Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 31, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | Synthetic Biologics, Inc. | |
Entity Central Index Key | 894,158 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | SYN | |
Entity Common Stock, Shares Outstanding | 128,247,070 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Cash and cash equivalents | $ 13,376 | $ 19,055 |
Prepaid expenses and other current assets | 1,540 | 2,515 |
Total Current Assets | 14,916 | 21,570 |
Property and equipment, net | 800 | 905 |
Deposits and other assets | 24 | 23 |
Total Assets | 15,740 | 22,498 |
Current Liabilities: | ||
Accounts payable | 1,723 | 1,993 |
Accrued expenses | 1,750 | 2,627 |
Warrant liabilities | 7,573 | 14,821 |
Accrued employee benefits | 1,209 | 313 |
Deferred rent | 75 | 3 |
Total Current Liabilities | 12,330 | 19,757 |
Long term deferred rent | 448 | 492 |
Total Liabilities | 12,778 | 20,249 |
Stockholders’ Equity: | ||
Preferred stock, $0.001 par value; 10,000,000 shares authorized, none issued and outstanding | 0 | 0 |
Common stock, $0.001 par value; 250,000,000 shares authorized, 127,827,578 issued and 127,746,096 outstanding and 117,254,196 issued and 117,172,714 outstanding | 128 | 117 |
Additional paid-in capital | 183,837 | 175,762 |
Accumulated deficit | (179,135) | (172,034) |
Total Synthetic Biologics, Inc. and Subsidiaries Equity | 4,830 | 3,845 |
Non-controlling interest | (1,868) | (1,596) |
Total Stockholders' Equity | 2,962 | 2,249 |
Total Liabilities and Stockholders' Equity | $ 15,740 | $ 22,498 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares, issued | 127,827,578 | 117,254,196 |
Common stock, shares outstanding | 127,746,096 | 117,172,714 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Operating Costs and Expenses: | ||||
General and administrative | $ 1,644 | $ 2,147 | $ 3,734 | $ 4,573 |
Research and development | 4,831 | 7,164 | 10,891 | 15,319 |
Total Operating Costs and Expenses | 6,475 | 9,311 | 14,625 | 19,892 |
Loss from Operations | (6,475) | (9,311) | (14,625) | (19,892) |
Other Income: | ||||
Change in fair value of warrant liability | 2,159 | 3,513 | 7,249 | 3,015 |
Interest income | 1 | 34 | 3 | 35 |
Total Other Income | 2,160 | 3,547 | 7,252 | 3,050 |
Net Loss | (4,315) | (5,764) | (7,373) | (16,842) |
Net Loss Attributable to Non-controlling Interest | (60) | (82) | (272) | (315) |
Net Loss Attributable to Synthetic Biologics, Inc. and Subsidiaries | $ (4,255) | $ (5,682) | $ (7,101) | $ (16,527) |
Net Loss Per Share - Basic and Dilutive | $ (0.03) | $ (0.06) | $ (0.06) | $ (0.18) |
Net Loss Per Share - Dilutive | $ (0.03) | $ (0.10) | $ (0.06) | $ (0.21) |
Weighted average number of shares outstanding during the period - Basic | 123,005,220 | 91,015,733 | 120,241,593 | 90,921,243 |
Weighted average number of shares outstanding during the period - Dilutive | 123,005,220 | 93,930,540 | 120,241,593 | 92,651,215 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash Flows From Operating Activities: | ||
Net Loss | $ (7,373) | $ (16,842) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 2,006 | 1,959 |
Change in fair value of warrant liabilities | (7,249) | (3,015) |
Depreciation | 116 | 57 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 975 | 3,745 |
Deposits and other assets | (1) | (11) |
Accounts payable | (270) | 143 |
Accrued expenses | (877) | 1,543 |
Accrued employee benefits | 896 | 897 |
Deferred rent | 29 | (10) |
Net Cash Used In Operating Activities | (11,748) | (11,534) |
Cash Flows From Investing Activity: | ||
Purchases of property and equipment | (11) | (45) |
Net Cash Used In Investing Activity | (11) | (45) |
Cash Flows From Financing Activities: | ||
Proceeds from issuance of common stock for stock option exercises | 166 | 810 |
Proceeds from “at the market” stock issuance | 5,914 | 0 |
Net Cash Provided By Financing Activities | 6,080 | 810 |
Net decrease in cash | (5,679) | (10,769) |
Cash at beginning of period | 19,055 | 20,818 |
Cash at end of period | 13,376 | 10,049 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 0 | 0 |
Cash paid for taxes | $ 0 | $ 0 |
Organization, Nature of Operati
Organization, Nature of Operations and Basis of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Organization, Nature of Operations and Basis of Presentation Description of Business Synthetic Biologics, Inc. (the “Company” or “Synthetic Biologics”) is a late-stage clinical company developing therapeutics designed to preserve the microbiome to protect and restore the health of patients. The Company’s lead candidates poised for Phase 3 development are: (1) SYN-004 (ribaxamase) which is designed to protect the gut microbiome (gastrointestinal (GI) microflora) from the effects of certain commonly used intravenous (IV) antibiotics for the prevention of C. difficile Basis of Presentation The accompanying condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC for interim financial information. Accordingly, they do not include all of the information and notes required by Accounting Principles Generally Accepted in the United States of America (“U.S. GAAP”) for complete financial statements. The accompanying condensed consolidated financial statements include all adjustments, comprised of normal recurring adjustments, considered necessary by management to fairly state the Company’s results of operations, financial position and cash flows. The operating results for the interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2016 Form 10-K. The interim results for the three and six months ended June 30, 2017 are not necessarily indicative of results for the full year. The condensed consolidated financial statements are prepared in conformity with U.S. GAAP, which requires the use of estimates, judgments and assumptions that affect the amounts of assets and liabilities at the reporting date and the amounts of revenue and expenses in the periods presented. The Company believes that the accounting estimates employed are appropriate and the resulting balances are reasonable; however, due to the inherent uncertainties in making estimates, actual results could differ from the original estimates, requiring adjustments to these balances in future periods. Recent Accounting Pronouncements and Developments In May 2017, the Financial Accounting Standards Board, (“FASB”) issued Accounting Standards Update (“ASU”) 2017-09, Scope of Modification Accounting, clarifies Topic 718, Compensation Stock Compensation, In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments , In March 2016, the FASB, issued ASU, No. 2016-09, Compensation - Stock Compensation (Topic 718) In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842 In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date · ASU No. 2016-10, Identifying Performance Obligations and Licensing (Topic 606); · ASU No. 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting; · ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients · ASU No. 2016-20, Technical Correction and Improvements and · ASU No. 2016-20, Technical correction and improvements to Topic 606, Revenue form Contracts with Customers The adoption of ASU 2014-09 may have a material effect on the recognition of future revenues. ASU 2014-09 differs from the current accounting standard in many respects, such as in the accounting for variable consideration, including milestone payments. Accordingly, we expect that our evaluation of the accounting for collaboration agreements under the new revenue standard could identify material changes from the current accounting treatment. The new accounting standard will require entities to determine an appropriate attribution method using either output or input methods and does not include a presumption that entities would default to a ratable attribution approach for upfront non-refundable fees. These factors could materially impact the amount and timing of our revenue recognition from our license and collaboration agreements under the new revenue standard. The Company will need to evaluate the impact of adoption ASU No. 2014-09 on its results of operations, cash flows and financial position. |
Going Concern
Going Concern | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Substantial Doubt about Going Concern [Text Block] | 2. Going Concern The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern. The Company has recurring losses and as of June 30, 2017 the Company has an accumulated deficit of approximately $ 179.1 The Company’s ability to continue as a going concern is dependent upon the Company’s ability to raise additional debt or equity capital. There can be no assurance that such capital will be available in sufficient amounts or on terms acceptable to the Company. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying condensed consolidated financial statements do not include any adjustments relating to the recoverability of the recorded assets or the classification of liabilities that may be necessary should the Company be unable to continue as a going concern. The Company does not have sufficient capital to fund its plan of operations over the next twelve months. In order to address its capital needs, including its planned Phase 2b/3 and Phase 3 clinical trials, the Company is actively pursuing additional equity or debt financing in the form of either a private placement or a public offering. The Company has been in ongoing discussions with strategic institutional investors and investment banks with respect to such possible offerings. Such additional financing opportunities might not be available to the Company, when and if needed, on acceptable terms or at all. If the Company is unable to obtain additional financing in sufficient amounts or on acceptable terms under such circumstances, the Company’s operating results and prospects will be adversely affected. With the exception of the quarter ended June 30, 2010, the Company has incurred negative cash flow from operations since its inception. The Company has spent, and expects to continue to spend, substantial amounts in connection with implementing its business strategy, including its planned product development efforts, clinical trials, and research and discovery efforts. At June 30, 2017, the Company had cash and cash equivalents of approximately $ 13.4 The actual amount of funds the Company will need to operate is subject to many factors, some of which are beyond the Company’s control. These factors include the following: · the progress of research activities; · the number and scope of research programs; · the progress of preclinical and clinical development activities; · the progress of the development efforts of parties with whom the Company has entered into research and development agreements; · the costs associated with additional clinical trials of product candidates; · the ability to maintain current research and development licensing arrangements and to establish new research and development, and licensing arrangements; · the ability to achieve milestones under licensing arrangements; · the costs associated with manufacturing-related services to produce material for use in its clinical trials; · the costs involved in prosecuting and enforcing patent claims and other intellectual property rights; and · the costs and timing of regulatory approvals. The Company has based its estimates on assumptions that may prove to be wrong. The Company may need to obtain additional funds sooner or in greater amounts than it currently anticipates. If the Company raises funds by selling additional shares of common stock or other securities convertible into common stock, the ownership interest of the existing stockholders will be diluted. If the Company is not able to obtain financing when needed, it may be unable to carry out its business plan. As a result, the Company may have to significantly limit its operations and its business, financial condition and results of operations would be materially harmed. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 3. Fair Value of Financial Instruments Fair Value of Financial Instruments The fair value accounting standards define fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is determined based upon assumptions that market participants would use in pricing an asset or liability. Fair value measurements are rated on a three-tier hierarchy as follows: · Level 1 inputs: Quoted prices (unadjusted) for identical assets or liabilities in active markets; · Level 2 inputs: Inputs, other than quoted prices, included in Level 1 that are observable either directly or indirectly; and · Level 3 inputs: Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions. In many cases, a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy described above. The lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy. The carrying amounts of the Company’s short-term financial instruments, including cash and cash equivalents, other current assets, accounts payable and accrued liabilities approximate fair value due to the relatively short period to maturity for these instruments. Cash and cash equivalents include money market accounts of $ 0.2 million 1.7 The warrants issued in conjunction with the registered direct offering in October 2014 include a provision that if the Company were to enter into a certain transaction, as defined in the warrant agreement, the warrants would be purchased from the holder at a premium. The warrants issued in conjunction with the public offering of the Company’s securities in November 2016 include a provision, that if the Company were to enter into a certain transaction, as defined in the warrant agreement, the warrants would be purchased from the holder for cash. Accordingly, the Company recorded the warrants as liabilities at their fair value upon issuance and re-measures the fair value at each period end with the change in fair value recorded in the condensed consolidated statement of operations. The Company uses a Monte Carlo simulation to estimate the fair value of the warrants. In using this model, the fair value is determined by applying Level 3 inputs for which there is little or no observable market data, requiring the Company to develop its own assumptions. The assumptions used in calculating the estimated fair value of the warrants represent the Company’s best estimates; however, these estimates involve inherent uncertainties and the application of management judgment. As a result, if factors change and different assumptions are used, the warrant liability and the change in estimated fair value could be materially different. |
Selected Balance Sheet Informat
Selected Balance Sheet Information | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Balance Sheet Disclosures [Text Block] | 4. Selected Balance Sheet Information June 30, December 31, Clinical consulting services refund receivable $ 612 $ - Prepaid conferences, travel and other expenses 382 295 Grant receivable 315 185 Prepaid insurance 185 358 Prepaid clinical research organizations 46 1,677 Total $ 1,540 $ 2,515 Prepaid clinical research organizations expense is classified as a current asset. The Company makes payments to the clinical research organizations based on agreed upon terms that include payments in advance of study services. The Company anticipates that the majority of the prepaid clinical research organization expenses will be applied to research and development expenses during fiscal year 2017. June 30, December 31, Computers and office equipment $ 653 $ 641 Leasehold improvements 439 439 Software 11 11 1,103 1,091 Less accumulated depreciation and amortization (303) (186) Total $ 800 $ 905 June 30, December 31, Accrued clinical consulting services $ 1,129 $ 2,211 Accrued manufacturing costs 368 14 Accrued vendor payments 249 400 Other accrued expenses 4 2 Total $ 1,750 $ 2,627 June 30, December 31, Accrued bonus expense $ 842 $ - Accrued vacation expense 367 261 Other accrued employee benefits - 52 Total $ 1,209 $ 313 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 5. Stock-Based Compensation Stock Incentive Plans On March 20, 2007, the Company’s Board of Directors approved the 2007 Stock Incentive Plan (the “2007 Stock Plan”) for the issuance of up to 2,500,000 250,000 743,924 On November 2, 2010, the Board of Directors and stockholders adopted the 2010 Stock Incentive Plan (“2010 Stock Plan”) for the issuance of up to 3,000,000 3,000,000 6,000,000 6,000,000 8,000,000 8,000,000 14,000,000 10,654,187 In the event of an employee’s termination, the Company will cease to recognize compensation expense for that employee. There is no deferred compensation recorded upon initial grant date; instead, the fair value of the stock-based payment is recognized ratably over the stated vesting period. The Company has applied fair value accounting for all stock-based payment awards since inception. The fair value of each option or warrant granted is estimated on the date of grant using the Black-Scholes option pricing model. There were no options granted during the three months ended June 30, 2017. Six months ended June 30, 2017 2016 Exercise price $0.83 - $0.87 $1.08 - $2.66 Expected dividends 0% 0% Expected volatility 90% - 92% 102% - 117% Risk free interest rate 1.67% - 1.75% 1.40% - 1.57% Expected life of option 4.2 - 4.3 years 7.0 years The Company records stock-based compensation based upon the stated vested provisions in the related agreements. The vesting provisions for these agreements have various terms as follows: ⋅ immediate vesting; ⋅ half vesting immediately and remaining over three years; ⋅ quarterly over three years; ⋅ annually over three years; ⋅ one-third immediate vesting and remaining annually over two years; ⋅ one half immediate vesting and remaining over nine months; ⋅ one quarter immediate vesting and remaining over three years; ⋅ one quarter immediate vesting and remaining over 33 months; and ⋅ monthly over three years. During the six months ended June 30, 2017, the Company granted 543,927 308,000 560,000 962,000 A summary of stock option activities for the six months ended June 30, 2017, and for the year ended December 31, 2016, is as follows: Weighted Weighted Average Aggregate Average Exercise Remaining Intrinsic Options Price Contractual Life Value Balance - December 31, 2015 8,941,930 $ 2.14 5.67 years $ 2,900,000 Granted 3,861,425 0.98 Exercised (445,334) 1.83 $ 137,488 Expired (338,529) 1.96 Forfeited (383,265) 2.26 Balance - December 31, 2016 11,636,227 1.77 5.49 years $ 194,355 Granted 543,927 0.85 Exercised (418,773) 0.40 $ 163,050 Expired (271,866) 1.84 Forfeited (91,404) 2.00 Balance - June 30, 2017 - outstanding 11,398,111 $ 1.77 5.46 years $ 8,733 Balance - June 30, 2017 - exercisable 6,798,003 $ 2.06 4.78 years $ 8,733 Grant date fair value of options granted - June 30, 2017 $ 308,000 Weighted average grant date fair value - June 30, 2017 $ 0.57 Grant date fair value of options granted - December 31, 2016 $ 3,091,000 Stock-based compensation expense included in general and administrative expenses and research and development expenses related to stock options issued to employees and consultants for the three months ended June 30, 2017 and 2016 was $ 870,000 907,000 2,006,000 1,959,000 As of June 30, 2017, total unrecognized stock-based compensation expense related to stock options was $ 4.6 |
Stock Purchase Warrants
Stock Purchase Warrants | 6 Months Ended |
Jun. 30, 2017 | |
Stock Purchase Warrants [Abstract] | |
Stock Purchase Warrants [Text Block] | 6. Stock Purchase Warrants On November 18, 2016, the Company completed a public offering of 25 million shares of common stock with accompanying warrants to purchase an aggregate of 50 million shares of common stock. The stock and warrants were sold in combination, with two warrants for each share of common stock sold, a Series A warrant and a Series B warrant, each representing the right to purchase one share of common stock. The purchase price for each share of common stock and accompanying warrants was $1.00. The shares of common stock were immediately separable from the warrants and were issued separately. The initial per share exercise price of the Series A warrants is $1.43 and the per share exercise price of the Series B warrants is $1.72, each subject to adjustment as specified in the Warrants. The Series A and Series B warrants may be exercised at any time on or after the date of issuance. The Series A warrants are exercisable until the four year anniversary of the issuance date. The Series B warrants are exercisable until December 31, 2017. The warrants include a provision that if the Company were to enter into a certain transaction, as defined in the agreement, the warrants would be purchased from the holder for cash. Accordingly, the Company recorded the warrants as a liability at their estimated fair value on the issuance date, which was $15.7 million, and changes in estimated fair value will be recorded as non-cash income or expense in the Company’s Statement of Operations at each subsequent period. At June 30, 2017, the fair value of the warrant liability was $6.6 million, which resulted in non-cash income of $2.0 million and $6.1 million for the three and six months ended June 30, 2017, respectively. In accordance with U.S. GAAP, the warrants were valued on the date of grant using a Monte Carlo simulation. Series A Series B June 30, December 31, Issuance June 30, December 31, Issuance Closing stock price $ 0.57 $ 0.76 $ 0.89 $ 0.57 $ 0.76 $ 0.89 Expected dividends 0 % 0 % 0 % 0 % 0 % 0 % Expected volatility 95 % 85 % 85 % 75 % 90 % 85 % Risk free interest rate 1.62 % 1.67 % 1.58 % 1.14 % 0.85 % 0.81 % Expected life of warrant (years) 3.4 3.9 4.0 0.5 1.0 1.1 On October 10, 2014, the Company raised net proceeds of $19.1 million through the sale of 14,059,616 units at a price of $1.47 per unit to certain institutional investors in a registered direct offering. Each unit consisted of one share of the Company’s common stock and a warrant to purchase 0.5 shares of common stock. The warrants, exercisable for an aggregate of 7,029,808 shares of common stock, have an exercise price of $1.75 per share and a life of five years. The warrants vested immediately and expire October 10, 2019. The warrants issued in conjunction with the registered direct offering in October 2014 include a provision that if the Company were to enter into a certain transaction, as defined in the agreement, the warrants would be purchased from the holder at a premium. Accordingly, the Company recorded the warrants as a liability at their estimated fair value on the issuance date, which was $7.4 million, and changes in estimated fair value are being recorded as non-cash income or expense in the Company’s condensed consolidated statement of operations at each subsequent period. At June 30, 2017, the fair value of the warrant liability was $1.0 million, which resulted in non-cash income of $0.2 million and $1.1 million for the three and six months ended June 30, 2017, respectively. At June 30, 2016, the fair value of the warrant liability was $7.6 million, which resulted in non-cash income of $3.5 million and $3.0 million for the three and six months ended June 30, 2016, respectively. In accordance with U.S. GAAP, the warrants were valued on the date of grant using the Black-Scholes valuation model which approximates the value derived using a Monte Carlo simulation. June 30, December 31, Issuance Closing stock price $ 0.57 $ 0.76 $ 1.75 Expected dividends 0 % 0 % 0 % Expected volatility 0.90 % 95 % 95 % Risk free interest rate 1.43 % 1.41 % 1.39 % Expected life of warrant (years) 2.30 2.79 5.0 (in thousands) Balance at December 31, 2016 $ 14,821 Change in fair value of warrant liability (7,249 ) Balance at June 30, 2017 $ 7,573 On October 25, 2012, the Company entered into a Common Stock Purchase Agreement with certain accredited investors. As part of this agreement, the Company issued warrants to purchase 635,855 shares of common stock to the placement agent, or its permitted assigns. The warrants have an exercise price of $1.60 and a life of five years. The warrants vested immediately and expire on October 25, 2017. Since these warrants were granted as part of an equity raise, the Company has treated them as a direct offering cost. Warrants outstanding as of June 30, 2017 were 311,834. Number of Weighted Average Balance at December 31, 2015 7,908,899 $ 1.79 Granted 50,000,000 1.58 Exercised - - Forfeited (567,257 ) 2.35 Balance at December 31, 2016 57,341,642 1.60 Granted - - Exercised - - Forfeited - - Balance at June 30, 2017 57,341,642 $ 1.60 Exercise Price Warrants Warrants Weighted Average $ 1.43 25,000,000 25,000,000 3.39 $ 1.60 311,834 311,834 0.32 $ 1.72 25,000,000 25,000,000 0.50 $ 1.75 7,029,808 7,029,808 2.28 $ 1.60 57,341,642 57,341,642 1.98 |
Net Loss per Share
Net Loss per Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 7. Net Loss per Share Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding. Diluted net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding including the effect of common share equivalents. Diluted net loss per share assumes the issuance of potential dilutive common shares outstanding for the period and adjusts for any changes in income and the repurchase of common shares that would have occurred from the assumed issuance, unless such effect is anti-dilutive. The number of options and warrants for the purchase of common stock that were excluded from the computations of net loss per common share for the three and six months ended June 30, 2017 were 11,398,111 57,341,642 8,613,413 829,091 (in thousands except share and per share amounts) Three months ended June 30, 2017 Six months ended June 30, 2017 Net loss Shares Per Share Net Loss Shares Per Share (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Net loss - Basic $ (4,255) 123,005,220 $ (0.03) $ (7,101) 120,241,593 $ (0.06) Dilutive shares related to warrants $ - - $ - $ - - $ - Net loss - Dilutive $ (4,255) 123,005,220 $ (0.03) $ (7,101) 120,241,593 $ (0.06) Three months ended June 30, 2016 Six months ended June 30, 2016 Net loss Shares Per Share Net Loss Shares Per Share (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Net loss - Basic $ (5,764) 91,015,733 $ (0.06) $ (16,842) 90,921,243 $ (0.18) Change in fair value of warrant liability $ (3,513) - $ - $ (3,015) - $ - Dilutive shares related to warrants $ - 2,914,807 $ - $ - 1,729,974 $ - Net loss - Dilutive $ (9,277) 93,930,540 $ (0.10) $ (19,857) 92,651,215 $ (0.21) |
Non-controlling Interest
Non-controlling Interest | 6 Months Ended |
Jun. 30, 2017 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest Disclosure [Text Block] | 8. Non-controlling Interest The Company’s non-controlling interest is accounted for under ASC 810, Consolidation 88.5 11.5 60,000 272,000 |
FBR Sales Agreement
FBR Sales Agreement | 6 Months Ended |
Jun. 30, 2017 | |
Federal Board Revenue Sales Agreement [Abstract] | |
Federal Board Revenue Sales Agreement Disclosure [Text Block] | 9. FBR Sales Agreement On August 5, 2016, the Company entered into the FBR Sales Agreement with FBR Capital Markets & Co., which enables the Company to offer and sell shares of the Company’s common stock with an aggregate sales price of up to $ 40.0 3.0 9.8 10.1 5.6 5.9 338,000 175,000 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 10. Related Party Transactions In December 2013, through the Company’s subsidiary, Synthetic Biomics, Inc., the Company entered into a worldwide exclusive license agreement with Cedars-Sinai Medical Center (“CSMC”) and acquired the rights to develop products for therapeutic and prophylactic treatments of acute and chronic diseases, including the development of SYN-010 to target IBS-C. The Company licensed from CSMC a portfolio of intellectual property comprised of several U.S. and foreign patents and pending patent applications for various fields of use, including IBS-C, obesity and diabetes. An investigational team led by Mark Pimentel, M.D. at CSMC discovered that these products may reduce the production of methane gas by certain GI microorganisms. During the six months ended June 30, 2017 and 2016, the Company did not pay Cedars-Sinai Medical Center for milestone payments related this license agreement. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 11. Subsequent Events The Company evaluated subsequent events through August 3, 2017 which is the date the condensed consolidated financial statements were issued. Other than the stock sales discussed in Note 9, no subsequent events were noted that required disclosure in the condensed consolidated financial statements. |
Selected Balance Sheet Inform17
Selected Balance Sheet Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Other Current Assets [Table Text Block] | Prepaid expenses and other current assets (in thousands) June 30, December 31, Clinical consulting services refund receivable $ 612 $ - Prepaid conferences, travel and other expenses 382 295 Grant receivable 315 185 Prepaid insurance 185 358 Prepaid clinical research organizations 46 1,677 Total $ 1,540 $ 2,515 |
Property, Plant and Equipment [Table Text Block] | Property and equipment, net (in thousands) June 30, December 31, Computers and office equipment $ 653 $ 641 Leasehold improvements 439 439 Software 11 11 1,103 1,091 Less accumulated depreciation and amortization (303) (186) Total $ 800 $ 905 |
Accrued Expenses [Table Text Block] | June 30, December 31, Accrued clinical consulting services $ 1,129 $ 2,211 Accrued manufacturing costs 368 14 Accrued vendor payments 249 400 Other accrued expenses 4 2 Total $ 1,750 $ 2,627 |
Accrued Employee Benefits [Table Text Block] | Accrued employee benefits (in thousands) June 30, December 31, Accrued bonus expense $ 842 $ - Accrued vacation expense 367 261 Other accrued employee benefits - 52 Total $ 1,209 $ 313 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award Options and Warrants Vested and Expected to Vest Outstanding and Exercisable [Table Text Block] | Six months ended June 30, 2017 2016 Exercise price $0.83 - $0.87 $1.08 - $2.66 Expected dividends 0% 0% Expected volatility 90% - 92% 102% - 117% Risk free interest rate 1.67% - 1.75% 1.40% - 1.57% Expected life of option 4.2 - 4.3 years 7.0 years |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of stock option activities for the six months ended June 30, 2017, and for the year ended December 31, 2016, is as follows: Weighted Weighted Average Aggregate Average Exercise Remaining Intrinsic Options Price Contractual Life Value Balance - December 31, 2015 8,941,930 $ 2.14 5.67 years $ 2,900,000 Granted 3,861,425 0.98 Exercised (445,334) 1.83 $ 137,488 Expired (338,529) 1.96 Forfeited (383,265) 2.26 Balance - December 31, 2016 11,636,227 1.77 5.49 years $ 194,355 Granted 543,927 0.85 Exercised (418,773) 0.40 $ 163,050 Expired (271,866) 1.84 Forfeited (91,404) 2.00 Balance - June 30, 2017 - outstanding 11,398,111 $ 1.77 5.46 years $ 8,733 Balance - June 30, 2017 - exercisable 6,798,003 $ 2.06 4.78 years $ 8,733 Grant date fair value of options granted - June 30, 2017 $ 308,000 Weighted average grant date fair value - June 30, 2017 $ 0.57 Grant date fair value of options granted - December 31, 2016 $ 3,091,000 |
Stock Purchase Warrants (Tables
Stock Purchase Warrants (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Stock Purchase Warrants [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | Series A Series B June 30, December 31, Issuance June 30, December 31, Issuance Closing stock price $ 0.57 $ 0.76 $ 0.89 $ 0.57 $ 0.76 $ 0.89 Expected dividends 0 % 0 % 0 % 0 % 0 % 0 % Expected volatility 95 % 85 % 85 % 75 % 90 % 85 % Risk free interest rate 1.62 % 1.67 % 1.58 % 1.14 % 0.85 % 0.81 % Expected life of warrant (years) 3.4 3.9 4.0 0.5 1.0 1.1 The assumptions used by the Company are summarized in the following table: June 30, December 31, Issuance Closing stock price $ 0.57 $ 0.76 $ 1.75 Expected dividends 0 % 0 % 0 % Expected volatility 0.90 % 95 % 95 % Risk free interest rate 1.43 % 1.41 % 1.39 % Expected life of warrant (years) 2.30 2.79 5.0 |
Schedule Of Estimated Fair Value Of The Warrant Liability [Table Text Block] | The following table summarizes the estimated fair value of the warrant liability (in thousands) Balance at December 31, 2016 $ 14,821 Change in fair value of warrant liability (7,249 ) Balance at June 30, 2017 $ 7,573 |
Schedule Of Warrant Activity [Table Text Block] | A summary of warrant activity for the Company for the six months ended June 30, 2017 and for the year ended December 31, 2016 is as follows: Number of Weighted Average Balance at December 31, 2015 7,908,899 $ 1.79 Granted 50,000,000 1.58 Exercised - - Forfeited (567,257 ) 2.35 Balance at December 31, 2016 57,341,642 1.60 Granted - - Exercised - - Forfeited - - Balance at June 30, 2017 57,341,642 $ 1.60 |
Schedule Of Warrant Outstanding and Exercisable [Table Text Block] | A summary of all outstanding and exercisable warrants as of June 30, 2017 is as follows: Exercise Price Warrants Warrants Weighted Average $ 1.43 25,000,000 25,000,000 3.39 $ 1.60 311,834 311,834 0.32 $ 1.72 25,000,000 25,000,000 0.50 $ 1.75 7,029,808 7,029,808 2.28 $ 1.60 57,341,642 57,341,642 1.98 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (in thousands except share and per share amounts) Three months ended June 30, 2017 Six months ended June 30, 2017 Net loss Shares Per Share Net Loss Shares Per Share (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Net loss - Basic $ (4,255) 123,005,220 $ (0.03) $ (7,101) 120,241,593 $ (0.06) Dilutive shares related to warrants $ - - $ - $ - - $ - Net loss - Dilutive $ (4,255) 123,005,220 $ (0.03) $ (7,101) 120,241,593 $ (0.06) Three months ended June 30, 2016 Six months ended June 30, 2016 Net loss Shares Per Share Net Loss Shares Per Share (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Net loss - Basic $ (5,764) 91,015,733 $ (0.06) $ (16,842) 90,921,243 $ (0.18) Change in fair value of warrant liability $ (3,513) - $ - $ (3,015) - $ - Dilutive shares related to warrants $ - 2,914,807 $ - $ - 1,729,974 $ - Net loss - Dilutive $ (9,277) 93,930,540 $ (0.10) $ (19,857) 92,651,215 $ (0.21) |
Going Concern (Details Textual)
Going Concern (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Retained Earnings (Accumulated Deficit) | $ (179,135) | $ (172,034) | ||
Cash and Cash Equivalents, at Carrying Value, Total | $ 13,376 | $ 19,055 | $ 10,049 | $ 20,818 |
Fair Value of Financial Instr22
Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Money Market Funds, at Carrying Value | $ 0.2 | $ 1.7 |
Selected Balance Sheet Inform23
Selected Balance Sheet Information (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Other Current Assets [Line Items] | ||
Clinical consulting services refund receivable | $ 612 | $ 0 |
Prepaid conferences, travel and other expenses | 382 | 295 |
Grant receivable | 315 | 185 |
Prepaid insurance | 185 | 358 |
Prepaid clinical research organizations | 46 | 1,677 |
Total | $ 1,540 | $ 2,515 |
Selected Balance Sheet Inform24
Selected Balance Sheet Information (Details 1) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 1,103 | $ 1,091 |
Less accumulated depreciation and amortization | (303) | (186) |
Total | 800 | 905 |
Computers and office equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 653 | 641 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 439 | 439 |
Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 11 | $ 11 |
Selected Balance Sheet Inform25
Selected Balance Sheet Information (Details 2) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Accrued Expenses [Line Items] | ||
Accrued clinical consulting services | $ 1,129 | $ 2,211 |
Accrued manufacturing costs | 368 | 14 |
Accrued vendor payments | 249 | 400 |
Other accrued expenses | 4 | 2 |
Total | $ 1,750 | $ 2,627 |
Selected Balance Sheet Inform26
Selected Balance Sheet Information (Details 3) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Accrued bonus expense | $ 842 | $ 0 |
Accrued vacation expense | 367 | 261 |
Other accrued employee benefits | 0 | 52 |
Total | $ 1,209 | $ 313 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected dividends | 0.00% | 0.00% |
Expected life of option | 7 years | |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise price | $ 0.83 | $ 1.08 |
Expected volatility | 90.00% | 102.00% |
Risk free interest rate | 1.67% | 1.40% |
Expected life of option | 4 years 2 months 12 days | |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise price | $ 0.87 | $ 2.66 |
Expected volatility | 92.00% | 117.00% |
Risk free interest rate | 1.75% | 1.57% |
Expected life of option | 4 years 3 months 18 days |
Stock-Based Compensation (Det28
Stock-Based Compensation (Details 1) - Stock Option [Member] - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options, Beginning Balance | 11,636,227 | 8,941,930 | |
Options, Granted | 543,927 | 3,861,425 | |
Options, Exercised | (418,773) | (445,334) | |
Options, Expired | (271,866) | (338,529) | |
Options, Forfeited | (91,404) | (383,265) | |
Options, Ending Balance | 11,398,111 | 11,636,227 | 8,941,930 |
Options, Exercisable | 6,798,003 | ||
Weighted Average Exercise Price, Beginning Balance | $ 1.77 | $ 2.14 | |
Weighted Average Exercise Price, Granted | 0.85 | 0.98 | |
Weighted Average Exercise Price, Exercised | 0.4 | 1.83 | |
Weighted Average Exercise Price, Expired | 1.84 | 1.96 | |
Weighted Average Exercise Price, Forfeited | 2 | 2.26 | |
Weighted Average Exercise Price, Ending Balance | 1.77 | $ 1.77 | $ 2.14 |
Weighted Average Exercise Price, Exercisable | $ 2.06 | ||
Weighted Average Remaining Contractual Life, Balance Outstanding | 5 years 5 months 16 days | 5 years 5 months 26 days | 5 years 8 months 1 day |
Weighted Average Remaining Contractual Life, Exercisable | 4 years 9 months 11 days | ||
Aggregate Intrinsic Value, Beginning Balance | $ 194,355 | $ 2,900,000 | |
Aggregate Intrinsic Value, Exercised | 163,050 | 137,488 | |
Aggregate Intrinsic Value, Ending Balance | 8,733 | 194,355 | $ 2,900,000 |
Aggregate Intrinsic Value, Exercisable | 8,733 | ||
Grant date fair value of options granted | $ 308,000 | $ 3,091,000 | |
Weighted average grant date fair value | $ 0.57 |
Stock-Based Compensation (Det29
Stock-Based Compensation (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Mar. 20, 2007 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Aug. 25, 2016 | May 15, 2015 | Oct. 22, 2013 | Nov. 02, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 4,600,000 | $ 4,600,000 | |||||||
Employees And Consultants [Member] | General and Administrative Expenses and Research and Development Expense [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Allocated Share-based Compensation Expense | $ 870,000 | $ 907,000 | $ 2,006,000 | $ 1,959,000 | |||||
Employee [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 543,927 | 560,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Fair Value | $ 308,000 | $ 962,000 | |||||||
2007 Stock Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,500,000 | 743,924 | 743,924 | ||||||
2007 Stock Plan [Member] | Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 250,000 | ||||||||
2010 Stock Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 10,654,187 | 10,654,187 | 3,000,000 | ||||||
2010 Stock Plan [Member] | Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 14,000,000 | 8,000,000 | 6,000,000 | ||||||
2010 Stock Plan [Member] | Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 8,000,000 | 6,000,000 | 3,000,000 |
Stock Purchase Warrants (Detail
Stock Purchase Warrants (Details) - $ / shares | 1 Months Ended | 6 Months Ended | 12 Months Ended |
Nov. 18, 2016 | Jun. 30, 2017 | Dec. 31, 2016 | |
Closing stock price | $ 1.75 | $ 0.57 | $ 0.76 |
Expected dividends | 0.00% | 0.00% | 0.00% |
Expected volatility | 95.00% | 0.90% | 95.00% |
Risk free interest rate | 1.39% | 1.43% | 1.41% |
Expected life of warrant (years) | 5 years | 2 years 3 months 18 days | 2 years 9 months 14 days |
Series A Warrants [Member] | |||
Closing stock price | $ 0.89 | $ 0.57 | $ 0.76 |
Expected dividends | 0.00% | 0.00% | 0.00% |
Expected volatility | 85.00% | 95.00% | 85.00% |
Risk free interest rate | 1.58% | 1.62% | 1.67% |
Expected life of warrant (years) | 4 years | 3 years 4 months 24 days | 3 years 10 months 24 days |
Series B Warrants [Member] | |||
Closing stock price | $ 0.89 | $ 0.57 | $ 0.76 |
Expected dividends | 0.00% | 0.00% | 0.00% |
Expected volatility | 85.00% | 75.00% | 90.00% |
Risk free interest rate | 0.81% | 1.14% | 0.85% |
Expected life of warrant (years) | 1 year 1 month 6 days | 6 months | 1 year |
Stock Purchase Warrants (Deta31
Stock Purchase Warrants (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Beginning Balance | $ 14,821 | |||
Change in fair value of warrant liability | $ 2,159 | $ 3,513 | 7,249 | $ 3,015 |
Ending Balance | $ 7,573 | $ 7,573 |
Stock Purchase Warrants (Deta32
Stock Purchase Warrants (Details 2) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Warrants, Beginning Balance | 57,341,642 | 7,908,899 |
Number of Warrants, Granted | 0 | 50,000,000 |
Number of Warrants, Exercised | 0 | 0 |
Number of Warrants, Forfeited | 0 | (567,257) |
Number of Warrants, Ending Balance | 57,341,642 | 57,341,642 |
Weighted Average Exercise Price, Beginning Balance | $ 1.6 | $ 1.79 |
Weighted Average Exercise Price, Granted | 0 | 1.58 |
Weighted Average Exercise Price, Exercised | 0 | 0 |
Weighted Average Exercise Price, Forfeited | 0 | 2.35 |
Weighted Average Exercise Price, Ending Balance | $ 1.6 | $ 1.6 |
Stock Purchase Warrants (Deta33
Stock Purchase Warrants (Details 3) | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Exercise Price 1.43 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 1.43 |
Warrants Outstanding | 25,000,000 |
Warrants Exercisable | 25,000,000 |
Weighted Average Remaining Contractual Life | 3 years 4 months 20 days |
Exercise Price 1.60 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 1.60 |
Warrants Outstanding | 311,834 |
Warrants Exercisable | 311,834 |
Weighted Average Remaining Contractual Life | 3 months 25 days |
Exercise Price 1.72 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 1.72 |
Warrants Outstanding | 25,000,000 |
Warrants Exercisable | 25,000,000 |
Weighted Average Remaining Contractual Life | 6 months |
Exercise Price 1.75 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 1.75 |
Warrants Outstanding | 7,029,808 |
Warrants Exercisable | 7,029,808 |
Weighted Average Remaining Contractual Life | 2 years 3 months 11 days |
Exercise Price 1.60 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 1.60 |
Warrants Outstanding | 57,341,642 |
Warrants Exercisable | 57,341,642 |
Weighted Average Remaining Contractual Life | 1 year 11 months 23 days |
Stock Purchase Warrants (Deta34
Stock Purchase Warrants (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Nov. 18, 2016 | Oct. 10, 2014 | Oct. 25, 2012 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Mar. 31, 2016 | |
Equity, Class of Treasury Stock [Line Items] | |||||||||
Change in fair value of warrant liability | $ (2,159) | $ (3,513) | $ (7,249) | $ (3,015) | |||||
Warrant liabilities | $ 7,573 | $ 7,573 | $ 14,821 | ||||||
Warrant [Member] | |||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||
Issuance Of Warrants To Purchase Of Common Stock | 635,855 | ||||||||
Warrants Exercise Price Per Share | $ 1.60 | ||||||||
Class of Warrant or Right, Outstanding | 311,834 | 311,834 | |||||||
Stock Warrants [Member] | |||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||
Sale of Stock, Price Per Share | $ 1.47 | ||||||||
Change in fair value of warrant liability | $ 7,400 | $ 200 | $ 3,500 | $ 1,100 | $ 3,000 | ||||
Proceeds from Issuance of Common Stock | $ 19,100 | ||||||||
Sale of Stock, Number of Shares Issued in Transaction | 14,059,616 | ||||||||
Issuance Of Warrants To Purchase Of Common Stock | 0.5 | ||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercisable, Number | 7,029,808 | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award Warrants Vested and Expected To Vest Outstanding Number | 1.75 | ||||||||
Warrant liabilities | 1,000 | 1,000 | $ 7,600 | ||||||
IPO [Member] | |||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||
Sale of Stock, Price Per Share | $ 1 | ||||||||
Stock Issued During Period, Shares, New Issues | 25,000,000 | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 50,000,000 | ||||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 15,700 | 6,600 | 6,600 | ||||||
Change in fair value of warrant liability | $ 2,000 | $ 6,100 | |||||||
IPO [Member] | Series A [Member] | |||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.43 | ||||||||
IPO [Member] | Series B [Member] | |||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.72 | ||||||||
Investment Warrants Expiration Date1 | Dec. 31, 2017 |
Net Loss per Share (Details)
Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net loss - Basic | $ (4,255) | $ (5,764) | $ (7,101) | $ (16,842) |
Change in fair value of warrant liabilities | (2,159) | (3,513) | (7,249) | (3,015) |
Dilutive Shares Related To Warrants | 0 | 0 | 0 | 0 |
Net loss - Dilutive | $ (4,255) | $ (9,277) | $ (7,101) | $ (19,857) |
Weighted Average Number of Shares Outstanding, Basic, Total | 123,005,220 | 91,015,733 | 120,241,593 | 90,921,243 |
Dilutive shares related to warrants | 2,914,807 | 1,729,974 | ||
Weighted Average Number of Shares Outstanding, Diluted, Total | 123,005,220 | 93,930,540 | 120,241,593 | 92,651,215 |
Earnings Per Share, Basic, Total | $ (0.03) | $ (0.06) | $ (0.06) | $ (0.18) |
Earnings Per Share, Diluted, Total | $ (0.03) | $ (0.10) | $ (0.06) | $ (0.21) |
Net Loss per Share (Details Tex
Net Loss per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Equity Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 11,398,111 | 8,613,413 | ||
Warrant [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 57,341,642 | 829,091 |
Non-controlling Interest (Detai
Non-controlling Interest (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Noncontrolling Interest [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 88.50% | 88.50% | ||
Net Loss Attributable to Non-controlling Interest | $ (60) | $ (82) | $ (272) | $ (315) |
Biomics and Mark Pimentel [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 11.50% | 11.50% |
FBR Sales Agreement (Details Te
FBR Sales Agreement (Details Textual) - Fbr Capital Markets Co [Member] - USD ($) | Aug. 05, 2016 | Jul. 31, 2017 | Jun. 30, 2017 | Jun. 30, 2017 |
Federal Board Revenue Sales Agreement [Line Items] | ||||
Stock Issued During Period, Value, New Issues | $ 40,000,000 | |||
Brokerage Commission percentage | 3.00% | |||
Stock Issued During Period, Shares, New Issues | 9,800,000 | 10,100,000 | ||
Proceeds from Issuance of Common Stock | $ 5,600,000 | $ 5,900,000 | ||
Subsequent Event [Member] | ||||
Federal Board Revenue Sales Agreement [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 338,000 | |||
Proceeds from Issuance of Common Stock | $ 175,000 |