Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2015	Nov. 09, 2015
Document and Entity Information
Entity Registrant Name	Bellerophon Therapeutics, Inc.
Entity Central Index Key	0001600132
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		13,099,864
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3

Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 23,908	$ 16,815
Restricted cash	3,863	9,264
Marketable securities	17,391
Receivables - Due from Ikaria, Inc.	250
Prepaid expenses and other current assets	1,444	1,602
Total current assets	46,856	27,681
Restricted cash, non-current	457	1,548
Deferred transaction costs		2,466
Property and equipment, net	1,847	1,696
Total assets	49,160	33,391
Current liabilities:
Accounts payable	934	376
Accrued research and development	3,041	6,666
Accrued expenses	3,438	2,751
Due to Ikaria, Inc.	1,231	661
Total current liabilities	8,644	10,454
Total liabilities	8,644	10,454
Commitments and contingencies
Stockholders' / members' equity:
Common stock, $0.01 par value per share; 94,273,819 shares authorized, 12,979,878 shares issued and outstanding at September 30, 2015	130
Additional paid in-capital	130,237
Accumulated other comprehensive income	1
Membership units, no par value per unit; 94,273,819 voting units authorized, 7,524,196 voting units issued and outstanding at December 31, 2014; 19,416,481 non-voting units authorized, 381,129 non-voting units issued and outstanding at December 31, 2014		77,156
Accumulated deficit	(89,852)	(54,219)
Total stockholders' / members' equity	40,516	22,937
Total liabilities and stockholders' / members' equity	$ 49,160	$ 33,391

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2015	Dec. 31, 2014
Common stock, par value (in dollars per share)	$ 0.01
Common stock, shares authorized (in shares)	94,273,819
Common stock, shares issued (in shares)	12,979,878
Common stock, shares outstanding (in shares)	12,979,878
Membership units, par value (in dollars per share)		$ 0
Voting
Membership units, units authorized (in shares)		94,273,819
Membership units, units issued (in shares)		7,524,196
Membership units, units outstanding (in shares)		7,524,196
Non-voting
Membership units, units authorized (in shares)		19,416,481
Membership units, units issued (in shares)		381,129
Membership units, units outstanding (in shares)		381,129

Condensed Consolidated Statements of Operations (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Operating expenses:
Research and development	$ 7,090	$ 11,559	$ 25,036	$ 36,368
General and administrative	4,329	3,934	12,337	10,598
Total operating expenses	11,419	15,493	37,373	46,966
Other operating income	250		1,667
Loss from operations	(11,169)	(15,493)	(35,706)	(46,966)
Interest income	27	13	73	61
Pre-tax loss	(11,142)	(15,480)	(35,633)	(46,905)
Net loss	$ (11,142)	$ (15,480)	$ (35,633)	$ (46,905)
Weighted average shares/units outstanding:
Basic and diluted	12,911,905	7,897,143	12,012,002	7,898,041
Net loss per share/unit:
Basic and diluted	$ (0.86)	$ (1.96)	$ (2.97)	$ (5.94)

Condensed Consolidated Statements of Comprehensive Loss (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net loss	$ (11,142)	$ (15,480)	$ (35,633)	$ (46,905)
Other comprehensive income
Unrealized gains on available-for-sale marketable securities	1		1
Total other comprehensive income, net of tax	1		1
Comprehensive loss	$ (11,141)	$ (15,480)	$ (35,632)	$ (46,905)

- Definition

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

+ References+ Details

Condensed Consolidated Statements of Changes in Stockholders'/Members Equity (USD $) In Thousands, except Share data	Membership Units	Common Stock	Additional Paid in Capital.	Accumulated Other Comprehensive Income	Accumulated Deficit	Total
Balance at beginning of period at Dec. 31, 2014	$ 77,156				$ (54,219)	$ 22,937
Balance at beginning of period (in shares) at Dec. 31, 2014	7,905,325
Net loss					(35,633)	(35,633)
Other comprehensive income				1		1
Sale of membership units	1					1
Sale of membership units (in units)	67
Conversion of membership units into common stock in connection with conversion of LLC into a C-Corp.	(77,157)	79	77,078
Conversion of membership units into common stock in connection with conversion of LLC into a C-Corp. (in shares)	(7,905,392)	7,905,392
Sale of common stock in initial public offering ($12.00 per share), net of underwriting discounts and commissions and offering expenses of $8,085)		50	51,865			51,915
Sale of common stock in initial public offering (12.00 per share), net of underwriting discounts and commissions and offering expenses of $8,085) (in shares)		5,000,000
Exercise of options			51			51
Exercise of options (in shares)		6,513
Stock-based compensation		1	1,243			1,244
Stock-based compensation (in shares)		67,973
Balance at end of period at Sep. 30, 2015		$ 130	$ 130,237	$ 1	$ (89,852)	$ 40,516
Balance at end of period (in shares) at Sep. 30, 2015		12,979,878				12,979,878

Condensed Consolidated Statements of Changes in Stockholders'/Members Equity (Parenthetical) (USD $) In Thousands, except Per Share data, unless otherwise specified	9 Months Ended
	Sep. 30, 2015	Feb. 19, 2015
Condensed Consolidated Statements of Changes in Members' Equity and Invested Equity (Deficit)
Share price of initial public offering (in dollars per share)		$ 12.00
Underwriting discounts and commissions and offering expenses	$ 8,085

Condensed Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net loss	$ (35,633)	$ (46,905)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	273	294
Stock based compensation	1,244	1,299
Accretion and amortization of discounts and premiums on marketable securities, net	5
Changes in operating assets and liabilities:
Increase in receivables due from Ikaria, Inc.	(250)
Decrease (increase) in prepaid expenses and other current assets	158	(19)
Decrease (increase) in restricted cash held for Ikaria, Inc.	6,949	(13,127)
Increase in restricted cash held as security deposit	(457)
Decrease in accounts payable, accrued research and development, and accrued expenses	(1,826)	(344)
Increase in amounts due to Ikaria, Inc.	570	631
Net cash used in operating activities	(28,967)	(58,171)
Cash flows from investing activities:
Capital expenditures	(424)
Purchase of marketable securities	(18,865)
Proceeds from sale of marketable securities	1,470
Net cash used in investing activities	(17,819)
Cash flows from financing activities:
Contribution from Ikaria, Inc. in connection with Spin-Out		80,000
Cash contributions from Ikaria, Inc., net		9,252
Transaction costs paid		(447)
Proceeds from sale of membership units	1
Proceeds received from exercise of options	51
Repurchase of units		(29)
Cash proceeds from issuance of common stock from initial public offering, net of issuance costs	53,827
Net cash provided by financing activities	53,879	88,776
Net change in cash and cash equivalents	7,093	30,605
Cash and cash equivalents at beginning of period	16,815
Cash and cash equivalents at end of period	23,908	30,605
Non-cash financing activities:
Investment by Ikaria, Inc., net		7,491
Non-cash investing activities:
Change in unrealized holding gains on marketable securities, net	$ 1

Organization, Nature of the Business and Management's Plans Regarding Financing of Future Operations	9 Months Ended
	Sep. 30, 2015
Organization, Nature of the Business and Management's Plans Regarding Financing of Future Operations
Organization, Nature of the Business and Management's Plans Regarding Financing of Future Operations	(1) Organization, Nature of the Business and Management’s Plans Regarding Financing of Future Operations Bellerophon Therapeutics, Inc., or the Company, is a clinical-stage therapeutics company focused on developing innovative products at the intersection of drugs and devices that address significant unmet medical needs in the treatment of cardiopulmonary and cardiac diseases. The focus of the Company’s clinical program is the continued development of its nitric oxide therapy for patients with pulmonary hypertension, or PH, using its proprietary delivery system, INOpulse, with pulmonary arterial hypertension, or PAH, representing the lead indication. The Company’s business is subject to significant risks and uncertainties, including but not limited to: ●The risk that the Company will not achieve success in its research and development efforts, including clinical trials conducted by it or its potential collaborative partners. ●The expectation that the Company will experience operating losses for the next several years. ●Decisions by regulatory authorities regarding whether and when to approve the Company’s regulatory applications as well as their decisions regarding labeling and other matters which could affect the commercial potential of the Company’s products or product candidates. ●The risk that the Company will fail to obtain adequate financing to meet its future capital and financing needs. ●The risk that key personnel will leave the Company and/or that the Company will be unable to recruit and retain senior level officers to manage its business. The Company was formerly the research and development operating segment of Ikaria, Inc. (a subsidiary of Mallinckrodt plc), or Ikaria. During the third quarter of 2013 in conjunction with Ikaria’s financing activities, Ikaria began reporting financial information for two operating segments: its research and development business and its commercial business. During the fourth quarter of 2013, Ikaria completed an internal reorganization of the assets and subsidiaries of its two operating segments. In connection with the internal reorganization, Ikaria formed the Company as a new wholly-owned subsidiary and transferred the research and development-related assets related to INOpulse for PAH and INOpulse for pulmonary hypertension associated with chronic obstructive pulmonary disease, or PH-COPD, to the Company and/or its subsidiaries. On December 24, 2013, Ikaria and Madison Dearborn Partners, or MDP, entered into an agreement and plan of merger, under which MDP would acquire a majority ownership position in Ikaria and existing shareholders retained a minority ownership position in Ikaria through certain merger transactions, or the Merger. On February 12, 2014, prior to the Merger, Ikaria distributed all of the Company’s outstanding units to Ikaria’s stockholders in a pro rata distribution through a special dividend, which is referred to as the Spin-Out. In the Spin-Out, each holder of Ikaria common stock received one voting limited liability company interest in the Company for each share of Ikaria common stock held. In connection with the Spin-Out, $80.0 million of cash was distributed to the Company. At the time of the Spin-Out, $18.5 million of the $80.0 million cash held by the Company was deposited in escrow to guarantee payment of the monthly services fees payable by the Company to Ikaria in exchange for the services to be provided by Ikaria pursuant to the Company’s transition services agreement with Ikaria, or the TSA, during the 24 months following the Spin-Out. At September 30, 2015, the escrowed cash balance was approximately $3.9 million and is classified as restricted cash, all of which is reflected as current, on the condensed consolidated balance sheet at September 30, 2015. See Note 7— Related-Party Transactions. On July 9, 2015, the Company entered into an amendment to the TSA advancing the termination date from February 9, 2016 to September 30, 2015. Pursuant to this amendment, during October 2015, the Company received from escrow $3.3 million, which is equal to the amount it deposited to pay amounts owed to Ikaria under the TSA for the period from October 1, 2015 to February 9, 2016. On February 19, 2015, the Company completed the sale of 5,000,000 shares of common stock, or the IPO, at a price to the public of $12.00 per share, resulting in net proceeds to the Company of $51.9 million after deducting underwriting discounts and commissions of $4.2 million and offering costs of $3.9 million. The Company’s common stock began trading on the NASDAQ Global Market under the symbol “BLPH” on February 13, 2015.

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2015
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	(2) Summary of Significant Accounting Policies (a) Basis of Presentation The accompanying unaudited condensed consolidated financial statements were prepared following the requirements of the Securities and Exchange Commission for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by accounting principles generally accepted in the United States of America, or U.S. GAAP, can be condensed or omitted. The Company is responsible for the unaudited condensed consolidated financial statements. The condensed consolidated financial statements include all normal and recurring adjustments that are considered necessary for the fair presentation of the Company’s financial position, results of operations, comprehensive loss and its cash flows for the periods presented. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2014 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The results of operations for the three and nine months ended September 30, 2015 for the Company are not necessarily indicative of the results expected for the full year. On February 2, 2015, the Company effected a reverse unit split of its outstanding units at a ratio of one unit for every 12.5257 units previously held. All unit/share and per unit/per share data included in these condensed consolidated financial statements reflect the reverse unit split. In February 2015, the Company converted from a limited liability company to a C-corporation. The preparation of financial statements 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 financial statements and the reported amounts of costs and expenses during the reporting period, including accrued research and development expenses, stock-based compensation, income taxes and valuation of long-lived assets. Actual results could differ from those estimates. For periods prior to the Spin-Out, the financial statements were carved out of the consolidated financial statements of Ikaria. Management believes that the statements of operations for the nine months ended September 30, 2014 (which include a period of forty-two days prior to the Spin-Out) include reasonable allocations of costs and expenses incurred by Ikaria which benefited the Company. However, such amounts may not be indicative of the actual level of costs and expenses that would have been incurred by the Company if it had operated as an independent stand-alone company or of the costs and expenses expected to be incurred in the future. As such, the financial information for the nine months ended September 30, 2014 may not necessarily reflect the results of operations and cash flows of the Company had it been an independent stand-alone company for the period, or the results of operations and cash flows expected in the future. (b) Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity date of three months or less to be cash equivalents. (c) Restricted Cash Restricted cash classified under current assets represents amounts held on deposit with a bank in relation to the TSA. The funds related to the TSA are held in an account to settle the required payment to Ikaria for services to be provided in connection with the TSA. See Note 7— Related-Party Transactions. Restricted cash, non-current, represents amounts held on deposit with a bank as a security deposit for the lease of office space. The required payments to be paid in excess of one year from the balance sheet date are classified as long-term restricted cash. (d) Stock-Based Compensation The Company accounts for its stock-based compensation in accordance with Accounting Standards Codification, or ASC, 718 Compensation— Stock Compensation, which establishes accounting for share-based awards, including stock options and restricted stock, exchanged for services and requires companies to expense the estimated fair value of these awards over the requisite service period. The Company recognizes stock-based compensation expense in operations based on the fair value of the award on the date of the grant. The resulting compensation expense is recognized on a straight-line basis over the requisite service period or sooner if the awards immediately vest. The Company determines the fair value of stock options issued using a Black-Scholes-Merton option pricing model. Certain assumptions used in the model include expected volatility, dividend yield, risk-free interest rate, and expected term. For restricted stock, the fair value is the closing market price per share on the grant date. See Note 6 — Stock-Based Compensation for a description of these assumptions. Prior to the date of the Spin-Out, stock-based compensation expense for the Company represented an allocation of Ikaria’s stock-based compensation expense based on the allocation percentages of the Company’s cost centers, which were determined based on specific identification or the proportionate percentage of employee time or headcount to the respective total Ikaria employee time or headcount. (e) Deferred Transaction Costs Deferred transaction costs represent IPO-related costs primarily associated with third-party professional legal, accounting and printing fees associated with the initial public offering of the Company’s shares. These IPO-related costs were deferred and charged against the gross proceeds of the offering when the public offering of equity securities was complete as a reduction of additional paid-in capital. As of September 30, 2015, the Company charged all deferred transaction costs against the gross proceeds of the offering. (f) Income Taxes Prior to its conversion to a Delaware corporation in February 2015, the Company was a Delaware limited liability company that passed through income and losses to its members for U.S. federal and state income tax purposes. As a result of its conversion to a Delaware corporation, the Company recognized deferred income taxes through income tax expense related to temporary differences that existed as of the date of its tax status change. The Company uses the asset and liability approach to account for income taxes as required by ASC 740, Income Taxes, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Valuation allowances are provided when necessary to reduce deferred tax assets to the amount expected to be realized, on a more likely than not basis. The Company recognizes the benefit of an uncertain tax position that it has taken or expects to take on income tax returns it files if such tax position is more likely than not to be sustained on examination by the taxing authorities, based on the technical merits of the position. These tax benefits are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. As of the date of the conversion to a taxable corporation, the Company recognized approximately $17.9 million of deferred tax assets which consisted principally of excess tax-over-book basis in intangible assets and property, plant and equipment and certain accruals that were transferred from the limited liability company to the corporation. The Company also recognized a full valuation allowance since it has a cumulative loss position and no positive evidence of taxable income to support recovery of its deferred tax assets. The Company incurred transaction costs of approximately $8.1 million in connection with the IPO which were recorded as a reduction of equity. These costs are nondeductible until and if the Company liquidates or terminates, which is not expected in the foreseeable future. Therefore, the Company did not recognize a deferred tax asset for such costs. The Company’s estimated tax rate for 2015 is expected to be zero because the Company expects to generate additional losses and currently has a full valuation allowance. The deferred tax assets balance before valuation allowance as of September 30, 2015 was approximately $33.4 million. The increase in deferred tax assets after the corporate conversion is principally due to the year-to-date loss, adjusted for nondeductible items including stock compensation expense related to the Company’s equity incentive plan, the nondeductible portion of the orphan drug costs, and the orphan drug credits. The valuation allowance is required until the Company has sufficient positive evidence of taxable income necessary to support realization of its deferred tax assets. A valuation allowance release is generally recognized in income tax expense (as a benefit). The Company did not have material uncertain tax positions as of September 30, 2015. (g) Marketable Securities The Company’s marketable securities consist of federally insured certificates of deposit classified as available-for-sale that are recorded at amortized cost, which approximates fair value, and corporate or agency bonds classified as available-for-sale that are recorded at fair value. (h) Research and Development Expense Research and development costs are expensed as incurred. These expenses include the costs of the Company’s proprietary research and development efforts, as well as costs incurred in connection with certain licensing arrangements. Upfront and milestone payments made to third parties in connection with research and development collaborations are expensed as incurred up to the point of regulatory approval. Payments made to third parties upon or subsequent to regulatory approval are capitalized and amortized over the remaining useful life of the related product. The Company also expenses the cost of purchased technology and equipment in the period of purchase if it believes that the technology or equipment has not demonstrated technological feasibility and it does not have an alternative future use. Nonrefundable advance payments for goods or services that will be used or rendered for future research and development activities are deferred and are recognized as research and development expense as the related goods are delivered or the related services are performed.

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

+ References+ Details

Liquidity	9 Months Ended
Liquidity	Sep. 30, 2015
Liquidity
Liquidity	(3) Liquidity In the course of its development activities, the Company has sustained operating losses and expects such losses to continue over the next several years. The Company had cash and cash equivalents of $23.9 million, restricted cash classified under current assets of $3.9 million and marketable securities of $17.4 million as of September 30, 2015. The Company received net proceeds of $51.9 million in February 2015 as a result of the IPO, after deducting underwriting discounts and commissions of $4.2 million and offering costs of $3.9 million. The Company’s cash and marketable securities will be used primarily to fund the first of two INOpulse for PAH Phase 3 trials, in which the Company expects to enroll the first patient by the end of 2015. The Company expects these funds will be sufficient to complete this Phase 3 trial due in part to the fact that the Company has implemented certain restructuring and cost reduction programs. See Note 12 — Restructuring Charges for a description of the restructuring plan. The Company believes, as of September 30, 2015, it has sufficient funds to satisfy its operating cash needs for at least the next 12 months. The Company’s ultimate success depends on the outcome of its research and development activities. Management recognizes the Company will need to raise additional capital through the potential issuance of additional equity or borrowings or entering into strategic alliances with partner companies to fund all necessary research and development activities to successfully commercialize its product candidates. However, if such financing is not available at adequate levels or strategic alliances with partner companies do not occur, the Company will need to reevaluate its plans. The Company’s estimates and assumptions may prove to be wrong, and the Company may exhaust its capital resources sooner than expected. The process of testing product candidates in clinical trials is costly, and the timing of progress in clinical trials is uncertain. Because the Company’s product candidates are in clinical development and the outcome of these efforts is uncertain, the Company cannot estimate the actual amounts that will be necessary to successfully complete the development and commercialization, if approved, of its product candidates or whether, or when, the Company may achieve profitability.

Property, Plant and Equipment

9 Months Ended

Sep. 30, 2015

Property, Plant and Equipment

Property, Plant and Equipment

(4) Property, Plant and Equipment

At the date of the Spin-Out, Ikaria transferred specifically identified assets to the Company at the carrying amount of the assets as of February 12, 2014. Prior to the date of the Spin-Out, property, plant and equipment and accumulated depreciation were either specifically identified or allocated to the Company by Ikaria. Property, plant and equipment as of September 30, 2015 and December 31, 2014 consisted of the following (in thousands):

	September 30,			December 31,
	2015			2014

Machinery, equipment and furniture	$	2,943		$	2,943
Less accumulated depreciation	(1,520		)	(1,247		)
Construction in progress	424			—

	$	1,847		$	1,696

Construction in progress as of September 30, 2015 consists of leasehold improvements and furniture and fixtures for which the Company took possession in October 2015 related to the Company’s new office space in Warren, New Jersey.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

+ References+ Details

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2015
Income Taxes
Income Taxes	(5) Income Taxes The effective tax rate for each of the three and nine months ended September 30, 2015 and 2014 was 0.0%. For the three and nine months ended September 30, 2015, the effective rate was lower than the federal statutory rates primarily due to the losses incurred and the full valuation allowance on deferred tax assets. For the three and nine months ended September 30, 2014, the effective rate was lower than the federal statutory rates because the Company was a limited liability company and a pass through entity for tax purposes. As of September 30, 2015, there were no material uncertain tax positions. There are no tax positions for which a material change in any unrecognized tax benefit liability is reasonably possible in the next 12 months.

- 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+ Details

Stock-Based Compensation

9 Months Ended

Sep. 30, 2015

Stock-Based Compensation.

Stock-Based Compensation

(6) Stock-Based Compensation

Determining the appropriate fair value of stock-based awards requires the input of subjective assumptions, including the fair value of the Company’s units (prior to the IPO date) and for options, the expected term of the option and expected volatility. The Company uses the Black-Scholes-Merton option pricing model to value its stock option awards. The assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. As a result, if factors change and management uses different assumptions, stock-based compensation expense could be materially different for future awards. The expected term of stock options is estimated using the “simplified method,” as the Company has no historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for its stock options grants. The simplified method is based on the average of the vesting tranches and the contractual life of each grant. For volatility, the Company uses comparable public companies as a basis for its expected volatility to calculate the fair value of option grants due to its limited history as a public company. The risk-free interest rate is based on U.S. Treasury notes with a term approximating the expected term of the option. For restricted stock, the fair value is the closing market price per share on the grant date. The estimation of the number of stock awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from the Company’s current estimates, such amounts will be recorded as an adjustment in the period in which estimates are revised.

Bellerophon 2015 and 2014 Equity Incentive Plans

During the nine months ended September 30, 2015, the Company adopted the 2015 Equity Incentive Plan, or the 2015 Plan, which provides for the grant of options, restricted stock and other forms of equity compensation. As of September 30, 2015, the Company is authorized to issue equity compensation under the 2015 Plan in an amount up to an aggregate of 500,162 shares to eligible employees, directors and consultants.

As of September 30, 2015, there was approximately $4.2 million of total unrecognized compensation expense related to unvested stock awards. This expense is expected to be recognized over a weighted-average period of 2.7 years.

No tax benefit was recognized during the nine months ended September 30, 2015 related to stock-based compensation expense since the Company incurred operating losses and has established a full valuation allowance to offset all the potential tax benefits associated with its deferred tax assets.

Options

Compensation expense is measured based on the fair value of the option on the grant date and is recognized on a straight-line basis over the requisite service period, or sooner if vesting occurs sooner than on a straight-line basis. Options are forfeited if the employee ceases to be employed by the Company prior to vesting.

During the year ended December 31, 2014, the Company adopted the 2014 Equity Incentive Plan, or the 2014 Plan, which provides for the grant of options. Following the effectiveness of the Company’s registration statement filed in connection with its IPO, no options may be granted under the 2014 Plan. The awards granted under the 2014 Plan generally have a vesting period of four years, of which 25% of the awards vest on the second anniversary of grant date, 25% vest on the third anniversary and the remaining 50% vest on the fourth anniversary of the grant date. The awards granted under the 2015 Plan have a vesting period of either three or four years, of which equal annual installments vest over the vesting period either beginning on the date of grant or on the one year anniversary of the date of grant.

The weighted average grant-date fair value of options issued during the nine months ended September 30, 2015 and 2014 was $6.55 and $9.98, respectively. The following are the weighted average assumptions used in estimating the fair value of options issued during the nine months ended September 30, 2015 and 2014.

	Nine Months Ended		Nine Months Ended
	September 30, 2015		September 30, 2014
Valuation assumptions:
Risk-free rate	1.60	%	1.71	%
Expected volatility	79.18	%	90.29	%
Expected term (years)	6.1		6.2
Dividend yield	—	%	—	%

A summary of option activity under the 2015 and 2014 Plans for the nine months ended September 30, 2015 is presented below:

	Bellerophon 2015 and 2014 Equity Incentive Plans
							Weighted Average
			Range of		Weighted		Remaining
			Exercise		Average		Contractual
	Options		Price		Price		Life (in years)
Options outstanding as of December 31, 2014	508,280		$	13.28	$	13.28	9.5
Granted	443,607		4.12 - 12.00		9.53
Exercised	—
Forfeited	(153,356	)	8.23 - 13.28		10.07

Options outstanding as of September 30, 2015	798,531		$	4.12 - 13.28	$	11.81	9.1

Options vested and exercisable as of September 30, 2015	240,740		$	8.23 - 13.28	$	12.34	8.9

Restricted Stock

All restricted stock awards granted under the 2015 Plan to date were in relation to 2015 incentives for employees and vest in full one year from the grant date.

A summary of restricted stock activity under the 2015 Plan for the nine months ended September 30, 2015 is presented below:

	Bellerophon 2015 Equity Incentive Plan
				Aggregate		Weighted Average
		Weighted		Grant Date		Remaining
		Average		Fair Value		Contractual
	Shares	Fair Value		(in millions)		Life (in years)
Restricted stock outstanding as of December 31, 2014	—	$	—	$	—	—
Granted	67,973	4.12		0.3
Exercised	—
Forfeited	—

Restricted stock outstanding as of September 30, 2015	67,973	$	4.12	$	0.3	1.0

Ikaria Equity Incentive Plans prior to February 12, 2014

Options

In February 2014, prior to the Spin-Out, each Ikaria stock option, other than options held by non-accredited investors who were also not employees of Ikaria, was adjusted such that it became an option to acquire the same number of shares of Ikaria non-voting common stock as were subject to the Ikaria stock option, or an Adjusted Ikaria Option, and an option to acquire the same number of non-voting limited liability company units of the Company as the number of shares of Ikaria non-voting common stock that were subject to the Ikaria stock option, or a Bellerophon Option. There were 618,212 Bellerophon Options issued as a result of the adjustment of Ikaria stock options. The vesting of each Adjusted Ikaria Option and Bellerophon Option was fully accelerated on the date of the Spin-Out and all related compensation expense was recognized as an expense by Ikaria.

Prior to and in connection with the Spin-Out, the exercise price of each Adjusted Ikaria Option and Bellerophon Option was adjusted by allocating the relative post Spin-Out estimated fair values of Ikaria and the Company in a ratio of 85% and 15%, respectively, to the original Ikaria option exercise price. The expiration date of the options was not modified. The Company’s allocable portion of Ikaria’s stock-based compensation expense related to options for the period from January 1, 2014 through February 11, 2014 was approximately $0.1 million.

A summary of option activity under the assumed Ikaria 2007 stock option plan and the assumed Ikaria 2010 long term incentive plan for the nine months ended September 30, 2015 is presented below:

	Ikaria Equity Incentive Plans
							Weighted Average
			Range of		Weighted		Remaining
			Exercise		Average		Contractual
	Options		Price		Price		Life (in years)
Options outstanding as of December 31, 2014	577,975		$	0.26 - 17.92	$	7.11	4.5
Granted	—
Exercised	(6,513	)	7.77		7.77
Forfeited	(287,918	)	7.77 - 15.66		8.67

Options outstanding as of September 30, 2015	283,544		$	0.26 - 17.92	$	5.50	3.8

Options vested and exercisable as of September 30, 2015	283,544		$	0.26 - 17.92	$	5.50	3.8

The intrinsic value of options exercised during the nine months ended September 30, 2015 was deminimis. The intrinsic value of options outstanding, vested and exercisable as of September 30, 2015 was $0.5 million.

Restricted Stock Units

In February 2014, prior to the Spin-Out, each Ikaria restricted stock unit, or RSU, was adjusted such that it became an RSU with respect to the same number of shares of Ikaria non-voting common stock as were subject to the Ikaria RSU, or an Adjusted Ikaria RSU, and an RSU with respect to the same number of non-voting limited liability company units of the Company as were subject to the Ikaria RSU, or a Bellerophon RSU. In connection with the Merger and the Spin-Out, the vesting of each Adjusted Ikaria RSU and Bellerophon RSU was fully accelerated. The compensation expense incurred upon the acceleration of the RSUs was recognized by Ikaria. Fully vested Bellerophon RSUs of 372,947 became Bellerophon non-voting units as of the date of the Spin-Out.

Ikaria had granted RSUs to employees that generally vested over a four-year period. RSUs granted prior to January 1, 2011 vested 25% annually. RSUs granted on and after January 1, 2011 vested 25% on the second and third anniversary of the date of grant and 50% on the fourth anniversary of the date of grant. Shares of Ikaria non-voting common stock were delivered to the employee upon vesting, subject to payment of applicable withholding taxes, which were paid in cash or an equivalent amount of shares withheld. Compensation expense for all RSUs was based on the grant date fair value of the RSU issued, which was based on the fair value of common stock of Ikaria. Compensation expense for RSUs was recognized by Ikaria on a straight-line basis over the requisite service period. The RSU expense allocated from Ikaria totaled $0.2 million for the period from January 1, 2014 through February 11, 2014.

Stock-Based Compensation Expense, Net of Estimated Forfeitures

The following table summarizes the stock-based compensation expense by the unaudited condensed consolidated statement of operations line items for the three and nine months ended September 30, 2015 and 2014. For comparison purposes, the following disclosures include share-based compensation expenses recognized under the 2015 Plan and the 2014 Plan and expenses for dates prior to the Spin-Out that were allocated to the Company related to Ikaria share-based awards.

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2015		2014		2015		2014
Research and development	$	32	$	—	$	274	$	272
General and administrative	405		263		970		1,027

Total expense	$	437	$	263	$	1,244	$	1,299

- Definition

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

+ References+ Details

Related-Party Transactions

9 Months Ended

Sep. 30, 2015

Related-Party Transactions

Related-Party Transactions

(7) Related-Party Transactions

Separation and Distribution Agreement

In connection with the Spin-Out, in February 2014, the Company and Ikaria entered into a separation and distribution agreement which sets forth provisions relating to the separation of the Company’s business from Ikaria’s other businesses. The separation and distribution agreement described the assets and liabilities that remained with or were transferred to the Company and those that remained with or were transferred to Ikaria. The separation and distribution agreement provides for a full and complete release and discharge of all liabilities between Ikaria and the Company, except as expressly set forth in the agreement. The Company and Ikaria each agreed to indemnify, defend and hold harmless the other party and its subsidiaries, and each of their respective past and present directors, officers and employees, and each of their respective permitted successors and assigns, from any and all damages relating to, arising out of or resulting from, among other things, the Company’s business and certain additional specified liabilities or Ikaria’s business and certain additional specified liabilities, as applicable.

License Agreement

In February 2014 the Company entered into a cross-license, technology transfer and regulatory matters agreement with a subsidiary of Ikaria. Pursuant to the terms of the license agreement, Ikaria granted to the Company a fully paid-up, non-royalty-bearing, exclusive license under specified intellectual property rights controlled by Ikaria to engage in the development, manufacture and commercialization of nitric oxide, devices to deliver nitric oxide and related services for or in connection with out-patient, chronic treatment of patients who have PAH, PH-COPD or pulmonary hypertension associated with idiopathic pulmonary fibrosis, or PH-IPF. Pursuant to the terms of the license agreement, the Company granted Ikaria a fully paid-up, non-royalty-bearing, exclusive license under specified intellectual property rights that the Company controls to engage in the development, manufacture and commercialization of products and services for or used in connection with the diagnosis, prevention or treatment, whether in- or out-patient, of certain conditions and diseases other than PAH, PH-COPD or PH-IPF and for the use of nitric oxide to treat or prevent conditions that are primarily managed in the hospital. The Company agreed that, during the term of the license agreement, it will not, without the prior written consent of Ikaria, grant a sublicense under any of the intellectual property licensed to the Company under the license agreement to any of its affiliates or any third party, in either case, that directly or indirectly competes with Ikaria’s nitric oxide business.

On July 27, 2015, the Company entered into an amendment to the license agreement to expand the scope of the Company’s license to allow the Company to develop its INOpulse program for the treatment of three additional indications: chronic thromboembolic pulmonary hypertension, or CTEPH, pulmonary hypertension associated with sarcoidosis and pulmonary hypertension associated with pulmonary edema from high altitude sickness. Subject to the terms set forth therein, the amendment to the license agreement also provides that the Company will pay Ikaria a royalty equal to 5% of net sales of any commercialized products for the three additional indications.

Agreements Not to Compete

In September 2013, October 2013 and February 2014, the Company and each of its subsidiaries entered into an agreement not to compete with a subsidiary of Ikaria, each of which was amended in July 2015, or, collectively, the agreements not to compete. Pursuant to the agreements not to compete, as amended, the Company and each of its subsidiaries agreed not to engage, anywhere in the world, in any manner, directly or indirectly, until the earlier of five years after the effective date of such agreement not to compete amendments or the date on which Ikaria and all of its subsidiaries are no longer engaged in such business, in:

(1)the development, manufacture, commercialization, promotion, sale, import, export, servicing, repair, training, storage, distribution, transportation, licensing, or other handling or disposition of any product or service (including, without limitation, any product or service that utilizes, contains or includes nitric oxide for inhalation, a device intended to deliver nitric oxide or a service that delivers or supports the delivery of nitric oxide), bundled or unbundled, for or used in connection with (a) the diagnosis, prevention, or treatment, in both adult and/or pediatric populations, and whether in- or out-patient, of: (i) hypoxic respiratory failure associated with pulmonary hypertension, (ii) pulmonary hypertensive episodes and right heart failure associated with cardiovascular surgery, (iii) bronchopulmonary dysplasia, (iv) the management of ventilation—perfusion mismatch in acute lung injury, (v) the management of ventilation—perfusion mismatch in acute respiratory distress syndrome, (vi) the management of pulmonary hypertension episodes and right heart failure in congestive heart failure, (vii) the management of pulmonary hypertension episodes and right heart failure in pulmonary or cardiac surgery, (viii) the management of pulmonary hypertension episodes and right heart failure in organ transplant, (ix) sickle cell vaso-occlusive crisis, (x) hypoxia associated with pneumonia, or (xi) ischemia-reperfusion injury, or (b) the use of nitric oxide to treat or prevent conditions that are primarily managed in the hospital; or

(2)any and all development, manufacture, commercialization, promotion, sale, import, export, storage, distribution, transportation, licensing, or other handling or disposition of any terlipressin or any other product within the pressin family, (a) intended to treat (i) hepatorenal syndrome in any form (HRS), (ii) bleeding esophageal varices or (iii) septic shock, or (b) for or in connection with the management of low blood pressure.

Transition Services Agreement

In February 2014, the Company and Ikaria entered into the TSA, pursuant to which Ikaria agreed to use commercially reasonable efforts to provide certain transition services to the Company, which services include management/executive, human resources, real estate, information technology, accounting, financial planning and analysis, legal, quality and regulatory support. Ikaria also has agreed to use reasonable efforts to provide the Company with the use of office space at Ikaria’s headquarters in Hampton, New Jersey pursuant to the terms of the TSA. In July 2015, the Company entered into an amendment to the TSA advancing the termination date from February 9, 2016 to September 30, 2015. In exchange for the services, beginning in February 2014, the Company was obligated to pay Ikaria monthly services fees in the amount of $772,000 plus out of pocket expenses and certain other expenses. At September 30, 2015, the Company had accrued expenses due to Ikaria of $0.5 million in connection with the TSA.

At the time of the Spin-Out, the Company deposited the sum of $18.5 million, representing the aggregate of the $772,000 monthly service fees payable by the Company under the TSA, in escrow to guarantee payment of the monthly services fees by the Company. The escrowed cash is classified as restricted cash as of September 30, 2015. Pursuant to the July 2015 amendment, during October 2015, the Company received from escrow $3.3 million, which is equal to the amount it deposited to pay amounts owed to Ikaria under the TSA for the period from October 1, 2015 to February 9, 2016.

Effective as of January 1, 2015, the Company entered into a services agreement with Ikaria, or the 2015 Services Agreement, pursuant to which the Company had agreed to use commercially reasonable efforts to provide certain services to Ikaria, including services related to regulatory matters, drug and device safety, clinical operations, biometrics and scientific affairs. In connection with the execution of the 2015 Services Agreement, Ikaria paid the Company a one-time service fee in the amount of $916,666 and will be obligated to pay the Company a service fee in the amount of $83,333 per month, subject to performance of the services. The Company has a $0.2 million receivable due from Ikaria in connection with this agreement as of September 30, 2015. In July 2015, the Company entered into an amendment to the 2015 Services Agreement advancing the termination date from February 8, 2016 to September 30, 2015. In addition, pursuant to the 2015 Services Agreement, Ikaria had agreed to use commercially reasonable efforts to provide services to the Company, including information technology and servicing and upgrades of devices, for which the Company incurred $0.2 million.

The following table summarizes the amounts recorded under the TSA and the 2015 Services Agreement for the three and nine months ended September 30, 2015 and 2014:

	Three Months Ended September 30,					Nine Months Ended September 30,
	Three Months Ended September 30,					Nine Months Ended September 30,
(in millions)	2015			2014		2015			2014
Expense in connection with the TSA	$	2.4		$	2.3	$	7.0		$	6.9
Other operating income in connection with the 2015 Services Agreement	(0.2		)	—		(1.7		)	—
Expense in connection with the 2015 Services Agreement	—			—		0.1			—

Supply Agreements

In February 2014, the Company entered into drug supply and device supply agreements with a subsidiary of Ikaria. Under these agreements, Ikaria has agreed to use commercially reasonable efforts to supply inhaled nitric oxide and nitric oxide delivery devices for use in the Company’s clinical trials, in each case at Ikaria’s manufacturing cost plus a 20% mark-up, and in the case of the drug supply agreement, the Company has agreed to purchase its clinical supply of inhaled nitric oxide from Ikaria. The Company also granted Ikaria a right of first negotiation in the event that the Company desires to enter into a commercial supply agreement with a third party for supply of nitric oxide for inhalation. As of September 30, 2015, the amount due to Ikaria under the drug supply agreement was approximately $0.6 million. The device supply agreement expired on February 9, 2015 and no amounts were due to Ikaria under that agreement as of December 31, 2014 or September 30, 2015.

- 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+ Details

Segments and Geographic Information	9 Months Ended
Segments and Geographic Information	Sep. 30, 2015
Segments and Geographic Information
Segments and Geographic Information	(8) Segments and Geographic Information The Company operates in one reportable segment and solely within the United States. Accordingly, no segment or geographic information has been presented.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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-Name Accounting Standards Codification

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+ Details

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2015
Commitments and Contingencies.
Commitments and Contingencies	(9) Commitments and Contingencies Legal Proceedings The Company periodically becomes subject to legal proceedings and claims arising in connection with its business. The ultimate legal and financial liability of the Company in respect to all proceedings, claims and lawsuits, pending or threatened, cannot be estimated with any certainty. BioLineRx Ltd., or BioLine, previously indicated to the Company that it believed that the Company had breached the license agreement in several ways, including, but not limited to, failure to use commercially reasonable efforts to develop bioabsorbable cardiac matrix, or BCM, failure to provide BioLine with material information concerning the development and commercialization plans for BCM and failure to notify BioLine in advance of material public disclosures regarding BCM. The Company and BioLine also previously disagreed about the timing of a certain milestone payment that the Company would owe BioLine based upon progress in the Company’s BCM clinical development program. The Company believed it had complied with its obligations under the license agreement to use commercially reasonable efforts to develop BCM and was not in breach of its other obligations under the license agreement. No amounts were previously accrued for this matter since no loss was probable as of December 31, 2014. On January 8, 2015, the Company and BioLine agreed to amend the license agreement, which resolved the prior disputes and provided for a release of claims by BioLine. The amendment also changed certain milestones and related payments, but the total potential milestone payments to be paid to BioLine under the license agreement remained the same. No additional milestones have been met as of September 30, 2015. As of this report, the Company is not aware of any proceeding, claim or litigation, pending or threatened, that could, individually or in the aggregate, have a material adverse effect on the Company’s business, operating results, financial condition and/or liquidity.

- Definition

The entire disclosure for commitments and contingencies.

+ References+ Details

Net Loss Per Share/Unit	9 Months Ended
Net Loss Per Share/Unit	Sep. 30, 2015
Net Loss Per Share/Unit
Net Loss Per Share/Unit	(10) Net Loss Per Share/Unit Basic net loss per share/unit is calculated by dividing net loss by the weighted average number of shares or units outstanding during the period, as applicable. Diluted net loss per share/unit is calculated by dividing net loss by the weighted average number of shares/units outstanding, adjusted to reflect potentially dilutive securities (options) using the treasury stock method, except when the effect would be anti-dilutive. The Company reported a net loss for the three and nine months ended September 30, 2015 and 2014, therefore diluted net loss per share/unit is the same as the basic net loss per share/unit. As of September 30, 2015, the Company had 1,082,075 options to purchase shares and 67,973 restricted shares outstanding that have been excluded from the computation of diluted weighted average shares/units outstanding, because such securities had an antidilutive impact due to the loss reported.

- Definition

The entire disclosure for earnings per share.

+ References+ Details

Fair Value Measurements

9 Months Ended

Sep. 30, 2015

Fair Value Measurements

Fair Value Measurements

(11) Fair Value Measurements

Assets and liabilities recorded at fair value on the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure the fair value. Level inputs are as follows:

Level 1 — Values are based on unadjusted quoted prices for identical assets or liabilities in an active market which the company has the ability to access at the measurement date.

Level 2 — Values are based on quoted market prices in markets where trading occurs infrequently or whose values are based on quoted prices of instruments with similar attributes in active markets.

Level 3 — Values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset.

The following table summarizes fair value measurements by level at September 30, 2015 for assets and liabilities measured at fair value on a recurring basis:

(Dollar amounts in thousands)		Level 1		Level 2			Level 3		Total
Marketable securities		—		$	17,391		—		$	17,391

There were no marketable securities at December 31, 2014.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References+ Details

Restructuring Charges

9 Months Ended

Sep. 30, 2015

Restructuring Charges.

Restructuring Charges

(12) Restructuring Charges

On July 27, 2015, the Company announced that its PRESERVATION I clinical trial for its BCM product candidate did not meet its primary or secondary endpoints. Following these results, on September 11, 2015, the Board of Directors of the Company approved a staff reduction plan in order to reduce operating expenses and conserve cash resources, or the Restructuring. The Restructuring is expected to include a workforce reduction of approximately 20 people and is expected to be completed by the end of 2015.

The Company has offered severance benefits to the affected employees, including cash severance payments. Each affected employee’s eligibility for the severance benefits is contingent upon such employee’s execution (and non-revocation) of a separation agreement, which includes a general release of claims against the Company.

The following table summarizes restructuring activities for the nine months ended September 30, 2015, all of which occurred in the third quarter of 2015:

	Amounts
	(in thousands)
Accrual balance at December 31, 2014	$	—
Charged to research and development expense	227
Charged to general and administrative expense	1,083
Cash payments	(23		)

Accrual balance at September 30, 2015	$	1,287

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References+ Details

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2015
Subsequent Events.
Subsequent Events	(13) Subsequent Events On July 9, 2015, the Company entered into an amendment to the TSA advancing the termination date from February 9, 2016 to September 30, 2015. Pursuant to this amendment, during October 2015, the Company received from escrow $3.3 million, which is equal to the amount it deposited to pay amounts owed to Ikaria under the TSA for the period from October 1, 2015 to February 9, 2016.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2015
Summary of Significant Accounting Policies
Basis of Presentation	(a) Basis of Presentation The accompanying unaudited condensed consolidated financial statements were prepared following the requirements of the Securities and Exchange Commission for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by accounting principles generally accepted in the United States of America, or U.S. GAAP, can be condensed or omitted. The Company is responsible for the unaudited condensed consolidated financial statements. The condensed consolidated financial statements include all normal and recurring adjustments that are considered necessary for the fair presentation of the Company’s financial position, results of operations, comprehensive loss and its cash flows for the periods presented. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2014 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The results of operations for the three and nine months ended September 30, 2015 for the Company are not necessarily indicative of the results expected for the full year. On February 2, 2015, the Company effected a reverse unit split of its outstanding units at a ratio of one unit for every 12.5257 units previously held. All unit/share and per unit/per share data included in these condensed consolidated financial statements reflect the reverse unit split. In February 2015, the Company converted from a limited liability company to a C-corporation. The preparation of financial statements 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 financial statements and the reported amounts of costs and expenses during the reporting period, including accrued research and development expenses, stock-based compensation, income taxes and valuation of long-lived assets. Actual results could differ from those estimates. For periods prior to the Spin-Out, the financial statements were carved out of the consolidated financial statements of Ikaria. Management believes that the statements of operations for the nine months ended September 30, 2014 (which include a period of forty-two days prior to the Spin-Out) include reasonable allocations of costs and expenses incurred by Ikaria which benefited the Company. However, such amounts may not be indicative of the actual level of costs and expenses that would have been incurred by the Company if it had operated as an independent stand-alone company or of the costs and expenses expected to be incurred in the future. As such, the financial information for the nine months ended September 30, 2014 may not necessarily reflect the results of operations and cash flows of the Company had it been an independent stand-alone company for the period, or the results of operations and cash flows expected in the future.
Cash and Cash Equivalents	(b) Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity date of three months or less to be cash equivalents.
Restricted Cash	(c) Restricted Cash Restricted cash classified under current assets represents amounts held on deposit with a bank in relation to the TSA. The funds related to the TSA are held in an account to settle the required payment to Ikaria for services to be provided in connection with the TSA. See Note 7— Related-Party Transactions. Restricted cash, non-current, represents amounts held on deposit with a bank as a security deposit for the lease of office space. The required payments to be paid in excess of one year from the balance sheet date are classified as long-term restricted cash.
Stock-Based Compensation	(d) Stock-Based Compensation The Company accounts for its stock-based compensation in accordance with Accounting Standards Codification, or ASC, 718 Compensation— Stock Compensation, which establishes accounting for share-based awards, including stock options and restricted stock, exchanged for services and requires companies to expense the estimated fair value of these awards over the requisite service period. The Company recognizes stock-based compensation expense in operations based on the fair value of the award on the date of the grant. The resulting compensation expense is recognized on a straight-line basis over the requisite service period or sooner if the awards immediately vest. The Company determines the fair value of stock options issued using a Black-Scholes-Merton option pricing model. Certain assumptions used in the model include expected volatility, dividend yield, risk-free interest rate, and expected term. For restricted stock, the fair value is the closing market price per share on the grant date. See Note 6 — Stock-Based Compensation for a description of these assumptions. Prior to the date of the Spin-Out, stock-based compensation expense for the Company represented an allocation of Ikaria’s stock-based compensation expense based on the allocation percentages of the Company’s cost centers, which were determined based on specific identification or the proportionate percentage of employee time or headcount to the respective total Ikaria employee time or headcount.
Deferred Transaction Costs	(e) Deferred Transaction Costs Deferred transaction costs represent IPO-related costs primarily associated with third-party professional legal, accounting and printing fees associated with the initial public offering of the Company’s shares. These IPO-related costs were deferred and charged against the gross proceeds of the offering when the public offering of equity securities was complete as a reduction of additional paid-in capital. As of September 30, 2015, the Company charged all deferred transaction costs against the gross proceeds of the offering.
Income Taxes	(f) Income Taxes Prior to its conversion to a Delaware corporation in February 2015, the Company was a Delaware limited liability company that passed through income and losses to its members for U.S. federal and state income tax purposes. As a result of its conversion to a Delaware corporation, the Company recognized deferred income taxes through income tax expense related to temporary differences that existed as of the date of its tax status change. The Company uses the asset and liability approach to account for income taxes as required by ASC 740, Income Taxes, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Valuation allowances are provided when necessary to reduce deferred tax assets to the amount expected to be realized, on a more likely than not basis. The Company recognizes the benefit of an uncertain tax position that it has taken or expects to take on income tax returns it files if such tax position is more likely than not to be sustained on examination by the taxing authorities, based on the technical merits of the position. These tax benefits are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. As of the date of the conversion to a taxable corporation, the Company recognized approximately $17.9 million of deferred tax assets which consisted principally of excess tax-over-book basis in intangible assets and property, plant and equipment and certain accruals that were transferred from the limited liability company to the corporation. The Company also recognized a full valuation allowance since it has a cumulative loss position and no positive evidence of taxable income to support recovery of its deferred tax assets. The Company incurred transaction costs of approximately $8.1 million in connection with the IPO which were recorded as a reduction of equity. These costs are nondeductible until and if the Company liquidates or terminates, which is not expected in the foreseeable future. Therefore, the Company did not recognize a deferred tax asset for such costs. The Company’s estimated tax rate for 2015 is expected to be zero because the Company expects to generate additional losses and currently has a full valuation allowance. The deferred tax assets balance before valuation allowance as of September 30, 2015 was approximately $33.4 million. The increase in deferred tax assets after the corporate conversion is principally due to the year-to-date loss, adjusted for nondeductible items including stock compensation expense related to the Company’s equity incentive plan, the nondeductible portion of the orphan drug costs, and the orphan drug credits. The valuation allowance is required until the Company has sufficient positive evidence of taxable income necessary to support realization of its deferred tax assets. A valuation allowance release is generally recognized in income tax expense (as a benefit). The Company did not have material uncertain tax positions as of September 30, 2015.
Marketable Securities	(g) Marketable Securities The Company’s marketable securities consist of federally insured certificates of deposit classified as available-for-sale that are recorded at amortized cost, which approximates fair value, and corporate or agency bonds classified as available-for-sale that are recorded at fair value.
Research and Development Expense	(h) Research and Development Expense Research and development costs are expensed as incurred. These expenses include the costs of the Company’s proprietary research and development efforts, as well as costs incurred in connection with certain licensing arrangements. Upfront and milestone payments made to third parties in connection with research and development collaborations are expensed as incurred up to the point of regulatory approval. Payments made to third parties upon or subsequent to regulatory approval are capitalized and amortized over the remaining useful life of the related product. The Company also expenses the cost of purchased technology and equipment in the period of purchase if it believes that the technology or equipment has not demonstrated technological feasibility and it does not have an alternative future use. Nonrefundable advance payments for goods or services that will be used or rendered for future research and development activities are deferred and are recognized as research and development expense as the related goods are delivered or the related services are performed.

- Definition

Entity's cash and cash equivalents accounting policy with respect to restricted balances. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits.

+ References+ Details

- 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+ Details

Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2015

Property, Plant and Equipment

Schedule of property, plant and equipment

Property, plant and equipment as of September 30, 2015 and December 31, 2014 consisted of the following (in thousands):

	September 30,			December 31,
	2015			2014

Machinery, equipment and furniture	$	2,943		$	2,943
Less accumulated depreciation	(1,520		)	(1,247		)
Construction in progress	424			—

	$	1,847		$	1,696

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2015

Stock-Based Compensation

Assumptions used in estimating the fair value of options issued

	Nine Months Ended		Nine Months Ended
	September 30, 2015		September 30, 2014
Valuation assumptions:
Risk-free rate	1.60	%	1.71	%
Expected volatility	79.18	%	90.29	%
Expected term (years)	6.1		6.2
Dividend yield	—	%	—	%

Summary of restricted stock activity

	Bellerophon 2015 Equity Incentive Plan
				Aggregate		Weighted Average
		Weighted		Grant Date		Remaining
		Average		Fair Value		Contractual
	Shares	Fair Value		(in millions)		Life (in years)
Restricted stock outstanding as of December 31, 2014	—	$	—	$	—	—
Granted	67,973	4.12		0.3
Exercised	—
Forfeited	—

Restricted stock outstanding as of September 30, 2015	67,973	$	4.12	$	0.3	1.0

Summary of stock-based compensation expense by the condensed consolidated statement of operations line item

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2015		2014		2015		2014
Research and development	$	32	$	—	$	274	$	272
General and administrative	405		263		970		1,027

Total expense	$	437	$	263	$	1,244	$	1,299

Bellerophon 2015 And 2014 Equity Incentive Plan

Stock-Based Compensation

Summary of option activity

	Bellerophon 2015 and 2014 Equity Incentive Plans
							Weighted Average
			Range of		Weighted		Remaining
			Exercise		Average		Contractual
	Options		Price		Price		Life (in years)
Options outstanding as of December 31, 2014	508,280		$	13.28	$	13.28	9.5
Granted	443,607		4.12 - 12.00		9.53
Exercised	—
Forfeited	(153,356	)	8.23 - 13.28		10.07

Options outstanding as of September 30, 2015	798,531		$	4.12 - 13.28	$	11.81	9.1

Options vested and exercisable as of September 30, 2015	240,740		$	8.23 - 13.28	$	12.34	8.9

Ikaria Equity Incentive Plans prior to February 12, 2014

Stock-Based Compensation

Summary of option activity

	Ikaria Equity Incentive Plans
							Weighted Average
			Range of		Weighted		Remaining
			Exercise		Average		Contractual
	Options		Price		Price		Life (in years)
Options outstanding as of December 31, 2014	577,975		$	0.26 - 17.92	$	7.11	4.5
Granted	—
Exercised	(6,513	)	7.77		7.77
Forfeited	(287,918	)	7.77 - 15.66		8.67

Options outstanding as of September 30, 2015	283,544		$	0.26 - 17.92	$	5.50	3.8

Options vested and exercisable as of September 30, 2015	283,544		$	0.26 - 17.92	$	5.50	3.8

Related-Party Transactions (Tables)

9 Months Ended

Sep. 30, 2015

Related-Party Transactions

Schedule of Related Party Transactions

	Three Months Ended September 30,					Nine Months Ended September 30,
	Three Months Ended September 30,					Nine Months Ended September 30,
(in millions)	2015			2014		2015			2014
Expense in connection with the TSA	$	2.4		$	2.3	$	7.0		$	6.9
Other operating income in connection with the 2015 Services Agreement	(0.2		)	—		(1.7		)	—
Expense in connection with the 2015 Services Agreement	—			—		0.1			—

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value Measurements

Summary of fair value measurements by level

The following table summarizes fair value measurements by level at September 30, 2015 for assets and liabilities measured at fair value on a recurring basis:

(Dollar amounts in thousands)		Level 1		Level 2			Level 3		Total
Marketable securities		—		$	17,391		—		$	17,391

Restructuring Charges (Tables)

9 Months Ended

Sep. 30, 2015

Restructuring Charges.

Summary of restructuring activities

	Amounts
	(in thousands)
Accrual balance at December 31, 2014	$	—
Charged to research and development expense	227
Charged to general and administrative expense	1,083
Cash payments	(23		)

Accrual balance at September 30, 2015	$	1,287

Organization and Nature of the Business (Details) (USD $)	1 Months Ended					0 Months Ended		0 Months Ended		1 Months Ended	0 Months Ended		3 Months Ended
	Feb. 28, 2015	Sep. 30, 2015	Feb. 19, 2015	Dec. 31, 2014	Feb. 12, 2014	Feb. 19, 2015 IPO	Feb. 19, 2015 IPO	Feb. 12, 2014 Ikaria Transition services agreement (TSA)	Sep. 30, 2015 Ikaria Transition services agreement (TSA)	Oct. 31, 2015 Subsequent Event Ikaria Transition services agreement (TSA)	Feb. 12, 2014 Spin-Out of Company from Ikaria	Feb. 12, 2014 Spin-Out of Company from Ikaria Ikaria	Sep. 30, 2013 Ikaria segment
Organization and Nature of the Business
Number of operating segments (in segments)													2
Number of voting limited liability company interests in the Company for each share of Ikaria common stock held (in shares)											1
Cash distributed to the Company												$ 80,000,000
Amount deposited in escrow								18,500,000
Cash on hand					80,000,000
Length of agreement								24 months
Restricted cash reflected as current		3,863,000		9,264,000					3,900,000
Escrow deposit received after termination of agreement										3,300,000
Completed sale (in shares)						5,000,000
Price to the public (in dollars per share)			$ 12.00				$ 12.00
Net proceeds to the Company	51,900,000					51,900,000
Underwriting discounts and commissions deducted	4,200,000					4,200,000
Offering costs deducted	$ 3,900,000					$ 3,900,000

Summary of Significant Accounting Policies (Details)	0 Months Ended	9 Months Ended
Summary of Significant Accounting Policies (Details)	Feb. 02, 2015	Sep. 30, 2014
Summary of Significant Accounting Policies
Reverse stock split	0.079836
Number of days carved out of financial statements of former parent that are presented with the reporting entity		42 days

Summary of Significant Accounting Policies (Details 2) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Feb. 19, 2015
Income taxes
Deferred tax assets before valuation allowance	$ 33,400,000		$ 33,400,000		$ 17,900,000
Effective tax rate (as a percent)	0.00%	0.00%	0.00%	0.00%
Underwriting Discounts Commissions and Offering Expenses Incurred			$ 8,085,000

Liquidity (Details) (USD $)	1 Months Ended
Liquidity (Details) (USD $)	Feb. 28, 2015	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014
Liquidity
Cash and cash equivalents		$ 23,908,000	$ 16,815,000	$ 30,605,000
Restricted cash		3,863,000	9,264,000
Marketable Securities		17,391,000
Net proceeds to the Company	51,900,000
Underwriting discounts and commissions deducted	4,200,000
Offering costs deducted	$ 3,900,000

- 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+ Details

Property, Plant and Equipment (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2015	Dec. 31, 2014
Property and equipment
Less accumulated depreciation	$ (1,520)	$ (1,247)
Net	1,847	1,696
Machinery, equipment and furniture
Property and equipment
Gross	2,943	2,943
Construction in progress
Property and equipment
Gross	$ 424

Income Taxes (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Taxes
Effective tax rate (as a percent)	0.00%	0.00%	0.00%	0.00%
Unrecognized tax benefits	$ 0		$ 0
Expected change to unrecognized tax benefit liability in next twelve months	$ 0		$ 0

Stock-Based Compensation (Details) (USD $)	3 Months Ended		9 Months Ended				12 Months Ended	9 Months Ended			9 Months Ended						12 Months Ended	9 Months Ended			0 Months Ended	1 Months Ended	9 Months Ended	12 Months Ended	9 Months Ended		1 Months Ended	0 Months Ended	1 Months Ended	0 Months Ended
Stock-Based Compensation (Details) (USD $)	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015 Bellerophon Equity Incentive Plans	Sep. 30, 2014 Bellerophon Equity Incentive Plans	Dec. 31, 2014 Bellerophon Equity Incentive Plans	Sep. 30, 2015 Bellerophon Equity Incentive Plans Minimum	Sep. 30, 2015 Bellerophon Equity Incentive Plans Maximum	Sep. 30, 2015 2015 Equity Incentive Plan	Sep. 30, 2015 2015 Equity Incentive Plan First tranche	Sep. 30, 2015 2015 Equity Incentive Plan First tranche Grant date	Sep. 30, 2015 2015 Equity Incentive Plan Second tranche	Sep. 30, 2015 2015 Equity Incentive Plan Second tranche First anniversary	Sep. 30, 2015 2015 Equity Incentive Plan Restricted stock outstanding	Sep. 30, 2015 2014 Equity Incentive Plan	Dec. 31, 2014 2014 Equity Incentive Plan	Sep. 30, 2015 2014 Equity Incentive Plan Second anniversary	Sep. 30, 2015 2014 Equity Incentive Plan Third anniversary	Sep. 30, 2015 2014 Equity Incentive Plan Fourth anniversary	Feb. 12, 2014 Ikaria Equity Incentive Plans prior to February 12, 2014	Feb. 28, 2014 Ikaria Equity Incentive Plans prior to February 12, 2014	Sep. 30, 2015 Ikaria Equity Incentive Plans prior to February 12, 2014	Dec. 31, 2014 Ikaria Equity Incentive Plans prior to February 12, 2014	Sep. 30, 2015 Ikaria Equity Incentive Plans prior to February 12, 2014 Minimum	Sep. 30, 2015 Ikaria Equity Incentive Plans prior to February 12, 2014 Maximum	Feb. 11, 2014 Ikaria Equity Incentive Plans prior to February 12, 2014 Stock Options	Feb. 12, 2014 Ikaria Equity Incentive Plans prior to February 12, 2014 Restricted Stock Units	Feb. 11, 2014 Ikaria Equity Incentive Plans prior to February 12, 2014 Restricted Stock Units	Feb. 12, 2014 Ikaria Ikaria Equity Incentive Plans prior to February 12, 2014 Restricted Stock Units	Feb. 12, 2014 Ikaria Ikaria Equity Incentive Plans prior to February 12, 2014 Restricted Stock Units Prior to January 1, 2011	Feb. 12, 2014 Ikaria Ikaria Equity Incentive Plans prior to February 12, 2014 Restricted Stock Units First anniversary On and after January 1, 2011	Feb. 12, 2014 Ikaria Ikaria Equity Incentive Plans prior to February 12, 2014 Restricted Stock Units Second anniversary On and after January 1, 2011	Feb. 12, 2014 Ikaria Ikaria Equity Incentive Plans prior to February 12, 2014 Restricted Stock Units Third anniversary On and after January 1, 2011
Stock-Based Compensation
Number of shares authorized										500,162
Number of options granted (in shares)					443,607												0					618,212
Exercise price of options granted					$ 9.53			$ 4.12	$ 12.00
Vesting period											3 years	0 years	4 years	1 year	1 year	4 years		2 years	3 years	4 years										4 years		2 years	3 years	4 years
Vesting percentage																		25.00%	25.00%	50.00%												25.00%	25.00%	50.00%
Vesting percentage each anniversary																															25.00%
Weighted average grant-date fair value of options issued					$ 6.55	$ 9.98
Assumptions used in estimating the fair value of awards issued
Risk-free rate (as a percent)					1.60%	1.71%
Expected volatility (as a percent)					79.18%	90.29%
Expected term (years)					6 years 1 month 6 days	6 years 2 months 12 days
Shares
Options outstanding as of beginning of period (in shares)					508,280																		577,975
Granted (in shares)					443,607												0					618,212
Exercise of options (in shares)																							(6,513)
Forfeited (in shares)					(153,356)																		(287,918)
Options outstanding as of end of period (in shares)					798,531		508,280																283,544	577,975
Options vested and exercisable (in shares)					240,740																		283,544
Exercise Price
Options outstanding, Exercise Price (in dollars per share)							$ 13.28
Options outstanding, Exercise Price, minimum (in dollars per share)					$ 4.12																		$ 0.26	$ 0.26
Options outstanding, Exercise Price, maximum (in dollars per share)					$ 13.28																		$ 17.92	$ 17.92
Options exercised, Exercise Price (in dollars per share)																							$ 7.77
Options forfeited, Exercise Price (in dollars per share)								$ 8.23	$ 13.28																$ 7.77	$ 15.66
Options vested and exercisable, Exercise Price (in dollars per share)																									$ 0.26	$ 17.92
Weighted Average Price
Options outstanding as of beginning of period, Weighted Average Price (in dollars per share)					$ 13.28																		$ 7.11
Granted, Weighted Average Price (in dollars per share)					$ 9.53			$ 4.12	$ 12.00
Options exercised, Weighted Average Price (in dollars per share)																							$ 7.77
Options forfeited, Weighted Average Price (in dollars per share)					$ 10.07																		$ 8.67
Options outstanding as of end of period, Weighted Average Price (in dollars per share)					$ 11.81		$ 13.28																$ 5.50	$ 7.11
Options vested and exercisable, Weighted Average Price (in dollars per share)					$ 12.34			$ 8.23	$ 13.28														$ 5.50
Weighted Average Remaining Contractual Life (in years)
Options outstanding, Weighted Average Remaining Contractual Life (in years)					9 years 1 month 6 days		9 years 6 months																3 years 9 months 18 days	4 years 6 months
Options vested and exercisable, Weighted Average Remaining Contractual Life (in years)					8 years 10 months 24 days																		3 years 9 months 18 days
Intrinsic value of options outstanding, vested and exercisable																							$ 500,000
Unrecognized compensation expense					4,200,000
Weighted-average period unrecognized compensation expense is to be recognized					2 years 8 months 12 days
Tax benefit recognized related to stock-based compensation expense					0
Allocation percentage of post Spin-Out estimated fair value of Ikaria to original option exercise price (as a percent)																					85.00%
Allocation percentage of post Spin-Out estimated fair value of the Company to original option exercise price (as a percent)																					15.00%
Stock-based compensation expense	437,000	263,000	1,244,000	1,299,000																							100,000		200,000
Number of awards converted upon plan modification (in shares)																												372,947
Restricted stock
Restricted stock granted (in shares)			67,973
Restricted stock outstanding, end of period (in shares)	67,973		67,973
Restricted stock weighted average fair value per share
Restricted stock granted, weighted average fair value (per share)			$ 4.12
Restricted stock end of period, weighted average fair value (per share)	$ 4.12		$ 4.12
Restricted stock aggregate grant date fair value
Restricted stock granted, aggregate grant date fair value			300,000
Restricted stock end of period, aggregate grant date fair value	$ 300,000		$ 300,000
Weighted average remaining contractual life (in years)
Restricted stock, weighted average remaining contractual life (in years)			1 year
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms			1 year

Stock-Based Compensation (Details 2) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Stock-based compensation expense by condensed consolidated statement of operations and comprehensive loss line item
Total expense	$ 437	$ 263	$ 1,244	$ 1,299
Charged to research and development expense
Stock-based compensation expense by condensed consolidated statement of operations and comprehensive loss line item
Total expense	32		274	272
Charged to general and administrative expense
Stock-based compensation expense by condensed consolidated statement of operations and comprehensive loss line item
Total expense	$ 405	$ 263	$ 970	$ 1,027

Related-Party Transactions (Details) (USD $)			0 Months Ended	1 Months Ended				0 Months Ended	1 Months Ended	3 Months Ended		9 Months Ended		1 Months Ended		3 Months Ended	9 Months Ended	1 Months Ended
Related-Party Transactions (Details) (USD $)	Sep. 30, 2015	Dec. 31, 2014	Jul. 27, 2015 Ikaria License Agreement	Jul. 31, 2015 Ikaria Agreements Not to Compete	Feb. 28, 2014 Ikaria Agreements Not to Compete	Oct. 31, 2013 Ikaria Agreements Not to Compete	Sep. 30, 2013 Ikaria Agreements Not to Compete	Feb. 12, 2014 Ikaria Transition services agreement (TSA)	Feb. 28, 2014 Ikaria Transition services agreement (TSA)	Sep. 30, 2015 Ikaria Transition services agreement (TSA)	Sep. 30, 2014 Ikaria Transition services agreement (TSA)	Sep. 30, 2015 Ikaria Transition services agreement (TSA)	Sep. 30, 2014 Ikaria Transition services agreement (TSA)	Oct. 31, 2015 Ikaria Transition services agreement (TSA) Subsequent Event	Jan. 31, 2015 Ikaria Services agreement entered into January 2015	Sep. 30, 2015 Ikaria Services agreement entered into January 2015	Sep. 30, 2015 Ikaria Services agreement entered into January 2015	Feb. 28, 2014 Ikaria Supply Agreements	Sep. 30, 2015 Ikaria Drug supply agreement	Sep. 30, 2015 Ikaria Device supply agreement	Dec. 31, 2014 Ikaria Device supply agreement
Related Party Transaction [Line Items]
Royalty to related party (as a percent)			5.00%
Term of agreement				5 years	5 years	5 years	5 years	24 months
Monthly service fee									$ 772,000
Amount deposited in escrow								18,500,000
Expenses in connection with the agreement										2,400,000	2,300,000	7,000,000	6,900,000
Accrued expenses and amounts due	1,231,000	661,000								500,000		500,000							600,000	0	0
Escrow deposit received after termination of agreement														3,300,000
Service fee															916,666	(200,000)	(1,700,000)
Monthly additional service fee																83,333	83,333
Amount to be incurred for certain services provided by Ikaria																200,000	200,000
Related party operating expenses																	100,000
Receivables - Due from Ikaria, Inc.	$ 250,000															$ 200,000	$ 200,000
Purchases from related party, mark-up over manufacturing cost (as a percent)																		20.00%

Commitments and Contingencies (Details) (License agreement to develop BCM, USD $) In Thousands, unless otherwise specified	Sep. 30, 2015 Milestone	Dec. 31, 2014 Bioline
Legal Proceedings
Losses accrued		$ 0
Estimate of probable losses		$ 0
Number of additional milestones met	0

Net Loss Per Share/Unit (Details)	9 Months Ended
Net Loss Per Share/Unit (Details)	Sep. 30, 2015 Options to purchase units outstanding	Sep. 30, 2014 Restricted stock outstanding
Net Loss Per Share
Antidilutive securities excluded from computation of weighted average units outstanding	1,082,075	67,973

- 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+ Details

Fair Value Measurements (Details) (Recurring, Marketable Securities, USD $) In Thousands, unless otherwise specified	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	$ 17,391	$ 0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	$ 17,391

Restructuring Charges (Details) (USD $) In Thousands, unless otherwise specified	9 Months Ended			3 Months Ended
	Sep. 30, 2015	Sep. 30, 2015 Charged to general and administrative expense	Sep. 30, 2015 Charged to research and development expense	Dec. 31, 2015 Employee Severance Forecast item
Restructuring and Related Cost, Positions Eliminated [Abstract]
Number of positions to be eliminated				20
Restructuring Reserve [Roll Forward]
Restructuring charge		$ 1,083	$ 227
Cash payments	(23)
Restructuring reserve, ending balance	$ 1,287

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References+ Details

Segments and Geographic Information (Details)	9 Months Ended
Segments and Geographic Information (Details)	Sep. 30, 2015 segment
Segments and Geographic Information
Number of reportable segments	1

Subsequent Events (Details) (Subsequent Event, Ikaria, Transition services agreement (TSA), USD $) In Millions, unless otherwise specified	1 Months Ended
	Oct. 31, 2015
Subsequent Event \| Ikaria \| Transition services agreement (TSA)
Subsequent events
Escrow deposit received after termination of agreement	$ 3.3