]
Estimated aggregate value of common stock			$ 29,000,000
Ligand [Member] \| IPO [Member]
Accrued License Fees And License Fees Expense [Line Items]
Common stock, shares issued			3,655,964

Convertible Notes Payable - Schedule of Convertible Notes Payable (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Current maturities:
Various convertible notes payable issued during 2013 with interest rates ranging from 2.16% to 4.68% annually, due during 2015		$ 310,350
Discount on notes payable, current	$ 0	(6,076)
Convertible notes payable, current portion (net of discount)		304,274
Long-term maturities:
Convertible note payable issued during 2014 to Ligand as part of the Master License Agreement with a 5% annual interest rate, due during 2016 (subsequently amended to 2017)	2,500,000	2,500,000
Discount on notes payable, long-term	(348,460)	(1,235,886)
Convertible notes payable, long-term (net of discount)	$ 2,151,540	$ 1,264,114

Convertible Notes Payable - Schedule of Convertible Notes Payable (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Due date for current maturities	2015	2015
Interest rate of Long-term maturities	5.00%	5.00%
Due date for Long-term maturities	2016	2016
Minimum [Member]
Debt Instrument [Line Items]
Interest rate for current maturities	2.16%
Maximum [Member]
Debt Instrument [Line Items]
Interest rate for current maturities	4.68%

Convertible Notes Payable - Additional Information (Detail) - USD ($)						6 Months Ended	12 Months Ended
	May. 28, 2015	May. 04, 2015	Apr. 28, 2015	Apr. 08, 2015	Sep. 30, 2012	Nov. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	May. 27, 2014	May. 21, 2014
Debt Instrument [Line Items]
Net proceeds from issuances of common stock							$ 25,392,500
Debt conversion feature liability								$ 58,742
Amortization of debt discount							893,502	557,961
Maximum amount of convertible promissory notes								310,350
Principal amount of notes converted		$ 310,350					456,412
Accrued interest of notes converted		$ 24,276
Converted into shares of the company's common stock		57,046
Debt conversion feature liability							2,370,903	1,390,469
Ligand Note [Member]
Debt Instrument [Line Items]
Amortization of debt discount							887,426
Interest expense							125,000
Cumulative accrued interest payable							183,611
Notes Payable							2,500,000
Other expenses related to debt conversion feature							980,434
IPO [Member]
Debt Instrument [Line Items]
Net proceeds from issuances of common stock	$ 3,225,866		$ 19,100,500
Fair value of debt conversion feature embedded note							$ 121,786
Converted into shares of the company's common stock		57,046
Anniversary date of closing			May 04, 2015				May 04, 2016
Ligand Debt
Debt Instrument [Line Items]
Amortization of debt discount								532,433
Interest expense								58,611
Loan and security agreement												$ 2,500,000
Initial loan amount received											$ 1,000,000
Loans receivable monthly installment						$ 250,000
Fixed accrued interest rate							5.00%
Fixed accrued interest rate of default loan							8.00%
Debt conversion feature liability								1,390,469
Loan Amendment [Member]
Debt Instrument [Line Items]
Convertible notes payable description							Ligand has agreed that it will not, until the earlier of (A) 270 days from the date of conversion of the Ligand Note or (B) April 28, 2016 (one year following the date of the prospectus filed with the SEC relating to the IPO), sell or otherwise transfer or dispose of the shares of common stock issuable upon conversion of the Ligand Note.
Note conversion, principal amount of loan plus all accrued and previously unpaid interest				200.00%
Loan Amendment [Member] \| IPO [Member]
Debt Instrument [Line Items]
Anniversary date of closing							May 04, 2016
Minimum [Member]
Debt Instrument [Line Items]
Notes interest rate							2.16%
Minimum [Member] \| Loan Amendment [Member]
Debt Instrument [Line Items]
Aggregate net proceeds from issue of equity securities				$ 20,000,000
Maximum [Member]
Debt Instrument [Line Items]
Notes interest rate							4.68%
Qualifying Financing [Member]
Debt Instrument [Line Items]
Net proceeds from issuances of common stock							$ 5,000,000
Notes [Member]
Debt Instrument [Line Items]
Maximum Issuance under Note Authorization					$ 1,000,000
Convertible promissory notes maturity term					2 years
Interest rate on unpaid principal amount					2.00%
Term of Convertible promissory notes interest rate							In the event that any principal amount due under the Notes was not paid in full by the maturity date, such unpaid principal amount would bear interest at the lesser of 2% or the maximum rate permissible by law.
Convertible notes payable description							In the event the Company undergoes a change in control, as defined in the Notes, prior to the maturity date and repayment of the Notes, the holders of the Notes will have the option to either (1) convert the loan balance into shares of the Company’s common stock in an amount equal to the ratio of (a) the then-outstanding loan balance over (b) the ratio of $7,500,000 divided by the number of shares of capital stock of the Company outstanding immediately prior to the change in control, or (2) demand immediate repayment of an amount equal to 125% of the then-outstanding loan balance.
Amount used to determine the issuance of shares upon conversion							$ 7,500,000
Repayment percentage of convertible notes							125.00%
Fair value of debt conversion feature embedded note									$ 42,747	$ 8,286
Debt conversion feature liability								58,742
Amortization of debt discount								25,529
Interest expense								12,104
Cumulative accrued interest payable								$ 18,611
Notes [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Notes interest rate							3.00%
Notes [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Notes interest rate							4.68%
Notes [Member] \| Option One [Member]
Debt Instrument [Line Items]
Percentage used to determine the issuance of shares upon conversion							70.00%
Notes [Member] \| Option Two [Member]
Debt Instrument [Line Items]
Percentage used to determine the issuance of shares upon conversion							75.00%

Stockholders' Equity (Deficit) - Additional Information (Detail)							1 Months Ended						12 Months Ended
	May. 28, 2015 USD ($) shares	May. 26, 2015 $ / shares shares	May. 04, 2015 USD ($) $ / shares shares	Apr. 28, 2015 USD ($) $ / shares shares	Apr. 08, 2015 USD ($)	Sep. 26, 2012 $ / shares shares	May. 31, 2015 USD ($) $ / shares shares	Jun. 30, 2014 Employee	May. 31, 2014 USD ($)	Mar. 31, 2014 USD ($) shares	Feb. 28, 2014 Tranche $ / shares shares	Jun. 30, 2013 USD ($) shares	Dec. 31, 2015 USD ($) $ / shares shares	Dec. 31, 2014 USD ($) $ / shares shares	Dec. 31, 2013 USD ($) $ / shares shares	Mar. 31, 2015 USD ($)	May. 21, 2014 USD ($)	Feb. 20, 2014 USD ($)
Equity [Line Items]
Preferred stock, shares authorized \| shares													10,000,000	0
Preferred stock, par value \| $ / shares													$ 0.00001
Preferred stock, shares outstanding \| shares													0	0
Common stock, shares authorized \| shares													300,000,000	25,000,000
Common stock, par value \| $ / shares													$ 0.00001	$ 0.00001
Common stock sold \| shares							56,997
Cash proceeds from common stock issuance \| $													$ 25,392,500
Refund of cash contributed by consultant for repurchase of common stock \| $													38	$ 2
Unrecognized compensation expense \| $													61,566					$ 168,000
Stock compensation expense \| $													$ 2,601,448	6,258
Number of common stock for issuance in exchange for future services from founders \| shares											1,000,000
Common stock price per share \| $ / shares											$ 0.01
Number of tranches \| Tranche											2
Common stock shares repurchased \| shares							633,810
Repurchase of common stock from stockholders, per share \| $ / shares							$ 0.00001
Remaining number of repurchased shares \| shares							366,190
Employment agreement with number of employees \| Employee								5
Employee agreement description													In exchange for this agreement to receive a lower salary, the Company agreed to issue, on the date of the closing of the IPO, to each of these employees a certain amount of fully vested restricted stock equal to the quotient of (1) the product of 150% of the difference between the employee’s post-IPO salary and his or her pre-IPO salary multiplied by the number of days between the date of the closing of the IPO and the date of execution of the employee’s employment agreement, divided by (2) the product of 365 multiplied by the closing sales price of the Company’s common stock on the date of the closing of the IPO.
Percentage of salary difference between post and pre IPO quotient of product								150.00%
Potential full vested restricted stock amount not recorded as liability \| $														520,476
Repurchase of common stock from stockholders, value \| $													$ 38	2
Granted, Shares \| shares													443,894
Accrued license fees \| $			$ 29,247,711											19,865,863			$ 21,169,616
Convertible notes payable, current \| $														304,274
Convertible notes payable, interest \| $														$ 77,222
Convertible notes payable and interest conversion, shares issued \| shares			57,046
Shares issued under ESPP \| shares													5,711
Loan Amendment [Member]
Equity [Line Items]
Note conversion, principal amount of loan plus all accrued and previously unpaid interest					200.00%
Note conversion, description													Ligand has agreed that it will not, until the earlier of (A) 270 days from the date of conversion of the Ligand Note or (B) April 28, 2016 (one year following the date of the prospectus filed with the SEC relating to the IPO), sell or otherwise transfer or dispose of the shares of common stock issuable upon conversion of the Ligand Note.
Minimum [Member] \| Loan Amendment [Member]
Equity [Line Items]
Aggregate net proceeds from issue of equity securities \| $					$ 20,000,000
IPO [Member]
Equity [Line Items]
Common stock sold \| shares				3,000,000			3,450,000
Cash proceeds from common stock issuance \| $	$ 3,225,866			$ 19,100,500
Repurchase of common stock \| shares			3,802,859
Repurchase of common stock from stockholders, per share \| $ / shares			$ 0.00001
Repurchase of common stock from stockholders, value \| $			$ 38
Anniversary date of closing				May 04, 2015									May 04, 2016
Common stock, price per share \| $ / shares		$ 8.00		$ 8.00
Underwriters option exercise period				30 days
Number of additional common shares pursuant to over-allotment option granted to the underwriters \| shares	450,000			450,000
Underwriting discounts, commissions and other offering expenses \| $	$ 374,134		4,899,500				$ 5,273,634
Accrued license fees \| $			27,422,872													$ 24,826,374
Non-cash interest charge \| $			4,421,338
Convertible notes payable, current \| $			310,350
Convertible notes payable, interest \| $			$ 24,276
Convertible notes payable and interest conversion, shares issued \| shares			57,046
Beneficial conversion charge \| $													$ 121,786
Additional shares purchase under underwriting agreement \| shares		450,000
IPO [Member] \| Ligand And Metabasis Therapeutics Inc [Member]
Equity [Line Items]
Common stock sold \| shares	228,105
IPO [Member] \| Accrued License Fees [Member]
Equity [Line Items]
Common stock, shares issued for contribution of intellectual property \| shares			3,427,859
IPO [Member] \| Loan Amendment [Member]
Equity [Line Items]
Anniversary date of closing													May 04, 2016
Tranche One [Member]
Equity [Line Items]
Stock compensation expense \| $													$ 18,407
Number of common stock for issuance in exchange for future services from founders \| shares											500,000
Remaining number of repurchased shares \| shares							183,095
Tranche Two [Member]
Equity [Line Items]
Number of common stock for issuance in exchange for future services from founders \| shares											500,000
Remaining number of repurchased shares \| shares							183,095
Founder [Member]
Equity [Line Items]
Common stock, shares issued for contribution of intellectual property \| shares						4,750,000
Deemed fair value per share \| $ / shares						$ 0.01
Common stock available under repurchase agreement \| shares													0
Consultant [Member]
Equity [Line Items]
Deemed fair value per share \| $ / shares															$ 0.01
Common stock sold \| shares															700,000
Cash proceeds from common stock issuance \| $															$ 7
Issuance of common stock for notes receivable \| $															$ 6,993
Repurchase of common stock \| shares										200,000		250,000
Refund of cash contributed by consultant for repurchase of common stock \| $										$ 2		$ 3
Termination of notes receivable in exchange of common stock repurchased \| $										$ 1,998		$ 2,497
Write off accounts receivable for consideration of service provided \| $									$ 2,498
Write off accounts receivable including interest for consideration of service provided \| $									2,581
Accrued interest writes off for consideration of service provided \| $									$ 83
Unrecognized compensation expense \| $													$ 290
Weighted-average Recognition Period													1 year 3 months
Stock compensation expense \| $													$ 145
Non-employee Directors [Member]
Equity [Line Items]
Granted, Shares \| shares				83,144
Employees, Directors and Consultants [Member] \| IPO [Member]
Equity [Line Items]
Common stock sold \| shares													422,879
Granted, Shares \| shares													206,000

Stock-Based Compensation - Additional Information (Detail)		12 Months Ended
	Dec. 31, 2015 USD ($) shares	Dec. 31, 2015 USD ($) Period $ / shares shares	Dec. 31, 2014 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock reserved for issuance \| shares	2,420,795	2,420,795	695,733
Weighted average fair value of stock options granted to employees \| $ / shares		$ 6.26
Options outstanding, Aggregate Intrinsic Value \| $	$ 0	$ 0
Options exercisable, Aggregate Intrinsic Value \| $	0	$ 0
Excess tax benefit from stock-based awards \| $	$ 0
2014 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance, description		Initially, a total of 1,527,770 shares of the Company’s common stock were reserved for issuance pursuant to the 2014 Plan, which number is also the limit on shares of common stock available for awards of incentive stock options. The number of shares available for issuance under the 2014 Plan will, unless otherwise determined by the Company’s Board of Directors or the Compensation Committee, be automatically increased on January 1st of each year commencing on January 1, 2016 and ending on (and including) January 1, 2024, in an amount equal to 3.5% of the total number of shares of the Company’s common stock outstanding on December 31st of the preceding calendar year.
Percentage of common stock outstanding to increase shares reserved for issuance		3.50%
The 2014 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock reserved for issuance \| shares	1,527,770	1,527,770
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock reserved for issuance \| shares	458,331	458,331
ESPP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance, description		The number of shares available for issuance under the ESPP will, unless otherwise determined by the Company’s Board of Directors or the Compensation Committee, be automatically increased on January 1st of each year commencing on January 1, 2016 and ending on (and including) January 1, 2024, in an amount equal to 1% of the total number of shares of the Company’s common stock outstanding on December 31st of the preceding calendar year.
Percentage of common stock outstanding to increase shares reserved for issuance		1.00%
Duration of employee stock purchase plan as determined by the compensation committee		24 months
Duration for offering period, employee stock purchase plan		6 months
Employee stock purchase plan, number of purchase periods \| Period		4
Maximum duration for purchase under employee stock purchase plan		1 year
Maximum duration of employee stock purchase plan		27 months
Percentage of purchase of common stock		85.00%
Percentage of common stock on the date of purchase		85.00%

Stock-Based Compensation - Schedule of Unrecognized Stock-based Compensation Expense, Net of Estimated Forfeitures, by Type of Award and Weighted-average Recognition Period (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Feb. 20, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Expense, Net of Estimated Forfeitures	$ 61,566	$ 168,000
Stock options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Expense, Net of Estimated Forfeitures	$ 1,409,808
Weighted-average Recognition Period	2 years 7 months 10 days
Restricted stock and restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Expense, Net of Estimated Forfeitures	$ 2,442,289
Weighted-average Recognition Period	2 years 6 months 29 days

Stock-Based Compensation - Summary of Restricted Shares Granted and Stock Units Activity (Detail)	12 Months Ended
	Dec. 31, 2015 $ / shares shares
Restricted shares granted [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, Unvested, Beginning balance \| shares	2,018,752
Shares, Granted \| shares	462,090
Shares, Vested \| shares	(702,165)
Shares, Forfeited \| shares	(105,000)
Shares, Repurchased \| shares	(1,005,714)
Shares, Unvested, Ending balance \| shares	667,963
Weighted-Average Grant Date Fair Value, Unvested, Beginning balance \| $ / shares	$ 0.08
Weighted-Average Grant Date Fair Value, Granted \| $ / shares	9.49
Weighted-Average Grant Date Fair Value, Vested \| $ / shares	1.37
Weighted-Average Grant Date Fair Value, Forfeited \| $ / shares	9.49
Weighted-Average Grant Date Fair Value, Repurchased \| $ / shares	0.03
Weighted-Average Grant Date Fair Value, Unvested, Ending balance \| $ / shares	$ 3.68
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, Granted \| shares	84,000
Shares, Forfeited \| shares	(8,250)
Shares, Unvested, Ending balance \| shares	75,750
Weighted-Average Grant Date Fair Value, Granted \| $ / shares	$ 8.18
Weighted-Average Grant Date Fair Value, Forfeited \| $ / shares	7.27
Weighted-Average Grant Date Fair Value, Unvested, Ending balance \| $ / shares	$ 8.27

Stock-Based Compensation - Summary of Stock Option Activity (Detail)	12 Months Ended
	Dec. 31, 2015 $ / shares shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Granted, Shares \| shares	443,894
Cancelled, Shares \| shares	(78,500)
Outstanding ending balance, Shares \| shares	365,394
Options exercisable, Shares \| shares	40,250
Granted, Weighted-Average Exercise Price \| $ / shares	$ 8.49
Cancelled, Weighted-Average Exercise Price \| $ / shares	8.54
Outstanding ending balance, Weighted-Average Exercise Price \| $ / shares	8.48
Options exercisable, Weighted-Average Exercise Price \| $ / shares	$ 9.49
Options outstanding, Weighted Average Remaining Contractual Term	9 years 4 months 21 days
Options exercisable, Weighted Average Remaining Contractual Term	9 years 4 months 6 days

Stock-Based Compensation - Schedule of Weighted Average Assumptions using Black-Scholes Option Pricing Model (Detail)	12 Months Ended
	Dec. 31, 2015
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract]
Expected volatility	85.20%
Expected term (in years)	6 years 5 months 27 days
Risk-free interest rate	1.81%
Expected dividend yield	0.00%

Representative's Warrant - Additional Information (Detail) - $ / shares		1 Months Ended	12 Months Ended
	May. 04, 2015	May. 31, 2015	Dec. 31, 2015
Class of Warrant or Right [Line Items]
Issuance of shares of common stock		56,997
Exercise price of warrant			$ 10.00
Warrant description			The warrant is exercisable for cash or on a cashless basis at a per share exercise price equal to $10.00 commencing on April 28, 2016, one year following the date of the prospectus filed with the SEC relating to the IPO, and expiring on April 28, 2020. In addition, the warrant provides for registration rights upon request, under certain circumstances. The piggyback registration right provided in connection with the warrant will terminate on April 28, 2022
Warrant termination date			Apr. 28, 2022
Initial public offering, expiration date			Apr. 28, 2020
Common stock warrants [Member]
Class of Warrant or Right [Line Items]
Issuance of shares of common stock	82,500

Income Taxes - Schedule of Reconciliations of the U.S. Federal Statutory Tax Rate to the Effective Income Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Tax provision at U.S. Federal statutory rates	34.00%	34.00%
State income taxes net of federal benefit	8.00%	8.00%
Non-deductible permanent items	(2.00%)	(1.00%)
Change in valuation allowance	(40.00%)	(41.00%)
Effective income tax rate	0.00%	0.00%

Income Taxes - Schedule of Significant Components of Company's Deferred Taxes (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets:
Accrued liabilities	$ 48,982
Intangible assets	14,009,497	$ 7,993,293
Net operating loss carryforwards	2,430,249	548,247
Share-based compensation	986,534	6,306
Share conversion feature	243,759
Other	3,510	530
Total deferred tax assets	17,722,531	8,548,376
Valuation Allowance	(17,722,531)	(8,403,620)
Net deferred tax assets		144,756
Deferred tax liabilities:
Debt conversion feature		(144,756)
Total:	$ 0	$ 0

Related Party Transactions - Additional Information (Detail)	Dec. 31, 2015
Ligand [Member]
Related Party Transaction [Line Items]
Equity method investment, ownership percentage	49.40%