Acer Therapeutics (ACER) 10-Q 14 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	1-May-14
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Mar-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
Trading Symbol	'OPXA	'
Entity Registrant Name	'OPEXA THERAPEUTICS, INC.	'
Entity Central Index Key	'0001069308	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	27,661,675

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
Current assets:	'	'
Cash and cash equivalents	$19,659,525	$23,644,542
Other current assets	1,565,648	1,122,576
Total current assets	21,225,173	24,767,118
Property & equipment, net of accumulated depreciation of $1,807,196 and $1,718,477, respectively	1,289,623	1,295,024
Other long-term assets	166,649	177,666
Total assets	22,681,445	26,239,808
Current liabilities:	'	'
Accounts payable	715,319	696,155
Accrued expenses	1,228,667	1,232,990
Deferred revenue	1,395,348	1,395,348
Total current liabilities	3,339,334	3,324,493
Long term liabilities:	'	'
Deferred revenue, net of current portion	1,989,204	2,338,041
Total liabilities	5,328,538	5,662,534
Commitments and contingencies	'	'
Stockholders' equity:	'	'
Preferred stock, no par value, 10,000,000 shares authorized, none issued and outstanding	'	'
Common stock, $0.01 par value, 100,000,000 shares authorized, 27,661,675 and 27,546,058 shares issued and outstanding	276,617	275,461
Additional paid in capital	146,999,809	146,569,758
Deficit accumulated during the development stage	-129,923,519	-126,267,945
Total stockholders' equity	17,352,907	20,577,274
Total liabilities and stockholders' equity	$22,681,445	$26,239,808

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Property & equipment, accumulated depreciation	$1,807,196	$1,718,477
Preferred stock, no par value	'	'
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	'	'
Preferred stock, shares outstanding	'	'
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	27,661,675	27,546,058
Common stock, shares outstanding	27,661,675	27,546,058

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended		134 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
Revenue:	'	'	'
Option Revenue	$348,837	$220,100	$1,615,448
Research and development	2,811,139	1,621,366	88,489,580
General and administrative	1,102,880	1,102,435	34,891,265
Depreciation and amortization	95,586	78,311	2,081,341
Loss on disposal of assets	'	'	515,506
Operating loss	-3,660,768	-2,582,012	-124,362,244
Interest income	5,194	1,874	1,378,876
Other income and expense, net	'	37,910	699,056
Gain on extinguishment of debt	'	'	-906,472
Gain on derivative instruments	'	'	1,941,826
Gain on sale of technology	'	'	3,000,000
Interest expense	'	-1,635,254	-11,674,561
Net loss	($3,655,574)	($4,177,482)	($129,923,519)
Basic and diluted loss per share	($0.13)	($0.58)	'
Weighted average shares outstanding - Basic and diluted	27,584,615	7,239,102	'

Consolidated_Statements_of_Cha

Consolidated Statements of Changes in Stockholders' Equity (USD $)	Total	Common Stock	Additional Paid in Capital	Accumulated Deficit
Beginning Balances at Dec. 31, 2013	$20,577,274	$275,461	$146,569,758	($126,267,945)
Beginning Balances (in shares) at Dec. 31, 2013	'	27,546,058	'	'
Shares issued for:	'	'	'	'
Shares issued for services (in shares)	'	115,617	'	'
Shares issued for services	100,176	1,156	99,020	'
Stock-based compensation expense	331,031	'	331,031	'
Net loss	-3,655,574	'	'	-3,655,574
Ending Balances at Mar. 31, 2014	$17,352,907	$276,617	$146,999,809	($129,923,519)
Ending Balances (in shares) at Mar. 31, 2014	'	27,661,675	'	'

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended		134 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
Cash flows from operating activities	'	'	'
Net loss	($3,655,574)	($4,177,482)	($129,923,519)
Adjustments to reconcile net loss to net cash used in operating activities	'	'	'
Stock payable for acquired research and development	'	'	112,440
Stock issued for acquired research and development	'	'	26,286,589
Stock issued for services	'	'	1,993,182
Restricted stock issued to employees	100,176	'	238,636
Stock issued for debt in excess of principal	'	'	109,070
Amortization of discount on notes payable due to warrants and beneficial conversion feature	'	1,237,662	8,470,084
Loss on extinguishment of debt	'	'	906,472
Depreciation	95,586	78,311	2,081,341
Amortization of debt financing costs	'	52,939	708,265
Option and warrant expense	331,031	411,187	17,726,604
(Gain) loss on derivative instruments	'	'	-1,941,826
Loss on disposition of fixed assets	'	'	515,506
Changes in:	'	'	'
Other current assets	-425,605	-115,589	-1,474,607
Accounts payable - third parties and related parties	-12,614	418,562	-25,342
Accrued expenses	-4,323	457,240	1,529,464
Other assets	11,017	-104,027	-166,650
Deferred revenue	-348,837	4,779,900	3,384,552
Net cash provided by (used in) operating activities	-3,909,143	3,038,703	-69,469,739
Cash flows from investing activities	'	'	'
Purchase of property & equipment	-75,874	-2,598	-2,557,297
Restricted cash	'	500,000	'
Net cash provided by (used in) investing activities	-75,874	497,402	-2,557,297
Cash flows from financing activities	'	'	'
Common stock and warrants sold for cash, net of offering costs	'	3,623,738	77,938,675
Common stock repurchased and canceled	'	'	-325
Proceeds from exercise of warrants and options	'	'	1,248,588
Deferred financing and offering costs	'	-17,511	-657,339
Repayments on notes payable	'	-450,000	-761,222
Net cash provided by financing activities	'	3,706,227	91,686,561
Net change in cash and cash equivalents	-3,985,017	7,242,332	19,659,525
Cash and cash equivalents at beginning of period	23,644,542	592,004	'
Cash and cash equivalents at end of period	19,659,525	7,834,336	19,659,525
Cash paid for:	'	'	'
Income tax	'	'	'
Interest	'	18,647	174,757
NON-CASH TRANSACTIONS	'	'	'
Issuance of common stock to Sportan shareholders	'	'	147,733
Issuance of common stock for accrued interest	'	'	977,830
Issuance of warrants to placement agent	'	'	37,453
Conversion of notes payable and accrued interest to common stock	'	1,000,000	11,985,033
Conversion of accrued liabilities to common stock	'	'	197,176
Conversion of accounts payable to note payable	'	'	93,364
Discount on convertible notes relating to:	'	'	'
Warrants	'	195,969	6,170,341
Beneficial conversion feature	'	141,829	3,444,982
Stock attached to notes	'	'	1,287,440
Fair value of derivative instrument	'	'	4,680,220
Derivative reclassified to equity	'	'	2,349,266
Unpaid additions to property and equipment	14,311	'	122,827
Amortization of deferred offering costs to paid-in capital	'	45,450	47,339
Shares issued as deferred offering costs	'	1,234	150,365
Unpaid offering costs	17,467	'	17,467
Third Parties	'	'	'
Cash flows from financing activities	'	'	'
Proceeds from convertible debt	'	550,000	13,288,184
Related Parties	'	'	'
Cash flows from financing activities	'	'	'
Proceeds from convertible debt	'	100,000	730,000
Repayments on notes payable	'	($100,000)	($100,000)

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2014
Basis of Presentation	'
	Note 1.  Basis of Presentation
	The accompanying interim unaudited consolidated financial statements of Opexa Therapeutics, Inc. (“Opexa” or the “Company”), a development stage company, have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the audited financial statements and notes thereto contained in Opexa’s latest Annual Report filed with the SEC on Form 10-K.  In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year.  Notes to the financial statements that would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year as reported in Form 10-K have been omitted.
	The accompanying consolidated financial statements include the accounts of Opexa and its wholly owned subsidiary, Opexa Hong Kong Limited (“Opexa Hong Kong”). All intercompany balances and transactions have been eliminated in the consolidation.

Significant_Accounting_Polices

Significant Accounting Polices	3 Months Ended
	Mar. 31, 2014
Significant Accounting Polices	'
	Note 2.  Significant Accounting Polices
	Revenue Recognition.  Opexa recognizes revenue in accordance with FASB ASC 605, Revenue Recognition. ASC 605 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services rendered; (3) consideration is fixed or determinable; and (4) collectability is reasonably assured.
	On February 4, 2013, Opexa entered into an Option and License Agreement (the “Merck Agreement”) with Ares Trading SA (“Merck”), a wholly owned subsidiary of Merck Serono S.A.  Pursuant to the terms, Merck has an option to acquire an exclusive, worldwide (excluding Japan) license of the Company’s Tcelna® program for the treatment of multiple sclerosis (“MS”).  Tcelna is currently in a Phase IIb clinical trial in patients with Secondary Progressive MS (“SPMS”). The option may be exercised by Merck prior to or upon the Company’s completion of the Phase IIb Trial.
	Opexa received an upfront payment of $5 million for granting the option. If the option is exercised, Merck would pay the Company an upfront license fee of $25 million unless Merck is unable to advance directly into a Phase III clinical trial of Tcelna for SPMS without a further Phase II clinical trial (as determined by Merck), in which event the upfront license fee would be $15 million. After exercising the option, Merck would be solely responsible for funding development, regulatory and commercialization activities for Tcelna in MS, although the Company would retain an option to co-fund certain development in exchange for increased royalty rates.  The Company would also retain rights to Tcelna in Japan, certain rights with respect to the manufacture of Tcelna, and rights outside of MS.
	Opexa evaluated the Merck Agreement and determined that the $5 million upfront payment from Merck has “stand-alone value.” Opexa’s continuing performance obligations, in connection with the $5 million payment, include the execution and completion of the Phase IIb clinical trial in SPMS using commercially reasonable efforts at the Company’s own costs.  As a “stand-alone value” term in the Merck Agreement, the $5 million upfront payment is determined to be a single unit of accounting, and is recognized as revenue on a straight-line basis over the exclusive option period based on the expected completion term of the Phase IIb clinical trial in SPMS.  Opexa includes the unrecognized portion of the $5 million as deferred revenue on the consolidated balance sheets.
	Cash and Cash Equivalents.  Opexa considers all highly liquid investments with an original maturity of three months or less, when purchased, to be cash equivalents. Investments with maturities in excess of three months but less than one year are classified as short-term investments and are stated at fair market value.
	Opexa primarily maintains cash balances on deposit in accounts at a U.S.-based financial institution.  The aggregate cash balance on deposit in these accounts is insured by the Federal Deposit Insurance Corporation up to $250,000.  Opexa’s cash balances on deposit in these accounts may, at times, exceed the federally insured limits.  Opexa has not experienced any losses in such accounts.
	At March 31, 2014, Opexa invested approximately $18.8 million in a savings account.  For the three months ended March 31, 2014, the savings account recognized an average market yield of 0.10%.  Interest income of $5,194 was recognized for the three months ended March 31, 2014 in the consolidated statements of operations.

Other_Current_Assets

Other Current Assets	3 Months Ended
	Mar. 31, 2014
Other Current Assets	'
	Note 3.  Other Current Assets
	Other current assets consisted of the following at March 31, 2014 and December 31, 2013:
	Description	March 31,		31-Dec-13
		2014
	Prepaid expenses	$	724,750	$	315,014
	Supplies Inventory		688,913		673,044
	Deferred offering costs		151,985		134,518
		$	1,565,648	$	1,122,576
	Prepaid expenses at March 31, 2014 and December 31, 2013 include advance payments totaling $453,800 and $21,982, respectively, made to vendors and consultants for the conduct of the Phase IIb clinical trial in SPMS.
	Prepaid expenses at March 31, 2014 and December 31, 2013 also include costs incurred from third parties in connection with the Merck Agreement (see Note 2).  As of March 31, 2014 and December 31, 2013, the remaining costs of $44,069 in connection with the Merck Agreement that are expected to be amortized over the upcoming 12-month period are capitalized and included in other current assets in the consolidated balance sheets.  The remaining costs of $63,013 in connection with the Merck Agreement that are expected to be amortized beyond the upcoming 12-month period are capitalized and included in other long term assets in the consolidated balance sheets (see Note 4).
	Supplies inventory at March 31, 2014 and December 31, 2013 includes reagents and supplies that will be used to manufacture Tcelna and placebo product in Opexa’s Phase IIb clinical study. Opexa expects to amortize these prepaid reagents and supplies to research and development costs in the consolidated statements of operations over the course of the clinical study.
	Deferred offering costs at March 31, 2014 and December 31, 2013 include costs incurred from third parties in connection with the implementation of a $1.5 million Purchase Agreement in November 2012 pursuant to which Opexa has the right to sell to Lincoln Park Capital Fund, LLC (“Lincoln Park”) up to $1.5 million in shares of its common stock, subject to certain conditions and limitations.  As of March 31, 2014 and December 31, 2013, the remaining costs of $134,518 in connection with the implementation of the $1.5 million Purchase Agreement remained capitalized and are included in other current assets in the consolidated balance sheets.  Upon the sales of shares of common stock under the $1.5 million Purchase Agreement, the remaining capitalized costs are offset against the proceeds of such sales of shares of common stock.
	Deferred offering costs at March 31, 2014 also include costs incurred from third parties in connection with the implementation of an at-the-market program (“ATM Agreement”) in March 2014 pursuant to which Opexa may sell shares of its common stock from time to time depending upon market demand through a sales agent in transactions deemed to be an “at-the-market” offering as defined in Rule 415 of the Securities Act of 1933.  As of March 31, 2014, the remaining costs of $17,467 in connection with the implementation of the ATM Agreement remained capitalized and are included in other current assets in the consolidated balance sheets. Upon the sales of shares of common stock under the ATM Agreement, the remaining capitalized costs are offset against the proceeds of such sales of shares of common stock.

Other_Long_Term_Assets

Other Long Term Assets	3 Months Ended
	Mar. 31, 2014
Other Long Term Assets	'
	Note 4.  Other Long Term Assets
	Other long term assets at March 31, 2014 and December 31, 2013 include deferred offering costs of $103,636 which were incurred from third parties in connection with the implementation of a $15.0 million Purchase Agreement in November 2012 pursuant to which Opexa has the right to sell to Lincoln Park up to $15.0 million in shares of its common stock, subject to certain conditions and limitations.
	Other long term assets at March 31, 2014 and December 31, 2013 also include costs incurred from third parties in connection with the Merck Agreement (see Note 2) amount to $63,013 that are expected to be amortized beyond the upcoming 12-month period.

Equity

Equity	3 Months Ended
	Mar. 31, 2014
Equity	'
	Note 5.  Equity
	For the quarter ended March 31, 2014, equity related transactions were as follows:
		●	Opexa recognized stock based compensation expense of $77,814 related to shares of restricted common stock issued to certain members of Opexa’s management on November 8, 2013 during the three months ended March 31, 2014.
		●	On February 28, 2014, 109,617 shares of restricted common stock with an aggregate fair value of $199,503 were issued to certain members of Opexa’s management and certain non-employee directors for service on Opexa’s Board. Opexa recognized stock based compensation expense of $21,896 related to these shares during the three months ended March 31, 2014. The restricted shares issued to management vest in full on the earlier of the first anniversary of the grant date or termination of employment without cause following a change of control. The restricted shares issued to non-employee directors vest in four quarterly increments beginning on March 31, 2014.
		●	On March 19, 2014, 6,000 shares of restricted common stock with an aggregate fair value of $12,000 were issued to a non-employee director for service on Opexa’s Board. Opexa recognized stock based compensation of $466 related to these shares during the three months ended March 31, 2014. The shares vest in three quarterly increments beginning on June 30, 2014.

StockBased_Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2014
Stock-Based Compensation	'
	Note 6.  Stock-Based Compensation
	Stock Options
	The 2010 Stock Incentive Plan (the “2010 Plan”) provides for the grant of equity incentive awards to employees, directors and consultants of Opexa in the form of incentive stock options or nonqualified stock options, as well as restricted stock, stock appreciation rights, restricted stock units and performance awards that may be settled in cash, stock or other property.  The 2010 Plan is the successor to and continuation of Opexa’s June 2004 Compensatory Stock Option Plan (the “2004 Plan”). A total of 625,000 shares of common stock are authorized to be issued for awards made under the 2010 Plan through September 2020, plus (i) the number of shares subject to stock options outstanding under the 2004 Plan that are forfeited or terminate prior to exercise and would otherwise be returned to the share reserves under the 2004 Plan and (ii) any reserved shares under the 2004 Plan that were not issued or subject to outstanding grants.  In addition, shares subject to awards granted under the 2010 Plan that terminate or expire before being exercised or settled will become available for grant under the 2010 Plan. As of March 31, 2014, options to purchase an aggregate of 2,457,628 shares were issued and outstanding.
	Opexa accounts for share-based compensation, including options and nonvested shares, according to the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 718, "Share Based Payment.” During the three months ended March 31, 2014, Opexa recognized option expense of $331,031. Unamortized stock compensation expense as of March 31, 2014 amounted to $2,031,730.
	Stock Option Activity
	A summary of stock option activity for the three months ended March 31, 204 is presented below:
		Number of			Wtd. Avg. Exercise Price		Wtd. Avg. Remaining Contract Term		Intrinsic
		Shares					(# years)		Value
	Outstanding at January 1, 2014		1,162,449		$	4.3
	Granted		1,340,690			1.82
	Exercised		-			-
	Forfeited and canceled		(45,511	)		3.65
	Outstanding at March 31, 2014		2,457,628		$	2.96		8.7	$	153,522
	Exercisable at March 31, 2014		762,793		$	5.02		6.8	$	68,356
	Employee Options:
	Option awards are granted with an exercise price equal to the market price of Opexa’s stock at the date of issuance, generally have a ten-year life, and have various vesting dates that range from no vesting or partial vesting upon date of grant to full vesting on a specified date. Opexa estimates the fair value of stock options using the Black-Scholes option-pricing model and records the compensation expense ratably over the service period.
	During the three months ended March 31, 2014, performance-based options to purchase an aggregate of 510,125 shares at an exercise price of $1.82 were granted to senior management. These options have a term of ten years and vest 100% upon the earlier of achievement of a performance-based, strategic milestone objective or termination of employment without cause following a change of control. Fair value of $918,554 was calculated using the Black-Scholes option-pricing model.  Variables used in the Black-Scholes option-pricing model for these options include (1) discount rate of 2.65%, (2) expected term of 10 years, (3) expected volatility of 172% and (4) zero expected dividends.
	During the three months ended March 31, 2014, time-based options to purchase an aggregate of 710,125 shares at exercise prices ranging from $1.78 to $1.82 were granted to employees.  These options have a term of ten years and have a vesting schedule of the earlier of four years or termination of employment without cause following a change of control. Fair value of $1,260,913 was calculated using the Black-Scholes option-pricing model.  Variables used in the Black-Scholes option-pricing model for these options include (1) discount rate range of 2.65% and 2.79%, (2) expected term of 6.25 years, (3) expected volatility 186% and (4) zero expected dividends.
	During the three months ended March 31, 2014, options to purchase 45,511 shares were forfeited and cancelled.
	Non-Employee Options:
	During the three months ended March 31, 2014, options to purchase an aggregate of 120,440 shares at exercise prices ranging from $1.82 to $2.00 were granted to non-employee directors for service on Opexa’s Board.  Options to purchase an aggregate of 78,858 shares will expire on the earlier of 10 years or a change in control of the Company, with 50% of the shares vesting immediately and 50% vesting on December 31, 2014.  Options to purchase an aggregate of 26,288 shares have terms of 10 years, with 50% of the shares vesting immediately and 50% vesting on February 28, 2015.  An option to purchase 8,844 shares will expire on the earlier of 10 years or a change in control of the Company, with vesting in quarterly increments beginning on March 31, 2014.  An option to purchase 6,450 shares will expire on the earlier of 10 years or a change in control of the Company, with vesting in three quarterly increments beginning June 30, 2014.  Fair value of $211,097 was calculated using the Black-Scholes option-pricing model.  Variables used in the Black-Scholes option-pricing model for these options include (1) discount rate range of 2.65% and 2.77%, (2) expected term of 5.25 years, (3) expected volatility range of 155% and 157% and (4) zero expected dividends.
	Restricted Stock
	See Note 5 for a description of restricted stock awards made to employees and non-employee directors under the 2010 Plan during the three months ended March 31, 2014.
	Warrant Activity
	A summary of warrant activity for the three months ended March 31, 2014 is presented below:
		Number of			Wtd. Avg. Exercise Price		Wtd. Avg. Remaining Contract Term		Intrinsic
		Shares					(# years)		Value
	Outstanding at January 1, 2014		3,069,113		$	4.12
	Granted		-			-
	Exercised		-			-
	Forfeited and canceled		-			-
	Outstanding at March 31, 2014		3,069,113		$	4.12		2.9	$	277,313
	Exercisable at March 31, 2014		3,069,113		$	4.12		2.9	$	277,313

Significant_Accounting_Polices1

Significant Accounting Polices (Policies)	3 Months Ended
	Mar. 31, 2014
Revenue Recognition	'
	Revenue Recognition.  Opexa recognizes revenue in accordance with FASB ASC 605, Revenue Recognition. ASC 605 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services rendered; (3) consideration is fixed or determinable; and (4) collectability is reasonably assured.
	On February 4, 2013, Opexa entered into an Option and License Agreement (the “Merck Agreement”) with Ares Trading SA (“Merck”), a wholly owned subsidiary of Merck Serono S.A.  Pursuant to the terms, Merck has an option to acquire an exclusive, worldwide (excluding Japan) license of the Company’s Tcelna® program for the treatment of multiple sclerosis (“MS”).  Tcelna is currently in a Phase IIb clinical trial in patients with Secondary Progressive MS (“SPMS”). The option may be exercised by Merck prior to or upon the Company’s completion of the Phase IIb Trial.
	Opexa received an upfront payment of $5 million for granting the option. If the option is exercised, Merck would pay the Company an upfront license fee of $25 million unless Merck is unable to advance directly into a Phase III clinical trial of Tcelna for SPMS without a further Phase II clinical trial (as determined by Merck), in which event the upfront license fee would be $15 million. After exercising the option, Merck would be solely responsible for funding development, regulatory and commercialization activities for Tcelna in MS, although the Company would retain an option to co-fund certain development in exchange for increased royalty rates.  The Company would also retain rights to Tcelna in Japan, certain rights with respect to the manufacture of Tcelna, and rights outside of MS.
	Opexa evaluated the Merck Agreement and determined that the $5 million upfront payment from Merck has “stand-alone value.” Opexa’s continuing performance obligations, in connection with the $5 million payment, include the execution and completion of the Phase IIb clinical trial in SPMS using commercially reasonable efforts at the Company’s own costs.  As a “stand-alone value” term in the Merck Agreement, the $5 million upfront payment is determined to be a single unit of accounting, and is recognized as revenue on a straight-line basis over the exclusive option period based on the expected completion term of the Phase IIb clinical trial in SPMS.  Opexa includes the unrecognized portion of the $5 million as deferred revenue on the consolidated balance sheets.
Cash and Cash Equivalents	'
	Cash and Cash Equivalents.  Opexa considers all highly liquid investments with an original maturity of three months or less, when purchased, to be cash equivalents. Investments with maturities in excess of three months but less than one year are classified as short-term investments and are stated at fair market value.
	Opexa primarily maintains cash balances on deposit in accounts at a U.S.-based financial institution.  The aggregate cash balance on deposit in these accounts is insured by the Federal Deposit Insurance Corporation up to $250,000.  Opexa’s cash balances on deposit in these accounts may, at times, exceed the federally insured limits.  Opexa has not experienced any losses in such accounts.
	At March 31, 2014, Opexa invested approximately $18.8 million in a savings account.  For the three months ended March 31, 2014, the savings account recognized an average market yield of 0.10%.  Interest income of $5,194 was recognized for the three months ended March 31, 2014 in the consolidated statements of operations.

Other_Current_Assets_Tables

Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2014
Other Current Assets	'
	Other current assets consisted of the following at March 31, 2014 and December 31, 2013:
	Description	March 31,		31-Dec-13
		2014
	Prepaid expenses	$	724,750	$	315,014
	Supplies Inventory		688,913		673,044
	Deferred offering costs		151,985		134,518
		$	1,565,648	$	1,122,576

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2014
Stock Option Activity	'
	A summary of stock option activity for the three months ended March 31, 204 is presented below:
		Number of			Wtd. Avg. Exercise Price		Wtd. Avg. Remaining Contract Term		Intrinsic
		Shares					(# years)		Value
	Outstanding at January 1, 2014		1,162,449		$	4.3
	Granted		1,340,690			1.82
	Exercised		-			-
	Forfeited and canceled		(45,511	)		3.65
	Outstanding at March 31, 2014		2,457,628		$	2.96		8.7	$	153,522
	Exercisable at March 31, 2014		762,793		$	5.02		6.8	$	68,356
Warrant Activity	'
	Warrant Activity
	A summary of warrant activity for the three months ended March 31, 2014 is presented below:
		Number of			Wtd. Avg. Exercise Price		Wtd. Avg. Remaining Contract Term		Intrinsic
		Shares					(# years)		Value
	Outstanding at January 1, 2014		3,069,113		$	4.12
	Granted		-			-
	Exercised		-			-
	Forfeited and canceled		-			-
	Outstanding at March 31, 2014		3,069,113		$	4.12		2.9	$	277,313
	Exercisable at March 31, 2014		3,069,113		$	4.12		2.9	$	277,313

Significant_Accounting_Policie

Significant Accounting Policies - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014
Summary Of Significant Accounting Policies [Line Items]	'
Investment in savings account	$18,800,000
Percentage of interest recognized from savings account investment	0.10%
Interest income from savings account investment	5,194
Maximum	'
Summary Of Significant Accounting Policies [Line Items]	'
Deposit insured by the Federal Deposit Insurance Corporation	250,000
Option and License Agreement	'
Summary Of Significant Accounting Policies [Line Items]	'
Proceeds from up front cash payment	5,000,000
Licensing milestone	25,000,000
Option and License Agreement, deferred revenue	5,000,000
Option and License Agreement | Licensing fee if Merck is unable to advance directly to Phase III trials of Tcelna	'
Summary Of Significant Accounting Policies [Line Items]	'
Licensing milestone	$15,000,000

Other_Current_Assets_Detail

Other Current Assets (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Other Assets, Current [Line Items]	'	'
Prepaid expenses	$724,750	$315,014
Supplies Inventory	688,913	673,044
Deferred offering costs	151,985	134,518
Other current assets	$1,565,648	$1,122,576

Other_Current_Assets_Additiona

Other Current Assets - Additional Information (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items]	'	'
Advance payments to vendors and consultants	$453,800	$21,982
Deferred financing cost	151,985	134,518
Other Long-term Assets	'	'
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items]	'	'
Deferred financing cost	63,013	63,013
$1.5 Million Purchase Agreement with Lincoln Park	'	'
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items]	'	'
Purchase agreement, aggregate shares opexa has right to sell	1,500,000	1,500,000
Purchase Agreements | Other Current Assets	'	'
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items]	'	'
Deferred financing cost	134,518	134,518
Purchase Agreements | $1.5 Million Purchase Agreement with Lincoln Park	'	'
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items]	'	'
Purchase agreement, aggregate shares opexa has right to sell	1,500,000	'
Merck Agreement | Other Current Assets	'	'
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items]	'	'
Deferred financing cost	44,069	44,069
Merck Agreement | Other Long-term Assets	'	'
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items]	'	'
Deferred financing cost	63,013	63,013
ATM Agreement | Third Party	'	'
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items]	'	'
Deferred financing cost	$17,467	'

Other_Long_Term_Assets_Additio

Other Long Term Assets - Additional Information (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Other Noncurrent Assets [Line Items]	'	'
Deferred financing cost	$151,985	$134,518
Purchase Agreements	'	'
Other Noncurrent Assets [Line Items]	'	'
Deferred financing cost, non current	103,636	103,636
Other Long-term Assets	'	'
Other Noncurrent Assets [Line Items]	'	'
Deferred financing cost	63,013	63,013
Other Long-term Assets | $15 Million Purchase Agreement with Lincoln Park	'	'
Other Noncurrent Assets [Line Items]	'	'
Purchase agreement, aggregate shares opexa has right to sell	$15,000,000	$15,000,000

Equity_Additional_Information_

Equity - Additional Information (Detail) (USD $)	134 Months Ended	3 Months Ended	1 Months Ended	3 Months Ended	0 Months Ended	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2014	Mar. 19, 2014	Mar. 31, 2014	Feb. 28, 2014	Mar. 31, 2014
		Senior management	Director	Director	Board and Management	Board and Management
Equity [Line Items]	'	'	'	'	'	'
Stock issued for services	$1,993,182	$77,814	'	$466	'	$21,896
Restricted common stock shares issued	'	'	6,000	'	109,617	'
Restricted common stock shares issued, aggregate fair value	'	'	$12,000	'	$199,503	'

StockBased_Compensation_Additi

Stock-Based Compensation - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Share based compensation, common stock shares issued and outstanding	2,457,628	1,162,449
Stock-based compensation expense	$331,031	'
Unamortized stock-based compensation expense	2,031,730	'
Number of Shares, Granted	1,340,690	'
Weighted average exercise price, Granted	$1.82	'
Number of Shares, Forfeited and canceled	45,511	'
2010 Plan	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Stock based compensation, common stock shares authorized	625,000	'
Share based compensation, common stock shares issued and outstanding	2,457,628	'
Employee Options	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Stock option, term	'10 years	'
Number of Shares, Forfeited and canceled	45,511	'
Employee Options | Senior management	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Stock option, term	'10 years	'
Number of Shares, Granted	510,125	'
Weighted average exercise price, Granted	$1.82	'
Stock options vesting percentage	100.00%	'
Vesting period	'3 years	'
Fair value of stock granted during period	918,554	'
Discount rate	2.65%	'
Stock option expected term	'10 years	'
Volatility rate	172.00%	'
Expected dividends	0	'
Employee Options | Employee	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Stock option, term	'10 years	'
Number of Shares, Granted	710,125	'
Vesting period	'4 years	'
Fair value of stock granted during period	1,260,913	'
Stock option expected term	'6 years 3 months	'
Volatility rate	186.00%	'
Expected dividends	0	'
Employee Options | Employee | Minimum	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Weighted average exercise price, Granted	$1.78	'
Discount rate	265.00%	'
Employee Options | Employee | Maximum	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Weighted average exercise price, Granted	$1.82	'
Discount rate	2.79%	'
Non Employee Director Stock Option	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Number of Shares, Granted	120,440	'
Stock option expected term	'5 years 3 months	'
Expected dividends	$0	'
Fair value stock granted during period	$211,097	'
Non Employee Director Stock Option | Minimum	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Weighted average exercise price, Granted	$1.82	'
Discount rate	2.65%	'
Volatility rate	155.00%	'
Non Employee Director Stock Option | Maximum	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Weighted average exercise price, Granted	$2	'
Discount rate	2.77%	'
Volatility rate	157.00%	'
Non Employee Director Stock Option | Options to purchase an aggregate of 78,858 shares	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Stock option, term	'10 years	'
Number of Shares, Granted	78,858	'
Stock options vesting percentage	50.00%	'
Non Employee Director Stock Option | Options to purchase an aggregate of 78,858 shares | Vest at 12/31/2014	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Stock options vesting percentage, remaining of period	50.00%	'
Non Employee Director Stock Option | Options to purchase an aggregate of 26,288 shares	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Stock option, term	'10 years	'
Number of Shares, Granted	26,288	'
Non Employee Director Stock Option | Options to purchase an aggregate of 26,288 shares | Vest After One Year From Grant Date	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Stock options vesting percentage, remaining of period	50.00%	'
Non Employee Director Stock Option | Options to purchase an aggregate of 8,844 shares	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Stock option, term	'10 years	'
Number of Shares, Granted	8,844	'
Non Employee Director Stock Option | Options to purchase an aggregate of 6,450 shares	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Stock option, term	'10 years	'
Number of Shares, Granted	6,450	'

Stock_Option_Activity_Detail

Stock Option Activity (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014
Number of Shares	'
Number of Shares, Outstanding at beginning of period	1,162,449
Number of Shares, Granted	1,340,690
Number of Shares, Exercised	'
Number of Shares, Forfeited and canceled	-45,511
Number of Shares, Outstanding at end of period	2,457,628
Number of Shares, Exercisable at end of period	762,793
Weighted average exercise price	'
Weighted average exercise price, Outstanding at beginning of period	$4.30
Weighted average exercise price, Granted	$1.82
Weighted average exercise price, Exercised	'
Weighted average exercise price, Forfeited and canceled	$3.65
Weighted average exercise price, Outstanding at end of period	$2.96
Weighted average exercise price, Exercisable at end of period	$5.02
Weighted average remaining contract term	'
Weighted average remaining contract term, Outstanding at end of period	'8 years 8 months 12 days
Weighted average remaining contract term, Exercisable at end of period	'6 years 9 months 18 days
Intrinsic Value	'
Intrinsic Value, Outstanding at end of period	$153,522
Intrinsic Value, Exercisable at end of period	$68,356

Warrant_Activity_Detail

Warrant Activity (Detail) (Warrants, USD $)	3 Months Ended
	Mar. 31, 2014
Warrants	'
Number of Shares	'
Number of Shares, Outstanding at beginning of period	3,069,113
Number of Shares, Granted	'
Number of Shares, Exercised	'
Number of Shares, Forfeited and canceled	'
Number of Shares, Outstanding at end of period	3,069,113
Number of Shares, Exercisable at end of period	3,069,113
Weighted average exercise price	'
Weighted average exercise price, Outstanding at beginning of period	$4.12
Weighted average exercise price, Granted	'
Weighted average exercise price, Exercised	'
Weighted average exercise price, Forfeited and canceled	'
Weighted average exercise price, Outstanding at end of period	$4.12
Weighted average exercise price, Exercisable at end of period	$4.12
Weighted average remaining contract term	'
Weighted average remaining contract term, Outstanding at end of period	'2 years 10 months 24 days
Weighted average remaining contract term, Exercisable at end of period	'2 years 10 months 24 days
Intrinsic Value	'
Intrinsic Value, Outstanding at end of period	$277,313
Intrinsic Value, Exercisable at end of the period	$277,313