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Subsequent Events
3 Months Ended
Mar. 31, 2016
Subsequent Events [Abstract]  
Subsequent Events

11.SUBSEQUENT EVENT

On April 11, 2016, the Company entered into two separate license agreements with Dong-A ST Co., Ltd, or Dong-A, pursuant to which (a) the Company obtained an exclusive license in the United States, Canada, European Union states, Switzerland and Australia, or the Territory, for the development and commercialization of EVO for all therapeutic indications, or the Evogliptin License Agreement and (b) Dong-A received an exclusive license to develop and market the Company’s CVC for all therapeutic indications in the Republic of Korea, or the CVC License Agreement, and, together with the Evogliptin License Agreement, the License Agreements.

Pursuant to the Evogliptin License Agreement, the Company agreed to pay to Dong-A an upfront cash payment of $1.5 million, and may be required to pay up to $25 million to Dong-A linked to the achievement of certain development and regulatory milestones for the first therapeutic indication and up to $10 million for each additional therapeutic indications in the United States and Europe.  Dong-A is also eligible to receive up to an additional $35 million based upon the Company’s achievement of certain commercial milestones.  Further, once a licensed product is approved, the Company will be required to make tiered royalty payments in the high single to low double-digits to Dong-A based on net sales of such licensed product in the Territory. Dong-A will be the exclusive supplier of EVO for the Company’s clinical studies and commercial distribution.

Pursuant to the CVC License Agreement, Tobira will receive an upfront cash payment of $0.5 million from Dong-A and is eligible to receive up to an additional $2.5 million in payments linked to the achievement of milestones similar to those in the Evogliptin License Agreement for the first therapeutic indication and $0.5 million for each additional therapeutic indication in the Republic of Korea. Further, once a licensed product is approved, Dong-A will be required to make tiered double digit royalty payments to the Company based on net sales of such licensed product in the Republic of Korea.