Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Sep. 15, 2014 | Dec. 31, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'SENESCO TECHNOLOGIES INC | ' | ' |
Entity Central Index Key | '0001035354 | ' | ' |
Current Fiscal Year End Date | '--06-30 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Public Float | ' | ' | $28,660,614 |
Trading Symbol | 'SNTI | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 13,846,361 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $6,111,340 | $1,602,294 |
Accounts receivable | 43,133 | 0 |
Prepaid research supplies and expenses | 1,069,925 | 1,919,220 |
Total Current Assets | 7,224,398 | 3,521,514 |
Equipment, furniture and fixtures, net | 223,475 | 4,555 |
Patents, net | 2,178,867 | 3,566,497 |
Acquired research and development | 9,800,000 | 0 |
Goodwill | 13,902,917 | 0 |
Security deposit | 5,171 | 5,171 |
TOTAL ASSETS | 33,334,828 | 7,097,737 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable | 901,180 | 637,320 |
Accrued expenses | 923,991 | 387,540 |
Line of credit | 0 | 2,187,082 |
Total Current Liabilities | 1,825,171 | 3,211,942 |
Deferred tax liability | 3,920,000 | 0 |
Other liabilities | 99,728 | 99,728 |
TOTAL LIABILITIES | 5,844,899 | 3,311,670 |
COMMITMENTS (Note 12) | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' |
Common stock, $0.01 par value, authorized 500,000,000 shares, issued and outstanding 13,846,361 and 2,272,062, respectively | 138,463 | 22,721 |
Capital in excess of par | 115,631,726 | 78,189,173 |
Accumulated deficit | -88,280,266 | -74,425,835 |
Total Stockholders' Equity | 27,489,929 | 3,786,067 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 33,334,828 | 7,097,737 |
Series A Preferred stock | ' | ' |
Convertible preferred stock | ' | ' |
Preferred stock | $6 | $8 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Series A Preferred stock | Series A Preferred stock | |||
Preferred stock, par value | $0.01 | $0.01 | ' | ' |
Preferred stock, authorized | 5,000,000 | 5,000,000 | ' | ' |
Preferred stock, shares issued | ' | ' | 10,297 | 10,297 |
Preferred stock, shares outstanding | ' | ' | 580 | 800 |
Preferred stock, liquidation preference | ' | ' | $594,500 | $820,000 |
Common stock, par value | $0.01 | $0.01 | ' | ' |
Common stock, authorized | 500,000,000 | 500,000,000 | ' | ' |
Common stock, issued | 13,846,361 | 2,272,062 | ' | ' |
Common stock, outstanding | 13,846,361 | 2,272,062 | ' | ' |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Licensing Revenue | $100,000 | $0 | $200,000 |
Operating expenses: | ' | ' | ' |
General and administrative | 3,683,350 | 2,499,624 | 2,724,144 |
Research and development | 3,338,687 | 2,086,666 | 2,566,247 |
Acquisition related costs | 544,978 | 0 | 0 |
Impairment of patents | 1,350,591 | 0 | 0 |
Write-off of patents abandoned | 330,190 | 64,210 | 321,137 |
Total operating expenses | 9,247,796 | 4,650,500 | 5,611,528 |
Loss from operations | -9,147,796 | -4,650,500 | -5,411,528 |
Other non-operating income (expense) | ' | ' | ' |
Change in fair value of warrant liability | 0 | 371,591 | 472,463 |
Loss on settlement of warrant liabilities | 0 | -1,724,546 | 0 |
Interest expense - net | -77,438 | -119,087 | -127,068 |
Net loss | -9,225,234 | -6,122,542 | -5,066,133 |
Preferred dividends | -4,629,197 | -862,998 | -1,625,727 |
Loss applicable to common shares | -13,854,431 | -6,985,540 | -6,691,860 |
Other comprehensive loss | 0 | 0 | 0 |
Comprehensive loss | ($13,854,431) | ($6,985,540) | ($6,691,860) |
Basic and diluted net loss per common share | ($2.53) | ($5.11) | ($7.81) |
Basic and diluted weighted-average number of common shares outstanding | 5,476,717 | 1,366,384 | 857,033 |
CONSOLIDATED_STATEMENT_OF_STOC
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (USD $) | Total | Warrant | Fabrus, Inc. | 2-Oct-13 | Preferred stock | Preferred stock | Common Stock | Common Stock | Common Stock | Common Stock | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Deficit accumulated during the development stage | Deficit accumulated during the development stage | Deficit accumulated during the development stage |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Warrant | USD ($) | Warrant | Fabrus, Inc. | 2-Oct-13 | USD ($) | Warrant | Fabrus, Inc. | USD ($) | Warrant | Fabrus, Inc. | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||
Beginning Balance at Jun. 30, 2011 | $4,517,463 | ' | ' | ' | $49 | ' | $7,777 | ' | ' | ' | $65,258,072 | ' | ' | ($60,748,435) | ' | ' |
Beginning Balance (in shares) at Jun. 30, 2011 | ' | ' | ' | ' | 4,890 | ' | 777,697 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock | 3,227,916 | ' | ' | ' | 0 | ' | 1,284 | ' | ' | ' | 3,226,632 | ' | ' | 0 | ' | ' |
Issuance of common stock (in shares) | ' | ' | ' | ' | 0 | ' | 128,423 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock converted into common stock | 0 | ' | ' | ' | -3 | ' | 118 | ' | ' | ' | -115 | ' | ' | 0 | ' | ' |
Preferred stock converted into common stock (in shares) | ' | ' | ' | ' | -311 | ' | 11,786 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock as dividends | 122,252 | ' | ' | ' | 0 | ' | 232 | ' | ' | ' | 556,918 | ' | ' | -434,898 | ' | ' |
Issuance of common stock as dividends (in shares) | ' | ' | ' | ' | 0 | ' | 23,219 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deemed dividend - preferred stock | 0 | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | 1,076,355 | ' | ' | -1,076,355 | ' | ' |
Fair market value of options and warrants vested | 766,004 | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | 766,004 | ' | ' | 0 | ' | ' |
Accrued dividends | -114,474 | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | 0 | ' | ' | -114,474 | ' | ' |
Net loss | -5,066,133 | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | 0 | ' | ' | -5,066,133 | ' | ' |
Ending Balance at Jun. 30, 2012 | 3,453,028 | ' | ' | ' | 46 | ' | 9,411 | ' | ' | ' | 70,883,866 | ' | ' | -67,440,295 | ' | ' |
Ending Balance (in shares) at Jun. 30, 2012 | ' | ' | ' | ' | 4,579 | ' | 941,125 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock | 4,044,663 | 1,724,546 | ' | ' | 0 | 0 | 7,219 | 3,690 | ' | ' | 4,037,444 | 1,720,856 | ' | 0 | 0 | ' |
Issuance of common stock (in shares) | ' | ' | ' | ' | 0 | ' | 721,872 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock converted into common stock | 0 | ' | ' | ' | -38 | ' | 2,029 | ' | ' | ' | -1,991 | ' | ' | 0 | ' | ' |
Preferred stock converted into common stock (in shares) | ' | ' | ' | ' | -3,779 | ' | 202,846 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of warrants issued | -459,000 | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | -459,000 | ' | ' | 0 | ' | ' |
Issuance of common stock as dividends | 114,474 | ' | ' | ' | 0 | ' | 372 | ' | ' | ' | 590,949 | ' | ' | -476,847 | ' | ' |
Issuance of common stock as dividends (in shares) | ' | ' | ' | ' | 0 | 0 | 37,197 | 369,022 | ' | ' | ' | ' | ' | ' | ' | ' |
Deemed dividend - preferred stock | 0 | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | 366,151 | ' | ' | -366,151 | ' | ' |
Reclassification of warrant liability | 326,205 | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | 326,205 | ' | ' | 0 | ' | ' |
Stock-based compensation | 724,693 | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | 724,693 | ' | ' | 0 | ' | ' |
Stock-based compensation (in shares) | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued dividends | -20,000 | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | 0 | ' | ' | -20,000 | ' | ' |
Net loss | -6,122,542 | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | 0 | ' | ' | -6,122,542 | ' | ' |
Ending Balance at Jun. 30, 2013 | 3,786,067 | ' | ' | ' | 8 | ' | 22,721 | ' | ' | ' | 78,189,173 | ' | ' | -74,425,835 | ' | ' |
Ending Balance (in shares) at Jun. 30, 2013 | ' | ' | ' | ' | 800 | ' | 2,272,062 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock | ' | ' | ' | 1,725,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 690,000 | ' | ' | ' | ' | ' | ' |
Issuance of common stock and warrants | 6,839,006 | ' | 20,709,047 | ' | 0 | ' | 24,900 | ' | 69,052 | ' | 6,814,106 | ' | 20,639,995 | 0 | ' | 0 |
Issuance of common stock and warrants (in shares) | ' | ' | ' | ' | 0 | ' | 2,490,000 | ' | 6,905,201 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for services | 435,988 | ' | ' | ' | 0 | ' | 1,238 | ' | ' | ' | 434,750 | ' | ' | 0 | ' | ' |
Issuance of common stock for services (in shares) | ' | ' | ' | ' | 0 | ' | 123,750 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of warrants for cash | 4,078,621 | ' | ' | ' | 0 | ' | 19,419 | ' | ' | ' | 4,059,202 | ' | ' | 0 | ' | ' |
Exercise of warrants for cash (in shares) | ' | ' | ' | ' | 0 | ' | 1,941,956 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock converted into common stock | 0 | ' | ' | ' | -2 | ' | 733 | ' | ' | ' | -731 | ' | ' | ' | ' | ' |
Preferred stock converted into common stock (in shares) | ' | ' | ' | ' | -220 | ' | 73,333 | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Cash paid for fractional shares due to reverse split | -303 | ' | ' | ' | 0 | ' | -1 | ' | ' | ' | -302 | ' | ' | 0 | ' | ' |
Cash paid for fractional shares due to reverse split (in shares) | ' | ' | ' | ' | 0 | ' | -100 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock as dividends | 20,001 | ' | ' | ' | 0 | ' | 301 | ' | ' | ' | 118,316 | ' | ' | -98,616 | ' | ' |
Issuance of common stock as dividends (in shares) | ' | ' | ' | ' | 0 | ' | 30,159 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | 861,236 | ' | ' | ' | 0 | ' | 100 | ' | ' | ' | 861,136 | ' | ' | 0 | ' | ' |
Stock-based compensation (in shares) | ' | ' | ' | ' | 0 | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deemed dividend in conjunction with warrant amendments | 0 | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | 4,516,081 | ' | ' | -4,516,081 | ' | ' |
Accrued dividends | -14,500 | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | 0 | ' | ' | -14,500 | ' | ' |
Net loss | -9,225,234 | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | 0 | ' | ' | -9,225,234 | ' | ' |
Ending Balance at Jun. 30, 2014 | $27,489,929 | ' | ' | ' | $6 | ' | $138,463 | ' | ' | ' | $115,631,726 | ' | ' | ($88,280,266) | ' | ' |
Ending Balance (in shares) at Jun. 30, 2014 | ' | ' | ' | ' | 580 | ' | 13,846,361 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Cash flows from operating activities: | ' | ' | ' |
Net loss | ($9,225,234) | ($6,122,542) | ($5,066,133) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Noncash income related to change in fair value of warrant liability | 0 | -371,591 | -472,463 |
Stock-based compensation expense | 1,297,224 | 724,693 | 766,004 |
Depreciation and amortization | 349,656 | 293,629 | 258,023 |
Write-off of patent costs | 330,190 | 64,210 | 321,137 |
Loss on settlement of warrant liabilities | 0 | 1,724,546 | 0 |
(Increase) decrease in operating assets, net of effects of acquisition: | ' | ' | ' |
Prepaid expenses and other current assets | 868,837 | -370,696 | -102,460 |
Security deposit | 0 | 0 | 7,187 |
Increase (decrease) in operating liabilities, net of effects of acquisition: | ' | ' | ' |
Accounts payable | -145,257 | 42,806 | 34,989 |
Accrued expenses | 305,860 | 112,319 | -132,333 |
Net cash used in operating activities | -4,868,133 | -3,902,626 | -4,386,049 |
Cash flows from investing activities: | ' | ' | ' |
Cash received on acquisition of Fabrus, Inc. | 1,274,662 | 0 | 0 |
Patent costs | -624,532 | -527,761 | -446,035 |
Purchase of equipment, furniture and fixtures | -3,194 | -1,281 | -4,461 |
Net cash provided by (used in) investing activities | 646,936 | -529,042 | -450,496 |
Cash flows from financing activities: | ' | ' | ' |
Repayment of line of credit | -2,187,082 | -12,026 | 0 |
Proceeds from issuance of common stock and warrants, net and exercise of warrants and options | 10,917,325 | 4,044,663 | 3,227,916 |
Net cash provided by financing activities | 8,730,243 | 4,032,637 | 3,227,916 |
Net increase (decrease) in cash and cash equivalents | 4,509,046 | -399,031 | -1,608,629 |
Cash and cash equivalents at beginning of period | 1,602,294 | 2,001,325 | 3,609,954 |
Cash and cash equivalents at end of period | 6,111,340 | 1,602,294 | 2,001,325 |
Supplemental disclosure of cash flow information: | ' | ' | ' |
Cash paid for interest | 85,893 | 122,454 | 134,549 |
Supplemental disclosure of non-cash investing and financing transactions | ' | ' | ' |
Issuance of common stock, warrants and options in connection with the acquisition of Fabrus, Inc. | 20,709,047 | 0 | 0 |
Noncash Assets acquired: | ' | ' | ' |
Accounts Receivable | 43,133 | 0 | 0 |
Prepaid Expenses | 19,542 | 0 | 0 |
Equipment | 234,000 | 0 | 0 |
Acquired Research and Development | 9,800,000 | 0 | 0 |
Goodwill | 13,902,917 | 0 | 0 |
Total | 23,999,592 | ' | ' |
Liabilities assumed: | ' | ' | ' |
Accounts Payable | 409,117 | 0 | 0 |
Accrued Payroll | 74,525 | 0 | 0 |
Accrued Expenses | 161,565 | 0 | 0 |
Deferred Tax Liability | 3,920,000 | ' | ' |
Total | 4,565,207 | ' | ' |
Cash acquired in acquisition of Fabrus, Inc. | 1,274,662 | 0 | 0 |
Common stock | ' | ' | ' |
Supplemental disclosure of non-cash transactions: | ' | ' | ' |
Conversion of preferred stock into common stock | 731 | 202,808 | 11,783 |
Allocation of Proceeds to warrants and beneficial conversion feature | 0 | 459,000 | 0 |
Preferred stock | ' | ' | ' |
Supplemental disclosure of non-cash transactions: | ' | ' | ' |
Allocation of Proceeds to warrants and beneficial conversion feature | 0 | 0 | 1,076,355 |
Dividends accrued on preferred stock | 14,500 | 20,000 | 114,474 |
Preferred stock dividends | ' | ' | ' |
Supplemental disclosure of non-cash transactions: | ' | ' | ' |
Issuance of common stock | $67,541 | $591,321 | $557,153 |
Principal_Business_Activity
Principal Business Activity | 12 Months Ended | ||
Jun. 30, 2014 | |||
Accounting Policies [Abstract] | ' | ||
Principal Business Activity | ' | ||
1 | Principal Business Activity: | ||
The Company | |||
Senesco Technologies, Inc. (the “Company”), which includes the accounts of Senesco, Inc., a New Jersey corporation (“SI”) and Fabrus, Inc., a Delaware corporation (“Fabrus”), is a clinical-stage biotech company specializing in cancer therapeutics and immunological diseases driven by a unique combination of gene regulation, antibody therapeutics and nanocage delivery systems. Its proprietary gene regulation technology has demonstrated the ability to eliminate cancer cells and protect healthy cells from premature death. The antibody approach is a novel discovery paradigm with the proven capability to identify functional therapeutic monoclonal antibodies against challenging cell surface targets that previously have been highly resistant to therapeutic antibody discovery. The Company is completing a Phase 1b/2a trial with a product candidate that is designed to treat B-cell cancers, which include multiple myeloma, chronic lymphocytic leukemia, and non-Hodgkin’s B-cell lymphomas. The Company has several antibodies in its preclinical pipeline. The first to move forward is a potentially first/best in class candidate antibody that targets an ion channel important in autoimmunity and inflammation. | |||
Basis of Presentation | |||
The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (ASC) and Accounting Standards Update (ASU) of the Financial Accounting Standards Board (FASB). | |||
On May 16, 2014, the Company acquired all of the equity interest in Fabrus. Pursuant to the terms of the Merger Agreement, at the effective time of the merger (the “Merger”), a subsidiary of the Company merged with and into Fabrus, with Fabrus surviving the merger as a wholly-owned subsidiary of the Company. See note 3 for additional information. | |||
Liquidity | |||
The financial statements of the Company have been prepared on a going-concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Accordingly, the financial statements do not include any adjustments that might be necessary should the Company be unable to continue in existence. The Company has not generated substantial revenues and has not yet achieved profitable operations. There is no assurance that profitable operations, if ever achieved, could be sustained on a continuing basis. In addition, development activities, clinical and preclinical testing, and commercialization of the Company’s products will require significant additional financing. The Company’s accumulated deficit at June 30, 2014 totalled $88,280,266, and management expects to incur substantial and increasing losses in future periods. The success of the Company is subject to certain risks and uncertainties, including among others, uncertainty of product development; competition in the Company’s field of use; uncertainty of capital availability; uncertainty in the Company’s ability to enter into agreements with collaborative partners; dependence on third parties; and dependence on key personnel. The Company plans to finance future operations with a combination of proceeds from the issuance of common stock, licensing fees, and revenues from future product sales, if any. The Company has not generated positive cash flows from operations, and there are no assurances that the Company will be successful in obtaining an adequate level of financing for the development and commercialization of its planned products. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The Company does not have adequate cash on hand to cover its anticipated expenses for the next 12 months. If the Company fails to raise a significant amount of capital, it may need to significantly curtail operations, cease operations or seek federal bankruptcy protection in the near future. These conditions raise substantial doubt about its ability to continue as a going concern. Consequently, the audit report prepared by the Company’s independent public accounting firm relating to its financial statements for the year ended June 30, 2014 includes a going concern explanatory paragraph. | |||
As of June 30, 2014, the Company had cash and cash equivalents in the amount of $6,111,340, which consisted of checking accounts and money market funds. The Company estimates that its cash and cash equivalents will cover its expenses at least through March 31, 2015. In order to provide the Company with the cash resources necessary to fund operations through at least June 30, 2015, the Company will continue its efforts to raise additional capital through a private or public equity placement in the near future. | |||
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. | ||
Risks and Uncertainties | |||
The Company operates in an industry that is subject to intense competition, government regulation and rapid technological change. The Company's operations are subject to significant risk and uncertainties including financial, operational, technological, regulatory and other risks, including the potential risk of business failure. | |||
The Company’s limited capital resources and operations to date have been funded primarily with the proceeds from public and private equity and debt financings and milestone payments on license agreements. | |||
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Accounting Policies [Abstract] | ' | ||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||
2 | Summary of Significant Accounting Policies: | ||||||||||
Principles of consolidation | |||||||||||
The accompanying consolidated financial statements include the accounts of Senesco Technologies, Inc. and its wholly owned subsidiaries, Senesco, Inc. and Fabrus, Inc. All significant intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||
Management Estimates and Judgments | |||||||||||
Management considers many factors in selecting appropriate financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes and management must select an amount that falls within that range of reasonable estimates. This process may result in actual results differing materially from those estimated amounts used in the preparation of the financial statements if these results differ from historical experience, or other assumptions do not turn out to be substantially accurate, even if such assumptions are reasonable when made. In preparing these financial statements, management used significant estimates in the following areas, among others: stock-based compensation expense, the determination of the fair value of stock-based awards, the accounting for research and development costs and accrued expenses. | |||||||||||
Business Combinations | |||||||||||
The Company accounts for business combinations using the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations. Identifiable assets acquired and liabilities assumed are recorded at their acquisition date fair values. Goodwill represents the excess of the purchase price over the fair value of identifiable assets and liabilities acquired as a result of the business combination. Acquisition-related costs, which amounted to $544,978 including advisory, legal, accounting, valuation and other costs, are expensed in the periods in which the costs are incurred. | |||||||||||
Cash and Cash Equivalents and Short-Term Investments | |||||||||||
The Company considers all highly liquid instruments with an original maturity of 90 days or less at the time of purchase to be cash equivalents. Cash and cash equivalents consist of deposits that are readily convertible into cash. | |||||||||||
Fair Value Measurements | |||||||||||
ASC Topic 820, Fair Value Measurements, defines fair value, establishes a framework for measuring fair value and expands the related disclosure requirements. The guidance applies under other accounting pronouncements that require or permit fair value measurements. The statement indicates, among other things, that a fair value measurement assumes that the transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. ASC 820 defines fair value based upon an exit price model. | |||||||||||
The Company categorizes its financial instruments into a three-level fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument. Financial assets recorded at fair value on the Company’s consolidated balance sheets are categorized as follows: | |||||||||||
• | Level 1: Observable inputs such as quoted prices in active markets; | ||||||||||
• | Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and | ||||||||||
• | Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. | ||||||||||
The carrying value of prepaid research supplies and expenses, accounts payable and accrued expenses reported in the consolidated balance sheets equal or approximate fair value due to their short maturities. | |||||||||||
Concentrations of Credit Risk | |||||||||||
The Company maintains its cash primarily in investment accounts within two large financial institutions. The Federal Deposit Insurance Corporation insures these balances up to $250,000 per bank. The Company has not experienced any losses on its bank deposits and believes these deposits do not expose the Company to any significant credit risk. | |||||||||||
Prepaid Research Services and Supplies | |||||||||||
Prepaid research services and supplies are carried at cost and are included in prepaid expenses and other current assets on the accompanying consolidated balance sheet. When such services are performed and supplies are used, the carrying value of the supplies are expensed in the period that they are performed or used for the development of proprietary applications and processes. | |||||||||||
Equipment, Furniture and Fixtures, Net | |||||||||||
Equipment, furniture and fixtures are recorded at cost, except for the equipment acquired in the acquisition of Fabrus, which is recorded at fair value (see note 3). Depreciation is calculated on a straight-line basis over three to four years for office equipment, five years for lab equipment and five to seven years for furniture and fixtures. Expenditures for major renewals and improvements are capitalized, and expenditures for maintenance and repairs are charged to operations as incurred. (See note 5). | |||||||||||
Patent Costs, Net | |||||||||||
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 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 or the Company no longer is pursuing the issuance of a patent, the associated cost of that application would be written off. 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 the lessor of 17 years from inception, the expected economic life of the patent, or the remaining life of the patent from the time the costs are incurred. (See note 6). | |||||||||||
Goodwill and Intangible Assets | |||||||||||
Goodwill represents the excess of purchase price over the fair value of net assets acquired by the Company. Goodwill is not amortized, but assessed for impairment on an annual basis or more frequently if impairment indicators exist. The impairment model prescribes a two-step method for determining impairment. | |||||||||||
The first step compares a reporting unit’s fair value to its carrying amount to identify potential goodwill impairment. If the carrying amount of a reporting unit exceeds the reporting unit’s fair value, the second step of the impairment test must be completed to measure the amount of the reporting unit’s goodwill impairment loss, if any. Step two requires an assignment of the reporting unit’s fair value to the reporting unit’s assets and liabilities to determine the implied fair value of the reporting unit’s goodwill. The implied fair value of the reporting unit’s goodwill is then compared with the carrying amount of the reporting unit’s goodwill to determine the goodwill impairment loss to be recognized, if any. For the year ended June 30, 2014, the Company determined that there was no impairment to goodwill. | |||||||||||
Intangible assets include in-process research and development (IPR&D) of pharmaceutical product candidates. IPR&D are considered indefinite-lived intangible assets and are assessed for impairment annually or more frequently if impairment indicators exist. If the associated research and development effort is abandoned, the related assets will be written-off and the Company will record a non-cash impairment loss on its consolidated statement of operations. For those compounds that reach commercialization, the IPR&D assets will be amortized over their estimated useful lives. For the year ended June 30, 2014, the Company determined that there was no impairment to IPR&D | |||||||||||
Impairment of Long-lived Assets | |||||||||||
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 if the Company's review determines that the future undiscounted 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. | |||||||||||
Net Loss per Common Share | |||||||||||
Basic loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of the Company’s common stock, par value $0.01 per share (the “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: | |||||||||||
June 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Common Stock to be issued upon conversion of convertible preferred stock | 290,000 | 266,667 | 176,115 | ||||||||
Outstanding warrants | 7,237,774 | 283,156 | 572,260 | ||||||||
Outstanding options | 979,304 | 231,748 | 156,477 | ||||||||
Total potentially dilutive shares of Common Stock | 8,507,078 | 781,571 | 904,852 | ||||||||
Income Taxes | |||||||||||
Income taxes are recorded in accordance with ASC Topic 740, Income Taxes, which provides for deferred taxes using an asset and liability approach. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are provided, if based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. | |||||||||||
The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. As of June 30, 2014, the Company’s tax years prior to June 30, 2010 are no longer subject to examination by the tax authorities. The Company is not currently under examination by any U.S. federal or state jurisdictions. As of June 30, 2014 and 2013, the Company does not have any significant uncertain tax positions. | |||||||||||
Revenue Recognition | |||||||||||
The Company has received certain nonrefundable upfront fees in exchange for the transfer of its technology to licensees. Upon delivery of the technology, the Company had no further obligations to the licensee with respect to the basic technology transferred and, accordingly, recognized revenue at that time. The Company has and may continue to receive additional payments from its licensees in the event such licensees achieve certain development or commercialization milestones in their particular field of use. Milestone payments, which are contingent upon the achievement of certain research goals, are recognized as revenue when the milestones, as defined in the particular agreement, are achieved. | |||||||||||
Stock-based Payments | |||||||||||
The Company accounts for stock-based compensation under the provisions of FASB ASC Topic 718, Compensation—Stock Compensation, which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. | |||||||||||
For stock options issued to employees, the Company estimates the grant-date fair value of each option using the Black-Scholes option-pricing model. The use of the Black-Scholes option pricing model requires management to make assumptions with respect to the expected term of the option, the expected volatility of the common stock consistent with the expected life of the option, risk-free interest rates, the value of the common stock and expected dividend yields of the common stock. For awards subject to service-based vesting conditions, the Company recognizes stock-based compensation expense, net of estimated forfeitures, equal to the grant date fair value of stock options on a straight-line basis over the requisite service period, which is generally the vesting term. For awards subject to both performance and service-based vesting conditions, the Company recognizes stock-based compensation expense using the straight-line recognition method when it is probable that the performance condition will be achieved. Forfeitures are required to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Share-based payments issued to non-employees are recorded at their fair values, and are periodically revalued as the equity instruments vest and are recognized as expense over the related service period in accordance with the provisions of ASC 718 and ASC Topic 505, Equity. | |||||||||||
The following table sets forth the total stock-based compensation expense and issuance of Common Stock for services included in the consolidated statements of operations for the fiscal years ended June 30, 2014, 2013 and 2012 and from inception to date. | |||||||||||
Fiscal Year Ended June 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
General and administrative | $ | 1,185,118 | $ | 639,828 | $ | 721,197 | |||||
Research and development | 112,106 | 84,865 | 44,807 | ||||||||
Total | $ | 1,297,224 | $ | 724,693 | $ | 766,004 | |||||
The Company estimated the fair value of each option grant throughout the year using the Black-Scholes option-pricing model using the following assumptions: | |||||||||||
Fiscal Year Ended June 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Risk-free interest rate (1) | 1.6 - 2.7% | 0.3-0.8% | 0.4-1.9% | ||||||||
Expected volatility | 85 - 99% | 67-102% | 78-105% | ||||||||
Dividend yield | None | None | None | ||||||||
Expected life (2) | 5.0 - 10.0 | 2.5 - 10.0 | 2.5 - 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 employee 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. | |||||||||||
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. | |||||||||||
Research and Development | |||||||||||
Research and development costs are charged to expense as incurred. These costs include, but are not limited to, employee-related expenses, including salaries, benefits and travel and stock-based compensation of the Company’s research and development personnel; expenses incurred under agreements with contract research organizations and investigative sites that conduct preclinical studies; facilities; other supplies; allocated facilities, depreciation and other expenses, which include rent and utilities; insurance; and costs associated with preclinical activities and regulatory operations. | |||||||||||
Costs for certain development activities, such as clinical trials, are recognized based on an evaluation of the progress to completion of specific tasks using data such as subject enrollment, clinical site activations or information provided to the Company by its vendors with respect to their actual costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected in the financial statements as prepaid or accrued research and development expense, as the case may be. | |||||||||||
Comprehensive Loss | |||||||||||
Comprehensive loss is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. Comprehensive loss was equal to net loss for all periods presented. | |||||||||||
Recent Accounting Pronouncements Applicable to the Company | |||||||||||
On June 10, 2014, the FASB issued Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation (“ASU 2014 10”). The guidance is intended to reduce the overall cost and complexity associated with financial reporting for development stage entities without reducing the availability of relevant information. The FASB also believes the changes will simplify the consolidation accounting guidance by removing the differential accounting requirements for development stage entities. As a result of these changes, there no longer will be any accounting or reporting differences in GAAP between development stage entities and other operating entities. For organizations defined as public business entities, the presentation and disclosure requirements in Topic 915 will no longer be required starting with the first annual period beginning after December 15, 2014, including interim periods therein. Early application is permitted for any annual reporting period or interim period for which the entity’s financial statements have not yet been issued (public business entities) or made available for issuance (other entities). The Company early adopted this guidance in 2014 and, as a result, the Company will no longer need to present inception-to-date information about income statement line items, cash flows, and equity transactions. | |||||||||||
In June 2014, the FASB issued ASU No. 2014-12, “Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could be Achieved after the Requisite Service Period,” (“ASU 2014-12”). ASU 2014-12 requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The Company does not anticipate that the adoption of this standard will have a material impact on its financial statements. | |||||||||||
Reclassifications | |||||||||||
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. | |||||||||||
Acquisition_of_Fabrus_Inc
Acquisition of Fabrus, Inc | 12 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||||
Acquisition of Fabrus, Inc | ' | ||||||||||||||||||
3 | Acquisition of Fabrus, Inc. | ||||||||||||||||||
On May 16, 2014, the Company completed a merger pursuant to a Plan of Merger and Reorganization (the “Merger Agreement”), whereby the Company acquired all of the outstanding ownership interests of Fabrus, Inc., a privately-owned biotechnology company which has developed an advanced platform for therapeutic antibody discovery and development. Pursuant to the terms of the Merger Agreement, the Company issued 6,905,201 shares of its common stock with a fair value of $ 18,298,782, 3,578,481 warrants to purchase common stock with exercise prices ranging from $2.00 to $4.00 with a fair value of $2,349,853 and options to purchase common stock with an exercise price of $2.65 with a fair value of $285,224 totaling $20,933,859. The primary purpose for the acquisition was to acquire additional cutting edge technologies in development in order to increase the Company’s portfolio. | |||||||||||||||||||
In accordance with the acquisition method of accounting, the issuance of replacement stock options to the employees of Fabrus at the date of the merger must be accounted for as a modification of the original award by Fabrus. As a result, $60,412 represented the fair value of pre-acquisition services to the Company and was accounted for as additional purchase price in the merger. In addition, $224,812, will be amortized as post combination services from the merger date through the end of the vesting period. | |||||||||||||||||||
The Company’s consolidated financial statements reflect the operating results of Fabrus since May 16, 2014. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date: | |||||||||||||||||||
Purchase price per valuation | 20,933,859 | ||||||||||||||||||
Less: options to be recognized in the future | -224,812 | ||||||||||||||||||
Purchase price for goodwill calculation | 20,709,047 | ||||||||||||||||||
Assets acquired: | |||||||||||||||||||
Cash | 1,274,662 | ||||||||||||||||||
Accounts receivable | 43,133 | ||||||||||||||||||
Prepaid expenses | 19,542 | ||||||||||||||||||
Equipment | 234,000 | ||||||||||||||||||
Acquired research and development | 9,800,000 | ||||||||||||||||||
Goodwill | 13,902,917 | ||||||||||||||||||
25,274,254 | |||||||||||||||||||
Liabilities assumed: | |||||||||||||||||||
Accounts payable | -409,117 | ||||||||||||||||||
Accrued payroll | -74,525 | ||||||||||||||||||
Accrued expenses | -161,565 | ||||||||||||||||||
Deferred tax liability | -3,920,000 | ||||||||||||||||||
-4,565,207 | |||||||||||||||||||
Net assets of Fabrus, Inc. acquired | 20,709,047 | ||||||||||||||||||
Goodwill, which is comprised of synergies from combining operations, and acquired research and development is accounted for as an indefinite lived intangible asset and is subject to annual impairment testing. Goodwill is not expected to be deducted for income tax purposes. | |||||||||||||||||||
The following represents our pro-forma Consolidated Statements of Income as if Fabrus had been included in our consolidated results since July 1, 2012: | |||||||||||||||||||
Year Ended | |||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||
Total revenue | $ | 182,229 | $ | 7,819 | |||||||||||||||
Net loss | $ | -11,017,792 | $ | -6,308,007 | |||||||||||||||
Loss applicable to common shares | $ | -15,646,989 | $ | -7,171,005 | |||||||||||||||
Basis and diluted net loss per common share | $ | -1.36 | $ | -1.16 | |||||||||||||||
For 2013, pro-forma adjustments of $11,458 and $47,545, respectively, were made to eliminate transaction cost and interest expense related to the convertible debt that were converted into common shares at the time of the acquisition. | |||||||||||||||||||
The following represents our pro-forma Consolidated Statements of Income as if Fabrus had been included in our consolidated results since July 1, 2013: | |||||||||||||||||||
Pro-Forma | Combined | ||||||||||||||||||
Senesco | Fabrus | Adjustments | Notes | Pro-Forma | |||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||||||
Revenue | $ | 100,000 | $ | 82,229 | $ | 182,229 | |||||||||||||
Operating expenses: | |||||||||||||||||||
General and administrative | 3,623,200 | 592,539 | 10,026 | -1 | 4,225,765 | ||||||||||||||
Research and development | 3,079,789 | 2,136,512 | - | 5,216,301 | |||||||||||||||
Acquisition related costs | 513,028 | 478,522 | -991,550 | -2 | - | ||||||||||||||
Impairment of patent costs | 1,350,591 | - | - | 1,350,591 | |||||||||||||||
Write-off of patents abandoned | 330,190 | - | - | 330,190 | |||||||||||||||
Total operating expenses | 8,896,798 | 3,207,573 | -981,524 | 11,122,847 | |||||||||||||||
Loss from operations | -8,796,798 | -3,125,344 | 981,524 | -10,940,618 | |||||||||||||||
Interest (expense) income - net | -77,174 | -130,505 | 130,505 | -3 | -77,174 | ||||||||||||||
Net loss | -8,873,972 | -3,255,849 | 1,112,029 | -11,017,792 | |||||||||||||||
Preferred dividends | -4,629,197 | - | - | -4,629,197 | |||||||||||||||
Loss applicable to common shares | -13,503,169 | -3,255,849 | 1,112,029 | -15,646,989 | |||||||||||||||
Other comprehensive loss | - | - | - | - | |||||||||||||||
Comprehensive loss | $ | -13,503,169 | $ | -3,255,849 | $ | 1,112,029 | $ | -15,646,989 | |||||||||||
Basic and diluted net loss per common share | $ | -2.47 | - | - | $ | -1.36 | |||||||||||||
Basic and diluted weighted-average number | |||||||||||||||||||
of common shares outstanding | 5,476,717 | - | 6,034,957 | 11,511,674 | |||||||||||||||
-1 | Reflects an adjustment to record additional depreciation expense for the step up in fair value of Fabrus fixed assets. | ||||||||||||||||||
-2 | Reflects adjustments to eliminate acquisition-related costs included in the historical financial statements which are directly attributable to the acquistion, but are not expected to have a continuing impact on the results of the combined entity. | ||||||||||||||||||
-3 | Reflects an adjustment to eliminate interest expense included in the historical financial statements of Fabrus related to convertible promissory notes that were converted into shares of common stock in connection with the acquisition. | ||||||||||||||||||
For the year ended June 30, 2014, net loss for the period from May 16, 2014 through June 30, 2014 related to Fabrus was $351,262. | |||||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||
Fair Value Measurements | ' | |||||||||||||
4 | Fair Value Measurements: | |||||||||||||
The following tables provide the assets and liabilities carried at fair value measured on a recurring basis as of June 30, 2014 and 2013: | ||||||||||||||
Carrying | Fair Value Measurement at June 30, 2014 | |||||||||||||
Value | Level 1 | Level 2 | Level 3 | |||||||||||
Assets: | ||||||||||||||
Cash and cash equivalents | $ | 6,111,340 | $ | 6,111,340 | $ | - | $ | - | ||||||
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 | $ | - | $ | - | ||||||
Equipment_Furniture_and_Fixtur
Equipment, Furniture and Fixtures | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Equipment, Furniture and Fixtures | ' | |||||||
5 | Equipment, Furniture and Fixtures: | |||||||
Equipment, Furniture and Fixtures consist of the following: | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Laboratory Equipment | $ | 225,854 | $ | - | ||||
Office Equipment | $ | 37,950 | $ | 32,334 | ||||
Furniture and fixtures | 73,398 | 67,674 | ||||||
337,202 | 100,008 | |||||||
Less—Accumulated depreciation | -113,727 | -95,453 | ||||||
$ | 223,475 | $ | 4,555 | |||||
Depreciation expense aggregated $18,275, $2,583 and $2,386 for the fiscal years ended June 30, 2014, 2013 and 2012, respectively. | ||||||||
Patent_Costs
Patent Costs | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Patent Costs | ' | |||||||
6 | Patent Costs: | |||||||
Patent costs consist of the following: | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Patents approved | $ | 1,082,759 | $ | 2,665,436 | ||||
Patents pending | 1,264,462 | 1,919,360 | ||||||
2,347,221 | 4,584,796 | |||||||
Accumulated amortization | -168,354 | -1,018,299 | ||||||
$ | 2,178,867 | $ | 3,566,497 | |||||
During the fiscal years ended June 30, 2014 and 2013, the Company incurred $624,531 and $527,761 of legal fees related to the prosecution of patent costs. | ||||||||
During the fiscal years ended June 30, 2014, 2013 and 2012, 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 fiscal years ended June 30, 2014, 2013 and 2012, the Company wrote off patent costs in the net amount of $330,190, $64,210 and $321,137, respectively. | ||||||||
As of June 30, 2014, the Company determined that carrying value of its agricultural patents and patent applications was impaired. Accordingly, the Company recorded an impairment of the full carrying value of its agricultural patents in the amount of $1,350,591. | ||||||||
Amortization expense amounted to $331,381, $291,046 and $255,637 for the fiscal years ended June 30, 2014, 2013 and 2012, respectively. | ||||||||
Estimated amortization expense for the next five fiscal years is as follows: | ||||||||
Fiscal Year ended June 30, | ||||||||
2015 | $ | 150,000 | ||||||
2016 | 150,000 | |||||||
2017 | 150,000 | |||||||
2018 | 150,000 | |||||||
2019 | 150,000 | |||||||
Accrued_Expenses
Accrued Expenses | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued Expenses | ' | |||||||
7 | Accrued Expenses: | |||||||
Accrued expenses were comprised of the following: | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Accrued research | $ | 588,613 | $ | 210,696 | ||||
Accrued payroll | 114,872 | 12,869 | ||||||
Accrued dividends payable | 14,500 | 20,000 | ||||||
Accrued other | 206,006 | 143,975 | ||||||
$ | 923,991 | $ | 387,540 | |||||
Line_of_Credit
Line of Credit | 12 Months Ended | |
Jun. 30, 2014 | ||
Line Of Credit [Abstract] | ' | |
Line of Credit | ' | |
8 | Line of Credit: | |
On February 17, 2010, the Company entered into a credit agreement with JMP Securities LLC. The agreement provided 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 could draw at any time (the “Line of Credit”). Any draws upon the Line of Credit accrued interest at an annual rate of (i) the broker rate in effect at the interest date (which was 3.75% throughout Fiscal 2014), plus (ii) 2.0%. There were no other conditions or fees associated with the Line of Credit. The Line of Credit was not secured by any assets of the Company, but it was secured by certain assets of one of a member of the Company’s Board of Directors, Harlan W. Waksal, M.D., which was held by JMP Securities. | ||
On February 26, 2014, the Company repaid the then outstanding balance of $2,187,082 and cancelled the Line of Credit. In connection with the termination of the Line of Credit, the security interest on Dr. Waksal’s assets mentioned above was terminated. Accordingly, the balance outstanding as of June 30, 2014 and 2013 was $0 and $2,187,082, respectively. | ||
Total interest expense recorded under the Line of Credit for the fiscal years ended June 30, 2014, 2013 and 2012 amounted to $85,629, $122,453 and $134,549, respectively. | ||
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||
Jun. 30, 2014 | |||
Equity [Abstract] | ' | ||
Stockholders' Equity | ' | ||
9 | Stockholders’ Equity: | ||
Preferred Stock | |||
On April 1, 2010, the Company sold 10,297 shares of 10% Series A convertible preferred stock to non-affiliated purchasers for $10,297,000. On June 2, 2010, the Company sold 1,200 shares of 10% Series B convertible preferred stock (together with the Series A preferred stock, the “Convertible Preferred Stock”) to affiliated purchasers for $1,200,000. After deducting cash closing costs of $742,159, the Company received aggregate net cash proceeds from the sale of the Convertible Preferred Stock in the amount of $10,754,841. | |||
Pursuant to the terms of the Convertible Preferred Stock agreements, the Convertible Preferred Stock was initially convertible into approximately 359,281 shares of the Company’s Common Stock, subject to adjustment. In addition, the holders of the Convertible Preferred Stock received immediately exercisable warrants to purchase up to approximately 359,281 shares of the Company’s Common Stock. | |||
Each share of Convertible Preferred Stock has a stated value of $1,000 (the “Stated Value”). Each holder of shares of Convertible Preferred Stock is entitled to receive semi-annual dividends at the rate of 10% per annum of the Stated Value for each share of Convertible Preferred Stock held by such holder. Except in limited circumstances, the Company can elect to pay the dividends in cash or shares of Common Stock. If the dividends are paid in shares of Common Stock, such shares will be priced at the lower of 90% of the average volume weighted-average price for the 20 trading days immediately preceding the payment date or $22.40. The dividends were subject to a 30% make whole provision. On April 1, 2013 the make whole provision had been satisfied. | |||
During the fiscal years ended June, 30, 2014, 2013 and 2012, a total of 17,524, 37,197 and 23,219 shares of common stock with a fair value of $67,541, $591,321 and $557,170 were issued in connection with the payment of dividends on the Convertible Preferred Stock. The adjustments were recorded as an increase to both additional paid-in capital and accumulated deficit. | |||
The shares of Convertible Preferred Stock were convertible into shares of Common Stock at an initial conversion price of $32.00 per share and are convertible at any time. The conversion price is subject to adjustment if the Company sells or grants any Common Stock or Common Stock equivalents, subject to certain exclusions, at an effective price per share that is lower than the conversion price of the Convertible Preferred Stock. After 18 months from the date of issuance of the Convertible Preferred Stock, if the Company’s Common Stock trades above $80.00 for 20 out of 30 consecutive trading days, the Convertible Preferred Stock will no longer be subject to adjustment. As a result of multiple issuances of shares of common stock, as of June 30, 2014, the initial conversion prices have been adjusted from $32.00 per share to $2.00 per share. | |||
During the fiscal years ended June 30, 2014, 2013 and 2012, in connection with the adjustments to the conversion price, due to a beneficial conversion feature, dividends in the amount of $0, $1,076,355 and $366,151 were recorded as an increase to both additional-paid-in capital and accumulated deficit. | |||
In connection with a convertible preferred stock conversion agreement entered into in June 2013, an additional 11,250 shares of Common Stock were issued to the holders of Convertible Preferred Stock. | |||
Warrants | |||
Pursuant to the purchase agreements, the Company delivered a Warrant to purchase shares of Common Stock to the Series A Non-Affiliate Investors and a Warrant to purchase shares of Common Stock to the Series B Affiliate Investors (the “Warrants”). Each Warrant has an initial exercise price of $35.00 per share of Common Stock. The Warrants were immediately exercisable and have a five year term. The Warrants issued to the Series A Non-Affiliate Investors also contain a provision which limits the holder’s beneficial ownership to a maximum of 4.99% (which percentage may be increased to 9.99% upon 60 days notice to the Company). | |||
On August 8, 2012, pursuant to a warrant exchange agreement, 172,625 warrants were exchanged for 69,022 shares of Common Stock. In connection with the warrant exchange, a loss on the settlement of warrant liabilities in the amount of $785,171 was recorded. | |||
Common Stock | |||
On December 14, 2011, the stockholders approved a proposal to increase the authorized Common Stock of the Company from 250,000,000 shares to 350,000,000 shares. On March 25, 2013, the stockholders approved a proposal to increase the authorized Common Stock of the Company from 350,000,000 shares to 500,000,000 shares. | |||
Public Placements of Common Stock and Warrants | |||
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 offering expenses, in a registered direct offering of 180,000 units consisting of ten shares of the Company’s Common Stock, six month warrants to purchase ten shares of Common Stock at an exercise price of $3 per share (the “Series A Warrants”), six month warrants to purchase ten shares of Common Stock at an exercise price of $4 per share (the “Series B Warrants”), and three year warrants to purchase ten shares of Common Stock at an exercise price of $4 per share (the “Series C Warrants”). | |||
The net offering proceeds to the Company from the sale of the units, after deducting the offering expenses of $121,764, was $5,278,236. The net proceeds of the offering is being used for working capital, research and development and general corporate purposes. | |||
On February 21, 2014, the Company amended and restated 1,746,666 of the Series B Warrants pursuant to a Warrant Amendment Agreement (the “Series B Warrant Amendment Agreement”) by and among the Company and certain holders of the Series B Warrants (the “Warrant Holders”). Pursuant to the terms of the Series B Warrant Amendment Agreement, the Company and each Warrant Holder agreed to amend and restate the Warrant held by such Warrant Holder for a new amended and restated warrant, with an exercise price of $2.00 per share and an expiration date of February 21, 2014 (the “Amended Warrants”). In connection with the amendment of such warrants, a dividend was recorded in the amount of $2,820,866, which represents the difference in pre-amendment and post-amendment Black-Scholes value of the Series B Warrants. | |||
Following the amendment of the series B Warrants, the Warrant Holders of Amended Warrants to purchase 1,746,666 shares of Common Stock exercised their Amended Warrants, resulting in gross proceeds to the Company of $3,493,332. | |||
On June 13, 2014, the Company amended and restated 1,630,000 of the Series A Warrants pursuant to a Series A Warrant Amendment Agreement by and among the Company and all remaining holders of the Series A Warrants whereby such warrants were extended for a six month period through December 16, 2014. In connection with the amendment of such warrants, a dividend was recorded in the amount of $847,600, which represents the difference in pre-amendment and post-amendment Black-Scholes value of the Series A Warrants. | |||
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 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. | |||
May 9, 2013 Placement | |||
On May 9, 2013, the Company entered into definitive agreements to issue 418,333 shares of Common Stock at an offering price of $3.00 per share for gross proceeds of $1,255,000, before deducting offering expenses, in a registered direct offering. Additionally, the shares contained exercise price reset features for a period of one year from the date of issuance. | |||
The net offering proceeds to the Company from the sale of the Common Stock, after deducting the offering expenses of $153,318, were $1,101,682. The net proceeds of the offering are being used for working capital, research and development and general corporate purposes. | |||
The Offering closed on May 10, 2013. | |||
In connection with the offering of common stock on October 2, 2013, the Company issued an additional 3,867 shares of common stock under the exercise price reset feature. A dividend in the amount of $15,468 was recorded by the Company. | |||
In connection with the amendment to the Series B warrants on February 21, 2014, the Company issued an additional 8,770 shares of common stock under the exercise price reset feature. A dividend in the amount of $35,606 was recorded by the Company. | |||
January 4, 2013 Placement | |||
On January 4, 2013, the Company entered into definitive agreements to issue 300,000 shares of Common Stock and five year warrants to purchase 300,000 shares of Common Stock with an exercise price of $12.00 per share for gross proceeds of $3,000,000, before deducting offering expenses, in a registered direct offering. The warrants were exercisable from the date that was one year and one day following the issuance date until the fifth anniversary of the issuance date and contained standard anti-dilution provisions and adjustment provisions in the event of stock splits, combinations, dividends, distributions or reorganizations. Additionally, the warrants contained exercise price reset features for a period of eighteen months from the date of issuance and cash settlement features in the event of a fundamental transaction. Due to the cash settlement features in the Warrants, $459,000 of the net proceeds was recorded as a warrant liability. Each Share, together with the Warrant, was sold at a price of $10.00 per unit. In April and June 2013, all of the warrants were exchanged for Common Stock. | |||
The net offering proceeds to the Company from the sale of the Common Stock and Warrants, after deducting the offering expenses of $151,202, were $2,848,798. Six hundred thousand dollars of the net proceeds of the offering was used for investor relations purposes and the remainder was used for working capital, research and development and general corporate purposes. | |||
The Offering closed on January 8, 2013. | |||
January 6, 2012 and March 1, 2012 Placement | |||
On January 6, 2012 and March 1, 2012, the Company entered into securities purchase agreements to raise an aggregate of $2,862,012 in gross proceeds through the sale of an aggregate of 110,077 shares of its Common Stock. The investors, excluding officers and directors of Senesco or funds affiliated with such officers or directors participating in the offering, also received 50% warrant coverage at an exercise price of $28.60 per share. The Common Stock and 50% warrant coverage (the “Unit”) was priced at $26.00 per Unit. | |||
At the Market Sales Agreement | |||
On December 22, 2010, the Company entered into an At Market Issuance Sales Agreement (the “ATM”) under which the Company, from time to time, may issue and sell shares of its Common Stock, with an aggregate offering price of up to $5,500,000. Such Common Stock will be offered and sold pursuant to a prospectus supplement filed with the Securities and Exchange Commission in connection with the Company’s shelf registration statement on Form S-3 (File No. 333-170140), which became effective on November 9, 2010. | |||
During the fiscal year ended June 30, 2013, the Company issued 3,539 shares of Common Stock under the ATM for proceeds of $94,183, net of offering costs. | |||
During the fiscal year ended June 30, 2012, the Company issued 18,346 shares of Common Stock under the ATM for proceeds of $477,257, net of offering costs. | |||
From the inception of the ATM through June 30, 2013, the Company had issued 80,999 shares of Common Stock under the ATM for proceeds of $2,311,137, net of offering costs. | |||
In November 2012, the Company was delisted from the NYSE MKT exchange and is now quoted on the OTCQB. Since the Company is no longer listed on the NYSE MKT exchange, the Company is no longer be able to issue and sell shares of its Common Stock under the ATM and the ATM was terminated. | |||
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||
Stock-Based Compensation | ' | ||||||||||
10 | Stock-Based Compensation | ||||||||||
In December 2008, the Company adopted the 2008 Incentive Compensation Plan (the "2008 Plan"), which provides for the grant of stock options, stock grants and stock purchase rights to certain designated employees and certain other persons performing services for the Company, as designated by the board of directors. Pursuant to the 2008 Plan and subsequent amendments, an aggregate of 1,830,810 shares of Common Stock has been reserved for issuance. Additionally, on January 1 of each calendar year beginning with the calendar year 2012, the share reserve will automatically increase so that the total number of shares available for issuance under the 2008 Plan is 15% of the fully diluted shares as of the date of such increase, but in no event will such annual increase exceed 500,000 shares per year. The 2008 Plan is intended to serve as a successor to the Amended and Restated 1998 Stock Incentive Plan (the “1998 Plan”), which terminated in December 2008. | |||||||||||
Between February 19, 2009 and May 5, 2014, the Company filed a registration statement with the SEC to register all of the 1,830,810 shares of Common Stock underlying the 2008 Plan. The registration statement and amendments were deemed effective upon filing. | |||||||||||
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. | |||||||||||
On November 16, 2012, the Company issued 37,050 options that were 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 $489,060. As of June 30, 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 55% of the target goals. As a result, the Company was recognizing 55% of the aggregate fair value of the options ratably over the time-based vesting period. Subsequent to June 30, 2013, the compensation committee determined that the employees actually achieved 25% of the target goals. As a result, the Company is now recognizing 25% of the aggregate fair value of the options ratably over the time-based vesting period. | |||||||||||
On September 13, 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 June 30, 2014, 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 81% of the target goals. As a result, the Company is recognizing 81% of the aggregate fair value of the options ratably over the time-based vesting period. | |||||||||||
Stock option activity under the 2008 Plan and 1998 Plan is summarized as follows: | |||||||||||
Weighted | |||||||||||
Aggregate | Average | Exercise Price | |||||||||
Number | Exercise Price | Range | |||||||||
Outstanding, July 31, 2011 | 113,483 | $ | 78 | $ | 26.00 - 400.00 | ||||||
Granted | 52,744 | 23 | 20.00 - 26.00 | ||||||||
Exercised | - | - | - | ||||||||
Cancelled | - | - | - | ||||||||
Expired | -9,750 | 232 | 150.00 – 400.00 | ||||||||
Outstanding, June 30, 2012 | 156,477 | 50 | 20.00 - 345.00 | ||||||||
Granted | 89,670 | 14 | 4.00 - 18.00 | ||||||||
Exercised | - | - | - | ||||||||
Cancelled | -11,525 | 23 | 23 | ||||||||
Expired | -2,875 | 202 | 109.00 - 235.00 | ||||||||
Outstanding, June 30, 2013 | 231,748 | 35 | 4.00 – 345.00 | ||||||||
Granted | 778,480 | 2.94 | 2.65 - 5.40 | ||||||||
Exercised | - | - | - | ||||||||
Cancelled | -27,788 | 16.5 | 16.5 | ||||||||
Expired | -3,136 | 229.65 | 52.00 - 315.00 | ||||||||
Outstanding, June 30, 2014 | 979,304 | $ | 9.49 | $ | 2.65 - 345.00 | ||||||
Options exercisable at June 30, 2012 | 101,011 | $ | 62 | ||||||||
Options exercisable at June 30, 2013 | 166,122 | $ | 41 | ||||||||
Options exercisable at June 30, 2014 | 428,286 | $ | 17.48 | ||||||||
Weighted average fair value of options granted during the fiscal year ended June 30, 2012 | $ | 17 | |||||||||
Weighted average fair value of options granted during the fiscal year ended June 30, 2013 | $ | 11 | |||||||||
Weighted average fair value of options granted during the fiscal year ended June 30, 2014 | $ | 2.11 | |||||||||
Non-vested stock option activity under the Plan is summarized as follows: | |||||||||||
Weighted-average | |||||||||||
Number of | Grant-Date | ||||||||||
Options | Fair Value | ||||||||||
Non-vested stock options at July 1, 2013 | 65,626 | $ | 16 | ||||||||
Granted | 778,480 | 2.11 | |||||||||
Vested | -265,300 | 3.62 | |||||||||
Forfeited | -27,788 | 13.2 | |||||||||
Non-vested stock options at June 30, 2014 | 551,018 | $ | 2.29 | ||||||||
As of June 30, 2014, the aggregate intrinsic value of stock options outstanding was $86,157, with a weighted-average remaining term of 9.2 years. The aggregate intrinsic value of stock options exercisable at that same date was $17,433, with a weighted-average remaining term of 8.3 years. As of June 30, 2014, the Company has 856,672 shares available for future stock option grants. | |||||||||||
As of June 30, 2014, total estimated compensation expense not yet recognized related to stock option grants amounted to $1,285,624, which will be recognized over the next 48 months. | |||||||||||
Warrants | |||||||||||
Total outstanding warrants at June 30, 2014 were as follows: | |||||||||||
Strike Price | Warrants | ||||||||||
$ | 345 | 150 | |||||||||
$ | 140 | 50 | |||||||||
$ | 108 | 25 | |||||||||
$ | 60 | 27,703 | |||||||||
$ | 35 | 197,453 | |||||||||
$ | 32 | 3,000 | |||||||||
$ | 28.6 | 49,270 | |||||||||
$ | 26 | 50 | |||||||||
$ | 4 | 3,600,033 | |||||||||
$ | 3 | 3,260,030 | |||||||||
$ | 2 | 95,050 | |||||||||
$ | 1 | 4,960 | |||||||||
7,237,774 | |||||||||||
As of June 30, 2014, all of the above warrants are exercisable expiring at various dates through 2019. At June 30, 2014, the weighted-average exercise price on the above warrants was $4.83. | |||||||||||
On August 8, 2012, pursuant to a warrant exchange agreement, 172,625 of the warrants with an exercise price of $35.00 were exchanged for 69,022 shares of Common Stock. In connection with this warrant exchange, a loss on the settlement of warrant liabilities was recorded in the amount of $785,171. | |||||||||||
On April 8, 2013 and June 24, 2013, pursuant to warrant exchange agreements, an aggregate of 300,000 of the warrants with an initial exercise price of $12.00, which was subsequently reset to $3.00, were exchanged for an aggregate of 300,000 shares of Common Stock. In connection with this warrant exchange, a loss on the settlement of warrant liabilities was recorded in the amount of $939,375. | |||||||||||
On February 21, 2014, pursuant to warrant amendment agreements, an aggregate of 1,746,666 of the Series B warrants with an initial exercise price of $4.00 and expiration date of June 16, 2014, were amended and restated to have an exercise price of $2.00 per share and an expiration date of February 21, 2014. Following the amendment, the warrant holders of amended warrants to purchase 1,746,666 shares of Common Stock exercised their amended warrants, resulting in gross proceeds to the Company of $3,493,332. In connection with the amendment of such warrants, a dividend was recorded in the amount of $2,820,866, which represents the difference in pre-amendment and post-amendment Black-Scholes value of the Series B Warrants. | |||||||||||
On June 13, 2014, pursuant to warrant amendment agreements, an aggregate of 3,260,030 of the Series A and FA warrants with an exercise price and an expiration date of June 16, 2014 were amended and restated whereby such warrants were extended for a six month period through December 16, 2014. In connection with the amendment of such warrants, a dividend was recorded in the amount of $1,695,216, which represents the difference in pre-amendment and post-amendment Black-Scholes value of the Series A Warrants. | |||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
11 | Income Taxes: | ||||||||||||
Since the Company has recurring losses and a valuation allowance against deferred tax assets, there is no tax expense (benefit) for all periods presented. | |||||||||||||
The Company files a consolidated federal income tax return. The subsidiaries file separate state and local income tax returns. | |||||||||||||
As of June 30, 2014, the Company had federal net operating loss (“NOL”) carry forwards of $60,404,000 and state NOL carry forwards of approximately $53,024,000 which are available to reduce future taxable income. The federal NOL carry forwards will begin to expire in 2019. The state NOL carry forwards will begin to expire at various dates starting in 2019. The NOL carry forwards are subject to review and possible adjustment by the Internal Revenue Service and state tax authorities. NOL carry forwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50%, as defined under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, as well as similar state tax provisions. This could limit the amount of NOLs that the Company can utilize annually to offset future taxable income or tax liabilities. The amount of the annual limitation, if any, will be determined based on the value of the Company immediately prior to the ownership change. As of June 30, 2014, The Company has not performed such an analysis. Subsequent ownership changes may further affect the limitation in future years. | |||||||||||||
The Company's reserves related to taxes are based on a determination of whether and how much of a tax benefit taken by the Company in its tax filings or positions is more likely than not to be realized. The Company recognized no material adjustment for unrecognized income tax benefits. Through June 30, 2014, the Company had no unrecognized tax benefits or related interest and penalties accrued. | |||||||||||||
ASC 740 requires a valuation allowance to reduce the deferred tax assets reported if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. After consideration of all the evidence, both positive and negative, the Company has recorded a full valuation allowance against its deferred tax assets at June 30, 2014 and 2013, respectively, because the Company's management has determined that is it more likely than not that these assets will not be fully realized. The valuation allowance increased by $5,271,000 and $ 1,881,000 during the years ended June 30, 2014 and 2013, respectively, due primarily to the generation of net operating losses during the periods. | |||||||||||||
The reconciliation of the effective income tax rate to the federal statutory rate is as follows: | |||||||||||||
June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal income tax provision at statutory rate | -34 | % | -34 | % | -34 | % | |||||||
State income taxes, net of federal benefit | -5.4 | % | - | - | |||||||||
Fair value - warrant liability | - | -2 | % | -3.2 | % | ||||||||
Loss on settlement of warrant liabilities | - | 1 | % | - | |||||||||
Other | - | -4 | % | -0.6 | % | ||||||||
Permanet items | 3.1 | % | - | - | |||||||||
Valuation allowance | 36.3 | % | 39 | % | 37.8 | % | |||||||
Actual income tax provision (benefit) effective tax rate | - | % | - | % | - | % | |||||||
The principal components of deferred income tax assets consist of the following: | |||||||||||||
June 30, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred Tax Assets: | |||||||||||||
Net operating loss carryforwards | $ | 23,719,000 | $ | 19,269,000 | |||||||||
Stock-based compensation | 2,721,000 | 2,507,000 | |||||||||||
Other | 651,000 | 44,000 | |||||||||||
Deferred tax assets | 27,091,000 | 21,820,000 | |||||||||||
Deferred Tax Liabilities: | |||||||||||||
Indefinite-lived intangibles | -3,920,000 | - | |||||||||||
Deferred tax liabilities | -3,920,000 | - | |||||||||||
Less: valuation allowance | -27,091,000 | -21,820,000 | |||||||||||
Net deferred tax asset / (liability) | $ | -3,920,000 | $ | - | |||||||||
The Company will recognize interest and penalties related to uncertain tax positions in income tax expense. As of June 30, 2014 and 2013, the Company had no accrued interest or penalties related to uncertain tax positions and no amounts have been recognized in the Company's Statements of Operations and Comprehensive Loss. | |||||||||||||
The Company files income tax returns in the United States, and various state jurisdictions. The federal and state income tax returns are generally subject to tax examinations for the tax years ended June 30, 2011 through June 30, 2014. To the extent the Company has tax attribute carryforwards, the tax years in which the attribute was generated may still be adjusted upon examination by the Internal Revenue Service or state tax authorities to the e-xtent utilized in a future period. | |||||||||||||
Commitments
Commitments | 12 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments | ' |
12. Commitments: | |
Research Agreement | |
Effective September 1, 1998, the Company entered into a research and development agreement, which has subsequently been renewed, with The University of Waterloo which an officer and stockholder of the Company, is affiliated with. Pursuant to the agreement, the university provides research and development under the direction of the researcher and the Company. The agreement is renewable annually by the Company which has the right of termination upon 30 days' advance written notice. The Company has extended the research and development agreement for an additional one-year period through August 31, 2015 in the amount of Can $475,200. | |
Research and development expenses under this agreement for the fiscal years ended June 30, 2014, 2013 and 2012 aggregated U.S. $413,220, U.S. $628,995 and U.S. $573,368, respectively. Future obligations to be paid under the agreement through August 31, 2015 equal approximately U.S. $554,400. | |
Supply and service agreements | |
Effective June 20, 2011, the Company entered into an agreement with Criterium, Inc. (“Criterium”) under which Criterium will provide monitoring, project and data management services in connection with the Company’s Phase 1b/2a clinical trial. The agreement, as amended, had an initial term that commences on the date of the agreement and runs through September 30, 2014. The Company’s remaining financial obligation under the agreement is estimated to be approximately $210,000. | |
Consulting and other Agreements | |
Effective May 1, 1999, the Company entered into a consulting agreement for research and development with 1438120 Ontario Limited, which is owned by an officer of the Company. The agreement was renewed for an additional one-year term through June 30, 2015. Future obligations to be paid under the agreement equal $67,500. | |
The Company is obligated under a non-cancelable operating lease of office space expiring on November 30, 2015. The aggregate minimum future payments are $30,160. Rent expense charged to operations under this lease aggregated $70,170, $69,538 and $69,174 for the fiscal years ended June 30, 2013, 2012 and 2011, respectively. | |
Retention Agreement | |
On May 16, 2014, the Company entered into a retention agreement with the former Chief Executive Officer and current President of the Company, providing for certain severance benefits in the event of certain terminations of employment with the Company. | |
Pursuant to the terms of the retention agreement, if, during the one-year period following the effective date of the retention agreement if the employee (i) is terminated without cause, (ii) resigns for good reason or (iii) is not offered the position of “Chief Executive Officer” of the Company and the employee resigns within 30 days of the expiration of such one year period, the employee would receive (a) a lump sum cash payment equal to his target bonus plus his annual base salary for the year in which such event occurs, (b) COBRA benefits for one year beginning on the first day of the month following such event and (c) reimbursement of life-insurance costs for one year following such event. Moreover, if in connection with a change of control transaction, the employee’s employment is terminated or he resigns for good cause, the employee would receive (a) a lump sum cash payment equal to his target bonus plus two times his annual base salary for the year in which such event occurs and (b) COBRA benefits for two years beginning on the first day of the month following such event. Additionally, in connection with the occurrence of any of the triggering events described above, the employee’s outstanding equity awards would become fully vested and exercisable and would remain exercisable until the expiration of each equity award’s maximum term. | |
The estimated value of the retention agreement is approximately $293,000 if for one year or $586,000 if for two years. | |
Employment Agreement | |
On June 25, 2014, the Company entered into an employment agreement with the current Chief Executive Officer, providing for certain severance benefits in the event of certain terminations of employment with the Company. | |
Pursuant to the terms of the employment agreement, if, during the one-year period following the effective date of the employment agreement the employee, (i) is terminated without cause or (ii) resigns for good reason (each a “Qualifying Termination”), the employee would receive (a) a lump sum cash payment in an amount equal to 18 months’ salary, calculated at the rate of his then current Base Salary, (b) COBRA benefits for 18 months beginning on the first day of the month following such Qualifying Termination and (c) reimbursement of life-insurance costs for 18 months following such Qualifying Termination. If the employee undergoes a Qualifying Termination after the one-year period following the effective date of the Employment Agreement, the employee would receive (a) a lump sum cash payment in an amount equal to 12 months’ salary, calculated at the rate of his then current Base Salary, (b) COBRA benefits for 12 months beginning on the first day of the month following such Qualifying Termination and (c) reimbursement of life-insurance costs for 12 months following such Qualifying Termination. Moreover, if in connection with a change of control transaction, the employee is terminated or he resigns for good cause, the employee would receive (a) a lump sum cash payment in an amount equal to 24 months’ salary, calculated at the rate of his then current Base Salary, (b) COBRA benefits for 24 months beginning on the first day of the month following such Qualifying Termination and (c) reimbursement of life-insurance costs for 24 months following such Qualifying Termination. Additionally, in connection with the occurrence of any of the triggering events described above, the employee’s outstanding equity awards would become fully vested and exercisable and would remain exercisable until the expiration of the equity award’s maximum term. | |
The estimated value of the employment agreement in the event is approximately $317,000 if for one year, $475,000 if for eighteen months or $634,000 if for two years. | |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Principles of consolidation | ' | ||||||||||||
Principles of consolidation | |||||||||||||
The accompanying consolidated financial statements include the accounts of Senesco Technologies, Inc. and its wholly owned subsidiaries, Senesco, Inc. and Fabrus, Inc. All significant intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||||
Management Estimates and Judgments | ' | ||||||||||||
Management Estimates and Judgments | |||||||||||||
Management considers many factors in selecting appropriate financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes and management must select an amount that falls within that range of reasonable estimates. This process may result in actual results differing materially from those estimated amounts used in the preparation of the financial statements if these results differ from historical experience, or other assumptions do not turn out to be substantially accurate, even if such assumptions are reasonable when made. In preparing these financial statements, management used significant estimates in the following areas, among others: stock-based compensation expense, the determination of the fair value of stock-based awards, the accounting for research and development costs and accrued expenses. | |||||||||||||
Business Combinations | ' | ||||||||||||
Business Combinations | |||||||||||||
The Company accounts for business combinations using the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations. Identifiable assets acquired and liabilities assumed are recorded at their acquisition date fair values. Goodwill represents the excess of the purchase price over the fair value of identifiable assets and liabilities acquired as a result of the business combination. Acquisition-related costs, which amounted to $544,978 including advisory, legal, accounting, valuation and other costs, are expensed in the periods in which the costs are incurred. | |||||||||||||
Cash and Cash Equivalents and Short-Term Investments | ' | ||||||||||||
Cash and Cash Equivalents and Short-Term Investments | |||||||||||||
The Company considers all highly liquid instruments with an original maturity of 90 days or less at the time of purchase to be cash equivalents. Cash and cash equivalents consist of deposits that are readily convertible into cash. | |||||||||||||
Fair Value Measurements | ' | ||||||||||||
Fair Value Measurements | |||||||||||||
ASC Topic 820, Fair Value Measurements, defines fair value, establishes a framework for measuring fair value and expands the related disclosure requirements. The guidance applies under other accounting pronouncements that require or permit fair value measurements. The statement indicates, among other things, that a fair value measurement assumes that the transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. ASC 820 defines fair value based upon an exit price model. | |||||||||||||
The Company categorizes its financial instruments into a three-level fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument. Financial assets recorded at fair value on the Company’s consolidated balance sheets are categorized as follows: | |||||||||||||
· | Level 1: Observable inputs such as quoted prices in active markets; | ||||||||||||
· | Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and | ||||||||||||
· | Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. | ||||||||||||
The carrying value of prepaid research supplies and expenses, accounts payable and accrued expenses reported in the consolidated balance sheets equal or approximate fair value due to their short maturities. | |||||||||||||
Concentrations of Credit Risk | ' | ||||||||||||
Concentrations of Credit Risk | |||||||||||||
The Company maintains its cash primarily in investment accounts within two large financial institutions. The Federal Deposit Insurance Corporation insures these balances up to $250,000 per bank. The Company has not experienced any losses on its bank deposits and believes these deposits do not expose the Company to any significant credit risk. | |||||||||||||
Prepaid Research Services and Supplies | ' | ||||||||||||
Prepaid Research Services and Supplies | |||||||||||||
Prepaid research services and supplies are carried at cost and are included in prepaid expenses and other current assets on the accompanying consolidated balance sheet. When such services are performed and supplies are used, the carrying value of the supplies are expensed in the period that they are performed or used for the development of proprietary applications and processes. | |||||||||||||
Equipment, Furniture and Fixtures, Net | ' | ||||||||||||
Equipment, Furniture and Fixtures, Net | |||||||||||||
Equipment, furniture and fixtures are recorded at cost, except for the equipment acquired in the acquisition of Fabrus, which is recorded at fair value (see note 3). Depreciation is calculated on a straight-line basis over three to four years for office equipment, five years for lab equipment and five to seven years for furniture and fixtures. Expenditures for major renewals and improvements are capitalized, and expenditures for maintenance and repairs are charged to operations as incurred. (See note 5). | |||||||||||||
Patent Costs, Net | ' | ||||||||||||
Patent Costs, Net | |||||||||||||
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 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 or the Company no longer is pursuing the issuance of a patent, the associated cost of that application would be written off. 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 the lessor of 17 years from inception, the expected economic life of the patent, or the remaining life of the patent from the time the costs are incurred. (See note 6). | |||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||
Goodwill and Intangible Assets | |||||||||||||
Goodwill represents the excess of purchase price over the fair value of net assets acquired by the Company. Goodwill is not amortized, but assessed for impairment on an annual basis or more frequently if impairment indicators exist. The impairment model prescribes a two-step method for determining impairment. | |||||||||||||
The first step compares a reporting unit’s fair value to its carrying amount to identify potential goodwill impairment. If the carrying amount of a reporting unit exceeds the reporting unit’s fair value, the second step of the impairment test must be completed to measure the amount of the reporting unit’s goodwill impairment loss, if any. Step two requires an assignment of the reporting unit’s fair value to the reporting unit’s assets and liabilities to determine the implied fair value of the reporting unit’s goodwill. The implied fair value of the reporting unit’s goodwill is then compared with the carrying amount of the reporting unit’s goodwill to determine the goodwill impairment loss to be recognized, if any. For the year ended June 30, 2014, the Company determined that there was no impairment to goodwill. | |||||||||||||
Intangible assets include in-process research and development (IPR&D) of pharmaceutical product candidates. IPR&D are considered indefinite-lived intangible assets and are assessed for impairment annually or more frequently if impairment indicators exist. If the associated research and development effort is abandoned, the related assets will be written-off and the Company will record a non-cash impairment loss on its consolidated statement of operations. For those compounds that reach commercialization, the IPR&D assets will be amortized over their estimated useful lives. For the year ended June 30, 2014, the Company determined that there was no impairment to IPR&D | |||||||||||||
Impairment of Long-lived Assets | ' | ||||||||||||
Impairment of Long-lived Assets | |||||||||||||
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 if the Company's review determines that the future undiscounted 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. | |||||||||||||
Net Loss per Common Share | ' | ||||||||||||
Net Loss per Common Share | |||||||||||||
Basic loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of the Company’s common stock, par value $0.01 per share (the “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: | |||||||||||||
June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Common Stock to be issued upon conversion of convertible preferred stock | 290,000 | 266,667 | 176,115 | ||||||||||
Outstanding warrants | 7,237,774 | 283,156 | 572,260 | ||||||||||
Outstanding options | 979,304 | 231,748 | 156,477 | ||||||||||
Total potentially dilutive shares of Common Stock | 8,507,078 | 781,571 | 904,852 | ||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
Income taxes are recorded in accordance with ASC Topic 740, Income Taxes, which provides for deferred taxes using an asset and liability approach. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are provided, if based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. | |||||||||||||
The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. As of June 30, 2014, the Company’s tax years prior to June 30, 2010 are no longer subject to examination by the tax authorities. The Company is not currently under examination by any U.S. federal or state jurisdictions. As of June 30, 2014 and 2013, the Company does not have any significant uncertain tax positions. | |||||||||||||
Revenue Recognition | ' | ||||||||||||
Revenue Recognition | |||||||||||||
The Company has received certain nonrefundable upfront fees in exchange for the transfer of its technology to licensees. Upon delivery of the technology, the Company had no further obligations to the licensee with respect to the basic technology transferred and, accordingly, recognized revenue at that time. The Company has and may continue to receive additional payments from its licensees in the event such licensees achieve certain development or commercialization milestones in their particular field of use. Milestone payments, which are contingent upon the achievement of certain research goals, are recognized as revenue when the milestones, as defined in the particular agreement, are achieved. | |||||||||||||
Stock-based Payments | ' | ||||||||||||
Stock-based Payments | |||||||||||||
The Company accounts for stock-based compensation under the provisions of FASB ASC Topic 718, Compensation—Stock Compensation, which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. | |||||||||||||
For stock options issued to employees, the Company estimates the grant-date fair value of each option using the Black-Scholes option-pricing model. The use of the Black-Scholes option pricing model requires management to make assumptions with respect to the expected term of the option, the expected volatility of the common stock consistent with the expected life of the option, risk-free interest rates, the value of the common stock and expected dividend yields of the common stock. For awards subject to service-based vesting conditions, the Company recognizes stock-based compensation expense, net of estimated forfeitures, equal to the grant date fair value of stock options on a straight-line basis over the requisite service period, which is generally the vesting term. For awards subject to both performance and service-based vesting conditions, the Company recognizes stock-based compensation expense using the straight-line recognition method when it is probable that the performance condition will be achieved. Forfeitures are required to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Share-based payments issued to non-employees are recorded at their fair values, and are periodically revalued as the equity instruments vest and are recognized as expense over the related service period in accordance with the provisions of ASC 718 and ASC Topic 505, Equity. | |||||||||||||
The following table sets forth the total stock-based compensation expense and issuance of Common Stock for services included in the consolidated statements of operations for the fiscal years ended June 30, 2014, 2013 and 2012 and from inception to date. | |||||||||||||
Fiscal Year Ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
General and administrative | $ | 1,185,118 | $ | 639,828 | $ | 721,197 | |||||||
Research and development | 112,106 | 84,865 | 44,807 | ||||||||||
Total | $ | 1,297,224 | $ | 724,693 | $ | 766,004 | |||||||
The Company estimated the fair value of each option grant throughout the year using the Black-Scholes option-pricing model using the following assumptions: | |||||||||||||
Fiscal Year Ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Risk-free interest rate (1) | 1.6 - 2.7% | 0.3-0.8% | 0.4-1.9% | ||||||||||
Expected volatility | 85 - 99% | 67-102% | 78-105% | ||||||||||
Dividend yield | None | None | None | ||||||||||
Expected life (2) | 5.0 - 10.0 | 2.5 - 10.0 | 2.5 - 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 employee 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. | |||||||||||||
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. | |||||||||||||
Research and Development | ' | ||||||||||||
Research and Development | |||||||||||||
Research and development costs are charged to expense as incurred. These costs include, but are not limited to, employee-related expenses, including salaries, benefits and travel and stock-based compensation of the Company’s research and development personnel; expenses incurred under agreements with contract research organizations and investigative sites that conduct preclinical studies; facilities; other supplies; allocated facilities, depreciation and other expenses, which include rent and utilities; insurance; and costs associated with preclinical activities and regulatory operations. | |||||||||||||
Costs for certain development activities, such as clinical trials, are recognized based on an evaluation of the progress to completion of specific tasks using data such as subject enrollment, clinical site activations or information provided to the Company by its vendors with respect to their actual costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected in the financial statements as prepaid or accrued research and development expense, as the case may be. | |||||||||||||
Recent Accounting Pronouncements Applicable to the Company | ' | ||||||||||||
Recent Accounting Pronouncements Applicable to the Company | |||||||||||||
On June 10, 2014, the FASB issued Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation (“ASU 2014 10”). The guidance is intended to reduce the overall cost and complexity associated with financial reporting for development stage entities without reducing the availability of relevant information. The FASB also believes the changes will simplify the consolidation accounting guidance by removing the differential accounting requirements for development stage entities. As a result of these changes, there no longer will be any accounting or reporting differences in GAAP between development stage entities and other operating entities. For organizations defined as public business entities, the presentation and disclosure requirements in Topic 915 will no longer be required starting with the first annual period beginning after December 15, 2014, including interim periods therein. Early application is permitted for any annual reporting period or interim period for which the entity’s financial statements have not yet been issued (public business entities) or made available for issuance (other entities). The Company early adopted this guidance in 2014 and, as a result, the Company will no longer need to present inception-to-date information about income statement line items, cash flows, and equity transactions. | |||||||||||||
In June 2014, the FASB issued ASU No. 2014-12, “Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could be Achieved after the Requisite Service Period,” (“ASU 2014-12”). ASU 2014-12 requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The Company does not anticipate that the adoption of this standard will have a material impact on its financial statements. | |||||||||||||
Reclassifications | ' | ||||||||||||
Reclassifications | |||||||||||||
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. | |||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Calculation of the weighted average number 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: | |||||||||||||
June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Common Stock to be issued upon conversion of convertible preferred stock | 290,000 | 266,667 | 176,115 | ||||||||||
Outstanding warrants | 7,237,774 | 283,156 | 572,260 | ||||||||||
Outstanding options | 979,304 | 231,748 | 156,477 | ||||||||||
Total potentially dilutive shares of Common Stock | 8,507,078 | 781,571 | 904,852 | ||||||||||
Stock-Based Compensation Expense and Issuance of Common Stock for Services Included in Consolidated Statements of Operations | ' | ||||||||||||
The following table sets forth the total stock-based compensation expense and issuance of Common Stock for services included in the consolidated statements of operations for the fiscal years ended June 30, 2014, 2013 and 2012 and from inception to date. | |||||||||||||
Fiscal Year Ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
General and administrative | $ | 1,185,118 | $ | 639,828 | $ | 721,197 | |||||||
Research and development | 112,106 | 84,865 | 44,807 | ||||||||||
Total | $ | 1,297,224 | $ | 724,693 | $ | 766,004 | |||||||
Black-Scholes Option-Pricing Model Assumptions used to Estimate Fair Value of Each Warrant and Option Grant | ' | ||||||||||||
The Company estimated the fair value of each option grant throughout the year using the Black-Scholes option-pricing model using the following assumptions: | |||||||||||||
Fiscal Year Ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Risk-free interest rate (1) | 1.6 - 2.7% | 0.3-0.8% | 0.4-1.9% | ||||||||||
Expected volatility | 85 - 99% | 67-102% | 78-105% | ||||||||||
Dividend yield | None | None | None | ||||||||||
Expected life (2) | 5.0 - 10.0 | 2.5 - 10.0 | 2.5 - 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 employee 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. | |||||||||||||
Acquisition_of_Fabrus_Inc_Tabl
Acquisition of Fabrus, Inc (Tables) | 12 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ' | ||||||||||||||||||
The Company’s consolidated financial statements reflect the operating results of Fabrus since May 16, 2014. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date: | |||||||||||||||||||
Purchase price per valuation | 20,933,859 | ||||||||||||||||||
Less: options to be recognized in the future | -224,812 | ||||||||||||||||||
Purchase price for goodwill calculation | 20,709,047 | ||||||||||||||||||
Assets acquired: | |||||||||||||||||||
Cash | 1,274,662 | ||||||||||||||||||
Accounts receivable | 43,133 | ||||||||||||||||||
Prepaid expenses | 19,542 | ||||||||||||||||||
Equipment | 234,000 | ||||||||||||||||||
Acquired research and development | 9,800,000 | ||||||||||||||||||
Goodwill | 13,902,917 | ||||||||||||||||||
25,274,254 | |||||||||||||||||||
Liabilities assumed: | |||||||||||||||||||
Accounts payable | -409,117 | ||||||||||||||||||
Accrued payroll | -74,525 | ||||||||||||||||||
Accrued expenses | -161,565 | ||||||||||||||||||
Deferred tax liability | -3,920,000 | ||||||||||||||||||
-4,565,207 | |||||||||||||||||||
Net assets of Fabrus, Inc. acquired | 20,709,047 | ||||||||||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustments | ' | ||||||||||||||||||
The following represents our pro-forma Consolidated Statements of Income as if Fabrus had been included in our consolidated results since July 1, 2012: | |||||||||||||||||||
Year Ended | |||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||
Total revenue | $ | 182,229 | $ | 7,819 | |||||||||||||||
Net loss | $ | -11,017,792 | $ | -6,308,007 | |||||||||||||||
Loss applicable to common shares | $ | -15,646,989 | $ | -7,171,005 | |||||||||||||||
Basis and diluted net loss per common share | $ | -1.36 | $ | -1.16 | |||||||||||||||
Business Acquisition, Pro Forma Information | ' | ||||||||||||||||||
The following represents our pro-forma Consolidated Statements of Income as if Fabrus had been included in our consolidated results since July 1, 2013: | |||||||||||||||||||
Pro-Forma | Combined | ||||||||||||||||||
Senesco | Fabrus | Adjustments | Notes | Pro-Forma | |||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||||||
Revenue | $ | 100,000 | $ | 82,229 | $ | 182,229 | |||||||||||||
Operating expenses: | |||||||||||||||||||
General and administrative | 3,623,200 | 592,539 | 10,026 | -1 | 4,225,765 | ||||||||||||||
Research and development | 3,079,789 | 2,136,512 | - | 5,216,301 | |||||||||||||||
Acquisition related costs | 513,028 | 478,522 | -991,550 | -2 | - | ||||||||||||||
Impairment of patent costs | 1,350,591 | - | - | 1,350,591 | |||||||||||||||
Write-off of patents abandoned | 330,190 | - | - | 330,190 | |||||||||||||||
Total operating expenses | 8,896,798 | 3,207,573 | -981,524 | 11,122,847 | |||||||||||||||
Loss from operations | -8,796,798 | -3,125,344 | 981,524 | -10,940,618 | |||||||||||||||
Interest (expense) income - net | -77,174 | -130,505 | 130,505 | -3 | -77,174 | ||||||||||||||
Net loss | -8,873,972 | -3,255,849 | 1,112,029 | -11,017,792 | |||||||||||||||
Preferred dividends | -4,629,197 | - | - | -4,629,197 | |||||||||||||||
Loss applicable to common shares | -13,503,169 | -3,255,849 | 1,112,029 | -15,646,989 | |||||||||||||||
Other comprehensive loss | - | - | - | - | |||||||||||||||
Comprehensive loss | $ | -13,503,169 | $ | -3,255,849 | $ | 1,112,029 | $ | -15,646,989 | |||||||||||
Basic and diluted net loss per common share | $ | -2.47 | - | - | $ | -1.36 | |||||||||||||
Basic and diluted weighted-average number | |||||||||||||||||||
of common shares outstanding | 5,476,717 | - | 6,034,957 | 11,511,674 | |||||||||||||||
-1 | Reflects an adjustment to record additional depreciation expense for the step up in fair value of Fabrus fixed assets. | ||||||||||||||||||
-2 | Reflects adjustments to eliminate acquisition-related costs included in the historical financial statements which are directly attributable to the acquistion, but are not expected to have a continuing impact on the results of the combined entity. | ||||||||||||||||||
-3 | Reflects an adjustment to eliminate interest expense included in the historical financial statements of Fabrus related to convertible promissory notes that were converted into shares of common stock in connection with the acquisition. | ||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
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 June 30, 2014 and 2013: | ||||||||||||||
Carrying | Fair Value Measurement at June 30, 2014 | |||||||||||||
Value | Level 1 | Level 2 | Level 3 | |||||||||||
Assets: | ||||||||||||||
Cash and cash equivalents | $ | 6,111,340 | $ | 6,111,340 | $ | - | $ | - | ||||||
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 | $ | - | $ | - | ||||||
Equipment_Furniture_and_Fixtur1
Equipment, Furniture and Fixtures (Tables) | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Equipment, Furniture and Fixtures | ' | |||||||
Equipment, Furniture and Fixtures consist of the following: | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Laboratory Equipment | $ | 225,854 | $ | - | ||||
Office Equipment | $ | 37,950 | $ | 32,334 | ||||
Furniture and fixtures | 73,398 | 67,674 | ||||||
337,202 | 100,008 | |||||||
Less—Accumulated depreciation | -113,727 | -95,453 | ||||||
$ | 223,475 | $ | 4,555 | |||||
Patent_Costs_Tables
Patent Costs (Tables) | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Patent costs | ' | |||||||
Patent costs consist of the following: | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Patents approved | $ | 1,082,759 | $ | 2,665,436 | ||||
Patents pending | 1,264,462 | 1,919,360 | ||||||
2,347,221 | 4,584,796 | |||||||
Accumulated amortization | -168,354 | -1,018,299 | ||||||
$ | 2,178,867 | $ | 3,566,497 | |||||
Estimated Amortization Expense | ' | |||||||
Estimated amortization expense for the next five fiscal years is as follows: | ||||||||
Fiscal Year ended June 30, | ||||||||
2015 | $ | 150,000 | ||||||
2016 | 150,000 | |||||||
2017 | 150,000 | |||||||
2018 | 150,000 | |||||||
2019 | 150,000 | |||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued Expenses | ' | |||||||
Accrued expenses were comprised of the following: | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Accrued research | $ | 588,613 | $ | 210,696 | ||||
Accrued payroll | 114,872 | 12,869 | ||||||
Accrued dividends payable | 14,500 | 20,000 | ||||||
Accrued other | 206,006 | 143,975 | ||||||
$ | 923,991 | $ | 387,540 | |||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||
Stock Option Activity | ' | ||||||||||
Stock option activity under the 2008 Plan and 1998 Plan is summarized as follows: | |||||||||||
Weighted | |||||||||||
Aggregate | Average | Exercise Price | |||||||||
Number | Exercise Price | Range | |||||||||
Outstanding, July 31, 2011 | 113,483 | $ | 78 | $ | 26.00 - 400.00 | ||||||
Granted | 52,744 | 23 | 20.00 - 26.00 | ||||||||
Exercised | - | - | - | ||||||||
Cancelled | - | - | - | ||||||||
Expired | -9,750 | 232 | 150.00 – 400.00 | ||||||||
Outstanding, June 30, 2012 | 156,477 | 50 | 20.00 - 345.00 | ||||||||
Granted | 89,670 | 14 | 4.00 - 18.00 | ||||||||
Exercised | - | - | - | ||||||||
Cancelled | -11,525 | 23 | 23 | ||||||||
Expired | -2,875 | 202 | 109.00 - 235.00 | ||||||||
Outstanding, June 30, 2013 | 231,748 | 35 | 4.00 – 345.00 | ||||||||
Granted | 778,480 | 2.94 | 2.65 - 5.40 | ||||||||
Exercised | - | - | - | ||||||||
Cancelled | -27,788 | 16.5 | 16.5 | ||||||||
Expired | -3,136 | 229.65 | 52.00 - 315.00 | ||||||||
Outstanding, June 30, 2014 | 979,304 | $ | 9.49 | $ | 2.65 - 345.00 | ||||||
Options exercisable at June 30, 2012 | 101,011 | $ | 62 | ||||||||
Options exercisable at June 30, 2013 | 166,122 | $ | 41 | ||||||||
Options exercisable at June 30, 2014 | 428,286 | $ | 17.48 | ||||||||
Weighted average fair value of options granted during the fiscal year ended June 30, 2012 | $ | 17 | |||||||||
Weighted average fair value of options granted during the fiscal year ended June 30, 2013 | $ | 11 | |||||||||
Weighted average fair value of options granted during the fiscal year ended June 30, 2014 | $ | 2.11 | |||||||||
Non-vested Stock Option Activity | ' | ||||||||||
Non-vested stock option activity under the Plan is summarized as follows: | |||||||||||
Weighted-average | |||||||||||
Number of | Grant-Date | ||||||||||
Options | Fair Value | ||||||||||
Non-vested stock options at July 1, 2013 | 65,626 | $ | 16 | ||||||||
Granted | 778,480 | 2.11 | |||||||||
Vested | -265,300 | 3.62 | |||||||||
Forfeited | -27,788 | 13.2 | |||||||||
Non-vested stock options at June 30, 2014 | 551,018 | $ | 2.29 | ||||||||
Total Outstanding Warrants | ' | ||||||||||
Total outstanding warrants at June 30, 2014 were as follows: | |||||||||||
Strike Price | Warrants | ||||||||||
$ | 345 | 150 | |||||||||
$ | 140 | 50 | |||||||||
$ | 108 | 25 | |||||||||
$ | 60 | 27,703 | |||||||||
$ | 35 | 197,453 | |||||||||
$ | 32 | 3,000 | |||||||||
$ | 28.6 | 49,270 | |||||||||
$ | 26 | 50 | |||||||||
$ | 4 | 3,600,033 | |||||||||
$ | 3 | 3,260,030 | |||||||||
$ | 2 | 95,050 | |||||||||
$ | 1 | 4,960 | |||||||||
7,237,774 | |||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Reconciliation of Effective Income Tax Rate to Federal Statutory Rate | ' | ||||||||||||
The reconciliation of the effective income tax rate to the federal statutory rate is as follows: | |||||||||||||
June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal income tax provision at statutory rate | -34 | % | -34 | % | -34 | % | |||||||
State income taxes, net of federal benefit | -5.4 | % | - | - | |||||||||
Fair value - warrant liability | - | -2 | % | -3.2 | % | ||||||||
Loss on settlement of warrant liabilities | - | 1 | % | - | |||||||||
Other | - | -4 | % | -0.6 | % | ||||||||
Permanet items | 3.1 | % | - | - | |||||||||
Valuation allowance | 36.3 | % | 39 | % | 37.8 | % | |||||||
Actual income tax provision (benefit) effective tax rate | - | % | - | % | - | % | |||||||
Deferred Income Tax Assets | ' | ||||||||||||
The principal components of deferred income tax assets consist of the following: | |||||||||||||
June 30, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred Tax Assets: | |||||||||||||
Net operating loss carryforwards | $ | 23,719,000 | $ | 19,269,000 | |||||||||
Stock-based compensation | 2,721,000 | 2,507,000 | |||||||||||
Other | 651,000 | 44,000 | |||||||||||
Deferred tax assets | 27,091,000 | 21,820,000 | |||||||||||
Deferred Tax Liabilities: | |||||||||||||
Indefinite-lived intangibles | -3,920,000 | - | |||||||||||
Deferred tax liabilities | -3,920,000 | - | |||||||||||
Less: valuation allowance | -27,091,000 | -21,820,000 | |||||||||||
Net deferred tax asset / (liability) | $ | -3,920,000 | $ | - | |||||||||
Principal_Business_Activity_Ad
Principal Business Activity - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 |
Stockholders Equity Note [Line Items] | ' | ' | ' | ' |
Deficit accumulated during the development stage | $88,280,266 | $74,425,835 | ' | ' |
Cash and cash equivalents | $6,111,340 | $1,602,294 | $2,001,325 | $3,609,954 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Maturity period of all highly liquid instruments at the time of purchase to be cash equivalents (in days) | ' | 90 | ' | ' |
Common stock, par value | ' | $0.01 | $0.01 | ' |
Business Combination, Acquisition Related Costs | ' | $544,978 | $0 | $0 |
Finite-Lived Intangible Asset, Useful Life | ' | '17 years | ' | ' |
Stockholders' Equity, Reverse Stock Split | '1:100 | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Federal Deposit Insurance Corporation Insurance Limit Per Bank | ' | $250,000 | ' | ' |
Calculation_of_Weighted_Averag
Calculation of Weighted Average Number of Dilutive Shares of Common Stock (Detail) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Common Stock to be issued upon conversion of convertible preferred stock | 290,000 | 266,667 | 176,115 |
Outstanding warrants | 7,237,774 | 283,156 | 572,260 |
Outstanding options | 979,304 | 231,748 | 156,477 |
Total potentially dilutive shares of Common Stock | 8,507,078 | 781,571 | 904,852 |
StockBased_Compensation_Expens
Stock-Based Compensation Expense and Issuance of Common Stock for Services Included in Consolidated Statements of Operations (Detail) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Stock-based compensation expense | $1,297,224 | $724,693 | $766,004 |
General and administrative | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Stock-based compensation expense | 1,185,118 | 639,828 | 721,197 |
Research and development | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Stock-based compensation expense | $112,106 | $84,865 | $44,807 |
BlackScholes_OptionPricing_Mod
Black-Scholes Option-Pricing Model Assumptions used to Estimate Fair Value of Each Warrant and Option Grant (Detail) | 12 Months Ended | |||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' | |||
Risk-free interest rate, minimum | 1.60% | [1] | 0.30% | [1] | 0.40% | [1] |
Risk-free interest rate, maximum | 2.70% | [1] | 0.80% | [1] | 1.90% | [1] |
Expected volatility, minimum | 85.00% | 67.00% | 78.00% | |||
Expected volatility, maximum | 99.00% | 102.00% | 105.00% | |||
Dividend yield | ' | ' | ' | |||
Maximum | ' | ' | ' | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' | |||
Expected life | '10 years | [2] | '10 years | [2] | '10 years | [2] |
Minimum | ' | ' | ' | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' | |||
Expected life | '5 years | [2] | '2 years 6 months | [2] | '2 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 employee 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. |
Acquisition_of_Fabrus_Inc_Addi
Acquisition of Fabrus, Inc - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |
16-May-14 | Jun. 30, 2014 | Jun. 30, 2013 | |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 6,905,201 | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $18,298,782 | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 3,578,481 | ' | ' |
Warrant To Purchase of Common Stock Fair Value Amount | 2,349,853 | ' | ' |
Investment Options, Exercise Price | $2.65 | ' | ' |
Options To Purchase Of Common Stock Fair Value Amount | 285,224 | ' | ' |
Business Combination Purchase Price For Valuation | 20,933,859 | ' | ' |
Business Acquisition Additional Purchase Price Prior To Acquisiton Services | 60,412 | ' | ' |
Business Acquisition Amortized Expenses Post To Acquisiton Services | 224,812 | ' | ' |
Business Acquisition, Pro Forma Net Income (Loss) | ' | -11,017,792 | -6,308,007 |
Business Acquisition, Transaction Costs | ' | ' | 11,458 |
Interest Expense, Debt | ' | ' | 47,545 |
Fabrus, Inc. [Member] | ' | ' | ' |
Business Acquisition, Pro Forma Net Income (Loss) | $351,262 | ' | ' |
Minimum [Member] | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $2 | ' | ' |
Maximum [Member] | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $4 | ' | ' |
Estimated_fair_values_of_the_a
Estimated fair values of the assets acquired and liabilities assumed (Detail) (USD $) | 16-May-14 |
Purchase price per valuation | $20,933,859 |
Less: options to be recognized in the future | -224,812 |
Purchase price for goodwill calculation | 20,709,047 |
Assets acquired: | ' |
Cash | 1,274,662 |
Accounts receivable | 43,133 |
Prepaid expenses | 19,542 |
Equipment | 234,000 |
Acquired research and development | 9,800,000 |
Goodwill | 13,902,917 |
Business combination recognized identifiable assets acquired and liabilities assumed assets | 25,274,254 |
Liabilities assumed: | ' |
Accounts payable | -409,117 |
Accrued payroll | -74,525 |
Accrued expenses | -161,565 |
Deferred tax liability | -3,920,000 |
Business combination, recognized identifiable assets acquired and liabilities assumed, liabilities | -4,565,207 |
Net assets of Fabrus, Inc. acquired | $20,709,047 |
Business_Acquisition_Pro_Forma
Business Acquisition, Pro Forma Consolidated Statements of Income (Detail) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' | ' |
Total revenue | $182,229 | $7,819 | ' |
Net loss | -11,017,792 | -6,308,007 | ' |
Loss applicable to common shares | ($13,854,431) | ($6,985,540) | ($6,691,860) |
Basis and diluted net loss per common share | ($2.53) | ($5.11) | ($7.81) |
Proforma_consolidated_statemen
Pro-forma consolidated statements of Income (Detail) (USD $) | 12 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | ||
Costs and Expenses [Abstract] | ' | ' | ' | |
General and administrative | $3,683,350 | $2,499,624 | $2,724,144 | |
Research and development | 3,338,687 | 2,086,666 | 2,566,247 | |
Acquisition related costs | 544,978 | 0 | 0 | |
Impairment of patent costs | 1,350,591 | 0 | 0 | |
Write-off of patents abandoned | 330,190 | 64,210 | 321,137 | |
Total operating expenses | 9,247,796 | 4,650,500 | 5,611,528 | |
Loss from operations | -9,147,796 | -4,650,500 | -5,411,528 | |
Interest (expense) income - net | -77,438 | -119,087 | -127,068 | |
Net loss | -11,017,792 | -6,308,007 | ' | |
Preferred dividends | 4,629,197 | 862,998 | 1,625,727 | |
Loss applicable to common shares | -13,854,431 | -6,985,540 | -6,691,860 | |
Other comprehensive loss | 0 | 0 | 0 | |
Comprehensive loss | -13,854,431 | -6,985,540 | -6,691,860 | |
Basic and diluted net loss per common share | ($2.53) | ($5.11) | ($7.81) | |
Basic and diluted weighted-average number of common shares outstanding | 5,476,717 | 1,366,384 | 857,033 | |
Revenue | 182,229 | 7,819 | ' | |
Restatement Adjustment [Member] | ' | ' | ' | |
Costs and Expenses [Abstract] | ' | ' | ' | |
General and administrative | 10,026 | [1] | ' | ' |
Research and development | 0 | ' | ' | |
Acquisition related costs | -991,550 | [2] | ' | ' |
Impairment of patent costs | 0 | ' | ' | |
Write-off of patents abandoned | 0 | ' | ' | |
Total operating expenses | -981,524 | ' | ' | |
Loss from operations | 981,524 | ' | ' | |
Interest (expense) income - net | 130,505 | [3] | ' | ' |
Net loss | 1,112,029 | ' | ' | |
Preferred dividends | 0 | ' | ' | |
Loss applicable to common shares | 1,112,029 | ' | ' | |
Other comprehensive loss | 0 | ' | ' | |
Comprehensive loss | 1,112,029 | ' | ' | |
Basic and diluted net loss per common share | $0 | ' | ' | |
Basic and diluted weighted-average number of common shares outstanding | 6,034,957 | ' | ' | |
Senesco Technologies, Inc [Member] | ' | ' | ' | |
Costs and Expenses [Abstract] | ' | ' | ' | |
General and administrative | 3,623,200 | [1] | ' | ' |
Research and development | 3,079,789 | ' | ' | |
Acquisition related costs | 513,028 | [2] | ' | ' |
Impairment of patent costs | 1,350,591 | ' | ' | |
Write-off of patents abandoned | 330,190 | ' | ' | |
Total operating expenses | 8,896,798 | ' | ' | |
Loss from operations | -8,796,798 | ' | ' | |
Interest (expense) income - net | -77,174 | [3] | ' | ' |
Net loss | -8,873,972 | ' | ' | |
Preferred dividends | -4,629,197 | ' | ' | |
Loss applicable to common shares | -13,503,169 | ' | ' | |
Other comprehensive loss | 0 | ' | ' | |
Comprehensive loss | -13,503,169 | ' | ' | |
Basic and diluted net loss per common share | ($2.47) | ' | ' | |
Basic and diluted weighted-average number of common shares outstanding | 5,476,717 | ' | ' | |
Revenue | 100,000 | ' | ' | |
Fabrus, Inc. [Member] | ' | ' | ' | |
Costs and Expenses [Abstract] | ' | ' | ' | |
General and administrative | 592,539 | [1] | ' | ' |
Research and development | 2,136,512 | ' | ' | |
Acquisition related costs | 478,522 | [2] | ' | ' |
Impairment of patent costs | 0 | ' | ' | |
Write-off of patents abandoned | 0 | ' | ' | |
Total operating expenses | 3,207,573 | ' | ' | |
Loss from operations | -3,125,344 | ' | ' | |
Interest (expense) income - net | -130,505 | [3] | ' | ' |
Net loss | -3,255,849 | ' | ' | |
Preferred dividends | 0 | ' | ' | |
Loss applicable to common shares | -3,255,849 | ' | ' | |
Other comprehensive loss | 0 | ' | ' | |
Comprehensive loss | -3,255,849 | ' | ' | |
Basic and diluted net loss per common share | $0 | ' | ' | |
Basic and diluted weighted-average number of common shares outstanding | 0 | ' | ' | |
Revenue | $82,229 | ' | ' | |
[1] | Reflects an adjustment to record additional depreciation expense for the step up in fair value of Fabrus fixed assets. | |||
[2] | Reflects adjustments to eliminate acquisition-related costs included in the historical financial statements which are directly attributable to the acquistion, but are not expected to have a continuing impact on the results of the combined entity. | |||
[3] | Reflects an adjustment to eliminate interest expense included in the historical financial statements of Fabrus related to convertible promissory notes that were converted into shares of common stock in connection with the acquisition. |
Assets_and_Liabilities_at_Fair
Assets and Liabilities at Fair Value Measured on Recurring Basis (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | $6,111,340 | $1,602,294 |
Level 1 | Fair Value Measurements Recurring Basis | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
cash equivalents, Fair Value | 6,111,340 | 1,602,294 |
Level 2 | Fair Value Measurements Recurring Basis | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
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 equivalents, Fair Value | $0 | $0 |
Equipment_Furniture_and_Fixtur2
Equipment, Furniture and Fixtures - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation | $18,275 | $2,583 | $2,386 |
Equipment_Furniture_and_Fixtur3
Equipment, Furniture and Fixtures (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' |
Equipment, furniture and fixtures, gross | $337,202 | $100,008 |
LessBAccumulated depreciation | -113,727 | -95,453 |
Equipment, furniture and fixtures, net | 223,475 | 4,555 |
Laboratory Equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Equipment, furniture and fixtures, gross | 225,854 | 0 |
Office Equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Equipment, furniture and fixtures, gross | 37,950 | 32,334 |
Furniture and fixtures | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Equipment, furniture and fixtures, gross | $73,398 | $67,674 |
Patent_Costs_Additional_Inform
Patent Costs - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Legal fees related to prosecution of patent costs | $624,531 | $527,761 | ' |
Write-off of patents abandoned | 330,190 | 64,210 | 321,137 |
Impairment of patents | 1,350,591 | 0 | 0 |
Amortization of intangible assets | $331,381 | $291,046 | $255,637 |
Patent_Costs_Detail
Patent Costs (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Finite Lived Intangible Assets [Line Items] | ' | ' |
Patents approved | $1,082,759 | $2,665,436 |
Patents pending | 1,264,462 | 1,919,360 |
Finite-Lived Intangible Assets, Gross, Total | 2,347,221 | 4,584,796 |
Accumulated amortization | -168,354 | -1,018,299 |
Finite-Lived Intangible Assets, Net, Total | $2,178,867 | $3,566,497 |
Estimated_Amortization_Expense
Estimated Amortization Expense (Detail) (USD $) | Jun. 30, 2014 |
Finite Lived Intangible Assets [Line Items] | ' |
2015 | $150,000 |
2016 | 150,000 |
2017 | 150,000 |
2018 | 150,000 |
2019 | $150,000 |
Accrued_Expenses_Detail
Accrued Expenses (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Accounts Payable And Accrued Liabilities [Line Items] | ' | ' |
Accrued research | $588,613 | $210,696 |
Accrued payroll | 114,872 | 12,869 |
Accrued dividends payable | 14,500 | 20,000 |
Accrued other | 206,006 | 143,975 |
Accrued expenses | $923,991 | $387,540 |
Line_of_Credit_Additional_Info
Line of Credit - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |||
Feb. 26, 2014 | Feb. 17, 2010 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | ' | $3,000,000 | ' | ' | ' |
Line of credit facility, interest rate description | ' | 'Line of Credit accrued interest at an annual rate of (i) the broker rate in effect at the interest date (which was 3.75% throughout Fiscal 2014), plus (ii) 2.0%. There were no other conditions or fees associated with the Line of Credit. | ' | ' | ' |
Repayments of Lines of Credit | 2,187,082 | ' | ' | ' | ' |
Line of credit, outstanding amount | ' | ' | 0 | 2,187,082 | ' |
Interest expense under Line of Credit | ' | ' | $85,629 | $122,453 | $134,549 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | 180 Months Ended | 0 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Feb. 21, 2014 | Apr. 08, 2013 | Aug. 08, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2010 | 16-May-14 | Mar. 25, 2013 | Dec. 14, 2011 | Mar. 25, 2013 | Dec. 14, 2011 | 9-May-13 | Jan. 04, 2013 | Mar. 01, 2012 | Jan. 06, 2012 | Oct. 02, 2013 | Dec. 16, 2013 | Jun. 30, 2014 | Jun. 13, 2014 | Jun. 30, 2014 | Feb. 21, 2014 | Feb. 21, 2014 | Aug. 08, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Dec. 16, 2013 | Dec. 16, 2013 | Dec. 16, 2013 | 16-May-14 | Dec. 22, 2010 | Jun. 30, 2014 | 16-May-14 | Apr. 01, 2010 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 02, 2010 | Jun. 30, 2014 | Oct. 02, 2014 | Jun. 30, 2014 | |
After Approval | After Approval | Before Approval | Before Approval | Placement Agent | Placement Agent | Public Placement | Public Placement | May 9, 2013 Placement | Public Placements of Common Stock and Warrants | Series A Warrant | Series A Warrant | Series A Warrant | Series B Warrant | Series B Warrant | Warrant Exchange Agreements | Common stock | Common stock | Common stock | Preferred Stock | 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 | At Market Issuance Sales Agreement | At Market Issuance Sales Agreement | At Market Issuance Sales Agreement | Six month warrants 1 | Six month warrants 2 | Three year warrants | Maximum | Maximum | Maximum | Minimum | Series A Preferred Stock | Series A Preferred Stock | Series A Preferred Stock | Series B Preferred stock | 2-Oct-13 | 2-Oct-13 | 2-Oct-13 | |||||||||
Warrant Amendment Agreement | Scenario 1 | Warrant Amendment Agreement | May 9, 2013 Placement | Public Placements of Common Stock and Warrants | Public Placements of Common Stock and Warrants | Public Placements of Common Stock and Warrants | Series A Warrant | Common stock | |||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,297 | 10,297 | 10,297 | 1,200 | ' | ' | ' |
Proceeds from issuance of preferred stock and warrants, net | ' | ' | ' | ' | ' | ' | $10,754,841 | ' | ' | ' | ' | ' | ' | $459,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued upon conversion | ' | ' | ' | 359,281 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, stated value | ' | ' | ' | $1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, dividend rate | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, dividend payment term | ' | ' | ' | 'If the dividends are paid in shares of Common Stock, such shares will be priced at the lower of 90% of the average volume weighted-average price for the 20 trading days immediately preceding the payment date or $22.40. The dividends were subject to a 30% make whole provision. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock conversion price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of stock, Description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The conversion price is subject to adjustment if the Company sells or grants any Common Stock or Common Stock equivalents, subject to certain exclusions, at an effective price per share that is lower than the conversion price of the Convertible Preferred Stock. After 18 months from the date of issuance of the Convertible Preferred Stock, if the Companys Common Stock trades above $80.00 for 20 out of 30 consecutive trading days, the Convertible Preferred Stock will no longer be subject to adjustment. As a result of multiple issuances of shares of common stock, as of June 30, 2014, the initial conversion prices have been adjusted from $32.00 per share to $2.00 per share. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock and warrant coverage, per unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $26 | $26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5 | ' | ' |
Beneficial ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.99% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.99% | ' | ' | ' | ' | ' | ' | ' | ' |
Notice period to increase ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '60 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of warrants exchanged | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 172,625 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock issued in exchange for warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 69,022 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | ' | ' | ' | 500,000,000 | 500,000,000 | ' | ' | ' | 500,000,000 | 350,000,000 | 350,000,000 | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issuable value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,255,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued during period, value | ' | ' | ' | ' | 4,044,663 | 3,227,916 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,219 | 1,284 | ' | ' | 4,037,444 | 3,226,632 | ' | 0 | 0 | 3,539 | 18,346 | 80,999 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,725,000 | ' | ' |
Stock issued during period, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 418,333 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 721,872 | 128,423 | ' | ' | ' | ' | ' | ' | ' | 94,183 | 477,257 | 2,311,137 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 690,000 |
Gross Proceeds from sale of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,862,012 | 2,862,012 | ' | 5,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,560,770 | ' | ' |
Gross Proceeds from sale of common stock, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110,077 | 110,077 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant coverage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of preferred stock preference stock and warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,297,000 | ' | ' | 1,200,000 | ' | ' | ' |
Cash closing cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 742,159 | ' | ' | ' |
Class of warrant or right number of securities called by each warrant or right | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' |
Share Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3 | $10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Offering expenses related to issue of warrants and common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 153,318 | 151,202 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of warrants and common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,101,682 | 2,848,798 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Offer closing date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2013-05-10 | '2013-01-08 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period Shares Stock Dividend | ' | ' | ' | 17,524 | 37,197 | 23,219 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Stock Dividend | ' | ' | ' | 20,001 | 114,474 | 122,252 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 301 | 372 | 232 | ' | 118,316 | 590,949 | 556,918 | -98,616 | -476,847 | -434,898 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Conversion of Units | ' | ' | ' | ' | 11,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional Common Stock Issued Under Exercise Price Reset Feature | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,867 | ' | ' | ' | ' | ' | 8,770 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends Payable | 2,820,866 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,468 | ' | ' | 847,600 | ' | 2,820,866 | 35,606 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance or Sale of Equity, Total | ' | ' | ' | 10,917,325 | 4,044,663 | 3,227,916 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,278,236 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Development Stage Entities, Stock Issued, Shares, Issued for Cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 180,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Development Stage Entities, Equity Issuance, Per Share Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3 | $4 | $4 | ' | ' | ' | ' | ' | ' | ' | ' | $2.50 | ' | ' |
Payments of Stock Issuance Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 121,764 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | ' | ' | ' | ' | ' | ' | ' | 3,578,481 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,630,000 | ' | 1,746,666 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12 | $28.60 | $28.60 | ' | ' | ' | ' | ' | $2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4 | ' | ' | $2 | ' | $35 | ' | ' | ' | ' | ' |
Proceeds from Warrant Exercises | 3,493,332 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,493,332 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 164,230 | ' | ' |
Dividends, Preferred Stock | ' | ' | ' | 0 | 1,076,355 | 366,151 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss On Settlement Of Warrant Liabilities | ' | $939,375 | $785,171 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $785,171 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||
Feb. 21, 2014 | Apr. 08, 2013 | Sep. 30, 2013 | Nov. 16, 2012 | Aug. 08, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Feb. 21, 2014 | Feb. 21, 2014 | Jun. 13, 2014 | Jun. 30, 2013 | 16-May-14 | Jun. 30, 2013 | 16-May-14 | Apr. 08, 2013 | Jun. 24, 2013 | Aug. 08, 2012 | Jun. 24, 2013 | Apr. 08, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | |
Exercisable Warrants Expiring at Various Dates through 2017 | Series B Warrants | Series B Warrants | Series A And FA Warrant | Maximum | Maximum | Minimum | Minimum | Warrant Exchange Agreements | Warrant Exchange Agreements | Warrant Exchange Agreements | Warrant Exchange Agreements | Warrant Exchange Agreements | 2008 Incentive Compensation Plan | 2008 Incentive Compensation Plan | |||||||||
Amendment | Subsequently Reset | Subsequently Reset | Maximum | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options issued | ' | ' | 46,780 | 37,050 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate Black-Scholes value | ' | ' | ' | $489,060 | ' | $201,154 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Probability to achieve employee target goals | ' | ' | ' | ' | ' | 81.00% | ' | ' | ' | ' | ' | ' | 55.00% | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Stock option outstanding intrinsic value | ' | ' | ' | ' | ' | 86,157 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option outstanding weighted average remaining term | ' | ' | ' | ' | ' | '9 years 2 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable aggregate intrinsic value | ' | ' | ' | ' | ' | 17,433 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average option exercisable remaining life | ' | ' | ' | ' | ' | '8 years 3 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for future stock option grant | ' | ' | ' | ' | ' | 856,672 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation expense related to stock options, not yet recognized, period of recognition | ' | ' | ' | ' | ' | '48 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Capital Shares Reserved for Future Issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,830,810 | ' |
Employee Stock Purchase Plan Minimum Percentage Of Common Stock Fair Value Defined To Purchase Shares By Eligible Participants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' |
Annual Increase In Aggregate Number Of Shares Reserved For Future Issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 |
Share Registration Statement Shares Of Common Stock To Be Registered | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,830,810 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | ' | ' | ' | ' | ' | 1,285,624 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | ' | ' | ' | ' | ' | ' | ' | ' | $4.83 | $4 | $2 | ' | ' | $4 | ' | $2 | $12 | $12 | $35 | $3 | $3 | ' | ' |
Number Of Warrants Exchanged | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,746,666 | ' | ' | ' | ' | ' | ' | 300,000 | 300,000 | 172,625 | ' | ' | ' | ' |
Common Shares Issued Upon Exercise Of Warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,746,666 | ' | ' | ' | ' | ' | ' | 300,000 | 1,746,666 | 69,022 | ' | ' | ' | ' |
Proceeds from Warrant Exercises | 3,493,332 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends Payable | 2,820,866 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Outstanding | ' | ' | ' | ' | ' | 7,237,774 | ' | ' | ' | ' | ' | 3,260,030 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends | ' | ' | ' | ' | ' | -14,500 | -20,000 | -114,474 | ' | ' | ' | 1,695,216 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss On Settlement Of Warrant Liabilities | ' | $939,375 | ' | ' | $785,171 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock_Option_Activity_Detail
Stock Option Activity (Detail) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Aggregate Number of Stock Option | ' | ' | ' |
Beginning Balance | 231,748 | 156,477 | 113,483 |
Granted | 778,480 | 89,670 | 52,744 |
Exercised | 0 | 0 | 0 |
Cancelled | -27,788 | -11,525 | 0 |
Expired | -3,136 | -2,875 | -9,750 |
Ending Balance | 979,304 | 231,748 | 156,477 |
Options exercisable at end of Period | 428,286 | 166,122 | 101,011 |
Weigthed average fair value of options granted during the year | $2.11 | $11 | $17 |
Weighted Average Exercise Price | ' | ' | ' |
Beginning Balance | $35 | $50 | $78 |
Granted | $2.94 | $14 | $23 |
Exercised | $0 | $0 | $0 |
Cancelled | $16.50 | $23 | $0 |
Expired | $229.65 | $202 | $232 |
Ending Balance | $9.49 | $35 | $50 |
Options exercisable at end of Period | $17.48 | $41 | $62 |
Exercise Price Range | ' | ' | ' |
Beginning Balance (Minimum) | $4 | $20 | $26 |
Beginning Balance (Maximum) | $345 | $345 | $400 |
Exercised | $0 | $0 | $0 |
Cancelled | $16.50 | $23 | $0 |
Ending Balance (Minimum) | $2.65 | $4 | $20 |
Ending Balance (Maximum) | $345 | $345 | $345 |
Maximum [Member] | ' | ' | ' |
Exercise Price Range | ' | ' | ' |
Granted | $5.40 | $18 | $26 |
Expired | $315 | $235 | $400 |
Minimum [Member] | ' | ' | ' |
Exercise Price Range | ' | ' | ' |
Granted | $2.65 | $4 | $20 |
Expired | $52 | $109 | $150 |
Nonvested_stock_option_activit
Non-vested stock option activity under Plan (Detail) (USD $) | 12 Months Ended |
Jun. 30, 2014 | |
Number of Options | ' |
Beginning Balance | 65,626 |
Granted | 778,480 |
Vested | -265,300 |
Forfeited | -27,788 |
Ending Balance | 551,018 |
Weighted-average Grant-Date Fair Value | ' |
Beginning Balance | $16 |
Granted | $2.11 |
Vested | $3.62 |
Forfeited | $13.20 |
Ending Balance | $2.29 |
Total_Outstanding_Warrants_Det
Total Outstanding Warrants (Detail) (USD $) | Jun. 30, 2014 |
Class of Warrant or Right [Line Items] | ' |
Warrants outstanding | 7,237,774 |
Exercise Price 1 | ' |
Class of Warrant or Right [Line Items] | ' |
Strike Price | 345 |
Warrants outstanding | 150 |
Exercise Price 2 | ' |
Class of Warrant or Right [Line Items] | ' |
Strike Price | 140 |
Warrants outstanding | 50 |
Exercise Price 3 | ' |
Class of Warrant or Right [Line Items] | ' |
Strike Price | 108 |
Warrants outstanding | 25 |
Exercise Price 4 | ' |
Class of Warrant or Right [Line Items] | ' |
Strike Price | 60 |
Warrants outstanding | 27,703 |
Exercise Price 5 | ' |
Class of Warrant or Right [Line Items] | ' |
Strike Price | 35 |
Warrants outstanding | 197,453 |
Exercise Price 6 | ' |
Class of Warrant or Right [Line Items] | ' |
Strike Price | 32 |
Warrants outstanding | 3,000 |
Exercise Price 7 | ' |
Class of Warrant or Right [Line Items] | ' |
Strike Price | 28.6 |
Warrants outstanding | 49,270 |
Exercise Price 8 | ' |
Class of Warrant or Right [Line Items] | ' |
Strike Price | 26 |
Warrants outstanding | 50 |
Exercise Price 9 | ' |
Class of Warrant or Right [Line Items] | ' |
Strike Price | 4 |
Warrants outstanding | 3,600,033 |
Exercise Price 10 | ' |
Class of Warrant or Right [Line Items] | ' |
Strike Price | 3 |
Warrants outstanding | 3,260,030 |
Exercise Price 11 | ' |
Class of Warrant or Right [Line Items] | ' |
Strike Price | 2 |
Warrants outstanding | 95,050 |
Exercise Price 12 | ' |
Class of Warrant or Right [Line Items] | ' |
Strike Price | 1 |
Warrants outstanding | 4,960 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax [Line Items] | ' | ' |
Equity Method Investment, Ownership Percentage | 50.00% | ' |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $5,271,000 | $1,881,000 |
Federal | ' | ' |
Income Tax [Line Items] | ' | ' |
Net operating loss carryforwards | 60,404,000 | ' |
State | ' | ' |
Income Tax [Line Items] | ' | ' |
Net operating loss carryforwards | $53,024,000 | ' |
Reconciliation_of_Effective_In
Reconciliation of Effective Income Tax Rate to Federal Statutory Rate (Detail) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Reconciliation Of Effective Income Tax Rate [Line Items] | ' | ' | ' |
Federal income tax provision at statutory rate | -34.00% | -34.00% | -34.00% |
State income taxes, net of federal benefit | -5.40% | 0.00% | 0.00% |
Fair value - warrant liability | 0.00% | -2.00% | -3.20% |
Loss on settlement of warrant liabilities | 0.00% | 1.00% | 0.00% |
Other | 0.00% | -4.00% | -0.60% |
Permanet items | 3.10% | 0.00% | 0.00% |
Valuation allowance | 36.30% | 39.00% | 37.80% |
Actual income tax provision (benefit) effective tax rate | 0.00% | 0.00% | 0.00% |
Deferred_Income_Tax_Asset_Deta
Deferred Income Tax Asset (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Deferred Tax Assets [Line Items] | ' | ' |
Net operating loss carryforwards | $23,719,000 | $19,269,000 |
Stock-based compensation | 2,721,000 | 2,507,000 |
Other | 651,000 | 44,000 |
Deferred tax assets | 27,091,000 | 21,820,000 |
Deferred Tax Liabilities: | ' | ' |
Indefinite-lived intangibles | -3,920,000 | 0 |
Deferred tax liabilities | -3,920,000 | 0 |
Less: valuation allowance | -27,091,000 | -21,820,000 |
Net deferred tax asset / (liability) | ($3,920,000) | $0 |
Commitments_Additional_Informa
Commitments - Additional Information (Detail) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 20, 2011 | 1-May-99 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
USD ($) | USD ($) | USD ($) | USD ($) | Supply Commitment [Member] | Consulting Services [Member] | Research and Development Arrangement [Member] | Research and Development Arrangement [Member] | Research and Development Arrangement [Member] | Research and Development Arrangement [Member] | |
USD ($) | USD ($) | USD ($) | CAD | USD ($) | USD ($) | |||||
Other Commitments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Research and development, cost | $3,338,687 | $2,086,666 | $2,566,247 | ' | ' | ' | $413,220 | ' | $628,995 | $573,368 |
Extended period | ' | ' | ' | ' | ' | ' | '1 year | '1 year | ' | ' |
Future obligations to be paid under agreement | ' | ' | ' | ' | 210,000 | 67,500 | 554,400 | ' | ' | ' |
Research and development agreement amount | ' | ' | ' | ' | ' | ' | ' | 475,200 | ' | ' |
Service agreement period | ' | ' | ' | ' | ' | '1 year | '30 days | '30 days | ' | ' |
Lease expiration date | 30-Nov-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating lease minimum future payments | 30,160 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rent expense | ' | 70,170 | 69,538 | 69,174 | ' | ' | ' | ' | ' | ' |
Estimated value of retention agreement for one year | 293,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated value of retention agreement for two years | 586,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated value of employment agreement for one year | 317,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated value of employment agreement for eighteen months | 475,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated value of employment agreement for two years | $634,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |