Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 12, 2014 | Jun. 28, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'Celsion CORP | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 17,215,475 | ' |
Entity Public Float | ' | ' | $61,365,512 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0000749647 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Balance_Sheets
Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets: | ' | ' |
Cash and cash equivalents | $5,718,504 | $14,991,488 |
Investment securities – available for sale | 37,156,381 | 8,037,620 |
Accrued interest receivable on investment securities | 212,048 | 65,925 |
Deposits on investigator grants | 111,635 | 246,352 |
Vendor reimbursements receivable | 161,764 | 116,872 |
Other current assets | 401,787 | 190,727 |
43,762,119 | 23,648,984 | |
Property and equipment (at cost, less accumulated depreciation of $1,264,190 and $924,961, respectively), | 832,886 | 1,114,621 |
Other assets: | ' | ' |
Deferred financing fees | 844,249 | 306,495 |
Security deposit on letter of credit | 200,000 | 250,000 |
Other assets | 31,318 | 38,818 |
1,075,567 | 595,313 | |
Total assets | 45,670,572 | 25,358,918 |
Current liabilities: | ' | ' |
Accounts payable ─ trade | 1,452,436 | 2,339,768 |
Other accrued liabilities | 2,707,653 | 1,254,979 |
Notes payable - current portion | 10,891 | 1,410,455 |
Deferred revenue – current portion | 500,000 | ' |
Total current liabilities | 4,670,980 | 5,005,202 |
Common stock warrant liability | 3,026 | 4,283,932 |
Note payable – non-current portion | 5,000,000 | 3,661,147 |
Deferred revenue – non-current portion | 4,000,000 | ' |
Other liabilities – noncurrent | 472,731 | 446,779 |
Total liabilities | 14,146,737 | 13,397,060 |
Stockholders’ equity: | ' | ' |
Common stock - $0.01 par value (75,000,000 shares authorized; 13,737,970 and 8,437,267 shares issued at December 31, 2013 and 2012 and 13,604,975 and 8,289,507 shares outstanding at December 31, 2013 and 2012, respectively) | 137,380 | 84,373 |
Additional paid-in capital | 203,139,142 | 170,957,891 |
Accumulated other comprehensive loss | -44,166 | -126,607 |
Accumulated deficit | -169,287,157 | -156,263,288 |
33,945,199 | 14,652,369 | |
Treasury stock, at cost (132,995 and 147,760 shares at December 31, 2013 and 2012, respectively) | -2,421,364 | -2,690,511 |
Total stockholders’ equity | 31,523,835 | 11,961,858 |
Total liabilities and stockholders’ equity | $45,670,572 | $25,358,918 |
Balance_Sheets_Parentheticals
Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Depreciation (in Dollars) | $1,264,190 | $924,961 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 13,737,970 | 8,437,267 |
Common stock, shares outstanding | 13,737,970 | 8,289,507 |
Preferred stock, par value (in Dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 100,000 | 100,000 |
Preferred stock, shares issued | 20,000 | 5,000 |
Preferred stock, shares outstanding | 0 | 0 |
Treasury stock, shares | 132,995 | 147,760 |
Statements_of_Operations
Statements of Operations (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Licensing revenue | $500,000 | ' | $2,000,000 |
Research and development | 9,364,228 | 15,770,166 | 19,863,836 |
General and administrative | 6,547,257 | 6,372,551 | 5,154,933 |
Total operating expenses | 15,911,485 | 22,142,717 | 25,018,769 |
Loss from operations | -15,411,485 | -22,142,717 | -23,018,769 |
Non-cash deemed dividend from beneficial conversion feature on convertible preferred stock | -4,601,410 | ' | ' |
Net loss attributable to common shareholders | -12,852,768 | -26,568,382 | -23,222,678 |
Net loss per common share – basic and diluted (in Dollars per share) | ($0.95) | ($3.44) | ($5) |
Weighted average common shares outstanding –basic and diluted (in Shares) | 13,540,566 | 7,730,904 | 4,648,373 |
Gain (loss) from valuation of common stock warrant liability | 8,090,636 | -4,117,534 | 81,733 |
Investment (loss) income, net | -12,744 | 52,322 | 174,064 |
Interest expense | -915,235 | -359,413 | -501,855 |
Other (expense) income | -2,530 | -1,040 | 42,149 |
Total other income (expense) | 7,160,127 | -4,425,665 | -203,909 |
Net Loss [Member] | ' | ' | ' |
Loss from operations | ($8,251,358) | ($26,568,382) | ($23,222,678) |
Statements_of_Comprehensive_In
Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Net loss | ($8,251,358) | ($26,568,382) | ($23,222,678) |
Changes in: | ' | ' | ' |
Realized loss on investment securities recognized in investment income, net | 92,364 | 7,580 | ' |
Unrealized (loss) gain on investment securities | -9,923 | 142,513 | -258,333 |
Other comprehensive income (loss) | 82,441 | 150,093 | -258,333 |
Comprehensive loss | ($8,168,917) | ($26,418,289) | ($23,481,011) |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash flows from operating activities: | ' | ' | ' |
Net loss | ($8,251,358) | ($26,568,382) | ($23,222,678) |
Non-cash items included in net loss: | ' | ' | ' |
Depreciation and amortization | 339,229 | 281,489 | 169,358 |
Change in fair value of common stock warrant liability | -8,090,636 | 4,117,534 | -81,733 |
Cash received for non-refundable research and development fee | 5,000,000 | ' | ' |
Deferred revenue | -500,000 | ' | ' |
Stock based compensation - options | 1,215,971 | 1,084,326 | 1,036,337 |
Stock based compensation – restricted stock | 19,466 | 59,438 | 171,549 |
Shares issued out of treasury | 62,546 | 57,239 | 60,360 |
Amortization of patent license fee | 7,500 | 7,500 | 7,500 |
Shares issued in exchange for services | 35,500 | 49,810 | 71,550 |
Deferred finance charges | 336,387 | 43,215 | ' |
Change in deferred rent liability | -18,940 | 55,256 | 65,467 |
Net changes in: | ' | ' | ' |
Prepaid expenses and other | -121,235 | 585,595 | -393,676 |
Deposits and other assets | -116,181 | 18,721 | 4,167 |
Accounts payable | -887,332 | -1,344,379 | -538,383 |
Other accrued liabilities | 1,497,566 | -776,955 | -92,255 |
Net cash used in operating activities | -9,471,517 | -22,329,593 | -22,742,437 |
Cash flows from investing activities: | ' | ' | ' |
Purchases of investment securities | -66,376,818 | -16,208,958 | -10,659,238 |
Proceeds from sale and maturity of investment securities | 37,194,375 | 18,478,591 | 395,556 |
Refund (deposit) on security for letter of credit | 50,000 | ' | -250,000 |
Purchases of property and equipment | -57,494 | -613,390 | -573,406 |
Net cash (used in) provided by investing activities | -29,189,937 | 1,656,243 | -11,087,088 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from sale of preferred stock, net of issuance costs | 13,616,432 | ' | 4,324,080 |
Proceeds from sale of common stock equity, net of issuance costs | 15,622,955 | ' | 48,082,025 |
Proceeds from exercise of common stock options | 184,047 | 697,220 | ' |
Proceeds from note payable | 4,763,803 | 4,825,494 | 144,448 |
Principal payments on note payable | -5,060,711 | -110,287 | -142,427 |
Net cash provided by financing activities | 29,388,470 | 15,518,984 | 52,836,463 |
(Decrease) Increase in cash and cash equivalents | -9,272,984 | -5,154,366 | 19,006,938 |
Cash and cash equivalents at beginning of period | 14,991,488 | 20,145,854 | 1,138,916 |
Cash and cash equivalents at end of period | 5,718,504 | 14,991,488 | 20,145,854 |
Cash paid for: | ' | ' | ' |
Interest | 637,183 | 359,413 | 501,855 |
Common Stock Warrants (Member) | ' | ' | ' |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from exercise of common stock warrants | $261,944 | $10,106,557 | $428,337 |
Statement_of_Change_in_Stockho
Statement of Change in Stockholders Equity (USD $) | Series A Redeemable Convertible Preferred Stock [Member] | Series A Redeemable Convertible Preferred Stock [Member] | Direct And Private Placement [Member] | Direct And Private Placement [Member] | Direct And Private Placement [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Warrant [Member] | Shares Issued Under CEFF Net Of Issuance Costs [Member] | Series A Preferred Stock [Member] | Common Stock Warrant [Member] | Total |
Additional Paid-in Capital [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Prefered Stock [Member] | Shares Issued Under CEFF Net Of Issuance Costs [Member] | Series A Preferred Stock [Member] | Prefered Stock [Member] | Common Stock Warrant [Member] | Shares Issued Under CEFF Net Of Issuance Costs [Member] | Series A Preferred Stock [Member] | Prefered Stock [Member] | Common Stock Warrant [Member] | ||||||||||||||
Balance at Dec. 31, 2010 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $31,314 | ' | ' | ' | ' | $99,426,459 | ($3,076,670) | ($18,367) | ($100,938,261) | ' | ' | ' | ' | ($4,575,525) |
Balance (in Shares) at Dec. 31, 2010 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,962,465 | ' | ' | ' | ' | ' | 168,949 | ' | ' | ' | ' | ' | ' | ' |
Net loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -23,222,678 | ' | ' | ' | ' | -23,222,678 |
Unrealized gain loss on investments available for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -258,333 | ' | ' | ' | ' | ' | -258,333 |
Valuation of stock | 2,030,000 | 2,030,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,386,518 | ' | ' | -5,386,518 | ' | ' | ' | ' | ' |
Shares issued under CEFF, net of issuance costs | ' | ' | ' | ' | ' | ' | ' | 2,979 | ' | ' | ' | ' | 3,113,108 | ' | ' | ' | ' | ' | ' | ' | ' | 3,116,087 | ' | ' | ' |
Shares issued under CEFF, net of issuance costs (in Shares) | ' | ' | ' | ' | ' | ' | ' | 297,892 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Registered Direct common stock offering | ' | ' | 35,843 | 44,668,694 | 44,704,537 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Registered Direct common stock offering (in Shares) | ' | ' | 3,584,306 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of common stock warrants | ' | ' | ' | ' | ' | ' | ' | ' | 4,630 | ' | ' | 348 | ' | 2,626,717 | ' | ' | 427,988 | ' | ' | ' | 428,337 | ' | 2,631,347 | ' | ' |
Conversion of common stock warrants (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 462,960 | ' | ' | 34,859 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,207,886 | ' | ' | ' | ' | ' | ' | ' | 1,207,886 |
Issuance of common stock out of treasury | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 217 | ' | ' | ' | ' | -217 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock out of treasury (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,692 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock out of treasury | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 249 | 192,545 | ' | -60,884 | ' | ' | ' | ' | 131,910 |
Issuance of common stock out of treasury (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,565 | ' | ' | ' | ' | ' | -10,565 | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,332 | ' | ' | ' | ' | 158,887,402 | -2,884,125 | -276,700 | -129,608,341 | ' | ' | ' | ' | 26,193,568 |
Balance (in Shares) at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,374,739 | ' | ' | ' | ' | ' | 158,384 | ' | ' | ' | ' | ' | ' | 704,113 |
Net loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -26,568,382 | ' | ' | ' | ' | -26,568,382 |
Unrealized gain loss on investments available for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,093 | ' | ' | ' | ' | ' | 150,093 |
Valuation of stock | 73,654 | 73,654 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of common stock warrants | ' | ' | ' | ' | ' | ' | ' | ' | 8,455 | ' | ' | ' | ' | 10,156,437 | ' | ' | ' | ' | ' | ' | ' | ' | 10,164,892 | ' | ' |
Conversion of common stock warrants (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 845,526 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,143,764 | ' | ' | ' | ' | ' | ' | ' | 1,143,764 |
Issuance of common stock out of treasury | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 586 | ' | ' | ' | ' | 696,643 | ' | ' | ' | ' | ' | ' | ' | 697,220 |
Issuance of common stock out of treasury (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58,618 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock out of treasury | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 193,614 | ' | -86,565 | ' | ' | ' | ' | 107,049 |
Issuance of common stock out of treasury (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,624 | ' | ' | ' | ' | ' | -10,624 | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 84,373 | ' | ' | ' | ' | 170,957,891 | -2,690,511 | -126,607 | -156,263,288 | ' | ' | ' | ' | 11,961,858 |
Balance (in Shares) at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,289,507 | ' | ' | ' | ' | ' | 147,760 | ' | ' | ' | ' | ' | ' | 729,825 |
Net loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,251,358 | ' | ' | ' | ' | -8,251,358 |
Unrealized gain loss on investments available for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 82,441 | ' | ' | ' | ' | ' | 82,441 |
Valuation of stock | 521,763 | 521,764 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Registered Direct common stock offering | ' | ' | 25,880 | 15,598,670 | 15,624,550 | ' | 150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,217,702 | ' | ' | ' | ' | ' | ' | ' | 18,217,852 |
Registered Direct common stock offering (in Shares) | ' | ' | 2,588,032 | ' | ' | ' | 15,001 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of common stock warrants | ' | ' | ' | ' | ' | -150 | ' | ' | ' | 26,828 | 180 | ' | ' | ' | -26,678 | 261,764 | ' | ' | ' | ' | ' | ' | ' | 261,944 | ' |
Conversion of common stock warrants (in Shares) | ' | ' | ' | ' | ' | -15,001 | ' | ' | ' | 2,682,759 | 18,021 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,235,437 | ' | ' | ' | ' | ' | ' | ' | 1,235,437 |
Issuance of common stock out of treasury | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 129 | ' | ' | ' | ' | 183,918 | ' | ' | ' | ' | ' | ' | ' | 184,047 |
Issuance of common stock out of treasury (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,872 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock out of treasury | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98,046 | ' | ' | ' | ' | ' | 269,147 | ' | -171,101 | ' | ' | ' | ' | ' |
Issuance of common stock out of treasury (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,765 | ' | ' | ' | ' | ' | -14,765 | ' | ' | ' | ' | ' | ' | ' |
Non-cash dividend on beneficial conversion feature associated with the preferred stock offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,601,410 | ' | ' | ' | ' | -4,601,410 |
Classification of warrants to/from common stock warrant liability, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,809,730 | ' | ' | ' | ' | ' | ' | ' | -3,809,730 |
Fractional share payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10 | ' | ' | ' | ' | -1,595 | ' | ' | ' | ' | ' | ' | ' | -1,605 |
Fractional share payment (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -981 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $137,380 | ' | ' | ' | ' | $203,139,142 | ($2,421,364) | ($44,166) | ($169,287,157) | ' | ' | ' | ' | $31,523,835 |
Balance (in Shares) at Dec. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,604,975 | ' | ' | ' | ' | ' | 132,995 | ' | ' | ' | ' | ' | ' | 863.462 |
Note_1_Summary_Of_Significant_
Note 1 - Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies [Text Block] | ' |
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Description of Business | |
Celsion Corporation, referred to herein as “Celsion”, “We”, or “the Company,” a Delaware corporation based in Lawrenceville, New Jersey, is an oncology drug development company focused on improving treatment for those suffering with difficult to treat forms of cancer. We are working to develop and commercialize more efficient, effective, targeted chemotherapeutic oncology drugs based on our proprietary heat-activated liposomal technology. Our lead product ThermoDox® is being tested in human clinical trials for the treatment of primary liver cancer and recurrent chest wall breast cancer. | |
Basis of Presentation | |
The accompanying financial statements of Celsion have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States and include the accounts of the Company. The preparation of financial statements in conformity with GAAP requires management to make judgments, estimates, and assumptions that affect the amount reported in the Company’s financial statements and accompanying notes. Actual results could differ materially from these estimates. | |
Events and conditions arising subsequent to the most recent balance sheet date have been evaluated for their possible impact on the financial statements and accompanying notes. No events and conditions would give rise to any information that required accounting recognition or disclosure in the financial statements other than those arising in the ordinary course of business. See Note 16 for a summary of subsequent events. | |
Certain items in the prior period financial statements have been reclassified to conform to the current period presentation. | |
Revenue Recognition | |
At the inception of each collaborative agreement that includes milestone payments, the Company evaluates whether each milestone is substantive on the basis of the contingent nature of the milestone, specifically reviewing factors such as the scientific and other risks that must be overcome to achieve the milestone, as well as the level of effort and investment required. Milestones that are not considered substantive and that do not meet the separation criteria are accounted for as license payments and recognized on a straight-line basis over the remaining period of performance. Payments received or reasonably assured after performance obligations are met completely are recognized as earned. | |
Cash and Cash Equivalents | |
Cash and cash equivalents include cash on hand and investments purchased with an original maturity of three months or less. A portion of these funds are not covered by FDIC insurance. | |
Fair Value of Financial Instruments | |
The carrying values of financial instruments approximate their respective fair values. | |
Short Term Investments | |
The Company classifies its investments in marketable securities with readily determinable fair values as investments available-for-sale in accordance with Accounting Standards Codification (ASC) 320, Investments - Debt and Equity Securities . Available-for-sale securities consist of debt and equity securities not classified as trading securities or as securities to be held to maturity. The Company has classified all of its investments as available-for-sale. Unrealized holding gains and losses on available-for-sale securities are reported as a net amount in accumulated other comprehensive gain or loss in stockholders’ equity until realized. Gains and losses on the sale of available-for-sale securities are determined using the specific identification method. The Company’s short term investments consist of corporate bonds and government agency bonds. | |
Property and Equipment | |
Property and equipment is stated at cost less accumulated depreciation. Depreciation is provided over the estimated useful lives of the related assets, ranging from three to seven years, using the straight-line method. Major renewals and improvements are capitalized at cost and ordinary repairs and maintenance are charged against operating expenses as incurred. Depreciation expense was approximately $339,000, $281,500 and $169,000 for years ended December 31, 2013, 2012 and 2011, respectively. | |
The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An asset is considered impaired if its carrying amount exceeds the future net undiscounted cash flows that the asset is expected to generate. If such asset is considered to be impaired, the impairment recognized is the amount by which the carrying amount of the asset, if any, exceeds its fair value determined using a discounted cash flow model. | |
Deposits | |
Deposits include real property security deposits and other deposits which are contractually required and of a long-term nature. | |
Patent Licenses | |
The Company has purchased several licenses for rights to patented technologies. Patent license costs of $63,125 have been capitalized and are amortized on a straight-line basis over the estimated life of the related patent. As of December 31, 2013, the total accumulated amortization expense is $34,000. The weighted-average amortization period for these assets is 10 years. | |
Comprehensive Income (Loss) | |
ASC 220, Comprehensive Income, establishes standards for the reporting and display of comprehensive income and its components in the Company’s consolidated financial statements. The objective of ASC 220 is to report a measure (comprehensive income (loss)) of all changes in equity of an enterprise that result from transactions and other economic events in a period other than transactions with owners. | |
Research and Development | |
Research and development costs are expensed as incurred. Equipment and facilities acquired for research and development activities that have alternative future uses are capitalized and charged to expense over their estimated useful lives. | |
Net Loss Per Common Share | |
Basic and diluted net income/(loss) per common share was computed by dividing net income/(loss) for the year by the weighted average number of shares of Common Stock outstanding, both basic and diluted, during each period. The impact of Common Stock equivalents has been excluded from the computation of diluted weighted average common shares outstanding in periods where there is a net loss, as their effect is anti-dilutive. | |
For the years ended December 31, 2013, 2012 and 2011, outstanding equity awards of 863.462, 729,825 and 704,113 shares, respectively, and warrants outstanding to purchase 3,268,013, 1,749,667 and 2,577,470 shares, respectively, were considered anti-dilutive and therefore were not included in the calculation of diluted shares. | |
Income Taxes | |
Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax asset and liabilities of a change in tax rates is recognized in results of operations in the period that the tax rate change occurs. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. In accordance with ASC 740, Income Taxes, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position taken would be sustained in a tax examination, presuming that a tax examination will occur. The Company recognizes interest and/or penalties related to income tax matters in the income tax expense category. The Company remains subject to examination for income tax returns for the years ending after 2010. | |
Stock-Based Compensation | |
Compensation costs for all stock-based awards is measured at fair value on the date of the grant and recognized over the service period for awards expected to vest. Such value is recognized as expense over the service period. The estimation of stock-based awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from the current estimates, such amounts will be recorded as cumulative adjustment in the period estimates are revised. We consider many factors when estimating expected forfeitures, including types of awards, employee class, and historical experience. | |
Recent Accounting Pronouncements | |
From time to time, new accounting pronouncements are issued by FASB and are adopted by us as of the specified effective date. Unless otherwise discussed, we believe that the impact of recently issued accounting pronouncements will not have a material impact on the Company’s consolidated financial position, results of operations, and cash flows, or do not apply to our operations. |
Note_2_Financial_Condition
Note 2 - Financial Condition | 12 Months Ended |
Dec. 31, 2013 | |
Financial Condition [Abstract] | ' |
Financial Condition [Text Block] | ' |
2. FINANCIAL CONDITION | |
Since inception, the Company has incurred substantial operating losses, principally from expenses associated with the Company’s research and development programs, clinical trials conducted in connection with the Company’s product candidates, and applications and submissions to the Food and Drug Administration. The Company believes these expenditures are essential for the commercialization of its technologies. As a result of these expenditures, as well as general and administrative expenses, the Company has an accumulated deficit of $169 million as of December 31, 2013. | |
The Company expects its operating losses to continue for the foreseeable future as it continues its product development efforts, and when it undertakes marketing and sales activities. The Company’s ability to achieve profitability is dependent upon its ability to obtain governmental approvals, produce, and market and sell its new product candidates. There can be no assurance that the Company will be able to commercialize its technology successfully or that profitability will ever be achieved. The operating results of the Company have fluctuated significantly in the past. The Company expects that its operating results will fluctuate significantly in the future and will depend on a number of factors, many of which are outside the Company’s control. | |
The Company will need substantial additional funding in order to complete the development, testing and commercialization of its oncology product candidates and we have made a significant commitment to heat-activated liposome research and development projects and it is our intention at least to maintain, and possibly increase, the pace and scope of these activities. The commitment to these new projects will require additional external funding, at least until the Company is able to generate sufficient cash flow from sale of one or more of its products to support its continued operations. | |
If adequate funding is not available, the Company may be required to delay, scale back or terminate certain aspects of its operations or attempt to obtain funds through unfavorable arrangements with partners or others that may force it to relinquish rights to certain of its technologies, products or potential markets or that could impose onerous financial or other terms. Furthermore, if the Company cannot fund its ongoing development and other operating requirements, particularly those associated with its obligations to conduct clinical trials under its licensing agreements, it will be in breach of these licensing agreements and could therefore lose its license rights, which could have material adverse effects on its business. Management is continuing its efforts to obtain additional funds so that the Company can meet its obligations and sustain operations. |
Note_3_Short_Term_Investments_
Note 3 -Short Term Investments Available For Sale | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ' | ||||||||||||||||||||||||
3. SHORT TERM INVESTMENTS AVAILABLE FOR SALE | |||||||||||||||||||||||||
Short term investments available for sale of $37,156,381 and $8,037,620 as of December 31, 2013 and 2012, respectively, consist of money market funds, commercial paper, corporate debt securities, and government agency debt securities. They are valued at estimated fair value, with unrealized gains and losses reported as a separate component of stockholders’ equity in Accumulated Other Comprehensive Income. | |||||||||||||||||||||||||
Securities available for sale are evaluated periodically to determine whether a decline in their value is other than temporary. The term “other than temporary” is not intended to indicate a permanent decline in value. Rather, it means that the prospects for near term recovery of value are not necessarily favorable, or that there is a lack of evidence to support fair values equal to, or greater than, the carrying value of the security. Management reviews criteria such as the magnitude and duration of the decline, as well as the reasons for the decline, to predict whether the loss in value is other than temporary. Once a decline in value is determined to be other than temporary, the value of the security is reduced and a corresponding charge to earnings is recognized. | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
Short-term investments available for sale, at fair value | 2013 | 2012 | |||||||||||||||||||||||
Bonds – corporate issuances | $ | 37,156,381 | $ | 8,037,620 | |||||||||||||||||||||
A summary of the cost, fair value and maturities of the Company’s short-term investments is as follows: | |||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||
Short-term investments | |||||||||||||||||||||||||
Bonds- corporate issuances | $ | 37,200,576 | $ | 37,156,381 | $ | 8,164,227 | $ | 8,037,620 | |||||||||||||||||
Bond maturities | |||||||||||||||||||||||||
Within 3 months | $ | 7,799,032 | $ | 7,797,689 | $ | 3,053,740 | $ | 3,002,350 | |||||||||||||||||
Between 3-12 months | 29,401,543 | 29,358,692 | 5,110,487 | 5,035,270 | |||||||||||||||||||||
Total | $ | 37,200,576 | $ | 37,156,381 | $ | 8,164,227 | $ | 8,037,620 | |||||||||||||||||
Investment income, which includes net realized losses on sales of available for sale securities and investment income interest and dividends, is summarized as follows: | |||||||||||||||||||||||||
In 2009, the Company recorded an equity investment of approximately $108,000 for stock received as settlement of a transition agreement the Company previously entered into. The $108,000 asset value reflected the estimated net realizable value of 903,112 shares of Med focus Inc at the time of settlement. As of December 31, 2011, this entire amount had been reduced to $0 and was charged as an unrealized loss in other comprehensive loss. During the 4th quarter of 2012, the Company sold this stock for approximately $138,000, thereby recording a realized gain of approximately $30,000 in investment income and reversing the cumulative unrealized loss of $108,000 in other comprehensive loss. | |||||||||||||||||||||||||
The following table shows the Company’s investment securities gross unrealized losses and fair value by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2012 and 2011. The Company has reviewed individual securities to determine whether a decline in fair value below the amortizable cost basis is other than temporary. | |||||||||||||||||||||||||
31-Dec-13 | Less than 12 months | 12 months or Longer | Total | ||||||||||||||||||||||
Description of | Fair Value | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||
Securities | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Holding | Holding | Holding | |||||||||||||||||||||||
Losses | Losses | (Losses) Gains | |||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||
Bonds – corporate issuances | $ | 37,156,381 | $ | (44,195 | ) | − | − | $ | 37,156,381 | $ | (44,195 | ) | |||||||||||||
31-Dec-12 | Less than 12 months | 12 months or Longer | Total | ||||||||||||||||||||||
Description of | Fair Value | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||
Securities | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Holding | Holding | Holding | |||||||||||||||||||||||
Losses | Losses | (Losses) Gains | |||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||
Bonds – corporate | $ | 8,037,620 | $ | (126,607 | ) | − | − | $ | 8,037,620 | $ | (126,607 | ) | |||||||||||||
Note_4_Fair_Value_of_Financial
Note 4 - Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||
4. FAIR VALUES OF FINANCIAL INSTRUMENTS | |||||||||||||||||
FASB Accounting Standards Codification (ASC) Section 820, Fair Value Measurements and Disclosures, establishes a three tier level hierarchy for fair value measurements which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: | |||||||||||||||||
Level 1: Quoted prices (unadjusted) or identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. | |||||||||||||||||
Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | |||||||||||||||||
Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions that market participants would use in pricing an asset or liability. | |||||||||||||||||
The fair values of securities available for sale are determined by obtaining quoted prices on nationally recognized exchanges (Level 1 inputs) or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). | |||||||||||||||||
Cash and cash equivalents, other current assets, accounts payable and other accrued liabilities are reflected in the balance sheet at their estimated fair values primarily due to their short-term nature. The common stock warrant liability has been valued using the Black-Scholes option pricing model, the inputs of which are more fully described in Note 11 to the financial statements. There were no transfers of assets of liabilities between Level 1 and Level 2 and no transfers in or out of Level 3 during 2013 except for the change in the fair market value of the warrant liability was included in earnings. | |||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis are summarized below: | |||||||||||||||||
Total Fair | Quoted Prices | Significant | Significant | ||||||||||||||
Value on the | In Active | Other | Unobservable | ||||||||||||||
Balance | Markets For | Observable | Inputs | ||||||||||||||
Sheet | Identical Assets | Inputs | (Level 3) | ||||||||||||||
/Liabilities | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Assets: | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
Short-term investments available for sale | |||||||||||||||||
Bonds – corporate issuances | $ | 37,156,381 | $ | 37,156,381 | $ | − | $ | − | |||||||||
As of December 31, 2012 | |||||||||||||||||
Short-term investments available for sale | |||||||||||||||||
Bonds – corporate issuances | $ | 8,037,620 | $ | 8,037,620 | $ | − | $ | − | |||||||||
Liabilities: | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
Common stock warrant liability | $ | 3,026 | $ | − | $ | − | $ | 3,026 | |||||||||
As of December 31, 2012 | |||||||||||||||||
Common stock warrant liability | $ | 4,283,932 | $ | − | $ | − | $ | 4,283,932 | |||||||||
Note_5_PropertyPlant_and_Equip
Note 5 - Property,Plant and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
5. PROPERTY, PLANT AND EQUIPMENT: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Machinery and equipment (5-7 year life) | $ | 1,674,206 | $ | 1,618,673 | |||||
Furniture and fixtures (3-5 year life) | 153,051 | 164,559 | |||||||
Leasehold improvements (5-7 year life) | 269,819 | 256,350 | |||||||
2,097,076 | 2,039,582 | ||||||||
Less accumulated depreciation and amortization | (1,264,190 | ) | (924,961 | ) | |||||
Total | $ | 832,886 | $ | 1,114,621 | |||||
Note_6_Other_Accrued_Liabiliti
Note 6 - Other Accrued Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ' | ||||||||
6. OTHER ACCRUED LIABILITIES | |||||||||
Other accrued liabilities at December 31, 2013 and 2012 include the following | December 31, | December 31, | |||||||
2013 | 2012 | ||||||||
Amounts due to Contract Research Organizations and other contractual agreements | $ | 1,711,934 | $ | 827,989 | |||||
Accrued payroll and related benefits | 900,434 | 338,365 | |||||||
Accrued professional fees | 63,500 | 37,400 | |||||||
Other | 31,785 | 51,225 | |||||||
Total | $ | 2,707,653 | $ | 1,254,979 | |||||
Note_7_Note_Payable
Note 7 - Note Payable | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Debt Disclosure [Abstract] | ' | ||||
Debt Disclosure [Text Block] | ' | ||||
7. NOTES PAYABLE | |||||
Hercules Credit Agreement | |||||
On November 25, 2013, the Company entered into a loan agreement with Hercules Technology Growth Capital, Inc. (“Hercules”) which permits up to $20 million in capital to be distributed in multiple tranches (the “Hercules Credit Agreement”). The Company drew the first tranche of $5 million upon closing of the Hercules Credit Agreement on November 25, 2013 and used approximately $4 million of the proceeds to repay the outstanding obligations under its loan agreement with Oxford Finance LLC and Horizon Technology Finance Corporation as discussed further below. The Company anticipates that it will use any additional funding up to $15 million as provided under the agreement for working capital or in support of its previously announced strategic acquisition initiative, which is designed to identify new technologies and clinical stage products for its development pipeline. | |||||
The obligations under the Hercules Credit Agreement are in the form of secured indebtedness bearing interest at a calculated prime-based variable rate (11.25% per annum since inception). Payments under the loan agreement are interest only for the first twelve months after loan closing, followed by a 30-month amortization period of principal and interest through the scheduled maturity date. | |||||
As a fee in connection with the Hercules Credit Agreement, the Company issued Hercules a warrant exercisable for a total of 194,986 shares of Celsion’s common stock (the “Hercules Warrant”) at a per share exercise price of $3.59, with 50% immediately exercisable for cash or by net exercise from November 25, 2013 and the remaining 50% to be exercisable upon Hercules funding any subsequent tranches. The Hercules Warrant will expire November 25, 2018. Hercules has certain rights to register the common stock underlying the Warrant pursuant to a Registration Rights Agreement with Celsion dated November 25, 2013. The registration rights expire on the date when such stock may be sold under Rule 144 without restriction or upon the first year anniversary of the registration statement for such stock, whichever is earlier. | |||||
The Company valued the Hercules Warrant using the Black-Scholes option pricing model and recorded $521,763 as deferred financing fees. In calculating the value of the warrants, the Company assumed a volatility rate of 102%, risk free interest rate of 1.37%, an expected life of 5 years, a stock price of $3.55 (closing price on date of the Hercules Warrant) and no expected forfeitures nor dividends. In connection with the Credit Agreement, the Company incurred cash expenses of $352,378 which were recorded as deferred financing fees. These deferred financing fees are being amortized as interest expense using the effective interest method over the life of the loan. For the period since the Hercules Credit Agreement’s inception through December 31, 2013, the Company incurred $57,813 in interest expense and amortized $29,892 in deferred financing fees as interest expense. | |||||
The Hercules Credit Agreement contains customary covenants, including covenants that limit or restrict Celsion’s ability to grant liens, incur indebtedness, make certain restricted payments, merge or consolidate and make dispositions of assets. Upon the occurrence of an event of default under the Hercules Credit Agreement, the lenders may cease making loans, terminate the Hercules Credit Agreement, declare all amounts outstanding to be immediately due and payable and foreclose on or liquidate Celsion’s assets that comprise the lenders’ collateral. The Hercules Credit Agreement specifies a number of events of default (some of which are subject to applicable grace or cure periods), including, among other things, non-payment defaults, covenant defaults, a material adverse effect on Celsion or its assets, cross-defaults to other material indebtedness, bankruptcy and insolvency defaults and material judgment defaults. The Company has maintained compliance with these covenants. | |||||
Following is a schedule of future principle payments due on the Hercules Credit Agreement: | |||||
Hercules | |||||
Credit | |||||
Agreement | |||||
For the year ending December 31: | |||||
2014 | $ | ─ | |||
2015 | 1,827,115 | ||||
2016 | 2,045,798 | ||||
2017 | 1,127,087 | ||||
$ | 5,000,000 | ||||
Oxford & Horizon Credit Agreement | |||||
In June 2012, the Company entered into a Loan and Security Agreement (the “Oxford & Horizon Credit Agreement”) with Oxford Finance LLC (“Oxford”) and Horizon Technology Finance Corporation (“Horizon”). The Oxford & Horizon Credit Agreement provided for a secured term loan of up to $10 million, with 50% of any loans to be funded by Oxford and 50% to be funded by Horizon. The aggregate loan amount could have been advanced in two tranches of $5 million each. The first tranche (the “Term A Loan”) was made available to the Company on June 27, 2012 and the second tranche (the “Term B Loan”) was to be made available, if at all, during the period beginning on the date that the Company achieved positive data in its Phase III clinical trial of RFA and ThermoDox® (the HEAT Study) and ending on March 31, 2013. On January 31, 2013, the Company announced it did not meet the primary endpoint of the HEAT Study. | |||||
The Term A Loan was originally scheduled to mature on October 15, 2015. As a result of the Hercules Credit Agreement discussed above, the Company terminated the Oxford & Horizon Credit Agreement and repaid the outstanding principle, accrued interest and termination fees totaling approximately $4.1 million. | |||||
The proceeds of the Oxford & Horizon Credit Agreement were used to fund the Company’s working capital and general corporate purposes. The obligations under the Oxford & Horizon Credit Agreement were secured by substantially all assets of the Company other than its intellectual property and certain other agreed-upon exclusions. | |||||
The Company used approximately $4 million of the proceeds from the Hercules Credit Agreement to repay the outstanding obligations under the Oxford & Horizon Credit Agreement in November 2013. During 2013 through the termination of the Oxford & Horizon Credit Agreement in November 2013, the Company paid $572,264 in interest expense and amortized the remaining $248,160 of deferred financing fees as interest expense. For the period from the Oxford & Horizon Credit Agreement’s inception in June 2012 through December 31, 2012, the Company paid $300,278 in interest expense and amortized $43,215 in deferred financing fees as interest expense. | |||||
The Term A Loan bore interest at a fixed rate of 11.75%. However, for an initial period extending for the Term A Loan through May 1, 2013, the Company was only required to make interest payments. The Company was also obligated to pay other customary facility fees for a credit facility of this size and type. | |||||
The Oxford & Horizon Credit Agreement contained customary covenants, including covenants that limited or restricted the Company’s ability to incur liens, incur indebtedness, make certain restricted payments, merge or consolidate or make dispositions of assets. Upon the occurrence of an event of default under the Credit Agreement, the lenders could have ceased making loans, terminated the Oxford & Horizon Credit Agreement, declared all amounts outstanding to be immediately due and payable and foreclosed on and/or liquidated the Company’s assets that comprised the lenders’ collateral. The Oxford & Horizon Credit Agreement specified a number of events of default (some of which are subject to applicable grace or cure periods), including, among other things, non-payment defaults, covenant defaults, a material adverse change in the Company’s business, cross-defaults to other materials indebtedness, bankruptcy and insolvency defaults and material judgment defaults. The Company was in compliance with these covenants up to and through the time of its termination and payroll. | |||||
As a fee in connection with the Oxford & Horizon Credit Agreement, the Company issued warrants to Horizon and Oxford (the “Oxford & Horizon Warrants”) to purchase the number of shares of the Company’s common stock equal to 3% of each loan amount divided by the exercise price, which was calculated as the average NASDAQ closing price of The Company common stock for the three days prior to the funding of the loan amount ($2.92 per share for the Term A Loan). This resulted in 11,415 warrant shares issued in connection with the Term A Loan. The Oxford & Horizon Warrants issued in connection with the Term A Loan are exercisable for cash or by net exercise and will expire seven years after their issuance, which is June 27, 2019. | |||||
The Company valued the Oxford & Horizon Warrants using the Black-Scholes option pricing model and recorded $73,654 as deferred financing fees. In calculating the value of the warrants, the Company assumed a volatility rate of 74.3%, risk free interest rate of 1.10%, an expected life of 3.5 years, a stock price of $2.80 (closing price on date of the Oxford & Horizon Warrant) and no expected forfeitures nor dividends. In connection with the Oxford & Horizon Credit Agreement, the Company incurred cash expenses of $217,715 which were recorded as deferred financing fees in 2012. These deferred financing fees were amortized as interest expense over the life of the loan. | |||||
Capital Equipment Lease | |||||
In November 2011, the Company financed $144,448 of lab equipment through a capital lease. This lease obligation has thirty monthly payments of $5,651 through February 2014. During 2013, the Company made principal and interest payments totaling $67,817. The outstanding lease obligation is $10,891 as of December 31, 2013. See Note 15 to the financial statements. |
Note_8_Income_Taxes
Note 8 - Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||||
8. INCOME TAXES | |||||||||||||
A reconciliation of the Company’s statutory tax rate to the effective rate for the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal statutory rate | 34 | % | 34 | % | 34 | % | |||||||
State taxes, net of federal tax benefit | 5.9 | 5.9 | 4.6 | ||||||||||
Recapture of alternative minimum tax | – | – | – | ||||||||||
Valuation allowance | (39.9 | ) | (39.9 | ) | (38.6 | ) | |||||||
Effective tax rate | – | % | – | % | – | % | |||||||
The components of the Company’s deferred tax asset as of December 31, 2013 and 2012 are as follows: | |||||||||||||
December 31, | |||||||||||||
In thousands | 2013 | 2012 | |||||||||||
Net operating loss carry forwards | $ | 53,423 | $ | 49,274 | |||||||||
Compensation expense related to employee stock options | 3,310 | 2,817 | |||||||||||
Subtotal | 56,733 | 52,091 | |||||||||||
Valuation allowance | (56,733 | ) | (52,091 | ) | |||||||||
Total deferred tax asset | $ | - | $ | - | |||||||||
The evaluation of the realizability of such deferred tax assets in future periods is made based upon a variety of factors that affect the Company’s ability to generate future taxable income, such as intent and ability to sell assets and historical and projected operating performance. At this time, the Company has established a valuation reserve for all of its deferred tax assets. Such tax assets are available to be recognized and benefit future periods. | |||||||||||||
Following is a schedule of net operating loss carry forwards and their year of expiration: | |||||||||||||
Approximate Amount | Expiration | ||||||||||||
Of Unused Operating | During Year | ||||||||||||
Loss Carry Forwards | Ended | ||||||||||||
(in $000s) | |||||||||||||
$ | 4,843 | 2022 | |||||||||||
2,293 | 2023 | ||||||||||||
15,647 | 2024 | ||||||||||||
8,168 | 2025 | ||||||||||||
7,361 | 2026 | ||||||||||||
11,905 | 2028 | ||||||||||||
18,547 | 2029 | ||||||||||||
18,145 | 2030 | ||||||||||||
21,386 | 2031 | ||||||||||||
20,558 | 2032 | ||||||||||||
10,397 | 2033 | ||||||||||||
$ | 139,250 | ||||||||||||
During 2013, 2012 and 2011 the Company performed analyses to determine if there were changes in ownership, as defined by Section 382 of the Internal Revenue Code that would limit its ability to utilize certain net operating loss and tax credit carry forwards. The Company determined that it experienced an ownership change, as defined by Section 382, in connection with certain common stock offerings on July 25, 2011, February 5, 2013 and on June 3, 2013. As a result, the utilization of the Company's federal tax net operating loss carry forwards generated prior to the ownership changes are limited. As of December 31, 2013, the Company has net operating loss carry forwards for U.S. federal and state tax purposes of approximately $139 million, before excluding net operating losses that have been limited as a result of Section 382 limitations. The annual limitation due to Section 382 for net operating loss carry forward utilization is approximately $4.9 million per year for approximately $90 million in net operating loss carry forwards existing at the ownership change occurring on July 25, 2011, approximately $1.4 million per year for approximately $34 million of additional net operating losses occurring from July 2011 to the ownership change that occurred on February 5, 2013 and approximately $1.5 million per year for approximately $34 million of additional net operating losses occurring from February 5, 2013 to the ownership change that occurred on June 3, 2013. The utilization of these net operating loss carry forwards may be further limited if the Company experiences future ownership changes as defined in Section 382 of the Internal Revenue Code. |
Note_9_Stockholders_Equity
Note 9 - Stockholders' Equity | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | |||||||||||||||||||
9. STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
In August 2012, the Company filed with the Securities and Exchange Commission a $75 million shelf registration statement on Form S-3 that allowed the Company to issue any combination of common stock, preferred stock or warrants to purchase common stock or preferred stock. This shelf registration was declared effective on September 14, 2012. | ||||||||||||||||||||
During 2013, we received approximately $0.4 million of gross proceeds from the exercise of warrants and stock options to purchase approximately 30,451 shares of the Company’s common stock. During 2012, we received approximately $10.8 million of gross proceeds from the exercise of warrants and stock options to purchase approximately 904,144 shares of the Company’s common stock. During 2011, we received approximately $0.4 million of gross proceeds from the exercise of warrants and stock options to purchase approximately 34,859 shares of the Company’s common stock. | ||||||||||||||||||||
Controlled Equity Offering | ||||||||||||||||||||
On February 1, 2013, the Company entered into a Controlled Equity OfferingSM Sales Agreement (the “ATM Agreement”) with Cantor Fitzgerald & Co., as sales agent (“Cantor”), pursuant to which Celsion may offer and sell, from time to time, through Cantor, shares of our common stock having an aggregate offering price of up to $25.0 million (the “ATM Shares”) pursuant to the Company’s previously filed and effective Registration Statement on Form S-3. Under the ATM Agreement, Cantor may sell ATM Shares by any method deemed to be an “at-the-market” offering as defined in Rule 415 promulgated under the Securities Act of 1933, as amended, including sales made directly on The NASDAQ Capital Market, on any other existing trading market for the our common stock or to or through a market maker. From February 1, 2013 through February 25, 2013, the Company sold and issued an aggregate of 1,195,927 shares of common stock under the ATM Agreement, receiving approximately $6.8 million in net proceeds. | ||||||||||||||||||||
The Company is not obligated to sell any ATM Shares under the ATM Agreement. Subject to the terms and conditions of the ATM Agreement, Cantor will use commercially reasonable efforts, consistent with its normal trading and sales practices and applicable state and federal law, rules and regulations and the rules of The NASDAQ Capital Market, to sell ATM Shares from time to time based upon the Company’s instructions, including any price, time or size limits or other customary parameters or conditions the Company may impose. In addition, pursuant to the terms and conditions of the ATM Agreement and subject to the instructions of the Company, Cantor may sell ATM Shares by any other method permitted by law, including in privately negotiated transactions. | ||||||||||||||||||||
The ATM Agreement will terminate upon the earlier of (i) the sale of ATM Shares under the ATM Agreement having an aggregate offering price of $25 million and (ii) the termination of the ATM Agreement by Cantor or the Company. The ATM Agreement may be terminated by Cantor or the Company at any time upon 10 days' notice to the other party, or by Cantor at any time in certain circumstances, including the occurrence of a material adverse change in the Company. The Company pays Cantor a commission of 3.0% of the aggregate gross proceeds from each sale of ATM Shares and has agreed to provide Cantor with customary indemnification and contribution rights. The Company also reimbursed Cantor for legal fees and disbursements of $50,000 in connection with entering into the ATM Agreement. In connection with the February 2013 Preferred Stock Offering discussed below, the Company agreed to not sell any ATM Shares for a period of one year from February 26, 2013. In connection with the Common Stock Offering below, the Company agreed to not sell any ATM Shares until June 3, 2014. In connection with the January 2014 securities offering discussed in Note 15 below, the Company agreed to not sell any ATM Shares until July 22, 2014. The Company currently has approximately $18 million remaining under the ATM Agreement. | ||||||||||||||||||||
February 2013 Preferred Stock Offering | ||||||||||||||||||||
On February 22, 2013, the Company entered into a Securities Purchase Agreement with certain institutional investors, pursuant to which the Company sold, in a registered offering, an aggregate of 15,000.00422 shares of its Series A 0% convertible preferred stock and the warrants to purchase shares of its common stock, for an aggregate purchase price of approximately $15.0 million (the February 2013 Preferred Stock Offering). The closing of the February 2013 Preferred Stock Offering occurred on February 26, 2013, in which the Company received approximately $15.0 million in gross proceeds. Subject to certain ownership limitations, shares of Series A 0% convertible preferred stock are convertible, at the option of the holder thereof, into an aggregate of up to 2,682,764 shares of common stock, and the warrants are exercisable to purchase an aggregate of up to 1,341,382 shares of common stock. Each warrant has an exercise price of $5.31 per share, equal to the closing bid price of common stock on February 21, 2013. The warrants are immediately exercisable and expire five years after the date of issuance. | ||||||||||||||||||||
Upon issuance, we estimated the fair value of the warrants issued in the February 2013 Preferred Stock Offering to be approximately $5.4 million using the Black-Scholes pricing model. Also, upon issuance, we recognized approximately $4.6 million as a one-time, non-cash deemed dividend related to the beneficial conversion feature connected to the preferred stock in the Preferred Stock Offering. | ||||||||||||||||||||
Assumptions used in the valuation of the warrants issued in the February 2013 Preferred Stock Offering are as follows: | ||||||||||||||||||||
Risk-free interest rate | 0.78 | % | ||||||||||||||||||
Expected volatility | 102.23 | % | ||||||||||||||||||
Expected life (in years) | 5 | |||||||||||||||||||
Expected forfeiture rate | 0 | % | ||||||||||||||||||
Expected dividend yield | 0 | % | ||||||||||||||||||
As of September 30, 2013, all 2,682,764 shares of common stock in the aggregate were issued upon conversion of all 15,000.00422 shares of the Series A 0% convertible preferred stock. | ||||||||||||||||||||
May 2013 Common Stock Offering | ||||||||||||||||||||
On May 30, 2013, the Company entered into a Securities Purchase Agreement with certain institutional investors, pursuant to which the Company sold, in a registered offering, an aggregate of 1,392,109 shares of its common stock for an aggregate purchase price of approximately $9.8 million (the “Common Stock Offering”). The closing of the Common Stock Offering occurred on June 3, 2013. The issuance of common stock in the Common Stock Offering was made pursuant to the Company’s previously filed and effective Registration Statement on Form S-3 (File No. 333-183286), the base prospectus dated September 14, 2012 filed as part of such Registration Statement, and the prospectus supplement filed with the Securities and Exchange Commission on June 3, 2013. The Securities Purchase Agreement also contained representations, warranties, indemnification and other provisions customary for transactions of this nature. | ||||||||||||||||||||
Prior to the closing of the Common Stock Offering, there were an insufficient number of authorized shares to complete the transaction. The investors in the Common Stock Offering also held warrants to purchase common stock of the Company which were issued in connection with previous offerings. Concurrent with the closing of the Common Stock Offering, the institutional investors agreed to waive their rights to exercise these warrants to purchase 1,398,816 shares of common stock of the Company (the “Waived Warrants”) until the Company has obtained stockholders’ approval to increase the number of its authorized shares of common stock in conjunction with the proposed reverse stock split of its outstanding shares of common stock. At the Company’s 2013 Annual Meeting of Stockholders held on July 19, 2013, the Company’s stockholders voted to approve the proposal to grant discretionary authority to the Board of Directors to amend the Certificate of Incorporation of the Company, as amended, to effect, at any time on or prior to the date of the 2014 Annual Meeting of Stockholders, a reverse stock split at an exchange ratio within the specified range and to set the number of authorized shares effective immediately after the reverse stock split at 75 million shares. On October 28, 2013, the Company announced that it effected a 1-for-4.5 reverse stock split of its common stock. See Reverse Stock Split below for further information. | ||||||||||||||||||||
Prior to the closing of the Common Stock Offering, the warrants described above were originally recorded as equity at the fair value on the date of issuance. In accordance with ASC 815-40, Derivative Instruments and Hedging - Contracts in Entity’s Own Equity, the Waived Warrants were required to be liability classified immediately after the closing of the Common Stock Offering on June 3, 2013 because there were an insufficient number of common shares authorized to permit the full exercise of the warrants. Therefore on June 3, 2013, the Company reclassified the fair value of the Waived Warrants totaling approximately $9.1 million from equity to a liability. The Waived Warrants were required to be recorded at fair value at each balance sheet date with changes in fair value recorded in earnings until such time as there were a sufficient number of common shares authorized to permit the full exercise of the warrants (see Note 11). In connection with the Reverse Stock Split as more fully described below, these warrants were valued as of October 28, 2013, and the Company reclassified the fair value of the Waived Warrants totaling approximately $5.3 million from a liability to equity. | ||||||||||||||||||||
Following is a summary list of the Waived Warrants: | ||||||||||||||||||||
Shares of common stock | Expiration Date of | Strike | Per Share | Per Share | ||||||||||||||||
associated with the | Waived Warrants | Price | Fair Value | Fair Value on | ||||||||||||||||
Waived Warrants | on June 3, 2013 | 28-Oct-13 | ||||||||||||||||||
1,323,496 | 2/26/18 | $ | 5.31 | $ | 6.6 | $ | 3.86 | |||||||||||||
31,243 | 7/25/16 | $ | 18.99 | $ | 4.41 | $ | 2.1 | |||||||||||||
12,628 | 7/6/16 | $ | 14.09 | $ | 4.81 | $ | 2.4 | |||||||||||||
31,448 | 11/25/17 | $ | 12.47 | $ | 5.56 | $ | 3.16 | |||||||||||||
Assumptions used in the valuation of the Waived Warrants associated with the June 3, 2013 Common Stock Offering are as follows: | ||||||||||||||||||||
3-Jun-13 | 28-Oct-13 | |||||||||||||||||||
Risk-free interest rate | 0.5 | - | 1.03% | 0.59 | - | 1.31% | ||||||||||||||
Expected volatility | 102.9 | - | 110.90% | 105.1 | - | 111.80% | ||||||||||||||
Expected life (in years) | 3.1 | - | 4.70% | 2.7 | - | 4.30% | ||||||||||||||
Expected forfeiture rate | 0.00% | 0.00% | ||||||||||||||||||
Expected dividend yield | 0.00% | 0.00% | ||||||||||||||||||
Reverse Stock Split | ||||||||||||||||||||
On October 28, 2013, the Company effected a 1-for-4.5 reverse stock split of its common stock which was made effective for trading purposes as of the commencement of trading on October 29, 2013. As of that date, each 9 shares of issued and outstanding common stock and equivalents will be consolidated into 2 shares of common stock. In addition, at the market open on October 29, 2013, the Company’s common stock started trading under a new CUSIP number 15117N404 although the Company’s ticker symbol, CLSN, remained unchanged. | ||||||||||||||||||||
The reverse stock split was previously approved by the Company’s stockholders at the 2013 Annual Meeting held on July 19, 2013, and the Company subsequently filed a Certificate of Amendment to its Certificate of Incorporation to effect the stock consolidation. The primary reasons for the reverse stock split and the amendment are: | ||||||||||||||||||||
● | To increase the market price of the Company’s common stock making it more attractive to a broader range of institutional and other investors, | |||||||||||||||||||
● | To provide the Company with additional capital resources and flexibility sufficient to execute its business plans including the establishment of strategic relationships with other companies and to ensure its ability to raise additional capital as necessary, and | |||||||||||||||||||
● | As previously announced, to facilitate expanding the Company’s business or product lines through potential acquisitions. | |||||||||||||||||||
Immediately prior to the reverse stock split, the Company had 61,226,873 shares of common stock outstanding which consolidated into 13,604,975 shares of the Company’s common stock. No fractional shares were issued in connection with the reverse stock split. Holders of fractional shares have been paid out in cash for the fractional portion with the Company’s overall exposure for such payouts consisting of a nominal amount. The number of outstanding options and warrants were adjusted accordingly, with outstanding options being reduced from approximately 3.9 million to approximately 0.9 million and outstanding warrants being reduced from approximately 13.8 million to approximately 3.1 million. | ||||||||||||||||||||
January 2011 Preferred Stock Offering | ||||||||||||||||||||
The Company has reassessed the application of ASC 470-20, Debt with Conversion and Other Options as it relates to the 8% Series A Redeemable Convertible Preferred Stock Offering completed in January 2011 (the January 2011 Preferred Offering). The Company received gross proceeds from the January 2011 Preferred Offering of approximately $5.1 million in which it sold 5,000 shares of 8% redeemable convertible preferred stock with a stated value of $1,000 per share, each share convertible into 92.5926 shares of common stock, and warrants to purchase up to approximately 463,000 shares of common stock. All 5,000 shares of preferred stock sold in the January 2011 Preferred Offering were subsequently converted into the stated number of common stock shares as of August 2011. ASC 470-20 requires the Company to value the preferred stock and common stock warrants, any resulting beneficial conversion feature(s) resulting from the valuation of these securities and to determine and record the value of each of these securities or conversion feature as debt or equity based on the interpretation and application of ASC 470-20. | ||||||||||||||||||||
The Company allocated the proceeds of the Offering between the redeemable preferred stock and the warrants based on fair value and correctly recorded the redeemable preferred stock as a liability (debt), but did not consider the embedded beneficial conversion feature (BCF) associated with the redeemable preferred stock. ASC 470-20 required the Company to record a BCF of approximately $5 million at the time of issuance of the $5 million convertible Preferred Stock offering and to amortize the BCF as non-cash interest expense over the conversion period. Since all 462,960 shares were converted by August 8, 2011, the entire $5 million of BCF should have been amortized as interest expense during 2011. As a result, the Company’s interest expense and net loss were understated by $5 million. The error had no effect on cash, cash flows or total shareholders’ equity during 2011 and had no effect on cash, cash flows, net income or total shareholders’ equity for any subsequent periods. After considering the quantitative and qualitative effects of the errors to the 2011 annual financial statements, as well as the quarterly period financial statements within 2011, in the opinion of management the error is not material to assessing the financial condition or operations of the Company. The Company has adjusted additional paid-in capital and a corresponding offset to retained earnings on the December 31, 2013 and 2012 balance sheets to reflect this adjustment. | ||||||||||||||||||||
June 2, 2011 Private Placement Offering | ||||||||||||||||||||
On June 2, 2011, the Company completed the issuance and sale in a private placement transaction with institutional investors, as well as certain officers and directors of the Company, of 715,247 shares of common stock and warrants to purchase up to 715,247 shares of the Company’s common stock. The common stock and warrants in the June 2, 2011 private placement offering were sold in units, with each unit consisting of one share of common stock and a warrant to purchase one share of common stock. The units sold to unaffiliated institutional investors were sold at a negotiated purchase price of $12.465 per unit and to officers and directors at $13.0275 per unit, the latter representing the consolidated closing bid price per share of Company’s common stock plus a warrant premium of $0.5625 per unit. The warrants in this offering were immediately exercisable and have a term of exercise of seventy-eight months from the date of issuance and an exercise price of $12.47 per share. The Company received gross proceeds from the offering of approximately $8.6 million before deducting estimated offering expenses. | ||||||||||||||||||||
Concurrent with the issuance and sale of the units of common stock and warrants in this offering, the Company also entered into a registration rights agreement with the investors that required the Company to file a resale registration statement with the Securities and Exchange Commission covering the resale by the investors in this offering of the common stock and the shares of common stock issuable upon exercise of the warrants. These units were filed pursuant to Rule 424(b)(3) under the Securities Act of 1933 on the Prospectus for Registration Statement No. 333-174960 and was declared effective on June 24, 2011. | ||||||||||||||||||||
July 6, 2011 Registered Direct Offering | ||||||||||||||||||||
On July 6, 2011, the Company completed the issuance and sale in a registered offering of 715,247 shares of our common stock and warrants to purchase up to 139,704 shares of our common stock to institutional investors. The securities were sold in units at a price of $14.25375 per unit, with each unit consisting of one share of common stock and a warrant to purchase 0.3 shares of common stock, for an aggregate offering price of $6,637,688 (the “Offering”). Net proceeds from the offering were approximately $6 million. | ||||||||||||||||||||
Each warrant to purchase shares of common stock in this offering will have an exercise price of $14.085 per share, for total potential additional proceeds to the Company of up to approximately $2 million upon exercise of these warrants. These warrants are immediately exercisable for cash or, solely in the absence of an effective registration statement, by net exercise and will expire five years from the date of issuance. | ||||||||||||||||||||
The offer and sale of the common stock and warrants (and the shares of common stock issuable upon exercise of the warrants) in this offering are registered under the Securities Act of 1933 (the “Securities Act”), as amended, on a registration statement on Form S-3 (File No. 333-158402). | ||||||||||||||||||||
July 25, 2011 Registered Direct and Private Placement Offerings | ||||||||||||||||||||
On July 25, 2011, the Company completed a registered offering of 677,263 shares of its common stock and warrants (the “RD Warrants”) to purchase up to 203,179 shares of its common stock. The common stock and the warrants were sold in units at a price of $19.159 per unit, with each unit consisting of one share of the Company’s common stock and a warrant to purchase 0.30 shares of the Company’s common stock, for an aggregate registered offering price of $12,975,506 (the “Registered Offering”). | ||||||||||||||||||||
The offer and sale of the Company’s common stock issued in the Registered Offering and the shares of common stock issuable upon exercise of the warrants issued in the Registered Offering are registered under the Securities Act of 1933, as amended (the “Securities Act”), on a registration statement on Form S-3 (File No. 333-158402), as supplemented and amended by the prospectus supplement filed with the Securities and Exchange Commission on July 25, 2011. | ||||||||||||||||||||
On July 20, 2011, the Company entered into a Purchase Agreement (the “Private Placement Purchase Agreement” and, together with the Registered Direct Purchase Agreement, the “Agreements”) under which the Company agreed to enter into a private placement with other accredited institutional investors, a member of the Company’s Board of Directors, and an accredited institutional investor affiliated another member of the Company’s Board of Directors (collectively, the “Private Offering Purchasers”). Pursuant to the Private Placement Purchase Agreement, the Company issued 284,674 shares of its common stock and warrants (the “Private Placement Warrants”) to purchase up to 113,869 shares of its common stock. The Private Placement Purchase Agreement provided that the securities will be sold in units at a price of $19,215 per unit, with each unit consisting of one share of the Company’s common stock and a warrant to purchase 0.40 shares of the Company’s common stock, for an aggregate private offering price of $5,469,998 (the “Private Offering,” collectively with the Registered Offering, the “Offerings”). | ||||||||||||||||||||
In the Offerings, each warrant to purchase shares of the Company’s common stock will have an exercise price of $18.99 per share, for total potential additional proceeds to the Company of up to approximately $6 million upon exercise of the warrants. The warrants in the Offerings are immediately exercisable for cash or, solely in the absence of an effective registration statement, by net exercise and will expire five years from the date of issuance. | ||||||||||||||||||||
Concurrent with the issuance and sale of the Private Offering common stock and warrants, the Company also entered into a Registration Rights Agreement with the Private Offering Purchasers (the “Registration Rights Agreement”) that requires the Company to file a registration statement within 30 days of the closing date on July 25, 2011 with the Securities and Exchange Commission covering the resale by the Private Offering Purchasers of the common stock issued in the Private Offering and the shares of common stock issuable upon exercise of the warrants issued in the Private Offering. These Units were filed pursuant to Rule 424(b)(3) under the Securities Act of 1933 on the Prospectus for Registration Statement No. 333-176486 and was declared effective on September 22, 2011. | ||||||||||||||||||||
The purchase and issuance of securities in the Offerings were completed on July 25, 2011. Net proceeds from the Registered Offering and the Private Placement Offering aggregated approximately $17 million. | ||||||||||||||||||||
December 6, 2011 Private Placement Offering | ||||||||||||||||||||
On December 6, 2011, the Company completed the issuance and sale in a private placement transaction with institutional investors, as well as certain directors of the Company, of 1,441,442 shares of common stock and warrants to purchase up to 720,721 shares of common stock. The common stock and warrants were sold in units, with each unit consisting of one share of common stock and a half of a warrant to purchase one share of common stock. Units sold to unaffiliated institutional investors were sold at a negotiated purchase price of $10.406 per unit representing the consolidated closing bid price per share of common stock plus a warrant premium of $0.125 per unit. The Company received gross proceeds from the offering of approximately $15.0 million before deducting estimated offering expenses. | ||||||||||||||||||||
In this offering, each warrant to purchase shares of the Company’s common stock will have an exercise price of $10.62 per share, for total potential additional proceeds to the Company of up to approximately $7.7 million upon exercise of the warrants. The warrants in the Offering are immediately exercisable for cash or, solely in the absence of an effective registration statement, by net exercise and will expire five years from the date of issuance. | ||||||||||||||||||||
Concurrent with the issuance and sale of the Offering common stock and warrants, the Company also entered into a Registration Rights Agreement with the Purchasers (the “Registration Rights Agreement”) that requires the Company to file a registration statement with the Securities and Exchange Commission covering the resale by the Purchasers of the common stock issued in the Offering and the shares of common stock issuable upon exercise of the warrants issued in the Offering. These units were filed pursuant to Rule 424(b)(3) under the Securities Act of 1933 on the Prospectus for Registration Statement No. 333- 178679 and was declared effective on February 8, 2012. | ||||||||||||||||||||
Committed Equity Financing Facility (CEFF) | ||||||||||||||||||||
On June 17, 2010, we entered into a Committed Equity Financing Facility (CEFF) with Small Cap Biotech Value Ltd. (SCBV). The CEFF provides that, upon the terms and subject to the conditions set forth therein, SCBV committed to purchase up to $15.0 million worth of our shares of common stock over the 24-month term of the CEFF under certain specified conditions and limitations, provided that in no event may we sell under the CEFF more than 534,319 shares of common stock, which is equal to one share less than 20% of our outstanding shares of common stock on June 17, 2010, the closing date of the CEFF, less the number of shares of common stock we issued to SCBV on the closing date as Commitment Shares (described below). Furthermore, in no event shall SCBV purchase any shares of our common stock which, when aggregated with all other shares of our common stock then beneficially owned by SCBV, would result in the beneficial ownership by SCBV of more than 9.9% of the then outstanding shares of our common stock. These maximum share and beneficial ownership limitations may not be waived by the parties. | ||||||||||||||||||||
In partial consideration for SCBV's execution and delivery of the CEFF, we issued to SCBV 8,888 shares of our common stock (the “Commitment Shares”). The issuance of the Commitment Shares, together with all other shares of common stock issuable to SCBV pursuant to the terms of the CEFF, is exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to the exemption for transactions by an issuer not involving any public offering under Section 4(2) and Regulation D under the Securities Act. | ||||||||||||||||||||
During 2011, the Company completed the three draws and sales of 297,892 shares of the Company’s common stock to SCBV under the CEFF resulting in approximately $3.4 million in gross proceeds. | ||||||||||||||||||||
In connection with the CEFF, the Company capitalized and deferred approximately $332,000 of fees and expenses in 2010. A portion of these amounts were amortized each time the Company completed a draw under the CEFF. During 2011, $274,806 of these expenses was amortized in connection with the three draws in 2011. | ||||||||||||||||||||
The proceeds from the CEFF draws were used for general corporate purposes, including the funding of the Company’s clinical development pipeline of cancer drugs. SCBV is an accredited investor as such term is defined in Rule 501 of Regulation D of the Securities Act of 1933, as amended (the “Securities Act”), and all sales of the Company’s common stock to SCBV pursuant to the CEFF were exempt from registration pursuant to Section 4(2) of the Securities Act and Rule 506 of Regulation D of the Securities Act. The Company has registered the resale of the shares of common stock issued to SCBV pursuant to the CEFF under the Securities Act on a registration statement on Form S-1. | ||||||||||||||||||||
Availability under the CEFF was exhausted during the second quarter of 2011. Also, in connection with equity offerings in the second quarter of 2011, the Company agreed to suspend the use of the CEFF and expensed the unamortized deferred financing fees of $274,806 in the 2011. |
Note_10_Stock_Based_Compensati
Note 10 - Stock Based Compensation | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||||||||||||||
10. STOCK BASED COMPENSATION | |||||||||||||||||||||||||||||
Employee Stock Options | |||||||||||||||||||||||||||||
The Company has long-term compensation plans that permit the granting of incentive awards in the form of stock options. Generally, the terms of these plans require that the exercise price of the options may not be less than the fair market value of Celsion’s Common Stock on the date the options are granted. Options generally vest over various time frames or upon milestone accomplishments. Some vest immediately. Others vest over a period between one and five years. The options generally expire ten years from the date of the grant. | |||||||||||||||||||||||||||||
2001 Stock Option Plan | |||||||||||||||||||||||||||||
In 2001, the Board of Directors adopted a stock plan for directors, officers and employees (the “2001 Plan”) under which 148,148 shares were reserved for future issuance. The purpose of the 2001 Plan was to promote long-term growth and profitability of Celsion by providing key people with incentives to improve stockholder value and contribute to the growth and financial success of Celsion, and to enable the company to attract, retain and reward the best available persons for positions of substantial responsibility. | |||||||||||||||||||||||||||||
2004 Stock Incentive Plan | |||||||||||||||||||||||||||||
In 2004, the Board of Directors adopted a stock plan for directors, officers and employees (the “2004 Plan”) under which 148,148 shares were reserved for future issuance. The plan provides for stock instruments to be issued enabling the holder thereof to acquire Common stock of the Company at prices determined by the Company’s Board of Directors. The purpose of the 2004 Plan was to promote the long-term growth and financial success of the Company and enable the Company to attract, retain and reward the best available persons for positions of substantial responsibility. The 2004 Plan permitted the granting of awards in the form of incentive stock options, restricted stock, restricted stock units, stock appreciation rights, phantom stock, and performance awards, or in any combination of the foregoing. The 2004 Plan terminates in 2014, 10 years from the date of the Plan’s adoption by the Company’s stockholders. | |||||||||||||||||||||||||||||
Any options forfeited or terminated under the 2001 Plan and 2004 Plan are rolled into the 2007 Stock Incentive Plan for future issuance. | |||||||||||||||||||||||||||||
2007 Stock Incentive Plan | |||||||||||||||||||||||||||||
On June 13, 2007, the Company adopted the Celsion Corporation 2007 Stock Incentive Plan (the “2007 Plan”) under which 222,222 shares was available for issuance. The purpose of the 2007 Plan is to promote the long-term growth and profitability of the Company by providing incentives to improve stockholder value and enable the Company to attract, retain and reward the best available persons for positions of substantial responsibility. The 2007 Plan permits the granting of awards in the form of incentive stock options, nonqualified stock options, restricted stock, restricted stock units, stock appreciation rights, phantom stock, and performance awards, or in any combination of the foregoing. At the Annual Meetings of Stockholders of Celsion held on June 25, 2010 and June 7, 2012, the stockholders approved amendments to the Plan. The only material difference between the existing Plan and the amended Plan was the number of shares of common stock available for issuance under the amended Plan which was increased by 222,222 to a total of 444,444 shares in 2010 and by 500,000 to a total of 944,444 shares in 2012. | |||||||||||||||||||||||||||||
The Company has issued stock options and warrants to employees, directors, vendors and debt holders. Options and warrants are generally granted at market value on the date of the grant. | |||||||||||||||||||||||||||||
Incentive stock options may be granted to purchase shares of Common Stock at a price not less than 100% of the fair market value of the underlying shares on the date of grant, provided that the exercise price of any incentive option granted to an eligible employee owning more than 10% of the outstanding stock must be at least 110% of the such fair market value on the date of grant. Only officers and key employees may receive incentive stock options; all other qualified participants may receive non-qualified stock options. | |||||||||||||||||||||||||||||
Option awards vest upon terms determined by the Board of Directors. Restricted stock awards, performance stock awards and stock options are subject to accelerated vesting in the event of a change of control. The Company issues new shares to satisfy its obligations from the exercise of options. | |||||||||||||||||||||||||||||
During the year ended December 31, 2013, 2012 and 2011, 187,888, 148,553 and 277,036 equity awards, respectively, were granted under the 2007 Plan. During 2013, 2012 and 2011, a total of 41,379, 66,019 and 57,000 equity awards, respectively, were canceled or expired under the plans collectively. During 2013, 2012 and 2011, 12,873, 56,710 and 14,933 shares of the Company’s common stock were issued collectively as a result of either options being exercised or restricted stock awards vesting. | |||||||||||||||||||||||||||||
In 2007 an option to purchase 95,555 shares of the Company's common stock was issued to the Company's Chief Executive Officer. This option vested in equal installments over four years and was separately registered with the Securities and Exchange Commission (the "SEC") and was not issued under any of the Employee Stock Incentive Plans. | |||||||||||||||||||||||||||||
As of December 31, 2013, there were a total of 863,461shares reserved and there were a total of 332,151 shares available for future issuance under the option plans and incentive awards collectively. | |||||||||||||||||||||||||||||
Total compensation cost charged related to employee stock options and non-vested restricted stock awards amounted to 1.2 million, $1.1 million and $1.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. No compensation cost related to share-based payments arrangements was capitalized as part of the cost of any asset at these same periods. | |||||||||||||||||||||||||||||
As of December 31, 2013, there was $1.2 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements. That cost is expected to be recognized over a weighted-average period of 1.3 years. The weighted average grant-date fair values of the equity awards granted during the years ended December 31, 2013, 2012 and 2011 were $3.40, $7.28 and $8.48, respectively. | |||||||||||||||||||||||||||||
Equity Awards Issued to Consultants for Services | |||||||||||||||||||||||||||||
The Company periodically issues equity awards to consultants in exchange for services provided. The fair value of options granted is measured in accordance with ASC 718, Compensation – Stock Compensation, using the Black-Scholes option pricing model and recorded as an expense in the period in which such services are received. Generally, the terms of these plans require that the exercise price of such awards may not be less than the fair market value of the Company’s Common Stock on the date the equity awards are granted. Consultant equity awards generally vest over various time frames or upon milestone accomplishments. Some vest immediately upon issuance. The equity awards generally expire within 10 years from the date of grant. There were 5,555, 5,387 and 5,000 awards issued to consultants during the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||
A summary of stock option awards as of December 31, 2013 and changes during the three years ended December 31, 2013, is presented below: | |||||||||||||||||||||||||||||
Stock Options | Number | Weighted | Weighted | Aggregate | |||||||||||||||||||||||||
Outstanding | Average | Average | Intrinsic | ||||||||||||||||||||||||||
Exercise | Remaining | Value | |||||||||||||||||||||||||||
Price | Contractual | ||||||||||||||||||||||||||||
Term | |||||||||||||||||||||||||||||
(in years) | |||||||||||||||||||||||||||||
Outstanding at January 1, 2011 | 481,699 | $ | 17,82 | ||||||||||||||||||||||||||
Granted | 265,703 | 16.52 | |||||||||||||||||||||||||||
Exercised | – | – | |||||||||||||||||||||||||||
Canceled or expired | (55,593 | ) | 14.54 | ||||||||||||||||||||||||||
Outstanding at December 31, 2011 | 691,809 | 16.88 | |||||||||||||||||||||||||||
Granted | 145,611 | 10.08 | |||||||||||||||||||||||||||
Exercised | (47,575 | ) | 14.67 | ||||||||||||||||||||||||||
Canceled or expired | (64,316 | ) | 29.43 | ||||||||||||||||||||||||||
Outstanding at December 31, 2012 | 725,529 | 14.63 | |||||||||||||||||||||||||||
Granted | 187,777 | 4.39 | |||||||||||||||||||||||||||
Exercised | (12,429 | ) | 14.67 | ||||||||||||||||||||||||||
Canceled or expired | (38,972 | ) | 16.79 | ||||||||||||||||||||||||||
Outstanding at December 31, 2013 | 861,905 | $ | 12.29 | 6.6 | $ | - | |||||||||||||||||||||||
Exercisable at December 31, 2013 | 601,482 | $ | 14.28 | 6.3 | $ | - | |||||||||||||||||||||||
A summary of the status of the Company’s non-vested restricted stock awards as of December 31, 2013 and changes during the two years ended December 31, 2013, is presented below: | |||||||||||||||||||||||||||||
Restricted Stock | Number | Weighted | |||||||||||||||||||||||||||
Outstanding | Average | ||||||||||||||||||||||||||||
Exercise | |||||||||||||||||||||||||||||
Price | |||||||||||||||||||||||||||||
Outstanding at January 1, 2011 | 17,200 | $ | 15.62 | ||||||||||||||||||||||||||
Granted | 11,333 | 12.29 | |||||||||||||||||||||||||||
Vested and issued | (14,933 | ) | 14.04 | ||||||||||||||||||||||||||
Forfeited | (1,407 | ) | 17.82 | ||||||||||||||||||||||||||
Non-vested stock awards outstanding at December 31, 2011 | 12,193 | $ | 14.22 | ||||||||||||||||||||||||||
Granted | 2,942 | 16.47 | |||||||||||||||||||||||||||
Vested and issued | (9,135 | ) | 15.17 | ||||||||||||||||||||||||||
Forfeited | (1,703 | ) | 12.56 | ||||||||||||||||||||||||||
Non-vested stock awards outstanding at December 31, 2012 | 4,294 | $ | 14.63 | ||||||||||||||||||||||||||
Granted | 111 | 5.36 | |||||||||||||||||||||||||||
Vested and issued | (444 | ) | 8.4 | ||||||||||||||||||||||||||
Forfeited | (2,407 | ) | 15.69 | ||||||||||||||||||||||||||
Non-vested stock awards outstanding at December 31, 2013 | 1,557 | $ | 14.13 | ||||||||||||||||||||||||||
A summary of stock options outstanding at December 31, 2013 by price range is as follows: | |||||||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||||||
Range of | Number | Weighted | Weighted | Number | Weighted | Weighted | |||||||||||||||||||||||
Exercise Prices | Average | Average | Average | Average | |||||||||||||||||||||||||
Remaining Contractual | Exercise | Remaining Contractual | Exercise | ||||||||||||||||||||||||||
Term | Price | Term | Price | ||||||||||||||||||||||||||
(in years) | (in years) | ||||||||||||||||||||||||||||
$ | 0.5 | - | $8.99 | 189,630 | 9.3 | $ | 4.46 | 62,513 | 9.3 | $ | 4.46 | ||||||||||||||||||
$ | 9 | - | $13.50 | 477,553 | 6.1 | $ | 11.12 | 356,524 | 5.4 | $ | 11.43 | ||||||||||||||||||
$ | 13.51 | - | $30.00 | 183,620 | 4.2 | $ | 21.33 | 171,343 | 4 | $ | 21.67 | ||||||||||||||||||
Above | 30 | 11,102 | 0.9 | $ | 57.29 | 11,102 | 0.9 | $ | 57.29 | ||||||||||||||||||||
861,905 | 601,482 | ||||||||||||||||||||||||||||
The fair values of stock options granted were estimated at the date of grant using the Black-Scholes option pricing model. The Black-Scholes model was originally developed for use in estimating the fair value of traded options, which have different characteristics from Celsion’s nonqualified stock options. The model is also sensitive to changes in assumptions, which can materially affect the fair value estimate. The Company used the following assumptions for determining the fair value of options granted under the Black-Scholes option pricing model: | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Risk-free interest rate | 0.85 | to | 1.19% | 1.09 | to | 2.97% | 2.29 | to | 2.97% | ||||||||||||||||||||
Expected volatility | 83.4 | - | 97.90% | 80.8 | - | 82.30% | 72.2 | - | 81.00% | ||||||||||||||||||||
Expected life (in years) | 5.25 | to | 6 | 5 | to | 6.25 | 6.25 | ||||||||||||||||||||||
Expected forfeiture rate | 5 | to | 7.50% | 7.50% | 0.00% | ||||||||||||||||||||||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | ||||||||||||||||||||||||||
Expected volatilities utilized in the model are based on historical volatility of the Company’s stock price. The risk free interest rate is derived from values assigned to U.S. Treasury strips as published in the Wall Street Journal in effect at the time of grant. The model incorporates exercise, pre-vesting and post-vesting forfeiture assumptions based on analysis of historical data. The expected life of the fiscal 2013, 2012 and 2011 grants was generated using the simplified method as allowed under Securities and Exchange Commission Staff Accounting Bulletin No. 107. |
Note_11_Warrants
Note 11 - Warrants | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Warrants [Abstract] | ' | ||||||||||||
Warrants [Text Block] | ' | ||||||||||||
11. WARRANTS | |||||||||||||
As more fully described in Note 9, the Company completed a series of equity financing transactions in 2013 and 2011 that included the issuance of warrants to purchase 1,341,382 and 2,394,398 shares, respectively, of the Company’s common stock. In connection with the Hercules Credit Agreement and the Horizon & Oxford Credit Agreement the Company entered into in November 2013 and June 2012 as more fully described in Note 7, the Company issued warrants to purchase 194,986 and 11,415 shares, respectively, of the Company’s common stock. During 2013, 2012 and 2011, the Company received gross proceeds of approximately $0.2 million, $10.2 million and $0.4 million, respectively, from the exercise of warrants to purchase 15,833, 847,715 and 34,859 shares of common stock, respectively. | |||||||||||||
Following is a summary of all warrant activity for the three years ended December 31, 2012: | |||||||||||||
Warrants | Number of | Weighted | |||||||||||
Warrants | Average | ||||||||||||
Issued | Exercise | ||||||||||||
Price | |||||||||||||
Warrants outstanding at January 1, 2011 | 224,239 | $ | 23.58 | ||||||||||
Warrants issued in connection with 2011 equity transactions | 2,394,398 | 13.28 | |||||||||||
Warrants exercised for common stock warrants in 2011 | (34,859 | ) | 12.29 | ||||||||||
Warrants outstanding at December 31, 2011 | 2,583,778 | $ | 14,18 | ||||||||||
Warrants issued in connection with the Oxford & Horizon Credit Agreement as more fully described in Note 7 | 11,415 | $ | 13.14 | ||||||||||
Warrants exercised for common stock in 2012 | (847,715 | ) | 12.11 | ||||||||||
Warrants outstanding at December 31, 2012 | 1,747,478 | 15.17 | |||||||||||
Warrants issued in connection with 2013 equity transactions | 1,341,382 | 5.31 | |||||||||||
Warrants issued in connection with the Hercules Credit Agreement as more fully described in Note 7 | 194,986 | 3.59 | |||||||||||
Warrants exercised for common stock in 2013 | (15,833 | ) | 14.63 | ||||||||||
3,268,013 | $ | 10.43 | |||||||||||
Aggregate intrinsic value of outstanding warrants at December 31, 2013 | $ | 58,496 | |||||||||||
Weighted average remaining contractual terms (years) | 3.56 | ||||||||||||
Common Stock Warrant Liability | |||||||||||||
In September 2009, the Company closed a registered direct offering with a select group of institutional investors that raised gross proceeds of $7.1 million and net proceeds of $6.3 million. In connection with this registered direct offering, the Company issued 484,478 shares of its common stock and warrants to purchase 224,239 shares of common stock. The warrants have an exercise price of $23.58 per share and are exercisable at any time on or after the six month anniversary of the date of issuance and on or prior to 66 months after the date of issuance. Under the terms of the warrants, upon certain transactions, including a merger, tender offer or sale of all or substantially all of the assets of the Company, each warrant holder may elect to receive a cash payment in exchange for the warrant, in an amount determined by application of the Black-Scholes option valuation model. Accordingly, pursuant to ASC 815.40, Derivative Instruments and Hedging - Contracts in Entity’s Own Equity, the warrants are recorded as a liability and then marked to market each period through the Statement of Operations in other income or expense. At the end of each subsequent quarter, the Company will revalue the fair value of the warrants and the change in fair value will be recorded as a change to the warrant liability and the difference will be recorded through the Statement of Operations in other income or expense. | |||||||||||||
As more fully described in Note 9, concurrent with the closing of the Common Stock Offering, the investors in this offering agreed to waive their rights to exercise the Waived Warrants to purchase 1,398,816 shares of common stock of the Company until the Company has obtained stockholders’ approval of increasing the number of its authorized shares of common stock in conjunction with the proposed reverse stock split of its outstanding shares of common stock. In accordance with ASC 815-40, Derivative Instruments and Hedging - Contracts in Entity’s Own Equity, the Waived Warrants were required to be classified as liabilities immediately after the closing of the Common Stock Offering on June 3, 2013 because there were an insufficient number of common shares authorized to permit the full exercise of the Waived Warrants if they were exercised. Therefore, the Company had reclassified the fair value of the Waived Warrants totaling approximately $9.1 million from equity to a liability as of June 3, 2013. The Waived Warrants were required to be recorded at fair value at each balance sheet date with changes in fair value recorded in earnings until such time as there are a sufficient number of common shares authorized to permit the full exercise of the warrants. In connection with the Reverse Stock Split, these warrants were valued as of October 28, 2013 and the Company reclassified the fair value of the Waived Warrants totaling approximately $5.3 million from a liability to equity. | |||||||||||||
As of December 31, 2013 and 2012, the Company recorded a common stock warrant liability of $3,026 and $4.3 million respectively. The fair value of the warrants associated with the September 2009 registered direct offering at December 31, 2013, 2012 and 2011 was calculated using the Black-Scholes option-pricing model with the following assumptions: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Risk-free interest rate | 0.13 | % | 0.73 | % | 0.83 | % | |||||||
Expected volatility | 64.74 | % | 92.02 | % | 75.17 | % | |||||||
Expected life (in years) | 1.25 | 1.13 | 1.6 | ||||||||||
Expected forfeiture rate | 0 | % | 0 | % | 0 | % | |||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||
See Note 9 for the assumptions used at June 3, 2013 and October 28, 2013 for the Black-Scholes option-pricing model calculation for the Waived Warrants associated with the Common Stock Offering on the dates they were waived and when there became a sufficient number of common shares authorized to permit their full exercise. | |||||||||||||
As a result of this change in the warrant liability in 2013, which included the change in the warrant liability associated with the Waived Warrants as discussed above, the Company recorded a non-cash benefit of $8.1 million during 2013. The change in the warrant liability during 2012 and 2011 resulted in a non-cash loss of $4.1 million in 2012 and a non-cash benefit of $0.1 million in 2011. The following is a summary of the changes in the common stock warrant liability for 2013, 2012 and 2011: | |||||||||||||
Beginning balance, January 1, 2011 | $ | 248,131 | |||||||||||
Benefit from the adjustment for the change in fair value included in net loss for 2010 | (81,733 | ) | |||||||||||
Balance at December 31, 2011 | 166,398 | ||||||||||||
Benefit from the adjustment for the change in fair value included in net loss for 2011 | 4,117,534 | ||||||||||||
Balance at December 31, 2012 | 4,283,932 | ||||||||||||
Fair value of warrants classified as liability (see Note 9) | 9,110,302 | ||||||||||||
Fair value of warrants classified as equity (see Note 9) | (5,300,572 | ) | |||||||||||
Gain from the adjustment for the change in fair value included in net loss | (8,090,636 | ) | |||||||||||
Ending balance, December 31, 2013 | $ | 3,026 | |||||||||||
Note_12_Celsion_Employee_Benef
Note 12 - Celsion Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block Supplement [Abstract] | ' |
Compensation and Employee Benefit Plans [Text Block] | ' |
12. CELSION EMPLOYEE BENEFIT PLANS | |
Celsion maintains a defined-contribution plan under Section 401(k) of the Internal Revenue Code. The plan covers substantially all employees over the age of 21. Participating employees may defer a portion of their pretax earnings, up to the IRS annual contribution limit. Commencing in the fourth quarter for 2008, the Company began making a matching contribution up to a maximum of 3% of an employee’s annual salary and the Company’s total contribution for the years ended December 31, 2013, 2012 and 2011 was $62,546, $57,239 and $60,360 respectively. The Company’s contribution was made in the form of our common stock. |
Note_13_Licenses_Of_Intellectu
Note 13 - Licenses Of Intellectual Property And Patents | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block [Abstract] | ' |
Intangible Assets Disclosure [Text Block] | ' |
13. LICENSES OF INTELLECTUAL PROPERTY AND PATENTS | |
On November 10, 1999, the Company entered into a license agreement with Duke University under which the Company received worldwide exclusive rights (subject to certain exceptions) to commercialize and use Duke’s thermally sensitive liposome technology. The license agreement contains annual royalty and minimum payment provisions due on net sales. The agreement also required milestone-based royalty payments measured by various events, including product development stages, FDA applications and approvals, foreign marketing approvals and achievement of significant sales. However, in lieu of such milestone-based cash payments, Duke agreed to accept shares of the Company’s Common Stock to be issued in installments at the time each milestone payment is due, with each installment of shares to be calculated at the average closing price of the Common Stock during the 20 trading days prior to issuance. | |
The total number of shares issuable to Duke under these provisions is subject to adjustment in certain cases, and Duke has piggyback registration rights for public offerings taking place more than one year after the effective date of the license agreement. On January 31, 2003, the Company issued 253,691 shares of Common Stock to Duke University valued at $2.2 million as payment for milestone based royalties under this license agreement. An amendment to the Duke license agreement contains certain development and regulatory milestones, and other performance requirements that the Company has met with respect to the use of the licensed technologies. The Company will be obligated to make royalty payments based on sales to Duke upon commercialization, until the last of the Duke patents expire. | |
For the years ended December 31, 2013, 2012 and 2011, the Company has not incurred any expense under this agreement and will not incur any future liabilities until commercial sales commence. | |
Under the November 1999 license agreement with Duke, the Company has rights to the thermally sensitive liposome technology, including Duke’s US patents covering the technology as well as all foreign counter parts and related pending applications. Foreign counterpart applications have been issued in Europe, Hong Kong, Australia and Canada and have been allowed in Japan. The Japanese allowed application is expected to issue without hindrance in March of 2011. The European patent has been validated in Austria, Belgium, France, Germany, Great Britain, Italy, Luxembourg, Monaco, Spain and Switzerland. In addition, the Duke license agreement provides the Company with rights to multiple issued and pending US patents related to the formulation, method of making and use of heat sensitive liposomes. The Company’s rights under the license agreement with Duke University extend for the life of the last-to-expire of the licensed patents. | |
The Company has licensed from Valentis, CA certain global rights covering the use of pegylation for temperature sensitive liposomes. | |
In addition to the rights available to the Company under completed or pending license agreements, the Company is actively pursuing patent protection for technologies developed by the Company. Among these patents is a family of pending US and international patent applications which seek to protect the Company’s proprietary method of storing ThermoDox® which is critical for worldwide distribution channels. | |
ThermoDox® is a registered trademark in the United States, Argentina, Australia, Canada, China, Columbia, the European Communities: (Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Korea, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, UK), Hong Kong, Israel, Japan, New Zealand, Peru, Philippines, Russia, Singapore, South Korea and Taiwan. The Company has registered transliterations of ThermoDox® in China, Hong Kong, Japan, Singapore, South Korea and Taiwan. The Company has an additional 14 trademark protection applications pending for ThermoDox® in countries world-wide. | |
Finally, through proprietary information agreements with employees, consultants and others, the Company seeks to protect its own proprietary know-how and trade secrets. The Company cannot offer assurances that these confidentiality agreements will not be breached, that the Company will have adequate remedies for any breach, or that these agreements, even if fully enforced, will be adequate to prevent third-party use of the Company’s proprietary technology. Similarly, the Company cannot guarantee that technology rights licensed to it by others will not be successfully challenged or circumvented by third parties, or that the rights granted will provide the Company with adequate protection. |
Note_14_Technology_Development
Note 14 - Technology Development and Licensing Agreements | 12 Months Ended | ||
Dec. 31, 2013 | |||
Licensing Transaction [Abstract] | ' | ||
Licensing Transaction [Text Block] | ' | ||
14. TECHNOLOGY DEVELOPMENT AND LICENSING AGREEMENTS | |||
On May 7, 2012 the Company entered into a long term commercial supply agreement with Zhejiang Hisun Pharmaceutical Co. Ltd. (Hisun) for the production of ThermoDox® in the China territory. In accordance with the terms of the agreement, Hisun will be responsible for providing all of the technical and regulatory support services, including the costs of all technical transfer, registration and bioequivalence studies, technical transfer costs, Celsion consultative support costs and the purchase of any necessary equipment and additional facility costs necessary to support capacity requirements for the manufacture of ThermoDox®. Celsion will repay Hisun for the aggregate amount of these development costs and fees commencing on the successful completion of three registration batches of ThermoDox®. Hisun is also obligated to certain performance requirements under the agreement. The agreement will initially be limited to a percentage of the production requirements of ThermoDox® in the China territory with Hisun retaining an option for additional global supply after local regulatory approval in the China territory. In addition, Hisun will collaborate with Celsion around the regulatory approval activities for ThermoDox® with the China State Food and Drug Administration (CHINA FDA). As of September 30, 2013, the Company has incurred approximately $371,000 in costs to be reimbursed to Hisun. | |||
On January 18, 2013, we entered into a technology development contract with Hisun, pursuant to which Hisun paid us a non-refundable research and development fee of $5 million to support our development of ThermoDox® in mainland China, Hong Kong and Macau (the China territory). Following our announcement on January 31, 2013 that the HEAT study failed to meet its primary endpoint, Celsion and Hisun have agreed that the Technology Development Contract entered into on January 18, 2013 will remain in effect while the parties continue to collaborate and are evaluating the next steps in relation to ThermoDox®, which include the sub-group analysis of patients in the Phase III HEAT Study for the hepatocellular carcinoma clinical indication and other activities to further the development of ThermoDox® for the Greater China market. The $5.0 million received as a non-refundable payment from Hisun in the first quarter 2013 has been recorded to deferred revenue and will continue to be amortized over the 10 year term of the agreement, until such time as the parties find a mutually acceptable path forward on the development of Thermodox based on findings of the ongoing post-study analysis of the HEAT Study data. | |||
On July 19, 2013, the Company and Hisun entered into a Memorandum of Understanding to pursue ongoing collaborations for the continued clinical development of ThermoDox® as well as the technology transfer relating to the commercial manufacture of ThermoDox® for the China territory. This expanded collaboration includes development of the next generation liposomal formulation with the goal of creating safer, more efficacious versions of marketed cancer chemotherapeutics. | |||
Among the key provisions of the Celsion-Hisun Memorandum of Understanding are: | |||
● | Hisun will provide the Company with non-dilutive financing and the investment necessary to complete the technology transfer of its proprietary manufacturing process and the production of registration batches for the China territory; | ||
● | Hisun will collaborate with the Company around the clinical and regulatory approval activities for ThermoDox® as well as other liposomal formations with the CHINA FDA; and | ||
● | Hisun will be granted a right of first offer for a commercial license to ThermoDox® for the sale and distribution of ThermoDox® in the China territory. | ||
In the fourth quarter of 2008, the Company entered into a Development, Product Supply and Commercialization Agreement with Yakult Honsha under which Yakult was granted the exclusive right to commercialize and market ThermoDox® for the Japanese market. We were paid a $2.5 million up-front licensing fee and we have the potential to receive additional payments from Yakult upon receipt of marketing approval by the Japanese Ministry of Health, Labor and Welfare as well as upon the achievement of certain levels of sales and approval for new indications. We will receive double digit escalating royalties on the sale ThermoDox® in Japan, when and if any such sales occur. We also will be the exclusive supplier of ThermoDox® to Yakult. | |||
Concurrent with the January 2011 Preferred Equity Financing as discussed in Note 9 to the Financial Statements, the Company amended its Development, Product Supply and Commercialization Agreement with Yakult to provide for up to $4.0 million in an accelerated partial payment to the Company of a future drug approval milestone, which included $2.0 million paid to the Company upon the closing of the preferred equity financing and an additional $2.0 million conditioned upon the resumption of enrollment of Japanese patients in the Japan cohort of the HEAT study. In consideration of these accelerated milestone payments from Yakult, the Company agreed to reduce future drug approval milestone payments by approximately forty percent (40%). |
Note_15_Contingent_Liabilities
Note 15 - Contingent Liabilities And Commitments | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||||||
15. CONTINGENT LIABILITIES AND COMMITMENTS | |||||||||
In July 2011, the Company executed a lease (the “Lease”) with Brandywine Operating Partnership, L.P. (Brandywine), a Delaware limited partnership for a 10,870 square foot premises located in Lawrenceville, New Jersey. In October 2011, the Company relocated its offices to Lawrenceville, New Jersey from Columbia, Maryland. The lease has a term of 66 months and provides for 6 months rent free, with the first monthly rent payment of approximately $23,000 due and paid in April 2012. Also, as required by the Lease, the Company provided Brandywine with an irrevocable and unconditional standby letter of credit for $250,000, which the Company secured with an escrow deposit at its banking institution of this same amount. The standby letter of credit will be reduced by $50,000 on each of the 19th , 31st and 43rd months from the initial term, with the remaining $100,000 amount remaining until the Lease Term has expired. In connection with the $50,000 reduction of the standby letter of credit in April 2013, the Company reduced the escrow deposit by $50,000. | |||||||||
Following is a summary of the future minimum payments required under leases that have initial or remaining lease terms of one year or more as of December 31, 2013: | |||||||||
For the year ending December 31: | Capital | Operating | |||||||
Leases | Leases | ||||||||
2014 | $ | 11,303 | $ | 286,243 | |||||
2015 | — | 291,678 | |||||||
2016 | — | 297,113 | |||||||
2017 | — | 99,642 | |||||||
2018 and beyond | — | — | |||||||
Total minimum lease payments | 11,303 | $ | 974,676 | ||||||
Less amounts of lease payments that represent interest | 412 | ||||||||
Present value of future minimum capital lease payments | 10,891 | ||||||||
Less current obligations under capital leases | 10,891 | ||||||||
$ | — | ||||||||
Note_16_Subsequent_Events
Note 16 - Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
16. SUBSEQUENT EVENTS | |
On January 15, 2014, the Company entered into a Securities Purchase Agreement with certain institutional investors, pursuant to which Celsion agreed to sell, in a registered offering, an aggregate of 3,603,604 shares of its common stock, par value $0.01 per share, and warrants to purchase up to 1,801,802 shares of Common Stock, for an aggregate purchase price of approximately $15 million. The shares of common stock and warrants were sold in units, with each unit consisting of one share of common stock, a Series A warrant to purchase 0.25 share of common stock and a Series B warrant to purchase 0.25 share of common stock. Each unit was sold at a purchase price of $4.1625. Each Series A warrant will be exercisable at any time on or after its issuance date and until the five-year anniversary of the issuance date. Each Series B warrant will be exercisable at any time on or after its issuance date and until the one-year anniversary of the issuance date. Each warrant has an exercise price of $4.10 per share. Under the purchase agreement, Celsion is prohibited, for a period of nine months after the closing, from effecting or entering into an agreement to issue Common Stock or any other securities that are at any time convertible into, or exercisable or exchangeable for, or otherwise entitle the holder thereof to receive, Common Stock to the extent such issuance or sale involves certain variable conversion, exercise or exchange prices or such agreement provides for sale of securities at a price to be determined in the future. This offering was made pursuant to the Company’s previously filed and effective registration statement on Form S-3 (File No. 333-183286), the base prospectus dated September 14, 2012 filed as part of such registration statement, and the prospectus supplement filed by Celsion with the Securities and Exchange Commission on January 21, 2014. |
Note_17_Selected_Quarterly_Fin
Note 17 - Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||
17. SELECTED QUARTERLY FINANCIAL DATA (Unaudited) | |||||||||||||||||
(in thousands, except per share data) | Quarters Ended | ||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
2013 | |||||||||||||||||
Total revenue | $ | 125 | $ | 125 | $ | 125 | $ | 125 | |||||||||
Net loss | (651 | ) | 421 | (4,072 | ) | (3,949 | ) | ||||||||||
Non-cash deemed dividend from beneficial conversion feature on convertible preferred stock | (4,601 | ) | ─ | ─ | ─ | ||||||||||||
Basic and diluted net loss available to common shareholders per share | (0.48 | ) | 0.03 | (0.30 | ) | (0.29 | ) | ||||||||||
2012 | |||||||||||||||||
Total revenue | $ | ─ | $ | ─ | $ | ─ | $ | ─ | |||||||||
Net loss | (6,186 | ) | (6,104 | ) | (6,018 | ) | (8,260 | ) | |||||||||
Basic and diluted net loss per share | (0.19 | ) | (0.18 | ) | (0.18 | ) | (0.23 | ) | |||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Business Description and Basis of Presentation [Text Block] | ' |
Description of Business | |
Celsion Corporation, referred to herein as “Celsion”, “We”, or “the Company,” a Delaware corporation based in Lawrenceville, New Jersey, is an oncology drug development company focused on improving treatment for those suffering with difficult to treat forms of cancer. We are working to develop and commercialize more efficient, effective, targeted chemotherapeutic oncology drugs based on our proprietary heat-activated liposomal technology. Our lead product ThermoDox® is being tested in human clinical trials for the treatment of primary liver cancer and recurrent chest wall breast cancer. | |
Basis of Accounting, Policy [Policy Text Block] | ' |
Basis of Presentation | |
The accompanying financial statements of Celsion have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States and include the accounts of the Company. The preparation of financial statements in conformity with GAAP requires management to make judgments, estimates, and assumptions that affect the amount reported in the Company’s financial statements and accompanying notes. Actual results could differ materially from these estimates. | |
Events and conditions arising subsequent to the most recent balance sheet date have been evaluated for their possible impact on the financial statements and accompanying notes. No events and conditions would give rise to any information that required accounting recognition or disclosure in the financial statements other than those arising in the ordinary course of business. See Note 16 for a summary of subsequent events. | |
Certain items in the prior period financial statements have been reclassified to conform to the current period presentation. | |
Revenue Recognition, Policy [Policy Text Block] | ' |
Revenue Recognition | |
At the inception of each collaborative agreement that includes milestone payments, the Company evaluates whether each milestone is substantive on the basis of the contingent nature of the milestone, specifically reviewing factors such as the scientific and other risks that must be overcome to achieve the milestone, as well as the level of effort and investment required. Milestones that are not considered substantive and that do not meet the separation criteria are accounted for as license payments and recognized on a straight-line basis over the remaining period of performance. Payments received or reasonably assured after performance obligations are met completely are recognized as earned | |
Cash and Cash Equivalents, Policy [Policy Text Block] | ' |
Cash and Cash Equivalents | |
Cash and cash equivalents include cash on hand and investments purchased with an original maturity of three months or less. A portion of these funds are not covered by FDIC insurance. | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' |
Fair Value of Financial Instruments | |
The carrying values of financial instruments approximate their respective fair values | |
Investment, Policy [Policy Text Block] | ' |
Short Term Investments | |
The Company classifies its investments in marketable securities with readily determinable fair values as investments available-for-sale in accordance with Accounting Standards Codification (ASC) 320, Investments - Debt and Equity Securities . Available-for-sale securities consist of debt and equity securities not classified as trading securities or as securities to be held to maturity. The Company has classified all of its investments as available-for-sale. Unrealized holding gains and losses on available-for-sale securities are reported as a net amount in accumulated other comprehensive gain or loss in stockholders’ equity until realized. Gains and losses on the sale of available-for-sale securities are determined using the specific identification method. The Company’s short term investments consist of corporate bonds and government agency bonds. | |
Property, Plant and Equipment, Policy [Policy Text Block] | ' |
Property and Equipment | |
Property and equipment is stated at cost less accumulated depreciation. Depreciation is provided over the estimated useful lives of the related assets, ranging from three to seven years, using the straight-line method. Major renewals and improvements are capitalized at cost and ordinary repairs and maintenance are charged against operating expenses as incurred. Depreciation expense was approximately $339,000, $281,500 and $169,000 for years ended December 31, 2013, 2012 and 2011, respectively. | |
The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An asset is considered impaired if its carrying amount exceeds the future net undiscounted cash flows that the asset is expected to generate. If such asset is considered to be impaired, the impairment recognized is the amount by which the carrying amount of the asset, if any, exceeds its fair value determined using a discounted cash flow model | |
Deposit [Policy Text Block] | ' |
Deposits | |
Deposits include real property security deposits and other deposits which are contractually required and of a long-term nature. | |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | ' |
Patent Licenses | |
The Company has purchased several licenses for rights to patented technologies. Patent license costs of $63,125 have been capitalized and are amortized on a straight-line basis over the estimated life of the related patent. As of December 31, 2013, the total accumulated amortization expense is $34,000. The weighted-average amortization period for these assets is 10 years. | |
Comprehensive Income, Policy [Policy Text Block] | ' |
Comprehensive Income (Loss) | |
ASC 220, Comprehensive Income, establishes standards for the reporting and display of comprehensive income and its components in the Company’s consolidated financial statements. The objective of ASC 220 is to report a measure (comprehensive income (loss)) of all changes in equity of an enterprise that result from transactions and other economic events in a period other than transactions with owners. | |
Research and Development Expense, Policy [Policy Text Block] | ' |
Research and Development | |
Research and development costs are expensed as incurred. Equipment and facilities acquired for research and development activities that have alternative future uses are capitalized and charged to expense over their estimated useful lives. | |
Earnings Per Share, Policy [Policy Text Block] | ' |
Net Loss Per Common Share | |
Basic and diluted net income/(loss) per common share was computed by dividing net income/(loss) for the year by the weighted average number of shares of Common Stock outstanding, both basic and diluted, during each period. The impact of Common Stock equivalents has been excluded from the computation of diluted weighted average common shares outstanding in periods where there is a net loss, as their effect is anti-dilutive. | |
For the years ended December 31, 2013, 2012 and 2011, outstanding equity awards of 863.462, 729,825 and 704,113 shares, respectively, and warrants outstanding to purchase 3,268,013, 1,749,667 and 2,577,470 shares, respectively, were considered anti-dilutive and therefore were not included in the calculation of diluted shares. | |
Income Tax, Policy [Policy Text Block] | ' |
Income Taxes | |
Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax asset and liabilities of a change in tax rates is recognized in results of operations in the period that the tax rate change occurs. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. In accordance with ASC 740, Income Taxes, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position taken would be sustained in a tax examination, presuming that a tax examination will occur. The Company recognizes interest and/or penalties related to income tax matters in the income tax expense category. The Company remains subject to examination for income tax returns for the years ending after 2010. | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' |
Stock-Based Compensation | |
Compensation costs for all stock-based awards is measured at fair value on the date of the grant and recognized over the service period for awards expected to vest. Such value is recognized as expense over the service period. The estimation of stock-based awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from the current estimates, such amounts will be recorded as cumulative adjustment in the period estimates are revised. We consider many factors when estimating expected forfeitures, including types of awards, employee class, and historical experience. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recent Accounting Pronouncements | |
From time to time, new accounting pronouncements are issued by FASB and are adopted by us as of the specified effective date. Unless otherwise discussed, we believe that the impact of recently issued accounting pronouncements will not have a material impact on the Company’s consolidated financial position, results of operations, and cash flows, or do not apply to our operations. |
Note_3_Short_Term_Investments_1
Note 3 -Short Term Investments Available For Sale (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | ' | ||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
Short-term investments available for sale, at fair value | 2013 | 2012 | |||||||||||||||||||||||
Bonds – corporate issuances | $ | 37,156,381 | $ | 8,037,620 | |||||||||||||||||||||
Available-for-sale Securities [Table Text Block] | ' | ||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||
Short-term investments | |||||||||||||||||||||||||
Bonds- corporate issuances | $ | 37,200,576 | $ | 37,156,381 | $ | 8,164,227 | $ | 8,037,620 | |||||||||||||||||
Bond maturities | |||||||||||||||||||||||||
Within 3 months | $ | 7,799,032 | $ | 7,797,689 | $ | 3,053,740 | $ | 3,002,350 | |||||||||||||||||
Between 3-12 months | 29,401,543 | 29,358,692 | 5,110,487 | 5,035,270 | |||||||||||||||||||||
Total | $ | 37,200,576 | $ | 37,156,381 | $ | 8,164,227 | $ | 8,037,620 | |||||||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | ' | ||||||||||||||||||||||||
31-Dec-13 | Less than 12 months | 12 months or Longer | Total | ||||||||||||||||||||||
Description of | Fair Value | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||
Securities | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Holding | Holding | Holding | |||||||||||||||||||||||
Losses | Losses | (Losses) Gains | |||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||
Bonds – corporate issuances | $ | 37,156,381 | $ | (44,195 | ) | − | − | $ | 37,156,381 | $ | (44,195 | ) | |||||||||||||
31-Dec-12 | Less than 12 months | 12 months or Longer | Total | ||||||||||||||||||||||
Description of | Fair Value | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||
Securities | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Holding | Holding | Holding | |||||||||||||||||||||||
Losses | Losses | (Losses) Gains | |||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||
Bonds – corporate | $ | 8,037,620 | $ | (126,607 | ) | − | − | $ | 8,037,620 | $ | (126,607 | ) |
Note_4_Fair_Value_of_Financial1
Note 4 - Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||
Total Fair | Quoted Prices | Significant | Significant | ||||||||||||||
Value on the | In Active | Other | Unobservable | ||||||||||||||
Balance | Markets For | Observable | Inputs | ||||||||||||||
Sheet | Identical Assets | Inputs | (Level 3) | ||||||||||||||
/Liabilities | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Assets: | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
Short-term investments available for sale | |||||||||||||||||
Bonds – corporate issuances | $ | 37,156,381 | $ | 37,156,381 | $ | − | $ | − | |||||||||
As of December 31, 2012 | |||||||||||||||||
Short-term investments available for sale | |||||||||||||||||
Bonds – corporate issuances | $ | 8,037,620 | $ | 8,037,620 | $ | − | $ | − | |||||||||
Liabilities: | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
Common stock warrant liability | $ | 3,026 | $ | − | $ | − | $ | 3,026 | |||||||||
As of December 31, 2012 | |||||||||||||||||
Common stock warrant liability | $ | 4,283,932 | $ | − | $ | − | $ | 4,283,932 |
Note_5_PropertyPlant_and_Equip1
Note 5 - Property,Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Machinery and equipment (5-7 year life) | $ | 1,674,206 | $ | 1,618,673 | |||||
Furniture and fixtures (3-5 year life) | 153,051 | 164,559 | |||||||
Leasehold improvements (5-7 year life) | 269,819 | 256,350 | |||||||
2,097,076 | 2,039,582 | ||||||||
Less accumulated depreciation and amortization | (1,264,190 | ) | (924,961 | ) | |||||
Total | $ | 832,886 | $ | 1,114,621 |
Note_6_Other_Accrued_Liabiliti1
Note 6 - Other Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | ||||||||
Other accrued liabilities at December 31, 2013 and 2012 include the following | December 31, | December 31, | |||||||
2013 | 2012 | ||||||||
Amounts due to Contract Research Organizations and other contractual agreements | $ | 1,711,934 | $ | 827,989 | |||||
Accrued payroll and related benefits | 900,434 | 338,365 | |||||||
Accrued professional fees | 63,500 | 37,400 | |||||||
Other | 31,785 | 51,225 | |||||||
Total | $ | 2,707,653 | $ | 1,254,979 |
Note_7_Note_Payable_Tables
Note 7 - Note Payable (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Debt Disclosure [Abstract] | ' | ||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | ||||
Hercules | |||||
Credit | |||||
Agreement | |||||
For the year ending December 31: | |||||
2014 | $ | ─ | |||
2015 | 1,827,115 | ||||
2016 | 2,045,798 | ||||
2017 | 1,127,087 | ||||
$ | 5,000,000 |
Note_8_Income_Taxes_Tables
Note 8 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal statutory rate | 34 | % | 34 | % | 34 | % | |||||||
State taxes, net of federal tax benefit | 5.9 | 5.9 | 4.6 | ||||||||||
Recapture of alternative minimum tax | – | – | – | ||||||||||
Valuation allowance | (39.9 | ) | (39.9 | ) | (38.6 | ) | |||||||
Effective tax rate | – | % | – | % | – | % | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||
December 31, | |||||||||||||
In thousands | 2013 | 2012 | |||||||||||
Net operating loss carry forwards | $ | 53,423 | $ | 49,274 | |||||||||
Compensation expense related to employee stock options | 3,310 | 2,817 | |||||||||||
Subtotal | 56,733 | 52,091 | |||||||||||
Valuation allowance | (56,733 | ) | (52,091 | ) | |||||||||
Total deferred tax asset | $ | - | $ | - | |||||||||
Summary of Operating Loss Carryforwards [Table Text Block] | ' | ||||||||||||
Approximate Amount | Expiration | ||||||||||||
Of Unused Operating | During Year | ||||||||||||
Loss Carry Forwards | Ended | ||||||||||||
(in $000s) | |||||||||||||
$ | 4,843 | 2022 | |||||||||||
2,293 | 2023 | ||||||||||||
15,647 | 2024 | ||||||||||||
8,168 | 2025 | ||||||||||||
7,361 | 2026 | ||||||||||||
11,905 | 2028 | ||||||||||||
18,547 | 2029 | ||||||||||||
18,145 | 2030 | ||||||||||||
21,386 | 2031 | ||||||||||||
20,558 | 2032 | ||||||||||||
10,397 | 2033 | ||||||||||||
$ | 139,250 |
Note_9_Stockholders_Equity_Tab
Note 9 - Stockholders' Equity (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Note 9 - Stockholders' Equity (Tables) [Line Items] | ' | |||||||||||||||||||
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | ' | |||||||||||||||||||
Shares of common stock | Expiration Date of | Strike | Per Share | Per Share | ||||||||||||||||
associated with the | Waived Warrants | Price | Fair Value | Fair Value on | ||||||||||||||||
Waived Warrants | on June 3, 2013 | 28-Oct-13 | ||||||||||||||||||
1,323,496 | 2/26/18 | $ | 5.31 | $ | 6.6 | $ | 3.86 | |||||||||||||
31,243 | 7/25/16 | $ | 18.99 | $ | 4.41 | $ | 2.1 | |||||||||||||
12,628 | 7/6/16 | $ | 14.09 | $ | 4.81 | $ | 2.4 | |||||||||||||
31,448 | 11/25/17 | $ | 12.47 | $ | 5.56 | $ | 3.16 | |||||||||||||
Prefered Stock [Member] | ' | |||||||||||||||||||
Note 9 - Stockholders' Equity (Tables) [Line Items] | ' | |||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||||||||||||||
Risk-free interest rate | 0.78 | % | ||||||||||||||||||
Expected volatility | 102.23 | % | ||||||||||||||||||
Expected life (in years) | 5 | |||||||||||||||||||
Expected forfeiture rate | 0 | % | ||||||||||||||||||
Expected dividend yield | 0 | % | ||||||||||||||||||
Common Stock Offering [Member] | ' | |||||||||||||||||||
Note 9 - Stockholders' Equity (Tables) [Line Items] | ' | |||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||||||||||||||
3-Jun-13 | 28-Oct-13 | |||||||||||||||||||
Risk-free interest rate | 0.5 | - | 1.03% | 0.59 | - | 1.31% | ||||||||||||||
Expected volatility | 102.9 | - | 110.90% | 105.1 | - | 111.80% | ||||||||||||||
Expected life (in years) | 3.1 | - | 4.70% | 2.7 | - | 4.30% | ||||||||||||||
Expected forfeiture rate | 0.00% | 0.00% | ||||||||||||||||||
Expected dividend yield | 0.00% | 0.00% |
Note_10_Stock_Based_Compensati1
Note 10 - Stock Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Shar-based Compensation, Stock Options and Restricted Stock Awards, Activity [Table Text Block] | ' | ||||||||||||||||||||||||||||
Stock Options | Number | Weighted | Weighted | Aggregate | |||||||||||||||||||||||||
Outstanding | Average | Average | Intrinsic | ||||||||||||||||||||||||||
Exercise | Remaining | Value | |||||||||||||||||||||||||||
Price | Contractual | ||||||||||||||||||||||||||||
Term | |||||||||||||||||||||||||||||
(in years) | |||||||||||||||||||||||||||||
Outstanding at January 1, 2011 | 481,699 | $ | 17,82 | ||||||||||||||||||||||||||
Granted | 265,703 | 16.52 | |||||||||||||||||||||||||||
Exercised | – | – | |||||||||||||||||||||||||||
Canceled or expired | (55,593 | ) | 14.54 | ||||||||||||||||||||||||||
Outstanding at December 31, 2011 | 691,809 | 16.88 | |||||||||||||||||||||||||||
Granted | 145,611 | 10.08 | |||||||||||||||||||||||||||
Exercised | (47,575 | ) | 14.67 | ||||||||||||||||||||||||||
Canceled or expired | (64,316 | ) | 29.43 | ||||||||||||||||||||||||||
Outstanding at December 31, 2012 | 725,529 | 14.63 | |||||||||||||||||||||||||||
Granted | 187,777 | 4.39 | |||||||||||||||||||||||||||
Exercised | (12,429 | ) | 14.67 | ||||||||||||||||||||||||||
Canceled or expired | (38,972 | ) | 16.79 | ||||||||||||||||||||||||||
Outstanding at December 31, 2013 | 861,905 | $ | 12.29 | 6.6 | $ | - | |||||||||||||||||||||||
Exercisable at December 31, 2013 | 601,482 | $ | 14.28 | 6.3 | $ | - | |||||||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||||||||||||||||||
Restricted Stock | Number | Weighted | |||||||||||||||||||||||||||
Outstanding | Average | ||||||||||||||||||||||||||||
Exercise | |||||||||||||||||||||||||||||
Price | |||||||||||||||||||||||||||||
Outstanding at January 1, 2011 | 17,200 | $ | 15.62 | ||||||||||||||||||||||||||
Granted | 11,333 | 12.29 | |||||||||||||||||||||||||||
Vested and issued | (14,933 | ) | 14.04 | ||||||||||||||||||||||||||
Forfeited | (1,407 | ) | 17.82 | ||||||||||||||||||||||||||
Non-vested stock awards outstanding at December 31, 2011 | 12,193 | $ | 14.22 | ||||||||||||||||||||||||||
Granted | 2,942 | 16.47 | |||||||||||||||||||||||||||
Vested and issued | (9,135 | ) | 15.17 | ||||||||||||||||||||||||||
Forfeited | (1,703 | ) | 12.56 | ||||||||||||||||||||||||||
Non-vested stock awards outstanding at December 31, 2012 | 4,294 | $ | 14.63 | ||||||||||||||||||||||||||
Granted | 111 | 5.36 | |||||||||||||||||||||||||||
Vested and issued | (444 | ) | 8.4 | ||||||||||||||||||||||||||
Forfeited | (2,407 | ) | 15.69 | ||||||||||||||||||||||||||
Non-vested stock awards outstanding at December 31, 2013 | 1,557 | $ | 14.13 | ||||||||||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | ||||||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||||||
Range of | Number | Weighted | Weighted | Number | Weighted | Weighted | |||||||||||||||||||||||
Exercise Prices | Average | Average | Average | Average | |||||||||||||||||||||||||
Remaining Contractual | Exercise | Remaining Contractual | Exercise | ||||||||||||||||||||||||||
Term | Price | Term | Price | ||||||||||||||||||||||||||
(in years) | (in years) | ||||||||||||||||||||||||||||
$ | 0.5 | - | $8.99 | 189,630 | 9.3 | $ | 4.46 | 62,513 | 9.3 | $ | 4.46 | ||||||||||||||||||
$ | 9 | - | $13.50 | 477,553 | 6.1 | $ | 11.12 | 356,524 | 5.4 | $ | 11.43 | ||||||||||||||||||
$ | 13.51 | - | $30.00 | 183,620 | 4.2 | $ | 21.33 | 171,343 | 4 | $ | 21.67 | ||||||||||||||||||
Above | 30 | 11,102 | 0.9 | $ | 57.29 | 11,102 | 0.9 | $ | 57.29 | ||||||||||||||||||||
861,905 | 601,482 | ||||||||||||||||||||||||||||
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Risk-free interest rate | 0.85 | to | 1.19% | 1.09 | to | 2.97% | 2.29 | to | 2.97% | ||||||||||||||||||||
Expected volatility | 83.4 | - | 97.90% | 80.8 | - | 82.30% | 72.2 | - | 81.00% | ||||||||||||||||||||
Expected life (in years) | 5.25 | to | 6 | 5 | to | 6.25 | 6.25 | ||||||||||||||||||||||
Expected forfeiture rate | 5 | to | 7.50% | 7.50% | 0.00% | ||||||||||||||||||||||||
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Note_11_Warrants_Tables
Note 11 - Warrants (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Warrants [Abstract] | ' | ||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||
Warrants | Number of | Weighted | |||||||||||
Warrants | Average | ||||||||||||
Issued | Exercise | ||||||||||||
Price | |||||||||||||
Warrants outstanding at January 1, 2011 | 224,239 | $ | 23.58 | ||||||||||
Warrants issued in connection with 2011 equity transactions | 2,394,398 | 13.28 | |||||||||||
Warrants exercised for common stock warrants in 2011 | (34,859 | ) | 12.29 | ||||||||||
Warrants outstanding at December 31, 2011 | 2,583,778 | $ | 14,18 | ||||||||||
Warrants issued in connection with the Oxford & Horizon Credit Agreement as more fully described in Note 7 | 11,415 | $ | 13.14 | ||||||||||
Warrants exercised for common stock in 2012 | (847,715 | ) | 12.11 | ||||||||||
Warrants outstanding at December 31, 2012 | 1,747,478 | 15.17 | |||||||||||
Warrants issued in connection with 2013 equity transactions | 1,341,382 | 5.31 | |||||||||||
Warrants issued in connection with the Hercules Credit Agreement as more fully described in Note 7 | 194,986 | 3.59 | |||||||||||
Warrants exercised for common stock in 2013 | (15,833 | ) | 14.63 | ||||||||||
3,268,013 | $ | 10.43 | |||||||||||
Aggregate intrinsic value of outstanding warrants at December 31, 2013 | $ | 58,496 | |||||||||||
Weighted average remaining contractual terms (years) | 3.56 | ||||||||||||
Schedule of Common Stock Warrant Liability Valuation Assumptions [Table Text Block] | ' | ||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Risk-free interest rate | 0.13 | % | 0.73 | % | 0.83 | % | |||||||
Expected volatility | 64.74 | % | 92.02 | % | 75.17 | % | |||||||
Expected life (in years) | 1.25 | 1.13 | 1.6 | ||||||||||
Expected forfeiture rate | 0 | % | 0 | % | 0 | % | |||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||
Schedule of Common Stock Warranty Liability [Table Text Block] | ' | ||||||||||||
Beginning balance, January 1, 2011 | $ | 248,131 | |||||||||||
Benefit from the adjustment for the change in fair value included in net loss for 2010 | (81,733 | ) | |||||||||||
Balance at December 31, 2011 | 166,398 | ||||||||||||
Benefit from the adjustment for the change in fair value included in net loss for 2011 | 4,117,534 | ||||||||||||
Balance at December 31, 2012 | 4,283,932 | ||||||||||||
Fair value of warrants classified as liability (see Note 9) | 9,110,302 | ||||||||||||
Fair value of warrants classified as equity (see Note 9) | (5,300,572 | ) | |||||||||||
Gain from the adjustment for the change in fair value included in net loss | (8,090,636 | ) | |||||||||||
Ending balance, December 31, 2013 | $ | 3,026 |
Note_15_Contingent_Liabilities1
Note 15 - Contingent Liabilities And Commitments (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | ' | ||||||||
For the year ending December 31: | Capital | Operating | |||||||
Leases | Leases | ||||||||
2014 | $ | 11,303 | $ | 286,243 | |||||
2015 | — | 291,678 | |||||||
2016 | — | 297,113 | |||||||
2017 | — | 99,642 | |||||||
2018 and beyond | — | — | |||||||
Total minimum lease payments | 11,303 | $ | 974,676 | ||||||
Less amounts of lease payments that represent interest | 412 | ||||||||
Present value of future minimum capital lease payments | 10,891 | ||||||||
Less current obligations under capital leases | 10,891 | ||||||||
$ | — |
Note_17_Selected_Quarterly_Fin1
Note 17 - Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||
(in thousands, except per share data) | Quarters Ended | ||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
2013 | |||||||||||||||||
Total revenue | $ | 125 | $ | 125 | $ | 125 | $ | 125 | |||||||||
Net loss | (651 | ) | 421 | (4,072 | ) | (3,949 | ) | ||||||||||
Non-cash deemed dividend from beneficial conversion feature on convertible preferred stock | (4,601 | ) | ─ | ─ | ─ | ||||||||||||
Basic and diluted net loss available to common shareholders per share | (0.48 | ) | 0.03 | (0.30 | ) | (0.29 | ) | ||||||||||
2012 | |||||||||||||||||
Total revenue | $ | ─ | $ | ─ | $ | ─ | $ | ─ | |||||||||
Net loss | (6,186 | ) | (6,104 | ) | (6,018 | ) | (8,260 | ) | |||||||||
Basic and diluted net loss per share | (0.19 | ) | (0.18 | ) | (0.18 | ) | (0.23 | ) |
Note_1_Summary_Of_Significant_1
Note 1 - Summary Of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 28, 2013 | Oct. 27, 2013 | 30-May-13 | Dec. 31, 2010 | |
Note 1 - Summary Of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Depreciation (in Dollars) | $339,000 | $281,500 | $169,000 | ' | ' | ' | ' |
Finite-Lived Patents, Gross (in Dollars) | 63,125 | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Accumulated Amortization (in Dollars) | $34,000 | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '10 years | ' | ' | ' | ' | ' | ' |
Shares, Outstanding | 863.462 | 729,825 | 704,113 | ' | ' | ' | ' |
Class of Warrant or Right, Outstanding | 3,268,013 | 1,749,667 | 2,577,470 | 3,100,000 | 13,800,000 | 1,398,816 | 224,239 |
Minimum [Member] | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Summary Of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | 'three | ' | ' | ' | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Summary Of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | 'seven | ' | ' | ' | ' | ' | ' |
Note_2_Financial_Condition_Det
Note 2 - Financial Condition (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Financial Condition [Abstract] | ' | ' |
Retained Earnings (Accumulated Deficit) | ($169,287,157) | ($156,263,288) |
Note_3_Short_Term_Investments_2
Note 3 -Short Term Investments Available For Sale (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2009 | |
Note 3 -Short Term Investments Available For Sale (Details) [Line Items] | ' | ' | ' | ' |
Short-term Investments | $8,037,620 | ' | $37,156,381 | ' |
Available-for-sale Securities, Equity Securities | ' | ' | ' | 108,000 |
Available-for-sale Securities | ' | ' | 37,156,381 | 903,112 |
Available-for-sale Securities, Gross Unrealized Loss | ' | 0 | ' | ' |
Proceeds from Sale of Available-for-sale Securities | 138,000 | ' | ' | ' |
Available-for-sale Securities, Gross Realized Gains | 30,000 | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | 108,000 | ' | ' | ' |
Short Term Investments Available For Sale [Member] | ' | ' | ' | ' |
Note 3 -Short Term Investments Available For Sale (Details) [Line Items] | ' | ' | ' | ' |
Short-term Investments | $8,037,620 | ' | $37,156,381 | ' |
Note_3_Short_Term_Investments_3
Note 3 -Short Term Investments Available For Sale (Details) - Short-term Investment - Continuous Unrealized Loss Position (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Note 3 -Short Term Investments Available For Sale (Details) - Short-term Investment - Continuous Unrealized Loss Position [Line Items] | ' | ' |
Bonds b corporate issuances | $37,156,381 | $8,037,620 |
Corporate Debt Securities [Member] | ' | ' |
Note 3 -Short Term Investments Available For Sale (Details) - Short-term Investment - Continuous Unrealized Loss Position [Line Items] | ' | ' |
Bonds b corporate issuances | $37,156,381 | $8,037,620 |
Note_3_Short_Term_Investments_4
Note 3 -Short Term Investments Available For Sale (Details) - Short-term Investment by Bond Maturities (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Within 3 Months [Member] | ' | ' |
Short-term investments | ' | ' |
Cost | $7,799,032 | $3,053,740 |
Fair value | 7,797,689 | 3,002,350 |
Between 3-12 Months [Member] | ' | ' |
Short-term investments | ' | ' |
Cost | 29,401,543 | 5,110,487 |
Fair value | 29,358,692 | 5,035,270 |
Corporate Debt Securities [Member] | ' | ' |
Short-term investments | ' | ' |
Cost | 37,200,576 | 8,164,227 |
Fair value | 37,156,381 | 8,037,620 |
Summary of Short Term Investment [Member] | ' | ' |
Short-term investments | ' | ' |
Cost | 37,200,576 | 8,164,227 |
Fair value | $37,156,381 | $8,037,620 |
Note_3_Short_Term_Investments_5
Note 3 -Short Term Investments Available For Sale (Details) - Investment Securities Gross Unrealized Losses and Fair Value by Investment Category (USD $) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2013 | |
Corporate Debt Securities [Member] | ||
Note 3 -Short Term Investments Available For Sale (Details) - Investment Securities Gross Unrealized Losses and Fair Value by Investment Category [Line Items] | ' | ' |
Fair Value-Less than 12 months | $8,037,620 | $37,156,381 |
Gross Unrealized Holding Losses -Less than 12 months | -126,607 | -44,195 |
Fair Value | 8,037,620 | 37,156,381 |
Gross Unrealized Holding (Losses) Gains | ($126,607) | ($44,195) |
Note_4_Fair_Value_of_Financial2
Note 4 - Fair Value of Financial Instruments (Details) - Assets and Liabilities at Fair Value on a Recurring Basis (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2009 |
Short-term investments available for sale | ' | ' | ' |
Bonds b corporate issuances | $37,156,381 | ' | $903,112 |
As of December 31, 2013 | ' | ' | ' |
Common stock warrant liability | 3,026 | 4,283,932 | ' |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Short-term Investments [Member] | ' | ' | ' |
Short-term investments available for sale | ' | ' | ' |
Bonds b corporate issuances | ' | 8,037,620 | ' |
Corporate Debt Securities [Member] | Short-term Investments [Member] | ' | ' | ' |
Short-term investments available for sale | ' | ' | ' |
Bonds b corporate issuances | ' | 8,037,620 | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Short-term investments available for sale | ' | ' | ' |
Bonds b corporate issuances | 37,156,381 | ' | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
As of December 31, 2013 | ' | ' | ' |
Common stock warrant liability | $3,026 | $4,283,932 | ' |
Note_5_PropertyPlant_and_Equip2
Note 5 - Property,Plant and Equipment (Details) - Property Plant Equipment Useful Life (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant And Equipment Gross | $2,097,076 | $2,039,582 |
Less accumulated depreciation and amortization | -1,264,190 | -924,961 |
Total | 832,886 | 1,114,621 |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant And Equipment Gross | 1,674,206 | 1,618,673 |
Furniture and Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant And Equipment Gross | 153,051 | 164,559 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant And Equipment Gross | $269,819 | $256,350 |
Note_6_Other_Accrued_Liabiliti2
Note 6 - Other Accrued Liabilities (Details) - Other Accrued Liabilities (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Other Accrued Liabilities [Abstract] | ' | ' |
Amounts due to Contract Research Organizations and other contractual agreements | $1,711,934 | $827,989 |
Accrued payroll and related benefits | 900,434 | 338,365 |
Accrued professional fees | 63,500 | 37,400 |
Other | 31,785 | 51,225 |
Total | $2,707,653 | $1,254,979 |
Note_7_Note_Payable_Details
Note 7 - Note Payable (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 28 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 7 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Jun. 27, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 25, 2013 | Nov. 25, 2013 | Nov. 25, 2013 | Dec. 31, 2013 | Feb. 28, 2014 | Nov. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 25, 2013 | Dec. 31, 2013 | Nov. 30, 2013 | Dec. 31, 2012 | Nov. 30, 2013 | Jun. 27, 2013 | Dec. 31, 2013 | Nov. 25, 2013 | |
Warrant [Member] | Closing Price Per Share [Member] | Warrant [Member] | Hercules [Member] | Oxford and Horizon [Member] | November 2011 Capital Lease [Member] | November 2011 Capital Lease [Member] | November 2011 Capital Lease [Member] | October 2009 Capital Lease [Member] | Contract Termination [Member] | Hercules Credit Agreement [Member] | Hercules Credit Agreement [Member] | Hercules Credit Agreement [Member] | Oxford and Horizon Credit Agreement [Member] | Oxford and Horizon Credit Agreement [Member] | Term A Loan [Member] | Credit Agreement [Member] | Warrant [Member] | ||||
Hercules Credit Agreement [Member] | Oxford and Horizon Credit Agreement [Member] | Hercules [Member] | |||||||||||||||||||
Hercules Credit Agreement [Member] | |||||||||||||||||||||
Note 7 - Note Payable (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | $10,000,000 | ' | ' | ' | $20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan Tranche Amount | ' | ' | 5,000,000 | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Lines of Credit | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | 11.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Warrants or Options Issued (in Shares) | 11,415 | ' | ' | ' | ' | ' | 194,986 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $0.01 | $0.01 | ' | ' | $2.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.92 | ' | $3.59 |
Deferred Finance Costs, Net | 217,715 | ' | ' | 73,654 | ' | 521,763 | ' | ' | ' | ' | ' | ' | ' | 352,378 | ' | ' | ' | ' | ' | ' | ' |
Fair Value Assumptions, Expected Volatility Rate | ' | 92.02% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102.00% | ' | ' | ' | ' | ' | 74.30% | ' |
Fair Value Assumptions, Risk Free Interest Rate | ' | 0.73% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.37% | ' | ' | ' | ' | ' | 1.10% | ' |
Fair Value Assumptions, Expected Term | ' | '1 year 47 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | '3 years 6 months | ' |
Fair Value Assumptions, Exercise Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.55 | ' | ' | ' | ' | ' | ' | ' |
Amortization of Deferred Charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57,813 | ' | ' | ' | ' | ' | ' |
Interest Expense, Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,892 | ' | 300,278 | 572,264 | ' | ' | ' |
Repayments of Debt and Capital Lease Obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' |
Amortization of Financing Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43,215 | 248,160 | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 11.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note Stock Conversion Rate | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Issued Expiration Period | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Leased Assets, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 144,448 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment | ' | ' | ' | ' | ' | ' | ' | ' | 10,891 | 5,651 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for (Proceeds from) Loans and Leases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $67,817 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_7_Note_Payable_Details_Fu
Note 7 - Note Payable (Details) - Future Principal Payments Due on the Credit Agreement (USD $) | Dec. 31, 2013 |
Future Principal Payments Due on the Credit Agreement [Abstract] | ' |
2015 | $1,827,115 |
2016 | 2,045,798 |
2017 | 1,127,087 |
$5,000,000 |
Note_8_Income_Taxes_Details
Note 8 - Income Taxes (Details) (USD $) | 4 Months Ended | 12 Months Ended | 7 Months Ended | |||
Jun. 03, 2013 | Dec. 31, 2012 | Dec. 31, 2033 | Feb. 05, 2013 | Jul. 25, 2011 | Feb. 05, 2013 | |
Per Year [Member] | ||||||
Note 8 - Income Taxes (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Operating Loss Carryforwards | $34,000,000 | $139,000,000 | $139,250,000 | $34,000,000 | $90,000,000 | ' |
Operating Loss Carry Forwards Limitation On Use1 | $1,500,000 | $4,900,000 | ' | ' | ' | $1,400,000 |
Note_8_Income_Taxes_Details_Re
Note 8 - Income Taxes (Details) - Reconciliation of the Company's Statutory Tax Rate to the Effective Rate | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reconciliation of the Company's Statutory Tax Rate to the Effective Rate [Abstract] | ' | ' | ' |
Federal statutory rate | 34.00% | 34.00% | 34.00% |
State taxes, net of federal tax benefit | 5.90% | 5.90% | 4.60% |
Valuation allowance | -39.90% | -39.90% | -38.60% |
Effective tax rate | 0.00% | 0.00% | 0.00% |
Note_8_Income_Taxes_Details_Co
Note 8 - Income Taxes (Details) - Components of the Company's Deferred Tax Asset (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Components of the Company's Deferred Tax Asset [Abstract] | ' | ' |
Net operating loss carry forwards | $53,423 | $49,274 |
Compensation expense related to employee stock options | 3,310 | 2,817 |
Subtotal | 56,733 | 52,091 |
Valuation allowance | ($56,733) | ($52,091) |
Note_8_Income_Taxes_Details_Ap
Note 8 - Income Taxes (Details) - Approximate Amount Of Unused Operating Loss Carry Forwards and Expiration Dates (USD $) | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2033 | Dec. 31, 2032 | Dec. 31, 2031 | Dec. 31, 2030 | Dec. 31, 2029 | Dec. 31, 2028 | Dec. 31, 2026 | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 03, 2013 | Feb. 05, 2013 | Dec. 31, 2012 | Jul. 25, 2011 |
Approximate Amount Of Unused Operating Loss Carry Forwards and Expiration Dates [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Approximate Amount of Unused Operating Loss Carry Forwards | $10,397 | $20,558 | $21,386 | $18,145 | $18,547 | $11,905 | $7,361 | $8,168 | $15,647 | $2,293 | $4,843 | ' | ' | ' | ' |
Expiration During Year Ended | 31-Dec-33 | 31-Dec-32 | 31-Dec-31 | 31-Dec-30 | 31-Dec-29 | 31-Dec-28 | 31-Dec-26 | 31-Dec-25 | 31-Dec-24 | 31-Dec-23 | 31-Dec-22 | ' | ' | ' | ' |
$ | $139,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $34,000 | $34,000 | $139,000 | $90,000 |
Note_9_Stockholders_Equity_Det
Note 9 - Stockholders' Equity (Details) (USD $) | 0 Months Ended | 1 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 5 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||||||||||||||||||||||||||||||||
Oct. 28, 2013 | 30-May-13 | Aug. 08, 2011 | Jun. 03, 2013 | Feb. 25, 2013 | Feb. 28, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | Jan. 31, 2011 | Aug. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 27, 2013 | Feb. 26, 2013 | Dec. 06, 2011 | Dec. 31, 2010 | Sep. 30, 2009 | Jan. 31, 2003 | Oct. 28, 2013 | Oct. 28, 2013 | Jul. 25, 2011 | Jul. 20, 2011 | Aug. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Jun. 17, 2010 | Jun. 30, 2011 | Dec. 31, 2011 | Dec. 31, 2010 | Jan. 31, 2011 | Feb. 22, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Jan. 31, 2011 | Feb. 26, 2013 | Jul. 06, 2011 | Feb. 25, 2013 | Feb. 26, 2013 | Jan. 31, 2013 | Feb. 25, 2013 | Feb. 26, 2013 | Oct. 28, 2013 | Jun. 30, 2011 | Jul. 06, 2011 | Jul. 06, 2011 | Jul. 31, 2011 | Jul. 06, 2011 | Jul. 20, 2011 | Jul. 25, 2011 | Dec. 06, 2011 | Dec. 31, 2013 | |
Consolidated into Two Shares [Member] | Consolidated From Nine Shares [Member] | Registered Offering [Member] | Private Offering [Member] | Beneficial Conversion Feature Associated with January 2011 Preferred Stock Offering Was Not Recorded At Issuance [Member] | Amortization of Beneficial Conversion Feature Associated with January 2011 Preferred Stock Offering Was Not Recorded in 2011 [Member] | January 2011 Preferred Stock Offering [Member] | Committed Equity Financing Facility [Member] | Committed Equity Financing Facility [Member] | Committed Equity Financing Facility [Member] | Committed Equity Financing Facility [Member] | Convertible Preferred Stock [Member] | Series A Convertible Preferred Stock (Member) | Series A Convertible Preferred Stock (Member) | Redeemable Convertible Preferred Stock [Member] | Redeemable Convertible Preferred Stock [Member] | Dominick LLC [Member] | Director [Member] | ATM Agreement [Member] | January 2011 Preferred Stock Offering [Member] | January 2011 Preferred Stock Offering [Member] | January 2011 Preferred Stock Offering [Member] | February 2013 Preferrd Stock Offering [Member] | February 2013 Preferrd Stock Offering [Member] | June 2 2011 Private Placement Offering [Member] | June 2 2011 Private Placement Offering [Member] | July 6 2011 Registered Direct Offering [Member] | July 6 2011 Registered Direct Offering [Member] | July 6 2011 Private Placement Offering [Member] | July 25 2011 Register Direct And Private Placement Offerings [Member] | July 25 2011 Register Direct And Private Placement Offerings [Member] | December 6 2011 Private Placement Offering [Member] | Maximum [Member] | |||||||||||||||||||||
July 25 2011 Register Direct And Private Placement Offerings [Member] | July 25 2011 Register Direct And Private Placement Offerings [Member] | January 2011 Preferred Stock Offering [Member] | February 2013 Preferrd Stock Offering [Member] | June 2 2011 Private Placement Offering [Member] | Aggregate Proceeds Of 10 Million Dollars [Member] | Minimum 4 Dollar Share Price [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Note 9 - Stockholders' Equity (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shelf Registration Statement Amount (in Dollars) | ' | ' | ' | ' | ' | ' | $75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceed From Exercise Of Warrants And Options (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | 10,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,451 | ' | ' | 904,144 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, New Issues (in Dollars) | ' | 9,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,217,852 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,888 | ' | ' | ' | 34,859 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate Offering Price (in Dollars) | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | 1,392,109 | ' | ' | 1,195,927 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 297,892 | ' | ' | 15,000.00 | 15,000.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Shares Per Warrant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | 0.4 | 0.3 | ' | ' |
Unit Price (in Dollars per Item) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.0275 | ' | ' | ' | 25,000,000 | ' | ' | ' | 12.465 | 14.25375 | ' | ' | 19,215 | 19.159 | 10.406 | ' |
Preferred Stock, Redemption Price Per Share (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock Shares Available For Purchase From Issued Warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.03 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Legal Fees (in Dollars) | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceed From Securities Offering (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,975,506 | 5,469,998 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,000,000 | ' | ' | ' | ' | ' | 6,637,688 | ' | ' | ' | ' | 15,000,000 | ' |
Proceeds from Issuance or Sale of Equity (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Preferred Stock, Shares Reserved for Future Issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,682,764 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,341,382 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 463,000 |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Item) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.17 | 1,418 | ' | 5.31 | ' | 23.58 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.47 | 14.085 | ' | ' | 18.99 | ' | 10.62 | ' |
Warrants and Rights Outstanding (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,268,013,000,000 | ' | ' | ' | 5,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends Payable, Current (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Stock, Shares Converted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,682,764 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Outstanding | 3,100,000 | 1,398,816 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,268,013 | 1,749,667 | 2,577,470 | 13,800,000 | ' | ' | 224,239 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares Authorized | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification From Equity to Liability (in Dollars) | ' | ' | ' | 9,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 4.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reverse Stock Split, Number of Shares Consolidated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reverse Stock Split, Number of Shares Consolidated into | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Outstanding | 13,604,975 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,737,970 | 8,289,507 | ' | 61,226,873 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 861,905 | 725,529 | 691,809 | 3,900,000 | ' | ' | 481,699 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Redeemable Convertible Preferred Stock (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | 5,100,000 | ' | ' | 13,616,432 | ' | 4,324,080 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Temporary Equity, Shares Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Dividend Rate, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Preferred Stock, Shares Issued upon Conversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 92.5926 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Immaterial Prior Period Error (in Dollars) | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Stock, Shares Issued | ' | ' | 462,960 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,737,970 | 8,437,267 | ' | ' | ' | ' | ' | 224,239 | 253,691 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 715,247 | ' | 715,247 | ' | 284,674 | 677,263 | 1,441,442 | ' |
Warrant Premium (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.56 | ' | ' | ' | ' | ' | $0.13 | ' |
Proceeds from Issuance of Private Placement (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Shares Available For Purchase From Issued Warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 720,721 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 139,704 | ' | ' | 113,869 | 203,179 | ' | ' |
Proceed From Securities Offering Net (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | ' | ' | 17,000,000 | ' | ' | ' |
Proceeds from Warrant Exercises (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | 6,000,000 | ' | 7,700,000 | ' |
Warrants Issued Expiration Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | '5 years | ' | '5 years | ' |
Committed Value Of Common Stock Shares For Future Purchase (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Sale Limit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 534,319 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent Of Outstanding Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Limit Of Ownership By SCBV | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Common Stock (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,622,955 | ' | 48,082,025 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortizable Expenses Associated With Commited Equity Finanacing Facility (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 274,806 | 332,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Professional Fees (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $274,806 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_9_Stockholders_Equity_Det1
Note 9 - Stockholders' Equity (Details) - Assumptions Used in the Valuation of the Warrants Associated with Preferred Stock Offering | 5 Months Ended | 10 Months Ended | 12 Months Ended | ||
Jun. 03, 2013 | Oct. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Assumptions Used in the Valuation of the Warrants Associated with Preferred Stock Offering [Abstract] | ' | ' | ' | ' | ' |
Risk-free interest rate | ' | ' | 0.78% | ' | ' |
Expected volatility | ' | ' | 102.23% | ' | ' |
Expected life (in years) | ' | ' | '5 years | ' | '6 years 3 months |
Expected forfeiture rate | 0.00% | 0.00% | 0.00% | 7.50% | 0.00% |
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Note_9_Stockholders_Equity_Det2
Note 9 - Stockholders' Equity (Details) - Waived Warrants | Dec. 31, 2013 | Oct. 28, 2013 | Oct. 27, 2013 | 30-May-13 | Feb. 26, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 28, 2013 | Jun. 03, 2013 | Oct. 28, 2013 | Jun. 03, 2013 | Oct. 28, 2013 | Jun. 03, 2013 | Oct. 28, 2013 | Jun. 03, 2013 |
2/26/2018 [Member] | 7/25/2016 [Member] | 7/6/2016 [Member] | 11/25/2017 [Member] | Estimate of Fair Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | |||||||||
2/26/2018 [Member] | 2/26/2018 [Member] | 7/25/2016 [Member] | 7/25/2016 [Member] | 7/6/2016 [Member] | 7/6/2016 [Member] | 11/25/2017 [Member] | 11/25/2017 [Member] | |||||||||||||
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock associated with the Waived Warrants (in Shares) | 3,268,013 | 3,100,000 | 13,800,000 | 1,398,816 | ' | 1,749,667 | 2,577,470 | 224,239 | 1,323,496 | 31,243 | 12,628 | 31,448 | ' | ' | ' | ' | ' | ' | ' | ' |
Expiration Date of Waived Warrants | ' | ' | ' | ' | ' | ' | ' | ' | 26-Feb-18 | 25-Jul-16 | 6-Jul-16 | 25-Nov-17 | ' | ' | ' | ' | ' | ' | ' | ' |
Strike Price | ' | ' | ' | ' | 5.31 | 15.17 | 1,418 | 23.58 | 5.31 | 18.99 | 14.09 | 12.47 | 3.86 | 6.6 | 2.1 | 4.41 | 2.4 | 4.81 | 3.16 | 5.56 |
Per Share Fair Value on June 3, 2013 Price | ' | ' | ' | ' | 5.31 | 15.17 | 1,418 | 23.58 | 5.31 | 18.99 | 14.09 | 12.47 | 3.86 | 6.6 | 2.1 | 4.41 | 2.4 | 4.81 | 3.16 | 5.56 |
Note_9_Stockholders_Equity_Det3
Note 9 - Stockholders' Equity (Details) - Assumptions for Valuation of Waived Warrants Associated with Common Stock Offering | 5 Months Ended | 10 Months Ended | 12 Months Ended | ||
Jun. 03, 2013 | Oct. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 9 - Stockholders' Equity (Details) - Assumptions for Valuation of Waived Warrants Associated with Common Stock Offering [Line Items] | ' | ' | ' | ' | ' |
Risk-free interest rate | ' | ' | 0.78% | ' | ' |
Expected volatility | ' | ' | 102.23% | ' | ' |
Expected life (in years) | ' | ' | '5 years | ' | '6 years 3 months |
Expected forfeiture rate | 0.00% | 0.00% | 0.00% | 7.50% | 0.00% |
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Waived Warrant [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Note 9 - Stockholders' Equity (Details) - Assumptions for Valuation of Waived Warrants Associated with Common Stock Offering [Line Items] | ' | ' | ' | ' | ' |
Risk-free interest rate | 0.50% | 0.59% | ' | ' | ' |
Expected volatility | 102.90% | 105.10% | ' | ' | ' |
Expected life (in years) | '3 years 36 days | '2 years 255 days | ' | ' | ' |
Waived Warrant [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Note 9 - Stockholders' Equity (Details) - Assumptions for Valuation of Waived Warrants Associated with Common Stock Offering [Line Items] | ' | ' | ' | ' | ' |
Risk-free interest rate | 1.03% | 1.31% | ' | ' | ' |
Expected volatility | 110.90% | 111.80% | ' | ' | ' |
Expected life (in years) | '4 years 255 days | '4 years 109 days | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Note 9 - Stockholders' Equity (Details) - Assumptions for Valuation of Waived Warrants Associated with Common Stock Offering [Line Items] | ' | ' | ' | ' | ' |
Risk-free interest rate | ' | ' | 0.85% | 1.09% | 2.29% |
Expected volatility | ' | ' | 83.40% | 80.80% | 72.20% |
Expected life (in years) | ' | ' | '5 years 3 months | '5 years | ' |
Expected forfeiture rate | ' | ' | 5.00% | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Note 9 - Stockholders' Equity (Details) - Assumptions for Valuation of Waived Warrants Associated with Common Stock Offering [Line Items] | ' | ' | ' | ' | ' |
Risk-free interest rate | ' | ' | 1.19% | 2.97% | 2.97% |
Expected volatility | ' | ' | 97.90% | 82.30% | 81.00% |
Expected life (in years) | ' | ' | '6 years | '6 years 3 months | ' |
Expected forfeiture rate | ' | ' | 7.50% | ' | ' |
Note_10_Stock_Based_Compensati2
Note 10 - Stock Based Compensation (Details) (USD $) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Oct. 28, 2013 | Oct. 27, 2013 | Jun. 13, 2007 | Dec. 31, 2001 | Dec. 31, 2004 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
Stock Option Plan 2001 [Member] | Stock Incentive Plan 2004 [Member] | Stock Incentive Plan 2007 [Member] | Stock Incentive Plan 2007 [Member] | Stock Incentive Plan 2007 [Member] | Stock Incentive Plan 2007 [Member] | Issued To Consultants For Services [Member] | Issued To Consultants For Services [Member] | Issued To Consultants For Services [Member] | Chief Executive Officer [Member] | |||||||||
Note 10 - Stock Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '6 years 219 days | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | ' | 944,444 | ' | 444,444 | ' | ' | 222,222 | 148,148 | 148,148 | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | ' | ' | 500,000 | ' | 222,222 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Fair Market Value Of Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' |
Percentage Of Outstanding Stock Determining Factor For Incentive Stock Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' |
Percentage Of Fair Market Values Of Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110.00% | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ' | 12,873 | 56,710 | 14,933 | ' | ' | ' | ' | ' | ' | 187,888 | 148,553 | 277,036 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | ' | 38,972 | 64,316 | 55,593 | ' | ' | ' | ' | ' | ' | 41,379 | 66,019 | 57,000 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ' | 12,429 | 47,575 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95,555 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 861,905 | 861,905 | 725,529 | 691,809 | 481,699 | 900,000 | 3,900,000 | ' | ' | ' | 863,461 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 332,151 | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense (in Dollars) | ' | $1,235,437 | $1,143,764 | $1,207,886 | ' | ' | ' | ' | ' | ' | $1,200,000 | $1,100,000 | $1,200,000 | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,200,000 | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | '1 year 109 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.40 | $7.28 | $8.48 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | 111 | 2,942 | 11,333 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,555 | 5,387 | 5,000 | ' |
Note_10_Stock_Based_Compensati3
Note 10 - Stock Based Compensation (Details) - Stock Option and Restricted Stock Awards (USD $) | 0 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 28, 2013 | Oct. 27, 2013 | Dec. 31, 2010 | |
Stock Option and Restricted Stock Awards [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Outstanding-Number Outstanding | 861,905 | 861,905 | 725,529 | 691,809 | 900,000 | 3,900,000 | 481,699 |
Outstanding- Weighted Average Exercise Price (in Dollars per share) | $12.29 | $12.29 | $14.63 | $16.88 | ' | ' | $1,782 |
Outstanding- Weighted Average Remaining Contractual Term (in years) | '6 years 219 days | '10 years | ' | ' | ' | ' | ' |
Exercisable at December 31, 2013 | 601,482 | 601,482 | ' | ' | ' | ' | ' |
Exercisable at December 31, 2013 (in Dollars per share) | $14.28 | $14.28 | ' | ' | ' | ' | ' |
Exercisable at December 31, 2013 | ' | '6 years 109 days | ' | ' | ' | ' | ' |
Granted- Number Outstanding | ' | 187,777 | 145,611 | 265,703 | ' | ' | ' |
Granted- Weighted Average Exercise Price (in Dollars per share) | ' | $4.39 | $10.08 | $16.52 | ' | ' | ' |
Exercised- Number Outstanding | ' | -12,429 | -47,575 | ' | ' | ' | ' |
Exercised- Weighted Average Exercise Price (in Dollars per share) | ' | $14.67 | $14.67 | ' | ' | ' | ' |
Canceled or expired- Number Outstanding | ' | -38,972 | -64,316 | -55,593 | ' | ' | ' |
Canceled or expired- Weighted Average Exercise Price (in Dollars per share) | ' | $16.79 | $29.43 | $14.54 | ' | ' | ' |
Note_10_Stock_Based_Compensati4
Note 10 - Stock Based Compensation (Details) - Summary of the Status of the Company's Non-Vested Restricted Stock Awards (USD $) | 0 Months Ended | 12 Months Ended | ||
Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Summary of the Status of the Company's Non-Vested Restricted Stock Awards [Abstract] | ' | ' | ' | ' |
Non-vested stock awards outstanding-Number Outstanding | 17,200 | 1,557 | 4,294 | 12,193 |
Non-vested stock awards outstanding-Weighted Average Exercise Price | 15.62 | 14.13 | 14.63 | 14.22 |
Granted-Number Outstanding | ' | 111 | 2,942 | 11,333 |
Granted-Weighted Average Exercise Price (in Dollars per share) | ' | $5.36 | $16.47 | $12.29 |
Vested and issued-Number Outstanding | ' | -444 | -9,135 | -14,933 |
Vested and issued-Weighted Average Exercise Price (in Dollars per share) | ' | $8.40 | $15.17 | $14.04 |
Forfeited-Number Outstanding | ' | -2,407 | -1,703 | -1,407 |
Forfeited-Weighted Average Exercise Price (in Dollars per share) | ' | $15.69 | $12.56 | $17.82 |
Note_10_Stock_Based_Compensati5
Note 10 - Stock Based Compensation (Details) - Summary of Stock Option Awards And Changes (USD $) | 0 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2013 | Oct. 28, 2013 | Oct. 27, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Options Outstanding-Number (in Shares) | 861,905 | 861,905 | 900,000 | 3,900,000 | 725,529 | 691,809 | 481,699 |
Options Outstanding-Weighted Average Remaining Contractual Term (in years) | '6 years 219 days | '10 years | ' | ' | ' | ' | ' |
Options Outstanding- Weighted Average Exercise Price | $12.29 | $12.29 | ' | ' | $14.63 | $16.88 | $1,782 |
Options Exercisable-Number (in Shares) | 601,482 | 601,482 | ' | ' | ' | ' | ' |
Options Exercisable-Weighted Average Remaining Contractual Term (in years) | ' | '6 years 109 days | ' | ' | ' | ' | ' |
Range One [Member] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Range of Exercise Prices-Minimum | ' | $0.50 | ' | ' | ' | ' | ' |
Range of Exercise Prices Maximum | ' | $8.99 | ' | ' | ' | ' | ' |
Options Outstanding-Number (in Shares) | 189,630 | 189,630 | ' | ' | ' | ' | ' |
Options Outstanding-Weighted Average Remaining Contractual Term (in years) | ' | '9 years 109 days | ' | ' | ' | ' | ' |
Options Outstanding- Weighted Average Exercise Price | $4.46 | $4.46 | ' | ' | ' | ' | ' |
Options Exercisable-Number (in Shares) | 62,513 | 62,513 | ' | ' | ' | ' | ' |
Options Exercisable-Weighted Average Remaining Contractual Term (in years) | ' | '9 years 109 days | ' | ' | ' | ' | ' |
Options Exercisable- Weighted Average Exercise Price | $4.46 | $4.46 | ' | ' | ' | ' | ' |
Range Two [Member] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Range of Exercise Prices-Minimum | ' | $9 | ' | ' | ' | ' | ' |
Range of Exercise Prices Maximum | ' | $13.50 | ' | ' | ' | ' | ' |
Options Outstanding-Number (in Shares) | 477,553 | 477,553 | ' | ' | ' | ' | ' |
Options Outstanding-Weighted Average Remaining Contractual Term (in years) | ' | '6 years 36 days | ' | ' | ' | ' | ' |
Options Outstanding- Weighted Average Exercise Price | $11.12 | $11.12 | ' | ' | ' | ' | ' |
Options Exercisable-Number (in Shares) | 356,524 | 356,524 | ' | ' | ' | ' | ' |
Options Exercisable-Weighted Average Remaining Contractual Term (in years) | ' | '5 years 146 days | ' | ' | ' | ' | ' |
Options Exercisable- Weighted Average Exercise Price | $11.43 | $11.43 | ' | ' | ' | ' | ' |
Range Four [Member] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Range of Exercise Prices-Minimum | ' | $13.51 | ' | ' | ' | ' | ' |
Range of Exercise Prices Maximum | ' | $30 | ' | ' | ' | ' | ' |
Options Outstanding-Number (in Shares) | 183,620 | 183,620 | ' | ' | ' | ' | ' |
Options Outstanding-Weighted Average Remaining Contractual Term (in years) | ' | '4 years 73 days | ' | ' | ' | ' | ' |
Options Outstanding- Weighted Average Exercise Price | $21.33 | $21.33 | ' | ' | ' | ' | ' |
Options Exercisable-Number (in Shares) | 171,343 | 171,343 | ' | ' | ' | ' | ' |
Options Exercisable-Weighted Average Remaining Contractual Term (in years) | ' | '4 years | ' | ' | ' | ' | ' |
Options Exercisable- Weighted Average Exercise Price | $21.67 | $21.67 | ' | ' | ' | ' | ' |
Range Five [Member] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Range of Exercise Prices-Minimum | ' | $30 | ' | ' | ' | ' | ' |
Options Outstanding-Number (in Shares) | 11,102 | 11,102 | ' | ' | ' | ' | ' |
Options Outstanding-Weighted Average Remaining Contractual Term (in years) | ' | '328 days | ' | ' | ' | ' | ' |
Options Outstanding- Weighted Average Exercise Price | $57.29 | $57.29 | ' | ' | ' | ' | ' |
Options Exercisable-Number (in Shares) | 11,102 | 11,102 | ' | ' | ' | ' | ' |
Options Exercisable-Weighted Average Remaining Contractual Term (in years) | ' | '328 days | ' | ' | ' | ' | ' |
Options Exercisable- Weighted Average Exercise Price | $57.29 | $57.29 | ' | ' | ' | ' | ' |
Note_10_Stock_Based_Compensati6
Note 10 - Stock Based Compensation (Details) - Fair Value of Option Assumptions | 5 Months Ended | 10 Months Ended | 12 Months Ended | ||
Jun. 03, 2013 | Oct. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 10 - Stock Based Compensation (Details) - Fair Value of Option Assumptions [Line Items] | ' | ' | ' | ' | ' |
Risk-free interest rate | ' | ' | 0.78% | ' | ' |
Expected volatility | ' | ' | 102.23% | ' | ' |
Expected life (in years) | ' | ' | '5 years | ' | '6 years 3 months |
Expected forfeiture rate | 0.00% | 0.00% | 0.00% | 7.50% | 0.00% |
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Minimum [Member] | ' | ' | ' | ' | ' |
Note 10 - Stock Based Compensation (Details) - Fair Value of Option Assumptions [Line Items] | ' | ' | ' | ' | ' |
Risk-free interest rate | ' | ' | 0.85% | 1.09% | 2.29% |
Expected volatility | ' | ' | 83.40% | 80.80% | 72.20% |
Expected life (in years) | ' | ' | '5 years 3 months | '5 years | ' |
Expected forfeiture rate | ' | ' | 5.00% | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Note 10 - Stock Based Compensation (Details) - Fair Value of Option Assumptions [Line Items] | ' | ' | ' | ' | ' |
Risk-free interest rate | ' | ' | 1.19% | 2.97% | 2.97% |
Expected volatility | ' | ' | 97.90% | 82.30% | 81.00% |
Expected life (in years) | ' | ' | '6 years | '6 years 3 months | ' |
Expected forfeiture rate | ' | ' | 7.50% | ' | ' |
Note_11_Warrants_Details
Note 11 - Warrants (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 66 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 66 Months Ended | 1 Months Ended | |||||||||||||||||||
Aug. 08, 2011 | Jun. 03, 2013 | Sep. 30, 2009 | Dec. 31, 2013 | Dec. 31, 2011 | Aug. 31, 2015 | Oct. 28, 2013 | Oct. 27, 2013 | 30-May-13 | Dec. 31, 2012 | Dec. 31, 2010 | Jan. 31, 2003 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2013 | Dec. 31, 2011 | Jun. 30, 2012 | Aug. 31, 2015 | Sep. 30, 2009 | Dec. 31, 2013 | |
Purchased Common Stock Exercise Of Warrant [Member] | Purchased Common Stock Exercise Of Warrant [Member] | Purchased Common Stock Exercise Of Warrant [Member] | Warrant Liability [Member] | Warrant Liability [Member] | Warrant Liability [Member] | Gross Amount [Member] | Gross Amount [Member] | Gross Amount [Member] | Waived Warrant [Member] | Waived Warrant [Member] | Hercules Credit Agreement [Member] | Hercules Credit Agreement [Member] | Oxford and Horizon Credit Agreement [Member] | Oxford and Horizon Credit Agreement [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |||||||||||||
Note 11 - Warrants (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Warrants Issued (in Shares) | ' | ' | ' | 1,341,382 | 2,394,398 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 194,986 | ' | 11,415 | ' | ' | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 194,986 | ' | 11,415 | ' | ' | 463,000 |
Proceeds from Warrant Exercises | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $200,000 | $10,200,000 | $400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Stock, Shares Issued (in Shares) | 462,960 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,833 | 847,715 | 34,859 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Warrants | ' | ' | 7,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Warrants, Net | ' | ' | 6,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock and Warrants Issued, Shares (in Shares) | ' | ' | 484,478 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Issued (in Shares) | ' | ' | 224,239 | 13,737,970 | ' | ' | ' | ' | ' | 8,437,267 | ' | 253,691 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment Warrants, Exercise Price (in Dollars per share) | ' | ' | ' | ' | ' | $23.58 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Warrants Weighted Average Remaining Contractual Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | ' | ' | ' | '3 years 204 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '66 months | ' |
Class of Warrant or Right, Outstanding (in Shares) | ' | ' | ' | 3,268,013 | 2,577,470 | ' | 3,100,000 | 13,800,000 | 1,398,816 | 1,749,667 | 224,239 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification From Equity to Liability | ' | 9,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,110,302 | ' | ' | ' | ' | ' | ' | ' |
Reverse Stock Split Reclassification From Liability to Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,300,000 | -5,300,572 | ' | ' | ' | ' | ' | ' | ' |
Common Stock Warrant Liability | ' | ' | ' | 3,026 | 166,398 | ' | ' | ' | ' | 4,283,932 | 248,131 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
undefined | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,100,000 | ' | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Warrant Liability Benefit from Adjustment in Warrant Liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_11_Warrants_Details_Summa
Note 11 - Warrants (Details) - Summary of Warrant Activity (USD $) | 12 Months Ended | |||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 28, 2013 | Oct. 27, 2013 | 30-May-13 | Feb. 26, 2013 | Dec. 31, 2010 |
Note 11 - Warrants (Details) - Summary of Warrant Activity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Outstanding- Number of Warrants Issued | 3,268,013 | 1,749,667 | 2,577,470 | 3,100,000 | 13,800,000 | 1,398,816 | ' | 224,239 |
Warrants Outstanding- Weighted Average Exercise Price (in Dollars per Item) | ' | 15.17 | 1,418 | ' | ' | ' | 5.31 | 23.58 |
Warrant Issued | 1,341,382 | ' | 2,394,398 | ' | ' | ' | ' | ' |
Warrant Issued (in Dollars per share) | $5.31 | ' | ' | ' | ' | ' | ' | ' |
Warrants exercised for common stock warrants -Number of Warrants Issued | -15,833 | -847,715 | ' | ' | ' | ' | ' | ' |
Warrants exercised for common stock warrants -Weighted Average Exercise Price (in Dollars per share) | $14.63 | $12.11 | ' | ' | ' | ' | ' | ' |
(in Dollars) | $3,268,013 | ' | ' | ' | ' | ' | $5.40 | ' |
(in Dollars per share) | $10.43 | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of outstanding warrants at December 31, 2013 (in Dollars per share) | $58,496 | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining contractual terms (years) | '3 years 204 days | ' | ' | ' | ' | ' | ' | ' |
Warrant [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Note 11 - Warrants (Details) - Summary of Warrant Activity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants exercised for common stock warrants -Number of Warrants Issued | ' | ' | -34,859 | ' | ' | ' | ' | ' |
Warrants exercised for common stock warrants -Weighted Average Exercise Price (in Dollars per share) | ' | ' | $12.29 | ' | ' | ' | ' | ' |
Oxford and Horizon Credit Agreement [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Note 11 - Warrants (Details) - Summary of Warrant Activity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant Issued | ' | ' | 11,415 | ' | ' | ' | ' | ' |
Warrant Issued (in Dollars per share) | ' | ' | $13.14 | ' | ' | ' | ' | ' |
Hercules Credit Agreement [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Note 11 - Warrants (Details) - Summary of Warrant Activity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant Issued | 194,986 | ' | ' | ' | ' | ' | ' | ' |
Warrant Issued (in Dollars per share) | $3.59 | ' | ' | ' | ' | ' | ' | ' |
Issued In Connection With 2011 Equity Transactions [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Note 11 - Warrants (Details) - Summary of Warrant Activity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant Issued | ' | ' | 2,394,398 | ' | ' | ' | ' | ' |
Warrant Issued (in Dollars per share) | ' | ' | $13.28 | ' | ' | ' | ' | ' |
Note_11_Warrants_Details_Fair_
Note 11 - Warrants (Details) - Fair Value of Warrants Assumptions | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | |
Minimum [Member] | Maximum [Member] | ||
Note 11 - Warrants (Details) - Fair Value of Warrants Assumptions [Line Items] | ' | ' | ' |
Risk-free interest rate | 0.73% | 0.13% | 0.83% |
Expected volatility | 92.02% | 64.74% | 75.17% |
Expected life (in years) | '1 year 47 days | '1 year 3 months | '1 year 219 days |
Expected forfeiture rate | 0.00% | 0.00% | 0.00% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Note_11_Warrants_Details_Commo
Note 11 - Warrants (Details) - Common Stock Warrant Liability (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||
Jun. 03, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 28, 2013 | Dec. 31, 2013 | |
Waived Warrant [Member] | Waived Warrant [Member] | |||||
Note 11 - Warrants (Details) - Common Stock Warrant Liability [Line Items] | ' | ' | ' | ' | ' | ' |
Common Stock Warrant Liability | ' | $4,283,932 | $166,398 | $248,131 | ' | ' |
Fair value of warrants classified as liability (see Note 9) | 9,100,000 | ' | ' | ' | ' | 9,110,302 |
Fair value of warrants classified as equity (see Note 9) | ' | ' | ' | ' | 5,300,000 | -5,300,572 |
Benefit /Lossfrom the adjustment for the change in fair value included in net loss | ' | -8,090,636 | 4,117,534 | -81,733 | ' | ' |
Common Stock Warrant Liability | ' | $3,026 | $4,283,932 | $166,398 | ' | ' |
Note_12_Celsion_Employee_Benef1
Note 12 - Celsion Employee Benefit Plans (Details) (USD $) | 12 Months Ended | 63 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
Disclosure Text Block Supplement [Abstract] | ' | ' | ' | ' |
Minimum Age For Employee Benefit Plan | 21 | ' | ' | 21 |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | ' | ' | ' | 3.00% |
Defined Benefit Plan, Contributions by Employer | $62,546 | $57,239 | $60,360 | ' |
Note_13_Licenses_Of_Intellectu1
Note 13 - Licenses Of Intellectual Property And Patents (Details) (USD $) | 12 Months Ended | 170 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2009 | Jan. 31, 2003 |
Disclosure Text Block [Abstract] | ' | ' | ' | ' | ' |
Number Of Days Before Issuance Factoring Into Average Closing Price | ' | '20 days | ' | ' | ' |
Amount Of Time After Effective Date Of License Agreement For Registration Rights To Take Place | ' | '1 year | ' | ' | ' |
Common Stock, Shares, Issued (in Shares) | 13,737,970 | 13,737,970 | 8,437,267 | 224,239 | 253,691 |
Common Stock, Value, Issued (in Dollars) | ' | ' | ' | ' | $2.20 |
Number Of Trademark Protection Application Pending For Thermo Dox | 14 | ' | ' | ' | ' |
Note_14_Technology_Development1
Note 14 - Technology Development and Licensing Agreements (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 63 Months Ended | |
Jan. 18, 2013 | Jan. 31, 2011 | Mar. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | |
Note 14 - Technology Development and Licensing Agreements (Details) [Line Items] | ' | ' | ' | ' | ' |
Other Receivables | ' | ' | ' | ' | $371,000 |
Proceeds from License Fees Received | 5,000,000 | ' | ' | 2,500,000 | ' |
Deferred Revenue | 5,000,000 | ' | ' | ' | ' |
Deferred Revenue Amortization Period | ' | ' | 10 | ' | ' |
Proceeds from Issuance of Convertible Preferred Stock | ' | 4,000,000 | ' | ' | ' |
Percentage Reduction On Milestone Payments | ' | 40.00% | ' | ' | ' |
Preferred Equity Financing [Member] | ' | ' | ' | ' | ' |
Note 14 - Technology Development and Licensing Agreements (Details) [Line Items] | ' | ' | ' | ' | ' |
Proceeds from Issuance of Convertible Preferred Stock | ' | 2,000,000 | ' | ' | ' |
Requires Enrollment Of Patients [Member] | ' | ' | ' | ' | ' |
Note 14 - Technology Development and Licensing Agreements (Details) [Line Items] | ' | ' | ' | ' | ' |
Proceeds from Issuance of Convertible Preferred Stock | ' | $2,000,000 | ' | ' | ' |
Note_15_Contingent_Liabilities2
Note 15 - Contingent Liabilities And Commitments (Details) (USD $) | 1 Months Ended | ||
Apr. 30, 2012 | Jul. 31, 2011 | Apr. 30, 2013 | |
sqft | |||
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Area of Real Estate Property (in Square Feet) | ' | 10,870 | ' |
Lease Term | ' | '66 months | ' |
Number of Months in Which Free Rent is Provided | ' | '6 months | ' |
Payments for Rent | $23,000 | ' | ' |
Letter of Credit Required by Lease, Face Amount | ' | 250,000 | ' |
Reduction Amount on Letter of Credit Required by Lease | ' | 50,000 | 50,000 |
Lette of Credit Amount Remaining Until Lease Term Expires | ' | 100,000 | ' |
Reduction of Escrow Deposit | ' | ' | $50,000 |
Note_15_Contingent_Liabilities3
Note 15 - Contingent Liabilities And Commitments (Details) - Summary of the Future Minimum Payments Required Under Leases (USD $) | Dec. 31, 2013 |
Summary of the Future Minimum Payments Required Under Leases [Abstract] | ' |
2014 | $11,303 |
2014 | 286,243 |
2015 | 291,678 |
2016 | 297,113 |
2017 | 99,642 |
Total minimum lease payments | 11,303 |
Total minimum lease payments | 974,676 |
Less amounts of lease payments that represent interest | 412 |
Present value of future minimum capital lease payments | 10,891 |
Less current obligations under capital leases | $10,891 |
Note_16_Subsequent_Events_Deta
Note 16 - Subsequent Events (Details) (USD $) | 0 Months Ended | 1 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | 30-May-13 | Feb. 25, 2013 | Sep. 30, 2009 | Dec. 31, 2013 | Feb. 26, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jan. 15, 2014 | Jan. 15, 2014 | Jan. 15, 2015 | Jan. 15, 2014 | Jan. 15, 2014 |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||||||
Common Stock [Member] | Warrant Unit A [Member] | Warrant Unit B [Member] | Warrant Unit B [Member] | ||||||||||
Note 16 - Subsequent Events (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | 1,392,109 | 1,195,927 | ' | ' | ' | ' | ' | ' | 3,603,604 | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share (in Dollars per share) | ' | ' | ' | $0.01 | ' | $0.01 | ' | ' | ' | ' | ' | ' | $0.01 |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25 | ' | 0.25 | 1,801,802 |
Proceeds from Issuance of Warrants (in Dollars) | ' | ' | $7.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15 |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Item) | ' | ' | ' | ' | 5.31 | 15.17 | 1,418 | 23.58 | ' | 4.1625 | 4.1 | 4.1625 | ' |
Note_17_Selected_Quarterly_Fin2
Note 17 - Selected Quarterly Financial Data (Unaudited) (Details) - Selected Quarterly Financial Data (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
2013 | ' | ' | ' |
Net loss | ($8,251,358) | ($26,568,382) | ($23,222,678) |
Non-cash deemed dividend from beneficial conversion feature on convertible preferred stock | 4,601,410 | ' | ' |
Quarter1 [Member] | ' | ' | ' |
2013 | ' | ' | ' |
Total revenue | 125,000 | ' | ' |
Net loss | -651,000 | -6,186,000 | ' |
Non-cash deemed dividend from beneficial conversion feature on convertible preferred stock | -4,601,000 | ' | ' |
Basic and diluted net loss per share (in Dollars per share) | ($480) | ($190) | ' |
Quarter2 [Member] | ' | ' | ' |
2013 | ' | ' | ' |
Total revenue | 125,000 | ' | ' |
Net loss | 421,000 | -6,104,000 | ' |
Basic and diluted net loss per share (in Dollars per share) | $30 | ($180) | ' |
Quarter3 [Member] | ' | ' | ' |
2013 | ' | ' | ' |
Total revenue | 125,000 | ' | ' |
Net loss | -4,072,000 | -6,018,000 | ' |
Basic and diluted net loss per share (in Dollars per share) | ($300) | ($180) | ' |
Quarter4 [Member] | ' | ' | ' |
2013 | ' | ' | ' |
Total revenue | 125,000 | ' | ' |
Net loss | ($3,949,000) | ($8,260,000) | ' |
Basic and diluted net loss per share (in Dollars per share) | ($290) | ($230) | ' |