Precipio (PRPO) 10-Q 22 Aug 17 2017 Q2 Quarterly report Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - shares	6 Months Ended
	Jun. 30, 2017	Aug. 16, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	PRECIPIO, 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	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		6,407,860

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
CURRENT ASSETS:
Cash and cash equivalents	$ 967	$ 51
Accounts receivable, net	569	388
Inventories	108	100
Other current assets	154	13
Total current assets	1,798	552
PROPERTY AND EQUIPMENT, NET	262	280
OTHER ASSETS:
Goodwill	13,832
Intangibles, net	21,100	0
Other assets	18	10
Assets	37,010	842
CURRENT LIABILITIES:
Current maturities of long-term debt	513	395
Convertible bridge notes, less debt discounts and debt issuance costs	166	695
Accounts payable	10,328	1,084
Current maturities of capital leases	48	46
Accrued expenses	3,521	700
Deferred revenue	210	92
Other current liabilities	1,528	0
Total current liabilities	16,314	3,012
LONG TERM LIABILITIES:
Long-term debt, less current maturities and discounts	0	4,127
Common stock warrant liability	618	0
Capital leases, less current maturities	138	163
Other long-term liabilities	171	0
Total liabilities	17,241	7,302
STOCKHOLDERS’ EQUITY (DEFICIT):
Preferred stock	17	8
Common stock, $0.01 par value, 150,000,000 and 1,806,850 shares authorized at June 30, 2017 and December 31, 2016, respectively, 6,407,860 and 449,175 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively	64	4
Additional paid-in capital	34,975	4,376
Accumulated deficit	(15,287)	(10,848)
Total stockholders’ equity (deficit)	19,769	(6,460)
Liabilities and stockholders' equity	$ 37,010	$ 842

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICALS) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
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	1,294,434
Preferred stock, shares issued (in shares)	1,712,901	780,105
Preferred stock, shares outstanding (in shares)	1,712,901	780,105
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000,000	1,806,850
Common stock, shares issued (in shares)	6,407,860	449,175
Common stock, shares outstanding (in shares)	6,407,860	449,175

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Patient service revenue, net	$ 316	$ 615	$ 619	$ 1,271
less provision for bad debts	(56)	(111)	(111)	(229)
Net sales	260	504	508	1,042
COST OF DIAGNOSTIC SERVICES	284	241	466	479
Gross profit (loss)	(24)	263	42	563
OPERATING EXPENSES	777	548	1,440	1,076
OPERATING LOSS	(801)	(285)	(1,398)	(513)
OTHER INCOME (EXPENSE):
Interest expense, net	(220)	(160)	(382)	(242)
Warrant revaluation	(3)	1	(3)	0
Loss on extinguishment of debt	(53)	0	(53)	0
Merger advisory fees	(2,603)	0	(2,603)	0
Other, net	0	0	0	3
Other Income (Expense)	(2,879)	(159)	(3,041)	(239)
LOSS BEFORE INCOME TAXES	(3,680)	(444)	(4,439)	(752)
INCOME TAX EXPENSE	0	0	0	0
NET LOSS	(3,680)	(444)	(4,439)	(752)
TOTAL DIVIDENDS	(5,248)	0	(5,248)	(1,855)
NET LOSS AVAILABLE TO COMMON STOCKHOLDERS	$ (8,928)	$ (444)	$ (9,687)	$ (2,607)
BASIC AND DILUTED LOSS PER COMMON SHARE (IN DOLLARS PER SHARE)	$ (15.35)	$ (1.03)	$ (18.77)	$ (6.10)
BASIC AND DILUTED WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING (IN SHARES)	581,481	429,819	515,968	427,217
Preferred stock - series A senior
OTHER INCOME (EXPENSE):
TOTAL DIVIDENDS	$ (5,248)	$ 0	$ (5,248)	$ (1,422)
Preferred stock
OTHER INCOME (EXPENSE):
TOTAL DIVIDENDS	$ 0	$ 0	$ 0	$ (433)

UNAUDITED CONDENSED CONSOLIDAT5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - 6 months ended Jun. 30, 2017 - USD ($) $ in Thousands	Total	Preferred stock	2017 Bridge Notes	Senior and Junior Notes	Senior and Junior NotesCommon Stock	Preferred stock	Preferred stockPreferred stock	Preferred stockSenior and Junior Notes	Common Stock	Common StockCommon Stock	Common Stock2017 Bridge Notes	Common StockSenior and Junior Notes	Additional Paid-in Capital	Additional Paid-in CapitalCommon Stock	Additional Paid-in CapitalPreferred stock	Additional Paid-in Capital2017 Bridge Notes	Additional Paid-in CapitalSenior and Junior Notes	Accumulated Deficit
Balance at beginning of period at Dec. 31, 2016	$ (6,460)					$ 8			$ 4				$ 4,376					$ (10,848)
Balance at beginning of period (in shares) at Dec. 31, 2016						780,105			449,175
Increase (Decrease) in Stockholders' Equity
Net loss	(4,439)																	(4,439)
Conversion of preferred stock and preferred stock dividends		$ 25								$ 20				$ (20)	$ 25
Conversion of preferred stock into common stock (in shares)						(788,647)			788,647
Shares converted, value	0					$ (8)			$ 8
Conversion of preferred stock and preferred stock dividends (in shares)							8,542			1,958,166
Conversion of bridge notes into common stock			$ 887	$ 4,771				$ 8			$ 2	$ 14				$ 885	$ 4,749
Conversion of bridge notes into common stock (in shares)					1,414,700			802,920			155,639	1,414,700
Issuance of common stock for consulting services in connection with the merger	2,189								$ 3				2,186
Issuance of stock for consulting services in connection with the merger (in shares)									321,821
Shares issued in connection with business combination	20,098					$ 8			$ 12				20,078
Shares issued in connection with business combination (in shares)						802,925			1,255,119
Issuance of preferred stock	400					$ 1							399
Issuance of preferred stock (in shares)						107,056
Issuance of warrants in conjunction with issuance of side agreement	414												414
Recorded beneficial conversion feature on debt	1,856												1,856
Non-cash stock-based compensation and vesting of restricted units	28								$ 1				27
Non-cash stock-based compensation and vesting restricted units (in shares)									64,593
Balance at end of period at Jun. 30, 2017	$ 19,769					$ 17			$ 64				$ 34,975					$ (15,287)
Balance at end of period (in shares) at Jun. 30, 2017						1,712,901			6,407,860

UNAUDITED CONDENSED CONSOLIDAT6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
CASH FLOWS USED IN OPERATING ACTIVITIES:
Net loss	$ (4,439)	$ (752)
Adjustments to reconcile net loss to net cash flows used in operating activities:
Depreciation and amortization	48	55
Amortization of deferred financing costs and debt discount	57	18
Loss on extinguishment of debt	53	0
Stock-based compensation and change in liability of stock appreciation rights	23	7
Merger advisory fees	2,603	0
Provision for losses on doubtful accounts	111	229
Capitalized PIK interest on convertible bridge notes	0	81
Warrant revaluation	3	0
Changes in operating assets and liabilities:
Accounts receivable	(136)	(340)
Inventories	7	(18)
Other assets	(1)	1
Accounts payable	290	91
Accrued expenses and other liabilities	484	238
Net cash used in operating activities	(897)	(390)
CASH FLOWS PROVIDED BY INVESTING ACTIVITIES:
Cash acquired in business combination	101	0
Net cash provided by investing activities	101	0
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES:
Principal payments on capital lease obligations	(23)	(19)
Issuance of preferred stock	400	0
Payment of deferred financing costs	(25)	(10)
Proceeds from exercise of warrants	25	0
Proceeds from long-term debt	315	0
Proceeds from long-term debt	1,365	455
Principal payments on long-term	(345)	(74)
Net cash flows provided by financing activities	1,712	352
NET CHANGE IN CASH AND CASH EQUIVALENTS	916	(38)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	51	235
CASH AND CASH EQUIVALENTS AT END OF PERIOD	967	197
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid during the period for interest	30	18
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION
Purchases of equipment financed through capital lease	0	49
Preferred unit dividend financed through exchange agreement	0	433
Convertible bridge notes exchanged for long-term debt	0	1,120
Series A and B preferred exchanged for long-term debt	0	1,715
Deferred debt issuance cost	64	0
Recorded beneficial conversion feature on debt	1,856	0
Accrued merger cost	10	0
Issuance of common stock for merger advisory fees	2,189
Issuance of warrants in conjunction with issuance of side agreement	414	0
Senior and Junior Notes
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION
Conversion of convertible promissory notes to equity	4,771	0
Bridge Loan
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION
Conversion of convertible promissory notes to equity	$ 877	$ 0

BUSINESS DESCRIPTION

BUSINESS DESCRIPTION	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS DESCRIPTION	BUSINESS DESCRIPTION Business Description Precipio, Inc., and Subsidiary, (“we”, “us”, “our”, the “Company” or “Precipio”) is a cancer diagnostics company providing diagnostic products and services to the oncology market. We have built and continue to develop a platform designed to eradicate the problem of misdiagnosis by harnessing the intellect, expertise and technology developed within academic institutions and delivering quality diagnostic information to physicians and their patients worldwide. We operate a cancer diagnostic laboratory located in New Haven, Connecticut and have partnered with the Yale School of Medicine to capture the expertise, experience and technologies developed within academia so that we can provide a better standard of cancer diagnostics and solve the growing problem of cancer misdiagnosis. We also operate a research and development facility in Omaha, Nebraska which will focus on further development of ICE-COLD-PCR (“ICP”), the patented technology which was exclusively licensed by us from Dana-Farber Cancer Institute, Inc. (“Dana-Farber”) at Harvard University (“Harvard”). The research and development center will focus on the development of this technology, which we believe will enable us to commercialize other technologies developed by our current and future academic partners. Our platform connects patients, physicians and diagnostic experts residing within academic institutions. Launched in 2017, the platform facilitates the following relationships: • Patients: patients may search for physicians in their area and consult directly with academic experts that are on the platform. Patients may also have access to new academic discoveries as they become commercially available. • Physicians: physicians can connect with academic experts to seek consultations on behalf of their patients and may also provide consultations for patients in their area seeking medical expertise in that physician’s relevant specialty. Physicians will also have access to new diagnostic solutions to help improve diagnostic accuracy. • Academic Experts: academic experts on the platform can make themselves available for patients or physicians seeking access to their expertise. Additionally, these experts have a platform available to commercialize their research discoveries. We intend to continue updating our platform to allow for patient-to-patient communications and allow individuals to share stories and provide support for one another, to allow physicians to consult with their peers to discuss and share challenges and solutions, and to allow academic experts to interact with others in academia on the platform to discuss their research and cross-collaborate. ICP was developed at Harvard and is licensed exclusively by us from Dana-Farber. The technology enables the detection of genetic mutations in liquid biopsies, such as blood samples. The field of liquid biopsies is a rapidly growing market, aimed at solving the challenge of obtaining genetic information on disease progression and changes from sources other than a tumor biopsy. Gene sequencing is performed on tissue biopsies taken surgically from the tumor site in order to identify potential therapies that will be more effective in treating the patient. There are several limitations to this process. First, surgical procedures have several limitations, including: • Cost: surgical procedures are usually performed in a costly hospital environment. For example, according to a recent study the mean cost of lung biopsies is greater than $14,000; surgery also involves hospitalization and recovery time. • Surgical access: various tumor sites are not always accessible (e.g. brain tumors), in which cases no biopsy is available for diagnosis. • Risk: patient health may not permit undergoing an invasive surgery; therefore a biopsy cannot be obtained at all. • Time: the process of scheduling and coordinating a surgical procedure often takes time, delaying the start of patient treatment. Second, there are several tumor-related limitations that provide a challenge to obtaining such genetic information from a tumor: • Tumors are heterogeneous by nature: a tissue sample from one area of the tumor may not properly represent the tumor’s entire genetic composition; thus, the diagnostic results from a tumor may be incomplete and non-representative. • Metastases: in order to accurately test a patient with metastatic disease, ideally an individual biopsy sample should be taken from each site (if those sites are even known). These biopsies are very difficult to obtain; therefore physicians often rely on biopsies taken from the primary tumor site. The advent of technologies enabling liquid biopsies as an alternative to tumor biopsy and analysis is based on the fact that tumors (both primary and metastatic) shed cells and fragments of DNA into the blood stream. These blood samples are called “liquid biopsies” that contain circulating tumor DNA, or ctDNA, which hold the same genetic information found in the tumor(s). That tumor DNA is the target of genetic analysis. However, since the quantity of tumor DNA is very small in proportion to the “normal” (or “healthy”) DNA within the blood stream, there is a need to identify and separate the tumor DNA from the normal DNA. ICP is an enrichment technology that enables the laboratory to focus its analysis on the tumor DNA by enriching, and thereby “multiplying” the presence of, tumor DNA, while maintaining the normal DNA at its same level. Once the enrichment process has been completed, the laboratory genetic testing equipment is able to identify genetic abnormalities presented in the ctDNA, and an analysis can be conducted at a higher level of sensitivity, to enable the detection of such genetic abnormalities. The technology is encapsulated into a chemical that is provided in the form of a kit and sold to other laboratories who wish to conduct these tests in-house. The chemical within the kit is added to the specimen preparation process, enriching the sample for the tumor DNA so that the analysis will detect those genetic abnormalities. Merger Transaction On June 29, 2017, the Company (then known as “Transgenomic, Inc.”, or “Transgenomic”), completed a reverse merger (the “Merger”) with Precipio Diagnostics, LLC, a privately held Delaware limited liability company (“Precipio Diagnostics”) in accordance with the terms of the Agreement and Plan of Merger (the “Merger Agreement”), dated October 12, 2016, as amended on February 2, 2017 and June 29, 2017, by and among Transgenomic, Precipio Diagnostics and New Haven Labs Inc. (“Merger Sub”) a wholly-owned subsidiary of Transgenomic. Pursuant to the Merger Agreement, Merger Sub merged with and into Precipio Diagnostics, with Precipio Diagnostics surviving the Merger as a wholly-owned subsidiary of the combined company (See Note 3 - Reverse Merger). In connection with the Merger, the Company changed its name from Transgenomic, Inc. to Precipio, Inc., relisted its common stock under Precipio, Inc. on the National Association of Securities Dealers Automated Quotations (“NASDAQ”), and effected a 1-for-30 reverse stock split of its common stock. Upon the consummation of the Merger, the historical financial statements of Precipio Diagnostics become the Company's historical financial statements. Accordingly, the historical financial statements of Precipio Diagnostics are included in the comparative prior periods. As a result of the Merger, historical preferred stock, common stock, restricted units, warrants and additional paid-in capital, including share and per share amounts, have been retroactively adjusted to reflect the equity structure of the combined company, including the effect of the Merger exchange ratio. Pursuant to the Merger Agreement, each outstanding share of capital stock of Precipio Diagnostic was exchanged for 10.2502 pre-reverse stock split shares of Company Common Stock (the “Exchange Ratio”). See Note 3 - Reverse Merger for additional discussion of the Merger. 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 the Company will realize its assets and discharge its liabilities in the ordinary course of business. The Company has incurred substantial operating losses and has used cash in its operating activities for the past several years. As of June 30, 2017, the Company had a net loss of $4.4 million and negative working capital of $14.5 million . The Company’s ability to continue as a going concern is dependent upon a combination of achieving its business plan, including generating additional revenue, and raising additional financing to meet its debt obligations and paying liabilities arising from normal business operations when they come due. Precipio is currently in discussions with certain investors to raise additional capital. There can be no assurance such capital is or will be available at terms favorable or agreeable to management, if at all, or that the Company will successfully complete the proposed capital raise. Since the outcome of these matters cannot be predicted with any certainty at this time, there is substantial doubt that the Company will be able to continue as a going concern. Notwithstanding the aforementioned circumstances, there remains substantial doubt about the Company’s ability to continue as a going concern. There can be no assurance that the Company will be able to successfully achieve its initiatives summarized above in order to continue as a going concern. The accompanying financial statements have been prepared assuming the Company will continue as a going concern and do not include any adjustments that might result should the Company be unable to continue as a going concern as a result of the outcome of this uncertainty.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2017
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. We have evaluated events occurring subsequent to June 30, 2017 for potential recognition or disclosure in the condensed consolidated financial statements and concluded that, other than what is disclosed in Note 12 - Subsequent Events, there were no other subsequent events that required recognition or disclosure. The condensed consolidated balance sheet as of December 31, 2016 was derived from our audited balance sheet as of that date. There has been no change in the balance sheet from December 31, 2016. The accompanying condensed consolidated financial statements as of and for the three and six months ended June 30, 2017 and 2016 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 financial statements and notes thereto of Precipio Diagnostics for the year ended December 31, 2016 contained in our current report on Form 8-K/A, filed with the Securities and Exchange Commission (the “SEC”) on July 31, 2017. The results of operations for the interim periods presented are not necessarily indicative of the results for fiscal year 2017. Principles of Consolidation. The condensed consolidated financial statements include the accounts of Precipio, Inc. and our wholly owned subsidiary. All inter-company balances and transactions have been eliminated in consolidation. 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. 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. The Company operates in the healthcare industry which is subject to numerous laws and regulations of federal, state and local governments. These laws and regulations include, but are not necessarily limited to, matters such as licensure, accreditation, government healthcare program participation requirements, reimbursement for patient services, and Medicare and Medicaid fraud and abuse. Government activity has increased with respect to investigations and allegations concerning possible violations of fraud and abuse statutes and regulations by healthcare providers. Violations of these laws and regulations could result in expulsion from government healthcare programs together with the imposition of significant fines and penalties, as well as significant repayments for patient services previously billed. Management believes that the Company is in compliance with fraud and abuse regulations, as well as other applicable government laws and regulations. While no material regulatory inquiries have been made, compliance with such laws and regulations can be subject to future government review and interpretation as well as regulatory actions unknown or unasserted at this time. Fair Value. Unless otherwise specified, book value approximates fair value. The common stock warrant liability is recorded at fair value. See Note 10 - 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 June 30, 2017 of $0.2 million includes prepaid assets of $0.1 million and other receivables of $0.1 million and consisted of primarily prepaid assets as of December 31, 2016. Concentrations of Risk. From time to time, we may maintain a cash position with financial institutions in amounts that exceed Federal Deposit Insurance Corporation insured limits. We have not experienced any losses on such accounts as of June 30, 2017 . Service companies in the health care industry typically grant credit without collateral to patients. The majority of these patients are insured under third-party insurance agreements. The services provided by the Company are routinely billed utilizing the Current Procedural Terminology (CPT) code set designed to communicate uniform information about medical services and procedures among physicians, coders, patients, accreditation organizations, and payers for administrative, financial, and analytical purposes. CPT codes are currently identified by the Centers for Medicare and Medicaid Services and third-party payors. The Company utilizes CPT codes for Pathology and Laboratory Services contained within codes 80000-89398. Property and Equipment. Depreciation expense related to property and equipment was less than $0.1 million for the six months ended June 30, 2017 and 2016 . Depreciation expense during each period includes depreciation related to equipment acquired under capital leases. Goodwill and Intangible Assets. As a result of the Merger, the Company recorded goodwill and intangible assets as part of its allocation of the purchase consideration. See Note 3 - Reverse Merger for the amounts recorded. Goodwill Goodwill is tested for impairment annually. We perform this impairment analysis during the fourth quarter of each year or when a significant event occurs that may impact goodwill. Impairment occurs when the carrying value is determined to be not recoverable, thereby causing the carrying value of the goodwill to exceed its fair value. If impaired, the asset’s carrying value is reduced to its fair value. No events have transpired in the six months ended June 30, 2017 that would require an impairment analysis prior to our scheduled review. Intangibles 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). There were no impairment charges during the six months ended June 30, 2017. In-process research and development (“IPR&D”) represents the fair value assigned to research and development assets that were not fully developed at the date of the Merger. Until the IPR&D projects are completed, the assets are accounted for as indefinite-lived intangible assets and subject to impairment testing. For the six months ended June 30, 2017, there was no impairment of IPR&D. Stock-Based Compensation. All stock-based awards to date have exercise prices equal to the market price of our common stock on the date of grant and have ten -year contractual terms. Unvested awards as of June 30, 2017 had vesting periods of up to three years from the date of grant. None of the awards outstanding at June 30, 2017 are subject to performance or market-based vesting conditions. During the six months ended both June 30, 2017 and 2016, we recorded compensation expense for all stock awards of less than $0.1 million within operating expense. As of June 30, 2017 , the unrecognized compensation expense related to unvested stock awards was less than $0.1 million , which is expected to be recognized over a weighted-average period of one year. Included in our stock awards outstanding as of June 30, 2017 were fully vested stock appreciation rights (“SARs”) to purchase 2,777 shares of our common stock. The SARs were issued solely to a former executive officer and vested 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 New Haven, Connecticut laboratory, we primarily recognize revenue for services rendered upon completion of the testing process. Net patient service revenue is reported at the estimated net realizable amounts from patients, third-party payors and others for services rendered, including retroactive adjustment under reimbursement agreements with third-party payors. Revenue under third-party payor agreements is subject to audit and retroactive adjustment. Provisions for third-party payor settlements are provided in the period in which the related services are rendered and adjusted in the future periods, as final settlements are determined. In our Omaha, Nebraska 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 June 30, 2017 and December 31, 2016 , deferred net sales included in the balance sheet in deferred revenue were $0.2 million and $0.1 million , respectively. Taxes collected from customers and remitted to government agencies for specific net sales producing transactions are recorded net with no effect on the income statement. Presentation of Insurance Claims and Related Insurance Recoveries. The Company accounts for its insurance claims and related insurance recoveries at their gross values as standards for health care entities do not allow the Company to net insurance recoveries against the related claim liabilities. There were no insurance claims or insurance recoveries recorded during the three and six months ended June 30, 2017 and 2016. Income Taxes. Deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax basis of assets and liabilities at each balance sheet date using tax rates expected to be in effect in the year the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent that it is more likely than not that they will not be realized. Beneficial Conversion Features. The intrinsic value of a beneficial conversion feature (“BCF”) inherent to a convertible note payable, which is not bifurcated and accounted for separately from the convertible note payable and may not be settled in cash upon conversion, is treated as a discount to the convertible note payable. This discount is amortized over the period from the date of issuance to the first conversion date using the effective interest method. If the note payable is retired prior to the end of its contractual term, the unamortized discount is expensed in the period of retirement to interest expense. In general, the BCF is measured by comparing the effective conversion price, after considering the relative fair value of detachable instruments included in the financing transaction, if any, to the fair value of the common shares at the commitment date to be received upon conversion. Deemed dividends are also recorded for the intrinsic value of conversion options embedded in preferred shares based upon the differences between the fair value of the underlying common stock at the commitment date of the transaction and the effective conversion price embedded in the preferred shares. When the preferred shares are non-redeemable the BCF is fully amortized into additional paid-in capital and preferred discount. If the preferred shares are redeemable, the discount is amortized from the commitment date to the first conversion date. 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 2,545,463 and 2,771,149 shares of our common stock have been excluded from the computation of diluted loss per share at June 30, 2017 and 2016 , 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”) 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 generally accepted accounting principles in the U.S. 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 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 that the adoption of this ASU will have on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, 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. The Company adopted ASU No. 2016-09 as of January 1, 2017. The adoption of this guidance does not have a material effect on the Company’s financial position and results of operations. In August 2016, FASB issued ASU No. 2016-15 , Classification of Certain Cash Receipts and Cash Payments. ASU No. 2016-15 eliminates the diversity in practice related to the classification of certain cash receipts and payments in the statement of cash flows by adding or clarifying guidance on eight specific cash flow issues. ASU No. 2016-15 is effective for fiscal years beginning after December 15, 2017, and for interim periods within that fiscal year. We do not believe ASU No. 2016-15 will have a material effect on our financial position and results of operations. In January 2017, FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. ASU No. 2017-01 adds guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The new guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company does not believe ASU No. 2017-01 will have a material effect on its financial position and results of operations. In January 2017, FASB issued ASU No. 2017-04, Intangibles — Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which removes Step 2 from the goodwill impairment test. It is effective for annual and interim periods beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment test performed with a measurement date after January 1, 2017. The Company has adopted this standard and there was no impact on its consolidated financial statements because a goodwill impairment has not occurred after January 1, 2017. In July 2017, FASB issued ASU No. 2017-11, Earning Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480) and Derivatives and Hedging (Topic 815), which was issued in two parts, Part I, Accounting for Certain Financial Instruments with Down Round Features and Part II, Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception. Part I of ASC No. 2017-11 addresses the classification analysis of certain equity-linked financial instruments (or embedded features) with down round features. When determining whether certain financial instruments should be classified as liabilities or equity instruments, a down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity’s own stock. The amendments also clarify existing disclosure requirements for equity-classified instruments. As a result, a freestanding equity-linked financial instrument (or embedded conversion option) no longer would be accounted for as a derivative liability at fair value as a result of the existence of a down round feature. For freestanding equity classified financial instruments, the amendments require entities that present earnings per share (EPS) in accordance with Topic 260 to recognize the effect of the down round feature when it is triggered. That effect is treated as a dividend and as a reduction of income available to common shareholders in basic EPS. The amendments in Part II of ASU 2017-11 recharacterize the indefinite deferral of certain provisions of Topic 480 that now are presented as pending content in the codification, to a scope exception. Part II amendments do not have an accounting effect. The ASU 2017-11 is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted. The Company has early adopted this standard as of January 1, 2017 with the only impact being that the warrants with down round provisions entered into in June 2017 were treated as equity classification. (See Note 5 - Convertible Bridge Notes).

REVERSE MERGER

REVERSE MERGER	6 Months Ended
	Jun. 30, 2017
Business Combinations [Abstract]
REVERSE MERGER	REVERSE MERGER On June 29, 2017 (the “Closing Date”), the Company completed the Merger with Precipio Diagnostics, in accordance with the terms of the Merger Agreement. Upon the consummation of the Merger, the historical financial statements of Precipio Diagnostics become the Company's historical financial statements. Accordingly, the historical financial statements of Precipio Diagnostics are included in the comparative prior periods. On the Closing Date, the outstanding common and preferred units of Precipio Diagnostics and certain debt of Precipio Diagnostics were converted into (i) 5,352,847 shares of Precipio common stock, together with cash in lieu of fractional units, and (ii) 802,920 shares of Precipio preferred stock with an aggregate face amount equal to $3 million . In connection with the Merger, on the Closing Date, Precipio also issued promissory notes and shares of Precipio preferred and common stock in a number of transactions, whereby: • Holders of certain secured indebtedness of Transgenomic received in exchange for such indebtedness 802,925 shares of Precipio preferred stock in an amount equal to $3.0 million stated value, and 352,630 shares of Precipio common stock; • Holders of Transgenomic preferred stock converted it into 7,155 shares of Precipio common stock; and • Precipio issued 107,056 shares of Precipio preferred stock to certain investors in exchange for $400,000 in a private placement. Precipio also completed the sale of an aggregate of $800,000 of promissory notes pursuant to a securities purchase agreement. Purchase Consideration The preliminary estimated purchase consideration based on the value of the equity of Transgenomic, the accounting acquiree, is as follows: (dollars in thousands) Legacy Transgenomic common stock $ 6,088 Fair value of preferred stock converted to common stock 49 Fair value of debt converted to common stock 2,398 Fair value of debt converted to preferred stock 9,796 Fair value of existing bridge notes 1,275 Fair value of warrants 1,996 Purchase consideration $ 21,602 In estimating the preliminary purchase consideration above, Transgenomic used its closing stock price of $6.80 as of the Closing Date. Transgenomic had 895,334 common shares outstanding prior to the Merger. In connection with the Merger, Transgenomic preferred stock converted into 7,155 shares of Precipio common stock and certain of Transgenomic debt and accrued interest converted into 352,630 shares of Precipio common stock and 802,925 shares of Precipio preferred stock, face value $3.0 million with an 8% annual dividend. At the Closing Date, the preferred stock had a fair value of $12.20 per share. Allocation of Purchase Consideration The following table sets forth an allocation of the purchase consideration to the identifiable tangible and intangible assets of Transgenomic, the accounting acquiree, based on fair values as of the Closing Date with the excess recorded as goodwill: (dollars in thousands) Current and other assets $ 419 Property and equipment 29 Goodwill 13,832 Other intangible assets (1) 21,100 Total assets 35,380 Current liabilities 13,604 Other liabilities 174 Total liabilities 13,778 Net assets acquired $ 21,602 (1) Other intangible assets consist of: (dollars in thousands) Acquired technology $ 18,990 Customer relationships 250 Non-compete agreements 30 Trademark and trade name 40 Backlog 200 In-process research and development 1,590 Total intangibles $ 21,100 We determined the estimated fair value of the acquired technology but using the multi-period excess earnings method of the income approach. The estimated fair value of the remaining identifiable intangible assets acquired were determined primarily by using the income approach. Unaudited pro forma information The operating results of Transgenomic for the period after the Closing Date to June 30, 2017 have been included in the Company's condensed consolidated financial statements as of and for the three and six months ended June 30, 2017. The following unaudited pro forma information presents the Company's financial results as if the acquisition of Transgenomic had occurred on January 1, 2016: Dollars in thousands, except per share amounts Six months ended June 30, 2017 2016 Net sales $ 1,472 $ 1,783 Net loss available to common stockholders (13,864 ) (13,266 ) Loss per common share $ (2.16 ) $ (2.07 )

DEBT

DEBT	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
DEBT	DEBT Long-term debt consists of the following: Dollars in Thousands June 30, 2017 December 31, 2016 Senior Notes $ — $ 3,270 Senior Note debt issuance costs — (9 ) Junior Notes — 584 Connecticut Innovations - line of credit 162 162 Department of Economic and Community Development (DECD) 226 243 DECD debt issuance costs — (30 ) Webster Bank — 328 Webster Bank debt discounts and issuance costs — (26 ) Convertible promissory notes 125 — Total long-term debt 513 4,522 Current portion of long-term debt (513 ) (395 ) Long-term debt, net of current maturities $ — $ 4,127 Senior and Junior Notes During 2016, the Company raised $525,000 from members through the issuance of senior notes which accrue interest at a rate of 12% and are payable at the sooner of the closing of a qualified public offering, as outlined in the note agreement, or five years from date of issuance. Also during 2016, the Company restructured equity through a redemption and exchange agreement by exchanging Member Equity comprised of Series A and Series B Convertible Preferred Units in the amount of $2,147,716 (members’ initial investment of $ 1,715,000 , plus declared dividends on these preferred units of $432,716 ), and Convertible Bridge Notes of $1,120,000 , plus accrued interest of $61,073 for new senior notes of $2,744,968 (“Senior Notes”) and new junior notes of $583,821 (“Junior Notes”). The Senior and Junior Notes accrue interest at a rate of 12% and 15% , respectively, and have maturity dates ranging from March 2021 to September 2021, or earlier based on certain qualifying events as outlined in the note agreements. During the six months ended June 30, 2017, the Company raised $315,000 from members through the issuance of Senior Notes at a rate of 12% interest that are payable at the sooner of the closing of a qualified public offering, as outlined in the note agreement, or five years from date of issuance. On the Closing Date of the Merger, the outstanding balance of $3,584,968 in Senior Notes and $583,821 in Junior Notes, plus accrued interest of $602,373 , were converted into 802,920 shares of Precipio preferred stock and 1,414,700 shares of Precipio common stock. There were no Senior or Junior Notes outstanding as June 30, 2017. As of December 31, 2016, the outstanding balance of Senior and Junior Notes was $3,269,968 and $583,821 , respectively, with accrued interest included within the accrued expenses on the accompanying condensed consolidated balance sheet of $279,740 and $71,258 , respectively. Connecticut Innovations, Incorporated The Company entered into a line of credit on April 1, 2012 with Connecticut Innovations, Incorporated (Connecticut Innovations), an entity affiliated with a director of the Company, for up to $500,000 with interest paid monthly at 8% , due on September 1, 2018 . Principal and interest payments began February 1, 2013 and ranged from $7,436 to $12,206 until September 2016, when the Company entered into a forbearance agreement to 1) defer monthly principal payments until October 2017 and 2) make interest-only payments totaling $1,041 per month through October 2017. Pursuant to the forbearance agreement, the Company was also restricted from any additional borrowings under the line of credit. The line was secured by substantially all of the Company’s assets. In connection with the Merger, the Company was to pay in full its loan obligations with Connecticut Innovations. The outstanding balance was $162,066 at both June 30, 2017 and December 31, 2016. The outstanding principal and accrued interest balance was paid in full in July 2017. Department of Economic and Community Development. The Company entered into a 10 -year term loan with the Department of Economic and Community Development (“DECD”) on May 1, 2013 for $300,000 , with interest paid monthly at 3% , due on April 23, 2023 . The loan was secured by substantially all of the Company’s assets but was subordinate to the term loan with Webster Bank and the Connecticut Innovations line of credit. In connection with the Merger, the Company was to pay in full its loan obligations with DECD. The outstanding balance was $225,714 and $243,287 as of June 30, 2017 and December 31, 2016, respectively. The outstanding principal and accrued interest balance was paid in full in July 2017. Webster Bank. The Company entered into a 3.5 -year term loan with Webster Bank on December 1, 2014 for $500,000 , with interest paid monthly at the one month LIBOR rate ( 1.16% at June 30, 2017) plus 500 basis points, due on May 31, 2018 . The line was secured by substantially all of the Company’s assets and had first priority over all other outstanding debt. The term loan with Webster Bank was subject to financial covenants relating to maintaining adequate cash runway, as defined in the term loan agreement. As of December 31, 2016 the Company was not in compliance with these covenants and, as such, the Webster Bank debt has all been presented as current in the accompanying condensed consolidated financial statements. On June 29, 2017, the closing date of the Merger, the Company paid in full its loan obligations (including principal and interest) with Webster Bank. The outstanding balance was zero and $328,000 as of June 30, 2017 and December 31, 2016, respectively. During the three and six months ended June 30, 2017, the Company incurred a loss on extinguishment of debt in the approximate amount of $53,000 , related to the extinguishment of the Connecticut Innovations, DECD and Webster Bank loans. Convertible Promissory Notes. The Company, as part of the merger, assumed an Unsecured Convertible Promissory Note (the “Note”) with an accredited investor (the “Investor”) in the aggregate principal amount of $125,000 and interest accrues at a rate of 6% per year. The Note provided that two-thirds of the outstanding principal amount of the Note was due upon the earlier to occur of the close of the Merger or June 17, 2017 (such applicable date, the “Maturity Date”). The remaining one-third of the principal amount outstanding on the Note was to be paid on the six month anniversary of the Maturity Date. On the Maturity Date, the then outstanding aggregate amount owed on the Note of $ 143,041 ( $125,000 in principal amount and $18,041 of accrued interest which is included within accrued expenses on the accompanying consolidated condensed balance sheet) became due. Pursuant to the terms of the Note, the Company’s failure to pay any principal or interest within 10 days of the date such payment is due will constitute an event of default (the “Prospective Event of Default”). On June 21, 2017, the Investor agreed to waive the Prospective Event of Default and agreed to further extend the Maturity Date of the Note pursuant to a side letter to the Note (the “Side Letter”). The Side Letter provides that two-thirds of the outstanding principal amount of the Note must be paid upon the earlier to occur of (1) the closing of a public offering by the Company of either common stock, convertible preferred stock or convertible preferred notes or (2) August 16, 2017 (such applicable date, the “Deferred Maturity Date”). As of August 21, 2017, the Company has not made any payment related to amounts that were due on August 16, 2017. Pursuant to the terms of the Notes, the Company’s failure to pay any principal or interest within 10 days of the date such payment is due will constitute an event of default. The Company is attempting to negotiate a resolution with the Investor so that the Company will not default on such payment; however, there is no guarantee that the Company will be able to work out a satisfactory resolution. The remaining one-third of the principal amount outstanding on the Note must be paid on the six month anniversary of the Deferred Maturity Date (the “Extended Maturity Date”). All accrued and unpaid interest on the outstanding principal amount of the Note will be due and immediately payable on the Extended Maturity Date, unless the Note is converted in which case such interest will be payable in shares of the Company’s common stock as part of the conversion.

CONVERTIBLE BRIDGE LOAN

CONVERTIBLE BRIDGE LOAN	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
CONVERTIBLE BRIDGE LOAN	CONVERTIBLE BRIDGE NOTES. Convertible Bridge Notes. During the year ended December 31, 2016, the Company had outstanding $695,000 of unsecured convertible bridge notes. The notes accrued interest at a rate of 14% and were payable on the extended maturity date of December 31, 2016. During January 2017, the holders of the convertible bridge notes agreed to waive the maturity date of December 31, 2016 and change it to payable on demand and accrue interest until paid. The convertible bridge notes had conversion terms of (i) convertible into Series C Preferred Units of the Company (at a 30% discount) upon a Qualified Series C Financing (as defined in the note agreement), (ii) at the option of the holders of a majority of the then-outstanding principal amount of the notes, convertible into Series C Preferred Units of the Company (at a 30% discount) upon any other Series C Financing, or (iii) if no such Qualified Series C Financing occurs, or no such optional conversion takes place by the maturity date (as hereinafter defined), the convertible notes will be fully repaid by Company or the notes and accrued and unpaid interest shall convert into Preferred Series B Units (at a 30% discount) of the Preferred Series B conversion Price as defined in the operating agreement provided that notice is given to the Company at least one day prior to maturity. In the event a Deemed Liquidity Event (merger, sale, IPO, or transaction with exchange of 50% or more of voting power) the holders of the notes at their sole discretion can (a) require the Company to pay an amount equal to two times the principal and accrued and unpaid interest or (b) convert all unpaid principal and interest at a rate of 70% of the applicable security. These notes were subordinated to Connecticut Innovations, DECD and Webster Bank. In connection with the Merger, on the Closing Date, convertible bridge notes of $695,000 , plus $192,000 of accrued interest, were converted into 155,639 shares of Precipio common stock. 2017 New Bridge Notes I. Prior to the Merger, the Company (then Transgenomic) completed the sale of an aggregate of $1.2 million of non-convertible promissory notes (the “2017 Bridge Notes”) in a bridge financing pursuant to a securities purchase agreement (the “Purchase Agreement”), for which $561,500 was then given to Precipio Diagnostics through the issuance of a promissory note and is eliminated in consolidation. The financing was intended to help facilitate the completion of the Merger. The 2017 Bridge Notes had an annual interest rate of 4% and a 90 -day maturity. The 2017 Bridge Notes may be repaid by the Company at any time in cash upon payment of a 20% premium. In connection with the issuance of the 2017 Bridge Notes, the Company issued warrants (the “2017 Bridge Warrants”) to acquire 40,000 shares of the Company's common stock at an exercise price of $15.00 per share, subject to anti-dilution protection. The Purchase Agreement provides certain piggyback registration rights for the holders of the 2017 Bridge Warrants for a period of six months after the closing of the bridge financing. Aegis Capital Corp. acted as placement agent for the bridge financing and received a placement agent fee of $84,000 and warrants (the “Aegis Warrants”) to acquire 5,600 shares of the Company's common stock at an exercise price of $15.00 per share. The Aegis Warrants are identical to the 2017 Bridge Warrants except that the Aegis Warrants do not have anti-dilution protection. At the time of the Merger, the 2017 Bridge Notes were extinguished and replaced with convertible promissory notes (the “2017 New Bridge Notes I”) with an original principal amount of $1.2 million in the aggregate pursuant to an Exchange Agreement (the “Exchange Agreement”) entered into on the Closing Date. The 2017 New Bridge Notes I have an annual interest rate of 8.0% and are due and payable upon the earlier to occur of (i) October 1, 2017 or (ii) the closing of a Qualified Offering (as defined in the 2017 New Bridge Notes I). The 2017 New Bridge Notes I are convertible into shares of our common stock at an initial conversion price of $3.736329 per share, subject to adjustment, and may be convertible into shares of our preferred stock at the holder’s option if the Company does not complete a Qualified Offering (as defined in the 2017 New Bridge Notes I) by October 1, 2017. The Company may redeem the 2017 New Bridge Notes I at any time in cash upon payment of a 20% premium, or $240,000 . As the convertible promissory notes were convertible into the Company's common stock at a conversion rate lower than the fair market value of the common stock at the time of issuance, the Company recorded $989,000 as a beneficial conversion feature, which was recorded as a debt discount in the balance sheet. The discount will be amortized using the effective interest method through the first conversion date of the 2017 New Bridge Notes I. Pursuant to the Exchange Agreement, the 2017 Bridge Warrants were canceled and replaced with new warrants to acquire 45,600 shares of our common stock (the “2017 New Bridge Warrants”). The initial exercise price of the 2017 New Bridge Warrants is $7.50 (subject to adjustments). If the Company completes a Qualified Offering (as defined in the 2017 New Bridge warrants), the exercise price of the 2017 New Bridge Warrants will become the lower of (i) $7.50 , or (ii) 110% of the per share offering price in the Qualified Offering, but in no event lower than $1.50 per share, which has been considered a down round provision. At issuance, the 2017 New Bridge Warrants had a fair value of $211,000 and were recorded as a debt discount to the related 2017 New Bridge Notes I, with the corresponding entry to additional paid in capital as the warrants were considered classified as equity in accordance with GAAP. As discussed in Note 2 of the accompanying unaudited condensed consolidated financial statements, the Company early adopted ASU 2017-11, which allowed the Company to treat the warrants as equity classified, despite the down round provision. 2017 New Bridge Note II. In connection with the Merger, on the Closing Date and pursuant to a Securities Purchase Agreement (the “Bridge Purchase Agreement”), the Company completed the sale of an aggregate of $800,000 of a convertible promissory note (the “2017 New Bridge Note II”). The Company received net proceeds of $721,000 from the sale of the 2017 New Bridge Note II, which will be used for working capital purposes. The 2017 New Bridge Note II has an annual interest rate of 8.0% and are due and payable upon the earlier to occur of (i) October 1, 2017 or (ii) the closing of a Qualified Offering (as defined in the 2017 New Bridge Note II). The 2017 New Bridge Note II is convertible into shares of our common stock at an initial conversion price of $3.736329 per share, subject to adjustment, and may be convertible into shares of our preferred stock at the holder’s option if the Company does not complete a Qualified Offering (as defined in the 2017 New Bridge Note II) by October 1, 2017. The Company may redeem the 2017 New Bridge Note II at any time in cash upon payment of a 20% premium, or $160,000 . As the 2017 New Bridge Note II was convertible into the Company's common stock at a conversion rate lower than the fair market value of the common stock at the time of issuance, the Company recorded $656,000 as a beneficial conversion feature, which was recorded as a debt discount in the balance sheet. The discount will be amortized using the effective interest method through the first conversion date of the 2017 New Bridge Note II. In connection with the bridge financing and the assumption of certain obligations by an entity controlled by Mark Rimer (a director of the Company), the Company issued to that entity warrants (the “Side Warrants”) to purchase an aggregate of 91,429 shares of the Company's common stock at an exercise price of $7.00 per share (subject to adjustment), with a fair value of $487,000 at the date of issuance. The Side Warrants have a term of 5 years and are exercisable as to 22,857 shares of the Company's common stock upon grant and as to 68,572 shares of the Company's common stock upon the entity’s performance of the assumed obligations. The Company has recorded merger advisory expense of $414,000 related to the Side Warrants during the three and six months ended June 30, 2017. The remaining fair value of $73,000 will be recorded as expense at the time the performance obligations are met. In addition, upon the Company consummating one or more rounds of equity financing following July 1, 2017, with aggregate gross proceeds of at least $7 million , the Company will use a portion of the proceeds from such financing to repay the principal amount of the 2017 New Bridge Notes, together with any premium and interest. As of June 30, 2017, the outstanding convertible notes balance was $2.0 million , net of debt discounts of $1.7 million and debt issuance cost of $0.1 million . Accrued interest of approximately $10,000 is included within accrued expenses on the accompanying condensed consolidated balance sheet.

ACCRUED EXPENSES

ACCRUED EXPENSES	6 Months Ended
	Jun. 30, 2017
Payables and Accruals [Abstract]
Accrued Expenses	ACCRUED EXPENSES. Accrued expenses consist of the following: June 30, 2017 December 31, 2016 Accrued expenses $ 2,560 $ 50 Accrued compensation 791 155 Accrued interest 170 495 $ 3,521 $ 700

CONTINGENCIES

CONTINGENCIES	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIES The Company is involved in legal proceedings related to matters, which are incidental to its business. The Company has also assumed a number of claims as a result of the Merger. See below for a discussion on these matters. The healthcare industry is subject to numerous laws and regulations of federal, state and local governments. These laws and regulations include, but are not necessarily limited to, matters such as licensure, accreditation, government healthcare program participation requirement, reimbursement for patient services and Medicare and Medicaid fraud and abuse. Government activity has increased with respect to investigations and allegations concerning possible violations of fraud and abuse statutes and regulations by healthcare providers. Violations of these laws and regulations could result in expulsion from government healthcare programs together with the imposition of significant fines and penalties, as well as significant repayments for patient services previously billed. Management believes that the Company is in compliance with fraud and abuse regulations, as well as other applicable government laws and regulations. While no material regulatory inquiries have been made, compliance with such laws and regulations can be subject to future government review and interpretation, as well as regulatory actions unknown or unasserted at this time. 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 affect our operating results. Claims assumed in the Merger The Company assumed a number of claims as a result of the Merger. In addition to the claims described below, we are delinquent on the payment of outstanding accounts payable certain of our vendors and suppliers who have taken or have threatened to take legal action to collect such outstanding amounts. 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. A $0.4 million liability has been recorded and is reflected in accrued expenses at March 31, 2017 and December 31, 2016. We and UNMC entered into a settlement agreement dated February 6, 2017, which included, among other things, a mutual general release of claims, and our agreement to pay $0.4 million to UNMC in installments over a period of time. As of March 15, 2017, the initial payment due to UNMC under the settlement agreement is delinquent. We and UNMC are currently in discussions to extend the date of the initial payment due to UNMC. A $0.4 million liability has been recorded and is reflected in accrued expenses at June 30, 2017. On April 13, 2016, Fox Chase Cancer Center (“Fox Chase”) filed a lawsuit against Transgenomic in the Court of Common Pleas of Philadelphia County, First Judicial District of Pennsylvania Civil Trial Division (the “Court of Common Pleas”), alleging, among other things, breach of contract, tortious interference with present and prospective contractual relations, unjust enrichment, fraudulent conversion and conspiracy and seeking punitive damages in addition to damages and other relief. This lawsuit relates to a license agreement Transgenomic entered into with Fox Chase in August 2000, as amended (the “License Agreement”), as well as the assignment of certain of Transgenomic's rights under the License Agreement to Integrated DNA Technologies, Inc. (“IDT”) pursuant to the Surveyor Kit Patent, Technology and Inventory Purchase Agreement Transgenomic entered into with IDT effective as of July 1, 2014 (the “IDT Agreement”). Pursuant to the terms of the IDT Agreement, Transgenomic agreed to indemnify IDT with respect to certain of the claims asserted in the Fox Chase proceeding. On July 8, 2016, the Court of Common Pleas sustained Transgenomic's preliminary objections to several of Fox Chase’s claims and dismissed the claims for tortious interference, fraudulent conversion, conspiracy, punitive damages and attorney’s fees. Accordingly, the case has been narrowed so that only certain contract claims and an unjust enrichment claim remained pending against Transgenomic. During June 2017, prior to the Merger, Transgenomic entered into a settlement agreement with Fox Chase (the “Agreement”) which will resolve all outstanding claims in the litigation brought in April 2016 by Fox Chase against Transgenomic in the Court of Common Pleas of Philadelphia County (the “Action”). The case will remain pending with the Court until all settlement payments to Fox Chase have been made. Under the Agreement the Company will make three ( 3 ) payments to Fox Chase totaling $175,000 . The last payment is to be made on or before September 30, 2017, and once received Fox Chase is obligated to cause the Action to be formally dismissed with prejudice. Also, on July 13, 2017 the Company entered into an agreement with its co-Defendant, IDT, regarding the Company’s indemnity obligations to IDT for legal fees and expenses incurred in the Action pursuant to the terms of the IDT Agreement. The IDT Agreement provides for monthly payments of $27,800 from the Company to IDT, in the total amount of $139,000 , commencing on August 15, 2017 and concluding on December 15, 2017. A $0.3 million liability has been recorded and is reflected in accrued expenses at June 30, 2017. On June 23, 2016, the Icahn School of Medicine at Mount Sinai (“Mount Sinai”) filed a lawsuit against us in the Supreme Court of the State of New York, County of New York, alleging, among other things, breach of contract and, alternatively, unjust enrichment and quantum merit, and seeking recovery of $0.7 million owed by us to Mount Sinai for services rendered. We and Mount Sinai entered into a settlement agreement dated October 27, 2016, which included, among other things, a mutual general release of claims, and our agreement to pay approximately $0.7 million to Mount Sinai in installments over a period of time. A $0.7 million liability has been recorded and is reflected in accrued expenses at June 30, 2017. Effective as of February 1, 2017, we and Mount Sinai agreed to amend the terms of our settlement agreement to extend the date of the initial payment due to Mount Sinai. On December 19, 2016, Todd Smith (“Smith”) filed a lawsuit against us in the District Court of Douglas County Nebraska, alleging breach of contract and seeking recovery of $2.2 million owed by us to Smith for costs and damages arising from a breach of our obligations pursuant to a lease agreement between the parties. On April 7, 2017, we entered into a settlement agreement with Smith related to the early termination of our lease for our Omaha, Nebraska facility. The agreement included, among other things, a mutual general release of claims, and our agreement to pay approximately $0.6 million to Smith in installments over a period of time. A $0.6 million liability has been recorded and is reflected in accrued expenses at June 30, 2017. On February 21, 2017, XIFIN, Inc. (“XIFIN”) filed a lawsuit against us in the District Court for the Southern District of California alleging breach of written contract and seeking recovery of approximately $0.27 million owed by us to XIFIN for damages arising from a breach of our obligations pursuant to a Systems Services Agreement between us and XIFIN, dated as of February 22, 2013, as amended and restated on September 1, 2014. On April 5, 2017, the court clerk entered default against us. On May 5, 2017, XIFIN filed an application for entry of default judgment against us. A $0.3 million liability has been recorded and is reflected in accrued expenses at June 30, 2017. We and Science Park Development Corporation (“SPDC”) entered into that certain Lease dated as of December 31, 2011, as modified by the First Amendment to Lease dated as of June 18, 2013, as further modified by a letter agreement dated as of February 2, 2015, as modified by the Second Amendment to Lease dated as of June 26, 2015 (the “ SPDC Lease”). In November 2016, SPDC alleged that we defaulted on our obligations under the SPDC Lease. Specifically, SPDC alleges that we failed to pay approximately $0.4 million in rental payments due under the SPDC Lease and that we vacated a portion of the leased premises in violation of the terms of the SPDC Lease. We and SPDC entered into a settlement agreement dated March 6, 2017, which included, among other things, a mutual general release of claims, and our agreement to pay approximately $0.4 million to SPDC in installments over a period of time. This liability has been recorded and is reflected in accrued expenses at June 30, 2017. CPA Global provides us with certain patent management services. On February 6, 2017, CPA Global claimed that we owe approximately $0.2 million for certain patent maintenance services rendered. CPA Global has not filed claims against us in connection with this allegation. A liability of approximately $0.2 million has been recorded and is reflected in accrued expenses at June 30, 2017. On March 9, 2016, counsel for Edge BioSystems, Inc. (“EdgeBio”) sent a demand letter on behalf of EdgeBio to us in connection with the terms of that certain Asset Purchase Agreement dated September 8, 2015 (the “EdgeBio Agreement”). EdgeBio alleges, among other things, that certain customers of EdgeBio erroneously remitted payments to us, that such payments should have been paid to EdgeBio and that we failed to remit these funds to EdgeBio in violation of the terms of the EdgeBio Agreement. On September 13, 2016, we received a demand for payment letter from EdgeBio’s counsel alleging that the balance due to EdgeBio is approximately $0.1 million . A liability of approximately $0.1 million has been recorded and is reflected in accrued expenses at June 30, 2017. On February 17, 2017, Jesse Campbell (“Campbell”) filed a lawsuit individually and on behalf of others similarly situated against us in the District Court for the District of Nebraska alleging we have a materially incomplete and misleading proxy relating to a potential merger and that the merger agreement’s deal protection provisions deter superior offers. As a result, he alleges that we have violated Sections 14(a) and 20(a) of the Exchange Act and Rule 14a-9 promulgated thereafter. Although we intend to defend the lawsuit, there can be no assurance regarding the ultimate outcome of this case. Given the uncertainty of litigation, the legal standards that must be met for, among other things, class certification and success on the merits, we are unable to estimate the amount of loss, or range of possible loss, at this time that may result from this action. In the event that a settlement is reached related to these matters, the amount of such settlement may be material to our results of operations and financial condition and may have a material adverse impact on our liquidity.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES We file a US federal consolidated income tax return and state income tax returns in various jurisdictions. We have statutes of limitation open for federal & state income tax returns related to tax years 2014 through 2016. Income tax expense for both the three months and six months ended June 30, 2017 was zero as a result of recording a full valuation allowance against the deferred tax asset generated predominantly by net operating losses. For the three and six months ended June 30, 2016, the Company was organized as a limited liability company and operated under the default classification as a partnership until July 31, 2016. Consequently, prior to August 1, 2016, income tax expense or benefits were calculated at the members’ level. We had no material interest or penalties during fiscal 2017 or fiscal 2016, and we do not anticipate any such items during the next twelve months. Our policy is to record interest and penalties directly related to uncertain tax positions as income tax expense in the condensed consolidated statements of operations. As a result of the merger, there was a change in ownership as defined in IRS § 382. Because of this change, use of a portion of the accumulated net operating losses and tax credit carryforwards will be limited in future periods. Further, a portion of the carryforwards will expire before being applied to reduce future income tax liabilities. Since the net deferred tax assets have a full valuation allowance recorded, any limitation generated from this calculation would not effect the current financial statements.

STOCKHOLDERS' EQUITY (DEFICIT)

STOCKHOLDERS' EQUITY (DEFICIT)	6 Months Ended
	Jun. 30, 2017
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY (DEFICIT)	STOCKHOLDERS’ EQUITY (DEFICIT) 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. In connection with the Merger, the Company effected a 1-for-30 reverse stock split of its common stock. This reverse stock split became effective on June 13, 2017 and, unless otherwise indicated, all share amounts, per share data, share prices, exercise prices and conversion rates set forth in these notes and the accompanying unaudited condensed consolidated financial statements have, where applicable, been adjusted retroactively to reflect this reverse stock split. Additionally, as a result of the Merger, the Company has recapitalized its stock. All historical preferred stock, common stock, restricted units, warrants and additional paid-in capital, including share and per share amounts, have been retroactively adjusted to reflect the equity structure of the combined company, including the effect of the Merger exchange ratio. Pursuant to the Merger Agreement, each outstanding share of capital stock of Precipio Diagnostics was exchanged for 10.2502 pre-reverse stock split shares of the Company's common stock. As of December 31, 2016, there were 449,175 share of common stock outstanding. During 2017, restricted stock of 59,563 shares were granted during the three and six months ended June 30, 2017, none of which vested prior to the merger, upon closing of the merger, all shares fully vested. During 2017, 64,593 shares were released to common stock. We recorded stock compensation expense of approximately $28,000 related to restricted stock that vested during the six months ended June 30, 2017. On the Closing Date, Precipio Diagnostics received 4,317,152 shares of Precipio common stock from the conversion of preferred stock, senior and junior debt, bridge notes and warrants. Also, certain advisors of Precipio Diagnostics received 321,821 shares of Precipio common stock related to services performed in connection with the Merger. The fair value of these advisory shares was $2.2 million at the date of the Merger and is included as a merger advisory fee expense in the accompanying financial statements. As part of the Merger, Precipio Diagnostics also received 200,081 shares of Precipio common stock that have not been issued yet. 135,000 of these shares are being held for future issuance to advisors pending completion of certain performance obligations. If these performance obligations are not met, the shares will remain with Precipio Diagnostics as part of the unissued pool. For any shares that remain unissued, it is the intent of the Company to allocate these to Precipio Diagnostics shareholders on a pro rata basis. Also, upon completion of the Merger, Transgenomic legacy stockholders had 1,255,119 shares of Precipio common stock outstanding. As of June 30, 2017, there were 6,407,860 shares of Precipio common stock outstanding. Common Stock Warrants. Prior to the merger, in connection with the line of credit with Connecticut Innovations, the Company issued warrants to purchase 8,542 Series A Preferred shares of the Company, which were classified as an equity warrant, at an exercise price of $2.93 per unit, subject to adjustments as defined in the warrant agreement. The warrants were valued at $6,000 at the date of the grant utilizing the Black-Sholes model (volatility 40% , expected life 7 years , and risk free rate .36% ). The value of the warrants were treated as a debt discount. At the Merger date, the warrants were exercised and then converted into shares of Precipio common stock. In connection with the Webster Bank agreement, the Company issued 7 years warrants to purchase 20,000 Series B Preferred shares of the Company. At the Merger date, Webster Bank declined to exercise their warrants and, per the terms of the warrant agreement, the warrants were retired. In March 2016, the Company entered into a redemption and exchange agreement with certain member's relating to their 275,237 Preferred A Units and 208,087 Preferred B Units. Under the terms of the agreement, the unit holders would exchange their units in the Company for the issuance of debt. The aggregate purchase price per the agreement was the member's initial investment of $750,000 for Preferred A Units and $965,000 for Preferred B Units, along with a preferred return of 8% , recorded as a dividend in the amount of $432,716 . In addition to the debt issued as consideration for the member's preferred units, the Company also issued common warrant units, which allows the holders to collectively purchase common units of the Company, representing approximately 60% of the Company at the time of exercise. At the time of issuance, this represented approximately 1,958,204 common units. The common warrant units had a $0.00 exercise price with a ten year expiration date. The common warrant units were classified as equity awards and the fair value upon issuance was calculated utilizing a discounted cash flow analysis to value the Company's equity and an option pricing method to allocate the value of the equity. The fair value of the warrants was determined directly utilizing the option pricing method as the exercise price was $0.00. The aggregate value of the common warrant units was $1,421,738 , which was considered a deemed dividend. At the time of the Merger, these warrants were converted into 1,958,204 shares of Precipio common stock. Warrants Assumed in Merger At the time of the Merger, Transgenomic had a number of outstanding warrants related to various financing transactions that occurred between 2013-2016. Details related to year issued, expiration date, amount of underlying common shares and exercise price are included in the table below. 2017 New Bridge Warrants During the six months ended June 30, 2017, prior to the Merger, Transgenomic completed the sale of the 2017 Bridge Notes in the amount of $1.2 million and the issuance of the 2017 Bridge Warrants to acquire 40,000 shares of the Company's common stock at an exercise price of $15.00 per share, subject to anti-dilution protection. Aegis Capital Corp. acted as placement agent for the bridge financing and received Aegis Warrants to acquire 5,600 shares of Transgenomic common stock at an exercise price of $15.00 per share. The Aegis Warrants are identical to the 2017 Bridge Warrants except that the Aegis Warrants do not have anti-dilution protection. (See Note 5 - Convertible Bridge Notes). In connection with the Merger, the holders of the 2017 Bridge Notes, the 2017 Bridge Warrants and the Aegis Warrants agreed to exchange the 2017 Bridge Notes, the 2017 Bridge Warrants and the Aegis Warrants for 2017 New Bridge Notes and the 2017 New Bridge Warrants to acquire 45,600 shares of our common stock. (See Note 5 - Convertible Bridge Notes). The initial exercise price of the 2017 New Bridge Warrants is $7.50 (subject to adjustments). If the Company completes a Qualified Offering (as defined in the 2017 New Bridge Warrants), the exercise price of the 2017 New Bridge Warrants will become the lower of (i) $7.50 or (ii) 110% of the per share offering price in the Qualified Offering, but in no event lower than $1.50 per share. At issuance, the 2017 New Bridge Warrants had a fair value of $211,000 and were recorded as a debt discount to the related 2017 New Bridge Notes I, with the corresponding entry to additional paid in capital as the warrants were considered classified as equity in accordance with GAAP. Side Warrants In connection with the bridge financing and the assumption of certain obligations by an entity controlled by Mark Rimer (a director of the Company), the Company issued to that entity Side Warrants to purchase an aggregate of 91,429 shares of the Company's common stock at an exercise price of $7.00 per share (subject to adjustment), with a fair value of $487,000 at the date of issuance. The Side Warrants have a term of 5 years and are exercisable as to 22,857 shares of the Company's common stock upon grant and as to 68,572 shares of the Company's common stock upon the entity’s performance of the assumed obligations. The Company has recorded merger advisory expense of $414,000 related to the Side Warrants during the three and six months ended June 30, 2017. The remaining fair value of $73,000 will be recorded as expense at the time the performance obligations are met. The following represents a summary of the warrants outstanding as of June 30, 2017: Issue Year Expiration Underlying Shares Exercise Price Warrants Assumed in Merger (1) 2013 January 2018 23,055 $270.00 (2) 2014 April 2020 12,487 $120.00 (3) 2015 February 2020 23,826 $67.20 (4) 2015 December 2020 4,081 $49.80 (5) 2015 January 2021 38,733 $36.30 (6) 2016 January 2021 29,168 $36.30 Warrants (7) 2017 June 2022 45,600 $7.50 (8) 2017 June 2022 91,429 $7.00 268,379 (1) These warrants were issued in connection with an offering which was completed in January 2013. (2) These warrants were issued in connection with a private placement which was completed in October 2014. (3) These warrants were issued in connection with an offering which was completed in February 2015. (4) These warrants were issued in connection with an offering which was completed in July 2015. (5) These warrants were originally issued in connection with an offering in July 2015, and were amended in connection with an offering which was completed in January 2016. (6) These warrants were issued in connection with an offering which was completed in January 2016. (7) These are the 2017 New Bridge Warrants which were issued in connection with the Merger. See discussion above for additional information. (8) These are the Side Warrants which were issued in connection with the Merger. See discussion above for additional information Series A and Series B Preferred Stock. The Company had outstanding preferred units of 367,299 for Series A and 412,806 for Series B as of December 31, 2016. These shares have been recapitalized and are included in preferred stock. On the Closing Date, the outstanding preferred units for Series A and Series B, along with the related accumulated dividends, were converted into common shares of the Company. Preferred Stock. The Company’s Board of Directors is authorized to issue up to 15,000,000 shares of preferred stock in one or more series, from time to time, with such designations, powers, preferences and rights and such qualifications, limitations and restrictions as may be provided in a resolution or resolutions adopted by the Board of Directors. The authority of the Board of Directors includes, but is not limited to, the determination or fixing of the following with respect to shares of such class or any series thereof: (i) the number of shares; (ii) the dividend rate, whether dividends shall be cumulative and, if so, from which date; (iii) whether shares are to be redeemable and, if so, the terms and amount of any sinking fund providing for the purchase or redemption of such shares; (iv) whether shares shall be convertible and, if so, the terms and provisions thereof; (v) what restrictions are to apply, if any, on the issue or reissue of any additional preferred stock; and (vi) whether shares have voting rights. The preferred stock may be issued with a preference over the common stock as to the payment of dividends. We have no current plans to issue any additional preferred stock. Classes of stock such as the preferred stock may be used, in certain circumstances, to create voting impediments on extraordinary corporate transactions or to frustrate persons seeking to effect a merger or otherwise to gain control of the Company. For the foregoing reasons, any additional preferred stock issued by the Company could have an adverse effect on the rights of the holders of the common stock. Series A Senior Preferred Stock. In connection with the Merger, the Company filed a Certificate of Designation with the Secretary of State of the State of Delaware on June 29, 2017, designating 4,100,000 shares of the Company’s Preferred Stock, par value $0.01 per share, as Series A Senior Convertible Preferred Stock ("Series A Senior") and establishing the rights, preferences and privileges of the new preferred stock. Generally, the holders of the Series A Senior stock are entitled to vote as a single voting group with the holders of the Company's common stock, and the holders of the Series A Senior stock are generally entitled to that number of votes as is equal to the number of whole shares of the Company's common stock into which the Series A Senior stock may be converted as of the record date of such vote or consent. So long as the shares of Series A Senior stock are outstanding certain actions will require the separate approval of at least two-thirds of the Series A Senior stock, including: changes to the terms (requires three-fourths approval) of the Series A Senior stock, changes to the number of authorized shares of Series A Senior stock, issuing a series of preferred stock that is senior to the Series A Senior stock, changing the size of the board of directors, certain changes to the capital stock of the Company, bankruptcy proceedings and granting security interests in the Company’s assets. The Series A Senior stock will be convertible into the Company's common stock at any time at the then applicable conversion price. The initial conversion price for the Series A Senior stock issued in connection with the Merger and the other transactions described herein is $3.736329 , but will be subject to anti-dilution protections including adjustments for stock splits, stock dividends, other distributions, recapitalizations and the like. Additionally, each holder of the Series A Senior stock will have a right to convert such holder's Series A Senior stock into securities issued in any future private offering of the Company's securities at a 15% discount to the proposed price in such private offering. The Series A Senior stock will be entitled to an annual 8% cumulative payment in lieu of interest or dividends, payable in-kind for the first two years and in cash or in-kind thereafter, at the option of the Company. The Series A Senior stock also will be entitled to share in any dividends paid on the Company's common stock. As discussed in Note 3 - Reverse Merger, in connection with the Merger, the Company issued 1) to holders of certain Transgenomic secured indebtedness, 802,925 shares of Series A Senior stock in an amount equal to $3 million , 2) to holders of certain Precipio Diagnostic indebtedness, 802,920 shares of Series A Senior stock in an amount equal to $3 million and 3) to certain investors, 107,056 shares of Series A Senior stock in exchange for $400,000 in a private placement. The Company had outstanding Series A Senior shares of 1,712,901 as of June 30, 2017. We determined that there was a beneficial conversion feature in connection with the issuances of the Series A Senior stock since the conversion price of $3.736329 was at a discount to the fair market value of the Company's common stock at issuance date. The Series A Senior stock is non-redeemable and as a result, the Company recognized the full beneficial conversion feature in the amount of $5.2 million as a deemed dividend at the time of issuance.

FAIR VALUE

FAIR VALUE	6 Months Ended
	Jun. 30, 2017
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 condensed 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. 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. 2016 Warrant Liability The Company assumed the 2016 Warrant Liability in the merger and it represents the fair value of Transgenomic warrants issued in January 2016, of which, 25,584 warrants remain outstanding as of June 30, 2017. 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 condensed consolidated Statement of Operations. The 2016 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 $9.00 as of June 30, 2017; volatility of 121% ; and a risk-free interest rate of 1.64% . During the three months ended June 30, 2017, the changes in the fair value of the liability measured using significant unobservable inputs (Level 3) were comprised of the following: Dollars in Thousands For the Three Months Ended June 30, 2017 Beginning balance at April 1 $ — Additions - liability assumed in the Merger 615 Total (gains) or losses: Recognized in earnings 3 Balance at June 30 $ 618

STOCK OPTIONS

STOCK OPTIONS	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK OPTIONS	STOCK OPTIONS Stock Options. The Company's 2006 Equity Incentive Plan (the "2006 Plan") was terminated as to future awards on July 12, 2016. The Company's 2017 Stock Option and Incentive Plan (the "2017 Plan") was adopted by the Company's stockholders on June 5, 2017 and will expire on June 5, 2027. The following table summarizes stock option activity under our plans during the six months ended June 30, 2017 : Number of Options Weighted-Average Exercise Price Outstanding at January 1, 2017 24,600 $ 107.83 Granted — — Forfeited (2,460 ) 75.76 Outstanding at June 30, 2017 22,140 $ 111.39 Exercisable at June 30, 2017 19,908 $ 119.13 As of June 30, 2017 , there were 21,713 options that were vested or expected to vest with an aggregate intrinsic value of zero with a remaining weighted average contractual life of 6.9 years. Stock Appreciation Rights ( “ SARs ” ) As of June 30, 2017 , 2,777 outstanding and exercisable SARs shares were vested or expected to vest. All outstanding SARs were issued solely to a former chief executive officer. The weighted-average exercise price of these SARs was $129.60 per share and the aggregate intrinsic value was zero with a remaining weighted average contractual life of 6.25 years. During the six months ended June 30, 2017, the SARs liability decreased approximately $5,000 and at June 30, 2017, a liability of approximately $7,000 was recorded in accrued expenses.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS On August 1, 2017, the Company announced that it was planning a public offering of common stock and warrants in an underwritten public offering. There can be no assurances as to whether the offering will be completed, or as to the size or terms of the offering. Even if the offering is completed, the Company will need to raise additional funding.

SUMMARY OF SIGNIFICANT ACCOUN19

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation. The accompanying condensed consolidated financial statements are presented in conformity with GAAP. We have evaluated events occurring subsequent to June 30, 2017 for potential recognition or disclosure in the condensed consolidated financial statements and concluded that, other than what is disclosed in Note 12 - Subsequent Events, there were no other subsequent events that required recognition or disclosure. The condensed consolidated balance sheet as of December 31, 2016 was derived from our audited balance sheet as of that date. There has been no change in the balance sheet from December 31, 2016. The accompanying condensed consolidated financial statements as of and for the three and six months ended June 30, 2017 and 2016 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 financial statements and notes thereto of Precipio Diagnostics for the year ended December 31, 2016 contained in our current report on Form 8-K/A, filed with the Securities and Exchange Commission (the “SEC”) on July 31, 2017. The results of operations for the interim periods presented are not necessarily indicative of the results for fiscal year 2017.
Principles of Consolidation	Principles of Consolidation. The condensed consolidated financial statements include the accounts of Precipio, Inc. and our wholly owned subsidiary. All inter-company balances and transactions have been eliminated in consolidation.
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.
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.
Fair Value	Fair Value. Unless otherwise specified, book value approximates fair value. The common stock warrant liability is recorded at fair value.
Cash and Cash Equivalents and Other Current Asssets	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 Risk. From time to time, we may maintain a cash position with financial institutions in amounts that exceed Federal Deposit Insurance Corporation insured limits.
Goodwill and Intangible Assets	Goodwill and Intangible Assets. As a result of the Merger, the Company recorded goodwill and intangible assets as part of its allocation of the purchase consideration. See Note 3 - Reverse Merger for the amounts recorded. Goodwill Goodwill is tested for impairment annually. We perform this impairment analysis during the fourth quarter of each year or when a significant event occurs that may impact goodwill. Impairment occurs when the carrying value is determined to be not recoverable, thereby causing the carrying value of the goodwill to exceed its fair value. If impaired, the asset’s carrying value is reduced to its fair value. No events have transpired in the six months ended June 30, 2017 that would require an impairment analysis prior to our scheduled review. Intangibles 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). There were no impairment charges during the six months ended June 30, 2017. In-process research and development (“IPR&D”) represents the fair value assigned to research and development assets that were not fully developed at the date of the Merger. Until the IPR&D projects are completed, the assets are accounted for as indefinite-lived intangible assets and subject to impairment testing. For the six months ended June 30, 2017, there was no impairment of IPR&D.
Stock-Based Compensation	Stock-Based Compensation. All stock-based awards to date have exercise prices equal to the market price of our common stock on the date of grant and have ten -year contractual terms. Unvested awards as of June 30, 2017 had vesting periods of up to three years from the date of grant. None of the awards outstanding at June 30, 2017 are subject to performance or market-based vesting conditions.
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 New Haven, Connecticut laboratory, we primarily recognize revenue for services rendered upon completion of the testing process. Net patient service revenue is reported at the estimated net realizable amounts from patients, third-party payors and others for services rendered, including retroactive adjustment under reimbursement agreements with third-party payors. Revenue under third-party payor agreements is subject to audit and retroactive adjustment. Provisions for third-party payor settlements are provided in the period in which the related services are rendered and adjusted in the future periods, as final settlements are determined. In our Omaha, Nebraska 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.
Income Taxes	ncome Taxes. Deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax basis of assets and liabilities at each balance sheet date using tax rates expected to be in effect in the year the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent that it is more likely than not that they will not be realized.
Beneficial Conversion Feature	Beneficial Conversion Features.
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”) 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 generally accepted accounting principles in the U.S. 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 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 that the adoption of this ASU will have on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, 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. The Company adopted ASU No. 2016-09 as of January 1, 2017. The adoption of this guidance does not have a material effect on the Company’s financial position and results of operations. In August 2016, FASB issued ASU No. 2016-15 , Classification of Certain Cash Receipts and Cash Payments. ASU No. 2016-15 eliminates the diversity in practice related to the classification of certain cash receipts and payments in the statement of cash flows by adding or clarifying guidance on eight specific cash flow issues. ASU No. 2016-15 is effective for fiscal years beginning after December 15, 2017, and for interim periods within that fiscal year. We do not believe ASU No. 2016-15 will have a material effect on our financial position and results of operations. In January 2017, FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. ASU No. 2017-01 adds guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The new guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company does not believe ASU No. 2017-01 will have a material effect on its financial position and results of operations. In January 2017, FASB issued ASU No. 2017-04, Intangibles — Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which removes Step 2 from the goodwill impairment test. It is effective for annual and interim periods beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment test performed with a measurement date after January 1, 2017. The Company has adopted this standard and there was no impact on its consolidated financial statements because a goodwill impairment has not occurred after January 1, 2017. In July 2017, FASB issued ASU No. 2017-11, Earning Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480) and Derivatives and Hedging (Topic 815), which was issued in two parts, Part I, Accounting for Certain Financial Instruments with Down Round Features and Part II, Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception. Part I of ASC No. 2017-11 addresses the classification analysis of certain equity-linked financial instruments (or embedded features) with down round features. When determining whether certain financial instruments should be classified as liabilities or equity instruments, a down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity’s own stock. The amendments also clarify existing disclosure requirements for equity-classified instruments. As a result, a freestanding equity-linked financial instrument (or embedded conversion option) no longer would be accounted for as a derivative liability at fair value as a result of the existence of a down round feature. For freestanding equity classified financial instruments, the amendments require entities that present earnings per share (EPS) in accordance with Topic 260 to recognize the effect of the down round feature when it is triggered. That effect is treated as a dividend and as a reduction of income available to common shareholders in basic EPS. The amendments in Part II of ASU 2017-11 recharacterize the indefinite deferral of certain provisions of Topic 480 that now are presented as pending content in the codification, to a scope exception. Part II amendments do not have an accounting effect. The ASU 2017-11 is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted. The Company has early adopted this standard as of January 1, 2017 with the only impact being that the warrants with down round provisions entered into in June 2017 were treated as equity classification. (See Note 5 - Convertible Bridge Notes).

REVERSE MERGER (Tables)

REVERSE MERGER (Tables)	6 Months Ended
	Jun. 30, 2017
Business Combinations [Abstract]
Schedule of Business Acquisitions	The preliminary estimated purchase consideration based on the value of the equity of Transgenomic, the accounting acquiree, is as follows: (dollars in thousands) Legacy Transgenomic common stock $ 6,088 Fair value of preferred stock converted to common stock 49 Fair value of debt converted to common stock 2,398 Fair value of debt converted to preferred stock 9,796 Fair value of existing bridge notes 1,275 Fair value of warrants 1,996 Purchase consideration $ 21,602 The following table sets forth an allocation of the purchase consideration to the identifiable tangible and intangible assets of Transgenomic, the accounting acquiree, based on fair values as of the Closing Date with the excess recorded as goodwill: (dollars in thousands) Current and other assets $ 419 Property and equipment 29 Goodwill 13,832 Other intangible assets (1) 21,100 Total assets 35,380 Current liabilities 13,604 Other liabilities 174 Total liabilities 13,778 Net assets acquired $ 21,602 (1) Other intangible assets consist of: (dollars in thousands) Acquired technology $ 18,990 Customer relationships 250 Non-compete agreements 30 Trademark and trade name 40 Backlog 200 In-process research and development 1,590 Total intangibles $ 21,100
Business Acquisition, Pro Forma Information	The following unaudited pro forma information presents the Company's financial results as if the acquisition of Transgenomic had occurred on January 1, 2016: Dollars in thousands, except per share amounts Six months ended June 30, 2017 2016 Net sales $ 1,472 $ 1,783 Net loss available to common stockholders (13,864 ) (13,266 ) Loss per common share $ (2.16 ) $ (2.07 )

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Schedule of debt	Long-term debt consists of the following: Dollars in Thousands June 30, 2017 December 31, 2016 Senior Notes $ — $ 3,270 Senior Note debt issuance costs — (9 ) Junior Notes — 584 Connecticut Innovations - line of credit 162 162 Department of Economic and Community Development (DECD) 226 243 DECD debt issuance costs — (30 ) Webster Bank — 328 Webster Bank debt discounts and issuance costs — (26 ) Convertible promissory notes 125 — Total long-term debt 513 4,522 Current portion of long-term debt (513 ) (395 ) Long-term debt, net of current maturities $ — $ 4,127

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	6 Months Ended
	Jun. 30, 2017
Payables and Accruals [Abstract]
ACCRUED EXPENSES	Accrued expenses consist of the following: June 30, 2017 December 31, 2016 Accrued expenses $ 2,560 $ 50 Accrued compensation 791 155 Accrued interest 170 495 $ 3,521 $ 700

STOCKHOLDERS' EQUITY (DEFICIT)

STOCKHOLDERS' EQUITY (DEFICIT) (Tables)	6 Months Ended
	Jun. 30, 2017
Stockholders' Equity Note [Abstract]
Schedule of stockholders' equity, including warrants and rights	Issue Year Expiration Underlying Shares Exercise Price Warrants Assumed in Merger (1) 2013 January 2018 23,055 $270.00 (2) 2014 April 2020 12,487 $120.00 (3) 2015 February 2020 23,826 $67.20 (4) 2015 December 2020 4,081 $49.80 (5) 2015 January 2021 38,733 $36.30 (6) 2016 January 2021 29,168 $36.30 Warrants (7) 2017 June 2022 45,600 $7.50 (8) 2017 June 2022 91,429 $7.00 268,379 (1) These warrants were issued in connection with an offering which was completed in January 2013. (2) These warrants were issued in connection with a private placement which was completed in October 2014. (3) These warrants were issued in connection with an offering which was completed in February 2015. (4) These warrants were issued in connection with an offering which was completed in July 2015. (5) These warrants were originally issued in connection with an offering in July 2015, and were amended in connection with an offering which was completed in January 2016. (6) These warrants were issued in connection with an offering which was completed in January 2016. (7) These are the 2017 New Bridge Warrants which were issued in connection with the Merger. See discussion above for additional information. (8) These are the Side Warrants which were issued in connection with the Merger. See discussion above for additional information

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Schedule of changes in fair value of liability	During the three months ended June 30, 2017, the changes in the fair value of the liability measured using significant unobservable inputs (Level 3) were comprised of the following: Dollars in Thousands For the Three Months Ended June 30, 2017 Beginning balance at April 1 $ — Additions - liability assumed in the Merger 615 Total (gains) or losses: Recognized in earnings 3 Balance at June 30 $ 618

STOCK OPTIONS (Tables)

STOCK OPTIONS (Tables)	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of stock option activity	The following table summarizes stock option activity under our plans during the six months ended June 30, 2017 : Number of Options Weighted-Average Exercise Price Outstanding at January 1, 2017 24,600 $ 107.83 Granted — — Forfeited (2,460 ) 75.76 Outstanding at June 30, 2017 22,140 $ 111.39 Exercisable at June 30, 2017 19,908 $ 119.13

BUSINESS DESCRIPTION (Details)

BUSINESS DESCRIPTION (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Oct. 12, 2016
Business Acquisition [Line Items]
Net loss	$ 4,439	$ 752
Working deficiency	$ 14,500
Maximum | Common Stock
Business Acquisition [Line Items]
Reverse stock split ratio			0.1
Minimum | Common Stock
Business Acquisition [Line Items]
Reverse stock split ratio			0.0333

SUMMARY OF SIGNIFICANT ACCOUN27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cash and Cash Equivalents and Other Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Other current assets	$ 154	$ 13
Current prepaid expense	100
Other current receivables	$ 100

SUMMARY OF SIGNIFICANT ACCOUN28

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Property, Plant and Equipment) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Accounting Policies [Abstract]
Depreciation expense	$ 0.1	$ 0.1	$ 0.1	$ 0.1

SUMMARY OF SIGNIFICANT ACCOUN29

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Intangible Assets) (Details)	6 Months Ended
	Jun. 30, 2017USD ($)
Accounting Policies [Abstract]
Impairment of intangible assets	$ 0

SUMMARY OF SIGNIFICANT ACCOUN30

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Stock-based Compensation) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, expiration period	10 years
Stock-based compensation	$ 0.1	$ 0.1
Unrecognized compensation expense related to unvested stock awards, not yet recognized	$ 0.1
Unvested stock options, unrecognized compensation expense weighted average recognition period	1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, unvested options, vesting period	3 years
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)	2,777

SUMMARY OF SIGNIFICANT ACCOUN31

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Net Sales Recognition) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Deferred revenue	$ 210	$ 92

SUMMARY OF SIGNIFICANT ACCOUN32

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Loss Per Share) (Details) - shares	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Accounting Policies [Abstract]
Options, warrants and conversion rights, common stock callable and antidilutive (in shares)	2,545,463	2,771,149

REVERSE MERGER (Narratives) (De

REVERSE MERGER (Narratives) (Details) - USD ($)	Jun. 29, 2017	Mar. 31, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Business Combination Segment Allocation [Line Items]
Shares converted, value	$ 3,000,000		$ 0	$ 433,000
Common stock, shares outstanding (in shares)			6,407,860		449,175
Preferred stock, dividend rate (percentage)		8.00%
Convertible Debt
Business Combination Segment Allocation [Line Items]
Debt instrument, face amount	800,000
Private Placement
Business Combination Segment Allocation [Line Items]
Consideration received	400,000
Transgenomics
Business Combination Segment Allocation [Line Items]
Conversion of convertible promissory notes to equity	$ 3,000,000
Sale of stock, price per share	$ 6.80
Common stock, shares outstanding (in shares)	895,334
Preferred stock, dividend rate (percentage)	8.00%
Common Stock
Business Combination Segment Allocation [Line Items]
Number of shares converted, shares	4,317,152
New shares issued (in shares)	200,081
Common Stock | Precipio Diagnostic
Business Combination Segment Allocation [Line Items]
Number of shares converted, shares	5,352,847
Common Stock | Transgenomics
Business Combination Segment Allocation [Line Items]
Number of shares converted from debt instrument (shares)	352,630
Preferred Stock
Business Combination Segment Allocation [Line Items]
Number of shares converted from debt instrument (shares)	802,920
Share price (in dollars per share)	$ 12.20
Preferred Stock | Private Placement
Business Combination Segment Allocation [Line Items]
New shares issued (in shares)	107,056
Preferred Stock | Transgenomics
Business Combination Segment Allocation [Line Items]
Number of shares converted, shares	7,155
Number of shares converted from debt instrument (shares)	802,925

REVERSE MERGER (Consideration)

REVERSE MERGER (Consideration) (Details) - Transgenomics $ in Thousands	Jun. 29, 2017USD ($)
Business Acquisition [Line Items]
Legacy Transgenomic common stock	$ 6,088
Fair value of preferred stock converted to common stock	49
Fair value of debt converted to common stock	2,398
Fair value of debt converted to preferred stock	9,796
Fair value of existing bridge notes	1,275
Fair value of warrants	1,996
Purchase consideration	$ 21,602

REVERSE MERGER (Net Assets Acqu

REVERSE MERGER (Net Assets Acquired) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 29, 2017	Dec. 31, 2015
Business Acquisition [Line Items]
Goodwill	$ 13,832		$ 0
Transgenomics
Business Acquisition [Line Items]
Current and other assets		$ 419
Property and equipment		29
Goodwill		13,832
Other intangible assets		21,100
Total assets		35,380
Current liabilities		13,604
Other liabilities		174
Total liabilities		13,778
Net assets acquired		$ 21,602

REVERSE MERGER (Intangible Asse

REVERSE MERGER (Intangible Assets Acquired) (Details) - Transgenomics $ in Thousands	Jun. 29, 2017USD ($)
Business Acquisition [Line Items]
Total intangibles	$ 21,100
Trademark and trade name
Business Acquisition [Line Items]
Total intangibles	40
Acquired technology
Business Acquisition [Line Items]
Total intangibles	18,990
Customer relationships
Business Acquisition [Line Items]
Total intangibles	250
Non-compete agreements
Business Acquisition [Line Items]
Total intangibles	30
Backlog
Business Acquisition [Line Items]
Total intangibles	200
In-process research and development
Business Acquisition [Line Items]
Total intangibles	$ 1,590

REVERSE MERGER (Pro-forma Discl

REVERSE MERGER (Pro-forma Disclosures) (Details) - Transgenomics - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Business Acquisition [Line Items]
Net sales	$ 1,472	$ 1,783
Net loss available to common stockholders	$ (13,864)	$ (13,266)
Loss per common share (usd per share)	$ (2.16)	$ (2.07)

DEBT (Schedule of Debt) (Detail

DEBT (Schedule of Debt) (Details) - USD ($)	Jun. 30, 2017	Jun. 29, 2017	Jun. 17, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Total debt	$ 513,000			$ 4,522,000
Current portion of long-term debt	(513,000)			(395,000)
Long-term debt, net of current maturities	0			4,127,000
Line of credit
Debt Instrument [Line Items]
Total debt	162,066			162,066
Convertible promissory notes
Debt Instrument [Line Items]
Total debt	125,000		$ 143,041	0
Senior Notes
Debt Instrument [Line Items]
Total debt	0	$ 3,584,968		3,269,968
Debt issuance cost	0			(9,000)
Junior Notes
Debt Instrument [Line Items]
Total debt	0	$ 583,821		583,821
Term loan | Department of Economic and Community Development (DECD)
Debt Instrument [Line Items]
Total debt	225,714			243,000
Debt issuance cost	0			(30,000)
Term loan | Webster Bank
Debt Instrument [Line Items]
Total debt	0			328,000
Debt issuance cost	$ 0			$ (26,000)

DEBT (Senior and Junior Notes)

DEBT (Senior and Junior Notes) (Details) - USD ($)	Jun. 29, 2017	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Debt Instrument [Line Items]
Proceeds from long-term debt		$ 315,000	$ 0
Preferred stock issued, value		17,000		$ 8,000
Accrued interest				61,073
Total debt		513,000		4,522,000
Convertible Preferred Stock [Member]
Debt Instrument [Line Items]
Equity instrument fair value		2,147,716
Preferred stock issued, value		1,715,000
Stock dividend, value				432,716
Preferred stock
Debt Instrument [Line Items]
Conversion of bridge notes into common stock (in shares)	802,920
Bridge Loan
Debt Instrument [Line Items]
Convertible debt				1,120,000
Senior Notes
Debt Instrument [Line Items]
Proceeds from long-term debt		$ 315,000		$ 525,000
Annual interest rate (as a percent)		12.00%		12.00%
Accrued interest				$ 279,740
Debt instrument, face amount				2,744,968
Total debt	$ 3,584,968	$ 0		$ 3,269,968
Junior Notes
Debt Instrument [Line Items]
Annual interest rate (as a percent)				15.00%
Accrued interest				$ 71,258
Debt instrument, face amount				583,821
Total debt	583,821	$ 0		$ 583,821
Senior and Junior Notes
Debt Instrument [Line Items]
Accrued interest	$ 602,373
Senior and Junior Notes | Common Stock
Debt Instrument [Line Items]
Conversion of bridge notes into common stock (in shares)		1,414,700

DEBT (Connecticut Innovations,

DEBT (Connecticut Innovations, Incorporated) (Details) - USD ($)	Apr. 01, 2012	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Total debt		$ 513,000	$ 4,522,000
Line of credit
Debt Instrument [Line Items]
Maximum borrowing amount	$ 500,000
Interest rate (as a percent)	8.00%
Debt instrument, maturity date	Sep. 1, 2018
Total debt		$ 162,066	$ 162,066
Line of credit | Minimum
Debt Instrument [Line Items]
Debt instrument, scheduled periodic payments	$ 7,436
Line of credit | Maximum
Debt Instrument [Line Items]
Debt instrument, scheduled periodic payments	12,206
Debt instrument, scheduled payment, interest	$ 1,041

DEBT (Department of Economic an

DEBT (Department of Economic and Community Development) (Details) - USD ($)	May 01, 2013	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Total debt		$ 513,000	$ 4,522,000
Term loan | Department of Economic and Community Development (DECD)
Debt Instrument [Line Items]
Debt instrument, term	10 years
Debt instrument, face amount	$ 300,000
Interest rate (as a percent)	3.00%
Debt instrument, maturity date	Apr. 23, 2023
Total debt		$ 225,714	$ 243,000

DEBT (Webster Bank) (Details)

DEBT (Webster Bank) (Details) - USD ($)	Dec. 01, 2014	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Debt Instrument [Line Items]
Total debt		$ 513,000		$ 513,000		$ 4,522,000
Loss on extinguishment of debt		53,000	$ 0	53,000	$ 0
Term loan | Webster Bank
Debt Instrument [Line Items]
Debt instrument, term	3 years 6 months
Debt instrument, face amount	$ 500,000
Interest rate (as a percent)	1.16%
Debt instrument, maturity date	May 31, 2018
Total debt		$ 0		$ 0		$ 328,000
Term loan | Webster Bank | LIBOR
Debt Instrument [Line Items]
Variable rate on interest	0.50%

DEBT (Convertible Promissory No

DEBT (Convertible Promissory Notes) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 17, 2017	Jan. 17, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Total debt	$ 513,000			$ 4,522,000
Accrued interest				61,073
Convertible promissory notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 125,000	$ 125,000
Interest rate (as a percent)	6.00%
Debt instrument, maturity date	Jun. 17, 2017
Total debt	$ 125,000	143,041		$ 0
Accrued interest		$ 18,041
Convertible promissory notes | Additional Notes
Debt Instrument [Line Items]
Portion of Principal Required to Be Paid Prior to Deferred Maturity Date, Percent			33.33%
Required Cumulative Payment on Principal Per Amendment, Percent			66.67%

CONVERTIBLE BRIDGE LOAN (Conver

CONVERTIBLE BRIDGE LOAN (Convertible Bridge Notes) (Details) - USD ($)	Jun. 29, 2017	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015
Short-term Debt [Line Items]
Total debt		$ 513,000		$ 4,522,000
Accrued interest				61,073
Bridge Loan
Short-term Debt [Line Items]
Conversion of convertible promissory notes to equity		877,000	$ 0
Bridge Loan | Convertible Bridge Loan
Short-term Debt [Line Items]
Total debt		2,000,000		$ 695,000
Interest rate (as a percent)					14.00%
Accrued interest		$ 10,000
Bridge Loan | Convertible Bridge Loan | Series C Preferred Stock
Short-term Debt [Line Items]
Conversion of stock, discount rate		30.00%
Bridge Loan | Convertible Bridge Loan | Series B Preferred Stock
Short-term Debt [Line Items]
Conversion of stock, discount rate		30.00%
Debt instrument, debt converted into new debt		70.00%
Bridge Loan | Convertible Bridge Loan | Common Stock
Short-term Debt [Line Items]
Conversion of convertible promissory notes to equity	$ 695,000
Accrued interest	$ 192,000
Conversion of bridge notes into common stock (in shares)	155,639
Bridge Loan | Unsecured Convertible Bridge Loan
Short-term Debt [Line Items]
Interest rate (as a percent)				14.00%

CONVERTIBLE BRIDGE LOAN (2017 N

CONVERTIBLE BRIDGE LOAN (2017 New Bridge Notes I) (Details) - USD ($)	Jun. 29, 2017	Jun. 28, 2017	Jun. 30, 2017	Jun. 13, 2017	Mar. 31, 2016
Short-term Debt [Line Items]
Underlying shares (shares)			268,379		1,958,204
Warrants, fair value	$ 211,000		$ 211,000		$ 1,421,738
Bridge Loan | New Bridge Notes I
Short-term Debt [Line Items]
Interest rate (as a percent)	8.00%
Conversion price (usd per share)	$ 3.736329
Premium rate changed upon settlement of debt	20.00%
Premium on debt settlement	$ 240,000
Discount on debt			$ 989,000
Debt instrument, face amount	$ 1,200,000
Transgenomics | Bridge Loan | 2017 Bridge Notes
Short-term Debt [Line Items]
Sale of debt		$ 1,200,000
Interest rate (as a percent)		4.00%
Debt instrument, term		90 days
Premium rate changed upon settlement of debt		20.00%
Common Stock
Short-term Debt [Line Items]
Conversion price (usd per share)				$ 10.2502
Underlying shares (shares)	45,600
Exercise Price (in dollars per share)	$ 7.50
Percentage of per share offering price	110.00%
Common Stock | Minimum
Short-term Debt [Line Items]
Exercise Price (in dollars per share)	$ 1.50
Common Stock | Transgenomics
Short-term Debt [Line Items]
Underlying shares (shares)	40,000
Exercise Price (in dollars per share)	$ 15
Agent Fees	$ 84,000
Aegis Warrants | Common Stock | Transgenomics
Short-term Debt [Line Items]
Underlying shares (shares)	5,600
Exercise Price (in dollars per share)	$ 15

CONVERTIBLE BRIDGE LOAN (201746

CONVERTIBLE BRIDGE LOAN (2017 New Bridge Notes II) (Details) - USD ($)	Jun. 29, 2017	Mar. 31, 2016	Sep. 30, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 13, 2017	Dec. 31, 2016	Dec. 31, 2015
Short-term Debt [Line Items]
Underlying shares (shares)		1,958,204		268,379		268,379
Warrants, fair value	$ 211,000	$ 1,421,738		$ 211,000		$ 211,000
Class of warrant or right, term		10 years
Merger advisory fees				2,603,000	$ 0	2,603,000	$ 0
Total debt				513,000		513,000			$ 4,522,000
Accrued interest									61,073
Subsequent Event
Short-term Debt [Line Items]
Proceeds from equity financing			$ 7,000,000
Side Warrants
Short-term Debt [Line Items]
Warrants, fair value				487,000		487,000
Merger advisory fees				414,000		414,000
Side Warrants | Upon Execution
Short-term Debt [Line Items]
Warrants, fair value				$ 73,000		$ 73,000
Common Stock
Short-term Debt [Line Items]
Conversion price (usd per share)								$ 10.2502
Underlying shares (shares)	45,600
Exercise Price (in dollars per share)	$ 7.50
Common Stock | Side Warrants
Short-term Debt [Line Items]
Underlying shares (shares)				91,429		91,429
Exercise Price (in dollars per share)				$ 7		$ 7
Class of warrant or right, term						5 years
Merger advisory fees				$ 414,000		$ 414,000
Common Stock | Side Warrants | Upon Execution
Short-term Debt [Line Items]
Underlying shares (shares)				22,857		22,857
Common Stock | Side Warrants | Performance Based
Short-term Debt [Line Items]
Underlying shares (shares)				68,572		68,572
Warrants, fair value				$ 73,000		$ 73,000
Bridge Loan | 2017 New Bridge Notes II
Short-term Debt [Line Items]
Sale of debt	$ 800,000
Proceeds from sale of debt instrument	$ 721,000
Interest rate (as a percent)	8.00%
Conversion price (usd per share)	$ 3.736329
Premium rate changed upon settlement of debt	20.00%
Premium on debt settlement	$ 160,000
Discount on debt				656,000		656,000
Bridge Loan | Convertible Bridge Loan
Short-term Debt [Line Items]
Interest rate (as a percent)										14.00%
Discount on debt				1,700,000		1,700,000
Total debt				2,000,000		2,000,000			$ 695,000
Debt issuance cost				100,000		100,000
Accrued interest				$ 10,000		$ 10,000
Bridge Loan | Convertible Bridge Loan | Common Stock
Short-term Debt [Line Items]
Accrued interest	$ 192,000

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Payables and Accruals [Abstract]
Accrued expenses	$ 2,560	$ 50
Accrued compensation	791	155
Accrued interest	170	495
Accrued expenses	$ 3,521	$ 700

CONTINGENCIES (Details)

CONTINGENCIES (Details)

Jul. 13, 2017USD ($)

Apr. 07, 2017USD ($)

Mar. 06, 2017USD ($)

Feb. 21, 2017USD ($)

Feb. 06, 2017USD ($)

Dec. 19, 2016USD ($)

Nov. 30, 2016USD ($)

Oct. 27, 2016USD ($)

Sep. 13, 2016USD ($)

Jun. 23, 2016USD ($)

Feb. 25, 2016USD ($)

Jun. 30, 2017USD ($)

Mar. 31, 2017USD ($)

Dec. 31, 2016USD ($)

UNMC

Loss Contingencies [Line Items]

Loss contingency, damages sought

$ 700,000

Loss contingency accrual

$ 400,000

$ 400,000

$ 400,000

Fox Chase | Subsequent Event

Loss Contingencies [Line Items]

Litigation settlement, amount

$ 139,000

IDT | Subsequent Event

Loss Contingencies [Line Items]

Litigation settlement, installment payment amount

$ 27,800

Mount Sinai

Loss Contingencies [Line Items]

Loss contingency, damages sought

$ 700,000

Loss contingency accrual

$ 700,000

$ 700,000

Loss contingency, damages awarded

$ 700,000

Smith

Loss Contingencies [Line Items]

Loss contingency, damages sought

$ 2,200,000

Loss contingency accrual

600,000

Loss contingency, damages awarded

$ 600,000

XIFIN, Inc.

Loss Contingencies [Line Items]

Loss contingency, damages sought

$ 270,000

Loss contingency accrual

300,000

SPDC

Loss Contingencies [Line Items]

Loss contingency, damages sought

$ 400,000

Loss contingency, damages awarded

$ 400,000

CPA Global

Loss Contingencies [Line Items]

Loss contingency, damages sought

$ 200,000

Loss contingency accrual

200,000

Edge Bio

Loss Contingencies [Line Items]

Loss contingency, damages sought

$ 100,000

Loss contingency accrual

$ 100,000

Transgenomics | Fox Chase

Loss Contingencies [Line Items]

Litigation settlement, installment period

3

Transgenomics | IDT

Loss Contingencies [Line Items]

Loss contingency accrual

$ 300,000

Litigation settlement, installment payment amount

$ 175,000

STOCKHOLDERS' EQUITY (DEFICIT49

STOCKHOLDERS' EQUITY (DEFICIT) (Common Stock) (Details)	Jun. 29, 2017shares	Jun. 13, 2017$ / shares	Jun. 30, 2017shares	Jun. 30, 2017USD ($)shares	Dec. 31, 2016shares
Class of Stock [Line Items]
Common stock, shares authorized (in shares)			150,000,000	150,000,000	1,806,850
Common stock, shares outstanding (in shares)			6,407,860	6,407,860	449,175
Restricted shares, (shares)	64,593
Restricted stock expense | $				$ 28,000
Common Stock
Class of Stock [Line Items]
Conversion ratio		0.03
Conversion price (usd per share) | $ / shares		$ 10.2502
Restricted shares issued (shares)			59,563	59,533
Number of shares converted, shares	4,317,152
Issuance of stock for consulting services in connection with the merger (in shares)	321,821
Shares issued in connection with business combination (in shares)	2,200,000
New shares issued (in shares)	200,081
Common Stock | Performance Based
Class of Stock [Line Items]
New shares issued (in shares)	135,000

STOCKHOLDERS' EQUITY (DEFICIT50

STOCKHOLDERS' EQUITY (DEFICIT) (Common Stock Warrants) (Details) - USD ($)	Jun. 29, 2017	Jun. 28, 2017	Mar. 31, 2016	Jun. 30, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Underlying shares (shares)			1,958,204	268,379
Warrants, fair value	$ 211,000		$ 1,421,738	$ 211,000
Class of warrant or right, term			10 years
Preferred stock, shares outstanding (in shares)				1,712,901	780,105
Preferred stock issued, value				$ 17,000	$ 8,000
Preferred stock, dividend rate (percentage)			8.00%
Dividends, preferred stock			$ 432,716
Stock warrant potential Entity ownership percentage			60.00%
Transgenomics
Class of Stock [Line Items]
Preferred stock, dividend rate (percentage)	8.00%
Common Stock
Class of Stock [Line Items]
Underlying shares (shares)	45,600
Exercise Price (in dollars per share)	$ 7.50
Percentage of per share offering price	110.00%
Common Stock | Minimum
Class of Stock [Line Items]
Exercise Price (in dollars per share)	$ 1.50
Common Stock | Transgenomics
Class of Stock [Line Items]
Underlying shares (shares)	40,000
Exercise Price (in dollars per share)	$ 15
Common Stock | Transgenomics | Aegis Warrants
Class of Stock [Line Items]
Underlying shares (shares)	5,600
Exercise Price (in dollars per share)	$ 15
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)			275,237		367,299
Preferred stock issued, value			$ 750,000
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)			208,087		412,806
Preferred stock issued, value			$ 965,000
Term loan | Webster Bank | Series B Preferred Stock
Class of Stock [Line Items]
Underlying shares (shares)				20,000
Class of warrant or right, term				7 years
Line of credit | Series A Preferred Stock
Class of Stock [Line Items]
Underlying shares (shares)		8,542
Exercise Price (in dollars per share)		$ 2.93
Warrants, fair value		$ 6,000
Volatility rate		40.00%
Term		7 years
Risk free rate		0.36%
Bridge Loan | 2017 Bridge Notes | Transgenomics
Class of Stock [Line Items]
Sale of debt		$ 1,200,000

STOCKHOLDERS' EQUITY (DEFICIT51

STOCKHOLDERS' EQUITY (DEFICIT) (Side Warrants) (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 29, 2017
Class of Warrant or Right [Line Items]
Underlying shares (shares)	1,958,204	268,379		268,379
Class of warrant or right, term	10 years
Merger advisory fees		$ 2,603,000	$ 0	$ 2,603,000	$ 0
Warrants, fair value	$ 1,421,738	211,000		211,000		$ 211,000
Common Stock
Class of Warrant or Right [Line Items]
Underlying shares (shares)						45,600
Exercise Price (in dollars per share)						$ 7.50
Side Warrants
Class of Warrant or Right [Line Items]
Merger advisory fees		414,000		414,000
Warrants, fair value		487,000		487,000
Side Warrants | Upon Execution
Class of Warrant or Right [Line Items]
Warrants, fair value		$ 73,000		$ 73,000
Side Warrants | Common Stock
Class of Warrant or Right [Line Items]
Underlying shares (shares)		91,429		91,429
Exercise Price (in dollars per share)		$ 7		$ 7
Class of warrant or right, term				5 years
Merger advisory fees		$ 414,000		$ 414,000
Side Warrants | Common Stock | Upon Execution
Class of Warrant or Right [Line Items]
Underlying shares (shares)		22,857		22,857
Side Warrants | Common Stock | Performance Based
Class of Warrant or Right [Line Items]
Underlying shares (shares)		68,572		68,572
Warrants, fair value		$ 73,000		$ 73,000
Various Institutional Holders; January 2018
Class of Warrant or Right [Line Items]
Underlying shares (shares)		23,055		23,055
Exercise Price (in dollars per share)		$ 270		$ 270
Various Institutional Holders; April 2020
Class of Warrant or Right [Line Items]
Underlying shares (shares)		12,487		12,487
Exercise Price (in dollars per share)		$ 120		$ 120
Various Institutional Holders; February 2020
Class of Warrant or Right [Line Items]
Underlying shares (shares)		23,826		23,826
Exercise Price (in dollars per share)		$ 67.20		$ 67.20
Various Institutional Holders; December 2020
Class of Warrant or Right [Line Items]
Underlying shares (shares)		4,081		4,081
Exercise Price (in dollars per share)		$ 49.80		$ 49.80
Various Institutional Holders; January 2021
Class of Warrant or Right [Line Items]
Underlying shares (shares)		38,733		38,733
Exercise Price (in dollars per share)		$ 36.30		$ 36.30
Various Institutional Holders; January 2021
Class of Warrant or Right [Line Items]
Underlying shares (shares)		29,168		29,168
Exercise Price (in dollars per share)		$ 36.30		$ 36.30
Various Institutional Holders; June 2022
Class of Warrant or Right [Line Items]
Underlying shares (shares)		45,600		45,600
Exercise Price (in dollars per share)		$ 7.50		$ 7.50
Various Institutional Holders; June 2022
Class of Warrant or Right [Line Items]
Underlying shares (shares)		91,429		91,429
Exercise Price (in dollars per share)		$ 7		$ 7

STOCKHOLDERS' EQUITY (DEFICIT52

STOCKHOLDERS' EQUITY (DEFICIT) (Series A and Series B Preferred Stock) (Details) - shares	Jun. 30, 2017	Dec. 31, 2016	Mar. 31, 2016
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	1,712,901	780,105
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)		367,299	275,237
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)		412,806	208,087

STOCKHOLDERS' EQUITY (DEFICIT53

STOCKHOLDERS' EQUITY (DEFICIT) (Preferred Stock) (Details) - shares	Jun. 30, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	15,000,000	1,294,434

STOCKHOLDERS' EQUITY (DEFICIT54

STOCKHOLDERS' EQUITY (DEFICIT) (Series A Senior Preferred Stock) (Details) - USD ($)	Jun. 29, 2017	Mar. 31, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)			15,000,000		1,294,434
Preferred stock, par value (in dollars per share)			$ 0.01		$ 0.01
Preferred stock, dividend rate (percentage)		8.00%
Shares converted, value	$ 3,000,000		$ 0	$ 433,000
Preferred stock, shares outstanding (in shares)			1,712,901		780,105
Private Placement
Class of Stock [Line Items]
Consideration received	$ 400,000
Transgenomics
Class of Stock [Line Items]
Preferred stock, dividend rate (percentage)	8.00%
Conversion of convertible promissory notes to equity	$ 3,000,000
Preferred stock - series A senior
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	4,100,000
Preferred stock, par value (in dollars per share)	$ 0.01
Conversion price (usd per share)			$ 3.736329
Conversion of stock, discount rate			15.00%
Preferred stock, dividend rate (percentage)			8.00%
Preferred stock, shares outstanding (in shares)			1,712,901
Deemed dividend			$ 5,200,000
Preferred stock
Class of Stock [Line Items]
Number of shares converted from debt instrument (shares)	802,920
Preferred stock | Private Placement
Class of Stock [Line Items]
New shares issued (in shares)	107,056
Preferred stock | Transgenomics
Class of Stock [Line Items]
Number of shares converted from debt instrument (shares)	802,925
Number of shares converted, shares	7,155

FAIR VALUE (Narratives) (Detail

FAIR VALUE (Narratives) (Details) - 2016 Warrant Liability	6 Months Ended
	Jun. 30, 2017$ / sharesshares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants outstanding (shares) | shares	25,584
Share price (in dollars per share) | $ / shares	$ 9
Volatility (as a percent)	121.00%
Risk-free interest rate (as a percent)	1.64%

FAIR VALUE (Details)

FAIR VALUE (Details) - 2016 Warrant Liability $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 0
Additions	615
Total (gains) or losses:
Recognized in earnings	3
Balance at end of period	$ 618

STOCK OPTIONS (Stock Options) (

STOCK OPTIONS (Stock Options) (Details) - Employee Stock Option - Equity Incentive Plan 2006	6 Months Ended
	Jun. 30, 2017USD ($)$ / sharesshares
Number of Options
Outstanding at beginning of period (in shares)	24,600
Granted (in shares)	0
Forfeited (in shares)	(2,460)
Outstanding at end of period (in shares)	22,140
Exercisable at end of period (in shares)	19,908
Weighted-Average Exercise Price
Outstanding at beginning of period (in dollars per share) | $ / shares	$ 107.83
Granted (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	75.76
Outstanding at end of period (in dollars per share) | $ / shares	111.39
Exercisable at end of period (in dollars per share) | $ / shares	$ 119.13
Stock options, expected to vest, outstanding (in shares)	21,713
Stock options, expected to vest, outstanding, aggregate intrinsic value | $	$ 0
Stock options, expected to vest remaining contractual term	6 years 11 months

STOCK OPTIONS (Stock Appreciati

STOCK OPTIONS (Stock Appreciation Rights) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Weighted-Average Exercise Price
Unvested stock options, unrecognized compensation expense weighted average recognition period	1 year
Accrued expenses	$ 2,560,000	$ 50,000
SARs
Number of SARs
Exercisable (in shares)	2,777
Weighted-Average Exercise Price
Outstanding (in dollars per share)	$ 129.60
Stock appreciation rights, aggregate intrinsic value, outstanding	$ 0
Unvested stock options, unrecognized compensation expense weighted average recognition period	6 years 3 months
Decrease in SAR liability	$ 5,000
Accrued expenses	$ 7,000