Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 27, 2015 | Jun. 30, 2014 |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | BIO-PATH HOLDINGS INC | ||
Entity Central Index Key | 1133818 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $248.90 | ||
Trading Symbol | BPTH | ||
Entity Common Stock, Shares Outstanding | 89,762,872 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Current assets | ||
Cash | $13,858,798 | $3,551,832 |
Prepaid drug product for testing | 154,667 | 51,364 |
Other current assets | 100,494 | 64,117 |
Total current assets | 14,113,959 | 3,667,313 |
Fixed assets | ||
Furniture, fixtures & equipment | 123,410 | 0 |
Less Accumulated Depreciation | -10,284 | 0 |
Property, Plant and Equipment, Net | 113,126 | 0 |
Other assets | ||
Technology licenses - related party | 2,500,374 | 2,500,374 |
Less Accumulated Amortization | -1,249,481 | -1,088,856 |
Intangible Assets, Net (Excluding Goodwill), Total | 1,250,893 | 1,411,518 |
TOTAL ASSETS | 15,477,978 | 5,078,831 |
Current liabilities | ||
Accounts payable | 41,026 | 76,109 |
Accounts payable - related party | 100,450 | 0 |
Accrued expense | 253,445 | 66,739 |
Accrued expense - related party | 67,050 | 52,050 |
Accrued license payments - related party | 100,000 | 100,000 |
Total current liabilities | 561,971 | 294,898 |
Long term debt | 0 | 0 |
TOTAL LIABILITIES | 561,971 | 294,898 |
Shareholders' Equity | ||
Preferred Stock, $.001 par value 10,000,000 shares authorized, no shares issued and outstanding | 0 | 0 |
Common Stock, $.001 par value, 200,000,000 shares authorized 89,762,872 and 84,237,872 shares issued and outstanding as of 12/31/14 and 12/31/13, respectively | 89,763 | 84,238 |
Additional paid in capital | 34,743,489 | 20,096,991 |
Accumulated deficit | -19,917,245 | -15,397,296 |
Total shareholders' equity | 14,916,007 | 4,783,933 |
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY | $15,477,978 | $5,078,831 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Preferred Stock, par value | $0.00 | $0.00 |
Preferred Stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common Stock, par value | $0.00 | $0.00 |
Common Stock, shares authorized | 200,000,000 | 200,000,000 |
Common Stock, shares issued | 89,762,872 | 84,237,872 |
Common Stock, shares outstanding | 89,762,872 | 84,237,872 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Revenue | $0 | $0 | $0 | |||
Operating expense | ||||||
Research and development | 1,630,439 | [1] | 1,518,885 | [1] | 1,132,712 | [1] |
General and administrative | 2,715,146 | [2] | 1,634,650 | [2] | 986,097 | [2] |
Total operating expense | 4,542,246 | 3,269,240 | 2,582,679 | |||
Net operating loss | -4,542,246 | -3,269,240 | -2,582,679 | |||
Other income (expense) | ||||||
Interest income | 22,632 | 4,037 | 779 | |||
Other expense | -335 | -810 | -637 | |||
Total Other Income (Expense) | 22,297 | 3,227 | 142 | |||
Net Loss Before Income Taxes | -4,519,949 | -3,266,013 | -2,582,537 | |||
Income tax expense | 0 | 0 | 0 | |||
Net Loss | -4,519,949 | -3,266,013 | -2,582,537 | |||
Loss per share | ||||||
Net loss per share, basic and diluted | ($0.05) | ($0.05) | ($0.04) | |||
Basic and diluted weighted average number of common shares outstanding | 89,281,622 | 71,372,672 | 59,317,779 | |||
Related Party | ||||||
Operating expense | ||||||
Research and development | $196,661 | [3] | $115,705 | [3] | $463,870 | [3] |
[1] | Research and development expense includes stock option expense of $83,139, $32,879 and $53,645 for the years ending 12/31/2014, 12/31/2013 and 12/31/2012, respectively. Research and development expense also includes amortization expense of $160,625 for the years ending 12/31/2014 and 12/31/2013, and $185,271 for the year ending 12/31/2012. | |||||
[2] | General & administrative expense includes stock option expense of $321,011, $671,601 and $9,740 for the years ending 12/31/2014, 12/31/2013 and 12/31/2012, respectively. General & administrative expense also includes depreciation expense of $10,284 for the year ended 12/31/2014. | |||||
[3] | Includes $345,000 technology impairment charge for the year ending 12/31/2012. |
CONSOLIDATED_STATEMENTS_OF_OPE1
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Amortization | $160,625 | $160,625 | $185,271 |
Technology Impairment Charge | 0 | 0 | 345,000 |
Depreciation | 10,284 | 0 | 0 |
Research and Development Expense [Member] | |||
Equity compensation | 83,139 | 32,879 | 53,645 |
Amortization | 160,625 | 160,625 | 185,271 |
General and Administrative Expense [Member] | |||
Stock option and warrant expense | $321,011 | $671,601 | $9,740 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
CASH FLOW FROM OPERATING ACTIVITIES | |||
Net loss | ($4,519,949) | ($3,266,013) | ($2,582,537) |
Adjustments to reconcile net loss to net cash used in operating activities | |||
Amortization | 160,625 | 160,625 | 185,271 |
Depreciation | 10,284 | 0 | 0 |
Technology impairment | 0 | 0 | 345,000 |
Common stock issed for services | 0 | 0 | 18,500 |
Stock options and warrants | 404,150 | 704,480 | 63,385 |
(Increase) decrease in assets | |||
Prepaid drug product for testing | -103,303 | 143,636 | -42,000 |
Other current assets | -36,377 | -21,542 | 5,864 |
Increase (decrease) in liabilities | |||
Accounts payable and accrued expenses | 267,073 | -34,346 | 13,113 |
Net cash used in operating activities | -3,817,497 | -2,313,160 | -1,993,404 |
CASH FLOW FROM INVESTING ACTIVITIES | |||
Purchase of exclusive license - related party | 0 | 0 | -25,000 |
Purchase furniture, fixtures & equipment | -123,410 | 0 | 0 |
Net cash used in investing activities | -123,410 | 0 | -25,000 |
CASH FLOW FROM FINANCING ACTIVITIES | |||
Net proceeds from sale of common stock | 13,812,373 | 5,330,946 | 1,600,198 |
Net proceeds from exercise of common stock options | 435,500 | 0 | 0 |
Net cash from financing activities | 14,247,873 | 5,330,946 | 1,600,198 |
NET INCREASE (DECREASE) IN CASH | 10,306,966 | 3,017,786 | -418,206 |
Cash, beginning of period | 3,551,832 | 534,046 | 952,252 |
Cash, end of period | 13,858,798 | 3,551,832 | 534,046 |
Cash paid for | |||
Interest | 0 | 0 | 0 |
Income taxes | 0 | 0 | 0 |
Non-cash financing activities | |||
Common stock issued to Placement Agent | 0 | 771,047 | 0 |
Due diligence and commitment shares issued | $0 | $0 | $1,750 |
CONSOLIDATED_STATEMENT_OF_SHAR
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (USD $) | Total | Investor | Services | Issuance During Period 1 St | Issuance During Period 1 St | Issuance During Period 1 St | Issuance During Period 2 Nd | Issuance During Period 2 Nd | Issuance During Period 2 Nd | Issuance During Period 3 Rd | Issuance During Period 3 Rd | Issuance During Period 3 Rd | Issuance During Period 4 Th | Issuance During Period 4 Th | Issuance During Period 4 Th | Issuance During Period 5 Th | Issuance During Period 6 Th | Issuance During Period 6 Th | Issuance During Period 7 Th | Issuance During Period 7 Th | Issuance During Period 8 Th | Issuance During Period 8 Th | Issuance During Period 9 Th | Issuance During Period 10 Th | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Additional Paid-in Capital | Additional Paid-in Capital | Additional Paid-in Capital | Additional Paid-in Capital | Additional Paid-in Capital | Additional Paid-in Capital | Additional Paid-in Capital | Additional Paid-in Capital | Additional Paid-in Capital | Additional Paid-in Capital | Additional Paid-in Capital | Additional Paid-in Capital | Additional Paid-in Capital | Additional Paid-in Capital | Additional Paid in Capital Shares to be Issued | Additional Paid in Capital Shares to be Issued | Additional Paid in Capital Shares to be Issued | Additional Paid in Capital Shares to be Issued | Additional Paid in Capital Shares to be Issued | Additional Paid in Capital Shares to be Issued | Additional Paid in Capital Shares to be Issued | Additional Paid in Capital Shares to be Issued | Additional Paid in Capital Shares to be Issued | Additional Paid in Capital Shares to be Issued | Additional Paid in Capital Shares to be Issued | Additional Paid in Capital Shares to be Issued | Accumulated Deficit | Stock Issued In Jun-13 | Stock Issued In Jun-13 | Stock Issued In Jun-13 | Stock Issued In Jun-13 | Stock Issued In Nov-13 | Stock Issued In Nov-13 | Stock Issued In Nov-13 | Stock Issued In Nov-13 | Stock Issued In Nov-12 | Stock Issued In Nov-12 | Stock Issued In Nov-12 |
Cash | Commitments | Cash | Commitments | Cash | Commitments | Cash | Commitments | Placement Agent | Investor | Placement Agent | Placement Agent | Investor | Services | Issuance During Period 1 St | Issuance During Period 1 St | Issuance During Period 2 Nd | Issuance During Period 2 Nd | Issuance During Period 3 Rd | Issuance During Period 3 Rd | Issuance During Period 4 Th | Issuance During Period 4 Th | Issuance During Period 5 Th | Issuance During Period 6 Th | Issuance During Period 8 Th | Investor | Services | Issuance During Period 1 St | Issuance During Period 1 St | Issuance During Period 2 Nd | Issuance During Period 2 Nd | Issuance During Period 3 Rd | Issuance During Period 3 Rd | Issuance During Period 4 Th | Issuance During Period 4 Th | Issuance During Period 5 Th | Issuance During Period 6 Th | Issuance During Period 8 Th | Issuance During Period 1 St | Issuance During Period 2 Nd | Issuance During Period 3 Rd | Issuance During Period 4 Th | Issuance During Period 5 Th | Issuance During Period 6 Th | Issuance During Period 7 Th | Issuance During Period 7 Th | Issuance During Period 8 Th | Issuance During Period 9 Th | Issuance During Period 10 Th | Common Stock | Additional Paid-in Capital | Additional Paid in Capital Shares to be Issued | Common Stock | Additional Paid-in Capital | Additional Paid in Capital Shares to be Issued | Common Stock | Additional Paid-in Capital | Additional Paid in Capital Shares to be Issued | |||||||||||||||||||
Cash | Commitments | Cash | Commitments | Cash | Commitments | Cash | Commitments | Placement Agent | Placement Agent | Cash | Commitments | Cash | Commitments | Cash | Commitments | Cash | Commitments | Placement Agent | Placement Agent | Investor | Placement Agent | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance at Dec. 31, 2011 | $2,914,974 | $58,325 | $12,405,395 | $0 | ($9,548,746) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance (in shares) at Dec. 31, 2011 | 58,325,169 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued (in shares) | 50,000 | 166,667 | 2,084 | 89,286 | 1,042 | 96,154 | 1,042 | 185,185 | 2,084 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | 18,500 | 50,000 | 625 | 25,000 | 292 | 25,000 | 271 | 50,000 | 563 | 99,011 | 50 | 167 | 2 | 89 | 1 | 96 | 1 | 185 | 2 | 18,450 | 49,833 | 623 | 24,911 | 291 | 24,904 | 270 | 49,815 | 561 | 99,011 | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock sold shares to be issued | 150,000 | 171,900 | 140,000 | 73,000 | 250,100 | 160,000 | 59,100 | 148,200 | 501,300 | 150,000 | 171,900 | 140,000 | 73,000 | 250,100 | 160,000 | 59,100 | 148,200 | 501,300 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option vesting | 63,385 | 63,385 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fund raising expense | -304,164 | -304,164 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for common stock previously sold (in shares) | 3,300,337 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for common stock previously sold | 0 | 3,300 | 986,801 | -990,101 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | -2,582,537 | -2,582,537 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2012 | 2,014,520 | 62,218 | 13,321,075 | 762,510 | -12,131,283 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance (in shares) at Dec. 31, 2012 | 62,219,050 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued (in shares) | 330,034 | 1,166,465 | 805,242 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | 0 | 349,940 | 322,096 | 330 | 1,166 | 806 | 98,681 | 348,774 | 321,290 | -99,011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock sold shares to be issued | 197,002 | 149,200 | 853,050 | 1,636,649 | 3,220,966 | 197,002 | 149,200 | 853,050 | 1,636,649 | 3,220,966 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option vesting | 704,480 | 704,480 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fund raising expense | -1,397,957 | -1,397,957 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for common stock previously sold (in shares) | 11,664,665 | 8,052,416 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for common stock previously sold | 0 | 11,665 | 3,487,735 | -3,499,400 | 0 | 8,053 | 3,212,913 | -3,220,966 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | -3,266,013 | -3,266,013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2013 | 4,783,933 | 84,238 | 20,096,991 | 0 | -15,397,296 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance (in shares) at Dec. 31, 2013 | 84,237,872 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued (in shares) | 5,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | 15,000,000 | 5,000 | 14,995,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option vesting | 404,150 | 404,150 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fund raising expense | -1,187,627 | -1,187,627 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | -4,519,949 | -4,519,949 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options (in shares) | 525,000 | 525,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | 435,500 | 525 | 434,975 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2014 | $14,916,007 | $89,763 | $34,743,489 | $0 | ($19,917,245) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance (in shares) at Dec. 31, 2014 | 89,762,872 |
CONSOLIDATED_STATEMENT_OF_SHAR1
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Parenthetical) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share Based Compensation Arrangement By Share Based Payment Award Vest And Exercisable Period | 14-Dec | 13-Dec | 12-Dec |
Fund Raising Expense, Period | 14-Dec | 13-Dec | 12-Dec |
Stock Options Exercised Issuance Period | 14-Dec | ||
Investor [Member] | |||
Common Stock, Shares Issuance Period | 14-Jan | ||
Stock Issued In Nov-13 | |||
Common Stock, Shares Issuance Period | 13-Nov | ||
Stock Issued In Jun-13 | |||
Common Stock, Shares Issuance Period | 13-Jun | ||
Stock Issued In Nov-12 | |||
Common Stock, Shares Issuance Period | 12-Nov | ||
Goods and Services Exchanged for Equity Instrument [Member] | |||
Common Stock, Shares Issuance Period | 12-Aug | ||
Issuance During Period 1 St [Member] | |||
Common Stock, Sold Shares to be issued, Issuance Period | 13-Feb | 12-Jun | |
Issuance During Period 1 St [Member] | Cash | |||
Common Stock, Shares Issuance Period | 12-Mar | ||
Issuance During Period 1 St [Member] | Commitments | |||
Common Stock, Shares Issuance Period | 12-Mar | ||
Issuance During Period 2 Nd [Member] | |||
Common Stock, Sold Shares to be issued, Issuance Period | 13-Mar | 12-Jul | |
Issuance During Period 2 Nd [Member] | Cash | |||
Common Stock, Shares Issuance Period | 12-Apr | ||
Issuance During Period 2 Nd [Member] | Commitments | |||
Common Stock, Shares Issuance Period | 12-Apr | ||
Issuance During Period 3 Rd | |||
Common Stock, Sold Shares to be issued, Issuance Period | 13-Apr | 12-Aug | |
Issuance During Period 3 Rd | Cash | |||
Common Stock, Shares Issuance Period | 12-Apr | ||
Issuance During Period 3 Rd | Commitments | |||
Common Stock, Shares Issuance Period | 12-Apr | ||
Issuance During Period 4 Th | |||
Common Stock, Sold Shares to be issued, Issuance Period | 13-May | 12-Sep | |
Issuance During Period 4 Th | Cash | |||
Common Stock, Shares Issuance Period | 12-Apr | ||
Issuance During Period 4 Th | Commitments | |||
Common Stock, Shares Issuance Period | 12-Apr | ||
Issuance During Period 5 Th | |||
Common Stock, Sold Shares to be issued, Issuance Period | 12-Sep | ||
Issuance During Period 5 Th | Placement Agent | |||
Common Stock, Shares Issuance Period | 13-Jun | ||
Issuance During Period 6 Th | |||
Common Stock, Sold Shares to be issued, Issuance Period | 12-Sep | ||
Issuance During Period 6 Th | Placement Agent | |||
Common Stock, Shares Issuance Period | 13-Jun | ||
Issuance During Period 7 Th | |||
Common Stock, Shares Issuance Period | 12-Nov | ||
Issuance During Period 7 Th | Investor [Member] | |||
Common Stock, Shares Issuance Period | 13-Sep | ||
Issuance During Period 8 Th | |||
Common Stock, Shares Issuance Period | 12-Nov | ||
Issuance During Period 8 Th | Placement Agent | |||
Common Stock, Shares Issuance Period | 13-Nov | ||
Issuance During Period 9 Th | Placement Agent | |||
Common Stock, Shares Issuance Period | 12-Nov | ||
Issuance During Period 10 Th | |||
Common Stock, Shares Issuance Period | 12-Dec |
Organization_and_Business
Organization and Business | 12 Months Ended | |
Dec. 31, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Organization and Business | 1 | Organization and Business |
Bio-Path Holdings, Inc. (“Bio-Path” or the “Company”) is a biotechnology company with its lead cancer drug candidate, Liposomal Grb-2 (“L-Grb-2” or “BP-100-1.01”), currently in clinical trials. The planned principal operations are described in the following paragraphs. The Company was founded with technology from The University of Texas, MD Anderson Cancer Center (“MD Anderson”) and is dedicated to developing novel cancer drugs under an exclusive license arrangement (the “License Agreement”). The Company has drug delivery platform technology with composition of matter intellectual property for systemic delivery of its proprietary antisense. Bio-Path also plans to investigate developing liposome tumor targeting technology, which has the potential to be developed to augment the Company’s current delivery technology to improve further the effectiveness of its antisense. In addition to its existing technology under license the Company expects to maintain a close working relationship with key members of the MD Anderson staff, which has the potential to provide Bio-Path with additional drug candidates in the future. Bio-Path also expects to broaden its technology to include cancer drugs other than antisense, including drug candidates licensed from institutions other than MD Anderson. | ||
Bio-Path believes that its core technology, if successful, will enable it to be at the center of emerging genetic and molecular target-based therapeutics that require systemic delivery of DNA and RNA-like material. The Company’s two lead liposomal antisense drug candidates are targeted to treat Acute Myeloid Leukemia (“AML”), Myelodysplastic Syndrome (“MDS”), Philadelphia Chromosome Positive Chronic Myelogenous Leukemia (“CML”), Acute Lymphoblastic Leukemia (“ALL”) and follicular lymphoma, and if successful, could potentially be used in treating many other indications of cancer. For example, in July of 2013 Bio-Path announced that it was initiating development of its lead cancer drug Liposomal Grb-2 to treat triple negative breast cancer (TNBC) and inflammatory breast cancer (IBC), two cancers characterized by formation of aggressive tumors and relatively high mortality rates. | ||
The Company was founded in May of 2007 as a Utah corporation. In February of 2008, Bio-Path completed a reverse merger with Ogden Golf Co. Corporation, a public company traded over the counter that had no current operations. The name of Ogden Golf was changed to Bio-Path Holdings, Inc. and the directors and officers of Bio-Path, Inc. became the directors and officers of Bio-Path Holdings, Inc. Bio-Path became a publicly traded company as a result of this merger. The Company’s operations to date have been limited to organizing and staffing the Company, acquiring, developing and securing its technology and undertaking product development for a limited number of product candidates including readying and now conducting a Phase I clinical trial in its lead drug product candidate Liposomal Grb-2. | ||
On November 5, 2013, the Company filed a shelf registration statement on Form S-3 with the SEC, which was declared effective by the SEC on January 13, 2014. The shelf registration statement was filed to register the offering and sale of up to $100 million of our common stock, preferred stock, warrants to purchase common stock or preferred stock or any combination thereof, either individually or in units. The foregoing does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. | ||
On January 15, 2014, the Company entered into a securities purchase agreement, as amended, with two dedicated healthcare funds (collectively, the “Sabby Investors”) that are managed by Sabby Management, pursuant to which the Company agreed to sell an aggregate of 5,000,000 shares of its common stock and warrants to purchase a total of 2,500,000 shares of its common stock to the Sabby Investors for gross proceeds of approximately $15,000,000. The net proceeds to the Company from the registered direct public offering, after deducting the placement agent’s fees and expenses, the Company’s estimated offering expenses, and excluding the proceeds from the exercise of the warrants issued in the offering, were approximately $13.8 million. The Company is using the net proceeds from this offering and sale of securities for working capital and general corporate purposes. | ||
On March 5, 2014, the NASDAQ Stock Market LLC informed the Company that it had approved the listing of the Company’s common stock on the NASDAQ Capital Market. The Company’s common stock ceased trading on the OTCQX and commenced trading on the NASDAQ Capital Market on March 10, 2014 under the ticker symbol “BPTH.” | ||
In April 2014 the Company entered in a lease for a larger office space. The new, expanded size office is required for the core organization the Company has added. | ||
In December of 2014, a former Director of the Company exercised stock options on 525,000 shares of the Company’s common stock for aggregate gross proceeds of $435,500. | ||
As of December 31, 2014, Bio-Path had $13,858,798 in cash on hand. | ||
At the December 30, 2014 annual shareholder meeting, shareholders approved a change in incorporation to the State of Delaware. This was subsequently completed effective December 31, 2014. | ||
As the Company has not begun its planned principal operations of commercializing a product candidate, the Company’s activities are subject to significant risks and uncertainties, including the potential requirement to secure additional funding, the outcome of the Company’s clinical trials, and failing to operationalize the Company’s current drug candidates before another company develops similar products. | ||
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | 2 | Summary of Significant Accounting Policies |
Principles of Consolidation — The consolidated financial statements include the accounts of Bio-Path Holdings, Inc., and its wholly-owned subsidiary Bio-Path, Inc. All intercompany accounts and transactions have been eliminated in consolidation. | ||
Related Party — Based on its stock ownership in the Company, MD Anderson Cancer Center meets the criteria to be deemed a related party of Bio-Path Holdings. For the years ending December 31, 2014 and 2013, MD Anderson related party research and development expense was $196,661 and $115,705, respectively. MD Anderson related party research and development expense for the year ending December 31, 2014 included license expense of $50,000 for the license annual maintenance fee and $31,211 for license patent expenses not capitalized in the technology license other asset and clinical trial hospital expense of $115,450. As of December 31, 2014, the Company had $67,050 in accrued R&D related expense for the clinical trial and $100,000 in accrued license payments for past patent expenses and the annual license maintenance fee. See Notes 4, 5, and 6. For the year ended December 31, 2013, the Company had $115,705 in R&D related party expense for clinical trial hospital expense of $52,050 and license expense of $63,655 including license maintenance fees of $50,000 and $13,655 in patent expenses not capitalized in the technology license other asset. For the year ended December 31, 2012, the Company had $463,870 in R&D related party expense for the clinical trial, license maintenance fee and technology impairment, accounts payable related party of $8,582 for patent expenses not capitalized in the technology license and accrued license payments payable related party of $100,000 for the annual maintenance fee and past patent expenses, and $26,000 accrued expense related party for clinical trial hospital expenses. | ||
Cash and Cash Equivalents — The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. | ||
Concentration of Credit Risk — Financial instruments that potentially subject the Company to a significant concentration of credit risk consist of cash. The Company maintains its cash balances with one major commercial bank, JPMorgan Chase Bank. The balances are insured by the Federal Deposit Insurance Corporation up to $250,000. As a result, as of December 31, 2014, $13,608,798 of the Company’s cash balances were not covered by the FDIC. As of December 31, 2013 the Company had $3,551,832 in cash on-hand, of which $3,301,832 was not covered by Federal Deposit Insurance Corporation insurance and as of December 31, 2012 the Company had $534,046 in cash on-hand, of which $284,046 was not covered by Federal Deposit Insurance Corporation insurance. | ||
Furniture, fixtures and equipment — Furniture, fixtures and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets. Depreciation expense was $10,284, $0 and $0 for the years ended December 31, 2014, 2013 and 2012, respectively. | ||
The estimated useful lives are as follows: | ||
Furniture – 3 years | ||
Fixtures – 3 years | ||
Equipment – 3 years | ||
Major additions and improvements are capitalized, while costs for minor replacements, maintenance, and repairs that do not increase the useful life of an asset are expensed as incurred. | ||
Long-Lived Assets — The Company’s long-lived assets consist of furniture, fixtures and equipment, and a technology license. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the asset is measured by a comparison of the asset’s carrying amount to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. | ||
Intangible Assets — As of December 31, 2014, Other Assets totaled $1,250,893 for the Company’s technology license, comprised of $2,500,374 in value acquiring the Company’s technology license and its intellectual property, less accumulated amortization of $1,249,481. The technology value consists of $836,207 in cash paid or accrued to be paid to MD Anderson, plus 3,138,889 shares of common stock granted to MD Anderson valued at $2,354,167 less $690,000 for impairment expense taken in December of 2011 and June of 2012. This value is being amortized over a 15 year period from November 7, 2007, the date that the technology license became effective. The Company accounts for the impairment and disposition of its long-lived assets in accordance with generally accepted accounting principles (GAAP). Long-lived assets are reviewed for events of changes in circumstances which indicate that their carrying value may not be recoverable. The Company estimates that approximately $160,000 will be amortized per year for each future year for the current value of the technology licenses acquired until approximately 2022. As of December 31, 2013 Other Assets totaled $1,411,518 comprised of $2,500,374 in value acquiring the Company’s technology licenses and its intellectual property, less accumulated amortization of $1,088,856. As of December 31, 2012 Other Assets totaled $1,572,143 comprised of $2,500,374 in value acquiring the Company’s technology licenses and its intellectual property, less accumulated amortization of $928,231. | ||
Research and Development Costs — Costs and expenses that can be clearly identified as research and development are charged to expense as incurred in accordance with GAAP. Advance payments, including nonrefundable amounts, for goods or services that will be used or rendered for future R&D activities are deferred and capitalized. Such amounts will be recognized as an expense as the related goods are delivered or the related services are performed. If the goods will not be delivered, or services will not be rendered, then the capitalized advance payment is charged to expense. For the year 2014, the Company had $1,630,439 of costs classified as research and development expense and $196,661 of related party research and development expense. Of the research and development expense totaling $1,630,439, $160,625 was for amortization of the technology license, $83,139 was for stock options expense for individuals involved in research and development activities, $729,031 for drug material manufactured to be used in the clinical trial, $11,965 for drug storage, $193,640 for clinical trial expense, $90,337 for advisory services, $291,993 for manufacturing development and drug product testing, $40,520 for preclinical studies and $29,189 for other R&D activities. Of the $196,661 related party research and development expense, $50,000 was comprised of technology license maintenance fees, $31,211 in patent expenses not capitalized in technology license-Other Assets and $115,450 was comprised of clinical trial hospital costs. For the year 2013, the Company had $1,518,885 of costs classified as research and development expense and $115,705 of related party research and development expense. For the year 2012, the Company had $1,132,712 of costs classified as research and development expense and $463,870 of related party research and development expense. | ||
Stock-Based Compensation — The Company has accounted for stock-based compensation under the provisions of GAAP. The provisions require us to record an expense associated with the fair value of stock-based compensation. We currently use the Black-Scholes option valuation model to calculate stock based compensation at the date of grant. Option pricing models require the input of highly subjective assumptions, including the expected price volatility. Changes in these assumptions can materially affect the fair value estimate. | ||
Net Loss Per Share – Basic net loss per common share is computed by dividing net loss for the period by the weighted average number of common shares outstanding during the period. Although there were warrants and stock options outstanding during 2014, 2013 and 2012, no potential common shares shall be included in the computation of any diluted per-share amount when a loss from continuing operations exists. Consequently, diluted net loss per share as presented in the financial statements is equal to basic net loss per share for the years 2014, 2013 and 2012. The calculation of Basic and Diluted earnings per share for 2014 did not include 4,734,861 shares and 10,000 shares issuable pursuant to the exercise of vested common stock options and vested warrants, respectively, as of December 31, 2014 as the effect would be anti-dilutive. The calculation of Basic and Diluted earnings per share for 2013 did not include 4,848,298 shares and 10,000 shares issuable pursuant to the exercise of vested common stock and vested warrants, respectively, as of December 31, 2013 as the effect would be anti-dilutive. The calculation of Basic and Diluted earnings per share for 2012 did not include 3,296,354 shares and 10,000 shares issuable pursuant to the exercise of vested common stock and vested warrants, respectively, as of December 31, 2012 as the effect would be anti-dilutive. | ||
Comprehensive Income — Comprehensive income (loss) is defined as all changes in a company’s net assets, except changes resulting from transactions with shareholders. At December 31, 2014, 2013 and 2012, the Company has no reportable differences between net loss and comprehensive loss. | ||
Use of Estimates — The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the Company’s consolidated financial statements and accompanying notes. On an ongoing basis, the Company evaluates its estimates and judgments, which are based on historical and anticipated results and trends and on various other assumptions that the Company believes to be reasonable under the circumstances. By their nature, estimates are subject to an inherent degree of uncertainty and, as such, actual results may differ from the Company’s estimates. | ||
Income Taxes — Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. | ||
New Accounting Pronouncements — From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board that are adopted by the Company as of the specified effective date. If not discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company's consolidated financial statements upon adoption. Recently, the FASB issued ASU 2014-10 to eliminate the concept of a development stage entity (DSE) from U.S. GAAP. This change rescinds certain financial reporting requirements that have historically applied to DSEs. The amendments are effective for annual reporting periods beginning after December 15, 2014 and interim periods therein. Early adoption is permitted for financial statements that have not yet been issued or made available for issuance. The Company elected to early adopt ASU 2014-10 as of September 30, 2014. | ||
Prepaid_Drug_Product_for_Testi
Prepaid Drug Product for Testing | 12 Months Ended | |
Dec. 31, 2014 | ||
Prepaid Drug Product For Testing [Abstract] | ||
Prepaid Drug Product for Testing | 3 | Prepaid Drug Product for Testing |
Advance payments, including nonrefundable amounts, for goods or services that will be used or rendered for future R&D activities are deferred and capitalized. Such amounts will be recognized as an expense as the related goods are delivered or the related services are performed. The Company incurred installments to its contract drug manufacturing and raw material suppliers totaling $51,364 in late 2013 pursuant to a Drug Supply Contract (See Note 9) for the manufacture and delivery of the Company’s lead drug product for testing in a Phase I clinical trial. This amount was carried on the Balance Sheet as of December 31, 2013 at cost as Prepaid Drug Product for Testing. The Company incurred additional installment costs with the total costs incurred totaling $154,667 being carried on the Balance Sheet as of December 31, 2014 as Prepaid Drug Product for Testing (See Note 9). | ||
Accounts_Payable
Accounts Payable | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounts Payable Disclosure [Abstract] | ||
Accounts Payable | 4 | Accounts Payable |
As of December 31, 2014, Current Liabilities included accounts payable of $41,026 comprised primarily of approximate amounts owed totaling $38,127 to the Company’s drug product manufacturer, raw material suppliers and suppliers of services used in clinical trials as well as other miscellaneous items totaling $2,899. Current Liabilities as of December 31, 2014 also included accounts payable – related party totaling $100,450 for MD Anderson clinical trial hospital expense. By the first week of March 2015, the December 31, 2014 amounts included in accounts payable and accounts payable – related party had been substantially paid. As of December 31, 2013, Current Liabilities included accounts payable of $76,109 which were subsequently paid in 2014 and accounts payable – related party of $0. | ||
Accrued_Expense
Accrued Expense | 12 Months Ended | |
Dec. 31, 2014 | ||
Accrued Liabilities [Abstract] | ||
Accrued Expense | 5 | Accrued Expense |
As of December 31, 2014, Current Liabilities included accrued expense of $253,445 for bonus incentive accruals, unpaid vacation, legal fees, advisory fees, clinical trial costs, corporate communications and travel expenses. Current Liabilities as of December 31, 2014 also included accrued expense – related party of $67,050 for MD Anderson clinical trial hospital expense. (See Note 2). As of December 31, 2013, Current Liabilities included accrued expense of $66,739 and accrued expense related party of $52,050. | ||
Accrued_License_Payments_Relat
Accrued License Payments - Related Party | 12 Months Ended | |
Dec. 31, 2014 | ||
Accrued License Payments Related Parties [Abstract] | ||
Accrued License Payments - Related Party | 6 | Accrued License Payments – Related Party |
Accrued license payments – related party totaling $100,000 and $100,000 were included in Current Liabilities as of December 31, 2014 and 2013, respectively. The amount for 2014 and 2013 represent reimbursement of past patent expenses incurred by MD Anderson prior to the Bio-Path license and the annual license maintenance fee. | ||
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |
Dec. 31, 2014 | ||
Stockholders' Equity Note [Abstract] | ||
Stockholders' Equity | 7 | Stockholders’ Equity |
Issuance of Common Stock – In March of 2012, the Company received $50,000 from LPC in exchange for 166,667 shares of the Company’s common stock. LPC was also issued 2,084 shares of the Company’s common stock as a commitment fee in connection with the purchase of the 166,667 shares of common stock. No warrants to purchase additional shares of common stock of the Company were issued to Lincoln in connection with the sale of the common stock. | ||
In April of 2012, LPC made three separate purchases of the Company’s common stock. The Company received $25,000 from LPC in exchange for 89,286 shares of the Company’s common stock. LPC was also issued 1,042 shares of the Company’s common stock as a commitment fee in connection with the purchase of the 89,286 shares of common stock. The Company received another $25,000 from LPC in exchange for 96,154 shares of the Company’s common stock. LPC was also issued 1,042 shares of the Company’s common stock as a commitment fee in connection with the purchase of the 96,154 shares of common stock. Finally, the Company received $50,000 from LPC in exchange for 185,185 shares of the Company’s common stock. LPC was also issued 2,084 shares of the Company’s common stock as a commitment fee in connection with the purchase of the 185,185 shares of common stock. No warrants to purchase additional shares of common stock of the Company were issued to Lincoln in connection with the sale of the common stock. | ||
In June of 2012, the Company sold $150,000 in shares of its common stock pursuant to a private placement, with shares to be issued, and $18,500 in shares of its common stock for services with shares to be issued. | ||
In August of 2012, the Company issued 50,000 shares of its common stock for the $18,500 shares for services previously recognized in June 2012. | ||
In July through September of 2012, the Company sold $795,001 in shares of its common stock pursuant to a private placement, with shares to be issued. | ||
In October through December of 2012, the Company sold $708,600 in shares of its common stock pursuant to a private placement, with shares to be issued. | ||
As of December 31, 2012 the Company issued 3,300,337 shares of its common stock to investors who purchased shares of common stock from the period June through September of 2012. | ||
As of December 31, 2012, there were 62,219,050 shares of common stock issued and outstanding. There are no preferred shares outstanding as of December 31, 2012. | ||
In February and March of 2013, the Company sold $346,202 in shares of its common stock pursuant to a private placement, with shares to be issued. | ||
In April and May of 2013, the Company sold $2,000,198 in shares of its common stock pursuant to a private placement, with shares to be issued, and $489,501 in shares of its common stock pursuant in a direct offering, with shares to be issued. | ||
In June of 2013, the Company issued 11,664,665 shares of common stock to investors in connection with the private placement and direct offering. In June of 2013 the Company issued 1,496,499 shares of common stock to the Placement Agent as commission for the shares of common stock sold to investors. No warrants to purchase additional shares of common stock of the Company were issued to these investors or to the Placement Agent in connection with the sale of the common stock. | ||
In August and September of 2013, the Company sold $3,220,966 in shares of its common stock pursuant to a private placement, with shares to be issued. | ||
In November of 2013, the Company issued 8,052,416 shares of common stock to investors in connection with the private placement. In November of 2013 the Company issued 805,242 shares of common stock to the Placement Agent as commission for the shares of common stock sold to investors. No warrants to purchase additional shares of common stock of the Company were issued to these investors or to the Placement Agent in connection with the sale of the common stock. | ||
As of December 31, 2013, there were 84,237,872 shares of common stock issued and outstanding. There are no preferred shares outstanding as of December 31, 2013. | ||
In January of 2014, the Company issued a total of 5,000,000 shares of the Company’s common stock and warrants to purchase 2,500,000 shares of the Company’s common stock for aggregate gross proceeds of $15,000,000. The warrants are exercisable for a period of five years from the date of issuance. The exercise price of the warrants is $4.74 a share. The Company also issued warrants to purchase 250,000 shares of the Company’s common stock to the Placement Agent for the transaction with the same terms and conditions. | ||
In December of 2014, a former Director of the Company exercised stock options on 525,000 shares of the Company’s common stock for aggregate gross proceeds of $435,500. | ||
As of December 31, 2014, there were 89,762,872 shares of common stock issued and outstanding. There are no preferred shares outstanding as of December 31, 2014. | ||
StockBased_Compensation_Plans
Stock-Based Compensation Plans | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||
Stock-Based Compensation Plans | 8 | Stock-Based Compensation Plans | ||||||||||||||||
The Plan - In 2007, the Company adopted the 2007 Stock Incentive Plan, as amended (the “Plan”). The Plan provides for the grant of Incentive Stock Options, Nonqualified Stock Options, Restricted Stock Awards, Restricted Stock Unit Awards, Performance Awards and other stock-based awards, or any combination of the foregoing to our key employees, non-employee directors and consultants. As of December 31, 2014 the total number of Shares reserved and available for grant and issuance pursuant to this Plan is 8,423,787 Shares, subject to the automatic annual Share increase as defined in the Plan. Under the Plan, the exercise price is determined by the compensation committee of the Board of Directors, and for options intended to qualify as qualified incentive stock options, may not be less than the fair market value as determined by the closing stock price at the date of the grant. Each option and award shall vest and expire as determined by the compensation committee. Options expire no later than ten years from the date of grant. All grants provide for accelerated vesting if there is a change of control, as defined in the Plan. | ||||||||||||||||||
Stock option awards granted for the year 2014 were estimated to have a weighted average fair value per share of $2.51. Stock option awards granted for the years 2013 and 2012 were estimated to have weighted average fair values per share of $0.47 and $0.37, respectively. The fair value calculation is based on stock options and warrants granted during a period using the Black-Scholes option-pricing model on the date of grant. In addition, for all stock options and compensation-based warrants granted, exercise price was determined based on the fair market value as determined by the closing stock price at the date of the grant. For stock option and compensation-based warrants granted during 2012, 2013 and 2014 the following weighted average assumptions were used in determining fair value: | ||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||
Risk-free interest rate | 0.78 | % | 1.58 | % | 2.12 | % | ||||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | ||||||||||||
Expected volatility | 185 | % | 189 | % | 174 | % | ||||||||||||
Expected term in months | 61 | 69 | 80 | |||||||||||||||
The Company determines the expected term of its stock option and warrant awards using the simplified method based on the weighted average of the length of the vesting period and the term of the exercise period. Expected volatility is determined by the volatility of the Company’s historical stock price over the expected term of the grant. The risk-free interest rate for the expected term of each option and warrant granted is based on the U.S. Treasury yield curve in effect at the time of grant. | ||||||||||||||||||
Option activity under the Plan for the year ended December 31, 2014, was as follows: | ||||||||||||||||||
Weighted | ||||||||||||||||||
Weighted- | Average | |||||||||||||||||
Average | Remaining | Aggregate | ||||||||||||||||
Exercise | Contractual | Intrinsic | ||||||||||||||||
Options | Price | Term | Value | |||||||||||||||
(In years) | ||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||
Outstanding at December 31, 2013 | 6,032,188 | $ | 0.9 | 6.8 | $ | 18,671,745 | ||||||||||||
Granted | 325,000 | 2.57 | 9.4 | |||||||||||||||
Exercised | -525,000 | 0.83 | ||||||||||||||||
Forfeited/expired | -404,410 | 0.68 | ||||||||||||||||
Outstanding at December 31, 2014 | 5,427,778 | $ | 1.03 | 6 | $ | 8,829,412 | ||||||||||||
Vested and expected to vest December 31, 2014 | 5,427,778 | $ | 1.03 | 6 | $ | 8,829,412 | ||||||||||||
Exercisable at December 31, 2014 | 4,734,861 | $ | 0.99 | 5.6 | $ | 7,930,757 | ||||||||||||
The aggregate intrinsic value in the table above represents the total pretax intrinsic value (the difference between the Company’s closing stock price on the last trading day of 2014 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2014. This amount changes based on the fair market value of the Company’s stock. The aggregate pretax intrinsic value of exercises in 2014 totaled $914,824. | ||||||||||||||||||
Option activity under the Plan for the year ended December 31, 2013, was as follows: | ||||||||||||||||||
Weighted | ||||||||||||||||||
Weighted- | Average | |||||||||||||||||
Average | Remaining | Aggregate | ||||||||||||||||
Exercise | Contractual | Intrinsic | ||||||||||||||||
Options | Price | Term | Value | |||||||||||||||
(In years) | ||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||
Outstanding at December 31, 2012 | 3,482,188 | $ | 1.22 | 5.8 | 5,339 | |||||||||||||
Granted | 2,550,000 | $ | 0.48 | 9.6 | ||||||||||||||
Exercised | - | - | ||||||||||||||||
Forfeited/expired | - | - | ||||||||||||||||
Outstanding at December 31, 2013 | 6,032,188 | $ | 0.9 | 6.8 | $ | 18,671,745 | ||||||||||||
Vested and expected to vest December 31, 2013 | 6,032,188 | $ | 0.9 | 6.8 | $ | 18,671,745 | ||||||||||||
Exercisable at December 31, 2013 | 4,848,298 | $ | 1.0535 | 6.2 | $ | 14,824,475 | ||||||||||||
The aggregate intrinsic value in the table above represents the total pretax intrinsic value (the difference between the Company’s closing stock price on the last trading day of 2013 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2013. This amount changes based on the fair market value of the Company’s stock. | ||||||||||||||||||
Option activity under the Plan for the year ended December 31, 2012, was as follows: | ||||||||||||||||||
Weighted | ||||||||||||||||||
Weighted- | Average | |||||||||||||||||
Average | Remaining | Aggregate | ||||||||||||||||
Exercise | Contractual | Intrinsic | ||||||||||||||||
Options | Price | Term | Value | |||||||||||||||
(In years) | ||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||
Outstanding at December 31, 2011 | 3,432,188 | $ | 1.23 | 6.8 | $ | 2,839 | ||||||||||||
Granted | 50,000 | $ | 0.37 | 9.5 | ||||||||||||||
Exercised | - | - | ||||||||||||||||
Forfeited/expired | - | - | ||||||||||||||||
Outstanding at December 31, 2012 | 3,482,188 | $ | 1.22 | 5.8 | $ | 5,339 | ||||||||||||
Vested and expected to vest December 31, 2012 | 3,482,188 | $ | 1.22 | 5.8 | $ | 5,339 | ||||||||||||
Exercisable at December 31, 2012 | 181,771 | $ | 0.32 | 7 | $ | 4,130 | ||||||||||||
The aggregate intrinsic value in the table above represents the total pretax intrinsic value (the difference between the Company’s closing stock price on the last trading day of 2012 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2012. This amount changes based on the fair market value of the Company’s stock. | ||||||||||||||||||
A summary of options outstanding and exercisable as of December 31, 2014: | ||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||
Weighted | ||||||||||||||||||
Average | Weighted | Weighted | ||||||||||||||||
Number | Remaining | Average | Number | Average | ||||||||||||||
Exercise Prices | Outstanding | Contractual Life | Exercise Price | Exercisable | Exercise Price | |||||||||||||
(Years) | ||||||||||||||||||
$ | 0.3 | 50,000 | 3.9 | $ | 0.3 | 50,000 | $ | 0.3 | ||||||||||
$ | 0.33 | 100,000 | 6.5 | $ | 0.33 | 89,583 | $ | 0.33 | ||||||||||
$ | 0.39 | 25,000 | 7.8 | $ | 0.39 | 25,000 | $ | 0.39 | ||||||||||
$ | 0.46 | 2,152,778 | 8.6 | $ | 0.46 | 1,756,945 | $ | 0.46 | ||||||||||
$ | 0.53 | 20,000 | 6.1 | $ | 0.53 | 18,333 | $ | 0.53 | ||||||||||
$ | 0.9 | 270,000 | 3.3 | $ | 0.9 | 270,000 | $ | 0.9 | ||||||||||
$ | 1.4 | 2,500,000 | 3.8 | $ | 1.4 | 2,500,000 | $ | 1.4 | ||||||||||
$ | 1.95 | 25,000 | 8.8 | $ | 1.95 | 25,000 | $ | 1.95 | ||||||||||
$ | 1.96 | 25,000 | 9.8 | $ | 1.96 | - | - | |||||||||||
$ | 2.28 | 15,000 | 9.7 | $ | 2.28 | - | - | |||||||||||
$ | 2.37 | 15,000 | 9.7 | $ | 2.37 | - | - | |||||||||||
$ | 2.4 | 150,000 | 9.3 | $ | 2.4 | - | - | |||||||||||
$ | 2.42 | 5,000 | 9.7 | $ | 2.42 | - | - | |||||||||||
$ | 2.71 | 50,000 | 9.3 | $ | 2.71 | - | - | |||||||||||
$ | 4.3 | 25,000 | 9.1 | $ | 4.3 | - | - | |||||||||||
5,427,778 | 6 | $ | 1.03 | 4,734,861 | $ | 0.99 | ||||||||||||
Warrant activity under the Plan for the year ended December 31, 2014, was as follows: | ||||||||||||||||||
Weighted | ||||||||||||||||||
Weighted- | Average | |||||||||||||||||
Average | Remaining | Aggregate | ||||||||||||||||
Exercise | Contractual | Intrinsic | ||||||||||||||||
Warrants | Price | Term | Value | |||||||||||||||
(In years) | ||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||
Outstanding at December 31, 2013 | 10,000 | $ | 0.9 | 4.3 | $ | 31,000 | ||||||||||||
Granted | - | - | ||||||||||||||||
Exercised | - | - | ||||||||||||||||
Forfeited/expired | - | - | ||||||||||||||||
Outstanding at December 31, 2014 | 10,000 | $ | 0.9 | 3.3 | $ | 17,600 | ||||||||||||
Vested and expected to vest December 31, 2014 | 10,000 | $ | 0.9 | 3.3 | $ | 17,600 | ||||||||||||
Exercisable at December 31, 2014 | 10,000 | $ | 0.9 | 3.3 | $ | 17,600 | ||||||||||||
Warrant activity under the Plan for the year ended December 31, 2013, was as follows: | ||||||||||||||||||
Weighted | ||||||||||||||||||
Weighted- | Average | |||||||||||||||||
Average | Remaining | Aggregate | ||||||||||||||||
Exercise | Contractual | Intrinsic | ||||||||||||||||
Warrants | Price | Term | Value | |||||||||||||||
(In years) | ||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||
Outstanding at December 31, 2012 | 85,620 | $ | 0.9 | 0.9 | $ | - | ||||||||||||
Granted | - | - | ||||||||||||||||
Exercised | - | - | ||||||||||||||||
Forfeited/expired | -75,620 | 0.9 | ||||||||||||||||
Outstanding at December 31, 2013 | 10,000 | $ | 0.9 | 4.3 | $ | 31,000 | ||||||||||||
Vested and expected to vest December 31, 2013 | 10,000 | $ | 0.9 | 4.3 | $ | 31,000 | ||||||||||||
Exercisable at December 31, 2013 | 10,000 | $ | 0.9 | 4.3 | $ | 31,000 | ||||||||||||
Warrant activity under the Plan for the year ended December 31, 2012, was as follows: | ||||||||||||||||||
Weighted | ||||||||||||||||||
Weighted- | Average | |||||||||||||||||
Average | Remaining | Aggregate | ||||||||||||||||
Exercise | Contractual | Intrinsic | ||||||||||||||||
Warrants | Price | Term | Value | |||||||||||||||
(In years) | ||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||
Outstanding at December 31, 2011 | 85,620 | $ | 0.9 | 1.9 | $ | - | ||||||||||||
Granted | - | |||||||||||||||||
Exercised | - | |||||||||||||||||
Forfeited/expired | - | |||||||||||||||||
Outstanding at December 31, 2012 | 85,620 | $ | 0.9 | 0.9 | $ | - | ||||||||||||
Vested and expected to vest December 31, 2012 | 85,620 | $ | 0.9 | 0.9 | $ | - | ||||||||||||
Exercisable at December 31, 2012 | - | - | - | - | ||||||||||||||
A summary of warrants outstanding and exercisable as of December 31, 2014: | ||||||||||||||||||
Warrants Outstanding | Warrants Exercisable | |||||||||||||||||
Weighted | ||||||||||||||||||
Average | Weighted | Weighted | ||||||||||||||||
Range of Exercise | Number | Remaining | Average | Number | Average | |||||||||||||
Prices | Outstanding | Contractual Life | Exercise Price | Exercisable | Exercise Price | |||||||||||||
(Years) | ||||||||||||||||||
$ | 0.9 | 10,000 | 3.3 | $ | 0.9 | 10,000 | $ | 0.9 | ||||||||||
10,000 | 3.3 | $ | 0.9 | 10,000 | $ | 0.9 | ||||||||||||
Stock Option Grants - Total stock option expense for the years 2012 and 2013 totaled $63,385 and $704,480, respectively. Total stock option expense for the year 2014 totaled $404,150. Of this amount, $83,139 related to stock options for personnel involved in R&D activities and $321,011 related to stock options for outside directors and officers and management of the Company. As of December 31, 2014, total unrecognized compensation cost related to unexpensed stock option awards amounted to $705,387. | ||||||||||||||||||
Warrant Grants - There were no warrants for services granted in 2014 and there was no warrant expense for the year 2014. There were no warrants for services granted in the years 2012 and 2013 and there was no warrant expense for the years 2012 and 2013. | ||||||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies | 9 | Commitments and Contingencies | |||
Technology License – Related Party - The Company has negotiated exclusive licenses from the MD Anderson Cancer Center to develop drug delivery technology for antisense and siRNA drug products. These licenses require, among other things, the Company to reimburse MD Anderson for ongoing patent expense. Related party accounts payable and accrued license payments attributable to the Technology License totaling $100,000 are included in Current Liabilities as of December 31, 2014. Related party accounts payable and accrued expense totaling $167,500 as of December 31, 2014 represent hospital costs for the clinical trial and are not related to the Technology License. As of December 31, 2014, the Company estimates reimbursable past patent expenses will total approximately $75,000 for the antisense license. The Company will be required to pay when invoiced the past patent expenses at the rate of $25,000 per quarter. | |||||
Operating Lease - In April of 2014 the Company entered into a lease for a larger office space, which it occupied as of August 2014. The remaining lease payments due under this lease as of December 31, 2014 are approximately $382,000. | |||||
For the Year | |||||
Ending | |||||
December 31, | |||||
2015 | $ | 79,000 | |||
2016 | 81,000 | ||||
2017 | 84,000 | ||||
2018 | 87,000 | ||||
2019 | 51,000 | ||||
Total | $ | 382,000 | |||
Drug Supplier Project Plan - In fourth quarter of 2014, Bio-Path entered into a project plan agreement with a new final drug product manufacturer for the manufacture and delivery of final drug product for expected delivery in the third quarter of 2015. This will be the second final drug product manufacturer that the Company can utilize for its drug supply requirements. The project plan requires the Company to pay approximately $250,000 in various stages as the final drug product is manufactured and delivered to the Company. | |||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Income Tax Disclosure [Abstract] | |||||||||||
Income Taxes | 10 | Income Taxes | |||||||||
At December 31, 2014, the Company has a net operating loss carryforward for Federal income tax purposes of $14,779,928 which expires in varying amounts during the tax years 2028 and 2034. The Company has a research and development tax credit carryforward of $668,611 for Federal tax purposes with no expiration date. The Company recorded an increase in the valuation allowance of $1,530,234 for the year ended December 31, 2014. | |||||||||||
The components of the Company’s deferred tax asset are as follows: | |||||||||||
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Current Deferred Tax Assets | |||||||||||
Accrued Bonuses | $ | 48,408 | $ | 15,725 | $ | 39,131 | |||||
Noncurrent Deferred Tax Assets | |||||||||||
Net Operating Loss (NOL) Carryover | 5,025,174 | 3,727,259 | 2,914,697 | ||||||||
Technology Licenses | 66,697 | 69,859 | 73,021 | ||||||||
Research & Development Tax Credits | 668,611 | 520,891 | 383,067 | ||||||||
Share Based Expense | 256,568 | 201,490 | 179,779 | ||||||||
Total Deferred Tax Asset | 6,065,458 | 4,535,224 | 3,589,877 | ||||||||
Less: Valuation Allowance | -6,065,458 | -4,535,224 | -3,589,877 | ||||||||
Net Deferred Tax Asset | $ | - | $ | - | $ | - | |||||
Reconciliation between income taxes at the statutory tax rate (34%) and the actual income tax provision for continuing operations follows: | |||||||||||
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Loss Before Income Taxes | $ | 4,560,481) | $ | -3,266,013 | $ | -2,582,537 | |||||
Tax (Benefit) @ Statutory Tax Rate | -1,550,564 | -1,110,444 | -878,063 | ||||||||
Effects of: | |||||||||||
Exclusion of ISO Expense | 82,333 | 217,813 | - | ||||||||
R&D Tax Credits | -131,722 | -90,964 | -179,779 | ||||||||
Increase in Valuation Allowance | 1,530,234 | 945,347 | 1,056,770 | ||||||||
Carryforward Adjustment | 21,439 | - | - | ||||||||
Other | 48,280 | 38,248 | 1,072 | ||||||||
Provision for Income Taxes | $ | - | $ | - | $ | - | |||||
As of December 31, 2014, 2013 and 2012, the Company has no unrecognized income tax benefits. A reconciliation of our unrecognized tax benefits for the years ending December 31, 2014, 2013 and 2012 is presented in the table below: | |||||||||||
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Beginning balance | $ | - | $ | - | $ | - | |||||
Additions based on tax positions related to current year | - | - | - | ||||||||
Reductions for tax positions of prior years | - | - | - | ||||||||
Reductions due to expiration of statute of limitations | - | - | - | ||||||||
Settlements with taxing authorities | - | - | - | ||||||||
Ending Balance | $ | - | $ | - | $ | - | |||||
The Company’s policy for classifying interest and penalties associated with unrecognized income tax benefits is to include such items as tax expense. No interest or penalties have been recorded during the years ended December 31, 2014, 2013 and 2012 and no interest or penalties have been accrued as of December 31, 2014, 2013 and 2012. | |||||||||||
The tax years from 2010 and forward remain open to examination by federal and state authorities due to net operating loss and credit carryforwards. The Company is currently not under examination by the Internal Revenue Service or any other taxing authorities. | |||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended | |
Dec. 31, 2014 | ||
Subsequent Events [Abstract] | ||
Subsequent Events | 11 | Subsequent Events |
In the first quarter of 2015 the Company entered into several contracts with its drug substance and final drug product manufacturers for drug requirements for the first half of 2015. Bio-Path entered into three agreements with its drug substance manufacturer including a contract for Grb-2 antisense for use in a clinical trial, a development contract for Bcl-2 antisense for its second drug candidate Liposomal Bcl-2 and a contract for Bcl-2 antisense for use in the drug product Liposomal Bcl-2 that would be used in a clinical trial. Bio-Path also entered into two contracts for manufacture of two batches of the Liposomal Grb-2 drug product for use in its Phase 2 clinical trial. Together these contracts total approximately $650,000, which will likely be paid over the first three quarters of 2015. | ||
Quarterly_Results_of_Operation
Quarterly Results of Operations | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Quarterly Results of Operations | 12 | Quarterly Results of Operations (Unaudited) | ||||||||||||
Quarterly data for the years ended December 31, 2014 and 2013 is as follows: | ||||||||||||||
Quarter Ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||
2014 | ||||||||||||||
Total Revenues | $ | - | $ | - | $ | - | $ | - | ||||||
Expenses | 510,210 | 1,274,801 | 1,154,108 | 1,603,127 | ||||||||||
Loss From Operations | -510,210 | -1,274,801 | -1,154,108 | -1,603,127 | ||||||||||
Other Income | 5,334 | 6,024 | 5,699 | 5,240 | ||||||||||
Net Loss | -504,876 | -1,268,777 | -1,148,409 | -1,597,887 | ||||||||||
Net Loss Per Common Share – Basic and Diluted | -0.01 | -0.01 | -0.01 | -0.02 | ||||||||||
Quarter Ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||
2013 | ||||||||||||||
Total Revenues | $ | - | $ | - | $ | - | $ | - | ||||||
Expenses | 655,910 | 428,646 | 1,393,728 | 790,956 | ||||||||||
Loss From Operations | -655,910 | -428,646 | -1,393,728 | -790,956 | ||||||||||
Other Income (Expense) | -92 | 1,402 | 521 | 1,396 | ||||||||||
Net Loss | -656,002 | -427,244 | -1,393,207 | -789,560 | ||||||||||
Net Loss Per Common Share – Basic and Diluted | -0.01 | -0.01 | -0.02 | -0.01 | ||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation — The consolidated financial statements include the accounts of Bio-Path Holdings, Inc., and its wholly-owned subsidiary Bio-Path, Inc. All intercompany accounts and transactions have been eliminated in consolidation. |
Related Party | Related Party — Based on its stock ownership in the Company, MD Anderson Cancer Center meets the criteria to be deemed a related party of Bio-Path Holdings. For the years ending December 31, 2014 and 2013, MD Anderson related party research and development expense was $196,661 and $115,705, respectively. MD Anderson related party research and development expense for the year ending December 31, 2014 included license expense of $50,000 for the license annual maintenance fee and $31,211 for license patent expenses not capitalized in the technology license other asset and clinical trial hospital expense of $115,450. As of December 31, 2014, the Company had $67,050 in accrued R&D related expense for the clinical trial and $100,000 in accrued license payments for past patent expenses and the annual license maintenance fee. See Notes 4, 5, and 6. For the year ended December 31, 2013, the Company had $115,705 in R&D related party expense for clinical trial hospital expense of $52,050 and license expense of $63,655 including license maintenance fees of $50,000 and $13,655 in patent expenses not capitalized in the technology license other asset. For the year ended December 31, 2012, the Company had $463,870 in R&D related party expense for the clinical trial, license maintenance fee and technology impairment, accounts payable related party of $8,582 for patent expenses not capitalized in the technology license and accrued license payments payable related party of $100,000 for the annual maintenance fee and past patent expenses, and $26,000 accrued expense related party for clinical trial hospital expenses. |
Cash and Cash Equivalents | Cash and Cash Equivalents — The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. |
Concentration of Credit Risk | Concentration of Credit Risk — Financial instruments that potentially subject the Company to a significant concentration of credit risk consist of cash. The Company maintains its cash balances with one major commercial bank, JPMorgan Chase Bank. The balances are insured by the Federal Deposit Insurance Corporation up to $250,000. As a result, as of December 31, 2014, $13,608,798 of the Company’s cash balances were not covered by the FDIC. As of December 31, 2013 the Company had $3,551,832 in cash on-hand, of which $3,301,832 was not covered by Federal Deposit Insurance Corporation insurance and as of December 31, 2012 the Company had $534,046 in cash on-hand, of which $284,046 was not covered by Federal Deposit Insurance Corporation insurance. |
Furniture, fixtures and equipment | Furniture, fixtures and equipment — Furniture, fixtures and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets. Depreciation expense was $10,284, $0 and $0 for the years ended December 31, 2014, 2013 and 2012, respectively. |
The estimated useful lives are as follows: | |
Furniture – 3 years | |
Fixtures – 3 years | |
Equipment – 3 years | |
Major additions and improvements are capitalized, while costs for minor replacements, maintenance, and repairs that do not increase the useful life of an asset are expensed as incurred. | |
Long-Lived Assets | Long-Lived Assets — The Company’s long-lived assets consist of furniture, fixtures and equipment, and a technology license. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the asset is measured by a comparison of the asset’s carrying amount to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. |
Intangible Assets | Intangible Assets — As of December 31, 2014, Other Assets totaled $1,250,893 for the Company’s technology license, comprised of $2,500,374 in value acquiring the Company’s technology license and its intellectual property, less accumulated amortization of $1,249,481. The technology value consists of $836,207 in cash paid or accrued to be paid to MD Anderson, plus 3,138,889 shares of common stock granted to MD Anderson valued at $2,354,167 less $690,000 for impairment expense taken in December of 2011 and June of 2012. This value is being amortized over a 15 year period from November 7, 2007, the date that the technology license became effective. The Company accounts for the impairment and disposition of its long-lived assets in accordance with generally accepted accounting principles (GAAP). Long-lived assets are reviewed for events of changes in circumstances which indicate that their carrying value may not be recoverable. The Company estimates that approximately $160,000 will be amortized per year for each future year for the current value of the technology licenses acquired until approximately 2022. As of December 31, 2013 Other Assets totaled $1,411,518 comprised of $2,500,374 in value acquiring the Company’s technology licenses and its intellectual property, less accumulated amortization of $1,088,856. As of December 31, 2012 Other Assets totaled $1,572,143 comprised of $2,500,374 in value acquiring the Company’s technology licenses and its intellectual property, less accumulated amortization of $928,231. |
Research and Development Costs | Research and Development Costs — Costs and expenses that can be clearly identified as research and development are charged to expense as incurred in accordance with GAAP. Advance payments, including nonrefundable amounts, for goods or services that will be used or rendered for future R&D activities are deferred and capitalized. Such amounts will be recognized as an expense as the related goods are delivered or the related services are performed. If the goods will not be delivered, or services will not be rendered, then the capitalized advance payment is charged to expense. For the year 2014, the Company had $1,630,439 of costs classified as research and development expense and $196,661 of related party research and development expense. Of the research and development expense totaling $1,630,439, $160,625 was for amortization of the technology license, $83,139 was for stock options expense for individuals involved in research and development activities, $729,031 for drug material manufactured to be used in the clinical trial, $11,965 for drug storage, $193,640 for clinical trial expense, $90,337 for advisory services, $291,993 for manufacturing development and drug product testing, $40,520 for preclinical studies and $29,189 for other R&D activities. Of the $196,661 related party research and development expense, $50,000 was comprised of technology license maintenance fees, $31,211 in patent expenses not capitalized in technology license-Other Assets and $115,450 was comprised of clinical trial hospital costs. For the year 2013, the Company had $1,518,885 of costs classified as research and development expense and $115,705 of related party research and development expense. For the year 2012, the Company had $1,132,712 of costs classified as research and development expense and $463,870 of related party research and development expense. |
Stock-Based Compensation | Stock-Based Compensation — The Company has accounted for stock-based compensation under the provisions of GAAP. The provisions require us to record an expense associated with the fair value of stock-based compensation. We currently use the Black-Scholes option valuation model to calculate stock based compensation at the date of grant. Option pricing models require the input of highly subjective assumptions, including the expected price volatility. Changes in these assumptions can materially affect the fair value estimate. |
Net Loss Per Share | Net Loss Per Share – Basic net loss per common share is computed by dividing net loss for the period by the weighted average number of common shares outstanding during the period. Although there were warrants and stock options outstanding during 2014, 2013 and 2012, no potential common shares shall be included in the computation of any diluted per-share amount when a loss from continuing operations exists. Consequently, diluted net loss per share as presented in the financial statements is equal to basic net loss per share for the years 2014, 2013 and 2012. The calculation of Basic and Diluted earnings per share for 2014 did not include 4,734,861 shares and 10,000 shares issuable pursuant to the exercise of vested common stock options and vested warrants, respectively, as of December 31, 2014 as the effect would be anti-dilutive. The calculation of Basic and Diluted earnings per share for 2013 did not include 4,848,298 shares and 10,000 shares issuable pursuant to the exercise of vested common stock and vested warrants, respectively, as of December 31, 2013 as the effect would be anti-dilutive. The calculation of Basic and Diluted earnings per share for 2012 did not include 3,296,354 shares and 10,000 shares issuable pursuant to the exercise of vested common stock and vested warrants, respectively, as of December 31, 2012 as the effect would be anti-dilutive. |
Comprehensive Income | Comprehensive Income — Comprehensive income (loss) is defined as all changes in a company’s net assets, except changes resulting from transactions with shareholders. At December 31, 2014, 2013 and 2012, the Company has no reportable differences between net loss and comprehensive loss. |
Use of Estimates | Use of Estimates — The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the Company’s consolidated financial statements and accompanying notes. On an ongoing basis, the Company evaluates its estimates and judgments, which are based on historical and anticipated results and trends and on various other assumptions that the Company believes to be reasonable under the circumstances. By their nature, estimates are subject to an inherent degree of uncertainty and, as such, actual results may differ from the Company’s estimates. |
Income Tax | Income Taxes — Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. |
New Accounting Pronouncements | New Accounting Pronouncements — From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board that are adopted by the Company as of the specified effective date. If not discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company's consolidated financial statements upon adoption. Recently, the FASB issued ASU 2014-10 to eliminate the concept of a development stage entity (DSE) from U.S. GAAP. This change rescinds certain financial reporting requirements that have historically applied to DSEs. The amendments are effective for annual reporting periods beginning after December 15, 2014 and interim periods therein. Early adoption is permitted for financial statements that have not yet been issued or made available for issuance. The Company elected to early adopt ASU 2014-10 as of September 30, 2014. |
StockBased_Compensation_Plans_
Stock-Based Compensation Plans (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | For stock option and compensation-based warrants granted during 2012, 2013 and 2014 the following weighted average assumptions were used in determining fair value: | |||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||
Risk-free interest rate | 0.78 | % | 1.58 | % | 2.12 | % | ||||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | ||||||||||||
Expected volatility | 185 | % | 189 | % | 174 | % | ||||||||||||
Expected term in months | 61 | 69 | 80 | |||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | Option activity under the Plan for the year ended December 31, 2014, was as follows: | |||||||||||||||||
Weighted | ||||||||||||||||||
Weighted- | Average | |||||||||||||||||
Average | Remaining | Aggregate | ||||||||||||||||
Exercise | Contractual | Intrinsic | ||||||||||||||||
Options | Price | Term | Value | |||||||||||||||
(In years) | ||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||
Outstanding at December 31, 2013 | 6,032,188 | $ | 0.9 | 6.8 | $ | 18,671,745 | ||||||||||||
Granted | 325,000 | 2.57 | 9.4 | |||||||||||||||
Exercised | -525,000 | 0.83 | ||||||||||||||||
Forfeited/expired | -404,410 | 0.68 | ||||||||||||||||
Outstanding at December 31, 2014 | 5,427,778 | $ | 1.03 | 6 | $ | 8,829,412 | ||||||||||||
Vested and expected to vest December 31, 2014 | 5,427,778 | $ | 1.03 | 6 | $ | 8,829,412 | ||||||||||||
Exercisable at December 31, 2014 | 4,734,861 | $ | 0.99 | 5.6 | $ | 7,930,757 | ||||||||||||
Option activity under the Plan for the year ended December 31, 2013, was as follows: | ||||||||||||||||||
Weighted | ||||||||||||||||||
Weighted- | Average | |||||||||||||||||
Average | Remaining | Aggregate | ||||||||||||||||
Exercise | Contractual | Intrinsic | ||||||||||||||||
Options | Price | Term | Value | |||||||||||||||
(In years) | ||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||
Outstanding at December 31, 2012 | 3,482,188 | $ | 1.22 | 5.8 | 5,339 | |||||||||||||
Granted | 2,550,000 | $ | 0.48 | 9.6 | ||||||||||||||
Exercised | - | - | ||||||||||||||||
Forfeited/expired | - | - | ||||||||||||||||
Outstanding at December 31, 2013 | 6,032,188 | $ | 0.9 | 6.8 | $ | 18,671,745 | ||||||||||||
Vested and expected to vest December 31, 2013 | 6,032,188 | $ | 0.9 | 6.8 | $ | 18,671,745 | ||||||||||||
Exercisable at December 31, 2013 | 4,848,298 | $ | 1.0535 | 6.2 | $ | 14,824,475 | ||||||||||||
Option activity under the Plan for the year ended December 31, 2012, was as follows: | ||||||||||||||||||
Weighted | ||||||||||||||||||
Weighted- | Average | |||||||||||||||||
Average | Remaining | Aggregate | ||||||||||||||||
Exercise | Contractual | Intrinsic | ||||||||||||||||
Options | Price | Term | Value | |||||||||||||||
(In years) | ||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||
Outstanding at December 31, 2011 | 3,432,188 | $ | 1.23 | 6.8 | $ | 2,839 | ||||||||||||
Granted | 50,000 | $ | 0.37 | 9.5 | ||||||||||||||
Exercised | - | - | ||||||||||||||||
Forfeited/expired | - | - | ||||||||||||||||
Outstanding at December 31, 2012 | 3,482,188 | $ | 1.22 | 5.8 | $ | 5,339 | ||||||||||||
Vested and expected to vest December 31, 2012 | 3,482,188 | $ | 1.22 | 5.8 | $ | 5,339 | ||||||||||||
Exercisable at December 31, 2012 | 181,771 | $ | 0.32 | 7 | $ | 4,130 | ||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | A summary of options outstanding and exercisable as of December 31, 2014: | |||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||
Weighted | ||||||||||||||||||
Average | Weighted | Weighted | ||||||||||||||||
Number | Remaining | Average | Number | Average | ||||||||||||||
Exercise Prices | Outstanding | Contractual Life | Exercise Price | Exercisable | Exercise Price | |||||||||||||
(Years) | ||||||||||||||||||
$ | 0.3 | 50,000 | 3.9 | $ | 0.3 | 50,000 | $ | 0.3 | ||||||||||
$ | 0.33 | 100,000 | 6.5 | $ | 0.33 | 89,583 | $ | 0.33 | ||||||||||
$ | 0.39 | 25,000 | 7.8 | $ | 0.39 | 25,000 | $ | 0.39 | ||||||||||
$ | 0.46 | 2,152,778 | 8.6 | $ | 0.46 | 1,756,945 | $ | 0.46 | ||||||||||
$ | 0.53 | 20,000 | 6.1 | $ | 0.53 | 18,333 | $ | 0.53 | ||||||||||
$ | 0.9 | 270,000 | 3.3 | $ | 0.9 | 270,000 | $ | 0.9 | ||||||||||
$ | 1.4 | 2,500,000 | 3.8 | $ | 1.4 | 2,500,000 | $ | 1.4 | ||||||||||
$ | 1.95 | 25,000 | 8.8 | $ | 1.95 | 25,000 | $ | 1.95 | ||||||||||
$ | 1.96 | 25,000 | 9.8 | $ | 1.96 | - | - | |||||||||||
$ | 2.28 | 15,000 | 9.7 | $ | 2.28 | - | - | |||||||||||
$ | 2.37 | 15,000 | 9.7 | $ | 2.37 | - | - | |||||||||||
$ | 2.4 | 150,000 | 9.3 | $ | 2.4 | - | - | |||||||||||
$ | 2.42 | 5,000 | 9.7 | $ | 2.42 | - | - | |||||||||||
$ | 2.71 | 50,000 | 9.3 | $ | 2.71 | - | - | |||||||||||
$ | 4.3 | 25,000 | 9.1 | $ | 4.3 | - | - | |||||||||||
5,427,778 | 6 | $ | 1.03 | 4,734,861 | $ | 0.99 | ||||||||||||
Warrant [Member] | ||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | Warrant activity under the Plan for the year ended December 31, 2014, was as follows: | |||||||||||||||||
Weighted | ||||||||||||||||||
Weighted- | Average | |||||||||||||||||
Average | Remaining | Aggregate | ||||||||||||||||
Exercise | Contractual | Intrinsic | ||||||||||||||||
Warrants | Price | Term | Value | |||||||||||||||
(In years) | ||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||
Outstanding at December 31, 2013 | 10,000 | $ | 0.9 | 4.3 | $ | 31,000 | ||||||||||||
Granted | - | - | ||||||||||||||||
Exercised | - | - | ||||||||||||||||
Forfeited/expired | - | - | ||||||||||||||||
Outstanding at December 31, 2014 | 10,000 | $ | 0.9 | 3.3 | $ | 17,600 | ||||||||||||
Vested and expected to vest December 31, 2014 | 10,000 | $ | 0.9 | 3.3 | $ | 17,600 | ||||||||||||
Exercisable at December 31, 2014 | 10,000 | $ | 0.9 | 3.3 | $ | 17,600 | ||||||||||||
Warrant activity under the Plan for the year ended December 31, 2013, was as follows: | ||||||||||||||||||
Weighted | ||||||||||||||||||
Weighted- | Average | |||||||||||||||||
Average | Remaining | Aggregate | ||||||||||||||||
Exercise | Contractual | Intrinsic | ||||||||||||||||
Warrants | Price | Term | Value | |||||||||||||||
(In years) | ||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||
Outstanding at December 31, 2012 | 85,620 | $ | 0.9 | 0.9 | $ | - | ||||||||||||
Granted | - | - | ||||||||||||||||
Exercised | - | - | ||||||||||||||||
Forfeited/expired | -75,620 | 0.9 | ||||||||||||||||
Outstanding at December 31, 2013 | 10,000 | $ | 0.9 | 4.3 | $ | 31,000 | ||||||||||||
Vested and expected to vest December 31, 2013 | 10,000 | $ | 0.9 | 4.3 | $ | 31,000 | ||||||||||||
Exercisable at December 31, 2013 | 10,000 | $ | 0.9 | 4.3 | $ | 31,000 | ||||||||||||
Warrant activity under the Plan for the year ended December 31, 2012, was as follows: | ||||||||||||||||||
Weighted | ||||||||||||||||||
Weighted- | Average | |||||||||||||||||
Average | Remaining | Aggregate | ||||||||||||||||
Exercise | Contractual | Intrinsic | ||||||||||||||||
Warrants | Price | Term | Value | |||||||||||||||
(In years) | ||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||
Outstanding at December 31, 2011 | 85,620 | $ | 0.9 | 1.9 | $ | - | ||||||||||||
Granted | - | |||||||||||||||||
Exercised | - | |||||||||||||||||
Forfeited/expired | - | |||||||||||||||||
Outstanding at December 31, 2012 | 85,620 | $ | 0.9 | 0.9 | $ | - | ||||||||||||
Vested and expected to vest December 31, 2012 | 85,620 | $ | 0.9 | 0.9 | $ | - | ||||||||||||
Exercisable at December 31, 2012 | - | - | - | - | ||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | A summary of warrants outstanding and exercisable as of December 31, 2014: | |||||||||||||||||
Warrants Outstanding | Warrants Exercisable | |||||||||||||||||
Weighted | ||||||||||||||||||
Average | Weighted | Weighted | ||||||||||||||||
Range of Exercise | Number | Remaining | Average | Number | Average | |||||||||||||
Prices | Outstanding | Contractual Life | Exercise Price | Exercisable | Exercise Price | |||||||||||||
(Years) | ||||||||||||||||||
$ | 0.9 | 10,000 | 3.3 | $ | 0.9 | 10,000 | $ | 0.9 | ||||||||||
10,000 | 3.3 | $ | 0.9 | 10,000 | $ | 0.9 | ||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of Remaining Lease Payments Due Under Lease | The remaining lease payments due under this lease as of December 31, 2014 are approximately $382,000. | ||||
For the Year | |||||
Ending | |||||
December 31, | |||||
2015 | $ | 79,000 | |||
2016 | 81,000 | ||||
2017 | 84,000 | ||||
2018 | 87,000 | ||||
2019 | 51,000 | ||||
Total | $ | 382,000 | |||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Income Tax Disclosure [Abstract] | |||||||||||
Schedule of Deferred Tax Assets and Liabilities | The components of the Company’s deferred tax asset are as follows: | ||||||||||
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Current Deferred Tax Assets | |||||||||||
Accrued Bonuses | $ | 48,408 | $ | 15,725 | $ | 39,131 | |||||
Noncurrent Deferred Tax Assets | |||||||||||
Net Operating Loss (NOL) Carryover | 5,025,174 | 3,727,259 | 2,914,697 | ||||||||
Technology Licenses | 66,697 | 69,859 | 73,021 | ||||||||
Research & Development Tax Credits | 668,611 | 520,891 | 383,067 | ||||||||
Share Based Expense | 256,568 | 201,490 | 179,779 | ||||||||
Total Deferred Tax Asset | 6,065,458 | 4,535,224 | 3,589,877 | ||||||||
Less: Valuation Allowance | -6,065,458 | -4,535,224 | -3,589,877 | ||||||||
Net Deferred Tax Asset | $ | - | $ | - | $ | - | |||||
Schedule of Effective Income Tax Rate Reconciliation | Reconciliation between income taxes at the statutory tax rate (34%) and the actual income tax provision for continuing operations follows: | ||||||||||
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Loss Before Income Taxes | $ | 4,560,481) | $ | -3,266,013 | $ | -2,582,537 | |||||
Tax (Benefit) @ Statutory Tax Rate | -1,550,564 | -1,110,444 | -878,063 | ||||||||
Effects of: | |||||||||||
Exclusion of ISO Expense | 82,333 | 217,813 | - | ||||||||
R&D Tax Credits | -131,722 | -90,964 | -179,779 | ||||||||
Increase in Valuation Allowance | 1,530,234 | 945,347 | 1,056,770 | ||||||||
Carryforward Adjustment | 21,439 | - | - | ||||||||
Other | 48,280 | 38,248 | 1,072 | ||||||||
Provision for Income Taxes | $ | - | $ | - | $ | - | |||||
Schedule of Unrecognized Tax Benefits Roll Forward | As of December 31, 2014, 2013 and 2012, the Company has no unrecognized income tax benefits. A reconciliation of our unrecognized tax benefits for the years ending December 31, 2014, 2013 and 2012 is presented in the table below: | ||||||||||
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Beginning balance | $ | - | $ | - | $ | - | |||||
Additions based on tax positions related to current year | - | - | - | ||||||||
Reductions for tax positions of prior years | - | - | - | ||||||||
Reductions due to expiration of statute of limitations | - | - | - | ||||||||
Settlements with taxing authorities | - | - | - | ||||||||
Ending Balance | $ | - | $ | - | $ | - | |||||
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Quarterly Results of Operations | Quarterly data for the years ended December 31, 2014 and 2013 is as follows: | |||||||||||||
Quarter Ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||
2014 | ||||||||||||||
Total Revenues | $ | - | $ | - | $ | - | $ | - | ||||||
Expenses | 510,210 | 1,274,801 | 1,154,108 | 1,603,127 | ||||||||||
Loss From Operations | -510,210 | -1,274,801 | -1,154,108 | -1,603,127 | ||||||||||
Other Income | 5,334 | 6,024 | 5,699 | 5,240 | ||||||||||
Net Loss | -504,876 | -1,268,777 | -1,148,409 | -1,597,887 | ||||||||||
Net Loss Per Common Share – Basic and Diluted | -0.01 | -0.01 | -0.01 | -0.02 | ||||||||||
Quarter Ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||
2013 | ||||||||||||||
Total Revenues | $ | - | $ | - | $ | - | $ | - | ||||||
Expenses | 655,910 | 428,646 | 1,393,728 | 790,956 | ||||||||||
Loss From Operations | -655,910 | -428,646 | -1,393,728 | -790,956 | ||||||||||
Other Income (Expense) | -92 | 1,402 | 521 | 1,396 | ||||||||||
Net Loss | -656,002 | -427,244 | -1,393,207 | -789,560 | ||||||||||
Net Loss Per Common Share – Basic and Diluted | -0.01 | -0.01 | -0.02 | -0.01 | ||||||||||
Organization_and_Business_Addi
Organization and Business - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||||
Jan. 15, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 05, 2013 | Dec. 31, 2011 | |
Organization and Nature of Operations [Line Items] | ||||||
Cash | $13,858,798 | $3,551,832 | $534,046 | $952,252 | ||
Authorized capital to be raised | 100,000,000 | |||||
Stock issued during period, value, new issues | 15,000,000 | |||||
Proceeds from issuance initial public offering | 13,800,000 | |||||
Proceeds from Stock Options Exercised | $435,500 | $0 | $0 | |||
Exercise of stock options (in shares) | 525,000 | |||||
Sabby Investors | ||||||
Organization and Nature of Operations [Line Items] | ||||||
Stock issued during period, shares, new issues | 5,000,000 | |||||
Common Stock | ||||||
Organization and Nature of Operations [Line Items] | ||||||
Exercise of stock options (in shares) | 525,000 | |||||
Warrant | ||||||
Organization and Nature of Operations [Line Items] | ||||||
Exercise of stock options (in shares) | 0 | 0 | 0 | |||
Warrant | Sabby Investors | ||||||
Organization and Nature of Operations [Line Items] | ||||||
Stock issued during period, shares, new issues | 2,500,000 |
Recovered_Sheet1
Summary Of Significant Accounting Policies - Addtional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2012 | ||||
Significant Accounting Policies [Line Items] | |||||||||
Accrued license payments - related party | $100,000 | $100,000 | $100,000 | ||||||
Accrued expense - related party | 67,050 | 67,050 | 52,050 | ||||||
Other Intangible Assets, Net | 1,250,893 | 1,250,893 | 1,411,518 | 1,572,143 | |||||
Other Finite-Lived Intangible Assets, Gross | 2,500,374 | 2,500,374 | 2,500,374 | 2,500,374 | |||||
Amortization of Intangible Assets | 1,249,481 | 1,088,856 | 928,231 | ||||||
Clinical Trial Expense | 193,640 | ||||||||
Research and Development | 1,630,439 | 1,630,439 | [1] | 1,518,885 | [1] | 1,132,712 | [1] | ||
Cash | 13,858,798 | 13,858,798 | 3,551,832 | 534,046 | 952,252 | ||||
Depreciation | 10,284 | 0 | 0 | ||||||
Technology Amortisation Period | 15 years | ||||||||
Technology Amortisation Monthly | 160,000 | 160,000 | |||||||
Research and Development Costs Expenses | 1,630,439 | ||||||||
Amortization | 160,625 | 160,625 | 160,625 | 185,271 | |||||
Drug Storage And Transportation | 11,965 | ||||||||
Advisory Services | 90,337 | ||||||||
Preclinical Studies | 40,520 | ||||||||
Allocated Share-Based Compensation Expense | 83,139 | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4,734,861 | 4,848,298 | 3,296,354 | ||||||
Warrant | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 10,000 | 10,000 | 10,000 | ||||||
Furniture | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||||
Fixtures | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||||
Equipment | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||||
Research and Development Expense | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Clinical Trial Expense | 115,450 | ||||||||
Other Expense | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Research and Development | 29,189 | ||||||||
Drug Material Manufactured | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Research and Development | 729,031 | ||||||||
Manufacturing Development and Product Testing | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Research and Development | 291,993 | ||||||||
Jp Morgan Chase Bank | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Cash, FDIC Insured Amount | 13,608,798 | 13,608,798 | 3,301,832 | 284,046 | |||||
Federal Deposit Insurance | 250,000 | ||||||||
Md Anderson | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
License Expenses | 63,655 | ||||||||
Sirna Patent Technology License | 13,655 | ||||||||
License Maintenance Fees | 50,000 | ||||||||
Technology Cost Paid In cash | 836,207 | 836,207 | |||||||
Technology Cost Paid In Shares | 3,138,889 | 3,138,889 | |||||||
Technology Cost Paid In Shares Value | 2,354,167 | 2,354,167 | |||||||
Technology Impairment Charge | 690,000 | 690,000 | |||||||
Md Anderson | Research and Development Expense | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Cash paid to MD Anderson Cancer Center for expenses | 196,661 | 115,705 | |||||||
Accrued license payments - related party | 100,000 | 100,000 | |||||||
Accrued expense - related party | 115,450 | 115,450 | 115,705 | ||||||
License Expenses | 50,000 | ||||||||
Clinical Trial Expense | 67,050 | 52,050 | |||||||
Related Party | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Research and Development | 196,661 | 196,661 | [2] | 115,705 | [2] | 463,870 | [2] | ||
Related Party | Research and Development Expense | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Accrued expense - related party | 26,000 | ||||||||
Sirna Patent Technology License | 31,211 | 31,211 | 8,582 | ||||||
License Maintenance Fees | 50,000 | ||||||||
Research and Development | 196,661 | 463,870 | |||||||
Annual Maintenance Fee | $100,000 | ||||||||
[1] | Research and development expense includes stock option expense of $83,139, $32,879 and $53,645 for the years ending 12/31/2014, 12/31/2013 and 12/31/2012, respectively. Research and development expense also includes amortization expense of $160,625 for the years ending 12/31/2014 and 12/31/2013, and $185,271 for the year ending 12/31/2012. | ||||||||
[2] | Includes $345,000 technology impairment charge for the year ending 12/31/2012. |
Prepaid_Drug_Product_for_Testi1
Prepaid Drug Product for Testing - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Inventory Disclosure [Line Items] | ||
Prepaid drug product for testing | $154,667 | $51,364 |
Accounts_Payable_Additional_In
Accounts Payable - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts Payable [Line Items] | ||
Accounts payable | $41,026 | $76,109 |
Accounts payable, trade | 38,127 | |
Accounts payable, other, current | 2,899 | |
Accounts Payable, Related Parties, Current | 0 | |
Clinical Trials [Member] | ||
Accounts Payable [Line Items] | ||
Accounts Payable, Related Parties, Current | $100,450 |
Accrued_Expense_Additional_Inf
Accrued Expense - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts Payable and Accrued Liabilities [Line Items] | ||
Accrued expense | $253,445 | $66,739 |
Accrued expense - related party | $67,050 | $52,050 |
Accrued_License_Payments_Relat1
Accrued License Payments - Related Party - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Related Party Transaction [Line Items] | ||
Accrued license payments - related party | $100,000 | $100,000 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 2 Months Ended | 3 Months Ended | 1 Months Ended | ||||||||||
Jan. 31, 2014 | Aug. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Jun. 30, 2012 | 31-May-13 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Mar. 31, 2012 | Apr. 30, 2012 | Sep. 30, 2013 | Nov. 30, 2013 | Jun. 30, 2013 | |
Shareholders Equity [Line Items] | ||||||||||||||||
Common stock and warrant issued, shares | 5,000,000 | |||||||||||||||
Common stock repurchased, shares | 2,500,000 | |||||||||||||||
Common stock and warrants issued, Value | $15,000,000 | |||||||||||||||
Common stock issued for services | 0 | 0 | 18,500 | |||||||||||||
Common Stock, shares issued | 89,762,872 | 84,237,872 | 62,219,050 | 89,762,872 | 489,501 | 62,219,050 | ||||||||||
Common Stock, shares outstanding | 89,762,872 | 84,237,872 | 62,219,050 | 89,762,872 | 62,219,050 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $4.74 | |||||||||||||||
Proceeds from issuance of common stock and warrant from LPC | 13,812,373 | 5,330,946 | 1,600,198 | |||||||||||||
Common stock issued , shares | 50,000 | |||||||||||||||
Common stock and warrant issued, shares | 250,000 | 18,500 | ||||||||||||||
Exercise of stock options (in shares) | 525,000 | |||||||||||||||
Stock Issued During Period, Value, Stock Options Exercised | 435,500 | |||||||||||||||
Director [Member] | ||||||||||||||||
Shareholders Equity [Line Items] | ||||||||||||||||
Exercise of stock options (in shares) | 525,000 | |||||||||||||||
Stock Issued During Period, Value, Stock Options Exercised | 435,500 | |||||||||||||||
Warrant | ||||||||||||||||
Shareholders Equity [Line Items] | ||||||||||||||||
Exercise of stock options (in shares) | 0 | 0 | 0 | |||||||||||||
Private Placement memorandum | ||||||||||||||||
Shareholders Equity [Line Items] | ||||||||||||||||
Common stock issued for services | 2,000,198 | 346,202 | 708,600 | 795,001 | ||||||||||||
Common Stock, shares issued | 3,220,966 | |||||||||||||||
Common stock issued , shares | 150,000 | |||||||||||||||
Common stock and warrant issued, shares | 18,500 | |||||||||||||||
Equity Unit Purchase Agreements | LPC | ||||||||||||||||
Shareholders Equity [Line Items] | ||||||||||||||||
Common stock and warrants issued, shares | 166,667 | |||||||||||||||
Proceeds from issuance of common stock and warrant from LPC | 50,000 | |||||||||||||||
Committed shares issued | 2,084 | |||||||||||||||
Equity Unit Purchase Agreements | LPC | Scenario 1 | ||||||||||||||||
Shareholders Equity [Line Items] | ||||||||||||||||
Common stock and warrants issued, shares | 89,286 | |||||||||||||||
Proceeds from issuance of common stock and warrant from LPC | 25,000 | |||||||||||||||
Committed shares issued | 1,042 | |||||||||||||||
Equity Unit Purchase Agreements | LPC | Scenario 2 | ||||||||||||||||
Shareholders Equity [Line Items] | ||||||||||||||||
Common stock and warrants issued, shares | 96,154 | |||||||||||||||
Proceeds from issuance of common stock and warrant from LPC | 25,000 | |||||||||||||||
Committed shares issued | 1,042 | |||||||||||||||
Equity Unit Purchase Agreements | LPC | Scenario 3 | ||||||||||||||||
Shareholders Equity [Line Items] | ||||||||||||||||
Common stock and warrants issued, shares | 185,185 | |||||||||||||||
Proceeds from issuance of common stock and warrant from LPC | $50,000 | |||||||||||||||
Committed shares issued | 2,084 | |||||||||||||||
Investors | ||||||||||||||||
Shareholders Equity [Line Items] | ||||||||||||||||
Common Stock, shares issued | 3,300,337 | 3,300,337 | 8,052,416 | 11,664,665 | ||||||||||||
Placement Agent | ||||||||||||||||
Shareholders Equity [Line Items] | ||||||||||||||||
Common Stock, shares issued | 805,242 | 1,496,499 |
StockBased_Compensation_Plans_1
Stock-Based Compensation Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Based Compensation Plans [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $2.51 | $0.47 | $0.37 |
Stock or Unit Option Plan Expense | $404,150 | $704,480 | $63,385 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 914,824 | ||
Research and Development Expense | |||
Stock Based Compensation Plans [Line Items] | |||
Stock or Unit Option Plan Expense | 83,139 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 705,387 | ||
2007 Stock Incentive Plan | |||
Stock Based Compensation Plans [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 8,423,787 | ||
Director Service Stock Option | |||
Stock Based Compensation Plans [Line Items] | |||
Stock or Unit Option Plan Expense | $321,011 |
Weighted_Average_Assumptions_D
Weighted Average Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share Based Compensation Plans [Line Items] | |||
Risk-free interest rate | 2.12% | 1.58% | 0.78% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 174.00% | 189.00% | 185.00% |
Expected term in months | 80 months | 69 months | 61 months |
Option_Activity_Under_Plan_Det
Option Activity Under Plan (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share Based Compensation Plans [Line Items] | ||||
Exercised | -525,000 | |||
Employee Stock Option [Member] | ||||
Share Based Compensation Plans [Line Items] | ||||
Outstanding | 6,032,188 | 3,482,188 | 3,432,188 | |
Granted | 325,000 | 2,550,000 | 50,000 | |
Exercised | -525,000 | 0 | 0 | |
Forfeited/expired | -404,410 | 0 | 0 | |
Outstanding | 5,427,778 | 6,032,188 | 3,482,188 | 3,432,188 |
Vested and expected | 5,427,778 | 6,032,188 | 3,482,188 | |
Exercisable | 4,734,861 | 4,848,298 | 181,771 | |
Weighted - Average Exercise Price, Outstanding | $0.90 | $1.22 | $1.23 | |
Weighted - Average Exercise Price, Granted | $2.57 | $0.48 | $0.37 | |
Weighted - Average Exercise Price, Exercised | $0.83 | $0 | $0 | |
Weighted - Average Exercise Price, Forfeited/expired | $0.68 | $0 | $0 | |
Weighted - Average Exercise Price, Outstanding | $1.03 | $0.90 | $1.22 | $1.23 |
Weighted - Average Exercise Price, Vested and expected to vest | $1.03 | $0.90 | $1.22 | |
Weighted - Average Exercise Price, Exercisable | $0.99 | $1.05 | $0.32 | |
Weighted Average Remaining Contractual Term (In years), Outstanding | 6 years | 6 years 9 months 18 days | 5 years 9 months 18 days | 6 years 9 months 18 days |
Weighted Average Remaining Contractual Term (In years), Granted | 9 years 4 months 24 days | 9 years 7 months 6 days | 9 years 6 months | |
Weighted Average Remaining Contractual Term (In years), Vested and expected to vest | 6 years | 6 years 9 months 18 days | 5 years 9 months 18 days | |
Weighted Average Remaining Contractual Term (In years), Exercisable | 5 years 7 months 6 days | 6 years 2 months 12 days | 7 years | |
Aggregate Intrinsic Value, Outstanding | $18,671,745 | $5,339 | $2,839 | |
Aggregate Intrinsic Value, Outstanding | 8,829,412 | 18,671,745 | 5,339 | 2,839 |
Aggregate Intrinsic Value, Vested and expected to vest | 8,829,412 | 18,671,745 | 5,339 | |
Aggregate Intrinsic Value, Exercisable | $7,930,757 | $14,824,475 | $4,130 |
Summary_of_Options_Outstanding
Summary of Options Outstanding and Exercisable (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Share Based Compensation Plans [Line Items] | |
Options Outstanding, Number Outstanding | 5,427,778 |
Options Outstanding, Weighted Average Remaining Remaining Contractual Life (Years) | 6 years |
Options Outstanding, Weighted Average Exercise Price | $1.03 |
Options Exercisable, Number Exercisable | 4,734,861 |
Options Exercisable, Weighted Average Exercise Price | $0.99 |
Exercise Price 0.30 [Member] | |
Share Based Compensation Plans [Line Items] | |
Options Outstanding, Number Outstanding | 50,000 |
Options Outstanding, Weighted Average Remaining Remaining Contractual Life (Years) | 3 years 10 months 24 days |
Options Outstanding, Weighted Average Exercise Price | $0.30 |
Options Exercisable, Number Exercisable | 50,000 |
Options Exercisable, Weighted Average Exercise Price | $0.30 |
Exercise Price 0.33 [Member] | |
Share Based Compensation Plans [Line Items] | |
Options Outstanding, Number Outstanding | 100,000 |
Options Outstanding, Weighted Average Remaining Remaining Contractual Life (Years) | 6 years 6 months |
Options Outstanding, Weighted Average Exercise Price | $0.33 |
Options Exercisable, Number Exercisable | 89,583 |
Options Exercisable, Weighted Average Exercise Price | $0.33 |
Exercise Price 0.39 [Member] | |
Share Based Compensation Plans [Line Items] | |
Options Outstanding, Number Outstanding | 25,000 |
Options Outstanding, Weighted Average Remaining Remaining Contractual Life (Years) | 7 years 9 months 18 days |
Options Outstanding, Weighted Average Exercise Price | $0.39 |
Options Exercisable, Number Exercisable | 25,000 |
Options Exercisable, Weighted Average Exercise Price | $0.39 |
Exercise Price 0.46 [Member] | |
Share Based Compensation Plans [Line Items] | |
Options Outstanding, Number Outstanding | 2,152,778 |
Options Outstanding, Weighted Average Remaining Remaining Contractual Life (Years) | 8 years 7 months 6 days |
Options Outstanding, Weighted Average Exercise Price | $0.46 |
Options Exercisable, Number Exercisable | 1,756,945 |
Options Exercisable, Weighted Average Exercise Price | $0.46 |
Exercise Price 0.53 [Member] | |
Share Based Compensation Plans [Line Items] | |
Options Outstanding, Number Outstanding | 20,000 |
Options Outstanding, Weighted Average Remaining Remaining Contractual Life (Years) | 6 years 1 month 6 days |
Options Outstanding, Weighted Average Exercise Price | $0.53 |
Options Exercisable, Number Exercisable | 18,333 |
Options Exercisable, Weighted Average Exercise Price | $0.53 |
Exercise Price 0.90 [Member] | |
Share Based Compensation Plans [Line Items] | |
Options Outstanding, Number Outstanding | 270,000 |
Options Outstanding, Weighted Average Remaining Remaining Contractual Life (Years) | 3 years 3 months 18 days |
Options Outstanding, Weighted Average Exercise Price | $0.90 |
Options Exercisable, Number Exercisable | 270,000 |
Options Exercisable, Weighted Average Exercise Price | $0.90 |
Exercise Price 1.40 [Member] | |
Share Based Compensation Plans [Line Items] | |
Options Outstanding, Number Outstanding | 2,500,000 |
Options Outstanding, Weighted Average Remaining Remaining Contractual Life (Years) | 3 years 9 months 18 days |
Options Outstanding, Weighted Average Exercise Price | $1.40 |
Options Exercisable, Number Exercisable | 2,500,000 |
Options Exercisable, Weighted Average Exercise Price | $1.40 |
Exercise Price 1.95 [Member] | |
Share Based Compensation Plans [Line Items] | |
Options Outstanding, Number Outstanding | 25,000 |
Options Outstanding, Weighted Average Remaining Remaining Contractual Life (Years) | 8 years 9 months 18 days |
Options Outstanding, Weighted Average Exercise Price | $1.95 |
Options Exercisable, Number Exercisable | 25,000 |
Options Exercisable, Weighted Average Exercise Price | $1.95 |
Exercise Price 1.96 [Member] | |
Share Based Compensation Plans [Line Items] | |
Options Outstanding, Number Outstanding | 25,000 |
Options Outstanding, Weighted Average Remaining Remaining Contractual Life (Years) | 9 years 9 months 18 days |
Options Outstanding, Weighted Average Exercise Price | $1.96 |
Options Exercisable, Number Exercisable | 0 |
Options Exercisable, Weighted Average Exercise Price | $0 |
Exercise Price 2.28 [Member] | |
Share Based Compensation Plans [Line Items] | |
Options Outstanding, Number Outstanding | 15,000 |
Options Outstanding, Weighted Average Remaining Remaining Contractual Life (Years) | 9 years 8 months 12 days |
Options Outstanding, Weighted Average Exercise Price | $2.28 |
Options Exercisable, Number Exercisable | 0 |
Options Exercisable, Weighted Average Exercise Price | $0 |
Exercise Price 2.37 [Member] | |
Share Based Compensation Plans [Line Items] | |
Options Outstanding, Number Outstanding | 15,000 |
Options Outstanding, Weighted Average Remaining Remaining Contractual Life (Years) | 9 years 8 months 12 days |
Options Outstanding, Weighted Average Exercise Price | $2.37 |
Options Exercisable, Number Exercisable | 0 |
Options Exercisable, Weighted Average Exercise Price | $0 |
Exercise Price 2.40 [Member] | |
Share Based Compensation Plans [Line Items] | |
Options Outstanding, Number Outstanding | 150,000 |
Options Outstanding, Weighted Average Remaining Remaining Contractual Life (Years) | 9 years 3 months 18 days |
Options Outstanding, Weighted Average Exercise Price | $2.40 |
Options Exercisable, Number Exercisable | 0 |
Options Exercisable, Weighted Average Exercise Price | $0 |
Exercise Price 2.42 [Member] | |
Share Based Compensation Plans [Line Items] | |
Options Outstanding, Number Outstanding | 5,000 |
Options Outstanding, Weighted Average Remaining Remaining Contractual Life (Years) | 9 years 8 months 12 days |
Options Outstanding, Weighted Average Exercise Price | $2.42 |
Options Exercisable, Number Exercisable | 0 |
Options Exercisable, Weighted Average Exercise Price | $0 |
Exercise Price 2.71 [Member] | |
Share Based Compensation Plans [Line Items] | |
Options Outstanding, Number Outstanding | 50,000 |
Options Outstanding, Weighted Average Remaining Remaining Contractual Life (Years) | 9 years 3 months 18 days |
Options Outstanding, Weighted Average Exercise Price | $2.71 |
Options Exercisable, Number Exercisable | 0 |
Options Exercisable, Weighted Average Exercise Price | $0 |
Exercise Price 4.30 [Member] | |
Share Based Compensation Plans [Line Items] | |
Options Outstanding, Number Outstanding | 25,000 |
Options Outstanding, Weighted Average Remaining Remaining Contractual Life (Years) | 9 years 1 month 6 days |
Options Outstanding, Weighted Average Exercise Price | $4.30 |
Options Exercisable, Number Exercisable | 0 |
Options Exercisable, Weighted Average Exercise Price | $0 |
Warrant_Activity_Under_Plan_De
Warrant Activity Under Plan (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share Based Compensation Plans [Line Items] | ||||
Exercised | -525,000 | |||
Warrant [Member] | ||||
Share Based Compensation Plans [Line Items] | ||||
Outstanding | 10,000 | 85,620 | 85,620 | |
Granted | 0 | 0 | 0 | |
Exercised | 0 | 0 | 0 | |
Forfeited/expired | 0 | -75,620 | 0 | |
Outstanding | 10,000 | 10,000 | 85,620 | 85,620 |
Vested and expected to vest | 10,000 | 10,000 | 85,620 | |
Exercisable | 10,000 | 10,000 | 0 | |
Weighted - Average Exercise Price, Outstanding | $0.90 | $0.90 | $0.90 | |
Weighted - Average Exercise Price, Granted | $0 | $0 | ||
Weighted - Average Exercise Price, Exercised | $0 | $0 | ||
Weighted - Average Exercise Price, Forfeited/expired | $0 | $0.90 | ||
Weighted - Average Exercise Price, Outstanding | $0.90 | $0.90 | $0.90 | $0.90 |
Weighted - Average Exercise Price, Vested and expected to vest | $0.90 | $0.90 | $0.90 | |
Weighted - Average Exercise Price, Exercisable | $0.90 | $0.90 | $0 | |
Weighted Average Remaining Contractual Term (In years), Outstanding | 3 years 3 months 18 days | 4 years 3 months 18 days | 10 months 24 days | 1 year 10 months 24 days |
Weighted Average Remaining Contractual Term (In years), Vested and expected to vest | 3 years 3 months 18 days | 4 years 3 months 18 days | 10 months 24 days | |
Weighted Average Remaining Contractual Term (In years), Exercisable | 3 years 3 months 18 days | 4 years 3 months 18 days | 0 years | |
Aggregate Intrinsic Value, Outstanding | $31,000 | $0 | $0 | |
Aggregate Intrinsic Value, Outstanding | 17,600 | 31,000 | 0 | 0 |
Aggregate Intrinsic Value, Vested and expected to vest | 17,600 | 31,000 | 0 | |
Aggregate Intrinsic Value, Exercisable | $17,600 | $31,000 | $0 |
Summary_of_Warrants_Outstandin
Summary of Warrants Outstanding and Exercisable (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Share Based Compensation Plans [Line Items] | |
Warrants Outstanding, Number Outstanding | 5,427,778 |
Warrants Outstanding, Weighted Average Remaining Contractual Life (Years) | 6 years |
Warrants Outstanding, Weighted Average Exercise Price | $1.03 |
Warrants Exercisable, Number Exercisable | 4,734,861 |
Warrants Exercisable Weighted Average Exercise Price | $0.99 |
Warrant | |
Share Based Compensation Plans [Line Items] | |
Warrants Outstanding, Number Outstanding | 10,000 |
Warrants Outstanding, Weighted Average Remaining Contractual Life (Years) | 3 years 3 months 18 days |
Warrants Outstanding, Weighted Average Exercise Price | $0.90 |
Warrants Exercisable, Number Exercisable | 10,000 |
Warrants Exercisable Weighted Average Exercise Price | $0.90 |
Exercise Price 0.90 | Warrant | |
Share Based Compensation Plans [Line Items] | |
Warrants Outstanding, Number Outstanding | 10,000 |
Warrants Outstanding, Weighted Average Remaining Contractual Life (Years) | 3 years 3 months 18 days |
Warrants Outstanding, Weighted Average Exercise Price | $0.90 |
Warrants Exercisable, Number Exercisable | 10,000 |
Warrants Exercisable Weighted Average Exercise Price | $0.90 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Product Liability Contingency [Line Items] | |
Estimates reimbursable past patent expenses | $75,000 |
Patent expense per quarter | 25,000 |
Accounts payable and accrued liabilities | 100,000 |
Accounts Payable and Accrued Expense Related Party | 167,500 |
Drug Product Testing Agreement Consideration To Be Paid In Stages | 250,000 |
Operating Leases, Future Minimum Payments Due | $382,000 |
Schedule_of_Remaining_Lease_Pa
Schedule of Remaining Lease Payments Due Under Lease (Detail) (USD $) | Dec. 31, 2014 |
Operating Leased Assets [Line Items] | |
2015 | $79,000 |
2016 | 81,000 |
2017 | 84,000 |
2018 | 87,000 |
2019 | 51,000 |
Total | $382,000 |
Income_Taxes_Addtional_Informa
Income Taxes - Addtional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax [Line Items] | |||
Operating Loss Carryforwards | $14,779,928 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Research | 668,611 | 520,891 | 383,067 |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 1,530,234 | 945,347 | 1,056,770 |
Research and Development Expense [Member] | |||
Income Tax [Line Items] | |||
Deferred Tax Assets, Tax Credit Carryforwards, Research | $668,611 | ||
Minimum [Member] | |||
Income Tax [Line Items] | |||
Operating Loss Carry forwards Expiration Period | 2028 | ||
Maximum [Member] | |||
Income Tax [Line Items] | |||
Operating Loss Carry forwards Expiration Period | 2034 |
Components_Of_Companys_Deferre
Components Of Companys Deferred Tax Asset (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current Deferred Tax Assets | |||
Accrued Bonuses | $48,408 | $15,725 | $39,131 |
Noncurrent Deferred Tax Assets | |||
Net Operating Loss (NOL) Carryover | 5,025,174 | 3,727,259 | 2,914,697 |
Technology Licenses | 66,697 | 69,859 | 73,021 |
Research & Development Tax Credits | 668,611 | 520,891 | 383,067 |
Share Based Expense | 256,568 | 201,490 | 179,779 |
Total Deferred Tax Asset | 6,065,458 | 4,535,224 | 3,589,877 |
Less: Valuation Allowance | -6,065,458 | -4,535,224 | -3,589,877 |
Net Deferred Tax Asset | $0 | $0 | $0 |
Reconciliation_Between_Income_
Reconciliation Between Income Taxes at Statutory Tax Rate (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule Of Effective Income Tax Rate Reconciliation [Line Items] | |||
Loss Before Income Taxes | ($4,519,949) | ($3,266,013) | ($2,582,537) |
Tax (Benefit) @ Statutory Tax Rate | -1,550,564 | -1,110,444 | -878,063 |
Effects of: | |||
Exclusion of ISO Expense | 82,333 | 217,813 | 0 |
R&D Tax Credits | -131,722 | -90,964 | -179,779 |
Increase in Valuation Allowance | 1,530,234 | 945,347 | 1,056,770 |
Carryforward Adjustment | 21,439 | 0 | 0 |
Other | 48,280 | 38,248 | 1,072 |
Provision for Income Taxes | $0 | $0 | $0 |
Reconciliation_Of_Our_Unrecogn
Reconciliation Of Our Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Contingency [Line Items] | |||
Beginning balance | $0 | $0 | $0 |
Additions based on tax positions related to current year | 0 | 0 | 0 |
Reductions for tax positions of prior years | 0 | 0 | 0 |
Reductions due to expiration of statute of limitations | 0 | 0 | 0 |
Settlements with taxing authorities | 0 | 0 | 0 |
Ending Balance | $0 | $0 | $0 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Event [Line Items] | |
Supply Agreement Consideration To Be Paid In Stages | $650,000 |
Quarterly_Results_of_Operation2
Quarterly Results of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Quarterly Financial Information [Line Items] | |||||||||||
Total Revenues | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Expenses | 1,603,127 | 1,154,108 | 1,274,801 | 510,210 | 790,956 | 1,393,728 | 428,646 | 655,910 | 4,542,246 | 3,269,240 | 2,582,679 |
Loss From Operations | -1,603,127 | -1,154,108 | -1,274,801 | -510,210 | -790,956 | -1,393,728 | -428,646 | -655,910 | -4,542,246 | -3,269,240 | -2,582,679 |
Other Income | 5,240 | 5,699 | 6,024 | 5,334 | 1,396 | 521 | 1,402 | -92 | 22,297 | 3,227 | 142 |
Net Loss | ($1,597,887) | ($1,148,409) | ($1,268,777) | ($504,876) | ($789,560) | ($1,393,207) | ($427,244) | ($656,002) | ($4,519,949) | ($3,266,013) | ($2,582,537) |
Net Loss Per Common Share - Basic and Diluted | ($0.02) | ($0.01) | ($0.01) | ($0.01) | ($0.01) | ($0.02) | ($0.01) | ($0.01) | ($0.05) | ($0.05) | ($0.04) |