Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 09, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Entity Registrant Name | REXAHN PHARMACEUTICALS, INC. | ||
Entity Central Index Key | 1,228,627 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Trading Symbol | rnn | ||
Entity Public Float | $ 79,303,524 | ||
Entity Common Stock, Shares Outstanding | 31,744,439 |
Balance Sheet
Balance Sheet - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Cash and cash equivalents | $ 8,899,154 | $ 11,578,473 |
Marketable securities | 17,931,941 | 8,737,107 |
Prepaid expenses and other current assets | 1,304,541 | 608,517 |
Total Current Assets | 28,135,636 | 20,924,097 |
Security Deposits | 30,785 | 30,785 |
Equipment, Net | 121,460 | 88,650 |
Total Assets | 28,287,881 | 21,043,532 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 3,233,926 | 1,882,500 |
Deferred Research and Development Arrangement | 375,000 | 450,000 |
Other Liabilities | 56,724 | 79,204 |
Warrant Liabilities | 7,853,635 | 1,573,366 |
Total Liabilities | 11,519,285 | 3,985,070 |
Commitments and Contingencies (note 15) | ||
Stockholders' Equity: | ||
Preferred stock, par value $0.0001, 10,000,000 authorized shares, none issued and outstanding | ||
Common stock, par value $0.0001, 50,000,000 authorized shares, 31,725,114 and 23,736,878 issued and outstanding | 3,173 | 2,374 |
Additional paid-in capital | 157,141,021 | 132,086,419 |
Accumulated other comprehensive loss | (56,886) | (6,122) |
Accumulated deficit | (140,318,712) | (115,024,209) |
Total Stockholders' Equity | 16,768,596 | 17,058,462 |
Total Liabilities and Stockholders' Equity | $ 28,287,881 | $ 21,043,532 |
Balance Sheet (Parenthetical)
Balance Sheet (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Balance Sheet [Abstract] | ||
Preferred Stock, Par Value | $ 0.0001 | $ 0.0001 |
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 | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Shares, Issued | 31,725,114 | 23,736,878 |
Common Stock, Shares, Outstanding | 31,725,114 | 23,736,878 |
Statement Of Operations
Statement Of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Of Operations [Abstract] | |||
Revenues: | |||
Expenses: | |||
General and administrative | 6,639,421 | 6,324,236 | 6,115,210 |
Research and development | 10,715,296 | 10,089,149 | 12,148,226 |
Total Expenses | 17,354,717 | 16,413,385 | 18,263,436 |
Loss from Operations | (17,354,717) | (16,413,385) | (18,263,436) |
Other Income (Expense) | |||
Interest income | 207,003 | 118,565 | 103,269 |
Mediation settlement | 1,770,658 | ||
Unrealized (loss) gain on fair value of warrants | (7,594,162) | 5,529,907 | 3,986,727 |
Financing expense | (552,627) | (313,090) | (211,116) |
Total Other Income (Expense) | (7,939,786) | 7,106,040 | 3,878,880 |
Net Loss Before Provision for Income Taxes | (25,294,503) | (9,307,345) | (14,384,556) |
Provision for income taxes | |||
Net Loss | $ (25,294,503) | $ (9,307,345) | $ (14,384,556) |
Net loss per share, basic and diluted | $ (0.92) | $ (0.43) | $ (0.79) |
Weighted average number of shares outstanding, basic and diluted | 27,390,527 | 21,744,740 | 18,238,822 |
Statement Of Comprehensive Loss
Statement Of Comprehensive Loss - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Of Comprehensive Loss [Abstract] | |||
Net Loss | $ (25,294,503) | $ (9,307,345) | $ (14,384,556) |
Unrealized (loss) gain on available-for-sale securities | (50,764) | 11,919 | 15,606 |
Comprehensive Loss | $ (25,345,267) | $ (9,295,426) | $ (14,368,950) |
Statement Of Stockholders' Equi
Statement Of Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Loss [Member] | Total |
Balance at Dec. 31, 2014 | $ 1,784 | $ 118,073,072 | $ (91,332,308) | $ (128,410) | $ (33,647) | $ 26,580,491 |
Balance, shares at Dec. 31, 2014 | 17,836,652 | 11,321 | ||||
Issuance of common stock and units | $ 181 | 5,249,892 | $ 5,250,073 | |||
Issuance of common stock and units, Shares | 1,807,374 | 140,707 | ||||
Stock issuance costs | (566,065) | $ (566,065) | ||||
Common stock issued in exchange for services, value | $ 2 | 101,998 | $ 102,000 | |||
Common stock issued in exchange for services, shares | 15,000 | 15,000 | ||||
Stock options exercised | $ 9 | 708,608 | $ 708,617 | |||
Stock options exercised, shares | 88,943 | 88,943 | ||||
Stock based compensation | 1,037,679 | $ 1,037,679 | ||||
Stock warrants exercised | 31,703 | $ 31,703 | ||||
Stock warrants exercised, shares | 4,730 | 4,730 | ||||
Retirement of treasury stock | $ (1) | (128,409) | $ 128,410 | |||
Retirement of treasury stock, shares | (11,321) | (11,321) | ||||
Net Loss | (14,384,556) | $ (14,384,556) | ||||
Other Comprehensive Income (Loss) | 15,606 | 15,606 | ||||
Balance at Dec. 31, 2015 | $ 1,975 | 124,508,478 | (105,716,864) | (18,041) | 18,775,548 | |
Balance, shares at Dec. 31, 2015 | 19,741,378 | |||||
Issuance of common stock and units | $ 396 | 6,908,562 | $ 6,908,958 | |||
Issuance of common stock and units, Shares | 3,962,500 | 0 | ||||
Stock issuance costs | (837,755) | $ (837,755) | ||||
Common stock issued in exchange for services, value | $ 3 | 97,646 | $ 97,649 | |||
Common stock issued in exchange for services, shares | 33,000 | 33,000 | ||||
Stock based compensation | 1,409,488 | $ 1,409,488 | ||||
Net Loss | (9,307,345) | (9,307,345) | ||||
Other Comprehensive Income (Loss) | 11,919 | 11,919 | ||||
Balance at Dec. 31, 2016 | $ 2,374 | 132,086,419 | (115,024,209) | (6,122) | $ 17,058,462 | |
Balance, shares at Dec. 31, 2016 | 23,736,878 | 23,736,878 | ||||
Issuance of common stock and units | $ 630 | 11,965,753 | $ 11,966,383 | |||
Issuance of common stock and units, Shares | 6,295,613 | 0 | ||||
Stock issuance costs | (1,470,536) | $ (1,470,536) | ||||
Common stock issued in exchange for services, value | $ 2 | 31,198 | $ 31,200 | |||
Common stock issued in exchange for services, shares | 15,000 | 15,000 | ||||
Stock options exercised | $ 2 | 77,498 | $ 77,500 | |||
Stock options exercised, shares | 25,000 | 25,000 | ||||
Stock based compensation | 1,044,167 | $ 1,044,167 | ||||
Stock warrants exercised | $ 165 | 13,406,522 | $ 13,406,687 | |||
Stock warrants exercised, shares | 1,652,623 | 1,652,623 | ||||
Net Loss | (25,294,503) | $ (25,294,503) | ||||
Other Comprehensive Income (Loss) | (50,764) | (50,764) | ||||
Balance at Dec. 31, 2017 | $ 3,173 | $ 157,141,021 | $ (140,318,712) | $ (56,886) | $ 16,768,596 | |
Balance, shares at Dec. 31, 2017 | 31,725,114 | 31,725,114 |
Condensed Statement Of Cash Flo
Condensed Statement Of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flows from Operating Activities: | |||
Net loss | $ (25,294,503) | $ (9,307,345) | $ (14,384,556) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Compensatory stock | 31,200 | 97,649 | 102,000 |
Depreciation and amortization | 42,358 | 32,916 | 27,498 |
Amortization of premiums and discounts on marketable securities, net | 52,012 | 22,321 | 30,875 |
Stock-based compensation | 1,044,167 | 1,409,488 | 1,037,679 |
Amortization of deferred research and development arrangements | (75,000) | (75,000) | (75,000) |
Unrealized loss (gain) on fair value of warrants | 7,594,162 | (5,529,907) | (3,986,727) |
Financing expense | 552,627 | 313,090 | 211,116 |
Amortization of deferred lease incentive | (12,444) | (12,443) | (12,443) |
Deferred lease expenses | (10,036) | (12,373) | (8,492) |
Changes in assets and liabilities: | |||
Prepaid expenses and other assets | (696,024) | 613,301 | (495,935) |
Accounts payable and accrued expenses | 1,351,426 | (778,798) | 202,035 |
Net Cash Used in Operating Activities | (15,420,055) | (13,227,101) | (17,351,950) |
Cash Flows from Investing Activities: | |||
Purchase of equipment | (75,168) | (8,666) | (62,302) |
Purchase of marketable securities | (21,017,610) | (8,747,423) | (7,908,304) |
Redemption of marketable securities | 11,720,000 | 13,240,000 | 17,525,000 |
Net Cash (Used in) Provided by Investing Activities | (9,372,778) | 4,483,911 | 9,554,394 |
Cash Flows from Financing Activities: | |||
Issuance of common stock and units, net of issuance costs | 16,681,921 | 10,122,223 | 7,439,809 |
Proceeds from exercise of stock warrants | 5,354,093 | 22,325 | |
Proceeds from exercise of stock options | 77,500 | 708,617 | |
Net Cash Provided by Financing Activities | 22,113,514 | 10,122,223 | 8,170,751 |
Net (Decrease) Increase in Cash and Cash Equivalents | (2,679,319) | 1,379,033 | 373,195 |
Cash and Cash Equivalents - beginning of period | 11,578,473 | 10,199,440 | 9,826,245 |
Cash and Cash Equivalents - end of period | 8,899,154 | 11,578,473 | 10,199,440 |
Non-cash financing and investing activties: | |||
Warrants issued | 6,738,701 | $ 4,364,110 | 2,966,917 |
Warrant liability extinguishment from exercise of warrants | $ 8,052,594 | 9,378 | |
Retirement of treausry stock | $ 128,410 |
Operations And Organization
Operations And Organization | 12 Months Ended |
Dec. 31, 2017 | |
Operations And Organization [Abstract] | |
Operations And Organization | 1. Operations and Organization Operations Rexahn Pharmaceuticals, Inc. (the “Company” ), a Delaware corporation, is a biopharmaceutical company whose principal operations are the discovery and development of innovative treatments for cancer. The Company had an accumulated deficit of $ 140,318,712 at December 31, 2017 and anticipates incurring losses through fiscal year 2018 and beyond . The Company has not yet generated commercial revenues and has funded its operating losses to date through the sale of shares of its common stock and warrants to purchase shares of its common stock, convertible debt, financings, interest income from cash, cash equivalents and marketable securities, and proceeds from reimbursed res earch and development costs. The Company believes that its cash, cash equivalents, and marketable securities, will be sufficient to cover its cash flow requirements for its current activities at least for the next 12 months from the date these financial statements were issued . Management believes it has the capability of managing the Company’s operations within existing cash available by focusing on select research and development activities, selecting projects in conjunction with potential financings and milestones, and efficiently managing its general and administrative affairs. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 2. Summary of Significant Accounting Policies a) Cash and Cash Equivalents Cash and cash equivalents include cash on hand and short ‑term investments purchased with remaining maturities of three months or less at acquisition. b) Marketable Securities Marketable securities are considered “available-for-sale” in accordance with Financial Statement Accounting Board (“FASB”) Accounting Standards Codification (“ASC”) 320, “Debt and Equity Securities , ” and thus are reported at fair value in the Company’s accompanying balance sheet, with unrealized gains and losses excluded from earnings and reported as a separate component of stockholders’ equity. Amounts reclassified out of accumulated other comprehensive loss into realized gains and losses are accounted for on the basis of specific identification and are included in other income or expense in the statement of operations. The Company classifies such investments as current on the balance sheet as the investments are readily marketable and available for use in the Company’s current operations. c) Equipment Equipment is stated at cost less accumulated depreciation. Depreciation, based on the lesser of the term of the lease or the estimated useful life of the assets, is provided as follows: Life Depreciation Method Furniture and fixtures 7 years straight line Office equipment 5 years straight line Lab equipment 5 -7 years straight line Computer equipment 3 -5 years straight line Leasehold improvements 3 -5 years straight line d) Research and Development Research and development costs are expensed as incurred. Research and development expenses consist primarily of third party service costs under research and development agreements, salaries and related personnel costs, including stock-based compensation, costs to acquire pharmaceutical products and product rights for development and amounts paid to contract research organizations, hospitals and laboratories for the provision of services and materials for drug development and clinical trials. Costs incurred in obtaining the licensing rights to technology in the research and development stage that have no alternative future uses and are for unapproved product compounds are expensed as incurred. e) Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. Actual results may ultimately differ from these estimates. These estimates are reviewed periodically and as adjustments become necessary, they are reported in earnings in the period in which they become available. f) Fair Value of Financial Instruments The carrying amounts reported in the accompanying financial statements for cash and cash equivalents and accounts payable and accrued expenses approximate fair value because of the short ‑term maturity of these financial instruments. The fair value of warrant liabilities is discussed in Note 12, and the fair value of marketable securities and certain other assets and liabilities is discussed in Note 16. g) Income Taxes The Company accounts for income taxes in accordance with ASC 740, “Income Taxes”. Deferred tax assets and liabilities are recorded for differences between the financial statement and tax basis of the assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates. ASC 740 requires that a valuation allowance be established when it is more likely than not that all portions of a deferred tax asset will not be realized. A review of all positive and negative evidence needs to be considered, including a company’s current and past performance, the market environment in which the company operates, length of carryback and carryforward periods and existing contracts that will result in future profits. Income tax expense is recorded for the amount of income tax payable or refundable for the period, increased or decreased by the change in deferred tax assets and liabilities during the period. As a result of the Company’s significant cumulative losses, the Company determined that it was appropriate to establish a valuation allowance for the full amount of net deferred tax assets. The calculation of the Company’s tax liabilities involves the inherent uncertainty associated with the application of complex tax laws. The Company is subject to examination by various taxing authorities. The Company believes that, as a result of its loss carryforward sustained to date, any examination would result in a reduction of its net operating losses rather than a tax liability. As such, the Company has not provided for any additional taxes that would be estimated under ASC 740. h) Stock- Based Compensation In accordance with ASC 718, “Stock Compensation,” compensation costs related to share-based payment transactions, including employee stock options, are to be recognized in the financial statements. In addition, the Company adheres to the guidance set forth within U.S. Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin (“SAB”) No. 107, which provides the Staff’s views regarding the interaction between ASC 718 and certain SEC rules and regulations, and provides interpretations with respect to the valuation of share-based payments for public companies. i) Concentration of Credit Risk ASC 825, “Financial Instruments,” requires disclosure of any significant off balance sheet risk and credit risk concentration. The Company does not have significant off ‑balance sheet risk or credit concentration. The Company maintains cash and cash equivalents with major financial institutions. From time to time the Company has funds on deposit with commercial banks that exceed federally insured limits. The balances are insured by the Federal Deposit Insurance Corporation up to $250,000. At December 31, 2017 , the Company’s uninsured cash balance was $ 8,399,154 . Management does not consider this to be a significant credit risk as the banks are large, established financial institutions. j ) Recent Accounting Pronouncements Affecting the Company Revenue from Contracts with Customers In May 2014, th e FASB issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers,” a comprehensive new revenue recognition standard that will supersede nearly all existing revenue recognition guidance under U.S. generally accepted accounting principles . The standard’s core principle is that a company should recognize revenue when it transfers goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods and services, and provides a revenue recognition framework in accordance with this principle. On August 12, 2015, the FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09 by one year to December 15, 2017 for annual reporting periods beginning after that date and interim periods therein. The Company will adopt this guidance for the annual reporting period beginning January 1, 2018, using the modified retrospective method. As the Company does not have revenue contracts, we anticipate the adoption of this guidance will not have a material impact on the operating results of the Company, there will be no significant changes to disclosures, and there will be no cumulative adjustment to the opening balance of retained earnings as of January 1, 2018. Leases In February 2016, the FASB issued ASU 2016-02, “Leases,” which requires an entity to recognize assets and liabilities arising from leases on the balance sheet and to provide additional disclosures about leasing arrangements. ASU 2016-02 will be effective for reporting periods beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact the adoption of this guidance will have on its financial statements. Compensation-Stock Compensation In March 2016, the FASB issued ASU 2016-09, “Compensation-Stock Compensation: Improvements to Employee Share Based Payment Accounting,” which includes multiple provisions intended to simplify various aspects of accounting for share-based payments. The guidance is effective for reporting periods beginning after December 15, 2016, with early adoption permitted. The Company adopted this guidance during the year ended December 31, 2017. This pronouncement did not have a material impact on the financial statements. |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2017 | |
Marketable Securities [Abstract] | |
Marketable Securities | 3 . Marketable Securities The following table shows the Company’s marketable securities’ adjusted cost, gross unrealized gains and losses, and fair value by significant investment category as of December 31, 2017 and 2016: December 31, 2017 Cost Gross Unrealized Gross Unrealized Fair Basis Gains Losses Value Commercial Paper $ 3,241,005 $ - $ (2,505) $ 3,238,500 Corporate Bonds 14,747,822 - - (54,381) 14,693,441 Total Marketable Securities $ 17,988,827 $ - $ (56,886) $ 17,931,941 December 31, 2016 Cost Gross Unrealized Gross Unrealized Fair Basis Gains Losses Value Certificates of Deposit $ 720,000 $ 197 $ - $ 720,197 Commercial Paper 3,987,424 - (1,684) 3,985,740 Corporate Bonds 4,035,805 - (4,635) 4,031,170 Total Marketable Securities $ 8,743,229 $ 197 $ (6,319) $ 8,737,107 The Company typically invests in highly-rated securities, with the primary objective of minimizing the potential risk of principal loss. As of December 31 , 2017 , the Company had three investments of commercial paper with a fair value of $ 3,238,500 and unrealized losses of $ 2,505 , and 15 corporate bonds with a fair value of $ 14,693,441 and unrealized losses of $ 54,381 , all of which have been unrealized losses for less than 12 months. The Company does not intend to sell its marketable securities in an unrealized loss position. Based upon the Company’s securities’ fair value relative to the cost, high ratings, and volatility of fair value, the Company considers the declines in market value of its marketable securities to be temporary in nature and does not consider any of its investments other-than-temporarily impaired, and anticipates that it will recover the entire amortized cost basis. The amortized cost basis and fair value of marketable securities by contractual maturity are: Maturity Cost Basis Fair Value Less than 1 year $ 11,981,457 $ 11,955,101 1 to 5 years 6,007,370 5,976,840 Total Marketable Securities $ 17,988,827 $ 17,931,941 |
Prepaid Expenses And Other Curr
Prepaid Expenses And Other Current Assets | 12 Months Ended |
Dec. 31, 2017 | |
Prepaid Expenses And Other Current Assets [Abstract] | |
Prepaid Expenses And Other Current Assets | 4 . Prepaid Expenses and Other Current Assets December 31, December 31, 2017 2016 Deposits on contracts $ 793,940 $ 179,476 Prepaid expenses and other current assets 510,601 429,041 $ 1,304,541 $ 608,517 Deposits on contracts consist of deposits on research and development contracts for services that had not been incurred as of the balance sheet date. Prepaid expenses and o ther assets include prepaid general and administrative expense s, such as insurance, rent , investor relations fees and compensatory stock issued for services not yet incurred as of the balance sheet date. |
Equipment, Net
Equipment, Net | 12 Months Ended |
Dec. 31, 2017 | |
Equipment, Net [Abstract] | |
Equipment, Net | 5. Equipment, Net December 31, December 31, 2017 2016 Furniture and fixtures $ 82,686 $ 78,794 Office and computer equipment 171,724 113,932 Lab equipment 445,134 431,650 Leasehold improvements 133,762 133,762 Total equipment 833,306 758,138 Less: Accumulated depreciation and amortization (711,846) (669,488) Net carrying amount $ 121,460 $ 88,650 |
Accounts Payable And Accrued Ex
Accounts Payable And Accrued Expenses | 12 Months Ended |
Dec. 31, 2017 | |
Accounts Payable And Accrued Expenses [Abstract] | |
Accounts Payable And Accrued Expenses | 6 . Accounts Payable and Accrued Expenses December 31, December 31, 2017 2016 Trade payables $ 895,638 $ 430,013 Accrued expenses 95,416 141,190 Accrued research and development contract costs 1,435,109 499,889 Payroll liabilities 807,763 811,408 $ 3,233,926 $ 1,882,500 |
Deferred Research And Developme
Deferred Research And Development Arrangement | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Research And Development Arrangement [Abstract] | |
Deferred Research And Development Arrangement | 7 . Deferred Research and Development Arrangements Rexgene Biotech Co., Ltd. In 2003, the Company entered into a collaborative research agreement with Rexgene Biotech Co., Ltd. (“Rexgene”), a stockholder, pursuant to which Rexgene agreed to assist the Company with the research, development and clinical trials necessary for registration of the Company’s drug candidate RX-0201 (Archexin ®) in Asia. In accordance with the agreement, Rexgene paid the Company a one-time fee of $ 1, 500,000 in 2003. The agreement provided that it would expire upon the later of (i) 20 years after the date of the agreement or (ii) the expiration of the patent s relating to RX-0201 . The amortization reduces research and development expenses for the periods presented. The Company is using 20 years as its basis for recognition and accordingly research and devel opment expenses were reduced by $75,000 for each of the years ended December 31, 2017, 2016 and 2015. The remaining $ 375 ,000 and $ 450,000 to be amortized at December 31, 2017 and 2016 , respectively, are reflected as a deferred resea rch and development arrangement on the balance sheet. The payment from Rexgene is being used in the cooperative funding of the costs of development of RX-0201. On February 5, 2018, the Company and NEXT BT Co. Ltd., the successor in interest to Rexgene, terminated the agreement. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities [Abstract] | |
Other Liabilities | 8 . Other Liabilities Deferred Lease Incentive In accordance with the Company’s office lease agreement, as amended and furth er discussed in Note 15 , the Company has been granted leasehold improvement allowances from the lessor to be used for the construction cost of improvements to the leased property, which included architectural and engineering fees, government agency plan check, permit and other fees, sales and use taxes, testing and inspection costs and telephone and data cabling and wiring in the premises. The Company accounted for the benefit of the leasehold improvement allowance as a reduction of rental expense over the term of the office lease. The following table sets forth the cumulative deferred lease incentive: December 31, December 31, 2017 2016 Deferred lease incentive $ 154,660 $ 154,660 Less accumulated amortization (135,995) (123,551) Balance $ 18,665 $ 31,109 Deferred Office Lease Expense The lease agreement , as amended, provided for an initial annual base rent with annual increases over the lease term . The Company recognizes rental expense on a straight-line basis over the term of the lease, which resulted in a deferred rent liability of $38,059 and $48,095 as of December 31, 2017 and 2016 , respectively. |
Net Loss Per Common Share
Net Loss Per Common Share | 12 Months Ended |
Dec. 31, 2017 | |
Net Loss Per Common Share [Abstract] | |
Net Loss Per Common Share | 9 . Net Loss per Common Share Basic loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding for the period. Diluted loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding, plus the number of common share equivalents that would be dilutive. As of December 31, 2017, 2016 and 2015, there were stock options , restricted stock units and warrants to acquire, in the aggregate, 8 ,961,140 , 7,142,728 , and 3,908,295 shares of the Company’s common stock, respectively, which are potentially dilutive. However, diluted loss per share for all periods presented is the same as basic loss per share because the inclusion of common share equivalents would be anti-dilutive. |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2017 | |
Common Stock [Abstract] | |
Common Stock | 10. Common Stock The following transactions occurred during the years ended December 31, 2017, 2016 and 2015: Reverse Stock Split On May 5, 2017, the Company effected a one-for- ten reverse stock split of the outstanding shares of the Company’s common stock, together with a corresponding proportional reduction in the number of authorized shares of the Company’s capital stock. Each ten shares of the Company’s common stock, par value $0.0001 per share, issued and outstanding at the effective time of the reverse stock split were reclassified and combined into one share of common stock par value $0.0001 per share. The number of shares of common stock and preferred stock the Company is authorized to issue was reduced to 50 million and 10 million, respectively. All share and per share amounts of common stock, stock options, stock warrants and restricted stock units have been restated for all periods to give retroactive effect to the reverse stock split. Accordingly, an amount equal to the par value of the decreased shares resulting from the reverse stock split was reclassified from “Common stock” to “Additional paid-in capital.” Public Offerings November 2015 On November 12, 2015, the Company closed a registered direct public offering of 1,666,667 shares of common stock and warrants to purchase up to 1,250,000 shares of common stock. The common stock and warrants were sold in units, consisting of a share of common stock and a warrant to purchase 0.75 shares of common stock, at a price of $4. 20 per unit, with an exercise price for the warrants of $5. 30 per share. The total gross proceeds of the offering were $7,000,000 . The warrants issued became exercisable beginning six months after the closing date, and will remain exercisable until the five-year anniversary of the initial exercise date, and were recorded as liabilities at fair value. A summary of the allocation of the proceeds of the offering is shown below: Gross Proceeds: $ 7,000,000 Allocated to warrant liabilities: 2,792,500 Allocated to common stock and additional paid-in capital 4,207,500 Total allocated gross proceeds: $ 7,000,000 The closing costs of $740,323 included 83,3 33 warrants valued at $174,417 and $565,906 for placement agent and other fees. Based upon the estimated fair value of the stock and warrants in the units, the Company allocated $211,116 to financing expense and $529,207 as stock issuance costs. March 2016 On March 2, 2016, the Company closed a registered direct public offering of 1,562,500 shares of common stock and warrants to purchase up to 1,171,875 shares of common stock. The common stock and warrants were sold in units, consisting of a share of common stock and a warrant to purchase 0.75 shares of common stock, at a price of $3. 20 per unit, with an exercise price for the warrants of $4. 20 per share . The total gross proceeds of the offering were $5,000,000 . The issued warrants issued became exercisable beginning six months after the closing date, and will remain exercisable until the five-year anniversary of the initial exercise date, and were recorded as liabilities at fair value. A summary of the allocation of the proceeds of the offering is shown below: Gross Proceeds: $ 5,000,000 Allocated to warrant liabilities: 2,419,922 Allocated to common stock and additional paid-in capital 2,580,078 Total allocated gross proceeds: $ 5,000,000 The closing costs of $ 575,751 included 78, 125 warrants valued at $15 5,938 and $ 419,813 for placement agent and other fees. Based upon the estimated fair value of the stock and warrants in the units, the Company allocated $1 69,887 to financing expense and $ 405,864 as stock issuance costs. September 2016 On September 19, 2016, the Company closed a registered direct public offering of 2,400,000 shares of common stock and warrants to purchase up to 1,800,000 shares of common stock. The common stock and warrants were sold in units, consisting of a share of common stock and a warrant to purchase 0.75 shares of common stock, at a price of $2. 50 per unit, with an exercise price for the warrants of $3. 00 per share . The total gross proceeds of the offering were $6,000,000 . The warrants issued became exercisable beginning six months after the closing date, and will remain exercisable until the five-year anniversary of the initial exercise date, and were recorded as liabilities at fair value. A summary of the allocation of the proceeds of the offering is shown below: Gross Proceeds: $ 6,000,000 Allocated to warrant liabilities: 1,671,120 Allocated to common stock and additional paid-in capital 4,328,880 Total allocated gross proceeds: $ 6,000,000 The closing costs of $575,09 4 included 144,000 warrants valued at $117, 130 and $457,96 4 for placement agent and other fees. Based upon the estimated fair value of the stock and warrants in the units, the Company allocated $143,203 to financing expense and $431,891 as stock issuance costs. June 2017 On June 12, 2017 the Company closed a registered direct public offering of 3,030,304 shares of common stock and warrants to purchase up to 1,515,152 shares of common stock. The common stock and warrants were sold in units, consisting of a share of common stock and a warrant to purchase 0.5 shares of common stock, at a price of $3.30 per unit, with an exercise price for the warrants of $4.00 per share . The total gross proceeds of the offering were $10,000,003 . The warrants issued became exercisable beginning six months after the closing date, and will remain exercisable until the five-year anniversary of the initial exercise date, and were recorded as liabilities at fair value. A summary of the allocation of the proceeds of the offering is shown below: Gross Proceeds: $ 10,000,003 Allocated to warrant liabilities 3,673,168 Allocated to common stock and additional paid-in capital 6,326,835 Total allocated gross proceeds: $ 10,000,003 The Company also issued warrants to purchase up to an aggregate 181,818 shares of common stock to the placement agent in the offering. The closing costs for the offering of $1,193,052 included $434,320 for the placement agent warrants and $758,732 for placement agent and other fees. Based on the estimated fair value of the stock and warrants in the units, the Company allocated $333,050 to financing expense for the warrants and $860,002 as stock issuance costs. October 2017 On October 17, 2017 the Company closed a registered direct public offering of 3,265,309 shares of common stock and warrants to purchase up to 1,632,654 shares of common stock. The common stock and warrants were sold in units, consisting of a share of common stock and a warrant to purchase 0.5 shares of common stock, at a price of $2.45 per unit, with an exercise price for the warrants of $2.85 per share . The total gross proceeds of the offering were $8,000,007 . The warrants issued will become exercisable beginning six months after the closing date, and will remain exercisable until the five-year anniversary of the initial exercise date, and were recorded as liabilities at fair value. A summary of the allocation of the proceeds of the offering is shown below: Gross Proceeds: $ 8,000,007 Allocated to warrant liabilities 2,360,459 Allocated to common stock and additional paid-in capital 5,639,548 Total allocated gross proceeds: $ 8,000,007 The Company also issued warrants to purchase up to an aggregate 195,919 shares of common stock to the placement agent in the offering. The closing costs for the offering of $830,111 included $270,754 for the placement agent warrants and $559,357 for placement agent and other fees. Based on the estimated fair value of the stock and warrants in the units, the Company allocated $219,577 to financing expense for the warrants and $610,534 as stock issuance costs. At Market Offering On August 2, 2017, the Company terminated the at market issuance sales agreement (the “Sales Agreement”), dated March 16, 2015, with MLV & Co. LLC, now part of FBR & Co. (“MLV”), pursuant to which the Company was entitled to issue and sell shares of its common stock having an aggregate offering price of up to $40 million from time to time, at its option, through MLV as the Company’s sales agent. For the year ended December 31, 2015, the Company sold 140,707 shares of common stock pursuant to the Sales Agreement for $1,042,573 in gross proceeds at a weighted average price of $7.41 per share. Net proceeds to the Company were $1,005,715 after deducting commissions and other transaction costs. There were no shares sold under the Sales Agreement for the years ended December 31, 2017 and 2016. Compensatory Shares The Company has issued restricted shares to vendors in exchange for services. The table below summarizes the shares issued and the related market value: For the Year Ended December 31, 2017 2016 2015 Compensatory shares issued 15,000 33,000 15,000 Aggregate market value $ 31,200 $ 97,649 $ 102,000 Stock Option and Stock Warrant Exercises The table below summarizes stock options and stock warrants exercised: For the Year Ended December 31, 2017 2016 2015 Stock Option Exercises Number of shares issued 25,000 - 88,943 Total cash received $ 77,500 $ - $ 708,617 Stock Warrant Exercises Number of shares issued 1,652,623 - 4,730 Total cash received $ 5,354,093 $ - $ 22,325 Treasury Stock Transactions On December 3, 2015, the Company retired 11,32 1 shares of treasury stock with an aggregate purchase price of $128,410 . |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 11. Stock- Based Compensation As of December 31, 2017, the Company had 1 ,814,231 options to purchase common stock and 47,300 restricted stock units (“RSUs”) outstanding. At the Company’s Annual Meeting of the Stockholders held on June 10, 2013, the Company’s stockholders voted to approve the Rexahn Pharmaceuticals, Inc. 2013 Stock Option Plan (the “2013 Plan”). Under the 2013 Plan, the Company grants equity awards to key employees, directors and consultants of the Company. At the Company’s Annual Meeting held on June 9, 2016, the Company’s stockholders voted to approve an amendment and restatement of the 2013 Plan, including to provide for awards of restricted stock and restricted stock units. The Company initially reserved 1,700,000 shares of common stock for issuance pursuant to the 2013 Plan, and on April 11, 2017, the Company’s stockholders approved an increase of 1,700,000 shares of common stock reserved for issuance pursuant to the 2013 P lan. As of December 31, 2017, there were 1 ,477,231 options and 47,300 RSUs outstanding under the 2013 Plan, and 1,874, 719 shares were available for issuance. On August 5, 2003, the Company established a stock option plan (the “2003 Plan”). Under the 2003 Plan, the Company granted stock options to key employees, directors and consultants of the Company. With the adoption of the 2013 Plan, no new stock options may be issued under the 2003 Plan, but previously issued options under the 2003 Plan remain outstanding until their expiration. As of December 31, 2017, there were 325,000 outstanding options under the 2003 Plan. In March 2016, the Company granted to a third party an option to purchase up to 12,000 shares of the Company’s common stock. Of the Company’s outstanding options as of December 31, 2017, these were the only options that were not issued pursuant to the 2013 Plan or the 2003 Plan . Accounting for Awards S tock -based compensation expense is the estimated fair value of options and RSUs granted amortized on a straight-line basis over the requisite vesting service period for t he entire portion of the award. Total stock- based compensat ion recognized by the Company for the years ended December 31, 2017, 2016 and 2015 is as follows: For the Year Ended December 31, 2017 2016 2015 Statement of operations line item: General and administrative $ 765,726 $ 905,911 $ 665,063 Research and development 278,441 503,577 372,616 Total $ 1,044,167 $ 1,409,488 $ 1,037,679 No income tax benefit has been recognized in the statement of operations for stock-based compensation arrangements as the Company has provided for a 100% valuation allowance on its net deferred tax assets. Summary of Stock Option Transactions There were 483,260 stock options granted at exercise prices ranging from $1.84 to $6.18 with an aggregate fair value of $738,937 during the year ended December 31, 2017. There were 592,63 7 stock options granted at exercise prices ranging from $1. 80 to $3. 70 with an aggregate fair value of $1, 156,273 during the year ended December 31, 2016. There were 420,13 0 stock options granted at exercise prices ranging from $5. 40 to $8. 90 with an aggregate fair value of $1, 994,893 during the year ended December 31, 2015. For the majority of the grants to employees, the vesting period is either ( i) 30% , 30% and 40% on the first , second and third anniversaries, of the grant date, respectively, or ( ii) 25% each on the first four anniversaries. Options expire between five and ten years from the date of grant. For grants to non-employee consultants of the Company, the vesting period is between one and three years, subject to the fulfillment of certain conditions in the individual stock agreements, or 100% upon the occurrence of certain events specified in the individual stock agreements. The fair value of options at the date of grant was estimated using the Black-Scholes option pricing model. The Company took into consideration guidance under ASC 718, “Compensation-Stock Compensation” and Staff Accounting Bulletin No. 107 (“ SAB 107 ”) when reviewing and updating assumptions. Significant assumptions are determined as follows: Expected Term . The expected term is estimated using the simplified method whereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the option. Volatility . Volatility is based on the historical trading volatility of the Company’s stock on the date of grant for a period consistent with the expected term. Risk-Free Interest Rate . The risk-free interest rate is based on the zero-coupon U.S. Treasury instruments on the date of grant with a maturity date consistent with the expected term of the Company’s stock option grants. Expected Dividend . To date, the Company has not declared or paid any cash dividends and do not have any plans to do so in the future. Therefore, the Company used an expected dividend yield of zero. The assumptions made in calculating the fair values of options are as follows: Year Ended December 31, 2017 2016 2015 Black-Scholes assumptions Expected dividend yield 0 % 0 % 0 % Expected volatility 69-79 % 31-75 % 72-80 % Risk-free interest rate 1.7 -2.0 % 0.8 -1.4 % 1.2 -1.7 % Expected term (in years) 5.5 -6 years 2 -6 years 5 -6 years T he following table summarizes share-based transactions: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding, January 1, 2017 1,690,037 $ 6.20 7.3 years $ - Granted 483,260 $ 2.37 Exercised (25,000) $ 3.10 Expired (20,000) $ 16.18 Cancelled (314,066) $ 4.97 Outstanding, December 31, 2017 1,814,231 $ 5.33 7.1 years $ 53,883 Exercisable, December 31, 2017 1,086,688 $ 6.50 6.2 years $ 321 The total intrinsic value of options exercised was $97,872 and $99,895 for the years ended December 31, 2017 and 2015, respectively. There were no stock options exercised during the year ended December 31, 2016. The weighted average fair value of options granted was $1.53 , $2.00 , and $ 4.70 for the years ended December 31, 2017, 2016 and 2015, respectively. A summary of the Company’s unvested options as of December 31, 2017 and changes during the year ended December 31, 2017 is presented below: 2017 Number of Options Weighted Average Fair Value at Grant Date Unvested at January 1, 2017 897,123 $ 3.21 Granted 483,260 $ 1.53 Vested (489,235) $ 3.11 Cancelled (163,605) $ 2.25 Unvested at December 31, 2017 727,543 $ 2.39 As of December 31, 2017, there was $1, 233,528 of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted average vesting period of 2. 3 years. Summary of Restricted Stock Unit Transactions The Company began granting RSUs to employees in 2017. There were 62,300 RSUs granted with an aggregate fair value of $114,632 during the year ended December 31, 2017. The fair value of an RSU award is the closing price of the Company’s common stock on the date of grant. A summary of RSU activity for the year ended December 31, 2017 is as follows: Number of RSUs Weighted Average Grant Date Fair Value Outstanding, January 1, 2017 - $ - Granted 62,300 $ 1.84 Vested and Released - $ - Cancelled (15,000) $ 1.84 Outstanding, December 31, 2017 47,300 $ 1.84 As of December 31, 2017, there was $ 67,496 of total unrecognized compensation cost related to unvested RSUs which is expected to be recognized over a weighted average vesting period of 3. 2 years. |
Warrants
Warrants | 12 Months Ended |
Dec. 31, 2017 | |
Warrants [Abstract] | |
Warrants | 12 . Warrants As of December 31, 2017 , warrants to purchase 7,099,609 shares were outstanding, having exercise prices ranging from $ 2.85 to $ 12. 80 and expiration dates ranging from July 26, 2018 to April 17, 20 23 . 2017 2016 Number of warrants Weighted average exercise price Number of warrants Weighted average exercise price Balance, January 1 5,452,691 $ 4.92 2,649,199 $ 7.97 Issued during the period 3,525,543 $ 3.42 3,194,000 $ 3.47 Exercised during the period (1,861,195) $ 3.51 - $ - Expired during the period (17,430) $ 4.72 (390,508) $ 13.72 Balance, December 31 7,099,609 $ 4.55 5,452,691 $ 4.92 At December 31, 2017, the weighted average remaining contractual life of the outstanding warrants was 4.0 years . The warrants issued to investors in the December 2012, November 2015, March 2016 and September 2016 offerings contain a provision for net cash settlement in the event of a fundamental transaction (contractually defined to include a merger, sale of substantially all assets, tender offer or share exchange). Pursuant to the November 2015, March 2016, and September 2016 warrants, if fundamental transaction occurs, then the warrant holder has the option to receive cash, equal to the fair value of the remaining unexercised portion of the warrant. The option is available to holders of the December 2012 warrants only if the consideration issued in the fundamental transaction consists of cash or stock in a non-public company. The June 2017 and October 2017 warrants contain a provision that allows the holder to opt for cash settlement in a fundamental transaction that was approved by, or required to be approved by, the board of directors of the Company. All of the Company’s outstanding warrants provide the holder the option as to the type of consideration received if the holders of common stock receive an option as to their consideration. In addition, all of the Company’s outstanding warrants contain a cashless exercise provision that is exercisable only in the event that a registration statement is not effective. That provision may not be operative if an effective registration statement is not available because an exemption under the U.S. securities laws may not be available to issue unregistered shares. As a result, net cash settlement may be required, and the warrants require liability classification. ASC 820 provides requirements for disclosure of liabilities that are measured at fair value on a recurring basis in periods subsequent to the initial recognition. Fair values for warrants were determined using the Binomial Lattice (“Lattice”) valuation technique. The Lattice model provides for dynamic assumptions regarding volatility and risk-free interest rates within the total period to maturity. Accordingly, within the contractual term, the Company provided multiple date intervals over which multiple volatilities and risk-free interest rates were used. These intervals allow the Lattice model to project outcomes along specific paths that consider volatilities and risk-free rates that would be more likely in an early exercise scenario. Significant assumptions are determined as follows: Trading market values —Published trading market values; Exercise price —Stated exercise price; Term —Remaining contractual term of the warrant; Volatility —Historical trading volatility for periods consistent with the remaining terms; and Risk-free rate —Yields on zero coupon government securities with remaining terms consistent with the remaining terms of the warrants. Due to the fundamental transaction provision, which could provide for early redemption of the warrants, the model also considered the probability the Company would enter into a fundamental transaction during the remaining term of the warrant. Because the Company is not yet achieving positive cash flow, management believes the probability of a fundamental transaction occurring over the term of the warrant is unlikely and therefore estimates the probability of entering into a fundamental transaction to be 5% . For valuation purposes, the Company also assumed that if such a transaction did occur, it was more likely to occur towards the end of the term of the warrants. The significant unobservable inputs used in the fair value measurement of the warrants include management’s estimate of the probability that a fundamental transaction may occur in the future. Significant increases (decreases) in the probability of occurrence would result in a significantly higher (lower) fair value measurement. The following table summarizes the fair value of the warrants as of the respecti ve balance sheet dates: Fair Value as of: Warrant Issuance: December 31, 2017 December 31, 2016 December 2012 Investor Warrants $ - $ 49 July 2013 Investor Warrants 8,762 2,060 October 2013 Investor Warrants 26,288 3,708 January 2014 Investor Warrants 29,257 714 November 2015 Investor Warrants 1,260,050 260,500 November 2015 Placement Agent Warrants 2,936 13,542 March 2016 Investor Warrants 697,554 358,945 March 2016 Placement Agent Warrants - 21,320 September 2016 Investor Warrants 1,054,083 854,640 September 2016 Placement Agent Warrants - 57,888 June 2017 Investor Warrants 1,981,864 - June 2017 Placement Agent Warrants 221,591 - October 2017 Investor Warrants 2,305,552 - October 2017 Placement Agent Warrants 265,698 - Total: $ 7,853,635 $ 1,573,366 The following table summarizes the number of shares indexed to the warrants as of the respective balance sheet dates: Number of Shares indexed as of: Warrant Issuance December 31, 2017 December 31, 2016 December 2012 Investor Warrants - 17,430 July 2013 Investor Warrants 200,000 200,000 October 2013 Investor Warrants 231,732 231,732 January 2014 Investor Warrants 476,193 476,193 November 2015 Investor Warrants 1,250,001 1,250,001 November 2015 Placement Agent Warrants 3,334 83,335 March 2016 Investor Warrants 607,806 1,171,875 March 2016 Placement Agent Warrants - 78,125 September 2016 Investor Warrants 805,000 1,800,000 September 2016 Placement Agent Warrants - 144,000 June 2017 Investor Warrants 1,515,152 - June 2017 Placement Agent Warrants 181,818 - October 2017 Investor Warrants 1,632,654 - October 2017 Placement Agent Warrants 195,919 - Total: 7,099,609 5,452,691 The assumptions used in calculating the fair values of the warrants are as follows: December 31, 2017 December 31, 2016 Trading market prices $ 2.02 $ 1.40 Estimated future volatility 104 % 104 % Dividend - - Estimated future risk-free rate 2.14 -2.45 % 1.06 -2.44 % Equivalent volatility 85-104 % 51-60 % Equivalent risk-free rate 1.30 -1.89 % 0.59 -1.25 % Changes in the fair value of the warrant liabilities, carried at fair value, as reported as “unrealized (loss) gain on fair value of warrants” in the statement of operations: For the Year Ended December 31, 2017 2016 2015 Expired Warrants $ - $ 2,590 $ 458,439 December 2012 Investor Warrants 49 9,769 70,856 July 2013 Investor Warrants (6,702) 119,360 666,894 October 2013 Investor Warrants (22,580) 165,641 780,407 January 2014 Investor Warrants (28,543) 130,762 1,347,724 November 2015 Investor Warrants (999,550) 1,908,875 623,125 November 2015 Placement Agent Warrants (365,748) 121,593 39,282 March 2016 Investor Warrants (2,708,163) 2,060,977 - March 2016 Placement Agent Warrants (351,899) 134,617 - September 2016 Investor Warrants (4,571,872) 816,480 - September 2016 Placement Agent Warrants (503,150) 59,243 - June 2017 Investor Warrants 1,691,304 - - June 2017 Placement Agent Warrants 212,729 - - October 2017 Investor Warrants 54,907 - - October 2017 Placement Agent Warrants 5,056 - - Total: $ (7,594,162) $ 5,529,907 $ 3,986,727 |
Mediation Settlement
Mediation Settlement | 12 Months Ended |
Dec. 31, 2017 | |
Mediation Settlement [Abstract] | |
Mediation Settlement | 13 . Mediation Settlement I n connection with the process of seeking patent protection for RX-5902 in Japan, the Company had filed a patent application including claims covering RX-5902 with the Japanese Patent Office (“JPO”) for examination. The JPO initially agreed that the claims covering the compound for RX-5902 were allowable, but as a result of a mistake in the patent application filing as prepared and submitted by the Company’s Japanese patent attorney and incomplete review by the JPO’s patent examiner, the JPO issued a decision to grant a patent with claims that did not include RX-5902’s chemical structure. The Company appealed this decision with the JPO to request withdrawal of the decision to grant so that the correct claims would be allowed, but the JPO refused to withdraw its decision. As a result, and in accordance with Japanese law and procedure for appealing patent application decisions, the Company has filed a lawsuit against the JPO in Tokyo District Court to cause the JPO to reverse its decision to grant the errant patent and to allow a patent that includes claims covering RX-5902. The patent application at issue remains pending subject to the outcome of this action. While the composition of matter patent on RX-5902 structure remains pending in Japan, the Company either has already or will have protection in Japan from its issued and pending patents on formulation, method of use, and method of manufacturing as well as from market exclusivity period. On December 19, 2016, the Company entered into a binding settlement arrangement with the Company’s Japanese patent attorney in which the Japanese patent attorney agreed to pay a one-time settlement JPY 210,000,000 , or $1,770,658 , in exchange for the Company agreeing not to bring any future claims on account of this patent filing. The settlement payment was received by the Company by December 31, 2016. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | 14 . Income Taxes No provision for federal and state inc ome taxes was required for the years ended December 31 , 2017, 2016 and 2015 due to the Company’s operating losses and increased deferred tax asset valuation allowance. At December 31 , 2017 and 2016, the Company had unused net operating loss carry-forwards of approximately $127,877,000 and $ 111,605,000 , respec tively, which expire at various dates through 203 7 . Some of this amount may be subject to annual limitations under certain provisions of the Internal Revenue Code related to “changes in ownership.” As of December 31, 2017, and 2016 , the deferred tax assets related to the aforementioned carry-forwards have been fully offset by valuation allowances, because significant utilization of such amounts is not presently expected in the foreseeable future. Deferred tax assets and valuation allowances consist of: December 31, December 31, 2017 2016 Net Operating Loss Carryforwards $ 35,805,000 $ 43,526,000 Stock Compensation Expense 1,458,000 1,968,000 Book tax differences on assets and liabilities 365,000 547,000 Valuation Allowance (37,628,000) (46,041,000) Net Deferred Tax Assets $ - $ - The Company files income tax returns in the U.S. federal and Maryland state jurisdictions. Tax years for fis cal 2014 through 2017 are open and potentially subject to examination by the federal and Maryland state taxing authorities. The Tax Cuts and Jobs Act, which was signed into law on December 22, 2017, reduces the U.S. corporate income tax rate from 35 percent to 21 percent. The Company remeasured its net deferred tax assets based on the new corporate tax rate. There was no impact on income tax expenses resulting from the remeasurement due to the full offset by the valuation allowance. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 15 . Commitments and Contingencies a) The Company has contracted with various vendors for resear ch and development services, with terms that require payments over the term of the agreement s , usually ranging from two to 36 months. The costs to be incurred are estimated and are subject to revision. As of December 31, 2017, the total estimated cost to complete t hese agreements was approximately $ 11,110,000 . All of these agreements may be terminated by either party upon appropriate notice as stipulated in the respective agreements. b ) On June 22, 2009, the Company entered into a License Agreement with Korea Research Institute of Chemical Technology (“KRICT”) to acquire the rights to all inte llectual property related to quinoxaline-p iperazine derivatives that were synthesized under a Joint Research Agreement. The initial license fee was $ 100,000 , all of which was paid as of December 31, 2009. The agreement with KRICT calls for a one-time milestone payment of $ 1,000,000 within 30 days after the first achievement of marketing approval of the first commercial product arising out of or in connection with the use of KRICT’s intellectual properties. As of December 31, 2017 , the milestone has not occurred. c ) Office Space Lease On June 5, 2009, the Company entered into a commercial lease agreement for 5,466 square feet of office space in Rockville, Maryland. The lease was amended on June 7, 2013 to extend the term until June 30, 2019. On July 26, 2014, the lease was amended to add 1,727 square feet of office space, beg inning on September 1, 2014 and ending on August 31, 2015 . The lease of additional space was subsequently renewed until June 30, 2019. Under the lease agreement, the Company pays its allocable portion of real estate taxes and common area operating charges. Rent paid under the Company’s lease during the years ended December 31, 2017, 2016, and 2015 was $206,667 , $205,324 , and $202,529 , respectively. Prior Laboratory Lease On August 26, 2014 , the Company signed a one -year renewal to use laboratory space commencing on July 1, 2014. The lease required monthly rental payments of $4,554 . Rent paid under the Company’s lease during the year ended December 31, 2015 was $ 27,324. Current Laboratory Lease On April 20, 2015, the Company signed a five -year lease agreement for 2,552 square feet of laboratory space commencing on July 1, 2015 and ending on June 30, 2020. Under the lease agreement, the Company pays its allocable portion of real estate taxes and common area operating charges. Rent paid under this lease during the years ended December 31, 2017, 2016 and 2015 was $64,032 , $62,167 and $30,624 , respectively . Future rental payments over the next five years for all leases are as follows: For the year ending December 31: 2018 $ 279,274 2019 176,080 2020 34,468 Total $ 489,822 d ) The Company has established a 401(k) plan for its employees. The Company has elected to match 100% of the first 3% of an employee’s compensation plus 50% of an additional 2% of the employee’s deferral. Expense related to this matching contribution aggregated to $123,145 , $113,204 , and $121,519 , for the years ended December 31 , 2017, 2 016 and 2015 respectively. e ) In July 2013, the Company entered into an exclusive license agreement with the University of Maryland, Baltimore for a novel drug delivery platform, Nano-Polymer Drug Conjugate Systems. The agreement requires the Company to make payments to the University of Maryland if any products from the licensed delivery platform achieve development milestones. As of December 31, 2017, no development milestones have occurred. f ) In October 2013, the Company signed an exclusive license agreement with the Ohio State Innovation Foundation, for a novel oligonucleotide drug delivery platform, Lipid-Coated Albumin Nanoparticle. The agreement requires the Company to make payments to the Ohio State Innovation Foundation or any products from the licensed delivery platform achieve development milestones. As of December 31, 2017, no development milestones have occurred. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 1 6 . Fair Value Measurements ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, not adjusted for transaction costs. ASC 820 also establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels giving the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels are described below: Level 1 Inputs — Unadjusted quoted prices in active markets for identical assets or liabilities that are accessible by the Company; Level 2 Inputs — Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly; Level 3 Inputs — Unobservable inputs for the asset or liability including significant assumptions of the Company and other market participants. The following tables present assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. There have been no changes in the methodologies used at December 31, 2017 and 2016. Fair Value Measurements at December 31, 2017 Total Level 1 Level 2 Level 3 Assets: Commercial Paper 3,238,500 - 3,238,500 - Corporate Bonds 14,693,441 - 14,693,441 - Total Assets: $ 17,931,941 $ - $ 17,931,941 $ - Liabilities: Warrant Liabilities $ 7,853,635 $ - $ - $ 7,853,635 Fair Value Measurements at December 31, 2016 Total Level 1 Level 2 Level 3 Assets: Certificates of Deposit $ 720,197 $ - $ 720,197 $ - Commercial Paper 3,985,740 - 3,985,740 - Corporate Bonds 4,031,170 - 4,031,170 - Total Assets: $ 8,737,107 $ - $ 8,737,107 $ - Liabilities: Warrant Liabilities $ 1,573,366 $ - $ - $ 1,573,366 The fair value of the Company’s Level 2 marketable securities is determined by using quoted prices from independent pricing services that use market data for comparable securities in active or inactive markets. A variety of data inputs, including benchmark yields, interest rates, known historical trades and broker dealer quotes are using with pricing models to determine the quoted prices. The fair value methodology for the warrant liabilities is disclosed in Note 1 2 . The carrying amounts reported in the financial statements for cash and cash equivale nts (Level 1), and accounts payable and accrued expenses approximate fair value because of the short term maturity of these financial instruments. The following table sets forth a reconciliation of changes in the years ended December 31, 2017 and 2016 in the fair value of the liabilities classified as L evel 3 in the fair value hierarchy: Warrant Liabilities Balance at January 1, 2017 $ 1,573,366 Additions 6,738,701 Unrealized losses, net 7,594,162 Transfers out of level 3 (8,052,594) Balance at December 31, 2017 $ 7,853,635 Warrant Liabilities Balance at January 1, 2016 $ 2,739,163 Additions 4,364,110 Unrealized gains, net (5,529,907) Transfers out of level 3 - Balance at December 31, 2016 $ 1,573,366 Additions consist of the fair value of warrant liabilities up on issuance. Transfers out of L evel 3 for warrant liabilities consist of warrant exercises, where the liability is converted to additional paid-in capital upon exercise. The Company’s policy is to recognize transfers in and transfers out as of the actual date of the event or change in circumstance that caused the transfer. |
Select Quarterly Data
Select Quarterly Data | 12 Months Ended |
Dec. 31, 2017 | |
Select Quarterly Data [Abstract] | |
Select Quarterly Data | 1 7 . Select Quarterly Data (Unaudited) 2017 For the Quarter Ended March 31 June 30 September 30 December 31 Revenues $ - $ - $ - $ - Expenses 3,953,241 4,283,925 4,219,322 4,898,229 Loss from Operations (3,953,241) (4,283,925) (4,219,322) (4,898,229) Other Income (Expense), net (17,657,783) 5,230,981 3,181,250 1,305,766 Net Income (Loss) $ (21,611,024) $ 947,056 $ (1,038,072) $ (3,592,463) Net Income (Loss) per share, basic $ (0.91) $ 0.04 $ (0.04) $ (0.12) Net Income (Loss) per share, diluted $ (0.91) $ 0.03 $ (0.04) $ (0.12) 2016 For the Quarter Ended March 31 June 30 September 30 December 31 Revenues $ - $ - $ - $ - Expenses 4,863,981 3,912,782 3,717,575 3,919,047 Loss from Operations (4,863,981) (3,912,782) (3,717,575) (3,919,047) Other Income, net 714,939 2,146,958 850,579 3,393,564 Net Loss $ (4,149,042) $ (1,765,824) $ (2,866,996) $ (525,483) Net Loss per share, basic and diluted $ (0.20) $ (0.08) $ (0.13) $ (0.02) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 1 8. Subsequent Events S ince December 31, 2017 , the Company granted 701,339 stock options to officers and other employees . On February 5, 2018, the Company and NEXT BT Co. Ltd., the successor in interest to Rexgene, terminated the research collaboration agreement between the Company and Rexgene. In exchange for Next-BT terminating its rights to RX-0201 in Asia, the Company agreed to pay Next-BT a royalty in the low single digits of any net sales of RX-0201 the Company makes in Asia and 50% of the Company’s licensing revenue related to licensing of RX-0201 in Asia, up to an aggregate of $5,000,000 . On February 8, 2018, the Company entered into a research and development collaboration agreement with Zhejiang Haichang Biotechnology Co., Ltd. (“Haichang”) under which Haichang will develop a nano-liposomal formulation of RX-0201 using its proprietary QTzomes™ technology and will conduct certain pre-clinical and clinical activities through completion of a Phase 2a proof-of-concept clinical study in hepatocellular carcinoma in China. |
Summary Of Significant Accoun26
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Summary Of Significant Accounting Policies [Abstract] | |
Cash and Cash Equivalents | a) Cash and Cash Equivalents Cash and cash equivalents include cash on hand and short ‑term investments purchased with remaining maturities of three months or less at acquisition. |
Marketable Securities | b) Marketable Securities Marketable securities are considered “available-for-sale” in accordance with Financial Statement Accounting Board (“FASB”) Accounting Standards Codification (“ASC”) 320, “Debt and Equity Securities , ” and thus are reported at fair value in the Company’s accompanying balance sheet, with unrealized gains and losses excluded from earnings and reported as a separate component of stockholders’ equity. Amounts reclassified out of accumulated other comprehensive loss into realized gains and losses are accounted for on the basis of specific identification and are included in other income or expense in the statement of operations. The Company classifies such investments as current on the balance sheet as the investments are readily marketable and available for use in the Company’s current operations. |
Equipment | c) Equipment Equipment is stated at cost less accumulated depreciation. Depreciation, based on the lesser of the term of the lease or the estimated useful life of the assets, is provided as follows: Life Depreciation Method Furniture and fixtures 7 years straight line Office equipment 5 years straight line Lab equipment 5 -7 years straight line Computer equipment 3 -5 years straight line Leasehold improvements 3 -5 years straight line |
Research and Development | d) Research and Development Research and development costs are expensed as incurred. Research and development expenses consist primarily of third party service costs under research and development agreements, salaries and related personnel costs, including stock-based compensation, costs to acquire pharmaceutical products and product rights for development and amounts paid to contract research organizations, hospitals and laboratories for the provision of services and materials for drug development and clinical trials. Costs incurred in obtaining the licensing rights to technology in the research and development stage that have no alternative future uses and are for unapproved product compounds are expensed as incurred. |
Use of Estimates | e) Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. Actual results may ultimately differ from these estimates. These estimates are reviewed periodically and as adjustments become necessary, they are reported in earnings in the period in which they become available. |
Fair Value of Financial Instruments | f) Fair Value of Financial Instruments The carrying amounts reported in the accompanying financial statements for cash and cash equivalents and accounts payable and accrued expenses approximate fair value because of the short ‑term maturity of these financial instruments. The fair value of warrant liabilities is discussed in Note 12, and the fair value of marketable securities and certain other assets and liabilities is discussed in Note 16. |
Income Taxes | g) Income Taxes The Company accounts for income taxes in accordance with ASC 740, “Income Taxes”. Deferred tax assets and liabilities are recorded for differences between the financial statement and tax basis of the assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates. ASC 740 requires that a valuation allowance be established when it is more likely than not that all portions of a deferred tax asset will not be realized. A review of all positive and negative evidence needs to be considered, including a company’s current and past performance, the market environment in which the company operates, length of carryback and carryforward periods and existing contracts that will result in future profits. Income tax expense is recorded for the amount of income tax payable or refundable for the period, increased or decreased by the change in deferred tax assets and liabilities during the period. As a result of the Company’s significant cumulative losses, the Company determined that it was appropriate to establish a valuation allowance for the full amount of net deferred tax assets. The calculation of the Company’s tax liabilities involves the inherent uncertainty associated with the application of complex tax laws. The Company is subject to examination by various taxing authorities. The Company believes that, as a result of its loss carryforward sustained to date, any examination would result in a reduction of its net operating losses rather than a tax liability. As such, the Company has not provided for any additional taxes that would be estimated under ASC 740. |
Stock-Based Compensation | h) Stock- Based Compensation In accordance with ASC 718, “Stock Compensation,” compensation costs related to share-based payment transactions, including employee stock options, are to be recognized in the financial statements. In addition, the Company adheres to the guidance set forth within U.S. Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin (“SAB”) No. 107, which provides the Staff’s views regarding the interaction between ASC 718 and certain SEC rules and regulations, and provides interpretations with respect to the valuation of share-based payments for public companies. |
Concentration of Credit Risk | i) Concentration of Credit Risk ASC 825, “Financial Instruments,” requires disclosure of any significant off balance sheet risk and credit risk concentration. The Company does not have significant off ‑balance sheet risk or credit concentration. The Company maintains cash and cash equivalents with major financial institutions. From time to time the Company has funds on deposit with commercial banks that exceed federally insured limits. The balances are insured by the Federal Deposit Insurance Corporation up to $250,000. At December 31, 2017 , the Company’s uninsured cash balance was $ 8,399,154 . Management does not consider this to be a significant credit risk as the banks are large, established financial institutions. |
Recent Accounting Pronouncements Affecting the Company | j ) Recent Accounting Pronouncements Affecting the Company Revenue from Contracts with Customers In May 2014, th e FASB issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers,” a comprehensive new revenue recognition standard that will supersede nearly all existing revenue recognition guidance under U.S. generally accepted accounting principles . The standard’s core principle is that a company should recognize revenue when it transfers goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods and services, and provides a revenue recognition framework in accordance with this principle. On August 12, 2015, the FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09 by one year to December 15, 2017 for annual reporting periods beginning after that date and interim periods therein. The Company will adopt this guidance for the annual reporting period beginning January 1, 2018, using the modified retrospective method. As the Company does not have revenue contracts, we anticipate the adoption of this guidance will not have a material impact on the operating results of the Company, there will be no significant changes to disclosures, and there will be no cumulative adjustment to the opening balance of retained earnings as of January 1, 2018. Leases In February 2016, the FASB issued ASU 2016-02, “Leases,” which requires an entity to recognize assets and liabilities arising from leases on the balance sheet and to provide additional disclosures about leasing arrangements. ASU 2016-02 will be effective for reporting periods beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact the adoption of this guidance will have on its financial statements. Compensation-Stock Compensation In March 2016, the FASB issued ASU 2016-09, “Compensation-Stock Compensation: Improvements to Employee Share Based Payment Accounting,” which includes multiple provisions intended to simplify various aspects of accounting for share-based payments. The guidance is effective for reporting periods beginning after December 15, 2016, with early adoption permitted. The Company adopted this guidance during the year ended December 31, 2017. This pronouncement did not have a material impact on the financial statements. |
Summary Of Significant Accoun27
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary Of Significant Accounting Policies [Abstract] | |
Schedule Of Estimated Useful Lives | Life Depreciation Method Furniture and fixtures 7 years straight line Office equipment 5 years straight line Lab equipment 5 -7 years straight line Computer equipment 3 -5 years straight line Leasehold improvements 3 -5 years straight line |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Marketable Securities [Abstract] | |
Schedule Of Cost And Fair Value Of Marketable Securities | December 31, 2017 Cost Gross Unrealized Gross Unrealized Fair Basis Gains Losses Value Commercial Paper $ 3,241,005 $ - $ (2,505) $ 3,238,500 Corporate Bonds 14,747,822 - - (54,381) 14,693,441 Total Marketable Securities $ 17,988,827 $ - $ (56,886) $ 17,931,941 December 31, 2016 Cost Gross Unrealized Gross Unrealized Fair Basis Gains Losses Value Certificates of Deposit $ 720,000 $ 197 $ - $ 720,197 Commercial Paper 3,987,424 - (1,684) 3,985,740 Corporate Bonds 4,035,805 - (4,635) 4,031,170 Total Marketable Securities $ 8,743,229 $ 197 $ (6,319) $ 8,737,107 |
Schedule Of Cost And Fair Value By Contractual Maturity | Maturity Cost Basis Fair Value Less than 1 year $ 11,981,457 $ 11,955,101 1 to 5 years 6,007,370 5,976,840 Total Marketable Securities $ 17,988,827 $ 17,931,941 |
Prepaid Expenses And Other Cu29
Prepaid Expenses And Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Prepaid Expenses And Other Current Assets [Abstract] | |
Schedule Of Prepaid Expenses And Other Current Assets | December 31, December 31, 2017 2016 Deposits on contracts $ 793,940 $ 179,476 Prepaid expenses and other current assets 510,601 429,041 $ 1,304,541 $ 608,517 |
Equipment, Net (Tables)
Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equipment, Net [Abstract] | |
Schedule Of Equipment, Net | December 31, December 31, 2017 2016 Furniture and fixtures $ 82,686 $ 78,794 Office and computer equipment 171,724 113,932 Lab equipment 445,134 431,650 Leasehold improvements 133,762 133,762 Total equipment 833,306 758,138 Less: Accumulated depreciation and amortization (711,846) (669,488) Net carrying amount $ 121,460 $ 88,650 |
Accounts Payable And Accrued 31
Accounts Payable And Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounts Payable And Accrued Expenses [Abstract] | |
Schedule Of Accounts Payable And Accrued Expenses | December 31, December 31, 2017 2016 Trade payables $ 895,638 $ 430,013 Accrued expenses 95,416 141,190 Accrued research and development contract costs 1,435,109 499,889 Payroll liabilities 807,763 811,408 $ 3,233,926 $ 1,882,500 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities [Abstract] | |
Schedule Of Deferred Lease Incentive | December 31, December 31, 2017 2016 Deferred lease incentive $ 154,660 $ 154,660 Less accumulated amortization (135,995) (123,551) Balance $ 18,665 $ 31,109 |
Common Stock (Tables)
Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary Of Issuances | For the Year Ended December 31, 2017 2016 2015 Compensatory shares issued 15,000 33,000 15,000 Aggregate market value $ 31,200 $ 97,649 $ 102,000 |
Schedule Of Stock Option And Stock Warrant Exercises | For the Year Ended December 31, 2017 2016 2015 Stock Option Exercises Number of shares issued 25,000 - 88,943 Total cash received $ 77,500 $ - $ 708,617 Stock Warrant Exercises Number of shares issued 1,652,623 - 4,730 Total cash received $ 5,354,093 $ - $ 22,325 |
November 12, 2015 Financing [Member] | |
Summary Of Allocation Of Proceeds From Offering | Gross Proceeds: $ 7,000,000 Allocated to warrant liabilities: 2,792,500 Allocated to common stock and additional paid-in capital 4,207,500 Total allocated gross proceeds: $ 7,000,000 |
March 2, 2016 Financing [Member] | |
Summary Of Allocation Of Proceeds From Offering | Gross Proceeds: $ 5,000,000 Allocated to warrant liabilities: 2,419,922 Allocated to common stock and additional paid-in capital 2,580,078 Total allocated gross proceeds: $ 5,000,000 |
September 19, 2016 Financing [Member] | |
Summary Of Allocation Of Proceeds From Offering | Gross Proceeds: $ 6,000,000 Allocated to warrant liabilities: 1,671,120 Allocated to common stock and additional paid-in capital 4,328,880 Total allocated gross proceeds: $ 6,000,000 |
June 12, 2017 Financing [Member] | |
Summary Of Allocation Of Proceeds From Offering | Gross Proceeds: $ 10,000,003 Allocated to warrant liabilities 3,673,168 Allocated to common stock and additional paid-in capital 6,326,835 Total allocated gross proceeds: $ 10,000,003 |
October 17, 2017 Financing [Member] | |
Summary Of Allocation Of Proceeds From Offering | Gross Proceeds: $ 8,000,007 Allocated to warrant liabilities 2,360,459 Allocated to common stock and additional paid-in capital 5,639,548 Total allocated gross proceeds: $ 8,000,007 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Stock-Based Compensation [Abstract] | |
Summary Of Stock Compensation Expense | For the Year Ended December 31, 2017 2016 2015 Statement of operations line item: General and administrative $ 765,726 $ 905,911 $ 665,063 Research and development 278,441 503,577 372,616 Total $ 1,044,167 $ 1,409,488 $ 1,037,679 |
Schedule Of Assumptions Made In Calculating The Fair Value Of Options | Year Ended December 31, 2017 2016 2015 Black-Scholes assumptions Expected dividend yield 0 % 0 % 0 % Expected volatility 69-79 % 31-75 % 72-80 % Risk-free interest rate 1.7 -2.0 % 0.8 -1.4 % 1.2 -1.7 % Expected term (in years) 5.5 -6 years 2 -6 years 5 -6 years |
Summary Of Share-Based Transactions | Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding, January 1, 2017 1,690,037 $ 6.20 7.3 years $ - Granted 483,260 $ 2.37 Exercised (25,000) $ 3.10 Expired (20,000) $ 16.18 Cancelled (314,066) $ 4.97 Outstanding, December 31, 2017 1,814,231 $ 5.33 7.1 years $ 53,883 Exercisable, December 31, 2017 1,086,688 $ 6.50 6.2 years $ 321 |
Summary Of Unvested Shares | 2017 Number of Options Weighted Average Fair Value at Grant Date Unvested at January 1, 2017 897,123 $ 3.21 Granted 483,260 $ 1.53 Vested (489,235) $ 3.11 Cancelled (163,605) $ 2.25 Unvested at December 31, 2017 727,543 $ 2.39 |
Summary Of RSU Activity | Number of RSUs Weighted Average Grant Date Fair Value Outstanding, January 1, 2017 - $ - Granted 62,300 $ 1.84 Vested and Released - $ - Cancelled (15,000) $ 1.84 Outstanding, December 31, 2017 47,300 $ 1.84 |
Warrants (Tables)
Warrants (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Warrants [Abstract] | |
Summary Of Changes In Warrants Outstanding During The Period | 2017 2016 Number of warrants Weighted average exercise price Number of warrants Weighted average exercise price Balance, January 1 5,452,691 $ 4.92 2,649,199 $ 7.97 Issued during the period 3,525,543 $ 3.42 3,194,000 $ 3.47 Exercised during the period (1,861,195) $ 3.51 - $ - Expired during the period (17,430) $ 4.72 (390,508) $ 13.72 Balance, December 31 7,099,609 $ 4.55 5,452,691 $ 4.92 |
Schedule Of Fair Value Of Warrants Issued | Fair Value as of: Warrant Issuance: December 31, 2017 December 31, 2016 December 2012 Investor Warrants $ - $ 49 July 2013 Investor Warrants 8,762 2,060 October 2013 Investor Warrants 26,288 3,708 January 2014 Investor Warrants 29,257 714 November 2015 Investor Warrants 1,260,050 260,500 November 2015 Placement Agent Warrants 2,936 13,542 March 2016 Investor Warrants 697,554 358,945 March 2016 Placement Agent Warrants - 21,320 September 2016 Investor Warrants 1,054,083 854,640 September 2016 Placement Agent Warrants - 57,888 June 2017 Investor Warrants 1,981,864 - June 2017 Placement Agent Warrants 221,591 - October 2017 Investor Warrants 2,305,552 - October 2017 Placement Agent Warrants 265,698 - Total: $ 7,853,635 $ 1,573,366 |
Summary Of Shares Indexed To The Warrants | Number of Shares indexed as of: Warrant Issuance December 31, 2017 December 31, 2016 December 2012 Investor Warrants - 17,430 July 2013 Investor Warrants 200,000 200,000 October 2013 Investor Warrants 231,732 231,732 January 2014 Investor Warrants 476,193 476,193 November 2015 Investor Warrants 1,250,001 1,250,001 November 2015 Placement Agent Warrants 3,334 83,335 March 2016 Investor Warrants 607,806 1,171,875 March 2016 Placement Agent Warrants - 78,125 September 2016 Investor Warrants 805,000 1,800,000 September 2016 Placement Agent Warrants - 144,000 June 2017 Investor Warrants 1,515,152 - June 2017 Placement Agent Warrants 181,818 - October 2017 Investor Warrants 1,632,654 - October 2017 Placement Agent Warrants 195,919 - Total: 7,099,609 5,452,691 |
Schedule Of Assumptions Used In Calculating Fair Value Of Warrants | December 31, 2017 December 31, 2016 Trading market prices $ 2.02 $ 1.40 Estimated future volatility 104 % 104 % Dividend - - Estimated future risk-free rate 2.14 -2.45 % 1.06 -2.44 % Equivalent volatility 85-104 % 51-60 % Equivalent risk-free rate 1.30 -1.89 % 0.59 -1.25 % |
Schedule Of Unrealized Gain/(Loss) On Fair Value Of Warrants | For the Year Ended December 31, 2017 2016 2015 Expired Warrants $ - $ 2,590 $ 458,439 December 2012 Investor Warrants 49 9,769 70,856 July 2013 Investor Warrants (6,702) 119,360 666,894 October 2013 Investor Warrants (22,580) 165,641 780,407 January 2014 Investor Warrants (28,543) 130,762 1,347,724 November 2015 Investor Warrants (999,550) 1,908,875 623,125 November 2015 Placement Agent Warrants (365,748) 121,593 39,282 March 2016 Investor Warrants (2,708,163) 2,060,977 - March 2016 Placement Agent Warrants (351,899) 134,617 - September 2016 Investor Warrants (4,571,872) 816,480 - September 2016 Placement Agent Warrants (503,150) 59,243 - June 2017 Investor Warrants 1,691,304 - - June 2017 Placement Agent Warrants 212,729 - - October 2017 Investor Warrants 54,907 - - October 2017 Placement Agent Warrants 5,056 - - Total: $ (7,594,162) $ 5,529,907 $ 3,986,727 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Schedule Of Deferred Tax Assets And Valuation Allowance | December 31, December 31, 2017 2016 Net Operating Loss Carryforwards $ 35,805,000 $ 43,526,000 Stock Compensation Expense 1,458,000 1,968,000 Book tax differences on assets and liabilities 365,000 547,000 Valuation Allowance (37,628,000) (46,041,000) Net Deferred Tax Assets $ - $ - |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies [Abstract] | |
Schedule Of Future Rental Payments | For the year ending December 31: 2018 $ 279,274 2019 176,080 2020 34,468 Total $ 489,822 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Measurements [Abstract] | |
Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis | Fair Value Measurements at December 31, 2017 Total Level 1 Level 2 Level 3 Assets: Commercial Paper 3,238,500 - 3,238,500 - Corporate Bonds 14,693,441 - 14,693,441 - Total Assets: $ 17,931,941 $ - $ 17,931,941 $ - Liabilities: Warrant Liabilities $ 7,853,635 $ - $ - $ 7,853,635 Fair Value Measurements at December 31, 2016 Total Level 1 Level 2 Level 3 Assets: Certificates of Deposit $ 720,197 $ - $ 720,197 $ - Commercial Paper 3,985,740 - 3,985,740 - Corporate Bonds 4,031,170 - 4,031,170 - Total Assets: $ 8,737,107 $ - $ 8,737,107 $ - Liabilities: Warrant Liabilities $ 1,573,366 $ - $ - $ 1,573,366 |
Reconciliation Of Changes In The Fair Value Of Liabilities | Warrant Liabilities Balance at January 1, 2017 $ 1,573,366 Additions 6,738,701 Unrealized losses, net 7,594,162 Transfers out of level 3 (8,052,594) Balance at December 31, 2017 $ 7,853,635 Warrant Liabilities Balance at January 1, 2016 $ 2,739,163 Additions 4,364,110 Unrealized gains, net (5,529,907) Transfers out of level 3 - Balance at December 31, 2016 $ 1,573,366 |
Select Quarterly Data (Tables)
Select Quarterly Data (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Select Quarterly Data [Abstract] | |
Schedule Of Select Quarterly Data | 2017 For the Quarter Ended March 31 June 30 September 30 December 31 Revenues $ - $ - $ - $ - Expenses 3,953,241 4,283,925 4,219,322 4,898,229 Loss from Operations (3,953,241) (4,283,925) (4,219,322) (4,898,229) Other Income (Expense), net (17,657,783) 5,230,981 3,181,250 1,305,766 Net Income (Loss) $ (21,611,024) $ 947,056 $ (1,038,072) $ (3,592,463) Net Income (Loss) per share, basic $ (0.91) $ 0.04 $ (0.04) $ (0.12) Net Income (Loss) per share, diluted $ (0.91) $ 0.03 $ (0.04) $ (0.12) 2016 For the Quarter Ended March 31 June 30 September 30 December 31 Revenues $ - $ - $ - $ - Expenses 4,863,981 3,912,782 3,717,575 3,919,047 Loss from Operations (4,863,981) (3,912,782) (3,717,575) (3,919,047) Other Income, net 714,939 2,146,958 850,579 3,393,564 Net Loss $ (4,149,042) $ (1,765,824) $ (2,866,996) $ (525,483) Net Loss per share, basic and diluted $ (0.20) $ (0.08) $ (0.13) $ (0.02) |
Operations And Organization (De
Operations And Organization (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Operations And Organization [Abstract] | ||
Accumulated deficit | $ 140,318,712 | $ 115,024,209 |
Summary Of Significant Accoun41
Summary Of Significant Accounting Policies (Narrative) (Details) | Dec. 31, 2017USD ($) |
Summary Of Significant Accounting Policies [Abstract] | |
Uninsured cash balance | $ 8,399,154 |
Summary Of Significant Accoun42
Summary Of Significant Accounting Policies (Schedule Of Estimated Useful Lives) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Life | 7 years |
Depreciation Method | straight line |
Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Life | 5 years |
Depreciation Method | straight line |
Lab equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation Method | straight line |
Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation Method | straight line |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation Method | straight line |
Minimum [Member] | Lab equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Life | 5 years |
Minimum [Member] | Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Life | 3 years |
Minimum [Member] | Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Life | 3 years |
Maximum [Member] | Lab equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Life | 7 years |
Maximum [Member] | Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Life | 5 years |
Maximum [Member] | Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Life | 5 years |
Marketable Securities (Narrativ
Marketable Securities (Narrative) (Details) | Dec. 31, 2017USD ($)item | Dec. 31, 2016USD ($) |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value | $ 17,931,941 | $ 8,737,107 |
Unrealized losses | $ 56,886 | $ 6,319 |
3 Commercial Paper With Unrealized Losses [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities in a loss position | item | 3 | |
Fair value | $ 3,238,500 | |
Unrealized losses | $ 2,505 | |
15 Corporate Bond With Unrealized Losses [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities in a loss position | item | 15 | |
Fair value | $ 14,693,441 | |
Unrealized losses | $ 54,381 |
Marketable Securities (Schedule
Marketable Securities (Schedule Of Cost And Fair Value Of Marketable Securities) (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | $ 17,988,827 | $ 8,743,229 |
Gross Unrealized Gains | 197 | |
Gross Unrealized Losses | (56,886) | (6,319) |
Fair value | 17,931,941 | 8,737,107 |
Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 3,241,005 | 3,987,424 |
Gross Unrealized Losses | (2,505) | (1,684) |
Fair value | 3,238,500 | 3,985,740 |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 14,747,822 | 4,035,805 |
Gross Unrealized Losses | (54,381) | (4,635) |
Fair value | $ 14,693,441 | 4,031,170 |
Certificates of Deposit [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 720,000 | |
Gross Unrealized Gains | 197 | |
Fair value | $ 720,197 |
Marketable Securities (Schedu45
Marketable Securities (Schedule Of Cost And Fair Value By Contractual Maturity) (Details) | Dec. 31, 2017USD ($) |
Marketable Securities [Abstract] | |
Less than 1 year, Cost Basis | $ 11,981,457 |
1 to 5 years, Cost Basis | 6,007,370 |
Total Marketable Securities, Cost Basis | 17,988,827 |
Less than 1 year, Fair Value | 11,955,101 |
1 to 5 years, Fair Value | 5,976,840 |
Total Marketable Securities, Fair Value | $ 17,931,941 |
Prepaid Expenses And Other Cu46
Prepaid Expenses And Other Current Assets (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Prepaid Expenses And Other Current Assets [Abstract] | ||
Deposits on contracts | $ 793,940 | $ 179,476 |
Prepaid expenses and other current assets | 510,601 | 429,041 |
Total prepaid expenses and other current assets | $ 1,304,541 | $ 608,517 |
Equipment, Net (Details)
Equipment, Net (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Total equipment | $ 833,306 | $ 758,138 |
Less: Accumulated depreciation and amortization | (711,846) | (669,488) |
Net carrying amount | 121,460 | 88,650 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total equipment | 82,686 | 78,794 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total equipment | 171,724 | 113,932 |
Lab Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total equipment | 445,134 | 431,650 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total equipment | $ 133,762 | $ 133,762 |
Accounts Payable And Accrued 48
Accounts Payable And Accrued Expenses (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts Payable And Accrued Expenses [Abstract] | ||
Trade payables | $ 895,638 | $ 430,013 |
Accrued expenses | 95,416 | 141,190 |
Accrued research and development contract costs | 1,435,109 | 499,889 |
Payroll liabilities | 807,763 | 811,408 |
Total accounts payable and accrued expenses | $ 3,233,926 | $ 1,882,500 |
Deferred Research And Develop49
Deferred Research And Development Arrangement (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2003 | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||
Deferred Research and Development Arrangement | $ 375,000 | $ 450,000 | ||
Rexgene Biotech Co., Ltd. [Member] | ||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||
Research and development arrangement, one-time fee | $ 1,500,000 | |||
Reduction of research and development expenses | $ 75,000 | 75,000 | $ 75,000 | |
Research and development period | 20 years | |||
Deferred Research and Development Arrangement | $ 375,000 | $ 450,000 |
Other Liabilities (Narrative) (
Other Liabilities (Narrative) (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Other Liabilities [Abstract] | ||
Accrued Rent | $ 38,059 | $ 48,095 |
Other Liabilities (Schedule Of
Other Liabilities (Schedule Of Deferred Lease Incentive) (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Other Liabilities [Abstract] | ||
Deferred lease incentive | $ 154,660 | $ 154,660 |
Less accumulated amortization | (135,995) | (123,551) |
Balance | $ 18,665 | $ 31,109 |
Net Loss Per Common Share (Deta
Net Loss Per Common Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net Loss Per Common Share [Abstract] | |||
Potentially dilutive securities | 8,961,140 | 7,142,728 | 3,908,295 |
Common Stock (Narrative) (Detai
Common Stock (Narrative) (Details) | Oct. 17, 2017USD ($)$ / sharesshares | Jun. 12, 2017USD ($)$ / sharesshares | May 05, 2017$ / sharesshares | Sep. 19, 2016USD ($)$ / sharesshares | Mar. 02, 2016USD ($)$ / sharesshares | Dec. 03, 2015USD ($)shares | Nov. 12, 2015USD ($)$ / sharesshares | Dec. 31, 2017$ / sharesshares | Dec. 31, 2016$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Mar. 16, 2015USD ($) |
Common Stock [Abstract] | |||||||||||
Reverse stock split | 0.1 | ||||||||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||
Common stock authorized | shares | 50,000,000 | 50,000,000 | 50,000,000 | ||||||||
Preferred stock authorized | shares | 10,000,000 | 10,000,000 | 10,000,000 | ||||||||
Aggregate offering price of common stock which the Company may issue and sell | $ 40,000,000 | ||||||||||
Proceeds from issuance after deducting commissions and other transaction costs | $ 1,005,715 | ||||||||||
Shares issued | shares | 3,265,309 | 3,030,304 | 2,400,000 | 1,562,500 | 1,666,667 | 0 | 0 | 140,707 | |||
Number of warrants, issued | shares | 1,632,654 | 1,515,152 | 1,800,000 | 1,171,875 | 1,250,000 | 3,525,543 | 3,194,000 | ||||
Warrants issued per share of stock issued in unit offering | $ / shares | $ 0.5 | $ 0.5 | $ 0.75 | $ 0.75 | $ 0.75 | ||||||
Share Price | $ / shares | 2.45 | 3.30 | 2.50 | 3.20 | 4.20 | $ 7.4100 | |||||
Stock Warrants, Exercise Price | $ / shares | $ 2.85 | $ 4 | $ 3 | $ 4.20 | $ 5.30 | ||||||
Proceeds from issuance | $ 8,000,007 | $ 10,000,003 | $ 6,000,000 | $ 5,000,000 | $ 7,000,000 | $ 1,042,573 | |||||
Public offering closing costs | $ 830,111 | $ 1,193,052 | $ 575,094 | $ 575,751 | $ 740,323 | ||||||
Warrants issued included in closing costs | shares | 195,919 | 181,818 | 144,000 | 78,125 | 83,333 | ||||||
Fair value of placement agent warrants | $ 270,754 | $ 434,320 | $ 117,130 | $ 155,938 | $ 174,417 | ||||||
Cash paid in exchange for legal services | 559,357 | 758,732 | 457,964 | 419,813 | 565,906 | ||||||
Proceeds allocated to financing expense | 219,577 | 333,050 | 143,203 | 169,887 | 211,116 | ||||||
Issuance cost incurred | $ 610,534 | $ 860,002 | $ 431,891 | $ 405,864 | $ 529,207 | ||||||
Retirement of treasury stock, shares | shares | 11,321 | ||||||||||
Retirement of treasury stock | $ 128,410 |
Common Stock (Summary Of Alloca
Common Stock (Summary Of Allocation Of Proceeds From Offering) (Details) - USD ($) | Oct. 17, 2017 | Jun. 12, 2017 | Sep. 19, 2016 | Mar. 02, 2016 | Nov. 12, 2015 | Dec. 31, 2015 |
Common Stock [Abstract] | ||||||
Allocated to warrant liabilities | $ 2,360,459 | $ 3,673,168 | $ 1,671,120 | $ 2,419,922 | $ 2,792,500 | |
Allocated to Common stock and additional paid-in capital | 5,639,548 | 6,326,835 | 4,328,880 | 2,580,078 | 4,207,500 | |
Gross Proceeds: | $ 8,000,007 | $ 10,000,003 | $ 6,000,000 | $ 5,000,000 | $ 7,000,000 | $ 1,042,573 |
Common Stock (Summary Of Issuan
Common Stock (Summary Of Issuances) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Common Stock [Abstract] | |||
Compensatory shares issued | 15,000 | 33,000 | 15,000 |
Aggregate market value | $ 31,200 | $ 97,649 | $ 102,000 |
Common Stock (Schedule Of Stock
Common Stock (Schedule Of Stock Option And Stock Warrant Exercises) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2015 | |
Stock Option Exercises [Abstract] | ||
Number of shares issued | 25,000 | 88,943 |
Total cash received | $ 77,500 | $ 708,617 |
Stock Warrant Exercises [Abstract] | ||
Number of shares issued | 1,652,623 | 4,730 |
Total cash received | $ 5,354,093 | $ 22,325 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | Apr. 11, 2017 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation expense | $ 1,044,167 | $ 1,409,488 | $ 1,037,679 | ||
Income tax benefit from share-based compensation | $ 0 | ||||
Valuation allowance on deferred tax assets | 100.00% | ||||
Options exercised | 25,000 | 88,943 | |||
Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of options outstanding | 1,814,231 | 1,690,037 | |||
Percentage of Event Occurence to Vest | 100.00% | ||||
Stock options granted | 483,260 | ||||
Stock option exercise price | $ 2.37 | ||||
Intrinsic value of options exercised | $ 97,872 | $ 0 | $ 99,895 | ||
Options exercised | 25,000 | ||||
Weighted average fair value at grant date, Vested | $ 1.53 | $ 2 | $ 4.70 | ||
Unrecognized compensation cost | $ 1,233,528 | ||||
Weighted average vesting period, years | 2 years 3 months 18 days | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of RSUs outstanding | 47,300 | ||||
Number of shares granted | 62,300 | ||||
Aggregate fair value | $ 114,632 | ||||
Unrecognized compensation cost | $ 67,496 | ||||
Weighted average vesting period, years | 3 years 2 months 12 days | ||||
The 2013 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options authorized for issuance | 1,700,000 | ||||
Additional options authorized for issuance | 1,700,000 | ||||
Shares available for issuance | 1,874,719 | ||||
The 2013 Plan [Member] | Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of options outstanding | 1,477,231 | ||||
The 2013 Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of RSUs outstanding | 47,300 | ||||
The 2003 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options authorized for issuance | 0 | ||||
The 2003 Plan [Member] | Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of options outstanding | 325,000 | ||||
First Anniversary [Member] | Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting percentage | 30.00% | ||||
Second Anniversary [Member] | Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting percentage | 30.00% | ||||
Third Anniversary [Member] | Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting percentage | 40.00% | ||||
First Anniversary (B) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting percentage | 25.00% | ||||
Second Anniversary (B) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting percentage | 25.00% | ||||
Third Anniversary (B) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting percentage | 25.00% | ||||
Fourth Anniversary (B) [Member] | Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting percentage | 25.00% | ||||
Minimum [Member] | Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 1 year | ||||
Expiration of options from grant date, years | 5 years | ||||
Maximum [Member] | Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
Expiration of options from grant date, years | 10 years | ||||
Exercise Price Range $1.84 to $6.18 [Member] | Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options granted | 483,260 | ||||
Stock option grants fair value | $ 738,937 | ||||
Exercise Price Range $1.84 to $6.18 [Member] | Minimum [Member] | Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock option exercise price | $ 1.84 | ||||
Exercise Price Range $1.84 to $6.18 [Member] | Maximum [Member] | Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock option exercise price | $ 6.18 | ||||
Exercise Price Range $1.80 to $3.70 [Member] | Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options granted | 592,637 | ||||
Stock option grants fair value | $ 1,156,273 | ||||
Exercise Price Range $1.80 to $3.70 [Member] | Minimum [Member] | Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock option exercise price | $ 1.80 | ||||
Exercise Price Range $1.80 to $3.70 [Member] | Maximum [Member] | Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock option exercise price | $ 3.70 | ||||
Exercise Price Range $5.40 to $8.90 [Member] | Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options granted | 420,130 | ||||
Stock option grants fair value | $ 1,994,893 | ||||
Exercise Price Range $5.40 to $8.90 [Member] | Minimum [Member] | Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock option exercise price | $ 5.40 | ||||
Exercise Price Range $5.40 to $8.90 [Member] | Maximum [Member] | Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock option exercise price | $ 8.90 | ||||
Third Party [Member] | The 2013 Plan [Member] | Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options granted | 12,000 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary Of Stock Compensation Expense) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share Based Compensation | $ 1,044,167 | $ 1,409,488 | $ 1,037,679 |
General and administrative [Member] | |||
Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share Based Compensation | 765,726 | 905,911 | 665,063 |
Research and development [Member] | |||
Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share Based Compensation | $ 278,441 | $ 503,577 | $ 372,616 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Assumptions Made In Calculating The Fair Value Of Options) (Details) - Stock Option [Member] | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility, minimum | 69.00% | 31.00% | 72.00% |
Expected volatility, maximum | 79.00% | 75.00% | 80.00% |
Risk free interest rate, minimum | 1.70% | 0.80% | 1.20% |
Risk free interest rate, maximum | 2.00% | 1.40% | 1.70% |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 5 years 6 months | 2 years | 5 years |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 6 years | 6 years | 6 years |
Stock-Based Compensation (Sum60
Stock-Based Compensation (Summary Of Share-Based Transactions ) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Number of options, Exercised | (25,000) | (88,943) | |
Stock Option [Member] | |||
Number of options, Oustanding | 1,690,037 | ||
Number of Options, Granted | 483,260 | ||
Number of options, Exercised | (25,000) | ||
Number of options, Expired | (20,000) | ||
Number of options, Cancelled | (314,066) | ||
Number of options, Oustanding | 1,814,231 | 1,690,037 | |
Weighted average exercise price, Outstanding | $ 6.20 | ||
Weighted average exercise price, Granted | 2.37 | ||
Weighted average exercise price, Exercised | 3.10 | ||
Weighted average exercise price, Expired | 16.18 | ||
Weighted average exercise price, Cancelled | 4.97 | ||
Weighted average exercise price, Outstanding | $ 5.33 | $ 6.20 | |
Weighted average remaining contractual term, Outstanding | 7 years 1 month 6 days | 7 years 3 months 18 days | |
Aggregate intrinsic value, Outstanding | $ 53,883 | ||
Number of options, Exercisable | 1,086,688 | ||
Weighted average exercise price, Exercisable | $ 6.50 | ||
Weighted average remaining contractual term, Exercisable | 6 years 2 months 12 days | ||
Aggregate intrinsic value, Exercisable | $ 321 |
Stock-Based Compensation (Sum61
Stock-Based Compensation (Summary Of Unvested Shares) (Details) - Stock Option [Member] | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Number of Options, Granted | 483,260 |
Nonvested Options [Member] | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Number of Options, Unvested | 897,123 |
Number of Options, Granted | 483,260 |
Number of Options, Vested | (489,235) |
Number of Options, Cancelled | (163,605) |
Number of Options, Unvested | 727,543 |
Weighted Average Fair Value at Grant Date, Unvested | $ / shares | $ 3.21 |
Weighted Average Fair Value at Grant Date, Granted | $ / shares | 1.53 |
Weighted Average Fair Value at Grant Date, Vested | $ / shares | 3.11 |
Weighted Average Fair Value at Grant Date, Cancelled | $ / shares | 2.25 |
Weighted Average Fair Value at Grant Date, Unvested | $ / shares | $ 2.39 |
Stock-Based Compensation (Sum62
Stock-Based Compensation (Summary Of RSU Activity) (Details) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of RSUs, Outstanding | shares | |
Number of RSUs, Granted | shares | 62,300 |
Number of RSUs, Vested and Released | shares | |
Number of RSUs, Cancelled | shares | (15,000) |
Number of RSUs, Outstanding | shares | 47,300 |
Weighted Average Grant Date Fair Value, Outstanding | $ / shares | |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 1.84 |
Weighted Average Grant Date Fair Value, Vested and Released | $ / shares | |
Weighted Average Grant Date Fair Value, Cancelled | $ / shares | 1.84 |
Weighted Average Grant Date Fair Value, Outstanding | $ / shares | $ 1.84 |
Warrants (Narrative) (Details)
Warrants (Narrative) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Class of Warrant or Right [Line Items] | |||
Number of warrants, Outstanding | 7,099,609 | 5,452,691 | 2,649,199 |
Exercise price | $ 4.55 | $ 4.92 | $ 7.97 |
Warrant expiration date, start | Jul. 26, 2018 | ||
Warrant expiration date, end | Apr. 17, 2023 | ||
Average remaining contractual life of warrants outstanding | 4 years | ||
Probability of entering into a fundamental transaction | 5.00% | ||
Maximum [Member] | |||
Class of Warrant or Right [Line Items] | |||
Exercise price | $ 12.80 | ||
Minimum [Member] | |||
Class of Warrant or Right [Line Items] | |||
Exercise price | $ 2.85 |
Warrants (Summary Of Changes In
Warrants (Summary Of Changes In Warrants Outstanding During The Period) (Details) - $ / shares | Oct. 17, 2017 | Jun. 12, 2017 | Sep. 19, 2016 | Mar. 02, 2016 | Nov. 12, 2015 | Dec. 31, 2017 | Dec. 31, 2016 |
Warrants [Abstract] | |||||||
Number of warrants, Outstanding | 5,452,691 | 2,649,199 | |||||
Weigted average exercise price, Outstanding | $ 4.92 | $ 7.97 | |||||
Number of warrants, issued | 1,632,654 | 1,515,152 | 1,800,000 | 1,171,875 | 1,250,000 | 3,525,543 | 3,194,000 |
Weighted average exercise price, Issued | $ 3.42 | $ 3.47 | |||||
Number of warrants, Exercised | (1,861,195) | ||||||
Weighted average exercise price, Exercised | $ 3.51 | ||||||
Number of warrants, Expired | (17,430) | (390,508) | |||||
Weighted average exercise price, Expired | $ 4.72 | $ 13.72 | |||||
Number of warrants, Outstanding | 7,099,609 | 5,452,691 | |||||
Weigted average exercise price, Outstanding | $ 4.55 | $ 4.92 |
Warrants (Schedule Of Fair Valu
Warrants (Schedule Of Fair Value Of Warrants Issued) (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Class of Warrant or Right [Line Items] | ||
Fair value | $ 7,853,635 | $ 1,573,366 |
December 2012 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Fair value | 49 | |
July 2013 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Fair value | 8,762 | 2,060 |
October 2013 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Fair value | 26,288 | 3,708 |
January 2014 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Fair value | 29,257 | 714 |
November 2015 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Fair value | 1,260,050 | 260,500 |
November 2015 Placement Agent Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Fair value | 2,936 | 13,542 |
March 2016 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Fair value | 697,554 | 358,945 |
March 2016 Placement Agent Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Fair value | 21,320 | |
September 2016 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Fair value | 1,054,083 | 854,640 |
September 2016 Placement Agent Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Fair value | $ 57,888 | |
June 2017 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Fair value | 1,981,864 | |
June 2017 Placement Agent Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Fair value | 221,591 | |
October 2017 Investor Warrants | ||
Class of Warrant or Right [Line Items] | ||
Fair value | 2,305,552 | |
October 2017 Placement Agent Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Fair value | $ 265,698 |
Warrants (Summary Of Shares Ind
Warrants (Summary Of Shares Indexed To The Warrants) (Details) - shares | Dec. 31, 2017 | Dec. 31, 2016 |
Class of Warrant or Right [Line Items] | ||
Number of shares indexed | 7,099,609 | 5,452,691 |
December 2012 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Number of shares indexed | 17,430 | |
July 2013 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Number of shares indexed | 200,000 | 200,000 |
October 2013 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Number of shares indexed | 231,732 | 231,732 |
January 2014 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Number of shares indexed | 476,193 | 476,193 |
November 2015 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Number of shares indexed | 1,250,001 | 1,250,001 |
November 2015 Placement Agent Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Number of shares indexed | 3,334 | 83,335 |
March 2016 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Number of shares indexed | 607,806 | 1,171,875 |
March 2016 Placement Agent Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Number of shares indexed | 78,125 | |
September 2016 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Number of shares indexed | 805,000 | 1,800,000 |
September 2016 Placement Agent Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Number of shares indexed | 144,000 | |
June 2017 Investor Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Number of shares indexed | 1,515,152 | |
June 2017 Placement Agent Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Number of shares indexed | 181,818 | |
October 2017 Investor Warrants | ||
Class of Warrant or Right [Line Items] | ||
Number of shares indexed | 1,632,654 | |
October 2017 Placement Agent Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Number of shares indexed | 195,919 |
Warrants (Schedule Of Assumptio
Warrants (Schedule Of Assumptions Used In Calculating Fair Value Of Warrants) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Class of Warrant or Right [Line Items] | ||
Trading market prices | $ 2.02 | $ 1.40 |
Estimated future volatility | 104.00% | 104.00% |
Dividend | ||
Minimum [Member] | ||
Class of Warrant or Right [Line Items] | ||
Estimated future risk-free rate | 2.14% | 1.06% |
Equivalent volatility | 85.00% | 51.00% |
Equivalent risk-free rate | 1.30% | 0.59% |
Maximum [Member] | ||
Class of Warrant or Right [Line Items] | ||
Estimated future risk-free rate | 2.45% | 2.44% |
Equivalent volatility | 104.00% | 60.00% |
Equivalent risk-free rate | 1.89% | 1.25% |
Warrants (Schedule Of Unrealize
Warrants (Schedule Of Unrealized Gain/(Loss) On Fair Value Of Warrants) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Class of Warrant or Right [Line Items] | |||
Unrealized (loss) gain on fair value of warrants | $ (7,594,162) | $ 5,529,907 | $ 3,986,727 |
Expired Warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Unrealized (loss) gain on fair value of warrants | 2,590 | 458,439 | |
December 2012 Investor Warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Unrealized (loss) gain on fair value of warrants | 49 | 9,769 | 70,856 |
July 2013 Investor Warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Unrealized (loss) gain on fair value of warrants | (6,702) | 119,360 | 666,894 |
October 2013 Investor Warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Unrealized (loss) gain on fair value of warrants | (22,580) | 165,641 | 780,407 |
January 2014 Investor Warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Unrealized (loss) gain on fair value of warrants | (28,543) | 130,762 | 1,347,724 |
November 2015 Investor Warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Unrealized (loss) gain on fair value of warrants | (999,550) | 1,908,875 | 623,125 |
November 2015 Placement Agent Warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Unrealized (loss) gain on fair value of warrants | (365,748) | 121,593 | $ 39,282 |
March 2016 Investor Warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Unrealized (loss) gain on fair value of warrants | (2,708,163) | 2,060,977 | |
March 2016 Placement Agent Warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Unrealized (loss) gain on fair value of warrants | (351,899) | 134,617 | |
September 2016 Investor Warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Unrealized (loss) gain on fair value of warrants | (4,571,872) | 816,480 | |
September 2016 Placement Agent Warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Unrealized (loss) gain on fair value of warrants | (503,150) | $ 59,243 | |
June 2017 Investor Warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Unrealized (loss) gain on fair value of warrants | 1,691,304 | ||
June 2017 Placement Agent Warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Unrealized (loss) gain on fair value of warrants | 212,729 | ||
October 2017 Investor Warrants | |||
Class of Warrant or Right [Line Items] | |||
Unrealized (loss) gain on fair value of warrants | 54,907 | ||
October 2017 Placement Agent Warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Unrealized (loss) gain on fair value of warrants | $ 5,056 |
Mediation Settlement (Details)
Mediation Settlement (Details) - Dec. 19, 2016 | JPY (¥) | USD ($) |
Mediation Settlement [Abstract] | ||
Case settlement | ¥ 210,000,000 | $ 1,770,658 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Loss Carryforwards [Line Items] | ||||
Provision for income taxes | ||||
Operating loss carry-forward | $ 127,877,000 | 111,605,000 | ||
Net operating loss carry-forwards expiration | Dec. 31, 2037 | |||
U.S. corporate income tax rate | 35.00% | |||
Impact on income tax expenses | $ 0 | |||
Scenario, Plan [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
U.S. corporate income tax rate | 21.00% | |||
Federal And State [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Provision for income taxes | $ 0 | $ 0 | $ 0 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Valuation Allowance) (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Income Taxes [Abstract] | ||
Net Operating Loss Carryforwards | $ 35,805,000 | $ 43,526,000 |
Stock Compensation Expense | 1,458,000 | 1,968,000 |
Book tax differences on assets and liabilities | 365,000 | 547,000 |
Valuation Allowance | (37,628,000) | (46,041,000) |
Net Deferred Tax Assets |
Commitments And Contingencies72
Commitments And Contingencies (Narrative) (Details) | Jul. 26, 2014ft² | Jun. 07, 2013ft² | Jun. 22, 2009USD ($) | Dec. 31, 2017USD ($)ft² | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2009USD ($) |
Commitments And Contingencies [Line Items] | |||||||
Estimated cost to complete contracts | $ 11,110,000 | ||||||
License Costs | $ 100,000 | ||||||
One-time milestone payment | $ 1,000,000 | ||||||
First achievement of marketing approvals | 30 days | ||||||
Employer matching contribution | 100.00% | ||||||
Maximum percentage of employee's gross pay | 3.00% | ||||||
Employer matching contribution on deferral | 50.00% | ||||||
Percentage of employee's gross pay | 2.00% | ||||||
Expense related to matching contribution | $ 123,145 | $ 113,204 | $ 121,519 | ||||
Maximum [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Contract term, months | 36 months | ||||||
Minimum [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Contract term, months | 2 months | ||||||
Prior Laboratory Lease [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Lease term | 1 year | ||||||
Required monthly rental payments | $ 4,554 | ||||||
Rent expense | 27,324 | ||||||
Current Laboratory Lease [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Lease term | 5 years | ||||||
Size of lease space | ft² | 2,552 | ||||||
Rent expense | $ 64,032 | 62,167 | 30,624 | ||||
Office Space Rental [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Size of lease space | ft² | 5,466 | ||||||
Additional office space | ft² | 1,727 | ||||||
Rent expense | $ 206,667 | $ 205,324 | $ 202,529 |
Commitments and Contingencies73
Commitments and Contingencies (Schedule Of Future Rental Payments) (Details) | Dec. 31, 2017USD ($) |
Commitments And Contingencies [Abstract] | |
2,018 | $ 279,274 |
2,019 | 176,080 |
2,020 | 34,468 |
Total | $ 489,822 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets: | $ 17,931,941 | $ 8,737,107 |
Warrant Liabilities | 7,853,635 | 1,573,366 |
Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets: | 14,693,441 | 4,031,170 |
Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets: | 720,197 | |
Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets: | 3,238,500 | 3,985,740 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets: | 17,931,941 | 8,737,107 |
Level 2 [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets: | 14,693,441 | 4,031,170 |
Level 2 [Member] | Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets: | 720,197 | |
Level 2 [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets: | 3,238,500 | 3,985,740 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant Liabilities | $ 7,853,635 | $ 1,573,366 |
Fair Value Measurements (Reconc
Fair Value Measurements (Reconciliation Of Changes In The Fair Value Of Liabilities) (Details) - Warrant Liabilities [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance | $ 1,573,366 | $ 2,739,163 |
Additions | 6,738,701 | 4,364,110 |
Unrealized (gains) losses, net | 7,594,162 | (5,529,907) |
Transfers out of level 3 | (8,052,594) | |
Balance | $ 7,853,635 | $ 1,573,366 |
Select Quarterly Data (Details)
Select Quarterly Data (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Select Quarterly Data [Abstract] | |||||||||||
Revenues: | |||||||||||
Expenses | 4,898,229 | 4,219,322 | 4,283,925 | 3,953,241 | 3,919,047 | 3,717,575 | 3,912,782 | 4,863,981 | 17,354,717 | 16,413,385 | 18,263,436 |
Loss from Operations | (4,898,229) | (4,219,322) | (4,283,925) | (3,953,241) | (3,919,047) | (3,717,575) | (3,912,782) | (4,863,981) | (17,354,717) | (16,413,385) | (18,263,436) |
Other Income (Expense), net | 1,305,766 | 3,181,250 | 5,230,981 | (17,657,783) | 3,393,564 | 850,579 | 2,146,958 | 714,939 | (7,939,786) | 7,106,040 | 3,878,880 |
Net Income (Loss) | $ (3,592,463) | $ (1,038,072) | $ 947,056 | $ (21,611,024) | $ (525,483) | $ (2,866,996) | $ (1,765,824) | $ (4,149,042) | $ (25,294,503) | $ (9,307,345) | $ (14,384,556) |
Net Income (Loss) per share, basic | $ (0.12) | $ (0.04) | $ 0.04 | $ (0.91) | |||||||
Net Income (Loss) per share, diluted | $ (0.12) | $ (0.04) | $ 0.03 | $ (0.91) | |||||||
Net Income (Loss) per share, diluted | $ (0.02) | $ (0.13) | $ (0.08) | $ (0.20) | $ (0.92) | $ (0.43) | $ (0.79) |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] - USD ($) | 2 Months Ended | |
Mar. 07, 2018 | Feb. 05, 2018 | |
Subsequent Event [Line Items] | ||
Stock options granted | 701,339 | |
License Agreement Terms [Member] | ||
Subsequent Event [Line Items] | ||
Royalty | 50.00% | |
Maximum [Member] | License Agreement Terms [Member] | ||
Subsequent Event [Line Items] | ||
Licensing revenue | $ 5,000,000 |