Eloxx Pharmaceuticals (ELOX) 10-Q 14 Feb 14 2014 Q2 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	6 Months Ended
	Dec. 31, 2013	Jan. 31, 2014
Document Information [Line Items]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Dec-13	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'
Trading Symbol	'SNTI	'
Entity Common Stock, Shares Outstanding	'	5,042,275
Entity Registrant Name	'SENESCO TECHNOLOGIES INC	'
Entity Central Index Key	'0001035354	'
Current Fiscal Year End Date	'--06-30	'
Entity Filer Category	'Smaller Reporting Company	'

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2013	Jun. 30, 2013
CURRENT ASSETS:	'	'
Cash and cash equivalents	$6,121,895	$1,602,294
Prepaid research supplies and expenses	1,488,465	1,919,220
Total Current Assets	7,610,360	3,521,514
Equipment, furniture and fixtures, net	3,512	4,555
Intangible assets, net	3,482,388	3,566,497
Security deposit	5,171	5,171
TOTAL ASSETS	11,101,431	7,097,737
CURRENT LIABILITIES:	'	'
Accounts payable	477,628	637,320
Accrued expenses	616,903	387,540
Line of credit	2,187,082	2,187,082
Total Current Liabilities	3,281,613	3,211,942
Other liabilities	99,728	99,728
TOTAL LIABILITIES	3,381,341	3,311,670
COMMITMENTS	'	'
STOCKHOLDERS' EQUITY:	'	'
Common stock, $0.01 par value, authorized 500,000,000 shares, issued and outstanding4,957,275 and 2,272,062, respectively	49,573	22,721
Capital in excess of par	85,542,557	78,189,173
Deficit accumulated during the development stage	-77,872,046	-74,425,835
Total Stockholders' Equity	7,720,090	3,786,067
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	11,101,431	7,097,737
Series A Preferred stock	'	'
Convertible preferred stock	'	'
Preferred stock	$6	$8

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2013	Jun. 30, 2013
Preferred stock, par value	$0.01	$0.01
Preferred stock, authorized	5,000,000	5,000,000
Common stock, par value	$0.01	$0.01
Common stock, authorized	500,000,000	500,000,000
Common stock, issued	4,957,275	2,272,062
Common stock, outstanding	4,957,275	2,272,062
Series A Preferred stock	'	'
Preferred stock, shares issued	10,297	10,297
Preferred stock, shares outstanding	580	800
Preferred stock, liquidation preference	$594,500	$820,000

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $)	3 Months Ended		6 Months Ended		186 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
Licensing Revenue	$0	$0	$100,000	$0	$1,890,000
Operating expenses:	'	'	'	'	'
General and administrative	941,784	708,968	1,882,233	1,441,688	35,996,534
Research and development	647,123	591,079	1,374,242	1,104,512	24,696,513
Write-off of patents abandoned	0	0	185,161	0	2,158,595
Total operating expenses	1,588,907	1,300,047	3,441,636	2,546,200	62,851,642
Loss from operations	-1,588,907	-1,300,047	-3,341,636	-2,546,200	-60,961,642
Other non-operating income (expense)	'	'	'	'	'
Grant income	0	0	0	0	244,479
Change in fair value of warrant liability	0	64,440	0	44,292	8,701,721
Sale of state income tax loss - net	0	0	0	0	586,442
Other noncash (expense) income, net	0	0	0	0	205,390
Loss on settlement of warrant liabilities	0	0	0	-785,171	-1,724,546
Loss on extinguishment of debt	'	'	0	0	-361,877
Amortization of debt discount and financing costs	0	0	0	0	-11,227,870
Interest expense - convertible notes	0	0	0	0	-2,027,930
Interest (expense) income - net	-30,731	-34,278	-62,335	-68,260	102,566
Net loss	-1,619,638	-1,269,885	-3,403,971	-3,355,339	-66,463,267
Preferred dividends	-20,617	-23,986	-42,240	-648,155	-11,408,779
Loss applicable to common shares	-1,640,255	-1,293,871	-3,446,211	-4,003,494	-77,872,046
Other comprehensive loss	0	0	0	0	0
Comprehensive loss	($1,640,255)	($1,293,871)	($3,446,211)	($4,003,494)	($77,872,046)
Basic and diluted net loss per common share	($0.48)	($1.11)	($1.20)	($3.57)	'
Basic and diluted weighted-average number of common shares outstanding	3,443,109	1,169,753	2,875,517	1,122,123	'

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (USD $)

Total

Dividend Payment

2-Oct-13

16-Dec-13

Preferred stock

Preferred stock

Preferred stock

Preferred stock

Common Stock

Common Stock

Common Stock

Common Stock

Capital in Excess of Par Value

Capital in Excess of Par Value

Capital in Excess of Par Value

Capital in Excess of Par Value

Deficit accumulated during the development stage

Deficit accumulated during the development stage

Deficit accumulated during the development stage

Deficit accumulated during the development stage

Dividend Payment

2-Oct-13

16-Dec-13

Dividend Payment

2-Oct-13

16-Dec-13

Dividend Payment

2-Oct-13

16-Dec-13

Dividend Payment

2-Oct-13

16-Dec-13

Beginning Balance at Jun. 30, 2013

$3,786,067

'

'

'

$8

'

'

'

$22,721

'

'

'

$78,189,173

'

'

'

($74,425,835)

'

'

'

Beginning Balance (in shares) at Jun. 30, 2013

'

'

'

'

800

'

'

'

2,272,062

'

'

'

'

'

'

'

'

'

'

'

Issuance of common stock (in shares)

'

'

'

'

'

0

0

'

'

12,940

690,000

'

'

'

'

'

'

'

'

'

Issuance of common stock

'

20,000

1,725,000

'

'

0

0

'

'

129

6,900

'

'

47,611

1,718,100

'

'

-27,740

0

'

Commissions and other fees related to the issuance of common stock

'

'

-164,230

'

'

'

0

'

'

'

0

'

'

'

-164,230

'

'

'

0

'

Issuance of common stock and warrants (in shares)

'

'

'

'

'

'

'

0

'

'

'

1,800,000

'

'

'

'

'

'

'

'

Issuance of common stock and warrants

'

'

'

5,400,000

'

'

'

0

'

'

'

18,000

'

'

'

5,382,000

'

'

'

0

Commissions and other fees related to the issuance of common stock and warrants

'

'

'

-95,520

'

'

'

0

'

'

'

0

'

'

'

-95,520

'

'

'

0

Issuance of common stock in lieu of cash payment for services (in shares)

'

'

'

'

0

'

'

'

108,750

'

'

'

'

'

'

'

'

'

'

'

Issuance of common stock in lieu of cash payment for services

365,488

'

'

'

0

'

'

'

1,088

'

'

'

364,400

'

'

'

0

'

'

'

Stock-based compensation

101,769

'

'

'

0

'

'

'

0

'

'

'

101,769

'

'

'

0

'

'

'

Exercise of warrants (in shares)

'

'

'

'

0

'

'

'

290

'

'

'

'

'

'

'

'

'

'

'

Exercise of warrants

290

'

'

'

0

'

'

'

3

'

'

'

287

'

'

'

0

'

'

'

Preferred stock converted into common stock (in shares)

'

'

'

'

-220

'

'

'

73,333

'

'

'

'

'

'

'

'

'

'

'

Preferred stock converted into common stock

0

'

'

'

-2

'

'

'

733

'

'

'

-731

'

'

'

0

'

'

'

Cash paid for fractional shares due to reverse split (in shares)

'

'

'

'

0

'

'

'

-100

'

'

'

'

'

'

'

'

'

'

'

Cash paid for fractional shares due to reverse split

-303

'

'

'

0

'

'

'

-1

'

'

'

-302

'

'

'

0

'

'

'

Dividends accrued and upaid at December 31, 2013

-14,500

'

'

'

0

'

'

'

0

'

'

'

0

'

'

'

-14,500

'

'

'

Net loss

-3,403,971

'

'

'

0

'

'

'

0

'

'

'

0

'

'

'

-3,403,971

'

'

'

Ending Balance at Dec. 31, 2013

$7,720,090

'

'

'

$6

'

'

'

$49,573

'

'

'

$85,542,557

'

'

'

($77,872,046)

'

'

'

Ending Balance (in shares) at Dec. 31, 2013

'

'

'

'

580

'

'

'

4,957,275

'

'

'

'

'

'

'

'

'

'

'

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) (USD $)	6 Months Ended
	Dec. 31, 2013
2-Oct-13	'
Issuance of common stock, price per share	$2.50
Issuance of common stock, date	2-Oct-13
16-Dec-13	'
Issuance of common stock and warrants price per share	$3
Issuance of common stock, date	16-Dec-13

CONDENSED_CONSOLIDATED_STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended		186 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
Cash flows from operating activities:	'	'	'
Net loss	($3,403,971)	($3,355,339)	($66,463,267)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'	'
Noncash capital contribution	0	0	85,179
Noncash conversion of accrued expenses into equity	0	0	131,250
Noncash income related to change in fair value of warrant liability	0	-44,292	-9,022,980
Noncash charge for change in warrant terms	0	0	115,869
Issuance of common stock and warrants for interest	0	0	2,003,386
Issuance of common stock for services	0	0	53,800
Stock-based compensation expense	467,257	350,129	13,297,903
Depreciation and amortization	153,223	130,420	1,547,157
Write-off of intangibles	185,161	0	2,158,595
Amortization of convertible note discount	0	0	10,000,000
Amortization of deferred financing costs	0	0	1,227,869
Loss on settlement of warrant liabilities	'	785,171	1,724,546
Loss on extinguishment of debt	0	0	361,877
(Increase) decrease in operating assets:	'	'	'
Prepaid expenses and other current assets	430,755	252,976	-1,488,465
Security deposit	0	0	-5,171
Increase (decrease) in operating liabilities:	'	'	'
Accounts payable	-159,692	491,115	477,628
Accrued expenses	234,863	187,951	777,404
Net cash used in operating activities	-2,092,404	-1,201,869	-43,017,420
Cash flows from investing activities:	'	'	'
Patent costs	-253,232	-252,233	-7,005,705
Purchase of equipment, furniture and fixtures	0	-1,281	-185,947
Net cash used in investing activities	-253,232	-253,514	-7,191,652
Cash flows from financing activities:	'	'	'
Proceeds from grant	0	0	99,728
Proceeds (repayments) from line of credit	0	0	2,187,082
Proceeds from issuance of preferred stock and warrants, net	0	0	10,754,841
Redemption of convertible notes and warrants	0	0	-2,160,986
Deferred financing costs	0	0	-651,781
Proceeds from issuance of common stock and warrants, net and exercise of warrants and options	6,865,237	94,183	36,237,083
Net cash provided by financing activities	6,865,237	94,183	56,330,967
Net (decrease) increase in cash and cash equivalents	4,519,601	-1,361,200	6,121,895
Cash and cash equivalents at beginning of period	1,602,294	2,001,325	0
Cash and cash equivalents at end of period	6,121,895	640,125	6,121,895
Supplemental disclosure of non-cash transactions:	'	'	'
Conversion of preferred stock into common stock	731	1,378	4,953
Warrants issued for financing costs	0	0	690,984
Dividends accrued on preferred stock	-14,500	-89,598	-14,500
Supplemental disclosure of cash flow information:	'	'	'
Cash paid for interest	64,351	69,776	558,488
Bridge notes	'	'	'
Cash flows from financing activities:	'	'	'
Proceeds from issuance of notes	0	0	525,000
Supplemental disclosure of non-cash transactions:	'	'	'
Conversion of notes payable into common stock	0	0	534,316
Convertible notes	'	'	'
Cash flows from financing activities:	'	'	'
Proceeds from issuance of notes	0	0	9,340,000
Supplemental disclosure of non-cash transactions:	'	'	'
Conversion of notes payable into common stock	0	0	10,000,000
Preferred stock	'	'	'
Supplemental disclosure of non-cash transactions:	'	'	'
Allocation of Proceeds to warrants and beneficial conversion feature	0	0	8,526,135
Convertible Debt	'	'	'
Supplemental disclosure of non-cash transactions:	'	'	'
Allocation of Proceeds to warrants and beneficial conversion feature	0	0	9,340,000
Interest expense	'	'	'
Supplemental disclosure of non-cash transactions:	'	'	'
Issuance of common stock	0	0	2,003,386
Preferred stock dividends	'	'	'
Supplemental disclosure of non-cash transactions:	'	'	'
Issuance of common stock	47,739	496,862	4,261,003
Accounts payable	'	'	'
Supplemental disclosure of non-cash transactions:	'	'	'
Issuance of common stock	$0	$0	$175,000

Basis_of_Presentation

Basis of Presentation	6 Months Ended
	Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Basis of Presentation	'
	Note 1 - Basis of Presentation:
	The financial statements included herein have been prepared by Senesco Technologies, Inc. (the “Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with United States generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations.  These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2013, as amended.
	The Company’s board of directors authorized a 1:100 reverse stock split on September 30, 2013, to take effect on October 21, 2013.  All share and related option and warrant information presented in these financial statements and accompanying footnotes have been retroactively adjusted to reflect the reduced number of shares resulting from this action.
	In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting solely of those which are of a normal recurring nature, necessary to present fairly its financial position as of December 31, 2013 and the results of its operations for the three months and six months ended December 31, 2013 and cash flows for the six months ended December 31, 2013.
	Interim results are not necessarily indicative of results for the full fiscal year.

Liquidity

Liquidity	6 Months Ended
	Dec. 31, 2013
Liquidity [Abstract]	'
Liquidity	'
	Note 2 – Liquidity:
	As shown in the accompanying condensed consolidated financial statements, the Company has a history of losses with a deficit accumulated during the development stage from July 1, 1998 (inception) through December 31, 2013 of $77,872,046.  Additionally, the Company has generated minimal revenues by licensing its technology for certain crops to companies willing to share in its development costs.  In addition, the Company’s technology may not be ready for commercialization for several years. The Company expects to continue to incur losses for the next several years because it anticipates that its expenditures on research and development and administrative activities will significantly exceed its revenues during that period. The Company cannot predict when, if ever, it will become profitable.
	As of December 31, 2013, the Company had cash and cash equivalents in the amount of $6,121,895, which consisted of checking accounts and money market funds.  The Company estimates that its cash and cash equivalents as of December 31, 2013 will cover its expenses through at least December 31, 2014.
	The Company will need additional capital to expand its research program and plans to raise additional capital through the exercise of outstanding warrants, placement of debt instruments, equity instruments or any combination thereof.  However, the Company may not be able to obtain adequate funds for its operations when needed or on acceptable terms.  If the Company is unable to raise additional funds, it will need to do one or more of the following:
		⋅	delay, scale-back or eliminate some or all of its research and product development programs;
	⋅      license third parties to develop and commercialize products or technologies that it would otherwise seek to develop and commercialize itself;
		⋅	seek strategic alliances or business combinations;
	⋅      attempt to sell the Company;
		⋅	cease operations; or
	⋅      declare bankruptcy.

Intangible_Assets

Intangible Assets	6 Months Ended
	Dec. 31, 2013
Goodwill and Intangible Assets Disclosure [Abstract]	'
Intangible Assets	'
	Note 3 – Intangible Assets:
	The Company conducts research and development activities, the cost of which is expensed as incurred, in order to generate patents that can be licensed to third parties in exchange for license fees and royalties.  Because the patents are the basis of the Company’s future revenue, the patent costs are capitalized.   The capitalized patent costs represent the outside legal fees incurred by the Company to submit and undertake all necessary efforts to have such patent applications issued as patents.  The Company incurred $110,289 and $106,516 of such costs for the three months ended December 31, 2013 and 2012, respectively.  The Company incurred $253,232 and $252,233 of such costs for the six months ended December 31, 2013 and 2012, respectively.
	The length of time that it takes for an initial patent application to be approved is generally between four to six years.  However, due to the unique nature of each patent application, the actual length of time may vary.  If a patent application is denied, the associated cost of that application would be written off.  However, the Company has not had any patent applications denied as of December 31, 2013.  Additionally, should a patent application become impaired during the application process, the Company would write down or write off the associated cost of that patent application.
	Issued patents and agricultural patent applications pending are being amortized over a period of 17 years from inception, the expected economic life of the patent.  During the three months ended December 31, 2013 and 2012, the Company recorded amortization expense in the amount of $77,910 and $66,203, respectively.  During the six months ended December 31, 2013 and 2012, the Company recorded amortization expense in the amount of $152,180 and $129,128, respectively.
	The Company assesses the impairment in value of intangible assets whenever events or circumstances indicate that their carrying value may not be recoverable.  Factors the Company considers important which could trigger an impairment review include the following:
	•      significant negative industry trends;
	•      significant underutilization of the assets;
	•      significant changes in how the Company uses the assets or its plans for their use; and
	•      changes in technology and the appearance of competing technology.
	If a triggering event occurs and the Company's review determines that the future discounted cash flows related to the groups, including these assets, will not be sufficient to recover their carrying value, the Company will reduce the carrying values of these assets down to its estimate of fair value and continue amortizing them over their remaining useful lives.  During the six months ended December 31, 2013, in order to reduce its cost of patent prosecution and maintenance, the Company reviewed its patent portfolio and identified several patents and patent applications that it believed it no longer needed to maintain without having a material impact on the patent portfolio.  Accordingly, during the six months ended December 31, 2013, the Company wrote off patent costs in the net amount of $185,161.

Loss_Per_Share

Loss Per Share	6 Months Ended
	Dec. 31, 2013
Earnings Per Share [Abstract]	'
Loss Per Share	'
	Note 4 - Loss Per Share:
	Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of the Company’s Common Stock assumed to be outstanding during the period of computation.  Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional shares of Common Stock that would have been outstanding if the potential shares of Common Stock had been issued and if the additional shares of Common Stock were dilutive.
	For all periods presented, basic and diluted loss per share are the same, as any additional Common Stock equivalents would be anti-dilutive. Potentially dilutive shares of Common Stock have been excluded from the calculation of the weighted average number of dilutive shares of Common Stock as follows:
		December 31,
		2013	2012
	Common stock to be issued upon conversion	232,000	38,269
	of convertible preferred stock
	Outstanding warrants	5,682,661	318,973
	Outstanding options	275,319	211,740
	Total potentially dilutive shares of common	6,189,980	568,982
	stock

StockBased_Compensation

Stock-Based Compensation	6 Months Ended
	Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Stock-Based Compensation	'
	Note 5 – Stock-Based Compensation:
	The terms and vesting schedules for share-based awards vary by type of grant and the employment status of the grantee.  Generally, the awards vest based upon time-based conditions or achievement of specified goals and milestones.
	During the six months ended December 31, 2013, the Company issued 46,780 options that are subject to vesting first based upon specified goals and milestones and then based upon time-based conditions.  On the issuance date, such options had an aggregate Black-Scholes value of $201,154.  As of December 31, 2013, the Company reviewed the specified goals and milestones on an employee by employee basis.  Based upon the review, the Company has estimated that it was probable that, on average, the employees would achieve 62% of the target goals.  As a result, the Company is recognizing 62% of the aggregate fair value of the options ratably over the time-based vesting period.
	Also, during the six months ended December 31, 2013, the Company issued an additional 27,300 options that are subject to time-based conditions only.  On the issuance date, such options had an aggregate Black-Scholes value of $111,210.
	The fair value of each stock option granted or vesting has been determined using the Black-Scholes model.  The material factors incorporated in the Black-Scholes model in estimating the value of the options include the following:
			Three Months		Six Months
			Ended December 31, 2013
	Risk-free interest rate (1)		1.75-2.66	%	1.65-2.66	%
	Expected volatility		99	%	99	%
	Dividend yield		None		None
	Expected life (2)		6.25-10.0		5.5-10.0
		-1	Represents the interest rate on a U.S. Treasury security with a maturity date corresponding to that of the option term.
		-2	Expected life for time based stock options was estimated using the “simplified” method, as allowed under the provisions of the Securities and Exchange Commission Staff Accounting Bulletin No.110.  Expected life for performance based stock options was the actual term of the option.
	The economic values of the options will depend on the future price of the Company's Common Stock, which cannot be forecast with reasonable accuracy.
	Stock option activity under the Company’s 2008 Plan and 1998 Plan for the six months ended December 31, 2013 is summarized as follows:
					Weighted
			Aggregate		Average		Exercise Price
			Number		Exercise Price		Range
	Outstanding, July 1, 2013			231,748	$	35		$ 4.30 – 345.00
	Granted			74,080		5.39		4.00 - 5.40
	Exercised			-		-		-
	Forfeited			-27,788		16.5		16.5
	Expired			-2,721		255.88		66.00 - 315.00
	Outstanding, December 31, 2013			275,319	$	26.98		$ 4.30 - 345.00
	Options exercisable at December 31, 2013			196,822	$	33.97
	Options exercisable and expected to become exercisable at December 31, 2013			262,795
	Weighted average fair value of options granted during the three months ended December 31, 2013		$	4.22
	As of December 31, 2013, the aggregate intrinsic value of stock options outstanding was $73,848, with a weighted-average remaining term of 7.7 years.  The aggregate intrinsic value of stock options exercisable at that same date was $35,957, with a weighted-average remaining term of 7.1 years.  As of December 31, 2013, the Company has 657 shares available for future stock option grants.
	Stock-based compensation expense for the three months ended December 31, 2013 and December 31, 2012 amounted to $342,791 and $196,567, respectively.
	Stock-based compensation expense for the six months ended December 31, 2013 and December 31, 2013 amounted to $467,257 and $350,129, respectively.
	As of December 31, 2013, total stock-based compensation expense not yet recognized related to stock option grants amounted to approximately $691,000 , which will be recognized over the next 45 months.

Line_of_Credit

Line of Credit	6 Months Ended
	Dec. 31, 2013
Line Of Credit [Abstract]	'
Line of Credit	'
	Note 6 –Line of Credit:
	On February 17, 2010, the Company entered into a credit agreement with JMP Securities LLC.  The agreement provides the Company with, subject to certain restrictions, including the existence of suitable collateral, up to a $3.0 million line of credit upon which the Company may draw at any time (the “Line of Credit”).  In April 2011, we were required to enter into a new demand note with the clearing agent for JMP Securities in connection with the Line of Credit.
	Any draws upon the Line of Credit accrue at an annual interest rate of (i) the broker rate in effect at the interest date (which was 3.75% at December 31, 2013), plus (ii) 2.0% and are due on demand.  There are no other conditions or fees associated with the Line of Credit.  The Line of Credit is not secured by any assets of the Company, but it is secured by certain assets of a member of the Company’s Board of Directors, Harlan W. Waksal, M.D., which assets are currently held by JMP Securities.  The principal balance outstanding as of December 31, 2013 and June 30, 2013 was $2,187,082.
	Total interest expense recorded under the Line of Credit for the three months ended December 31, 2013 and 2012 amounted to $32,153 and $34,786, respectively.
	Total interest expense recorded under the Line of Credit for the six months ended December 31, 2013 and 2012 amounted to $64,350 and $69,776, respectively.

Income_Taxes

Income Taxes	6 Months Ended
	Dec. 31, 2013
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	Note 7 – Income Taxes:
	No provision for income taxes has been made for the three months and six months ended December 31, 2013 and 2012 given the Company’s losses in 2013 and 2012 and available net operating loss carryforwards.  A benefit has not been recorded as the realization of the net operating losses is not assured and the timing in which the Company can utilize its net operating loss carryforwards in any year or in total may be limited by provisions of the Internal Revenue Code regarding changes in ownership of corporations.

Fair_Value_Measurements

Fair Value Measurements	6 Months Ended
	Dec. 31, 2013
Fair Value Disclosures [Abstract]	'
Fair Value Measurements	'
	Note 8 - Fair Value Measurements:
	The following tables provide the assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2013 and June 30, 2013:
		Carrying		Fair Value Measurement at December 31, 2013
		Value		Level 1		Level 2		Level 3
	Assets:
	Cash and cash equivalents	$	6,121,895	$	6,121,895	$	-	$	-
		Carrying		Fair Value Measurement at June 30, 2013
		Value		Level 1		Level 2		Level 3
	Assets:
	Cash and cash equivalents	$	1,602,294	$	1,602,294	$	-	$	-

Convertible_Preferred_Stock

Convertible Preferred Stock	6 Months Ended
	Dec. 31, 2013
Preferred Stock [Abstract]	'
Convertible Preferred Stock	'
	Note 9 –Convertible Preferred Stock
	During the six months ended December 31, 2013, 220 shares of Convertible Preferred Stock were converted into 73,333 shares of Common Stock.  During the six months ended December 31, 2013, the Company issued an additional 12,941 shares of Common Stock for the payment of dividends in the amount of $42,239.  Total dividends payable on the outstanding 580 shares of Convertible Preferred Stock at December 31, 2013 amounted to $14,500.
	As a result of the issuance of Common Stock on October 2, 2013, the conversion rate on the Convertible Preferred Stock was adjusted from $3.00 to $2.50.

Equity_Placements

Equity Placements	6 Months Ended
	Dec. 31, 2013
Equity Placement [Abstract]	'
Equity Placements	'
	Note 10 – Equity Placements
	2-Oct-13
	On October 2, 2013, the Company completed a Common Stock offering for $1,725,000 in gross proceeds, before deducting estimated offering expenses, in a registered direct offering of 690,000 shares of the Company’s Common Stock.  Each Share was sold at a price of $2.50 per share.  The Shares were sold pursuant to the Registration Statement in the form of a unit, at $5.00 per unit, with each unit consisting of 2 shares of Common Stock.
	The net offering proceeds to the Company from the sale of the Common Stock, after deducting the offering expenses payable by the Company of $164,230, were $1,560,770.  The net proceeds of the offering will be used for working capital, research and development and general corporate purposes.
	16-Dec-13
	On December 16, 2013, the Company completed a Common Stock and Warrant offering for $5,400,000 in gross proceeds, before deducting estimated offering expenses, in a registered direct offering of 180,000 units consisting of ten shares of common stock, par value $0.01 per share, of the Company’s Common Stock, six month warrants to purchase ten shares of Common Stock at an exercise price of $3 per share, six month warrants to purchase ten shares of Common Stock at an exercise price of $4 per share, and three year warrants to purchase ten shares of Common Stock at an exercise price of $4 per share.
	The net offering proceeds to the Company from the sale of the units, after deducting the estimated offering expenses payable by the Company of approximately $95,000, are expected to be approximately $5,305,000.  The net proceeds of the offering will be used for working capital, research and development and general corporate purposes.

Recent_Accounting_Pronouncemen

Recent Accounting Pronouncements	6 Months Ended
	Dec. 31, 2013
Accounting Changes and Error Corrections [Abstract]	'
Recent Accounting Pronouncements	'
	Note 11 – Recent Accounting Pronouncements
	We reviewed recently issued accounting pronouncements and plan to adopt those that are applicable to us. We do not expect the adoption of these pronouncements to have a material impact on our financial position, results of operations or cash flows.

Loss_Per_Share_Tables

Loss Per Share (Tables)	6 Months Ended
	Dec. 31, 2013
Earnings Per Share [Abstract]	'
Weighted Average of Dilutive Shares of Common Stock	'
	Potentially dilutive shares of Common Stock have been excluded from the calculation of the weighted average number of dilutive shares of Common Stock as follows:
		December 31,
		2013	2012
	Common stock to be issued upon conversion	232,000	38,269
	of convertible preferred stock
	Outstanding warrants	5,682,661	318,973
	Outstanding options	275,319	211,740
	Total potentially dilutive shares of common	6,189,980	568,982
	stock

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	6 Months Ended
	Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Material Factors Incorporated in Black Scholes Model in Estimating Value of Options and Warrants	'
	The material factors incorporated in the Black-Scholes model in estimating the value of the options include the following:
			Three Months		Six Months
			Ended December 31, 2013
	Risk-free interest rate (1)		1.75-2.66	%	1.65-2.66	%
	Expected volatility		99	%	99	%
	Dividend yield		None		None
	Expected life (2)		6.25-10.0		5.5-10.0
		-1	Represents the interest rate on a U.S. Treasury security with a maturity date corresponding to that of the option term.
		-2	Expected life for time based stock options was estimated using the “simplified” method, as allowed under the provisions of the Securities and Exchange Commission Staff Accounting Bulletin No.110.  Expected life for performance based stock options was the actual term of the option.
Stock Option Activity	'
	Stock option activity under the Company’s 2008 Plan and 1998 Plan for the six months ended December 31, 2013 is summarized as follows:
					Weighted
			Aggregate		Average		Exercise Price
			Number		Exercise Price		Range
	Outstanding, July 1, 2013			231,748	$	35		$ 4.30 – 345.00
	Granted			74,080		5.39		4.00 - 5.40
	Exercised			-		-		-
	Forfeited			-27,788		16.5		16.5
	Expired			-2,721		255.88		66.00 - 315.00
	Outstanding, December 31, 2013			275,319	$	26.98		$ 4.30 - 345.00
	Options exercisable at December 31, 2013			196,822	$	33.97
	Options exercisable and expected to become exercisable at December 31, 2013			262,795
	Weighted average fair value of options granted during the three months ended December 31, 2013		$	4.22

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	6 Months Ended
	Dec. 31, 2013
Fair Value Disclosures [Abstract]	'
Assets and Liabilities Carried at Fair Value Measured on Recurring Basis	'
	The following tables provide the assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2013 and June 30, 2013:
		Carrying		Fair Value Measurement at December 31, 2013
		Value		Level 1		Level 2		Level 3
	Assets:
	Cash and cash equivalents	$	6,121,895	$	6,121,895	$	-	$	-
		Carrying		Fair Value Measurement at June 30, 2013
		Value		Level 1		Level 2		Level 3
	Assets:
	Cash and cash equivalents	$	1,602,294	$	1,602,294	$	-	$	-

Liquidity_Additional_Informati

Liquidity - Additional Information (Detail) (USD $)	Dec. 31, 2013	Jun. 30, 2013	Dec. 31, 2012	Jun. 30, 2012	Jun. 30, 1998
Stockholders Equity Note [Line Items]	'	'	'	'	'
Deficit accumulated during the development stage	$77,872,046	$74,425,835	'	'	'
Cash and cash equivalents	$6,121,895	$1,602,294	$640,125	$2,001,325	$0

Intangible_Assets_Additional_I

Intangible Assets - Additional Information (Detail) (USD $)	3 Months Ended		6 Months Ended		186 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]	'	'	'	'	'
Payments to acquire intangible assets	$110,289	$106,516	$253,232	$252,233	$7,005,705
Issued patents and agricultural patent applications pending amortization period	'	'	'17 years	'	'
Amortization of intangible assets	77,910	66,203	152,180	129,128	'
Impairment of intangible assets, finite-lived	$0	$0	$185,161	$0	$2,158,595

Calculation_of_Weighted_Averag

Calculation of Weighted Average Number of Dilutive Shares of Common Stock (Detail)	Dec. 31, 2013	Dec. 31, 2012
Summary Of Significant Accounting Policies [Line Items]	'	'
Common stock to be issued upon conversion of convertible preferred stock	232,000	38,269
Outstanding warrants	5,682,661	318,973
Outstanding options	275,319	211,740
Total potentially dilutive shares of common stock	6,189,980	568,982

StockBased_Compensation_Additi

Stock-Based Compensation - Additional Information (Detail) (USD $)	3 Months Ended		6 Months Ended		186 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'	'
Options issued	'	'	46,780	'	'
Aggregate Black-Scholes value	'	'	$201,154	'	'
Probability to achieve employee target goals	'	'	62.00%	'	'
Issuance of additional options	27,300	'	27,300	'	27,300
Options aggregated during period	'	'	111,210	'	'
Stock option outstanding intrinsic value	73,848	'	73,848	'	73,848
Option outstanding weighted average remaining term	'	'	'7 years 8 months 12 days	'	'
Exercisable aggregate intrinsic value	35,957	'	35,957	'	35,957
Weighted average option exercisable remaining life	'	'	'7 years 1 month 6 days	'	'
Shares available for future stock option grant	657	'	657	'	657
Stock based compensation	342,791	196,567	467,257	350,129	13,297,903
Unrecognized compensation expense	'	'	$691,000	'	'
Stock based compensation expense related to stock options, not yet recognized, period of recognition	'	'	'45 months	'	'

BlackScholes_OptionPricing_Mod

Black-Scholes Option-Pricing Model Assumptions used to Estimate Fair Value of Each Warrant and Option Grant (Detail)	3 Months Ended		6 Months Ended
	Dec. 31, 2013		Dec. 31, 2013
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'		'
Risk-free interest rate, minimum	1.75%	[1]	1.65%	[1]
Risk-free interest rate, maximum	2.66%	[1]	2.66%	[1]
Expected volatility	99.00%		99.00%
Dividend yield	0.00%		0.00%
Maximum	'		'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'		'
Expected life	'10 years	[2]	'10 years	[2]
Minimum	'		'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'		'
Expected life	'6 years 3 months	[2]	'5 years 6 months	[2]
[1]	Represents the interest rate on a U.S. Treasury security with a maturity date corresponding to that of the option term.
[2]	Expected life for time based stock options was estimated using the bsimplifiedb method, as allowed under the provisions of the Securities and Exchange Commission Staff Accounting Bulletin No.110. Expected life for performance based stock options was the actual term of the option.

Stock_Option_Activity_Detail

Stock Option Activity (Detail) (USD $)	6 Months Ended
	Dec. 31, 2013
Aggregate Number of Stock Option	'
Beginning Balance	231,748
Granted	74,080
Exercised	0
Forfeited	-27,788
Expired	-2,721
Ending Balance	275,319
Options exercisable at end of Period	196,822
Options Exercisable and expected to be exercisable at end of period	262,795
Weigthed average fair value of options granted during the year	$4.22
Weighted Average Exercise Price	'
Beginning Balance	$35
Granted	$5.39
Exercised	$0
Forfeited	$16.50
Expired	$255.88
Ending Balance	$26.98
Options exercisable at end of Period	$33.97
Exercise Price Range	'
Beginning Balance	$4.30
Exercised	$0
Forfeited	$16.50
Ending Balance	$4.30
Exercise Price Range	'
Beginning Balance	$345
Ending Balance	$345
Maximum [Member]	'
Exercise Price Range	'
Granted	$5.40
Expired	$315
Minimum [Member]	'
Exercise Price Range	'
Granted	$4
Expired	$66

Line_of_Credit_Additional_Info

Line of Credit - Additional Information (Detail) (USD $)	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 17, 2010	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Jun. 30, 2013
Line of Credit Facility [Line Items]	'	'	'	'	'	'
Line of credit facility, maximum borrowing capacity	$3,000,000	'	'	'	'	'
Line of credit facility, interest rate	3.75%	'	'	'	'	'
Line of credit facility, spread over base rate	2.00%	'	'	'	'	'
Line of credit facility, interest rate description	'Line of Credit accrue at an annual interest rate of (i) the broker rate in effect at the interest date (which was 3.75% at December 31, 2013), plus (ii) 2.0% and are due on demand. There are no other conditions or fees associated with the Line of Credit.	'	'	'	'	'
Line of credit, outstanding amount	'	2,187,082	'	2,187,082	'	2,187,082
Interest expense under Line of Credit	'	$32,153	$34,786	$64,350	$69,776	'

Assets_and_Liabilities_at_Fair

Assets and Liabilities at Fair Value Measured on Recurring Basis (Detail) (USD $)	Dec. 31, 2013	Jun. 30, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Cash and cash equivalents	$6,121,895	$1,602,294
Level 1 | Fair Value Measurements Recurring Basis	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Cash and cash equivalents, Fair Value	6,121,895	1,602,294
Level 2 | Fair Value Measurements Recurring Basis	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Cash and cash equivalents, Fair Value	0	0
Level 3 | Fair Value Measurements Recurring Basis	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Cash and cash equivalents, Fair Value	$0	$0

Convertible_Preferred_Stock_Ad

Convertible Preferred Stock - Additional Information (Detail) (USD $)	6 Months Ended		186 Months Ended	6 Months Ended	0 Months Ended		6 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2013	Oct. 02, 2013	Oct. 02, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013
				Convertible Preferred Stock	Convertible Preferred Stock	Convertible Preferred Stock	Common Stock	Common Stock Including Additional Paid in Capital	Series A Preferred stock
					Maximum	Minimum
Class of Stock [Line Items]	'	'	'	'	'	'	'	'	'
Common stock issued at conversion of preferred stock, shares	'	'	'	220	'	'	73,333	'	'
Issuance of common stock in lieu of cash payment for dividends, shares	'	'	'	'	'	'	12,941	'	'
Issuance of common stock in lieu of cash payment for dividends	'	'	'	'	'	'	'	$42,239	'
Preferred stock, shares outstanding	'	'	'	'	'	'	'	'	580
Dividends accrued on preferred stock	($14,500)	($89,598)	($14,500)	$14,500	'	'	'	'	'
Adjusted conversion price range	'	'	'	'	3	2.5	'	'	'

Equity_Placements_Additional_I

Equity Placements - Additional Information (Detail) (USD $)	Dec. 31, 2013	Jun. 30, 2013	Dec. 16, 2013	Dec. 16, 2013	Dec. 16, 2013	Oct. 02, 2013	Dec. 16, 2013
			Six Month Warrant One	Six Month Warrant Two	Three Year Warrant	Equity Placements	Equity Placements
Equity Placement [Line Items]	'	'	'	'	'	'	'
Stock Issued During Period, Value, Other	'	'	'	'	'	$1,725,000	'
Stock Issued During Period, Shares, Other	'	'	'	'	'	690,000	180,000
Sale of Stock, Price Per Share	'	'	'	'	'	$2.50	'
Sale Of Stock Price Per Unit	'	'	'	'	'	$5	'
Number of Shares Per Unit	'	'	'	'	'	2	'
Payments For Offering Cost	'	'	'	'	'	164,230	95,000
Sale of Stock, Consideration Received on Transaction	'	'	'	'	'	1,560,770	5,305,000
Issuance Of Common Stock And Warrants Value	'	'	'	'	'	'	$5,400,000
Common Stock, Par or Stated Value Per Share	$0.01	$0.01	'	'	'	'	$0.01
Class of Warrant or Right, Exercise Price of Warrants or Rights	'	'	3	4	4	'	'