Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2019	Nov. 01, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Registrant Name	AVENUE THERAPEUTICS, INC.
Entity Central Index Key	0001644963
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Trading Symbol	ATXI
Entity Common Stock, Shares Outstanding		16,661,355
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Small Business	true

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current Assets:
Cash and cash equivalents	$ 8,741	$ 2,671
Short-term investments	5,000
Deferred financing costs	61	1,702
Prepaid expenses and other current assets	76	152
Total Assets	13,878	4,525
Current Liabilities:
Accounts payable and accrued expenses	1,901	4,669
Accounts payable and accrued expenses - related party	16	487
Total current liabilities	1,917	5,156
Total Liabilities	1,917	5,156
Commitments and Contingencies
Stockholders' Equity (Deficit)
Common Stock ($0.0001 par value), 50,000,000 shares authorized Common shares; 16,661,355 and 10,667,714 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively	2	1
Additional paid-in capital	74,661	41,577
Accumulated deficit	(62,702)	(42,209)
Total Stockholders' Equity (Deficit)	11,961	(631)
Total Liabilities and Stockholders' Equity (Deficit)	13,878	4,525
Series A Preferred Stock [Member]
Stockholders' Equity (Deficit)
Preferred Stock ($0.0001 par value), 2,000,000 shares authorized Class A Preferred Stock, 250,000 shares issued and outstanding as of September 30, 2019 and December 31, 2018	$ 0	$ 0

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	2,000,000	2,000,000
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	50,000,000	50,000,000
Common Stock, Shares, Issued	16,661,355	10,667,714
Common Stock, Shares, Outstanding	16,661,355	10,667,714
Series A Preferred Stock [Member]
Preferred Stock, Shares Issued	250,000	250,000
Preferred Stock, Shares Outstanding	250,000	250,000

CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Operating expenses:
Research and development	$ 1,706	$ 1,788	$ 18,339	$ 14,981
General and administrative	617	820	2,452	2,733
Loss from operations	(2,323)	(2,608)	(20,791)	(17,714)
Interest income	(81)	(13)	(298)	(85)
Net Loss	$ (2,242)	$ (2,595)	$ (20,493)	$ (17,629)
Net loss per common share outstanding, basic and diluted	$ (0.14)	$ (0.25)	$ (1.32)	$ (1.73)
Weighted average number of common shares outstanding, basic and diluted	16,376,204	10,295,958	15,487,519	10,216,466

- Definition

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

+ References + Details

CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Class A Preferred Shares	Common Stock [Member]	Common Shares Issuable	Additional paid-in capital	Accumulated deficit	Total
Balance at Dec. 31, 2017		$ 1	$ 1,103	$ 38,937	$ (20,661)	$ 19,380
Balance (in shares) at Dec. 31, 2017	250,000	10,265,083	273,837
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share based compensation				1,043		1,043
Share based compensation (in shares)		107,978
Issuance of common shares - Founders Agreement			$ (1,103)	1,103
Issuance of common shares - Founders Agreement (in shares)		273,837	(273,837)
Cashless exercise of warrants under the NSC Note (in shares)		15,500
Net loss					(17,629)	(17,629)
Balance at Sep. 30, 2018		$ 1		41,083	(38,290)	2,794
Balance (in shares) at Sep. 30, 2018	250,000	10,662,398
Balance at Jun. 30, 2018		$ 1		40,711	(35,695)	5,017
Balance (in shares) at Jun. 30, 2018	250,000	10,554,170
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share based compensation				372		372
Share based compensation (in shares)		107,978
Cashless exercise of warrants under the NSC Note (in shares)		250
Net loss					(2,595)	(2,595)
Balance at Sep. 30, 2018		$ 1		41,083	(38,290)	2,794
Balance (in shares) at Sep. 30, 2018	250,000	10,662,398
Balance at Dec. 31, 2018		$ 1		41,577	(42,209)	(631)
Balance (in shares) at Dec. 31, 2018	250,000	10,667,714
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share based compensation				1,585		1,585
Share based compensation (in shares)		75,000
Issuance of common shares, net of costs		$ 1		31,499		31,500
Issuance of common shares, net of costs (in shares)		5,833,333
Cashless exercise of warrants under the NSC Note (in shares)		85,308
Net loss					(20,493)	(20,493)
Balance at Sep. 30, 2019		$ 2		74,661	(62,702)	11,961
Balance (in shares) at Sep. 30, 2019	250,000	16,661,355
Balance at Jun. 30, 2019		$ 2		74,362	(60,460)	13,904
Balance (in shares) at Jun. 30, 2019	250,000	16,559,747
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share based compensation				299		299
Share based compensation (in shares)		75,000
Cashless exercise of warrants under the NSC Note (in shares)		26,608
Net loss					(2,242)	(2,242)
Balance at Sep. 30, 2019		$ 2		$ 74,661	$ (62,702)	$ 11,961
Balance (in shares) at Sep. 30, 2019	250,000	16,661,355

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net loss	$ (20,493)	$ (17,629)
Adjustments to reconcile net loss to net cash used in operating activities:
Share based compensation	1,585	1,043
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	76	(71)
Accounts payable and accrued expenses	(1,960)	(639)
Accounts payable and accrued expenses - related party	(471)	318
Net cash used in operating activities	(21,263)	(16,978)
Cash flows from investing activities:
Purchase of Short-term investments (certificates of deposit)	(5,000)
Maturity of Short-term investments (certificates of deposit)		10,000
Net cash (used in) provided by investing activities	(5,000)	10,000
Cash flows from financing activities:
Issuance of common shares	35,000
Offering costs	(2,667)
Net cash provided by financing activities	32,333
Net change in cash	6,070	(6,978)
Cash and cash equivalents, beginning of period	2,671	11,782
Cash and cash equivalents, end of period	8,741	$ 4,804
Non-cash financing activities:
Prior period financing costs	$ 833

Organization, Plan of Business Operations	9 Months Ended
Organization, Plan of Business Operations	Sep. 30, 2019
Organization, Plan of Business Operations
Organization, Plan of Business Operations	Note 1 - Organization, Plan of Business Operations Avenue Therapeutics, Inc. (the “Company” or “Avenue”) was incorporated in Delaware on February 9, 2015, as a wholly owned subsidiary of Fortress Biotech, Inc. (“Fortress”), to develop and market pharmaceutical products for the acute care setting in the United States. The Company is focused on developing its product candidate, an intravenous (“IV”) formulation of tramadol HCI (“IV Tramadol”), for moderate to moderately severe post-operative pain. Stock Purchase and Merger Agreement On November 12, 2018, the Company and InvaGen Pharmaceuticals Inc. (“InvaGen”), entered into definitive agreements with two closing stages for a proposed acquisition of the Company for a total aggregate consideration of $215.0 million. The Stock Purchase and Merger Agreement (the “SPMA”) was approved by a majority of the Company’s stockholders, including a majority of its non-affiliated stockholders, at its special shareholder meeting on February 6, 2019. On February 8, 2019, InvaGen acquired 5,833,333 shares of the Company’s common stock at $6.00 per share (the “Stock Purchase Transaction”) for net proceeds of $31.5 million after deducting commission fees and other offering costs, representing a 33.3% stake in the Company’s capital stock on a fully diluted basis. At the second stage closing, InvaGen will acquire the remaining shares of Avenue’s common stock, pursuant to a reverse triangular merger with Avenue remaining as the surviving entity, for up to $180.0 million in the aggregate (the “Merger Transaction”). The second stage closing is subject to the satisfaction of certain closing conditions, including conditions pertaining to U.S. Food and Drug Administration approval, labeling, scheduling and the absence of any Risk Evaluation and Mitigation Strategy or similar restrictions in effect with respect to IV Tramadol, as well as the expiration of any waiting period applicable to the acquisition under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Subject to the terms and conditions described in the SPMA, InvaGen may also provide interim financing to the Company in an amount of up to $7.0 million during the time period between the Stock Purchase Transaction (which occurred on February 8, 2019) and the Merger Transaction. Any amounts drawn on the interim financing will be deducted from the aggregate consideration payable to the Company’s stockholders by virtue of the Merger Transaction. There have been no amounts drawn upon this interim financing as of September 30, 2019. Liquidity and Capital Resources The Company has incurred substantial operating losses since its inception and expects to continue to incur significant operating losses for the foreseeable future as it executes on its product development plan and may never become profitable. As of September 30, 2019, the Company had an accumulated deficit of $62.7 million. The Company believes that its cash and cash equivalents and short-term investments as of September 30, 2019, as well as its intent for interim financing of $7.0 million from InvaGen, will enable the Company to continue to fund operations in the normal course of business for more than a twelve-month period from the date of filing this Quarterly Report on Form 10-Q. However, changing circumstances, some of which may be beyond its control, could cause the Company to consume capital faster than it currently anticipates if certain milestone payments become due, and it may need to seek additional funds sooner than planned. Accordingly, the Company would be required to obtain further funding through equity offerings, debt financings, collaborations and licensing arrangements or other sources.

Significant Accounting Policies

9 Months Ended

Sep. 30, 2019

Significant Accounting Policies

Significant Accounting Policies

Note 2 — Significant Accounting Policies

Basis of Presentation

The accompanying unaudited interim condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and the instructions to Form 10‑Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S GAAP for complete financial statements. In the opinion of management, the unaudited interim condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Certain information and footnote disclosures normally included in the Company’s annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These unaudited interim condensed financial statement results are not necessarily indicative of results to be expected for the full fiscal year or any future period.

Therefore, these unaudited interim condensed financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended December 31, 2018, which were included in the Company’s Form 10‑K, and filed with the U.S. Securities and Exchange Commission (“SEC”) on March 12, 2019. The results of operations for any interim periods are not necessarily indicative of the results that may be expected for the entire fiscal year or any other interim period.

The Company has no subsidiaries.

Use of Estimates

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

Summary of Significant Accounting Policies

The Company’s significant accounting policies are described in Note 2 in its audited financial statements for the year ended December 31, 2018 included in the Company’s Form 10-K. With the exception of those noted below, there have been no material changes to the Company’s significant accounting policies.

Short-term Investments

The Company classifies certain of its certificates of deposit as short-term investments in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification (“ASC”) 320, Investments - Debt and Equity Securities. The Company considers all short-term investments with an original maturity in excess of three months but less than a year when purchased to be short-term investments. In May 2019, the Company purchased $5.0 million of certificates of deposit with an original maturity of six months. There were no investments as of December 31, 2018. The Company reassesses the appropriateness of the classification of its investments at the end of each reporting period. The Company has determined that its certificates of deposit with an original maturity of six months should be classified as short-term investments as of September 30, 2019. This classification was based upon management’s determination that it has the positive intent and ability to hold the securities until their maturity dates, as its investments mature within one year and the underlying cash invested in these securities is not required for current operations.

Investments consist of short-term FDIC insured certificates of deposit carried at amortized cost using the effective interest method. The cost of the Company’s certificates of deposit approximated fair value.

Net loss per Share

Loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding, excluding unvested restricted stock and stock options, during the period. Since dividends are declared paid and set aside among the holders of shares of common stock and Class A common stock pro-rata on an as-if-converted basis, the two-class method of computing net loss per share is not required.

The following table sets forth the common shares that could potentially dilute basic income per share in the future that were not included in the computation of diluted income (loss) per share because to do so would have been anti-dilutive for the periods presented:


	For the Three and Nine Months Ended
	September 30,	September 30,
	2019	2018
Restricted stock units/awards	1,115,162	1,121,310
Preferred shares	250,000	250,000
Options	—	20,000
Total potential dilutive effect	1,365,162	1,391,310

Recently Adopted Accounting Standards

In June 2018, the FASB issued Accounting Standard Updated (“ASU”) No. 2018‑07, Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018‑07”), which simplifies the accounting for share-based payments granted to nonemployees for goods and services. Under the ASU, most of the guidance on such payments to nonemployees would be aligned with the requirements for share-based payments granted to employees. The changes take effect for public companies for fiscal years starting after December 15, 2018, including interim periods within that fiscal year. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, but no earlier than an entity’s adoption date of Topic 606. The Company adopted ASU 2018‑07 in the first quarter of 2019 and its adoption did not have a material impact on the Company’s unaudited condensed financial statements.

Related Party Agreements	9 Months Ended
Related Party Agreements	Sep. 30, 2019
Related Party Agreements
Related Party Agreements	Note 3 — Related Party Agreements Management Services Agreement with Fortress Effective as of February 17, 2015, Fortress entered into a Management Services Agreement (the “MSA”) with Avenue to provide advisory and consulting services to Avenue for a period of five (5) years. Services provided under the MSA may include, without limitation, (i) advice and assistance concerning any and all aspects of Avenue’s operations, clinical trials, financial planning and strategic transactions and financings and (ii) conducting relations on behalf of Avenue with accountants, attorneys, financial advisors and other professionals (collectively, the “Services”). Avenue is obligated to utilize clinical research services, medical education, communication and marketing services and investor relations/public relation services of companies or individuals designated by Fortress, provided those services are offered at market prices. However, Avenue is not obligated to take or act upon any advice rendered from Fortress and Fortress shall not be liable for any of Avenue’s actions or inactions based upon their advice. Fortress and its affiliates, including all members of Avenue’s Board of Directors, have been contractually exempt from fiduciary duties to Avenue relating to corporate opportunities. In consideration for the Services, Avenue will pay Fortress an annual consulting fee of $0.5 million (the “Annual Consulting Fee”), payable in advance in equal quarterly installments on the first business day of each calendar quarter in each year, provided, however, that such Annual Consulting Fee shall be increased to $1.0 million for each calendar year in which Avenue has net assets in excess of $100.0 million at the beginning of the calendar year. Concurrently with the execution and delivery of the SPMA, the Company, InvaGen and Fortress entered into a Waiver Agreement, pursuant to which, among other things, Fortress irrevocably waived its right to receive dividends of the Company’s common shares under the terms of the Class A Preferred Stock and any fees, payments, reimbursements or other distributions under the MSA, until the termination of certain rights of InvaGen, pursuant to the Stockholders Agreement. For the three months ended September 30, 2019 and 2018, the Company had expenses related to the MSA of $0 and approximately $0.1 million, respectively. For the nine months ended September 30, 2019 and 2018, the Company had expenses related to the MSA of $0 and approximately $0.4 million, respectively.

Accounts Payable and Accrued Expenses

9 Months Ended

Sep. 30, 2019

Accounts Payable and Accrued Expenses

Accounts Payable and Accrued Expenses

Note 4 — Accounts Payable and Accrued Expenses

Accounts payable, accrued expenses and other liabilities consisted of the following (in thousands):


	As of September 30,		As of December 31,
	2019		2018
Accounts payable	$	808	$	3,089
Accrued employee compensation		330		463
Accrued contracted services and other		763		1,117
Accounts payable and accrued expenses	$	1,901	$	4,669

Stockholders' Equity

9 Months Ended

Sep. 30, 2019

Stockholders' Equity

Stockholders' Equity

Note 5 — Stockholders’ Equity

Stock Purchase Transaction

On February 8, 2019, InvaGen acquired 5,833,333 shares of the Company’s common stock at $6.00 per share for net proceeds of $31.5 million after deducting commission fees and other offering costs, representing a 33.3% stake in the Company’s capital stock on a fully diluted basis.

Equity Incentive Plan

The Company has in effect the 2015 Incentive Plan (“2015 Incentive Plan”). The 2015 Incentive Plan was adopted in December 2015 by our stockholders. Under the 2015 Incentive Plan, the compensation committee of the Company’s board of directors is authorized to grant stock-based awards to directors, officers, employees and consultants. The plan authorizes grants to issue up to 2,000,000 shares of authorized but unissued common stock and expires 10 years from adoption and limits the term of each option to no more than 10 years from the date of grant.

Restricted Stock Units and Restricted Stock Awards

The following table summarizes restricted stock unit and award activity for the nine months ended September 30, 2019:


		Weighted
	Number of Units	Average Grant
	and Awards	Date Fair Value
Unvested balance at December 31, 2018	1,104,643	$	4.45
Granted	261,173	$	5.95
Vested	(250,654)	$	4.41
Unvested balance at September 30, 2019	1,115,162	$	4.86

For the three months ended September 30, 2019 and 2018, stock-based compensation expenses associated with the amortization of restricted stock units and restricted stock awards for employees and non-employees were approximately $0.3 million and $0.4 million, respectively. For the nine months ended September 30, 2019 and 2018, stock-based compensation expenses associated with the amortization of restricted stock units and restricted stock awards for employees and non-employees were approximately $1.6 million and $1.0 million, respectively.

At September 30, 2019, the Company had unrecognized stock-based compensation expense related to restricted stock units and restricted stock awards of $1.4 million, which is expected to be recognized over the remaining weighted-average vesting period of 1.5 years. This amount does not include, as of September 30, 2019, 361,173 shares of restricted stock outstanding which are performance-based and vest upon achievement of certain corporate milestones. The expense is recognized over the vesting period of the award. Stock-based compensation for milestone awards will be measured and recorded if and when it is probable that the milestone will be achieved.

Stock Options

The following table summarizes stock option award activity for the nine months ended September 30, 2019:


				Weighted Average
		Weighted		Remaining
		Average Exercise		Contractual Life
	Stock Options	Price		(in years)
Outstanding, December 31, 2018	20,000	$	6.29	3.63
Cancelled/forfeited	(20,000)		6.29	—
Outstanding, September 30, 2019	—	$	—	—

Stock Warrants

The following table summarizes the warrant activity for the nine months ended September 30, 2019:


			Weighted	Aggregate
		Average Exercise		Intrinsic Value
	Warrants	Price		(in thousands)
Outstanding, December 31, 2018	102,597	$	0.0976	$	544
Exercised	(85,308)	$	0.0001		—
Outstanding, September 30, 2019	17,289	$	0.5786	$	93

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2019

Significant Accounting Policies

Basis of Presentation

The accompanying unaudited interim condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and the instructions to Form 10‑Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S GAAP for complete financial statements. In the opinion of management, the unaudited interim condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Certain information and footnote disclosures normally included in the Company’s annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These unaudited interim condensed financial statement results are not necessarily indicative of results to be expected for the full fiscal year or any future period.

Therefore, these unaudited interim condensed financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended December 31, 2018, which were included in the Company’s Form 10‑K, and filed with the U.S. Securities and Exchange Commission (“SEC”) on March 12, 2019. The results of operations for any interim periods are not necessarily indicative of the results that may be expected for the entire fiscal year or any other interim period.

The Company has no subsidiaries.

Use of Estimates

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

Summary of Significant Accounting Policies

The Company’s significant accounting policies are described in Note 2 in its audited financial statements for the year ended December 31, 2018 included in the Company’s Form 10-K. With the exception of those noted below, there have been no material changes to the Company’s significant accounting policies.

Short-term Investments

The Company classifies certain of its certificates of deposit as short-term investments in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification (“ASC”) 320, Investments - Debt and Equity Securities. The Company considers all short-term investments with an original maturity in excess of three months but less than a year when purchased to be short-term investments. In May 2019, the Company purchased $5.0 million of certificates of deposit with an original maturity of six months. There were no investments as of December 31, 2018. The Company reassesses the appropriateness of the classification of its investments at the end of each reporting period. The Company has determined that its certificates of deposit with an original maturity of six months should be classified as short-term investments as of September 30, 2019. This classification was based upon management’s determination that it has the positive intent and ability to hold the securities until their maturity dates, as its investments mature within one year and the underlying cash invested in these securities is not required for current operations.

Investments consist of short-term FDIC insured certificates of deposit carried at amortized cost using the effective interest method. The cost of the Company’s certificates of deposit approximated fair value.

Net loss per Share

Loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding, excluding unvested restricted stock and stock options, during the period. Since dividends are declared paid and set aside among the holders of shares of common stock and Class A common stock pro-rata on an as-if-converted basis, the two-class method of computing net loss per share is not required.

The following table sets forth the common shares that could potentially dilute basic income per share in the future that were not included in the computation of diluted income (loss) per share because to do so would have been anti-dilutive for the periods presented:


	For the Three and Nine Months Ended
	September 30,	September 30,
	2019	2018
Restricted stock units/awards	1,115,162	1,121,310
Preferred shares	250,000	250,000
Options	—	20,000
Total potential dilutive effect	1,365,162	1,391,310

Recently Adopted Accounting Standards

In June 2018, the FASB issued Accounting Standard Updated (“ASU”) No. 2018‑07, Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018‑07”), which simplifies the accounting for share-based payments granted to nonemployees for goods and services. Under the ASU, most of the guidance on such payments to nonemployees would be aligned with the requirements for share-based payments granted to employees. The changes take effect for public companies for fiscal years starting after December 15, 2018, including interim periods within that fiscal year. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, but no earlier than an entity’s adoption date of Topic 606. The Company adopted ASU 2018‑07 in the first quarter of 2019 and its adoption did not have a material impact on the Company’s unaudited condensed financial statements.

Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2019

Significant Accounting Policies

Schedule of diluted income (loss) per share


	For the Three and Nine Months Ended
	September 30,	September 30,
	2019	2018
Restricted stock units/awards	1,115,162	1,121,310
Preferred shares	250,000	250,000
Options	—	20,000
Total potential dilutive effect	1,365,162	1,391,310

Accounts Payable and Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2019

Accounts Payable and Accrued Expenses

Schedule of accounts payable, accrued expenses and other liabilities


	As of September 30,		As of December 31,
	2019		2018
Accounts payable	$	808	$	3,089
Accrued employee compensation		330		463
Accrued contracted services and other		763		1,117
Accounts payable and accrued expenses	$	1,901	$	4,669

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2019

Stockholders' Equity

Schedule of Restricted Stock Units and Restricted Stock Awards


		Weighted
	Number of Units	Average Grant
	and Awards	Date Fair Value
Unvested balance at December 31, 2018	1,104,643	$	4.45
Granted	261,173	$	5.95
Vested	(250,654)	$	4.41
Unvested balance at September 30, 2019	1,115,162	$	4.86

Schedule of stock option award activity


				Weighted Average
		Weighted		Remaining
		Average Exercise		Contractual Life
	Stock Options	Price		(in years)
Outstanding, December 31, 2018	20,000	$	6.29	3.63
Cancelled/forfeited	(20,000)		6.29	—
Outstanding, September 30, 2019	—	$	—	—

Schedule of warrant activity


			Weighted	Aggregate
		Average Exercise		Intrinsic Value
	Warrants	Price		(in thousands)
Outstanding, December 31, 2018	102,597	$	0.0976	$	544
Exercised	(85,308)	$	0.0001		—
Outstanding, September 30, 2019	17,289	$	0.5786	$	93

Organization, Plan of Business Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 08, 2019	Sep. 30, 2019	Dec. 31, 2018	Nov. 12, 2018
Accumulated deficit		$ (62,702)	$ (42,209)
Line of Credit [Member]
Interim Financing Amount	$ 7,000	$ 7,000
Invagen Pharmaceuticals Inc [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares	5,833,333
Business Acquisition, Share Price	$ 6.00
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned	$ 31,500			$ 215,000
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	33.30%
Invagen Pharmaceuticals Inc [Member] \| Common Stock [Member]
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned, Remaining Purchase Amount				$ 180,000

Significant Accounting Policies (Details) - shares	3 Months Ended		9 Months Ended
Significant Accounting Policies (Details) - shares	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potential dilutive effect (in shares)	1,365,162	1,391,310	1,365,162	1,391,310
Restricted stock units/awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potential dilutive effect (in shares)	1,115,162	1,121,310	1,115,162	1,121,310
Preferred shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potential dilutive effect (in shares)	250,000	250,000	250,000	250,000
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potential dilutive effect (in shares)		20,000		20,000

Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	May 31, 2019	Sep. 30, 2019
Significant Accounting Policies
Payments to Acquire Investments	$ 5,000	$ 5,000

Related Party Agreements (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
Related Party Agreements (Details) - USD ($) $ in Millions	Feb. 17, 2017	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Majority Shareholder [Member]
Related Party Transaction [Line Items]
Service Agreement Expenses		$ 0.0	$ 0.1	$ 0.0	$ 0.4
Asset Management Income [Member]
Related Party Transaction [Line Items]
Annual Consulting Fee	$ 0.5
Increase in Annual Consulting Fee	1.0
Excess in Net Assets Value	$ 100.0

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Accounts Payable and Accrued Expenses
Accounts payable	$ 808	$ 3,089
Accrued employee compensation	330	463
Accrued contracted services and other	763	1,117
Accounts payable and accrued expenses	$ 1,901	$ 4,669

Stockholders' Equity - Stock Purchase Transaction (Details) - Invagen Pharmaceuticals Inc [Member] - USD ($) $ / shares in Units, $ in Millions	Feb. 08, 2019	Nov. 12, 2018
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares	5,833,333
Business Acquisition, Share Price	$ 6.00
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned	$ 31.5	$ 215.0
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	33.30%

Stockholders' Equity - Equity Incentive Plan (Details) - Two Thousand Fifteen Incentive Plan [Member]	9 Months Ended
	Sep. 30, 2019 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	2,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award	10 years

Stockholders' Equity - Restricted Stock Units and Restricted Stock Awards - Activity (Details) - Restricted stock units/awards	9 Months Ended
	Sep. 30, 2019 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Units, Unvested Beginning Balance \| shares	1,104,643
Number of Units, Granted \| shares	261,173
Number of Units, Vested \| shares	(250,654)
Number of Units, Unvested Ending Balance \| shares	1,115,162
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Date Fair Value, Unvested Beginning Balance \| $ / shares	$ 4.45
Weighted Average Grant Date Fair Value, Granted \| $ / shares	5.95
Weighted Average Grant Date Fair Value, Vested \| $ / shares	4.41
Weighted Average Grant Date Fair Value, Unvested Ending Balance \| $ / shares	$ 4.86

Stockholders' Equity - Restricted Stock Units and Restricted Stock Awards - Share-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Restricted stock units/awards
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based Compensation	$ 0.3	$ 0.4	$ 1.6	$ 1.0

Stockholders' Equity - Restricted Stock Units and Restricted Stock Awards - Unrecognized Share-based Compensation Expense (Details) - Restricted stock units/awards $ in Millions	9 Months Ended
	Sep. 30, 2019 USD ($) shares
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized [Abstract]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options \| $	$ 1.4
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 6 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number \| shares	361,173

Stockholders' Equity - Stock Options (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Stock Options, Outstanding, Beginning	20,000
Cancelled/forfeited	(20,000)
Stock Options, Outstanding, Ending	0	20,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted Average Exercise Price, Outstanding, Beginning	$ 6.29
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price	6.29
Weighted Average Exercise Price, Outstanding, Ending	$ 0.00	$ 6.29
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted Average Remaining Contractual Life		3 years 7 months 17 days

Stockholders' Equity - Warrants (Details) - Warrants under National Securities, Inc Note [Member] $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($)
Class of Warrant or Right [Line Items]
Beginning Balance (in shares) \| shares	102,597
Exercised (in shares) \| shares	(85,308)
Ending Balance (in shares) \| shares	17,289
Aggregate Intrinsic Value \| $	$ 93	$ 544
Weighted Average [Member]
Class of Warrant or Right [Line Items]
Beginning Balance (in dollars per shares) \| $ / shares	$ 0.0976
Exercised (in dollars per share) \| $ / shares	0.0001
Ending Balance (in dollars per shares) \| $ / shares	$ 0.5786