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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2017	Nov. 06, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	NextDecade Corp.
Entity Central Index Key	0001612720
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Common Stock Outstanding		106,274,527
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q3

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current assets
Cash	$ 44,709	$ 12,524
Deferred equity issuance costs		578
Investments	5,060	4,997
Prepaid expenses and other current assets	1,043	1,096
Total current assets	50,812	19,195
Property, plant and equipment, net	67,602	56,233
Other assets	349	349
Total assets	118,763	75,777
Current liabilities
Accounts payable	1,820	1,167
Share-based compensation liability	993
Accrued liabilities and other current liabilities	4,105	3,767
Total current liabilities	6,918	4,934
Non-current compensation liabilities	2,015	2,745
Non-current share-based compensation liability	1,312
Total liabilities	10,245	7,679
Commitments and contingencies (Note 9)
Stockholders’ equity
Preferred stock, $0.0001 par value, 1.0 million shares authorized, none issued
Common stock	11	10
Additional paid-in-capital	147,814	88,406
Accumulated deficit	(39,289)	(20,291)
Accumulated other comprehensive loss	(18)	(27)
Total stockholders’ equity	108,518	68,098
Total liabilities and stockholders’ equity	$ 118,763	$ 75,777

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions	Sep. 30, 2017	Dec. 31, 2016
Condensed Consolidated Balance Sheets
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1.0	1.0
Preferred stock, shares issued	0.0	0.0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	480.0	480.0
Common stock, shares issued	106.3	95.9
Common stock, shares outstanding	106.3	95.7

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Operations
Revenues	$ 0	$ 0	$ 0	$ 0
Operating Expenses
General and administrative	14,014	1,885	18,392	5,203
Land option and lease expenses	250	150	733	442
Depreciation expense	26	26	78	73
Impairment loss on capital projects				506
Total operating expenses	14,290	2,061	19,203	6,224
Total operating loss	(14,290)	(2,061)	(19,203)	(6,224)
Other income (expense)
Interest income, net	145	24	236	40
Other expense	(12)	(12)	(31)	(25)
Total other income	133	12	205	15
Net loss	$ (14,157)	$ (2,049)	$ (18,998)	$ (6,209)
Net loss per common share - basic and diluted	$ (0.14)	$ (0.02)	$ (0.19)	$ (0.06)
Weighted average shares outstanding - basic and diluted	103,870	95,680	99,124	95,680
Comprehensive Loss
Net loss	$ (14,157)	$ (2,049)	$ (18,998)	$ (6,209)
Other comprehensive loss:
Change in fair value of investments	6	(1)	9	(1)
Comprehensive loss	$ (14,151)	$ (2,050)	$ (18,989)	$ (6,210)

Condensed Consolidated Statement of Stockholders’ Equity - 9 months ended Sep. 30, 2017 - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Total
Balance at the beginning of the period at Dec. 31, 2016	$ 10	$ 88,406	$ (20,291)	$ (27)	$ 68,098
Balance at the beginning of the period (in shares) at Dec. 31, 2016	95,680				95,900
Increase (decrease) in equity
Pre-merger equity issuance		20,100			$ 20,100
Pre-merger equity issuance (in shares)	2,810
Reverse recapitalization	$ 1	26,773			26,774
Reverse recapitalization (in shares)	6,759
Issuance of common stock		10,000			10,000
Issuance of common stock (in shares)	1,026
Equity issuance costs		(6,295)			(6,295)
Share-based compensation		8,830			8,830
Other comprehensive loss				9	9
Net loss			(18,998)		(18,998)
Balance at the end of the period at Sep. 30, 2017	$ 11	$ 147,814	$ (39,289)	$ (18)	$ 108,518
Balance at the end of the period (in shares) at Sep. 30, 2017	106,275				106,300

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Operating activities:
Net loss	$ (18,998)	$ (6,209)
Adjustment to reconcile net loss to net cash used in operating activities
Depreciation	78	73
Share-based compensation expense	10,476
Impairment loss on capital projects		506
Changes in operating assets and liabilities
Prepaid expenses and other currents assets	53	234
Accounts payable	190	(473)
Accrued expenses and other liabilities	209	639
Net cash used in operating activities	(7,992)	(5,230)
Investing activities:
Acquisition of property, plant and equipment	(10,690)	(15,917)
Issuance of note receivable	(115)
Repayment of note receivable	115
Cash received in reverse recapitalization	26,774
Change in restricted cash		17,003
Investments	(54)	(5,009)
Net cash (used in) provided by investing activities	16,030	(3,923)
Financing activities:
Proceeds from equity issuances	30,100
Equity issuance costs	(5,953)
Net cash provided by financing activities	24,147
Net increase (decrease) in cash	32,185	(9,153)
Cash - Beginning of the period	12,524	27,127
Cash - End of the period	44,709	17,974
Non-cash investing activities:
Accounts payable for acquisition of property, plant and equipment	1,266	1,371
Accrued liabilities for acquisition of property, plant and equipment	$ 1,845	$ 875

Nature of Operations and Basis of Presentation	9 Months Ended
Nature of Operations and Basis of Presentation	Sep. 30, 2017
Nature of Operations and Basis of Presentation
Nature of Operations and Basis of Presentation	Note 1 — Nature of Operations and Basis of Presentation NextDecade engages in development activities related to the liquefaction and sale of liquefied natural gas (“LNG”) in international markets. We have focused and continue to focus our development activities on the Rio Grande LNG terminal facility at the Port of Brownsville in southern Texas (the “Terminal”) and an associated 137-mile Rio Bravo pipeline to supply gas to the Terminal (the “Pipeline” together with the Terminal, the “Project”). The Company estimates the Project will commence commercial operations in 2023. We have also secured, through December 2019, an approximate 1,000-acre site near Texas City, Texas for a potential LNG terminal (the “Shoal Point Terminal”). The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with Rule 10‑01 of Regulation S-X. Accordingly, they do not include all the information and disclosures required by GAAP for complete financial statements. In our opinion, all adjustments, consisting only of normal recurring items, which are considered necessary for a fair presentation of the unaudited condensed consolidated financial statements, have been included. The results of operations for the three and nine months ended September 30, 2017, are not necessarily indicative of the operating results for the full year. The information included herein should be read in conjunction with the consolidated financial statements and accompanying notes of NextDecade LLC as of and for the year ended December 31, 2016, which is included in our definitive proxy statement filed with the Securities and Exchange Commission (the “SEC”) on June 29, 2017. Such financial statements are also incorporated by reference in our Current Report on Form 8‑K filed with the SEC on July 28, 2017 following the completion of a merger (the “Merger”) by a subsidiary of Harmony Merger Corp. (“Harmony”) with and into NextDecade LLC on July 24, 2017 (the “Merger Date”). Harmony changed its corporate name to NextDecade Corporation after completing the Merger. The Merger was accounted for as a reverse acquisition and recapitalization, with NextDecade LLC being treated as the accounting acquirer. As such, the historical condensed consolidated comparative information as of December 31, 2016 and for all periods in 2016, contained in this report, relate to NextDecade LLC and its subsidiaries. Subsequent to the Merger Date, the information relates to the consolidated entities of NextDecade, with Harmony reflected as the accounting acquiree. The Company continues to operate in a single operating segment for financial reporting purposes. In connection with the Merger, the issued and outstanding membership interests in NextDecade LLC were exchanged for 98,490,409 shares of Harmony common stock. All share and per share amounts in the Condensed Consolidated Financial Statements and related notes have been retroactively adjusted for all periods presented to give effect to this exchange. The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). An “emerging growth company” may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public and private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards adopted.

Merger

9 Months Ended

Sep. 30, 2017

Merger

Merger

Note 2 — Merger

As discussed in Note 1 – Nature of Operations and Basis of Presentation, a subsidiary of Harmony merged with and into NextDecade LLC on July 24, 2017. Immediately following the Merger, the pre-Merger members and management of NextDecade LLC held approximately 94%, or 98,490,409 shares, of our outstanding common stock. The pre-Merger members and management of NextDecade LLC also have the right to receive an additional 4,893,326 shares (up to 19,573,304 shares in aggregate) of the Company’s common stock (“Additional Shares”) upon the achievement by NextDecade of each of the following milestones (the “Additional Share Milestones”):

●

Milestone 1 — We or one or more of our subsidiaries receive a Final Environment Impact Statement issued by the Federal Energy Regulatory Commission (“FERC”) by June 30, 2018.


	●	Milestone 2 — The execution by us or one or more of our subsidiaries of a binding sale and purchase or tolling agreement (with customary conditions precedent) for the sale and purchase of, or the provision of tolling services with respect to, at least one million tons of LNG per annum by June 30, 2018.

●

Milestone 3 — The execution by us or one or more of our subsidiaries of an engineering procurement and construction contract (with customary conditions precedent) for the construction of the Terminal by December 31, 2018.


	●	Milestone 4 — An affirmative vote of our board of directors to make a final investment decision for the Terminal or the Pipeline by June 30, 2019.

The Merger has been accounted for as a reverse acquisition and recapitalization, with NextDecade LLC being treated as the accounting acquirer. In connection with the completion of the Merger, approximately $26.8 million was released from Harmony’s trust account to NextDecade LLC to be used for development activities.

Prepaid Expenses and Other Current Assets

9 Months Ended

Sep. 30, 2017

Prepaid Expenses and Other Current Assets

Prepaid Expenses and Other Current Assets

Note 3 — Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	September 30,		December 31,
	2017		2016
Rio Grande LNG site option	$	57	$	495
Short-term security deposits		364		349
Shoal Point Leases		75		—
Prepaid insurance		281		21
Other		266		231
Total prepaid expenses and other current assets	$	1,043	$	1,096

Investment Securities

9 Months Ended

Sep. 30, 2017

Investment Securities

Investment Securities

Note 4 — Investment Securities

The Company maintains cash reserves in the Ultra-Short-Term Bond Fund and the Short-Term Bond Index Fund, which are managed by The Vanguard Group, Inc. The target investment allocation between the Ultra-Short-Term Bond Fund and the Short-Term Bond Index Fund are 75% and 25%, respectively. The Ultra-Short-Term Bond Fund has an average maturity of approximately one year, and approximately 46% of such fund’s holdings are AAA-rated, with 0% non-investment grade rated. The Short-Term Bond Index Fund has an average maturity of approximately three years, and 70% of such fund’s holdings are AAA-rated, with 0% non-investment grade rated. Investment securities are classified as available-for-sale and consisted of the following (in thousands):


	September 30,				December 31,
	2017				2016
	Fair value		Cost		Fair value		Cost
Ultra-Short-Term Bond Fund	$	3,804	$	3,805	$	3,760	$	3,767
Short-Term Bond Index Fund		1,256		1,273		1,237		1,257
Total investments	$	5,060	$	5,078	$	4,997	$	5,024

Property, Plant and Equipment

9 Months Ended

Sep. 30, 2017

Property, Plant and Equipment

Property, Plant and Equipment

Note 5 — Property, Plant and Equipment

Property, plant and equipment consisted of the following (in thousands):


	September 30,		December 31,
	2017		2016
Fixed Assets
Computers	$	60	$	42
Furniture, fixtures, and equipment		233		232
Leasehold improvements		264		264
Total fixed assets		557		538
Less: accumulated depreciation		(343)		(265)
Total fixed assets, net		214		273
Project Assets (not placed in service)
Rio Grande		57,922		48,087
Rio Bravo		9,466		7,873
Total project assets		67,388		55,960
Total property, plant and equipment, net	$	67,602	$	56,233

Depreciation expense for the three and nine months ended September 30, 2017 was $26 thousand and $78 thousand, respectively. Depreciation expense for the three and nine months ended September 30, 2016 was $26 thousand and $73 thousand, respectively.

Accrued Liabilities and Other Current Liabilities

9 Months Ended

Sep. 30, 2017

Accrued Liabilities and Other Current Liabilities

Accrued Liabilities and Other Current Liabilities

Note 6 — Accrued Liabilities and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	September 30,		December 31,
	2017		2016
Employee compensation expense	$	1,776	$	1,535
Project asset costs		1,845		1,810
Accrued legal services		119		91
Other accrued liabilities		365		331
Total accrued liabilities and other current liabilities	$	4,105	$	3,767

Certain employee contracts provide for cash bonuses upon a positive final investment decision in the Project (“FID”), subject to approval by the Company’s board of directors. At September 30, 2017, and December 31, 2016, non-current compensation liabilities related to engineering staff were $0.7 million and $1.1 million, respectively, which were recognized as an addition to project assets. In addition, non-current compensation liabilities related to certain executive staff were $1.3 million and $1.6 million as of September 30, 2017, and December 31, 2016, respectively.

Net Loss Per Share	9 Months Ended
Net Loss Per Share	Sep. 30, 2017
Net Loss Per Share
Net Loss Per Share	Note 7 — Net Loss Per Share Net loss per share (“EPS”) is computed in accordance with GAAP. Basic EPS excludes dilution and is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted EPS reflects potential dilution and is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period increased by the number of additional common shares that would have been outstanding if the potential common shares had been issued and were dilutive. The dilutive effect of unvested stock and warrants is calculated using the treasury-stock method. Basic and diluted EPS for all periods presented are the same since our unvested stock of 25,011,173 shares for each of the three and nine months ended September 30, 2017 is excluded from dilutive shares because the performance conditions had not yet been satisfied as of September 30, 2017. Outstanding warrants of 12,081,895 and 12,058,500 for each of the three and nine months ended September 30, 2017 and September 30, 2016, respectively, are also excluded from dilutive shares as the effect was anti-dilutive.

Share-based Compensation

9 Months Ended

Sep. 30, 2017

Share-based Compensation.

Share-based Compensation

Note 8 — Share-based Compensation

We recognize share-based compensation at fair value on the date of grant. The fair value is recognized as expense (net of any capitalization) over the requisite service period. For equity-classified share-based compensation awards (which include grants of stock and restricted stock to employees), compensation cost is recognized based on the grant-date fair value using the quoted market price of our common stock and not subsequently remeasured. The fair value is recognized as expense (net of any capitalization) using the straight-line basis for awards that vest based on service conditions and using the graded-vesting attribution method for awards that vest based on performance conditions. We estimate the service periods for performance awards utilizing a probability assessment based on when we expect to achieve the performance conditions. For liability classified share-based compensation awards (which include grants of stock and restricted stock to non-employees), compensation cost is initially recognized on the grant date using estimated payout levels. Compensation cost is subsequently adjusted quarterly to reflect the updated estimated payout levels based on the changes in the Company’s stock price.

As discussed in Note 2 – Merger, the stockholders of the Company approved the issuance of Additional Shares upon the achievement of the Additional Share Milestones. In aggregate, 2,429,396 shares and 287,388 Additional Shares will be awarded to management and consultants, respectively, upon the achievement of the Additional Share Milestones.

In addition, in connection with the Merger, the stockholders of the Company also approved the issuance of restricted shares of our common stock to certain employees and consultants (“Restricted Shares”) in an amount based on the number of shares of common stock outstanding at the time of achieving each of the milestones. In aggregate, we estimate that total Restricted Shares to vest upon achievement of the milestones below to employees and consultants are 3,942,455 shares and 1,495,414 shares, respectively, with vesting percentage by milestone as follows:

●

Milestone 1 — 6.25% upon the execution by the Company of a final agreement with an engineering, procurement and construction contractor for an LNG facility.


	●	Milestone 2 — 25.00% upon the execution of one or more binding LNG sale and purchase or tolling agreements, with customary conditions precedent, providing for an aggregate of at least 3.825 million tons per annum.

●

Milestone 3 — 68.75% upon reaching a positive final investment decision for the Terminal.

Total share-based compensation consisted of the following (in thousands):


	Three months ended				Nine months ended
	September 30,				September 30,
	2017		2016		2017		2016
Share-based compensation:
Equity awards	$	8,830	$	—	$	8,830	$	—
Liability awards		2,305		—		2,305		—
Total share-based compensation		11,135		—		11,135		—
Capitalized share-based compensation		(659)		—		(659)		—
Total share-based compensation expense	$	10,476	$	—	$	10,476	$	—

During each of the three and nine months ended September 30, 2017, the weighted average grant date fair value of equity-classified awards was $10.26 per share, and the total grant date fair value of equity-classified awards was $65.4 million. The total unrecognized compensation costs at September 30, 2017 relating to equity-classified awards and liability-classified awards were $56.6 million and $15.7 million, respectively, which is expected to be recognized over a weighted average period of 1.75 years.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2017
Income Taxes
Income Taxes	Note 9 — Income Taxes Provisions for income taxes are based on taxes payable or refundable for the current year and deferred taxes on temporary differences between the tax basis of assets and liabilities and their reported amounts in the Consolidated Financial Statements. Deferred tax assets and liabilities are included in the Consolidated Financial Statements at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the current period’s provision for income taxes. A valuation allowance is recorded to reduce the carrying value of our deferred tax assets when it is more likely than not that a portion or all of the deferred tax assets will expire before realization of the benefit or future deductibility is not probable. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the tax position. As of September 30, 2017, we have net operating loss (“NOL”) carryforwards for federal and state income tax reporting purposes. However, due to our cumulative loss position, we have established a full valuation allowance against our deferred tax assets at September 30, 2017 and December 31, 2016. Accordingly, the Company has not recorded a provision for federal or state income taxes during the three and nine months ended September 30, 2017 and 2016.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2017

Commitments and Contingencies

Commitments and Contingencies

Note 10 — Commitments and Contingencies

In January 2017, NextDecade LLC executed surface lease agreements with the City of Texas City and the State of Texas for an approximate 1,000‑acre site for the Shoal Point Terminal (collectively, the “Shoal Point Leases”). The term of the Shoal Point Leases is 36 months with an option to extend for an additional 12 months and NextDecade LLC has the right to terminate the Shoal Point Leases after the first 12 months at no additional cost to the Company or at any time thereafter with a $50 thousand termination payment to each lessor.

In March 2017, NextDecade LLC executed a lease agreement with the Brownsville Navigation District for a ten‑acre tract subsumed within the site for the Terminal (the “Brownsville Lease”). The Brownsville Lease has an eight‑month primary term with the option to renew such lease for six additional six-month terms and NextDecade LLC has the right to terminate such lease after the primary eight-month term or at the end of any six-month term at no additional cost to the Company.

Total remaining commitments if NextDecade LLC elects to extend the Shoal Point Leases and the Brownsville Lease through their extended terms are as follows (in thousands):


	2017		2018		2019		2020		2021
Shoal Point Leases	$	—	$	400	$	500	$	600	$	—
Brownsville Lease		29		59		59		29		—
	$	29	$	459	$	559	$	629	$	—

From time to time the Company may be subject to various claims and legal actions that arise in the ordinary course of business. Management is not aware of any claims or legal actions that, separately or in the aggregate, are likely to have a material adverse effect on the Company’s financial position, results of operations or cash flows, although the Company cannot guarantee that a material adverse event may not occur.

Recent Accounting Pronouncements

9 Months Ended

Sep. 30, 2017

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Note 11 — Recent Accounting Pronouncements

The following table provides a brief description of recent accounting standards that have not been adopted by the Company as of September 30, 2017:


Standard	Description	Expected Date of Adoption	Effect on our Consolidated Financial Statements or Other Significant Matters
Accounting Standards Update (ASU) 2014‑09, Revenue from Contracts with Customers (Topic 606), and subsequent amendments thereto	This standard amends existing revenue recognition guidance and requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This standard may be early adopted beginning January 1, 2017, and may be adopted either retrospectively to each prior reporting period presented or as a cumulative-effect adjustment as of the date of adoption.	January 1, 2018	The adoption of this new standard will not affect the amounts shown in our Consolidated Financial Statements or related disclosures as the Company has no revenues.
ASU 2017‑04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment	This standard simplifies the measurement of goodwill impairment by eliminating the requirement for an entity to perform a hypothetical purchase price allocation. An entity will instead measure the impairment as the difference between the carrying amount and the fair value of the reporting unit. This standard may be early adopted beginning January 1, 2017, and must be adopted prospectively.	January 1, 2018	The adoption of this standard is not expected to have a material impact on our Consolidated Financial Statements or related disclosures.
ASU 2016‑02, Leases (Topic 842)	This standard requires a lessee to recognize leases on its balance sheet by recording a lease liability representing the obligation to make future lease payments and a right-of-use asset representing the right to use the underlying asset for the lease term. A lessee is permitted to make an election not to recognize lease assets and liabilities for leases with a term of 12 months or less. The standard also modifies the definition of a lease and requires expanded disclosures. This standard may be early adopted, and must be adopted using a modified retrospective approach with certain available practical expedients.	January 1, 2019	We continue to evaluate the effect of this standard on our Consolidated Financial Statements. Preliminarily, we anticipate a material impact from the requirement to recognize all leases upon our Consolidated Balance Sheets. Because this assessment is preliminary and the accounting for leases is subject to significant judgment, this conclusion could change as we finalize our assessment. We have not yet determined the impact of the adoption of this standard upon our results of operations or cash flows, whether we will elect to early adopt this standard or which, if any, practical expedients we will elect upon transition.
ASU 2016‑16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory	This standard requires the immediate recognition of the tax consequences of intercompany asset transfers other than inventory. This standard may be early adopted, but only at the beginning of an annual period, and must be adopted using a modified retrospective approach.	January 1, 2018	We are currently evaluating the impact of the provisions of this standard on our Consolidated Financial Statements and related disclosures.
ASU 2016‑18, Statement of Cash Flows (Topic 230): Restricted Cash	This standard requires that restricted cash be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows.	December 31, 2017	Upon the adoption of this standard, our Consolidated Statements of Cash Flows will reconcile the balance of total cash and restricted cash from the beginning of the period to the end of the period, which will result in changes to previously reported cash flows from investing activities.

Additionally, the following table provides a brief description of recent accounting standards that were adopted by the Company during the reporting period:


Standard	Description	Date of Adoption	Effect on our Consolidated Financial Statements or Other Significant Matters
ASU 2016‑09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting	This standard primarily requires the recognition of excess tax benefits for share-based awards in the statement of operations and the classification of excess tax benefits as an operating activity within the statement of cash flows. The standard also allows an entity to elect to account for forfeitures when they occur. This standard may be early adopted, but the entire standard must be adopted in the same period.	July 1, 2017	Upon adoption of this standard, we elected to account for forfeitures as they occur. The adoption of this standard did not have a material impact on our Consolidated Financial Statements or related disclosures.
ASU 2017‑09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting	This standard clarifies what changes to the terms and conditions of share-based awards require an entity to apply modification accounting. Modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions.	July 1, 2017	The adoption of this guidance did not have a material impact on our Consolidated Financial Statements or related disclosures.
ASU 2017‑01, Business Combinations (Topic 805): Clarifying the Definition of a Business	This standard clarifies the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses by providing a screen to determine when an integrated set of assets or activities is not a business.	July 1, 2017	The adoption of this standard did not have a material impact on our Consolidated Financial Statements or related disclosures.

Prepaid Expenses and Other Current Assets (Tables)

9 Months Ended

Sep. 30, 2017

Prepaid Expenses and Other Current Assets

Schedule of prepaid expenses and other current assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	September 30,		December 31,
	2017		2016
Rio Grande LNG site option	$	57	$	495
Short-term security deposits		364		349
Shoal Point Leases		75		—
Prepaid insurance		281		21
Other		266		231
Total prepaid expenses and other current assets	$	1,043	$	1,096

Investment Securities (Tables)

9 Months Ended

Sep. 30, 2017

Investment Securities

Schedule of investment securities which are classified as available for sale

Investment securities are classified as available-for-sale and consisted of the following (in thousands):


	September 30,				December 31,
	2017				2016
	Fair value		Cost		Fair value		Cost
Ultra-Short-Term Bond Fund	$	3,804	$	3,805	$	3,760	$	3,767
Short-Term Bond Index Fund		1,256		1,273		1,237		1,257
Total investments	$	5,060	$	5,078	$	4,997	$	5,024

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References + Details

Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2017

Property, Plant and Equipment

Schedule of property, plant and equipment

Property, plant and equipment consisted of the following (in thousands):


	September 30,		December 31,
	2017		2016
Fixed Assets
Computers	$	60	$	42
Furniture, fixtures, and equipment		233		232
Leasehold improvements		264		264
Total fixed assets		557		538
Less: accumulated depreciation		(343)		(265)
Total fixed assets, net		214		273
Project Assets (not placed in service)
Rio Grande		57,922		48,087
Rio Bravo		9,466		7,873
Total project assets		67,388		55,960
Total property, plant and equipment, net	$	67,602	$	56,233

Accrued Liabilities and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2017

Accrued Liabilities and Other Current Liabilities

Schedule of accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	September 30,		December 31,
	2017		2016
Employee compensation expense	$	1,776	$	1,535
Project asset costs		1,845		1,810
Accrued legal services		119		91
Other accrued liabilities		365		331
Total accrued liabilities and other current liabilities	$	4,105	$	3,767

Share-based Compensation (Tables)

9 Months Ended

Sep. 30, 2017

Share-based Compensation.

Schedule of share-based compensation

Total share-based compensation consisted of the following (in thousands):


	Three months ended				Nine months ended
	September 30,				September 30,
	2017		2016		2017		2016
Share-based compensation:
Equity awards	$	8,830	$	—	$	8,830	$	—
Liability awards		2,305		—		2,305		—
Total share-based compensation		11,135		—		11,135		—
Capitalized share-based compensation		(659)		—		(659)		—
Total share-based compensation expense	$	10,476	$	—	$	10,476	$	—

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2017

Commitments and Contingencies

Schedule of remaining commitments

Total remaining commitments if NextDecade LLC elects to extend the Shoal Point Leases and the Brownsville Lease through their extended terms are as follows (in thousands):


	2017		2018		2019		2020		2021
Shoal Point Leases	$	—	$	400	$	500	$	600	$	—
Brownsville Lease		29		59		59		29		—
	$	29	$	459	$	559	$	629	$	—

Nature of Operations and Basis of Presentation (Details)	1 Months Ended	9 Months Ended
	Jan. 31, 2017 a	Sep. 30, 2017 a mi
Nature of Operations and Basis of Presentation
Length of pipeline to supply gas \| mi		137
Shoal Point Leases
Nature of Operations and Basis of Presentation
Area available for lease \| a	1,000	1,000

Nature of Operations and Basis of Presentation - Merger (Details)	Jul. 24, 2017 shares
Merger
Merger
Number of shares issued on acquisition	98,490,409

Merger (Details) - Merger T in Millions, $ in Millions	Jul. 24, 2017 USD ($) T shares
Merger
Ownership interest as a percentage	94.00%
Number of shares issued on acquisition	98,490,409
Number of additional shares issued	4,893,326
Released escrow to fund development activities \| $	$ 26.8
Milestone 2- LNG minimum amount per annum (in tons) \| T	1
Maximum
Merger
Number of additional shares issued	19,573,304

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Prepaid Expenses and Other Current Assets
Rio Grande LNG site option	$ 57	$ 495
Short-term security deposits	364	349
Shoal Point Leases	75
Prepaid insurance	281	21
Other	266	231
Total prepaid expenses and other current assets	$ 1,043	$ 1,096

Investment Securities (Details) - USD ($) $ in Thousands	9 Months Ended
Investment Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Investment Securities
Fair value	$ 5,060	$ 4,997
Cost	$ 5,078	5,024
Ultra-Short-Term Bond Fund
Investment Securities
Allocation of investment as a percentage	75.00%
Maturity period of mutual funds	1 year
Fair value	$ 3,804	3,760
Cost	$ 3,805	3,767
Short-Term Bond Index Fund
Investment Securities
Allocation of investment as a percentage	25.00%
Maturity period of mutual funds	3 years
Fair value	$ 1,256	1,237
Cost	$ 1,273	$ 1,257
AAA rated \| Ultra-Short-Term Bond Fund
Investment Securities
Percentage of holding in allocation of investment	46.00%
Percentage of non investment	0.00%
AAA rated \| Short-Term Bond Index Fund
Investment Securities
Percentage of holding in allocation of investment	70.00%
Percentage of non investment	0.00%

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Property, Plant and Equipment
Total property, plant and equipment, net	$ 67,602		$ 67,602		$ 56,233
Depreciation expense	26	$ 26	78	$ 73
Non project assets
Property, Plant and Equipment
Property, plant and equipment, gross	557		557		538
Less: accumulated depreciation	(343)		(343)		(265)
Total property, plant and equipment, net	214		214		273
Computers
Property, Plant and Equipment
Property, plant and equipment, gross	60		60		42
Furniture, fixtures, and equipment
Property, Plant and Equipment
Property, plant and equipment, gross	233		233		232
Leasehold improvements
Property, Plant and Equipment
Property, plant and equipment, gross	264		264		264
Project assets
Property, Plant and Equipment
Project assets in progress	67,388		67,388		55,960
Rio Grande
Property, Plant and Equipment
Project assets in progress	57,922		57,922		48,087
Rio Bravo
Property, Plant and Equipment
Project assets in progress	$ 9,466		$ 9,466		$ 7,873

Accrued Liabilities and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Accrued Liabilities and Other Current Liabilities
Employee compensation expense	$ 1,776	$ 1,535
Project asset costs	1,845	1,810
Accrued legal services	119	91
Other accrued liabilities	365	331
Total accrued liabilities and other current liabilities	4,105	3,767
Non current compensation liabilities related to engineering staff	700	1,100
Non current compensation liabilities related to executive staff	$ 1,300	$ 1,600

Net Loss Per Share (Details) - shares	3 Months Ended		9 Months Ended
Net Loss Per Share (Details) - shares	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Unvested Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share
Anti-dilutive stock options not considered in computing diluting earnings per common share	25,011,173		25,011,173
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share
Anti-dilutive stock options not considered in computing diluting earnings per common share	12,081,895	12,058,500	12,081,895	12,058,500

Share-based Compensation (Details) $ / shares in Units, T in Thousands, $ in Thousands		3 Months Ended	9 Months Ended
	Jul. 24, 2017 T shares	Sep. 30, 2017 USD ($) $ / shares	Sep. 30, 2017 USD ($) $ / shares
Share-based Compensation
Total share-based compensation		$ 11,135	$ 11,135
Capitalized share-based compensation		(659)	(659)
Total share-based compensation expense		10,476	$ 10,476
Total unrecognized compensation expected to be recognized over weighted average period			1 year 9 months
Performance Shares \| Management
Share-based Compensation
Additional shares authorized for issuance \| shares	2,429,396
Performance Shares \| Employees
Share-based Compensation
Restricted shares expected to vest \| shares	3,942,455
Performance Shares \| Consultants
Share-based Compensation
Additional shares authorized for issuance \| shares	287,388
Restricted shares expected to vest \| shares	1,495,414
Equity awards
Share-based Compensation
Total share-based compensation expense		$ 8,830	$ 8,830
Weighted average grant date fair value (in dollars per share) \| $ / shares		$ 10.26	$ 10.26
Total grant date fair value		$ 65,400	$ 65,400
Total unrecognized compensation costs		56,600	56,600
Liability awards
Share-based Compensation
Total share-based compensation expense		2,305	2,305
Total unrecognized compensation costs		$ 15,700	$ 15,700
Milestone 1 upon execution of final agreement with EPC contractor \| Performance Shares
Share-based Compensation
Vesting percentage	6.25%
Milestone 2 upon execution of one or more binding LNG sale and purchase or tolling agreements, with customary conditions precedent \| Performance Shares
Share-based Compensation
Vesting percentage	25.00%
Milestone 2 upon execution of one or more binding LNG sale and purchase or tolling agreements, with customary conditions precedent \| Performance Shares \| Minimum
Share-based Compensation
Threshold volume per annum for issuance of restricted shares (in tons) \| T	3,825
Milestone 3 upon reaching a positive final investment decision for the terminal \| Performance Shares
Share-based Compensation
Vesting percentage	68.75%

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Taxes
Income tax provision	$ 0	$ 0	$ 0	$ 0

Commitments and Contingencies - Leases (Details) $ in Thousands	1 Months Ended		9 Months Ended
	Mar. 31, 2017 USD ($) a item	Jan. 31, 2017 USD ($) a	Sep. 30, 2017 USD ($) a
Remaining commitments
2017			$ 29
2018			459
2019			559
2020			$ 629
Shoal Point Leases
Commitments and Contingencies
Area available for lease \| a		1,000	1,000
Term of lease agreement		36 months
Extension of term of contract		12 months
First threshold period		12 months
Additional cost		$ 0
Potential aggregate payments for early terminations		$ 50
Remaining commitments
2018			$ 400
2019			500
2020			600
The Brownsville Lease
Commitments and Contingencies
Area available for lease \| a	10
Term of lease agreement	8 months
Number of times agreement can be renewed \| item	6
Extension of term of contract	6 months
Potential aggregate payments for early terminations	$ 0
Remaining commitments
2017			29
2018			59
2019			59
2020			$ 29