Precipio (PRPO) 10-Q 23 May 16 2016 Q1 Quarterly report Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - shares	3 Months Ended
	Mar. 31, 2016	Apr. 30, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	TRANSGENOMIC INC
Entity Central Index Key	1,043,961
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		20,695,870

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 222	$ 444
Accounts receivable, net	170	264
Inventories, net	44	50
Other current assets	503	537
Assets held for sale	1,182	1,987
Total current assets	2,121	3,282
PROPERTY AND EQUIPMENT:
Equipment	5,612	5,593
Furniture, fixtures & leasehold improvements	1,565	1,565
Property and equipment, gross	7,177	7,158
Less: accumulated depreciation	(6,940)	(6,899)
Property and equipment, net	237	259
OTHER ASSETS:
Intangibles, net	1,146	1,170
Other assets	88	105
Assets	3,592	4,816
CURRENT LIABILITIES:
Current maturities of long-term debt	7,346	7,596
Accounts payable	5,010	3,781
Accrued compensation	306	321
Accrued expenses	3,339	3,734
Deferred revenue	192	217
Other liabilities	1,068	1,068
Liabilities held for sale	20	264
Total current liabilities	17,281	16,981
LONG TERM LIABILITIES:
Common stock warrant liability	1,466	350
Other long-term liabilities	255	305
Total liabilities	19,002	17,636
STOCKHOLDERS’ DEFICIT:
Convertible preferred stock, $0.01 par value, 15,000,000 shares authorized, 2,365,243 and 4,029,502 shares issued and outstanding, respectively	24	40
Common stock, $0.01 par value, 150,000,000 shares authorized, 20,695,870 and 13,915,691 shares issued and outstanding, respectively	207	139
Additional paid-in capital	201,025	200,403
Accumulated other comprehensive income	0	10
Accumulated deficit	(216,666)	(213,412)
Total stockholders’ deficit	(15,410)	(12,820)
Liabilities and stockholders' equity	$ 3,592	$ 4,816

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICALS) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	15,000,000	15,000,000
Preferred stock, shares issued (in shares)	2,365,243	4,029,502
Preferred stock, shares outstanding (in shares)	2,365,243	4,029,502
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	20,695,870	13,915,691
Common stock, shares outstanding (in shares)	20,695,870	13,915,691

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
NET SALES	$ 236	$ 750
COST OF GOODS SOLD:	505	465
Gross profit	(269)	285
OPERATING EXPENSES:
Selling, general and administrative	1,704	1,804
Research and development	270	451
Operating Expenses	1,974	2,255
OPERATING LOSS FROM CONTINUING OPERATIONS	(2,243)	(1,970)
OTHER INCOME (EXPENSE):
Interest expense, net	(169)	(190)
Warrant revaluation	321	(145)
Other, net	0	(13)
Other Income (Expense)	152	(348)
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	(2,091)	(2,318)
INCOME TAX EXPENSE	0	0
LOSS FROM CONTINUING OPERATIONS	(2,091)	(2,318)
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAXES	(1,173)	(723)
NET LOSS	(3,264)	(3,041)
PREFERRED STOCK DIVIDENDS	(21)	(331)
NET LOSS AVAILABLE TO COMMON STOCKHOLDERS	$ (3,285)	$ (3,372)
BASIC AND DILUTED LOSS PER COMMON SHARE (IN DOLLARS PER SHARE)	$ (0.16)	$ (0.36)
BASIC AND DILUTED WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING (IN SHARES)	20,323,333	9,392,851
Continuing operations
OTHER INCOME (EXPENSE):
NET LOSS AVAILABLE TO COMMON STOCKHOLDERS	$ (2,112)	$ (2,649)
BASIC AND DILUTED LOSS PER COMMON SHARE (IN DOLLARS PER SHARE)	$ (0.10)	$ (0.28)
Discontinued operations
OTHER INCOME (EXPENSE):
NET LOSS AVAILABLE TO COMMON STOCKHOLDERS	$ (1,173)	$ (723)
BASIC AND DILUTED LOSS PER COMMON SHARE (IN DOLLARS PER SHARE)	$ (0.06)	$ (0.08)

UNAUDITED CONDENSED CONSOLIDAT5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net Loss	$ (3,264)	$ (3,041)
Other comprehensive loss - foreign currency translation adjustment	0	(34)
Comprehensive Loss	$ (3,264)	$ (3,075)

UNAUDITED CONDENSED CONSOLIDAT6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income
Balance at beginning of period (in shares) at Dec. 31, 2015		4,029,502	13,915,691
Balance at beginning of period at Dec. 31, 2015	$ (12,820)	$ 40	$ 139	$ 200,403	$ (213,412)	$ 10
Increase (Decrease) in Stockholders' Equity
Net loss	(3,264)				(3,264)
Foreign currency translation adjustment	0				10	(10)
Stock-based compensation	131			131
Private placement, net (in shares)		2,365,243
Private placement, net	543	$ 24		519
Dividends on preferred stock	(4,475)			(4,475)
Conversion of preferred stock and preferred stock dividends (in shares)		(4,029,502)	6,780,179
Conversion of preferred stock and preferred stock dividends	4,475	$ (40)	$ 68	4,447
Balance at end of period (in shares) at Mar. 31, 2016		2,365,243	20,695,870
Balance at end of period at Mar. 31, 2016	$ (15,410)	$ 24	$ 207	$ 201,025	$ (216,666)	$ 0

UNAUDITED CONDENSED CONSOLIDAT7

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS USED IN OPERATING ACTIVITIES:
NET LOSS	$ (3,264)	$ (3,041)
Less loss from discontinued operations, net of tax	(1,173)	(723)
Loss from continuing operations	(2,091)	(2,318)
Adjustments to reconcile net loss to net cash flows used in operating activities:
Depreciation and amortization	83	41
Stock-based compensation	110	114
Provision for losses on doubtful accounts	21	0
Warrant revaluation	(321)	145
Loss on sale of fixed assets	0	14
Deferred interest	17	60
Deferred tax provision	0	41
Changes in operating assets and liabilities:
Accounts receivable	73	(54)
Inventories	6	0
Other current assets	41	(601)
Accounts payable	1,230	518
Accrued expenses and other liabilities	(481)	(473)
Net cash used in continuing operations	(1,312)	(2,513)
Net cash used in discontinued operations	(612)	(1,000)
Net cash used in operating activities	(1,924)	(3,513)
CASH FLOWS USED IN INVESTING ACTIVITIES:
Purchases of property and equipment	(19)	(10)
Other assets	(7)	10
Net cash used in continuing operations	(26)	0
Net cash used in discontinued operations	0	0
Net cash used in investing activities	(26)	0
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES:
Principal payments on capital lease obligations	(1)	(19)
Issuance of preferred stock, net	1,779	0
Issuance of common stock, net	0	6,389
Proceeds from borrowings	500	923
Principal payment on note payable	(550)	0
Net cash flows provided by financing activities	1,728	7,293
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH	0	(10)
NET CHANGE IN CASH AND CASH EQUIVALENTS	(222)	3,770
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	444	1,609
CASH AND CASH EQUIVALENTS AT END OF PERIOD	222	5,379
Cash paid during the period for:
Interest	$ 0	$ 67

BUSINESS DESCRIPTION

BUSINESS DESCRIPTION	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS DESCRIPTION	BUSINESS DESCRIPTION Business Description. Transgenomic, Inc. (“we”, “us”, “our”, the “Company” or “Transgenomic”) is a biotechnology company advancing personalized medicine for the detection and treatment of cancer and inherited diseases through our proprietary molecular technologies and clinical and research services. A key goal is to bring our Multiplexed ICE COLD-PCR (“MX-ICP”) product to the clinical market through strategic partnerships and licensing agreements, enabling the use of blood and other bodily fluids for more effective and patient-friendly diagnosis, monitoring and treatment of cancer. MX-ICP is technology proprietary to Transgenomic. It is a reagent that improves the ability to detect genetic mutations. This technology has been validated internally on all currently available sequencing platforms, including Sanger, Next Gen Sequencing and Digital PCR. By enhancing the level of detection of genetic mutations and suppressing the normal or wild-type DNA, several benefits are provided. Historically, our operations were organized and reviewed by management along our major product lines and presented in two business segments: Laboratory Services and Genetic Assays and Platforms. Beginning with the quarter ended September 30, 2015, our operations are now organized as one business segment, our Laboratory Services segment, and during the second half of 2015, we began including our Genetic Assays and Platforms segment and a portion of our Laboratory Services segment as discontinued operations. Our current Laboratory Services business consists of our laboratory in Omaha, Nebraska, which is focused on providing genetic analytical services related to Oncology and pharmacogenomics research services supporting Phase II and Phase III clinical trials conducted by pharmaceutical and biotechnology companies. Our laboratory employs a variety of genomic testing service technologies, including our proprietary MX-ICP technology. Our laboratory in Omaha is certified under the Clinical Laboratory Improvement Amendments (“CLIA”) as a high complexity laboratory and is accredited by the College of American Pathologists. Our condensed consolidated balance sheets, statements of operations and statements of cash flows for all periods presented reflect our former Genetic Assays and Platforms activities and Patient Testing business as discontinued operations (See Note 3 - “Discontinued Operations”). Going Concern. The condensed consolidated financial statements have been prepared using accounting principles generally accepted in the United States of America (“GAAP”) applicable for a going concern, which assume that we will realize our assets and discharge our liabilities in the ordinary course of business. We have incurred substantial operating losses and have used cash in our operating activities for the past few years. As of March 31, 2016, we had negative working capital of $15.2 million . Our ability to continue as a going concern is dependent upon a combination of generating additional revenue, improving cash collections, potentially selling underutilized assets and, if necessary, raising additional financing to meet our obligations and pay our liabilities arising from normal business operations when they come due. The outcome of these matters cannot be predicted with any certainty at this time and raises substantial doubt that we will be able to continue as a going concern. These condensed consolidated financial statements do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary should we be unable to continue as a going concern. We cannot be certain that additional financing will be available on acceptable terms, or at all, and our failure to raise capital when needed could limit our ability to continue our operations.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation. The accompanying condensed consolidated financial statements are presented in conformity with GAAP. All amounts are presented in U.S. Dollars (“$”). Supplemental cash flows from discontinued operations are presented in Note 3 - “Discontinued Operations”. We have evaluated events occurring subsequent to March 31, 2016 for potential recognition or disclosure in the consolidated financial statements and concluded there were no subsequent events that required recognition or disclosure other than those provided in Note 11 - “Subsequent Events”. The condensed consolidated balance sheet as of December 31, 2015 was derived from our audited balance sheet as of that date. There has been no change in the balance sheet from 12/31/15. The accompanying condensed consolidated financial statements as of and for the three months ended March 31, 2016 and 2015 are unaudited and reflect all adjustments (consisting of only normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the financial position and operating results for the interim periods. These unaudited condensed consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2015 contained in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on April 14, 2016. The results of operations for the interim periods presented are not necessarily indicative of the results for fiscal year 2016. Certain prior year amounts have been reclassified to conform to the current year presentation in our condensed consolidated financial statements, which consists of the effects of reclassifications from the presentation of our discontinued operations. Principles of Consolidation. The condensed consolidated financial statements include the accounts of Transgenomic, Inc. and our wholly owned subsidiary. All inter-company balances and transactions have been eliminated in consolidation. Risks and Uncertainties. Certain risks and uncertainties are inherent in our day-to-day operations and in the process of preparing our financial statements. The more significant of those risks are presented below and throughout the notes to the unaudited condensed consolidated financial statements. Use of Estimates. The preparation of condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting period. In addition, estimates and assumptions associated with the determination of the fair value of certain assets and related impairments require considerable judgment by management. Actual results could differ from the estimates and assumptions used in preparing these condensed consolidated financial statements. Fair Value. Unless otherwise specified, book value approximates fair market value. The common stock warrant liability is recorded at fair value. See Note 9 - “Fair Value” for additional information. Cash and Cash Equivalents and Other Current Assets. Cash and cash equivalents include cash and investments with original maturities at the date of acquisition of three months or less. Other current assets as of March 31, 2016 of $0.5 million include prepaid assets of $0.2 million , unbilled receivables of $0.2 million and other receivables of $0.1 million . Concentrations of Cash. From time to time, we may maintain a cash position with financial institutions in amounts that exceed federally insured limits. We have not experienced any losses on such accounts as of March 31, 2016 . Accounts Receivable. The following is a summary of activity for the allowance for doubtful accounts from continuing operations during the three months ended March 31, 2016 and 2015 : Dollars in Thousands Beginning Balance Additions Deductions Ending Balance Three Months Ended March 31, 2016 $ 87 $ 21 $ — $ 108 Three Months Ended March 31, 2015 $ 20 $ — $ — $ 20 While payment terms are generally 30 days , we have also provided extended payment terms in certain cases. Accounts receivable are carried at original invoice amount and shown net of allowance for doubtful accounts. The estimate made for doubtful accounts is based on a review of all outstanding amounts on a quarterly basis. We determine the allowance for doubtful accounts by regularly evaluating individual payor receivables and considering a payor’s financial condition, credit history, reimbursement rates and current economic conditions. Accounts receivable are written off when deemed uncollectible and after all collection efforts have been exhausted. Recoveries of accounts receivable previously written off are recorded as a reduction in bad debt expense when received. Inventories. Inventories are stated at the lower of cost or market net of allowance for obsolete inventory. Cost is computed using standard costs for finished goods and average or latest actual cost for raw materials and work in process, which approximates the first-in, first-out (FIFO) method. At March 31, 2016, our net inventories were less than $0.1 million and were comprised predominantly of raw materials. The following is a summary of activity for the allowance for obsolete inventory during the three months ended March 31, 2016 and 2015 : Dollars in Thousands Beginning Balance Additions Deductions Ending Balance Three Months Ended March 31, 2016 $ 63 $ — $ — $ 63 Three Months Ended March 31, 2015 $ — $ — $ — $ — We determine the allowance for obsolescence by evaluating inventory quarterly for items deemed to be slow moving or obsolete. Property and Equipment. Property and equipment are carried at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets as follows: Leasehold improvements 1 to 10 years Furniture and fixtures 3 to 7 years Production equipment 3 to 7 years Computer equipment 3 to 7 years Research and development equipment 2 to 7 years Depreciation expense in continuing operations related to property and equipment was less than $0.1 million and $0.1 million the three months ended March 31, 2016 and 2015 , respectively, which included less than $0.1 million related to equipment acquired under capital leases during each period. Intangible Assets. Intangible assets include intellectual property, patents and acquired products. 1. Intellectual Property. Initial costs paid to license intellectual property from independent third parties are capitalized and amortized using the straight-line method over the license period. Ongoing royalties related to such licenses are expensed as incurred. 2. Patents. We capitalize legal costs, filing fees and other expenses associated with obtaining patents on new discoveries and amortize these costs using the straight-line method over the shorter of the legal life of the patent or its economic life beginning on the date the patent is issued. 3. Acquired Products. As part of the FAMILION acquisition and acquisition of certain intangible assets from Axial, the Company acquired technology, in process technology, trademarks/tradenames, customer relationships, covenants not to compete and third party relationships. These costs are amortized pursuant to the straight-line method over their estimated economic life of seven to fifteen years. See Note 4 - “Intangible Assets and Other Assets”. Stock-Based Compensation. All stock-based awards to date have exercise prices equal to the market value of the shares at the date of grant and have 10 -year contractual terms. Unvested awards as of March 31, 2016 had vesting periods of up to three years from the date of grant. None of the awards outstanding at March 31, 2016 are subject to performance or market-based vesting conditions. We measure and recognize compensation expense for all stock-based awards made to employees and directors. Compensation expense, net of estimated forfeitures, is based on the calculated fair value of the awards as measured at the grant date and is expensed over the service period of the awards. During the three months ended March 31, 2016 , we recorded compensation expense for all stock awards of $0.1 million within selling, general and administrative expense. During the three months ended March 31, 2015 , we recorded compensation expense for all stock awards of $0.1 million . As of March 31, 2016 , the unrecognized compensation expense related to unvested stock awards was $0.3 million , which is expected to be recognized over a weighted-average period of 1.3 years . We granted stock options to purchase an aggregate of 14,000 shares of our common stock during the quarter ended March 31, 2016 . The fair value of the stock options granted was estimated on the grant date using the Black-Scholes option pricing model with the following assumptions: risk-free interest rates of 1.91% based on the U.S. Treasury yield in effect at the time of grant; dividend yields of zero percent; expected lives of 6.00 years, based on expected exercise activity behavior; and volatility of 85% based on the historical volatility of our common stock over a time that is consistent with the expected life of the options. Included in our stock awards outstanding as of March 31, 2016 were stock appreciation rights (“SARs”) to purchase 98,333 shares of our common stock. The SARs grants were issued solely to our executive officers and these rights will vest over three years from the date of grant. Net Sales Recognition. Revenue is realized and earned when all of the following criteria are met: • Persuasive evidence of an arrangement exists; • Delivery has occurred or services have been rendered; • The seller’s price to the buyer is fixed or determinable; and • Collectability is reasonably assured. In our Biomarker Identification laboratory, we perform services on a project by project basis. When we receive payment in advance, we initially defer the revenue and recognize it when we deliver the service. These projects typically do not extend beyond one year. At each of March 31, 2016 and December 31, 2015 , deferred net sales associated with pharmacogenomics research projects included in the balance sheet in deferred revenue was $0.2 million . Net sales from Patient Testing laboratories, reported as part of discontinued operations, are recognized on an individual test basis and take place when the test report is completed, reviewed and sent to the client less the reserve for insurance, Medicare and Medicaid contractual adjustments. There are no deferred net sales associated with our Patient Testing services. Adjustments to the allowances, based on actual receipts from third party payers, are reflected in the estimated contractual allowance applied prospectively. In the fourth quarter of 2015, we adjusted our contractual allowance rates to better reflect the reimbursement level we expect to achieve on Patient Testing billings. The adjustment negatively impacted our Patient Testing revenues for all periods after the third quarter of 2015. (See Note 3 - “Discontinued Operations”). Net sales of Genetic Assays and Platforms products, reported as discontinued operations (See Note 3 - “Discontinued Operations”) are recognized in accordance with the terms of the sales arrangement. Such recognition is based on receipt of an unconditional customer order and transfer of title and risk of ownership to the customer, typically upon shipment of the product under a purchase order. Our sales terms do not provide for the right of return unless the product is damaged or defective. Net sales from certain services associated with the analytical instruments, to be performed subsequent to shipment of the products, is deferred and recognized when the services are provided. Such services, mainly limited to installation and training services that are not essential to the functionality of the instruments, typically are performed in a timely manner subsequent to shipment of the instrument. We also enter into various service contracts that cover installed instruments. These contracts cover specific time periods and net sales associated with these contracts are deferred and recognized ratably over the service period. Common Stock Warrants. Certain of our issued and outstanding warrants to purchase common stock do not qualify to be treated as equity and, accordingly, are recorded as a liability (“Common Stock Warrant Liability”). We are required to present these instruments at fair value at each reporting date and any changes in fair values are recorded as an adjustment to earnings. The Common Stock Warrant Liabilities are considered Level Three financial instruments for purposes of fair value measurement. See Note 9 - “Fair Value” for additional information. Loss Per Share. Basic loss per share is calculated based on the weighted-average number of common shares outstanding during each period. Diluted loss per share includes shares issuable upon exercise of outstanding stock options, warrants or conversion rights that have exercise or conversion prices below the market value of our common stock. Options, warrants and conversion rights pertaining to 12,970,881 and 8,248,953 shares of our common stock have been excluded from the computation of diluted loss per share at March 31, 2016 and 2015 , respectively, because the effect is anti-dilutive due to the net loss. Recent Accounting Pronouncements. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers. This guidance requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to a customer. ASU No. 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. In July 2015, the FASB decided to defer the effective date of this new accounting guidance by one year. As a result, ASU No. 2014-09 will be effective for us for all annual and interim reporting periods beginning after December 15, 2017 and early adoption would be permitted as of the original effective date. The new standard permits the use of either the retrospective or cumulative effect transition method. We do not expect to early adopt this guidance and we have not selected a transition method. We are currently evaluating the impact this guidance will have on our financial condition, results of operations and cash flows. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40) . The new guidance addresses management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The standard will be effective for the first interim period within annual reporting periods beginning after December 15, 2016. Early adoption is permitted. We do not expect to early adopt this guidance and do not believe that the adoption of this guidance will have a material impact on our consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability, rather than as a deferred charge asset. ASU No. 2015-03 is effective for us beginning on January 1, 2016. ASU No. 2015-03 is not expected to have a material impact on our financial condition, results of operations or cash flows. In February 2016, the FASB issued ASU No. 2016-02, Leases. The new standard amends the recognition of lease assets and lease liabilities by lessees for those leases currently classified as operating leases and amends disclosure requirements associated with leasing arrangements. The new standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Early adoption is permitted. The new standard must be adopted using a modified retrospective transition, and provides for certain practical expedients. Transition will require application of the new guidance at the beginning of the earliest comparative period presented. We are currently assessing the impact of the adoption of this ASU will have on our consolidated financial statements. In March 2016, the FASB issued an ASU, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. The new standard simplifies several aspects related to the accounting for share-based payment transactions, including the accounting for income taxes, statutory tax withholding requirements, forfeitures and classification on the statement of cash flows. This guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2016; however, early adoption is permitted. We do not expect to early adopt this guidance and are currently evaluating the impact this guidance will have on our financial condition, results of operations and cash flows.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	3 Months Ended
	Mar. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	DISCONTINUED OPERATIONS On September 8, 2015, we entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with Edge BioSystems, Inc. (“Edge Bio”), pursuant to which we sold our manufacturing, marketing and selling of high quality polymer and silica based beads and resin and chromatography columns business (collectively, the “Columns Business”). The Columns Business was part of our former segment, Genetic Assays and Platforms. Pursuant to the Asset Purchase Agreement, Edge Bio acquired substantially all of the assets used solely in connection with the Columns Business and assumed certain liabilities of the Columns Business for a total cash purchase price of approximately $2.1 million (the “Asset Sale”), which was paid on September 8, 2015 upon the closing of the Asset Sale. During the year ended December 31, 2015, we recorded a gain on the sale of the Columns Business of $1.5 million . On November 25, 2015, we entered into an Asset Purchase Agreement (the “Purchase Agreement”) with ADSTEC Corporation (“ADSTEC”) and ADS Biotec Inc., a wholly-owned subsidiary of ADSTEC (“Buyer”), pursuant to which we sold (1) to ADSTEC our facilities located in Glasgow, Scotland and on Irvington Road in Omaha, Nebraska (together, the “Facilities”) and all of our stock, inventory and raw materials located at the Facilities (collectively, the “Inventory”), and (2) to Buyer (a) all of the remaining assets relating to our Genetic Assays and Platforms business segment (the “Business”), other than the Inventory (the “Purchased Assets”), and (b) all of the ordinary shares of Transgenomic Limited, a wholly-owned subsidiary of ours (the “Shares”). Pursuant to the Purchase Agreement, ADSTEC and Buyer acquired the Facilities, the Inventory, the Purchased Assets and the Shares for an aggregate purchase price of approximately $300,000 , and Buyer assumed our financial and human resources commitments related to the Business (the “Transaction”). During the year ended December 31, 2015, we recorded a loss on the Transaction of $1.7 million . Together, the Asset Sale and the Transaction represent the divestiture of our Genetic Assays and Platforms business, resulting in a strategic shift that will have a major effect on our operations and financial results. Therefore, the divested operations of our Genetic Assays and Platforms business meet the criteria to be reported as discontinued operations. During the fourth quarter of 2015, our Board of Directors took actions to begin the process of divesting our Patient Testing business in New Haven, Connecticut. In March of 2016, we announced that we had suspended testing services in our Patient Testing laboratory as we review and evaluate various strategic alternatives for that business. As a result of these actions, as of December 31, 2015, our Patient Testing business met the criteria to be reported as discontinued operations. We anticipate that we will complete the divestiture of the Patient Testing business during 2016. The related assets, liabilities, results of operations and cash flows for both the Genetic Assays and Platforms business and Patient Testing business are classified as assets held for sale, liabilities held for sale and discontinued operations for all periods presented. Results of the discontinued operations consisted of the following: Three months ended March 31, (in thousands) 2016 2015 Net sales $ 1,103 $ 5,763 Cost of goods sold 1,183 3,074 Gross profit (80 ) 2,689 Selling, general and administrative expense 1,025 3,250 Research and development expense 68 116 Loss from discontinued operations before income taxes (1,173 ) (677 ) Income tax expense — 46 Loss from discontinued operations $ (1,173 ) $ (723 ) Assets and liabilities of the discontinued operations are classified as assets held for sale and liabilities held for sale in the condensed consolidated balance sheets and consisted of the following: Dollars in Thousands March 31, December 31, ASSETS Accounts receivable, net $ 1,150 $ 1,905 Other current assets 32 82 Total Assets $ 1,182 $ 1,987 LIABILITIES Accrued compensation $ 20 $ 264 Total Liabilities $ 20 $ 264 The following is a summary of activity for the allowance for doubtful accounts from discontinued operations during the three months ended March 31, 2016 and 2015. The allowance for doubtful accounts from discontinued operations are included in the assets held for sale in the condensed consolidated balance sheets. Dollars in Thousands Beginning Balance Additions Deductions Ending Balance Three Months Ended March 31, 2016 $ 14,664 $ — $ (122 ) $ 14,542 Three Months Ended March 31, 2015 $ 7,927 $ 1,532 $ (286 ) $ 9,173

INTANGIBLES AND OTHER ASSETS

INTANGIBLES AND OTHER ASSETS	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLES AND OTHER ASSETS	INTANGIBLES AND OTHER ASSETS We review our amortizable long-lived assets for impairment annually or whenever events indicate that the carrying amount of the asset (group) may not be recoverable. An impairment loss may be needed if the sum of the future undiscounted cash flows is less than the carrying amount of the asset (group). The amount of the loss would be determined by comparing the fair market value of the asset to the carrying amount of the asset (group). Long-lived intangible assets as of March 31, 2016 and December 31, 2015 consisted of the following: Dollars in Thousands March 31, 2016 Cost Accumulated Amortization Net Book Value Patents 780 72 708 Intellectual property 672 234 438 $ 1,452 $ 306 $ 1,146 Dollars in Thousands December 31, 2015 Cost Accumulated Amortization Net Book Value Patents 980 274 706 Intellectual property 671 207 464 $ 1,651 $ 481 $ 1,170 Estimated Useful Life Patents Life of the patent Intellectual property 7 years Other assets include U.S. security deposits and deferred tax assets, net of applicable valuation allowances. Amortization expense for intangible assets was less than $0.1 million during each of the three months ended March 31, 2016 and 2015 . Amortization expense for intangible assets is expected to be $0.1 million for each of the years ending December 31, 2016, 2017, 2018, 2019 and 2020, respectively.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
DEBT	DEBT Dollars in Thousands March 31, 2016 December 31, 2015 Revolving Line of Credit (1) $ 2,775 $ 3,025 Term Loan (2) 4,000 4,000 Convertible Promissory Notes (3) 571 571 Total debt 7,346 7,596 Current portion of long-term debt (7,346 ) (7,596 ) Long-term debt, net of current maturities $ — $ — (1) Revolving Line of Credit. Amounts advanced under the Revolving Line accrue interest at an annual rate equal to the greater of (a) 6.25% or (b) the Wall Street Journal prime rate plus 3% . The current interest rate is 6.50% . Interest is payable on a monthly basis, with the balance payable at the maturity of the Revolving Line. Under the Loan Agreement, we pay the Lenders a commitment fee of $20,000 on each one-year anniversary of March 13, 2013, the Effective Date, during the term of the Revolving Line. In addition, a fee of 0.5% per annum is payable quarterly on the unused portion of the Revolving Line. The Revolving Line matures on November 1, 2017. (2) Term Loan. We received $4.0 million under the Term Loan on the Effective Date. Pursuant to the terms of the Loan Agreement, as amended, the maturity date of the Loan Agreement was extended until November 1, 2017 and no principal payments on the Term Loan are due until such date. The current interest rate is 9.1% . We will pay the Lenders an additional final payment of $120,000 at maturity or prepayment of the Term Loan. In addition, if we repay the Term Loan prior to maturity, we will pay the Lenders a prepayment penalty of 1% of the total outstanding balance under the Term Loan. Additional Terms. The Loan Agreement contains affirmative and negative covenants. Under the Term Loan, we are required to maintain a minimum liquidity ratio and achieve a minimum amount of revenue, and we also agreed not to (i) pledge or otherwise encumber our assets other than to the Lenders, (ii) enter into additional borrowings or guarantees, (iii) repurchase our capital stock, or (iv) enter into certain mergers or acquisitions without the Lenders’ consent. Additionally, the Loan Agreement contains a subjective acceleration clause at the discretion of the Lenders. As of March 31, 2016, the Company was not in compliance with all financial covenants of the Loan Agreement, as amended by the Eighth Amendment. As such, all debt has been classified as current at March 31, 2016. To secure the repayment of any amounts borrowed under the Revolving Line and the Term Loan, we granted the Lenders a security interest in all of our assets. The occurrence of an event of default under the Loan Agreement could result in the acceleration of our obligations under the Loan Agreement, would increase the applicable interest rate under the Revolving Line or Term Loan (or both) by 5% and would permit the Lenders to exercise remedies with respect to the collateral under the Loan Agreement. As of the date these financials were available for release, the Lenders have not exercised the remedies under the Loan Agreement. (3) Convertible Promissory Notes. The Notes accrue interest at a rate of 6% per year and mature on December 31, 2016. Revolving Line and Term Loan. On March 13, 2013 (the “Effective Date”), we entered into a Loan and Security Agreement with affiliates of Third Security, LLC (the “Lenders”) for (a) a revolving line of credit (the “Revolving Line”) with borrowing availability of up to $4.0 million , subject to reduction based on our eligible accounts receivable, and (b) a term loan (the “Term Loan” and, together with the Revolving Line, the “Loan Agreement”) of $4.0 million . Proceeds were used to pay off a three year senior secured promissory note payable to PGxHealth, LLC, which was entered into on December 29, 2010 in conjunction with our acquisition of the FAMILION family of genetic tests, and for general corporate and working capital purposes. On August 2, 2013, we entered into an amendment to the Loan Agreement (the “Amendment”). The Amendment, which became effective as of June 30, 2013, reduced our future minimum revenue covenants under the Loan Agreement and modified the interest rates applicable to the amounts advanced under the Revolving Line. On November 14, 2013, we entered into a second amendment to the Loan Agreement (the “Second Amendment”). The Second Amendment, which became effective as of October 31, 2013, reduced our future minimum revenue covenants under the Loan Agreement. On January 27, 2014, we entered into a third amendment to the Loan Agreement (the “Third Amendment”). Pursuant to the Third Amendment, the Lenders agreed to waive certain events of default under the Loan Agreement, and the parties amended certain provisions of the Loan Agreement, including the minimum liquidity ratio that we must maintain during the term of the Loan Agreement. On March 3, 2014, we entered into a fourth amendment to the Loan Agreement (the “Fourth Amendment”). Pursuant to the terms of the Fourth Amendment, we were not required to make any principal or interest payments under the Term Loan for the period from March 1, 2014 through March 31, 2015. The interest on the debt that was deferred and not paid was capitalized as part of the Term Loan. The amount of interest that was capitalized from March 1, 2014 to March 31, 2015 was $0.4 million . On October 22, 2014, we entered into a fifth amendment to the Loan Agreement (the “Fifth Amendment”). Pursuant to the Fifth Amendment, the parties amended certain provisions of the Loan Agreement, including reducing the minimum liquidity and revenue covenants under the Loan Agreement. The Fifth Amendment also reduced the aggregate amount that we may borrow under the Revolving Line from $4.0 million to $3.0 million . On April 1, 2015, we entered into a sixth amendment to the Loan Agreement (the “Sixth Amendment”). Pursuant to the Sixth Amendment, among other things, (a) the Lenders waived specified events of default under the terms of the Loan Agreement, (b) commencing April 1, 2015, we began making monthly interest payments with respect to the Term Loan to the Lenders, (c) we will not be obligated to make monthly payments of principal under the Term Loan to the Lenders until April 1, 2016, (d) we made an initial prepayment of a portion of the Term Loan balance in the amount of approximately $148,000 on April 1, 2015 and will make one or more additional prepayments to the Lenders under the Loan Agreement upon the occurrence of certain events, as defined in the Loan Agreement, and (e) we are not required to comply with the minimum liquidity ratio under the terms of the Loan Agreement until the earliest to occur of a specified event, as defined in the Loan Agreement, or March 31, 2016. The Sixth Amendment also extends the time period in which we must provide certain reports and statements to the Lenders and amends the circumstances pursuant to which we may engage in certain sales or transfers of our business or property without the consent of the Lenders. As of June 30, 2015, we were in compliance with all financial covenants of the Loan Agreement, but were not in compliance with the restrictions limiting the amount that we may borrow under the Revolving Line. Accordingly, on August 10, 2015, we received a waiver from the Lenders relating to this non-compliance and paid the Lenders an aggregate of $0.7 million , which brought us back into compliance with the terms of the Revolving Line. On September 4, 2015, we entered into a seventh amendment to the Loan Agreement (the “Seventh Amendment”). The Seventh Amendment, among other things, (a) provided that the Lenders waived specified events of default under the terms of the Loan Agreement, (b) reduced our future minimum revenue covenants under the Loan Agreement, (c) reduced our borrowing availability under the Revolving Line to approximately $2.3 million , and (d) limited our borrowing base under the Loan Agreement to the amount of the Revolving Line. On January 6, 2016, we entered into an eighth amendment to the Loan Amendment (the “Eighth Amendment”). The Eighth Amendment, among other things, (1) provided that the Lenders will waive specified events of default under the terms of the Loan Agreement, (2) reduced our future minimum revenue covenants under the Loan Agreement, (3) extended the maturity date of the Loan Agreement until November 1, 2017, and (4) provided for the repayment of an overadvance of $750,000 previously provided by the Lenders to us pursuant to the Loan Agreement. During the first quarter of 2016, the overadvance that existed at December 31, 2015 was repaid to the Lenders and $0.2 million was received from certain of the Lenders and another lender affiliate in connection with the equity offering made on January 6, 2015. Also during the first quarter of 2016, we received an advance from the Lenders of $0.5 million and as of March 31, 2016 we had an overadvance on the Loan Agreement of $0.5 million . Convertible Promissory Notes. On December 31, 2014, we entered into an Unsecured Convertible Promissory Note Purchase Agreement (the “Note Purchase Agreement”) with an accredited investor (the “Investor”), pursuant to which we agreed to issue and sell to the Investor in a private placement an unsecured convertible promissory note (the “Initial Note”). We issued the Initial Note in the aggregate principal amount of $750,000 to the Investor on December 31, 2014. Pursuant to the terms of the Initial Note, interest accrued at a rate of 6% per year and the Initial Note was set to mature on December 31, 2016. Under the Initial Note, the outstanding principal and unpaid interest accrued was convertible into shares of our common stock as follows: (i) commencing upon the date of issuance of the Initial Note (but no earlier than January 1, 2015), the Investor was entitled to convert, on a one-time basis, up to 50% of the outstanding principal and unpaid interest accrued under the Initial Note, into shares of our common stock at a conversion price equal to the lesser of (a) the average closing price of the common stock on the principal securities exchange or securities market on which our common stock is then traded (the “Market”) for the 20 consecutive trading days immediately preceding the date of conversion, and (b) $2.20 (subject to adjustment for stock splits, stock dividends, other distributions, recapitalizations and the like); and (ii) commencing February 15, 2015, the Investor was entitled to convert, on a one-time basis, any or all of the remaining outstanding principal and unpaid interest accrued under the Initial Note, into shares of our common stock at a conversion price equal to 85% of the average closing price of our common stock on the Market for the 15 consecutive trading days immediately preceding the date of conversion. The Initial Note has been converted in full into 502,786 shares of our common stock, in accordance with the terms of the Initial Note. On January 15, 2015, we entered into the Note Purchase Agreement with seven accredited investors (the “Additional Investors”) and, on January 20, 2015, issued and sold to the Additional Investors, in a private placement, notes (the “Additional Notes”) in an aggregate principal amount of $925,000 . The Additional Notes have the same terms and conditions as the Initial Note. As of March 31, 2016, $400,000 of the aggregate principal amount of the Additional Notes, and accrued interest thereon, has been converted into an aggregate of 281,023 shares of our common stock.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES We are subject to a number of claims of various amounts that arise out of the normal course of our business. In our opinion, the disposition of pending claims, in excess of recorded accruals, could have a material adverse effect on our financial position, results of operations or cash flows. On February 25, 2016, the Board of Regents of the University of Nebraska (“UNMC”) filed a lawsuit against us in the District Court of Douglas County, Nebraska, for breach of contract and seeking recovery of $0.7 million owed by us to UNMC. We and UNMC are currently in discussions to determine a mutually agreeable means by which to settle the outstanding liability. A $0.7 million liability has been recorded at December 31, 2015 and March 31, 2016. In addition, on April 13, 2016, Fox Chase Cancer Center (“Fox Chase”) filed a lawsuit against us in the Court of Common Pleas of Philadelphia County, First Judicial District of Pennsylvania Civil Trial Division alleging, among other things, breach of contract, tortious interference with present and prospective contractual relations, unjust enrichment and fraudulent conversion, conspiracy and seeking punitive damages in addition to damages and other relief. This lawsuit relates to a license agreement we entered into with Fox Chase in August 2000, as amended (the “License Agreement”), as well as the assignment of certain of our rights under the License Agreement to Integrated DNA Technologies, Inc. (“IDT”) pursuant to the Surveyor Kit Patent, Technology and Inventory Purchase Agreement we entered into with IDT effective as of July 1, 2014 (the “IDT Agreement”). Pursuant to the terms of the IDT Agreement, we agreed to indemnify IDT with respect to certain of the claims asserted in the Fox Chase proceeding. We believe that we have good and substantial defenses to the claims asserted by Fox Chase. We are unable to determine whether any loss will occur or to estimate the range of such potential loss; therefore, no amount of loss has been accrued by us as of the date of filing of this Quarterly Report on Form 10-Q. Furthermore, there is no guarantee that we will prevail in this suit or receive any damages or other relief if we do prevail. The outcome of legal proceedings and claims brought against us are subject to significant uncertainty. Therefore, although management considers the likelihood of such an outcome to be remote, if one or more of these legal matters were resolved against us in the same reporting period for amounts in excess of management’s expectations, our financial statements for such reporting period could be materially adversely affected. In general, the resolution of a legal matter could prevent us from offering our services or products to others, could be material to our financial condition or cash flows, or both, or could otherwise adversely our operating results. We lease certain equipment, vehicles and operating facilities under non-cancellable operating leases that expire on various dates through 2022. The future minimum lease payments required under these leases are $0.6 million for the remainder of 2016 , $0.7 million in 2017 , $0.7 million in 2018 , $0.7 million in 2019 , $0.7 million in 2020 and $0.4 million thereafter . Rent expense for the three months ended March 31, 2016 and 2015 was $0.1 million and $0.1 million , respectively. At March 31, 2016 , firm commitments to vendors totaled $0.3 million .

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Annually, we file U.S. Federal, state and foreign income tax returns. All U.S. Federal and most state loss carryforwards remain subject to adjustment in the event of an income tax examination. Income tax expense from continuing operations was zero for both the three months ended March 31, 2016 and 2015. We maintain a full valuation allowance on our net deferred tax assets, having concluded that we are not more likely than not going to realize the benefit of our deferred tax assets including our net operating loss carryforwards. During each of the three months ended March 31, 2016 and 2015 , there were no material changes to the liability for uncertain tax positions.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2016
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY Common Stock. Pursuant to our Third Amended and Restated Certificate of Incorporation, as amended, we currently have 150,000,000 shares of common stock authorized for issuance. On February 2, 2012, we entered into definitive agreements with institutional and other accredited investors and raised approximately $22.0 million in a private placement financing (the “Private Placement”), which included an aggregate of $3.0 million in convertible notes issued in December 2011 to entities affiliated with Third Security, LLC, a related party, that automatically converted into shares of our common stock and warrants to purchase such common stock on the same terms as all investors in the Private Placement. Pursuant to the purchase agreement, we issued an aggregate of 1,583,333 shares of our common stock at a price per share of $12.00 , as well as five -year warrants to purchase up to an aggregate of 823,333 shares of our common stock with an exercise price of $15.00 per share. In connection with the conversion of the convertible notes issued by us to the entities affiliated with Third Security, LLC, the entities received an aggregate of 250,000 shares of our common stock and 125,000 warrants on the same terms as all investors in the Private Placement. Craig-Hallum Capital Group LLC served as the sole placement agent for the offering. In consideration for services rendered as the placement agent in the offering, we agreed to (a) pay to the placement agent cash commissions equal to $1,330,000 , or 7.0% of the gross proceeds received in the offering; (b) issue to the placement agent a five -year warrant to purchase up to 31,666 shares of our common stock (representing 2% of the shares sold in the Private Placement) with an exercise price of $15.00 per share and other terms that are the same as the terms of the warrants issued in the Private Placement; and (c) reimburse the placement agent for reasonable out-of-pocket expenses, including fees paid to the placement agent’s legal counsel, incurred in connection with the offering, which reimbursable expenses were not to exceed $125,000 . The costs incurred to complete the Private Placement were recorded as a reduction in equity in the amount of $1.5 million . Net proceeds from this offering were used for general corporate and working capital purposes, primarily to accelerate development of several of our key initiatives. On January 24, 2013, we entered into a Securities Purchase Agreement with certain institutional and other accredited investors pursuant to which we: (a) sold to the investors an aggregate of 1,383,333 shares of our common stock at a price per share of $6.00 for aggregate gross proceeds of approximately $8.3 million ; and (b) issued to the investors warrants to purchase up to an aggregate of 691,655 shares of our common stock with an exercise price of $9.00 per share (the “Offering”). The warrants may be exercised, in whole or in part, at any time from January 30, 2013 until January 30, 2018 and contain both cash and “cashless exercise” features. Affiliates of Third Security, LLC purchased an aggregate of 500,000 shares of common stock and warrants to purchase an aggregate of 250,000 shares of common stock in the Offering on the same terms as the other investors. Net proceeds from the Offering were used for general corporate and working capital purposes. In connection with the Offering, we entered into a registration rights agreement with the investors (the “Registration Rights Agreement”). The Registration Rights Agreement required that we file with the Securities and Exchange Commission (the “SEC”) a registration statement to register for resale the shares of common stock sold and the shares of common stock issuable upon exercise of the warrants (the “Warrant Shares”) by March 16, 2013. The registration statement was filed with the SEC on March 15, 2013 and was declared effective by the SEC on March 29, 2013. The Offering required the repricing and issuance of additional common stock warrants to the holders of warrants issued in the Private Placement. The exercise price of the warrants decreased from $15.00 per share to $12.96 per share and the number of shares issuable upon exercise of the warrants increased from 948,333 to 1,097,600 . On October 22, 2014, we entered into a Securities Purchase Agreement with certain accredited investors (the “October 2014 Investors”), pursuant to which we, in a private placement, issued and sold to the October 2014 Investors (the “2014 Private Placement”) an aggregate of 730,776 shares of our common stock at a price per share of $3.25 for an aggregate purchase price of approximately $2.4 million , and warrants to purchase up to an aggregate of 365,388 shares of our common stock with an initial exercise price of $4.00 per share that are exercisable for the period from April 22, 2015 through April 22, 2020. In connection with the 2014 Private Placement, we also issued a warrant to purchase up to an aggregate of 9,230 shares of our common stock to one advisor. The warrants issued in the 2014 Private Placement include both cash and “cashless exercise” features. The 2014 Private Placement required the repricing and issuance of additional common stock warrants to the holders of warrants issued in the February 2012 common stock and warrant sale. The exercise price of the warrants decreased from $11.73 per share to $10.86 per share and the number of shares issuable upon exercise of the warrants increased from 1,212,665 to 1,309,785 . On December 31, 2014, we entered into the Note Purchase Agreement with the Investor pursuant to which we agreed to issue and sell the Initial Note to the Investor (the “Note Private Placement”). See Note 5 - “Debt- Convertible Promissory Notes ” for additional information regarding the terms of the Initial Note. Pursuant to the terms of the Note Purchase Agreement, we are subject to certain registration obligations and we may be required to effect one or more other registrations to register for resale the shares of our common stock issued or issuable under the Initial Note in connection with certain “piggy-back” registration rights granted to the Investor. The Note Private Placement required the repricing and issuance of additional common stock warrants to the holders of warrants issued in the February 2012 common stock and warrant sale. The exercise price of the 2012 warrants decreased from $10.86 per share to $10.25 per share and the number of shares issuable upon exercise of the warrants increased from 1,309,785 to 1,387,685 . On January 15, 2015, we entered into the Note Purchase Agreement with the Additional Investors and, on January 20, 2015, issued and sold to the Additional Investors, in a private placement, the Additional Notes in an aggregate principal amount of $925,000 (the “Additional Note Private Placement”). The Additional Notes have the same terms and conditions as the Initial Note. Craig-Hallum acted as the sole placement agent for the sale and issuance of the Additional Notes. In connection with the sale and issuance of the Additional Notes, we issued to Craig-Hallum an unsecured convertible promissory note, upon the same terms and conditions as the Notes, in an aggregate principal amount equal to 5% of the proceeds received by us pursuant to the sale and issuance of the Additional Notes, or $46,250 . As of the date of filing of this Quarterly Report on form 10-Q, the Placement Agent Note remains outstanding. The Additional Note Private Placement required the repricing and issuance of additional common stock warrants to the holders of warrants issued in the Private Placement. The exercise price of these warrants decreased from $10.25 per share to $9.59 per share and the number of shares issuable upon exercise of the warrants increased from 1,387,685 to 1,483,161 . On February 27, 2015, we entered into a purchase agreement with Craig-Hallum Capital Group LLC (the “Underwriter”) relating to our sale and issuance of 3,573,899 shares of our common stock and corresponding warrants to purchase up to 714,780 shares of our common stock (the “2015 Offering”). Each share of common stock was sold in combination with a warrant to purchase 0.20 of a share of common stock. The purchase price to the public for each share of common stock and accompanying warrant was $1.95 . The purchase price paid by the Underwriter to us for the common stock and accompanying warrants was $1.8135 . The net proceeds from the 2015 Offering, after deducting the Underwriter’s discount and other estimated 2015 Offering expenses, were approximately $6.2 million . The accompanying warrants are exercisable immediately upon their initial issuance date at an exercise price of $2.24 per share and will expire five years from the date of issuance. The exercise price will also be subject to adjustment in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting our common stock. The 2015 Offering required the repricing and issuance of additional common stock warrants to the holders of warrants issued in the Private Placement. The exercise price of these warrants decreased from $9.59 per share to $7.56 per share and the number of shares issuable upon exercise of the warrants increased from 1,483,161 to 1,881,396 . On June 30, 2015, we entered into a Securities Purchase Agreement with certain accredited investors (the “July 2015 Investors”) pursuant to which, on July 7, 2015, we sold to the July 2015 Investors, and the July 2015 Investors purchased from us, (a) an aggregate of approximately 1.5 million shares of our common stock at a price per share of $1.42 , (b) warrants (the “Series B Warrants”) to purchase up to an aggregate of 0.7 million shares of our common stock with an exercise price of $0.01 per share, and (c) warrants (the “Series A Warrants” and, together with the Series B Warrants, the “July 2015 Warrants”) to purchase up to an aggregate of 1.2 million shares of our common stock, with an exercise price of $1.66 per share (collectively, the “July 2015 Offering”). The purchase price for the Series B Warrants was $1.42 per share of our common stock subject to the Series B Warrants. Each of the July 2015 Warrants has a term of 5 and 1/2 years . The Series B Warrants were immediately exercisable upon issuance. The Series A Warrants became exercisable on January 7, 2016, six months from the date of issuance. The aggregate gross proceeds to us from the July 2015 Offering were approximately $3.0 million . Craig-Hallum Capital Group LLC (the “2015 Placement Agent”) served as the sole placement agent for the Offering. In consideration for services rendered as the placement agent in the July 2015 Offering, we (a) paid to the 2015 Placement Agent cash commissions equal to approximately $212,783 , or 7.0% of the gross proceeds received in the July 2015 Offering; (b) issued to the 2015 Placement Agent a five -year warrant to purchase up to 107,033 shares of our common stock with an exercise price of $1.66 per share and which is subject to other terms that are the same as the terms of the Series A Warrants; and (c) reimbursed the 2015 Placement Agent for reasonable out-of-pocket expenses, including fees paid to the 2015 Placement Agent’s legal counsel, incurred in connection with the July 2015 Offering, which reimbursable expenses did not exceed $50,000 . The July 2015 Offering required the repricing and issuance of additional common stock warrants to the holders of warrants issued in the Private Placement. The exercise price of these warrants decreased from $7.56 per share to $6.50 per share and the number of shares issuable upon exercise of the warrants increased from 1,881,396 to 2,188,177 . On January 6, 2016, the Company entered into a Securities Purchase Agreement (the “SPA”) with certain accredited investors (the “Investors”), pursuant to which, on January 8, 2016, the Company sold to the Investors, and the Investors purchased from the Company (the “January 2016 Offering”), an aggregate of approximately $2.2 million of units (the “Units”) consisting of (1) an aggregate of 2,365,243 shares (the “A-1 Preferred Shares”) of Series A-1 Convertible Preferred Stock, par value $0.01 per share, of the Company (the “A-1 Preferred”), and (2) warrants (the “Warrants”) to purchase up to an aggregate of 1,773,929 shares of our common stock. Each Unit was sold to the Investors at a purchase price of $0.93 per Unit. The A-1 Preferred Shares are convertible into shares of our common stock at an initial rate of 1-for-1, which conversion rate is subject to further adjustment as set forth in the Company’s Certificate of Designation of Series A-1 Convertible Preferred Stock, which was filed with the Secretary of State of the State of Delaware on January 8, 2016 (the “Series A-1 Certificate of Designation”). Pursuant to the terms of the Series A-1 Certificate of Designation, the holders of the A-1 Preferred Shares will generally be entitled to that number of votes as is equal to the product obtained by multiplying: (a) the number of whole shares of our common stock into which the A-1 Preferred may be converted as of the record date of such vote or consent, by (b) 0.93, rounded down to the nearest whole number. Therefore, every 1.075269 shares of A-1 Preferred will generally initially be entitled to one vote. The Warrants were immediately exercisable upon issuance, have a term of five years and have an exercise price of $1.21 per share of our common stock. Each Warrant includes both cash and “cashless exercise” features and an exchange feature whereby the holder of the Warrant may exchange (the “Exchange Right”) all or any portion of the Warrant for a number of shares of our common stock equal to the quotient obtained by dividing the “Exchange Amount” by the closing bid price of our common stock on the second trading day prior to the date the Warrant is exchanged (the “Exchange Price”). Under the Warrants, the “Exchange Amount” is based upon a Black Scholes option pricing model, and the aggregate Exchange Amount under all of the Warrants will be $1,436,882 , subject to adjustment to the extent that the risk-free U.S. Treasury rate fluctuates between the date of issuance of the Warrants and the date the Warrants are exchanged. Each Warrant provides that the number of shares that may be issued upon exercise of the Exchange Right is limited to the number of shares that may be purchased pursuant to the terms of the Warrant, unless the Company has previously obtained stockholder approval or approval from The Nasdaq Stock Market LLC to issue any additional shares of our common stock (the “Additional Shares”) pursuant to the Exchange Right (the “Required Approvals”). For any Exchange Right exercised more than 90 days following the issuance of the Warrants, if the Company has not obtained either of the Required Approvals, the Company will be required to pay the Warrant holder an amount in cash for any Additional Shares that it cannot issue without the Required Approvals based on the Exchange Amount. The Warrants further provide that, to the extent the closing bid price of our common stock on the second trading day prior to the date the Warrant is exchanged is less than $0.50 , the Exchange Price will be deemed to be equal to $0.50 , and, in addition to issuing shares of our common stock based on this Exchange Price, the Company will be required to pay to the Warrant holder an amount in cash equal to the product obtained by multiplying (a) $0.50 minus the closing bid price of our common stock on the second trading day prior to the date the Warrant is exchanged, by (b) the aggregate number of shares of our common stock issued to the Warrant holder by the Company in such exchange at an Exchange Price equal to $0.50 . Therefore, if the Required Approvals are obtained, based on the Exchange Amount of $1,436,882 (which, as noted above, is subject to adjustment to the extent that the risk-free U.S. Treasury rate fluctuates between the date of the issuance of the Warrants and the date the Warrants are exchanged), the maximum number of shares of our common stock issuable pursuant to the Exchange Right in the Warrants will be 2,873,765 . In addition, if, for example, assuming an Exchange Amount of $1,436,882 , the closing bid price of our common stock on the second trading day prior to the date the Warrants are exchanged is $0.25 , the Company would be required to pay to the Warrant holders cash in an aggregate amount of $718,441 in addition to issuing the Warrant holders 2,873,765 shares. In accordance with the terms of the SPA, the Company amended that certain Series A Warrant to purchase up to an aggregate of 1,161,972 shares of our common stock previously issued by the Company to an affiliate of one of the Investors on July 7, 2015 (the “Original Warrant”), as previously reported by the Company on its Amendment No. 1 to Current Report on Form 8-K/A, filed with the SEC on July 7, 2015 (as so amended, the “Amended Warrant”). The Amended Warrant amends the Original Warrant to provide that the Amended Warrant is subject to the same terms and conditions as the Warrants and, therefore, includes both cash and “cashless exercise” features and an Exchange Right whereby the number of shares issuable pursuant to the Exchange Right is equal to the “Amended Warrant Exchange Amount”, which is based on a Black Scholes option pricing model, and will be $941,197 , subject to adjustment to the extent that the risk-free U.S. treasury rate fluctuates between the date of issuance of the Amended Warrant and the date the Amended Warrant is exchanged. The Amended Warrant is exercisable for up to 1,161,972 shares of our common stock in the event the Company has obtained either of the Required Approvals with respect to the Amended Warrant. In the event the Amended Warrant holder exercises the Amended Warrant more than 90 days following the issuance of the Amended Warrant, if the Company has not obtained either of the Required Approvals, the Company will be required to pay the Amended Warrant holder an amount in cash for the shares of our common stock that the Company cannot issue under the Amended Warrant pursuant to such exercise without the Required Approvals based on the Amended Warrant Exchange Amount. The Amended Warrant also provides that, to the extent the closing bid price of our common stock on the second trading day prior to the date the Amended Warrant is exchanged is less than $0.50 , the Exchange Price will be deemed to be equal to $0.50 , and, in addition to issuing shares of our common stock based on this Exchange Price (assuming receipt of the Required Approvals), the Company will be required to pay to the Amended Warrant holder an amount in cash equal to the product obtained by multiplying (a) $0.50 minus the closing bid price of our common stock on the second trading day prior to the date the Amended Warrant is exchanged, by (b) the aggregate number of shares of our common stock issued to the Amended Warrant holder by the Company in such exchange at an Exchange Price equal to $0.50 . Therefore, if the Required Approvals are obtained, based on the Amended Warrant Exchange Amount of $941,197 (which, as noted above, is subject to adjustment to the extent that the risk-free U.S. Treasury rate fluctuates between the issuance of the Amended Warrant and the date the Amended Warrant is exchanged), the maximum number of shares of our common stock issuable pursuant to the Exchange Right in the Amended Warrant will be 1,882,395 . In addition, if, for example, assuming an Amended Warrant Exchange Amount of $941,197 , the closing bid price of our common stock on the second trading day prior to the date the Amended Warrant is exchanged is $0.25 , the Company would be required to pay to the Amended Warrant holder cash in an aggregate amount of $470,599 in addition to issuing the Amended Warrant holder 1,882,395 shares. In connection with entering into the SPA, the Company also entered into a Registration Rights Agreement, dated January 8, 2016, with the Investors. The Registration Rights Agreement requires that the Company file with the SEC a registration statement to register for resale the shares of our common stock issuable upon conversion of the A-1 Preferred Shares (the “A-1 Preferred Conversion Shares”) and the shares of our common stock issuable upon exercise of the Warrants and the Amended Warrant (collectively, the “Warrant Shares”) by January 23, 2016. Craig-Hallum Capital Group LLC (the “Placement Agent”) served as the sole placement agent for the Offering. In consideration for services rendered as the Placement Agent in the Offering, the Company (1) paid to the Placement Agent cash commissions equal to approximately $140,000 , or 7.0% of the gross proceeds received in the Offering, excluding any proceeds received from Third Security, LLC or any of its affiliates; (2) issued to the Placement Agent, for a price of $50 , a five -year warrant to purchase up to 107,527 shares of our common stock at an exercise price of $1.21 per share (the “Agent Warrant”), which is subject to the same terms as the Warrants except that the Agent Warrant is not exercisable until July 8, 2016 and does not contain the Exchange Right; and (3) reimbursed the Placement Agent for reasonable out-of-pocket expenses, including fees paid to the Placement Agent’s legal counsel, incurred in connection with the Offering, which reimbursable expenses did not exceed $50,000 . The January 2016 Offering and the payment of all accrued and unpaid dividends on the Series A Preferred Stock and Series B Preferred Stock in the form of shares of our common stock at a rate of $1.00 per share of our common stock discussed under “-Conversion of Preferred Stock” below required the repricing and issuance of additional common stock warrants to the holders of warrants issued in the Private Placement. The exercise price of these warrants decreased from $6.50 per share to $4.39 per share and the number of shares issuable upon exercise of the warrants increased from 2,188,177 to 3,239,827 . Common Stock Warrants. During the three months ended March 31, 2016 and 2015, we issued warrants to purchase 2,933,106 and 1,208,491 shares of common stock, respectively. None of the issued warrants were exercised during such periods. The warrants issued in the three months ended March 31, 2016 included 1,051,650 warrants issued due to repricing requirements of the Private Placement and 1,881,456 warrants issued in connection with the Offering, which was completed in January 2016. The warrants issued in the three months ended March 31, 2015 included 493,711 warrants issued due to repricing requirements of the Private Placement and 714,780 warrants issued in connection with the 2015 Offering. Warrants to purchase an aggregate of 8,853,905 shares of common stock were outstanding at March 31, 2016 . Warrant Holder Issue Year Expiration Underlying Shares Exercise Price Various Institutional Holders (1) 2012 February 2017 2,812,745 $4.39 Affiliates of Third Security, LLC (1) 2012 February 2017 427,082 $4.39 Various Institutional Holders (2) 2013 January 2018 441,655 $9.00 Affiliates of Third Security, LLC (2) 2013 January 2018 250,000 $9.00 Various Institutional Holders (3) 2014 April 2020 374,618 $4.00 Various Institutional Holders (4) 2015 February 2020 714,780 $2.24 Various Institutional Holders (5) 2015 December 2020 122,433 $1.66 Various Institutional Holders (5) 2015 December 2020 667,164 $0.01 Various Institutional Holders (6) 2015 January 2021 1,161,972 $1.21 Affiliates of Third Security, LLC (7) 2016 January 2021 161,026 $1.21 Various Institutional Holders (7) 2016 January 2021 1,720,430 $1.21 8,853,905 (1) These warrants were issued in connection with the Private Placement completed in February 2012 and are classified as a liability in our financial statements. See Note 9 - “Fair Value” for additional information. These warrants also contain certain anti-dilution provisions that provide for an adjustment to the exercise price and number of shares issuable upon exercise of the warrant in the event that we engage in certain issuances of shares of our common stock at a price lower than the exercise price of the warrant. (2) These warrants were issued in connection with the Offering, which was completed in January 2013. (3) These warrants were issued in connection with the 2014 Private Placement, which was completed in October 2014. (4) These warrants were issued in connection with the 2015 Offering, which was completed in February 2015. (5) These warrants were issued in connection with the July 2015 Offering, which was completed in July 2015. (6) These warrants were originally issued in connection with the July 2015 Offering, which was completed in July 2015, and were amended in connection with the Offering, which was completed in January 2016. (7) These warrants were issued in connection with the Offering, which was completed in January 2016. Issuance of Series B Preferred Stock. On March 5, 2014, we entered into a Series B Convertible Preferred Stock Purchase Agreement (the “Series B Purchase Agreement”) with affiliates of Third Security, LLC (the “2014 Third Security Investors”), pursuant to which we, in a private placement, sold and issued an aggregate of 1,443,297 shares of our Series B Preferred Stock, par value $0.01 per share (the “Series B Preferred Stock”), at a price per share of $4.85 for an aggregate purchase price of approximately $7.0 million . Each share of Series B Preferred Stock issued pursuant to the Series B Purchase Agreement was initially convertible into shares of our common stock at a rate of 1 -for-1, which conversion rate was subject to further adjustment as set forth in the Certificate of Designation of Series B Convertible Preferred Stock. In connection with the Series B financing, we also entered into a Registration Rights Agreement, dated March 5, 2014, with the 2014 Third Security Investors, pursuant to which we granted certain demand, “piggy-back” and S-3 registrations rights covering the resale of the shares of common stock underlying the Series B Preferred Stock issued pursuant to the Series B Purchase Agreement and all shares of common stock issuable upon any dividend or other distribution with respect thereto. The Series B financing required the repricing and issuance of additional common stock warrants to the holders of warrants issued in the Private Placement. The exercise price of the warrants decreased from $12.96 per share to $11.73 per share and the number of shares issuable upon exercise of the warrants increased from 1,097,600 to 1,212,665 . Conversion of Preferred Stock. On January 6, 2016, the Company entered into a Conversion Agreement (the “Conversion Agreement”) with the holders (the “Preferred Holders”) of all of the Company’s outstanding shares of Series A Convertible Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”), and Series B Preferred Stock, pursuant to which, among other things, the Preferred Holders: (1) elected to convert all of the outstanding shares of Series A Preferred Stock and Series B Preferred Stock into shares of our common stock, in each case in accordance with the terms thereof, and (2) agreed that all accrued and unpaid dividends on the Series A Preferred Stock and Series B Preferred Stock would be paid by the Company in shares of our common stock at a rate of $1.00 per share of our common stock (collectively, the “Conversion”). The outstanding shares of Series A Preferred Stock were convertible into shares of our common stock at a rate of 1-for-3, and the outstanding shares of Series B Preferred Stock were convertible into shares of our common stock at a rate of 1-for-1. Prior to the entry into the Conversion Agreement, there were 2,586,205 shares of Series A Preferred Stock outstanding, which were converted into 862,057 shares of our common stock, and 1,443,297 shares of Series B Preferred Stock outstanding, which were converted into 1,443,297 shares of our common stock, for an aggregate of 2,305,354 shares of our common stock issued upon conversion of the Series A Preferred Stock and Series B Preferred Stock (the “Conversion Shares”). At the time of the entry into the Conversion Agreement, there were $3,681,591.90 in accrued and unpaid dividends on the outstanding shares of Series A Preferred Stock, which were converted, in accordance with the Conversion Agreement, into 3,681,590 shares of our common stock, and $793,236.17 in accrued and unpaid dividends on the outstanding shares of Series B Preferred Stock, which were converted, in accordance with the terms of the Conversion Agreement, into 793,235 shares of our common stock, for an aggregate of 4,474,825 shares of our common stock issued pursuant to the accrued and unpaid dividends on the Series A Preferred Stock and Series B Preferred Stock (the “Dividend Shares”). Therefore, in connection with the full conversion of the Series A Preferred Stock and Series B Preferred Stock, plus the conversion of all accrued and unpaid dividends thereon, the Company issued an aggregate of 6,780,179 shares of our common stock to the Preferred Holders on January 6, 2016. Following the conversion of the shares of Series A Preferred Stock and Series B Preferred Stock into common stock, no shares of Series A Preferred Stock or Series B Preferred Stock remain outstanding. Preferred Stock Dividends. We had cumulative undeclared dividends on our Series A Preferred Stock and Series B Preferred Stock (collectively “Preferred Stock”) of zero and $4.4 million at March 31, 2016 and December 31, 2015, respectively. Since dividends should generally not be recognized as a liability until declared, we had a recorded liability of zero for these undeclared dividends at December 31, 2015. For the three months ended March 31, 2016 and 2015, we had undeclared dividends. In accordance with the FASB’s Accounting Standards Codification Topic 260-10-45-11, “ Earnings per Share ”, these dividends were added to the net loss per share calculation.

FAIR VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE FASB guidance on fair value measurements, which defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements for our financial assets and liabilities, as well as for other assets and liabilities that are carried at fair value on a recurring basis in our consolidated financial statements. FASB guidance establishes a three-level fair value hierarchy based upon the assumptions (inputs) used to price assets or liabilities. The three levels of inputs used to measure fair value are as follows: Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2—Observable inputs other than those included in Level 1, such as quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets; and Level 3—Unobservable inputs reflecting our own assumptions and best estimate of what inputs market participants would use in pricing the asset or liability. Debt. Our long term debt is considered a Level 3 liability for which book value approximates fair market value due to the variable interest rate it bears. Common Stock Warrant Liabilities. Certain of our issued and outstanding warrants to purchase shares of common stock do not qualify to be treated as equity and, accordingly, are recorded as a liability. 2012 Warrant Liability The 2012 Warrant Liability represents the fair value of the 1.2 million warrants issued in February 2012, which, through a series of changes in exercise price since February 2012, are now exercisable into 3.2 million shares of common stock. We are required to record these instruments at fair value at each reporting date and changes are recorded as a non-cash adjustment to earnings. The gains or losses included in earnings are reported in other income (expense) in our Statement of Operations. Management does not believe that this liability will be settled by a use of cash. The 2012 Warrant Liability is considered a Level 3 financial instrument and is valued using a Monte Carlo simulation model. This method is well suited to valuing options with non-standard features, such as anti-dilution protection. A Monte Carlo simulation model uses repeated random sampling to simulate significant uncertainty in inputs. Assumptions and inputs used in the valuation of the common stock warrants are broken down into four sections: Static Business Inputs; Static Technical Inputs; Simulated Business Inputs; and Simulated Technical Inputs. Static Business Inputs include: our equity value, which was estimated using our stock price of $0.58 as of March 31, 2016 ; the amount of the down-round financing; the timing of the down-round financing; and the expected exercise period of 0.86 years from the valuation date. Static Technical Inputs include: volatility of 93% and the risk-free interest rate of 0.52% based on the 1 -year U.S. Treasury yield interpolated from the six-month and one-year U.S. Treasury bonds. Simulated Business Inputs include: the probability of down-round financing, which was estimated to be 100% for simulated equity values below the down-round financing cut-off point. Simulated Technical Inputs include: our equity value follows a geometric Brownian motion and is simulated over weekly periods; and a down-round financing event that was randomly simulated in an iteration based on the 100% discrete probability of a down-round financing for those iterations where our simulated equity value at the expected timing of a down-round financing event was below the down-round financing cut-off point. During the three months ended March 31, 2016 and 2015, the changes in the fair value of the liability measured using significant unobservable inputs (Level 3) was comprised of the following: Dollars in Thousands For the Three Months Ended March 31, 2016 March 31, 2015 Beginning balance at January 1 $ 350 $ 145 Total (gains) or losses: Recognized in earnings (330 ) 145 Balance at March 31 $ 20 $ 290 2016 Warrant Liability The 2016 Warrant Liability represents the fair value of the 1.8 million warrants issued in January 2016. We are required to record these instruments at fair value at each reporting date and changes are recorded as a non-cash adjustment to earnings. The gains or losses included in earnings are reported in other income (expense) in our Statement of Operations. The Common Stock Warrant Liability is considered a Level 3 financial instrument and is valued using a binomial lattice simulation model. This method is well suited to valuing options with non-standard features. Assumptions and inputs used in the valuation of the common stock warrants include; our equity value, which was estimated using our stock price of $0.58 as of March 31, 2016; volatility of 135% ; and a risk-free interest rate of 1.21% . During the three months ended March 31, 2016 and 2015, the changes in the fair value of the liability measured using significant unobservable inputs (Level 3) was comprised of the following: Dollars in Thousands For the Three Months Ended March 31, 2016 Beginning balance at January 1 $ — Additions 1,437 Total (gains) or losses: Recognized in earnings 9 Balance at March 31 $ 1,446 The change in unrealized gains or losses of Level 3 liabilities was included in earnings and was reported in other income (expense) in our Statement of Operations.

STOCK OPTIONS

STOCK OPTIONS	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK OPTIONS	STOCK OPTIONS Stock Options. The following table summarizes stock option activity during the three months ended March 31, 2016 : Number of Options Weighted-Average Exercise Price Outstanding at January 1, 2016 1,107,794 $ 3.45 Granted 14,000 1.07 Outstanding at March 31, 2016 1,121,794 $ 3.42 Exercisable at March 31, 2016 468,451 $ 5.25 During the three months ended March 31, 2016 , we granted options to purchase 14,000 shares of our common stock at a weighted-average exercise price of $1.07 per share under our 2006 Equity Incentive Plan, as amended (the “Plan”). Options to purchase an aggregate of 12,350 shares of our common stock were granted during the three months ended March 31, 2015 . As of March 31, 2016 , there were 468,451 options exercisable and 1,093,823 options were vested or expected to vest with an aggregate intrinsic value of zero . Stock Appreciation Rights ( “ SARs ” ) The following table summarizes SARs activity under the Plan during the three months ended March 31, 2016 : Number of SARs Weighted-Average Exercise Price Outstanding at January 1, 2016 98,333 $ 4.14 Outstanding at March 31, 2016 98,333 $ 4.14 Exercisable at March 31, 2016 76,333 $ 4.22 All outstanding SARs were issued solely to our executive officers. As of March 31, 2016 , 76,333 shares subject to outstanding SARs were exercisable and 98,333 shares were vested or expected to vest. The weighted-average exercise price of these SARs was $4.14 per share and the aggregate intrinsic value was zero .

SUMMARY OF SIGNIFICANT ACCOUN18

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation. The accompanying condensed consolidated financial statements are presented in conformity with GAAP. All amounts are presented in U.S. Dollars (“$”). Supplemental cash flows from discontinued operations are presented in Note 3 - “Discontinued Operations”. We have evaluated events occurring subsequent to March 31, 2016 for potential recognition or disclosure in the consolidated financial statements and concluded there were no subsequent events that required recognition or disclosure other than those provided in Note 11 - “Subsequent Events”. The condensed consolidated balance sheet as of December 31, 2015 was derived from our audited balance sheet as of that date. There has been no change in the balance sheet from 12/31/15. The accompanying condensed consolidated financial statements as of and for the three months ended March 31, 2016 and 2015 are unaudited and reflect all adjustments (consisting of only normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the financial position and operating results for the interim periods. These unaudited condensed consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2015 contained in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on April 14, 2016. The results of operations for the interim periods presented are not necessarily indicative of the results for fiscal year 2016.
Reclassification	Certain prior year amounts have been reclassified to conform to the current year presentation in our condensed consolidated financial statements, which consists of the effects of reclassifications from the presentation of our discontinued operations.
Principles of Consolidation	Principles of Consolidation. The condensed consolidated financial statements include the accounts of Transgenomic, Inc. and our wholly owned subsidiary. All inter-company balances and transactions have been eliminated in consolidation.
Risks and Uncertainties	Risks and Uncertainties. Certain risks and uncertainties are inherent in our day-to-day operations and in the process of preparing our financial statements. The more significant of those risks are presented below and throughout the notes to the unaudited condensed consolidated financial statements.
Use of Estimates	Use of Estimates. The preparation of condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting period. In addition, estimates and assumptions associated with the determination of the fair value of certain assets and related impairments require considerable judgment by management. Actual results could differ from the estimates and assumptions used in preparing these condensed consolidated financial statements.
Fair Value	Fair Value. Unless otherwise specified, book value approximates fair market value. The common stock warrant liability is recorded at fair value.
Cash and Cash Equivalents	Cash and Cash Equivalents and Other Current Assets. Cash and cash equivalents include cash and investments with original maturities at the date of acquisition of three months or less.
Concentrations of Cash	Concentrations of Cash. From time to time, we may maintain a cash position with financial institutions in amounts that exceed federally insured limits.
Accounts Receivable	While payment terms are generally 30 days , we have also provided extended payment terms in certain cases. Accounts receivable are carried at original invoice amount and shown net of allowance for doubtful accounts. The estimate made for doubtful accounts is based on a review of all outstanding amounts on a quarterly basis. We determine the allowance for doubtful accounts by regularly evaluating individual payor receivables and considering a payor’s financial condition, credit history, reimbursement rates and current economic conditions. Accounts receivable are written off when deemed uncollectible and after all collection efforts have been exhausted. Recoveries of accounts receivable previously written off are recorded as a reduction in bad debt expense when received.
Property and Equipment	Property and Equipment. Property and equipment are carried at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets as follows: Leasehold improvements 1 to 10 years Furniture and fixtures 3 to 7 years Production equipment 3 to 7 years Computer equipment 3 to 7 years Research and development equipment 2 to 7 years
Intangible Assets	Intangible Assets. Intangible assets include intellectual property, patents and acquired products. 1. Intellectual Property. Initial costs paid to license intellectual property from independent third parties are capitalized and amortized using the straight-line method over the license period. Ongoing royalties related to such licenses are expensed as incurred. 2. Patents. We capitalize legal costs, filing fees and other expenses associated with obtaining patents on new discoveries and amortize these costs using the straight-line method over the shorter of the legal life of the patent or its economic life beginning on the date the patent is issued. 3. Acquired Products. As part of the FAMILION acquisition and acquisition of certain intangible assets from Axial, the Company acquired technology, in process technology, trademarks/tradenames, customer relationships, covenants not to compete and third party relationships. These costs are amortized pursuant to the straight-line method over their estimated economic life of seven to fifteen years.
Stock-Based Compensation	Stock-Based Compensation. All stock-based awards to date have exercise prices equal to the market value of the shares at the date of grant and have 10 -year contractual terms. Unvested awards as of March 31, 2016 had vesting periods of up to three years from the date of grant. None of the awards outstanding at March 31, 2016 are subject to performance or market-based vesting conditions. We measure and recognize compensation expense for all stock-based awards made to employees and directors. Compensation expense, net of estimated forfeitures, is based on the calculated fair value of the awards as measured at the grant date and is expensed over the service period of the awards.
Net Sales Recognition	Net Sales Recognition. Revenue is realized and earned when all of the following criteria are met: • Persuasive evidence of an arrangement exists; • Delivery has occurred or services have been rendered; • The seller’s price to the buyer is fixed or determinable; and • Collectability is reasonably assured. In our Biomarker Identification laboratory, we perform services on a project by project basis. When we receive payment in advance, we initially defer the revenue and recognize it when we deliver the service. These projects typically do not extend beyond one year. At each of March 31, 2016 and December 31, 2015 , deferred net sales associated with pharmacogenomics research projects included in the balance sheet in deferred revenue was $0.2 million . Net sales from Patient Testing laboratories, reported as part of discontinued operations, are recognized on an individual test basis and take place when the test report is completed, reviewed and sent to the client less the reserve for insurance, Medicare and Medicaid contractual adjustments. There are no deferred net sales associated with our Patient Testing services. Adjustments to the allowances, based on actual receipts from third party payers, are reflected in the estimated contractual allowance applied prospectively. In the fourth quarter of 2015, we adjusted our contractual allowance rates to better reflect the reimbursement level we expect to achieve on Patient Testing billings. The adjustment negatively impacted our Patient Testing revenues for all periods after the third quarter of 2015. (See Note 3 - “Discontinued Operations”). Net sales of Genetic Assays and Platforms products, reported as discontinued operations (See Note 3 - “Discontinued Operations”) are recognized in accordance with the terms of the sales arrangement. Such recognition is based on receipt of an unconditional customer order and transfer of title and risk of ownership to the customer, typically upon shipment of the product under a purchase order. Our sales terms do not provide for the right of return unless the product is damaged or defective. Net sales from certain services associated with the analytical instruments, to be performed subsequent to shipment of the products, is deferred and recognized when the services are provided. Such services, mainly limited to installation and training services that are not essential to the functionality of the instruments, typically are performed in a timely manner subsequent to shipment of the instrument. We also enter into various service contracts that cover installed instruments. These contracts cover specific time periods and net sales associated with these contracts are deferred and recognized ratably over the service period.
Common Stock Warrants	Common Stock Warrants. Certain of our issued and outstanding warrants to purchase common stock do not qualify to be treated as equity and, accordingly, are recorded as a liability (“Common Stock Warrant Liability”). We are required to present these instruments at fair value at each reporting date and any changes in fair values are recorded as an adjustment to earnings. The Common Stock Warrant Liabilities are considered Level Three financial instruments for purposes of fair value measurement.
Loss Per Share	Loss Per Share. Basic loss per share is calculated based on the weighted-average number of common shares outstanding during each period. Diluted loss per share includes shares issuable upon exercise of outstanding stock options, warrants or conversion rights that have exercise or conversion prices below the market value of our common stock.
Recent Accounting Pronouncements	Recent Accounting Pronouncements. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers. This guidance requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to a customer. ASU No. 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. In July 2015, the FASB decided to defer the effective date of this new accounting guidance by one year. As a result, ASU No. 2014-09 will be effective for us for all annual and interim reporting periods beginning after December 15, 2017 and early adoption would be permitted as of the original effective date. The new standard permits the use of either the retrospective or cumulative effect transition method. We do not expect to early adopt this guidance and we have not selected a transition method. We are currently evaluating the impact this guidance will have on our financial condition, results of operations and cash flows. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40) . The new guidance addresses management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The standard will be effective for the first interim period within annual reporting periods beginning after December 15, 2016. Early adoption is permitted. We do not expect to early adopt this guidance and do not believe that the adoption of this guidance will have a material impact on our consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability, rather than as a deferred charge asset. ASU No. 2015-03 is effective for us beginning on January 1, 2016. ASU No. 2015-03 is not expected to have a material impact on our financial condition, results of operations or cash flows. In February 2016, the FASB issued ASU No. 2016-02, Leases. The new standard amends the recognition of lease assets and lease liabilities by lessees for those leases currently classified as operating leases and amends disclosure requirements associated with leasing arrangements. The new standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Early adoption is permitted. The new standard must be adopted using a modified retrospective transition, and provides for certain practical expedients. Transition will require application of the new guidance at the beginning of the earliest comparative period presented. We are currently assessing the impact of the adoption of this ASU will have on our consolidated financial statements. In March 2016, the FASB issued an ASU, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. The new standard simplifies several aspects related to the accounting for share-based payment transactions, including the accounting for income taxes, statutory tax withholding requirements, forfeitures and classification on the statement of cash flows. This guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2016; however, early adoption is permitted. We do not expect to early adopt this guidance and are currently evaluating the impact this guidance will have on our financial condition, results of operations and cash flows.

SUMMARY OF SIGNIFICANT ACCOUN19

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Summary of activity for the allowance for doubtful accounts	The following is a summary of activity for the allowance for doubtful accounts from continuing operations during the three months ended March 31, 2016 and 2015 : Dollars in Thousands Beginning Balance Additions Deductions Ending Balance Three Months Ended March 31, 2016 $ 87 $ 21 $ — $ 108 Three Months Ended March 31, 2015 $ 20 $ — $ — $ 20
Activity for the allowance for obsolete inventory	The following is a summary of activity for the allowance for obsolete inventory during the three months ended March 31, 2016 and 2015 : Dollars in Thousands Beginning Balance Additions Deductions Ending Balance Three Months Ended March 31, 2016 $ 63 $ — $ — $ 63 Three Months Ended March 31, 2015 $ — $ — $ — $ —
Schedule of property and equipment, useful lives	Depreciation is computed using the straight-line method over the estimated useful lives of the related assets as follows: Leasehold improvements 1 to 10 years Furniture and fixtures 3 to 7 years Production equipment 3 to 7 years Computer equipment 3 to 7 years Research and development equipment 2 to 7 years

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	3 Months Ended
	Mar. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Schedule of discontinued operations impact on income statement and balance sheets	Assets and liabilities of the discontinued operations are classified as assets held for sale and liabilities held for sale in the condensed consolidated balance sheets and consisted of the following: Dollars in Thousands March 31, December 31, ASSETS Accounts receivable, net $ 1,150 $ 1,905 Other current assets 32 82 Total Assets $ 1,182 $ 1,987 LIABILITIES Accrued compensation $ 20 $ 264 Total Liabilities $ 20 $ 264 The following is a summary of activity for the allowance for doubtful accounts from discontinued operations during the three months ended March 31, 2016 and 2015. The allowance for doubtful accounts from discontinued operations are included in the assets held for sale in the condensed consolidated balance sheets. Dollars in Thousands Beginning Balance Additions Deductions Ending Balance Three Months Ended March 31, 2016 $ 14,664 $ — $ (122 ) $ 14,542 Three Months Ended March 31, 2015 $ 7,927 $ 1,532 $ (286 ) $ 9,173 Results of the discontinued operations consisted of the following: Three months ended March 31, (in thousands) 2016 2015 Net sales $ 1,103 $ 5,763 Cost of goods sold 1,183 3,074 Gross profit (80 ) 2,689 Selling, general and administrative expense 1,025 3,250 Research and development expense 68 116 Loss from discontinued operations before income taxes (1,173 ) (677 ) Income tax expense — 46 Loss from discontinued operations $ (1,173 ) $ (723 )

INTANGIBLES AND OTHER ASSETS (T

INTANGIBLES AND OTHER ASSETS (Tables)	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of long-lived intangible assets	Long-lived intangible assets as of March 31, 2016 and December 31, 2015 consisted of the following: Dollars in Thousands March 31, 2016 Cost Accumulated Amortization Net Book Value Patents 780 72 708 Intellectual property 672 234 438 $ 1,452 $ 306 $ 1,146 Dollars in Thousands December 31, 2015 Cost Accumulated Amortization Net Book Value Patents 980 274 706 Intellectual property 671 207 464 $ 1,651 $ 481 $ 1,170 Estimated Useful Life Patents Life of the patent Intellectual property 7 years

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of debt	Dollars in Thousands March 31, 2016 December 31, 2015 Revolving Line of Credit (1) $ 2,775 $ 3,025 Term Loan (2) 4,000 4,000 Convertible Promissory Notes (3) 571 571 Total debt 7,346 7,596 Current portion of long-term debt (7,346 ) (7,596 ) Long-term debt, net of current maturities $ — $ — (1) Revolving Line of Credit. Amounts advanced under the Revolving Line accrue interest at an annual rate equal to the greater of (a) 6.25% or (b) the Wall Street Journal prime rate plus 3% . The current interest rate is 6.50% . Interest is payable on a monthly basis, with the balance payable at the maturity of the Revolving Line. Under the Loan Agreement, we pay the Lenders a commitment fee of $20,000 on each one-year anniversary of March 13, 2013, the Effective Date, during the term of the Revolving Line. In addition, a fee of 0.5% per annum is payable quarterly on the unused portion of the Revolving Line. The Revolving Line matures on November 1, 2017. (2) Term Loan. We received $4.0 million under the Term Loan on the Effective Date. Pursuant to the terms of the Loan Agreement, as amended, the maturity date of the Loan Agreement was extended until November 1, 2017 and no principal payments on the Term Loan are due until such date. The current interest rate is 9.1% . We will pay the Lenders an additional final payment of $120,000 at maturity or prepayment of the Term Loan. In addition, if we repay the Term Loan prior to maturity, we will pay the Lenders a prepayment penalty of 1% of the total outstanding balance under the Term Loan. Additional Terms. The Loan Agreement contains affirmative and negative covenants. Under the Term Loan, we are required to maintain a minimum liquidity ratio and achieve a minimum amount of revenue, and we also agreed not to (i) pledge or otherwise encumber our assets other than to the Lenders, (ii) enter into additional borrowings or guarantees, (iii) repurchase our capital stock, or (iv) enter into certain mergers or acquisitions without the Lenders’ consent. Additionally, the Loan Agreement contains a subjective acceleration clause at the discretion of the Lenders. As of March 31, 2016, the Company was not in compliance with all financial covenants of the Loan Agreement, as amended by the Eighth Amendment. As such, all debt has been classified as current at March 31, 2016. To secure the repayment of any amounts borrowed under the Revolving Line and the Term Loan, we granted the Lenders a security interest in all of our assets. The occurrence of an event of default under the Loan Agreement could result in the acceleration of our obligations under the Loan Agreement, would increase the applicable interest rate under the Revolving Line or Term Loan (or both) by 5% and would permit the Lenders to exercise remedies with respect to the collateral under the Loan Agreement. As of the date these financials were available for release, the Lenders have not exercised the remedies under the Loan Agreement. (3) Convertible Promissory Notes. The Notes accrue interest at a rate of 6% per year and mature on December 31, 2016.

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2016
Stockholders' Equity Note [Abstract]
Schedule of stockholders' equity, including warrants and rights	Warrant Holder Issue Year Expiration Underlying Shares Exercise Price Various Institutional Holders (1) 2012 February 2017 2,812,745 $4.39 Affiliates of Third Security, LLC (1) 2012 February 2017 427,082 $4.39 Various Institutional Holders (2) 2013 January 2018 441,655 $9.00 Affiliates of Third Security, LLC (2) 2013 January 2018 250,000 $9.00 Various Institutional Holders (3) 2014 April 2020 374,618 $4.00 Various Institutional Holders (4) 2015 February 2020 714,780 $2.24 Various Institutional Holders (5) 2015 December 2020 122,433 $1.66 Various Institutional Holders (5) 2015 December 2020 667,164 $0.01 Various Institutional Holders (6) 2015 January 2021 1,161,972 $1.21 Affiliates of Third Security, LLC (7) 2016 January 2021 161,026 $1.21 Various Institutional Holders (7) 2016 January 2021 1,720,430 $1.21 8,853,905 (1) These warrants were issued in connection with the Private Placement completed in February 2012 and are classified as a liability in our financial statements. See Note 9 - “Fair Value” for additional information. These warrants also contain certain anti-dilution provisions that provide for an adjustment to the exercise price and number of shares issuable upon exercise of the warrant in the event that we engage in certain issuances of shares of our common stock at a price lower than the exercise price of the warrant. (2) These warrants were issued in connection with the Offering, which was completed in January 2013. (3) These warrants were issued in connection with the 2014 Private Placement, which was completed in October 2014. (4) These warrants were issued in connection with the 2015 Offering, which was completed in February 2015. (5) These warrants were issued in connection with the July 2015 Offering, which was completed in July 2015. (6) These warrants were originally issued in connection with the July 2015 Offering, which was completed in July 2015, and were amended in connection with the Offering, which was completed in January 2016. (7) These warrants were issued in connection with the Offering, which was completed in January 2016.

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of changes in fair value of liability	During the three months ended March 31, 2016 and 2015, the changes in the fair value of the liability measured using significant unobservable inputs (Level 3) was comprised of the following: Dollars in Thousands For the Three Months Ended March 31, 2016 March 31, 2015 Beginning balance at January 1 $ 350 $ 145 Total (gains) or losses: Recognized in earnings (330 ) 145 Balance at March 31 $ 20 $ 290 During the three months ended March 31, 2016 and 2015, the changes in the fair value of the liability measured using significant unobservable inputs (Level 3) was comprised of the following: Dollars in Thousands For the Three Months Ended March 31, 2016 Beginning balance at January 1 $ — Additions 1,437 Total (gains) or losses: Recognized in earnings 9 Balance at March 31 $ 1,446

STOCK OPTIONS (Tables)

STOCK OPTIONS (Tables)	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of stock option activity	The following table summarizes stock option activity during the three months ended March 31, 2016 : Number of Options Weighted-Average Exercise Price Outstanding at January 1, 2016 1,107,794 $ 3.45 Granted 14,000 1.07 Outstanding at March 31, 2016 1,121,794 $ 3.42 Exercisable at March 31, 2016 468,451 $ 5.25
Summary of SARs activity	The following table summarizes SARs activity under the Plan during the three months ended March 31, 2016 : Number of SARs Weighted-Average Exercise Price Outstanding at January 1, 2016 98,333 $ 4.14 Outstanding at March 31, 2016 98,333 $ 4.14 Exercisable at March 31, 2016 76,333 $ 4.22

BUSINESS DESCRIPTION (Details)

BUSINESS DESCRIPTION (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)operating_segments
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments | operating_segments	1
Working capital | $	$ (15,160)

SUMMARY OF SIGNIFICANT ACCOUN27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narratives) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other current assets	$ 503		$ 537
Current prepaid expense	200
current unbilled receivables	200
Other current receivables	$ 100
Share-based compensation arrangement by share-based payment award, expiration period	10 years
Stock-based compensation expense	$ 110	$ 114
Unrecognized compensation expense related to unvested stock awards, not yet recognized	$ 300
Unvested stock options, unrecognized compensation expense weighted average recognition period	1 year 4 months 1 day
Stock options, granted (in shares)	14,000	12,350
Stock options, fair value assumptions, risk free interest rate (as a percent)	1.91%
Stock options, fair value assumptions, dividend yield	0.00%
Stock options, fair value assumptions, expected life	6 years
Stock options, fair value assumptions, historical volatility rate (as a percent)	85.00%
Common stock rights issued (in shares)	2,933,106	1,208,491
Deferred revenue	$ 192		217
Options, warrants and conversion rights, common stock callable and antidilutive (in shares)	12,970,881	8,248,953
Pharmacogenomic Services
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred revenue	$ 200		$ 200
Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, unvested options, vesting period	3 years
Common stock rights issued (in shares)	98,333
Selling, General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 100	$ 100
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, unvested options, vesting period	3 years
Familion | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated Useful Life		7 years
Familion | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated Useful Life		15 years

SUMMARY OF SIGNIFICANT ACCOUN28

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Accounts Receivable) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Allowance for Doubtful Accounts Receivable [Roll Forward]
Beginning balance	$ 87	$ 20
Additions	21	0
Deductions	0	0
Ending balance	$ 108	$ 20
Accounts receivable, general payment terms	30 days

SUMMARY OF SIGNIFICANT ACCOUN29

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Inventories) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accounting Policies [Abstract]
Net raw materials inventory	$ 100
Obsolete inventory [Roll Forward]
Beginning Balance	63	$ 0
Additions	0	0
Deductions	0	0
Ending Balance	$ 63	$ 0

SUMMARY OF SIGNIFICANT ACCOUN30

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Property, Plant and Equipment) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 0.1	$ 0.1
Depreciation expense, capital leases	$ 0.1	$ 0.1
Leasehold Improvements | Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	1 year
Leasehold Improvements | Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	10 years
Furniture and Fixtures | Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	3 years
Furniture and Fixtures | Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	7 years
Production Equipment | Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	3 years
Production Equipment | Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	7 years
Computer Equipment | Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	3 years
Computer Equipment | Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	7 years
Research and Development Equipment | Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	2 years
Research and Development Equipment | Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	7 years

DISCONTINUED OPERATIONS (Narrat

DISCONTINUED OPERATIONS (Narratives) (Details) - Genetic Assays and Platforms business - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Nov. 25, 2015	Sep. 08, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase price			$ 2.1
(Loss) gain on sale of business	$ 1.5
ADSTEC Corporation
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase price		$ 0.3
(Loss) gain on sale of business	$ (1.7)

DISCONTINUED OPERATIONS (Revenu

DISCONTINUED OPERATIONS (Revenues and Net Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss from discontinued operations	$ (1,173)	$ (723)
Discontinued operations | Genetic Assays and Platforms and Patient Testing
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales	1,103	5,763
Cost of goods sold	1,183	3,074
Gross profit	(80)	2,689
Selling, general and administrative expense	1,025	3,250
Research and development expense	68	116
Loss from discontinued operations before income taxes	(1,173)	(677)
Income tax expense	0	46
Loss from discontinued operations	$ (1,173)	$ (723)

DISCONTINUED OPERATIONS (Assets

DISCONTINUED OPERATIONS (Assets and Liabilities Held for Sale) (Details) - Discontinued operations - Genetic Assays and Platforms and Patient Testing - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Accounts receivable, net	$ 1,150	$ 1,905
Other current assets	32	82
Total Assets	1,182	1,987
LIABILITIES
Accrued compensation	20	264
Total Liabilities	$ 20	$ 264

DISCONTINUED OPERATIONS (Allowa

DISCONTINUED OPERATIONS (Allowance for Doubtful Accounts) (Details) - Genetic Assays and Platforms and Patient Testing - Discontinued operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Disposal Group, Including Discontinued Operations, Allowance for Doubtful Accounts [Roll Forward]
Beginning Balance	$ 14,664	$ 7,927
Additions	0	1,532
Deductions	(122)	(286)
Ending Balance	$ 14,542	$ 9,173

INTANGIBLES AND OTHER ASSETS (D

INTANGIBLES AND OTHER ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Finite-Lived Intangible Assets, Net [Abstract]
Cost	$ 1,452		$ 1,651
Accumulated Amortization	306		481
Net Book Value	1,146		1,170
Amortization expense for intangible assets	100	$ 100
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Amortization expense, 2016	100
Amortization expense, 2017	100
Amortization expense, 2018	100
Amortization expense, 2019	100
Amortization expense, 2020	100
Patents
Finite-Lived Intangible Assets, Net [Abstract]
Cost	780		980
Accumulated Amortization	72		274
Net Book Value	708		706
Intellectual property
Finite-Lived Intangible Assets, Net [Abstract]
Cost	672		671
Accumulated Amortization	234		207
Net Book Value	$ 438		$ 464
Estimated Useful Life	7 years

DEBT (Schedule of Debt) (Detail

DEBT (Schedule of Debt) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Total debt	$ 7,346,000	$ 7,596,000
Current portion of long-term debt	(7,346,000)	(7,596,000)
Long-term debt, net of current maturities	0	0
Line of credit | Revolving credit facility
Debt Instrument [Line Items]
Total debt	$ 2,775,000	3,025,000
Annual interest rate (as a percent)	6.25%
Effective interest rate (as a percent)	6.50%
Commitment fee amount	$ 20,000
Commitment fee (as a percent)	0.50%
Line of credit | Revolving credit facility | Wall Street Journal prime rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	3.00%
Term loan
Debt Instrument [Line Items]
Total debt	$ 4,000,000	4,000,000
Proceeds from issuance of long-term debt	$ 4,000,000
Current interest rate (as a percent)	9.10%
Future debt extinguishment costs	$ 120,000
Prepayment penalty percentage of outstanding balance (as a percent)	1.00%
Increase in interest rate in case of debt default (as a percent)	5.00%
Convertible promissory notes
Debt Instrument [Line Items]
Total debt	$ 571,000	$ 571,000
Current portion of long-term debt	$ (500,000)
Annual interest rate (as a percent)	6.00%		6.00%

DEBT (Revolving Line and Term L

DEBT (Revolving Line and Term Loan) (Details) - USD ($)	Aug. 10, 2015	Mar. 13, 2013	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2015	Dec. 31, 2015	Sep. 04, 2015	Apr. 01, 2015	Dec. 31, 2014	Oct. 22, 2014	Oct. 21, 2014
Debt Instrument [Line Items]
Repayments of Notes Payable			$ 550,000	$ 0
Proceeds from borrowings			500,000	$ 923,000
Overadvance on Loan Agreement			7,346,000			$ 7,596,000
Line of credit | Revolving credit facility
Debt Instrument [Line Items]
Current borrowing capacity							$ 2,300,000			$ 3,000,000	$ 4,000,000
Payment to lenders to support the amount advanced	$ 700,000
Term loan
Debt Instrument [Line Items]
Interest costs capitalized					$ 400,000
Initial prepayment of a portion of the loan balance								$ 148,000
Convertible notes payable
Debt Instrument [Line Items]
Face amount									$ 750,000
Repayments of Notes Payable			200,000
Proceeds from borrowings			500,000
Overadvance on Loan Agreement			$ 500,000
Third Security LLC and affiliates | Line of credit | Revolving credit facility
Debt Instrument [Line Items]
Current borrowing capacity		$ 4,000,000
Third Security LLC and affiliates | Term loan
Debt Instrument [Line Items]
Face amount		$ 4,000,000
PGxHealth, LLC | Senior secured promissory note
Debt Instrument [Line Items]
Debt term of note payable that was paid off		3 years

DEBT (Convertible Promissory No

DEBT (Convertible Promissory Notes) (Details)	Dec. 31, 2014USD ($)$ / shares	Mar. 31, 2016USD ($)shares	Jan. 20, 2015USD ($)	Jan. 15, 2015investor
Additional notes
Debt Instrument [Line Items]
Number of additional accredited investors | investor				7
Convertible notes payable
Debt Instrument [Line Items]
Face amount	$ 750,000
Interest rate (as a percent)	6.00%	6.00%
Number of shares converted | shares		502,786
Convertible notes payable | Additional notes
Debt Instrument [Line Items]
Face amount			$ 925,000
Number of shares converted | shares		281,023
Conversion of convertible promissory notes		$ 400,000
Convertible notes payable | Conversion, period one
Debt Instrument [Line Items]
Percentage of debt convertible	50.00%
Threshold consecutive trading days	20 days
Conversion price (in dollars per share) | $ / shares	$ 2.20
Convertible notes payable | Conversion, period two
Debt Instrument [Line Items]
Threshold consecutive trading days	15 days
Conversion price as percentage of average closing price	85.00%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	Feb. 25, 2016	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Future minimum payments due, remainder of 2016		$ 0.6
Future minimum payments due, 2017		0.7
Future minimum payments due, 2018		0.7
Future minimum payments due, 2019		0.7
Future minimum payments due, 2020		0.7
Future minimum payments, due thereafter		0.4
Rent expense		0.1	$ 0.1
Firm commitments to vendors		0.3
Threatened Litigation | Breach of contract
Loss Contingencies [Line Items]
Damages sought in a lawsuit	$ 0.7
Accrual of possible loss in a lawsuit		$ 0.7		$ 0.7

STOCKHOLDERS' EQUITY (Common St

STOCKHOLDERS' EQUITY (Common Stock) (Details)

Jan. 06, 2016USD ($)$ / sharesshares

Jul. 07, 2015USD ($)$ / sharesshares

Feb. 27, 2015USD ($)$ / shares$ / unitshares

Oct. 22, 2014USD ($)$ / sharesshares

Jan. 24, 2013USD ($)$ / sharesshares

Feb. 02, 2012USD ($)$ / sharesshares

Dec. 31, 2011USD ($)

Mar. 31, 2016USD ($)$ / sharesshares

Dec. 31, 2015$ / sharesshares

Jan. 20, 2015USD ($)

Jan. 15, 2015USD ($)$ / sharesshares

Dec. 31, 2014USD ($)$ / sharesshares

Oct. 21, 2014$ / sharesshares

Mar. 05, 2014$ / sharesshares

Dec. 31, 2012$ / sharesshares

Class of Stock [Line Items]

Common stock, shares authorized (in shares)

150,000,000

150,000,000

Common stock, shares issued (in shares)

20,695,870

13,915,691

Private placement, net (in shares)

6,780,179

1,500,000

Share price (in dollars per share) | $ / shares

$ 1.42

$ 0.58

Private placement, net | $

$ 543,000

Proceeds from issuance of common stock and warrants | $

$ 3,000,000

Preferred stock, shares issued (in shares)

2,365,243

4,029,502

Preferred stock, par value (in dollars per share) | $ / shares

$ 0.01

$ 0.01

Craig-Hallum Capital Group LLC

Class of Stock [Line Items]

Warrants term

5 years

5 years

Common stock warrant, exercise price (in dollars per share) | $ / shares

$ 1.21

$ 1.66

Payments of stock issuance costs | $

$ 140,000

$ 212,783

Payments of stock issuance costs, percentage of gross offering proceeds

7.00%

7.00%

Payments of stock issuance costs, warrant right to purchase common stock shares

107,527

107,033

Stock issuance costs, reimbursable expenses (not to exceed) | $

$ 50,000

$ 50,000

Proceeds from issuance of warrants | $

50

Convertible notes payable

Class of Stock [Line Items]

Face amount | $

$ 750,000

Third Security LLC and affiliates

Class of Stock [Line Items]

Common stock warrant, common stock called (in shares)

1,097,600

1,212,665

Common stock warrant, exercise price (in dollars per share) | $ / shares

$ 12.96

$ 11.73

Series A Warrants

Class of Stock [Line Items]

Warrants term

5 years 6 months

Warrants, period exercisable

6 months

Warrant exchange amount | $

$ 941,197

Warrant exercise period not subject to cash payment

90 days

Warrant exchange price threshold | $ / shares

$ 0.50

Series A Warrants | Maximum

Class of Stock [Line Items]

Common stock warrant, common stock called (in shares)

1,161,972

Series A Warrant, Cashless Exchange | Maximum

Class of Stock [Line Items]

Common stock warrant, common stock called (in shares)

1,882,395

Series A-1 Warrant

Class of Stock [Line Items]

Common stock warrant, common stock called (in shares)

1,773,929

Common stock warrant, exercise price (in dollars per share) | $ / shares

$ 1.21

Warrants, period exercisable

5 years

Warrant exchange amount | $

$ 1,436,882

Warrant exercise period not subject to cash payment

90 days

Warrant exchange price threshold | $ / shares

$ 0.50

Series A-1 Warrant | Maximum

Class of Stock [Line Items]

Common stock warrant, common stock called (in shares)

2,873,765

Series B Warrants

Class of Stock [Line Items]

Warrants term

5 years 6 months

Common stock warrant, exercise price (in dollars per share) | $ / shares

$ 0.01

Share price (in dollars per share) | $ / shares

$ 1.42

Series B Warrants | Maximum

Class of Stock [Line Items]

Common stock warrant, common stock called (in shares)

700,000

Warrants

Class of Stock [Line Items]

Common stock warrant, exercise price (in dollars per share) | $ / shares

$ 1.66

Warrants | Maximum

Class of Stock [Line Items]

Common stock warrant, common stock called (in shares)

1,200,000

Private Placement

Class of Stock [Line Items]

Proceeds from issuance of common stock and convertible notes | $

$ 22,000,000

$ 3,000,000

Common stock, shares issued (in shares)

1,583,333

Common stock, sale price per share (in dollars per share) | $ / shares

$ 12

Warrants term

5 years

Common stock warrant, common stock called (in shares)

3,239,827

2,188,177

1,881,396

1,309,785

1,097,600

823,333

1,483,161

1,387,685

1,212,665

948,333

Common stock warrant, exercise price (in dollars per share) | $ / shares

$ 4.39

$ 6.50

$ 7.56

$ 10.86

$ 12.96

$ 15

$ 9.59

$ 10.25

$ 11.73

$ 15

Payments of stock issuance costs | $

$ 1,330,000

Payments of stock issuance costs, percentage of gross offering proceeds

7.00%

Payments of stock issuance costs, warrant right to purchase common stock shares

31,666

Payments of stock issuance costs, warrant right to purchase common stock shares, percentage of shares in offering

2.00%

Stock issuance costs, reimbursable expenses (not to exceed) | $

$ 125,000

Payments of stock issuance costs, reduction to equity | $

$ 1,500,000

Private Placement | Third Security LLC and affiliates

Class of Stock [Line Items]

Convertible notes, common stock callable (in shares)

250,000

Convertible notes, warrants callable (in shares)

125,000

Offering

Class of Stock [Line Items]

Common stock warrant, common stock called (in shares)

691,655

Private placement, net (in shares)

1,383,333

Share price (in dollars per share) | $ / shares

$ 6

Private placement, net | $

$ 8,300,000

Class of warrant or right, number of securities called by warrants or rights, price per share (in dollars per share) | $ / shares

$ 9

Offering | Affiliates of Third Security, LLC; January 2018

Class of Stock [Line Items]

Common stock warrant, common stock called (in shares)

250,000

Private placement, net (in shares)

500,000

2014 Private Placement

Class of Stock [Line Items]

Common stock warrant, common stock called (in shares)

365,388

Common stock warrant, exercise price (in dollars per share) | $ / shares

$ 4

Private placement, net (in shares)

730,776

Share price (in dollars per share) | $ / shares

$ 3.25

Private placement, net | $

$ 2,400,000

2014 Private Placement | Advisor

Class of Stock [Line Items]

Common stock warrant, common stock called (in shares)

9,230

Additional Note Private Placement | Convertible notes payable

Class of Stock [Line Items]

Face amount | $

$ 925,000

Additional Note Private Placement | Convertible notes payable | Craig-Hallum Capital Group LLC

Class of Stock [Line Items]

Face amount | $

$ 46,250

Face amount as percentage of proceeds from debt issuance

5.00%

2015 Offering | Craig-Hallum Capital Group LLC

Class of Stock [Line Items]

Common stock warrant, common stock called (in shares)

714,780

Common stock warrant, exercise price (in dollars per share) | $ / shares

$ 2.24

Private placement, net (in shares)

3,573,899

Class of warrant or right, number of securities called by each warrant or right (in shares)

0.20

Class of warrant or right, purchase price per share, public (in dollars per share) | $ / unit

1.95

Class of warrant or right, purchase price per share, underwriter (in dollars per share) | $ / unit

1.8135

Proceeds from issuance of common stock and warrants, net | $

$ 6,200,000

Class of warrant or right, expiration period

5 years

Series A-1 Convertible Preferred Stock and Warrants

Class of Stock [Line Items]

Proceeds from issuance of convertible preferred stock | $

$ 2,200,000

Price per share of shares issued (in dollars per share) | $ / shares

$ 0.93

Series A-1 Convertible Preferred Stock

Class of Stock [Line Items]

Preferred stock, shares issued (in shares)

2,365,243

Preferred stock, par value (in dollars per share) | $ / shares

$ 0.01

Voting rights, number of shares per one vote

1.075269

Series A Preferred Stock

Class of Stock [Line Items]

Dividend conversion rate per share | $ / shares

$ 1

Preferred stock, par value (in dollars per share) | $ / shares

0.01

Pro Forma | Series A Warrants

Class of Stock [Line Items]

Share price (in dollars per share) | $ / shares

$ 0.25

Payments for Repurchase of Warrants | $

$ 470,599

Warrant exchange amount | $

$ 941,197

Pro Forma | Series A Warrant, Cashless Exchange | Maximum

Class of Stock [Line Items]

Common stock warrant, common stock called (in shares)

1,882,395

Pro Forma | Series A-1 Warrant

Class of Stock [Line Items]

Share price (in dollars per share) | $ / shares

$ 0.25

Payments for Repurchase of Warrants | $

$ 718,441

Warrant exchange amount | $

$ 1,436,882

Pro Forma | Series A-1 Warrant | Maximum

Class of Stock [Line Items]

Common stock warrant, common stock called (in shares)

2,873,765

STOCKHOLDERS' EQUITY (Common 41

STOCKHOLDERS' EQUITY (Common Stock Warrants) (Details) - $ / shares

3 Months Ended

Mar. 31, 2016

Mar. 31, 2015

Jan. 06, 2016

Jul. 07, 2015

Feb. 27, 2015

Jan. 15, 2015

Dec. 31, 2014

Oct. 22, 2014

Oct. 21, 2014

Jan. 24, 2013

Dec. 31, 2012

Feb. 02, 2012

Class of Stock [Line Items]

Common stock warrants issued (in shares)

2,933,106

1,208,491

Underlying Shares

8,853,905

Various Institutional Holders; February 2017

Class of Stock [Line Items]

Underlying Shares

2,812,745

Exercise Price (in dollars per share)

$ 4.39

Affiliates of Third Security, LLC; February 2017

Class of Stock [Line Items]

Underlying Shares

427,082

Exercise Price (in dollars per share)

$ 4.39

Various Institutional Holders; January 2018

Class of Stock [Line Items]

Underlying Shares

441,655

Exercise Price (in dollars per share)

$ 9

Affiliates of Third Security, LLC; January 2018

Class of Stock [Line Items]

Underlying Shares

250,000

Exercise Price (in dollars per share)

$ 9

Various Institutional Holders; April 2020

Class of Stock [Line Items]

Underlying Shares

374,618

Exercise Price (in dollars per share)

$ 4

Various Institutional Holders; February 2020

Class of Stock [Line Items]

Underlying Shares

714,780

Exercise Price (in dollars per share)

$ 2.24

Various Institutional Holders; December 2020

Class of Stock [Line Items]

Underlying Shares

122,433

Exercise Price (in dollars per share)

$ 1.66

Various Institutional Holders; December 2020

Class of Stock [Line Items]

Underlying Shares

667,164

Exercise Price (in dollars per share)

$ 0.01

Various Institutional Holders; January 2021

Class of Stock [Line Items]

Underlying Shares

1,161,972

Exercise Price (in dollars per share)

$ 1.21

Affiliates of Third Security, LLC; January 2021

Class of Stock [Line Items]

Underlying Shares

161,026

Exercise Price (in dollars per share)

$ 1.21

Various Institutional Holders; January 2021

Class of Stock [Line Items]

Underlying Shares

1,720,430

Exercise Price (in dollars per share)

$ 1.21

Private Placement

Class of Stock [Line Items]

Common stock warrants issued (in shares)

1,051,650

493,711

Exercise Price (in dollars per share)

$ 4.39

$ 6.50

$ 7.56

$ 9.59

$ 10.25

$ 10.86

$ 11.73

$ 12.96

$ 15

$ 15

Offering

Class of Stock [Line Items]

Common stock warrants issued (in shares)

1,881,456

714,780

STOCKHOLDERS' EQUITY (Issuance

STOCKHOLDERS' EQUITY (Issuance of Series B Preferred Stock) (Details) $ / shares in Units, $ in Thousands	Jan. 06, 2016shares	Jul. 07, 2015$ / sharesshares	Mar. 05, 2014USD ($)$ / sharesshares	Mar. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015$ / shares	Jan. 24, 2013$ / sharesshares
Class of Stock [Line Items]
Private placement, net (in shares) | shares	6,780,179	1,500,000
Preferred stock, par value (in dollars per share)				$ 0.01	$ 0.01
Share price (in dollars per share)		$ 1.42		$ 0.58
Private placement, net | $				$ 543
Series B preferred stock
Class of Stock [Line Items]
Conversion ratio	1
Preferred stock
Class of Stock [Line Items]
Private placement, net (in shares) | shares				2,365,243
Private placement, net | $				$ 24
Third Security LLC and affiliates
Class of Stock [Line Items]
Common stock warrant, exercise price (in dollars per share)			$ 11.73			$ 12.96
Common stock warrant, common stock called (in shares) | shares			1,212,665			1,097,600
Third Security LLC and affiliates | Preferred stock | Series B preferred stock
Class of Stock [Line Items]
Private placement, net (in shares) | shares			1,443,297
Preferred stock, par value (in dollars per share)			$ 0.01
Share price (in dollars per share)			$ 4.85
Private placement, net | $			$ 7,000
Conversion ratio			1

STOCKHOLDERS' EQUITY (Conversio

STOCKHOLDERS' EQUITY (Conversion of Preferred Stock) (Details)	Jan. 06, 2016USD ($)$ / sharesshares	Jul. 07, 2015shares	Mar. 31, 2016$ / sharesshares	Dec. 31, 2015$ / sharesshares
Conversion of Stock [Line Items]
Preferred stock, par value (in dollars per share) | $ / shares			$ 0.01	$ 0.01
Preferred stock, shares outstanding (in shares)			2,365,243	4,029,502
Number of shares of common stock dividends	4,474,825
Private placement, net (in shares)	6,780,179	1,500,000
Series A Preferred Stock
Conversion of Stock [Line Items]
Conversion ratio	0.3333
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.01
Dividend conversion rate per share | $ / shares	$ 1
Preferred stock, shares outstanding (in shares)	0			2,586,205
Number of common stock converted into	862,057
Amount of preferred dividends in arrears | $	$ 3,681,591.90
Number of shares of common stock dividends	3,681,590
Series B preferred stock
Conversion of Stock [Line Items]
Conversion ratio	1
Preferred stock, shares outstanding (in shares)	0			1,443,297
Number of common stock converted into	1,443,297
Amount of preferred dividends in arrears | $	$ 793,236.17
Number of shares of common stock dividends	793,235
Series A-1 Convertible Preferred Stock and Warrants
Conversion of Stock [Line Items]
Conversion ratio	1
Common Stock
Conversion of Stock [Line Items]
Number of common stock converted into	2,305,354

STOCKHOLDERS' EQUITY (Preferred

STOCKHOLDERS' EQUITY (Preferred Stock Dividends) (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
Cumulative undeclared dividends, preferred stock	$ 0	$ 4,400,000

FAIR VALUE (Details)

FAIR VALUE (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2015	Jan. 31, 2016	Mar. 31, 2016	Mar. 31, 2015	Sep. 29, 2015	Jul. 07, 2015
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Common stock warrants issued (in shares)			2,933,106	1,208,491
Share price (in dollars per share)			$ 0.58			$ 1.42
Percentage of simulated equity values below the down-round financing cut-off point			100.00%
2012 Warrant Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Common stock warrants issued (in shares)	3,200,000				1,200,000
Stock options, fair value assumptions, expected life			10 months 8 days
Volatility (as a percent)			93.00%
Risk-free interest rate (as a percent)			0.52%
Fair value assumptions, expected term			1 year
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		$ 350	$ 350	$ 145
Total (gains) or losses:
Recognized in earnings			(330)	145
Balance at end of period			$ 20	$ 290
2016 Warrant Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Common stock warrants issued (in shares)		1,800,000
Volatility (as a percent)			135.00%
Risk-free interest rate (as a percent)			1.21%
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		$ 0	$ 0
Additions			1,437
Total (gains) or losses:
Recognized in earnings			(9)
Balance at end of period			$ 1,446

STOCK OPTIONS (Stock Options) (

STOCK OPTIONS (Stock Options) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Number of Options
Granted (in shares)	14,000	12,350
Outstanding at end of period (in shares)	1,121,794
Exercisable at end of period (in shares)	468,451
Weighted-Average Exercise Price
Stock options, expected to vest, outstanding (in shares)	1,093,823
Stock options, expected to vest, outstanding, aggregate intrinsic value	$ 0
Equity Incentive Plan 2006
Number of Options
Granted (in shares)	14,000
Weighted-Average Exercise Price
Granted (in dollars per share)	$ 1.07
Employee Stock Option
Number of Options
Outstanding at beginning of period (in shares)	1,107,794
Granted (in shares)	14,000
Exercisable at end of period (in shares)	468,451
Weighted-Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 3.45
Granted (in dollars per share)	1.07
Outstanding at end of period (in dollars per share)	3.42
Exercisable at end of period (in dollars per share)	$ 5.25

STOCK OPTIONS (Stock Appreciati

STOCK OPTIONS (Stock Appreciation Rights) (Details) - SARs - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Number of SARs
Outstanding (in shares)	98,333	98,333
Exercisable (in shares)	76,333
Weighted-Average Exercise Price
Outstanding (in dollars per share)	$ 4.14	$ 4.14
Exercisable (in dollars per share)	$ 4.22
Stock appreciation rights, nonvested (in shares)	98,333
Stock appreciation rights, aggregate intrinsic value, outstanding	$ 0