Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 6-May-15 | |
Document Information [Line Items] | ||
Entity Registrant Name | NORTHWEST BIOTHERAPEUTICS INC | |
Entity Central Index Key | 1072379 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | NWBO | |
Entity Common Stock, Shares Outstanding | 76,889,028 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2015 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $3,170 | $13,390 |
Restricted cash - interest payments held in escrow | 879 | 865 |
Prepaid expenses and other current assets | 666 | 387 |
Total current assets | 4,715 | 14,642 |
Non-current assets: | ||
Property, plant and equipment, net | 41,386 | 39,999 |
Deferred financing cost, net | 1,939 | 1,985 |
Restricted cash - interest payments held in escrow, net of current portion | 1,318 | 1,760 |
Other assets | 55 | 55 |
Total non-current assets | 44,698 | 43,799 |
Total assets | 49,413 | 58,441 |
Current liabilities: | ||
Accounts payable | 9,744 | 9,826 |
Accounts payable from related party | 5,831 | 5,729 |
Accrued expenses (includes related party of $9 and $8 as of March 31, 2015 and December 31, 2014, respectively) | 940 | 1,211 |
Convertible notes, net (includes related party note of $50 and $50 as of March 31, 2015 and December 31, 2014, respectively) | 238 | 238 |
Note payable - in dispute | 934 | 934 |
Environmental remediation liability | 6,200 | 6,200 |
Derivative liability | 67,081 | 44,742 |
Total current liabilities | 90,968 | 68,880 |
Non-current liabilities: | ||
Convertible note | 17,500 | 17,500 |
Mortgage loan | 11,496 | 6,990 |
Other accrued expenses | 148 | 98 |
Total non-current liabilities | 29,144 | 24,588 |
Total liabilities | 120,112 | 93,468 |
Stockholders' equity (deficit): | ||
Preferred stock ($0.001 par value); 40,000,000 shares authorized; 0 shares issued and outstanding as of March 31, 2015 and December 31, 2014, respectively | 0 | 0 |
Common stock ($0.001 par value); 450,000,000 shares authorized; 70,310,724 and 68,957,469 shares issued and outstanding as of March 31, 2015 and December 31, 2014, respectively | 70 | 69 |
Additional paid-in capital | 496,443 | 485,615 |
Accumulated deficit | -566,954 | -520,521 |
Cumulative translation adjustment | -258 | -190 |
Total stockholders' equity (deficit) | -70,699 | -35,027 |
Total liabilities and stockholders' equity (deficit) | $49,413 | $58,441 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Accrued expenses, related party net (in dollars) | $9 | $8 |
Convertible notes payable current related parties, net (in dollars) | $50 | $50 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 40,000,000 | 40,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Common stock, shares issued | 70,310,724 | 68,957,469 |
Common stock, shares outstanding | 70,310,724 | 68,957,469 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues: | ||
Research grant and other | $194 | $0 |
Total revenues | 194 | 0 |
Operating costs and expenses: | ||
Research and development | 19,703 | 19,986 |
General and administrative | 3,319 | 3,693 |
Depreciation and amortization | 3 | 3 |
Total operating costs and expenses | 23,025 | 23,682 |
Loss from operations | -22,831 | -23,682 |
Other income (expense): | ||
Inducement expense | 0 | -5,251 |
Change in fair value of derivative liability | -23,158 | -16,984 |
Interest expense | -793 | -122 |
Gain (loss) on foreign currency exchange | 349 | -2 |
Net loss | ($46,433) | ($46,041) |
Net loss per share applicable to common stockholders - basic and diluted (in dollars per share) | ($0.67) | ($0.88) |
Weighted average shares used in computing basic and diluted loss per share (in shares) | 69,406 | 52,377 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net loss | ($46,433) | ($46,041) |
Other comprehensive loss | ||
Foreign currency translation adjustment | -68 | 0 |
Total comprehensive loss | ($46,501) | ($46,041) |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Cumulative Translation Adjustment [Member] |
In Thousands, except Share data | |||||
Balance at Dec. 31, 2014 | ($35,027) | $69 | $485,615 | ($520,521) | ($190) |
Balance (in shares) at Dec. 31, 2014 | 68,957,000 | ||||
Proceeds from warrants exercises | 3,651 | 1 | 3,650 | 0 | 0 |
Proceeds from warrants exercises (in shares) | 888,000 | ||||
Redeemable securities settlement | 299 | 0 | 299 | 0 | 0 |
Redeemable securities settlement (in shares) | 80,000 | ||||
Cashless warrants exercise | 520 | 0 | 520 | 0 | 0 |
Cashless warrants exercise (in shares) | 385,000 | ||||
Stock compensation expense - Cognate BioServices | 6,359 | 0 | 6,359 | 0 | 0 |
Stock compensation expense - Cognate BioServices (in shares) | 0 | ||||
Net loss | -46,433 | 0 | 0 | -46,433 | 0 |
Cumulative translation adjustment | -258 | 0 | 0 | 0 | -68 |
Balance at Mar. 31, 2015 | ($70,699) | $70 | $496,443 | ($566,954) | ($258) |
Balance (in shares) at Mar. 31, 2015 | 70,310,000 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash Flows from Operating Activities: | ||
Net Loss | ($46,433) | ($46,041) |
Reconciliation of net loss to net cash used in operating activities: | ||
Depreciation and amortization | 3 | 3 |
Amortization of deferred financing cost | 234 | 0 |
Change in fair value of derivatives | 23,158 | 16,984 |
Gain on foreign currency exchange | -349 | 0 |
Accrued interest converted to common stock | 0 | 76 |
Stock and warrants issued to Cognate BioServices as compensation under Cognate Agreements | 6,359 | 7,961 |
Stock and warrants issued for services | 0 | 1,567 |
Inducement expense | 0 | 5,251 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | -279 | 0 |
Accounts payable and accrued expenses | -378 | 277 |
Related party accounts payable and accrued expenses | 103 | 3,363 |
Net cash used in operating activities | -17,582 | -10,559 |
Cash Flows from Investing Activities: | ||
Purchase of property and equipment | -1,133 | 0 |
Net cash used in investing activities | -1,133 | 0 |
Cash Flows from Financing Activities: | ||
Proceeds from mortgage loan | 4,997 | 0 |
Deferred offering cost related to mortgage loan | -138 | 0 |
Proceeds from investor deposit | 0 | 1,400 |
Repayment of convertible promissory notes | 0 | -25 |
Proceeds from exercise of warrants | 3,651 | 2,692 |
Proceeds from issuance common stock and warrants, net of offering cost | 0 | 224 |
Offering costs | 0 | -1 |
Net cash provided by financing activities | 8,510 | 4,290 |
Effect of exchange changes on cash | -15 | 0 |
Net decrease in cash and cash equivalents | -10,220 | -6,269 |
Cash and cash equivalents at beginning of period | 13,390 | 18,499 |
Cash and cash equivalents at end of period | 3,170 | 12,230 |
Supplemental schedule of non-cash investing and financing activities: | ||
Reclass of redeemable security to equity | 0 | 8,913 |
Accrued Exit Fee incurred from mortgage loan | 50 | 0 |
Cashless warrant exercise on warrant liability | 520 | 0 |
Increase in accounts payable related to UK property | 257 | 0 |
Interest payment on convertible note from escrow | 428 | 0 |
Redeemable security settlement | 299 | 0 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 735 | 0 |
Notes Payable and Accrued Expenses [Member] | ||
Supplemental schedule of non-cash investing and financing activities: | ||
Issuance of common stock | 0 | 140 |
Cognate Bioservices [Member] | ||
Supplemental schedule of non-cash investing and financing activities: | ||
Issuance of common stock | $0 | $5,926 |
Organization_and_Description_o
Organization and Description of Business and Recent Developments | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Organization and Description of Business and Recent Developments |
Northwest Biotherapeutics, Inc. and its subsidiaries NW Bio Europe S.A.R.L, NW Bio Gmbh and Aracaris Capital, Ltd. (collectively, the “Company”, “we”, “us” and “our”) were organized to discover and develop innovative immunotherapies for cancer. | |
The Company’s platform technology, DCVax, is currently being tested for the treatment of certain types of cancers through clinical trials in the United States and Europe that are in various phases. | |
Recent Developments | |
On February 13, 2015, the Company entered into a mortgage loan agreement (“the Mortgage”) with Lancashire Mortgage Corporation Limited in UK for approximately $5.0 million. The Mortgage has an 18 month term with a 12% annual interest rate. | |
On April 2, 2015, the Company entered into a stock purchase agreement (the “Agreement”) with Woodford Investment Management LLP as agent for the CF Woodford Equity Income Fund and other clients (collectively, “Woodford”). Pursuant to the Agreement, the Company sold 5,405,405 shares of the Company’s unregistered common stock, par value $0.001 per share (the “Shares”), at a purchase price of $7.40 per Share for an aggregate purchase price of $40,000,000. The sale of the Shares took place in two separate closings as follows: (i) 1,554,054 shares for a purchase price of $11,500,000 which closed on April 8, 2015; and (ii) an additional 3,851,351 shares for a purchase price of $28,500,000 which closed on May 1, 2015. There are no warrants, pre-emptive rights or other rights or preferences. | |
On April 13, 2015, an unrelated institutional investor elected to exchange all $2.5 million of its existing 5.00% Convertible Senior Notes due in August 2017 (the “Notes”) for common stock of the Company on the terms set forth in the Notes. The convertible debt was entered into in August 2014. Pursuant to the exchange, the investor received 378,535 shares of the Company’s common stock. The shares are being issued pursuant to the exemption from the registration requirements afforded by Section 3(a)(9) of the Securities Act of 1933, as amended. | |
Liquidity_and_Financial_Condit
Liquidity and Financial Condition | 3 Months Ended |
Mar. 31, 2015 | |
Liquidity [Abstract] | |
Liquidity and Financial Condition [Text Block] | 2. Liquidity and Financial Condition |
During the three months ended March 31, 2015, the Company used approximately $17.6 million of cash for its operations and for certain one-time payments. The Company incurred an aggregate combined cash and non-cash loss of $46.4 million for the three months ended March 31, 2015, including $29.4 million of non-cash charges associated with a mark to market charge for the change in the fair value of its derivative liability and other non-cash charges. | |
The Company had cash and cash equivalents of $3.2 million as of March 31, 2015, and a deficit in current assets less accounts payable and accrued expenses, non-cash derivative liabilities and estimated potential environmental liabilities and notes payable of approximately $86.3 million at March 31, 2015. The non-cash derivative liabilities comprised $67.1 million of the $86.1 million total. The Company owes an aggregate of $5.8 million of trade liabilities and convertible notes to related parties. | |
Because of recurring operating losses, net operating cash flow deficits, and an accumulated deficit there is substantial doubt about the Company’s ability to continue as a going concern. The financial statements have been prepared assuming the Company will continue as a going concern and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that might become necessary should the Company be able to continue as a going concern. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 3. Summary of Significant Accounting Policies |
Basis of Presentation | |
The accompanying unaudited condensed consolidated interim financial statements include the accounts of the Company and its subsidiaries. All material intercompany balances and transactions have been eliminated. | |
The accompanying unaudited condensed financial statements as of March 31, 2015 and for the three months then ended have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (“SEC”) and on the same basis as the Company prepares its annual audited consolidated financial statements. The condensed consolidated balance sheet as of March 31, 2015, condensed consolidated statements of operations for the three months ended March 31, 2015 and 2014, condensed consolidated statements of comprehensive loss for the three months ended March 31, 2015 and 2014 condensed consolidated statement of stockholders’ equity (deficit) for the three months ended March 31, 2015, and the condensed consolidated statements of cash flows for the three months ended March 31, 2015 and 2014 are unaudited, but include all adjustments, consisting only of normal recurring adjustments, which the Company considers necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The results for the three months ended March 31, 2015 are not necessarily indicative of results to be expected for the year ending December 31, 2015 or for any future interim period. The condensed balance sheet at December 31, 2014 has been derived from audited financial statements; however, it does not include all of the information and notes required by U.S. GAAP for complete financial statements. The accompanying condensed financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2014, and notes thereto included in the Company’s annual report on Form 10-K, which was filed with the SEC on March 17, 2015. | |
Use of Estimates | |
In preparing financial statements in conformity with U.S. GAAP, management is required 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, as well as the reported amounts of expenses during the reporting period. Due to inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions. These estimates and assumptions include valuing equity securities in share-based payment arrangements, valuing environmental liabilities, estimating the fair value of equity instruments recorded as derivative liabilities, and estimating the useful lives of depreciable assets and whether impairment charges may apply. | |
Environmental Remediation Liabilities | |
The Company records environmental remediation liabilities for properties acquired. The environmental remediation liabilities are initially recorded at fair value. The liability is reduced for actual costs incurred in connection with the clean-up activities for each property. Upon completion of the clean-up, the environmental remediation liability is adjusted to equal the fair value of the remaining operation, maintenance and monitoring activities to be performed for the property. The reduction in the liability resulting from the completion of the clean-up is included in other income. As of March 31, 2015, we estimate that the total environmental remediation costs associated with the purchase of the UK Facility will be approximately $ 6.2 million and. Contamination clean-up costs that improve the property from its original acquisition state are capitalized as part of the property’s overall development costs. The Company engaged a third party specialist to conduct certain surveys of the condition of the property which included, among other things, a preliminary analysis of potential environmental remediation exposures. The Company determined, based on information contained in the specialist’s report, that it would be required to estimate the fair value of an unconditional obligation to remediate specific ground contamination at an estimated fair of approximately $ 6.2 million. The Company computed the fair value of this obligation using a probability weighted approach that measures the likelihood of the following two potential outcomes: (i) a higher probability requirement of erecting a protective barrier around the affected area at an estimated cost of approximately $4.5 million, and (ii) a lower probability requirement of having to excavate the affected area at an estimated cost of approximately $32.0 million. The Company’s estimate is preliminary and therefore subject to change as further studies are conducted, and as additional facts come to the Company’s attention. Environmental remediation efforts are complex, technical and subject to various uncertainties. Accordingly, it is at least reasonably possible that any changes in the Company’s estimate could materially differ from the management’s preliminary discussed herein. | |
Research and Development Costs | |
Research and development costs are charged to operations as incurred and consist primarily of clinical trial costs for the Company’s Phase III and Phase I/II clinical trials, related party manufacturing costs, consulting costs, contract research and development costs, and compensation costs. | |
For the three months ended March 31, 2015 and 2014, the Company recognized research and development costs (cash and non-cash combined) of $19.7 million and $20.0 million, respectively. Included in research and development expense was $2.4 million and $1.4 million, and $0.7 million and $0.9 million, respectively, related to clinical site expenses such as CRO fees and site fees. | |
For the three months ended March 31, 2015 and 2014, the Company made cash payments of approximately $8.2 million, and $5.3 million, for the two periods, respectively, to Cognate BioServices, Inc. (“Cognate”). At March 31, 2015 and 2014, the Company owed Cognate $5.8 million and $1.0 million, respectively, for unpaid invoices for services performed by Cognate (including manufacturing for both the Phase III and Phase I/II clinical trials, ongoing product and process development, expansion of several company programs and services related to expansion of manufacturing capacity). | |
For the three months ended March 31, 2015 and 2014, the Company incurred non-cash equity based compensation (restricted common stock and warrants) related to Cognate BioServices of $6.4 million and $8.0 million, respectively. This equity compensation primarily involved one-time initiation payments of shares and warrants relating to the four new agreements the Company entered into with Cognate in January, 2014. The shares are vesting over a period of three years from the date of the agreements. The fair value calculation of these shares was determined using the market price for tradable shares; however the shares issued to Cognate were unregistered restricted shares. The equity compensation also included lock-up warrants (for the lock-up of Cognate shares) and most favored nation shares and warrants. | |
Foreign Currency Transactions | |
The mortgage loan, which is denominated in a foreign currency (British Pounds), is converted into the Company’s functional currency (the United States dollar) at the exchange rate on the balance sheet date. | |
Foreign Currency Translation | |
Assets and liabilities related to the Company’s German operations are calculated using Euros and are translated at end-of-period exchange rates, while the related expenses are translated at average exchange rates prevailing during the period. Translation adjustments are recorded as a separate component of consolidated stockholders’ equity (deficit). | |
Comprehensive Loss | |
During the three months ended March 31, 2015, the Company’s comprehensive loss (cash and non-cash combined) is $46.5 million. | |
Significant Accounting Policies | |
There have been no material changes in the Company’s significant accounting policies to those previously disclosed in the 2014 Annual Report. | |
Recent Accounting Pronouncements | |
In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which require debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. ASU 2015-03 is effective for the interim and annual periods ending after December 15, 2015. The Company does not expect any material impact from adoption of this guidance on the Company's condensed consolidated financial statements. | |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||
Fair Value Disclosures [Text Block] | 4. Fair Value Measurements | |||||||||||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various methods including market, income and cost approaches. Based on these approaches, the Company often utilizes certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable inputs. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Based on the observability of the inputs used in the valuation techniques the Company is required to provide the following information according to the fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: | ||||||||||||||
Level 1 - Quoted prices for identical assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. | ||||||||||||||
Level 2 - Observable inputs other than Level 1 including quoted prices for similar assets or liabilities, quoted prices in less active markets, or other observable inputs that can be corroborated by observable market data. Level 2 also includes derivative contracts whose value is determined using a pricing model with observable market inputs or can be derived principally from or corroborated by observable market data. | ||||||||||||||
Level 3 - Unobservable inputs supported by little or no market activity for financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation; also includes observable inputs for nonbinding single dealer quotes not corroborated by observable market data. | ||||||||||||||
The Company has various processes and controls in place to ensure that fair value is reasonably estimated. A model validation policy governs the use and control of valuation models used to estimate fair value. The Company performs due diligence procedures over third-party pricing service providers in order to support their use in the valuation process. Where market information is not available to support internal valuations, independent reviews of the valuations are performed and any material exposures are escalated through a management review process. | ||||||||||||||
While the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. | ||||||||||||||
The following table classifies the Company’s liabilities measured at fair value on a recurring basis into the fair value hierarchy as of March 31, 2015 and December 31, 2014 (in thousands): | ||||||||||||||
Fair value measured at March 31, 2015 | ||||||||||||||
Quoted prices in active | Significant other | Significant | ||||||||||||
Fair value at | markets | observable inputs | unobservable inputs | |||||||||||
March 31, 2015 | (Level 1) | (Level 2) | (Level 3) | |||||||||||
Warrant liability | $ | 67,081 | $ | - | $ | - | $ | 67,081 | ||||||
Fair value measured at December 31, 2014 | ||||||||||||||
Quoted prices in active | Significant other | Significant | ||||||||||||
Fair value at | markets | observable inputs | unobservable inputs | |||||||||||
December 31, 2014 | (Level 1) | (Level 2) | (Level 3) | |||||||||||
Warrant liability | $ | 44,742 | $ | - | $ | - | $ | 44,742 | ||||||
There were no transfers between Level 1, 2 or 3 during the three month period ended March 31, 2015. | ||||||||||||||
The following table presents changes in Level 3 liabilities measured at fair value for the three month period ended March 31, 2015. Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. Unrealized gains and losses associated with liabilities within the Level 3 category include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long- | ||||||||||||||
dated volatilities) inputs (in thousands). | ||||||||||||||
Warrant | ||||||||||||||
Liability | ||||||||||||||
Balance – December 31, 2014 | $ | 44,742 | ||||||||||||
Change in fair value | 23,158 | |||||||||||||
Cashless warrants exercise | -520 | |||||||||||||
Redeemable security settlement | -299 | |||||||||||||
Balance – March 31, 2015 | $ | 67,081 | ||||||||||||
The Company’s warrant liabilities are measured at fair value using the Monte Carlo simulation valuation methodology. A summary of quantitative information about significant unobservable inputs (Level 3 inputs) used in measuring the Company’s warrant liabilities that are categorized within Level 3 of the fair value hierarchy for the three months ended March 31, 2015 is as follows: | ||||||||||||||
Date of valuation | March 4, 2015* | March 31, 2015 | ||||||||||||
Dividend yield (per share) | 0 | % | 0 | % | ||||||||||
Strike price | $ | 3.35 | $2.40-$5.97 | |||||||||||
Volatility (annual) | 70 | % | 75 | % | ||||||||||
Risk-free rate | 0.3 | % | 0.9%-1.4 | % | ||||||||||
Contractual term (years) | 1.5 | 3.3-4.4 | ||||||||||||
* Inputs for cashless exercise derivative warrants | ||||||||||||||
The development and determination of the unobservable inputs for Level 3 fair value measurements and fair value calculations are the responsibility of the Company’s management. | ||||||||||||||
Stockbased_Compensation_NonEmp
Stock-based Compensation- Non-Employees | 3 Months Ended |
Mar. 31, 2015 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 5. Stock-based Compensation- Non-Employees |
Stock-based payment expense related to Cognate services was $6.4 million and $2.5 million for the three months ended March 31, 2015 and March 31, 2014, respectively. Approximately $3.1 million in compensation costs per calendar quarter may be recognized over the next 1.6 years based on the fair market value of stock of $7.37. | |
Property_and_Equipment
Property and Equipment | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | 6. Property and Equipment | |||||||
Property and equipment consist of the following at March 31, 2015 and December 31, 2014 (in thousands): | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Leasehold improvements | $ | 69 | $ | 69 | ||||
Office furniture and equipment | 25 | 25 | ||||||
Computer equipment and software | 137 | 137 | ||||||
Construction in progress (property in the United Kingdom) | 41,318 | 39,928 | ||||||
41,549 | 40,159 | |||||||
Less: accumulated depreciation | -163 | -160 | ||||||
$ | 41,386 | $ | 39,999 | |||||
Depreciation expense was approximately $3,000 for the three months ended March 31, 2015. | ||||||||
Notes_Payable
Notes Payable | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt Disclosure [Text Block] | 7. Notes Payable | |||||||
2014 Convertible Senior Notes | ||||||||
On August 19, 2014, the Company completed a private offering of $17.5 million aggregate principal amount of Senior Notes with an initial conversion price of $7.30 per share, for total net proceeds to the Company of approximately $16.2 million after deducting placement agent fees and other offering costs. The Company capitalized these placement agent fees and other offering costs as deferred financing cost. Interest expense amounted to $0.3 million which included $0.2 million related to the 5% coupon and $0.12 million related to the deferred offering costs for the three months ended March 31, 2015. | ||||||||
The Senior Notes are due on August 15, 2017, and are not convertible during the first three months, unless the current stock price is greater than 150% of the conversion price. Thereafter, the Senior Notes are convertible at any time. Pursuant to a one-time potential price reset provision, the conversion price was reset from $7.30 per share to $6.60 per share, as described below. The initial investors had a 3-month right to purchase an additional 30% on the same terms and conditions as the initial purchase, but did not exercise it. The Company deposited approximately $2.6 million from the total proceeds in an escrow account. This funding is sufficient to fund, when due, the total aggregate amount of the six scheduled semi-annual interest payments during the term of the notes, excluding additional interest, if any. | ||||||||
Conversion Price | ||||||||
Pursuant to a one-time potential price reset provision, on February 15, 2015, the initial conversion price of $7.30 was reset (“Reset”) to the lower of (a) the initial conversion price or (b) 110% of the common stock price on the 10 trading days ending on February 15, 2015. The adjustment resulted in reduction of the conversion price from $7.30 to $6.60 per share (151.4142 shares per $1,000). The fair value of the common stock was $6.07 on the rest date. | ||||||||
Mortgage Loan | ||||||||
On November 17, 2014, the Company entered into a mortgage loan agreement (“the First Mortgage”) with Lancashire Mortgage Corporation Limited in UK for approximately $10 million (£6.25 million). The First Mortgage has a 2 year term with a 12% annual interest rate. The Company initially received the first tranche of approximately $7 million (£4.5 million), and this amount was netted by approximately $0.3 million of a related financing charge, which was capitalized as deferred financing cost that is being amortized over the term of the First Mortgage. Interest expense amounted to $0.2 million for the three months ended March 31, 2015, which included $0.2 million related to the 12% coupon and $0.05 million related to the amortization of deferred offering financing costs on the mortgage loan. | ||||||||
On February 13, 2015, the Company entered into a second mortgage loan agreement (“the Second Mortgage”) with Lancashire Mortgage Corporation Limited in UK to expand the facility to $12 million (£7.75 million). The Second Mortgage has a 1.5 year term with a 12% annual interest rate. The Company received gross proceeds of approximately $5 million (£3.25 million), and this amount was netted by approximately $0.1 million of a related financing charge, which was capitalized as deferred financing cost that is being amortized over the term of the Second Mortgage. Interest expense amounted to $0.09 million for the three months ended March 31, 2015, which included $0.07 million related to the 12% coupon and $0.02 million related to the amortization of deferred offering financing costs on the mortgage loan. | ||||||||
Other Notes Payable | ||||||||
Notes payable consist of the following at March 31, 2015 and December 31, 2014 (in thousands): | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Notes payable - current | ||||||||
12% unsecured originally due July 2011 - in dispute (1) | $ | 934 | $ | 934 | ||||
934 | 934 | |||||||
Convertible notes payable, net - current | ||||||||
6% unsecured (2) | 135 | 135 | ||||||
8% unsecured note due 2014 (3) | 53 | 53 | ||||||
188 | 188 | |||||||
Note payable | ||||||||
6% due on demand (4) | 50 | 50 | ||||||
50 | 50 | |||||||
Total notes payable, net | $ | 1,172 | $ | 1,172 | ||||
(1) This $0.934 million note, which was originally due in July 2011 is currently under dispute with the creditor as to the validity of the note payable balance, which the Company believes has already been paid in full and is not outstanding. | ||||||||
(2) This $0.135 million note as of March 31, 2015 consists of two separate 6% notes in the amounts of $0.110 million and $0.025 million. In regard to the $0.110 million note, the Company has made ongoing attempts to locate the creditor to repay or convert this note, but has been unable to locate the creditor to date. In regard to the $0.025 million note, the holder has elected to convert these notes into equity, the Company has delivered the applicable conversion documents to the holder, and the Company is waiting for the holder to execute and return the documents. | ||||||||
(3) This $0.053 million note was due May 25, 2014, and is currently past due. | ||||||||
(4) This $0.050 million demand note as of March 31, 2015 is held by an officer of the Company. The holder has made no demand for payment, but reserves the right to make a demand at any time. | ||||||||
Potentially_Dilutive_Securitie
Potentially Dilutive Securities | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Earnings Per Share [Abstract] | ||||||
Earnings Per Share [Text Block] | 8. Potentially Dilutive Securities | |||||
Options, warrants, and convertible debt outstanding were all considered anti-dilutive for the three month periods ended March 31, 2015, and 2014, due to net losses. The following securities were not included in the diluted net loss per share calculation because their effect was anti-dilutive as of the periods presented (in thousands): | ||||||
For the three months ended | ||||||
March 31, | ||||||
2015 | 2014 | |||||
Common stock options | 1,551 | 1,551 | ||||
Common stock warrants - equity treatment | 15,830 | 14,177 | ||||
Common stock warrants - liability treatment | 12,500 | 8,463 | ||||
Convertible notes | 2,797 | 81 | ||||
Potentially dilutive securities | 32,678 | 24,272 | ||||
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | |
Mar. 31, 2015 | ||
Related Party Transactions [Abstract] | ||
Related Party Transactions Disclosure [Text Block] | 9. Related Party Transactions | |
Cognate BioServices, Inc. | ||
Under the January 17, 2014 DCVax®-L Manufacturing Services Agreement and the DCVax-Direct Agreement, if the Company, in breach of the Agreements, shuts down or suspends its DCVax-L program or DCVax-Direct program with Cognate, the Company will be liable for certain fees in addition to any other remedies. The fees are based on the stage at which the shut down or suspension occurs: | ||
• | Prior to the last dose of the last patient enrolled in the Phase III trial for DCVax®-L or after the last dose of the last patient enrolled in the Phase III clinical trial for DCVax®-L but before any submission for product approval in any jurisdiction or after the submission of any application for market authorization but prior to receiving a marketing authorization approval: in any of these cases, the fee shall be $3 million. | |
• | At any time after receiving the equivalent of a marketing authorization for DCVax®-L in any jurisdiction, the fee shall be $5 million. | |
For the three months ended March 31, 2015, the Company made net disbursements to Cognate of approximately $8.2 million, including charges relating to manufacturing for both the Phase III and Phase I/II clinical trials, ongoing product and process development, and expansion of several Company programs under these service agreements. | ||
As of March 31, 2015 and December 31, 2014, the Company owed Cognate (including third party sub-contract amounts) approximately $5.8 million and $1.0 million, included in accounts payable related party, respectively. | ||
Stockholders_Equity_Deficit
Stockholdersb Equity (Deficit) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Stockholders' Equity Note [Abstract] | |||||||
Stockholders' Equity Note Disclosure [Text Block] | 10. Stockholders’ Equity (Deficit) | ||||||
Common Stock Issuances | |||||||
During the quarter ended March 31, 2015, the Company issued an aggregate of 888,187 shares of common stock from the exercise of warrants receiving approximately $3.7 million of proceeds. | |||||||
During the quarter ended March 31, 2015, the Company issued 80,068 shares of common stock to an individual investor as settlement of redemption of redeemable securities. The fair value of the settlement was $0.3 million and was recorded to offset derivative liabilities. | |||||||
During the quarter ended March 31, 2015, the Company issued an aggregate of 385,000 shares of common stock to an individual investor from the cashless exercise of warrants previously issued. The warrants were classified as warrant liability. The fair value of the warrants on the date of exercise was $0.5 million. | |||||||
Stock Purchase Warrants | |||||||
The following is a summary of warrant activity for the three months ended March 31, 2015 (in thousands): | |||||||
Number of | Weighted Average | ||||||
Warrants | Exercise Price | ||||||
Outstanding as of December 31, 2014 | 29,385 | $ | 4.72 | ||||
Warrants exercised for cash | -888 | 4.11 | |||||
Warrants exercised on a cashless basis* | -117 | 3.35 | |||||
Warrant adjustment due to Cognate price reset | 62 | 3.35 | |||||
Expired in first quarter of 2015 | -128 | 9.42 | |||||
Adjustment related to prior issued warrants | 16 | 5.73 | |||||
Outstanding as of March 31, 2015 ** | 28,330 | $ | 4.72 | ||||
*The warrants contain “down round protection” and the Company classifies these warrant instruments as liabilities measured at fair value and re-measures these instruments at fair value each reporting period. | |||||||
** Approximately 14,323,003 warrants issued to Cognate, during the eight year period from 2008 through 2015, with a weighted average exercise price and remaining contractual term of $3.3 and 4.4 years, respectively. The weighted average exercise price gives effect to adjustments related to the most favored nation clause that occurred during the period. | |||||||
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 11. Subsequent Events |
Management of the Company performed an evaluation of all subsequent events that occurred as of the date these financial statements were issued to determine if they must be reported. Management has determined that the following subsequent events are required to be disclosed: | |
On April 2, 2015, the Company entered into a stock purchase agreement (the “Agreement”) with Woodford Investment Management LLP as agent for the CF Woodford Equity Income Fund and other clients (collectively, “Woodford”). Pursuant to the Agreement, the Company has agreed to sell, and Woodford has agreed to purchase, 5,405,405 shares of the Company’s unregistered common stock, par value $0.001 per share (the “Shares”), at a purchase price of $7.40 per Share for an aggregate purchase price of $40,000,000. The sale of the Shares took place in two separate closings as follows: (i) 1,554,054 shares for a purchase price of $11,500,000 which closed on April 8, 2015; and (ii) an additional 3,851,351 shares for a purchase price of $28,500,000 which closed on May 1, 2015. There are no warrants, pre-emptive rights or other rights or preferences. | |
Subsequent to March 31, 2015 $3.0 million of the 2014 Convertible Senior Notes were converted into common stock of the Company on the terms set forth in the agreement. Pursuant to the exchange, on the terms set forth in the Notes, the investors received approximately 454,000 shares of the Company’s common stock. The shares are being issued pursuant to the exemption from the registration requirements afforded by Section 3(a)(9) of the Securities Act of 1933, as amended. | |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation |
The accompanying unaudited condensed consolidated interim financial statements include the accounts of the Company and its subsidiaries. All material intercompany balances and transactions have been eliminated. | |
The accompanying unaudited condensed financial statements as of March 31, 2015 and for the three months then ended have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (“SEC”) and on the same basis as the Company prepares its annual audited consolidated financial statements. The condensed consolidated balance sheet as of March 31, 2015, condensed consolidated statements of operations for the three months ended March 31, 2015 and 2014, condensed consolidated statements of comprehensive loss for the three months ended March 31, 2015 and 2014 condensed consolidated statement of stockholders’ equity (deficit) for the three months ended March 31, 2015, and the condensed consolidated statements of cash flows for the three months ended March 31, 2015 and 2014 are unaudited, but include all adjustments, consisting only of normal recurring adjustments, which the Company considers necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The results for the three months ended March 31, 2015 are not necessarily indicative of results to be expected for the year ending December 31, 2015 or for any future interim period. The condensed balance sheet at December 31, 2014 has been derived from audited financial statements; however, it does not include all of the information and notes required by U.S. GAAP for complete financial statements. The accompanying condensed financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2014, and notes thereto included in the Company’s annual report on Form 10-K, which was filed with the SEC on March 17, 2015. | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
In preparing financial statements in conformity with U.S. GAAP, management is required 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, as well as the reported amounts of expenses during the reporting period. Due to inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions. These estimates and assumptions include valuing equity securities in share-based payment arrangements, valuing environmental liabilities, estimating the fair value of equity instruments recorded as derivative liabilities, and estimating the useful lives of depreciable assets and whether impairment charges may apply. | |
Environmental Cost, Expense Policy [Policy Text Block] | Environmental Remediation Liabilities |
The Company records environmental remediation liabilities for properties acquired. The environmental remediation liabilities are initially recorded at fair value. The liability is reduced for actual costs incurred in connection with the clean-up activities for each property. Upon completion of the clean-up, the environmental remediation liability is adjusted to equal the fair value of the remaining operation, maintenance and monitoring activities to be performed for the property. The reduction in the liability resulting from the completion of the clean-up is included in other income. As of March 31, 2015, we estimate that the total environmental remediation costs associated with the purchase of the UK Facility will be approximately $ 6.2 million and. Contamination clean-up costs that improve the property from its original acquisition state are capitalized as part of the property’s overall development costs. The Company engaged a third party specialist to conduct certain surveys of the condition of the property which included, among other things, a preliminary analysis of potential environmental remediation exposures. The Company determined, based on information contained in the specialist’s report, that it would be required to estimate the fair value of an unconditional obligation to remediate specific ground contamination at an estimated fair of approximately $ 6.2 million. The Company computed the fair value of this obligation using a probability weighted approach that measures the likelihood of the following two potential outcomes: (i) a higher probability requirement of erecting a protective barrier around the affected area at an estimated cost of approximately $4.5 million, and (ii) a lower probability requirement of having to excavate the affected area at an estimated cost of approximately $32.0 million. The Company’s estimate is preliminary and therefore subject to change as further studies are conducted, and as additional facts come to the Company’s attention. Environmental remediation efforts are complex, technical and subject to various uncertainties. Accordingly, it is at least reasonably possible that any changes in the Company’s estimate could materially differ from the management’s preliminary discussed herein. | |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs |
Research and development costs are charged to operations as incurred and consist primarily of clinical trial costs for the Company’s Phase III and Phase I/II clinical trials, related party manufacturing costs, consulting costs, contract research and development costs, and compensation costs. | |
For the three months ended March 31, 2015 and 2014, the Company recognized research and development costs (cash and non-cash combined) of $19.7 million and $20.0 million, respectively. Included in research and development expense was $2.4 million and $1.4 million, and $0.7 million and $0.9 million, respectively, related to clinical site expenses such as CRO fees and site fees. | |
For the three months ended March 31, 2015 and 2014, the Company made cash payments of approximately $8.2 million, and $5.3 million, for the two periods, respectively, to Cognate BioServices, Inc. (“Cognate”). At March 31, 2015 and 2014, the Company owed Cognate $5.8 million and $1.0 million, respectively, for unpaid invoices for services performed by Cognate (including manufacturing for both the Phase III and Phase I/II clinical trials, ongoing product and process development, expansion of several company programs and services related to expansion of manufacturing capacity). | |
For the three months ended March 31, 2015 and 2014, the Company incurred non-cash equity based compensation (restricted common stock and warrants) related to Cognate BioServices of $6.4 million and $8.0 million, respectively. This equity compensation primarily involved one-time initiation payments of shares and warrants relating to the four new agreements the Company entered into with Cognate in January, 2014. The shares are vesting over a period of three years from the date of the agreements. The fair value calculation of these shares was determined using the market price for tradable shares; however the shares issued to Cognate were unregistered restricted shares. The equity compensation also included lock-up warrants (for the lock-up of Cognate shares) and most favored nation shares and warrants. | |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Transactions |
The mortgage loan, which is denominated in a foreign currency (British Pounds), is converted into the Company’s functional currency (the United States dollar) at the exchange rate on the balance sheet date. | |
Foreign Currency Translation | |
Assets and liabilities related to the Company’s German operations are calculated using Euros and are translated at end-of-period exchange rates, while the related expenses are translated at average exchange rates prevailing during the period. Translation adjustments are recorded as a separate component of consolidated stockholders’ equity (deficit). | |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Loss |
During the three months ended March 31, 2015, the Company’s comprehensive loss (cash and non-cash combined) is $46.5 million. | |
Significant Accounting Policies [Policy Text Block] | Significant Accounting Policies |
There have been no material changes in the Company’s significant accounting policies to those previously disclosed in the 2014 Annual Report. | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements |
In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which require debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. ASU 2015-03 is effective for the interim and annual periods ending after December 15, 2015. The Company does not expect any material impact from adoption of this guidance on the Company's condensed consolidated financial statements. | |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table classifies the Company’s liabilities measured at fair value on a recurring basis into the fair value hierarchy as of March 31, 2015 and December 31, 2014 (in thousands): | |||||||||||||
Fair value measured at March 31, 2015 | ||||||||||||||
Quoted prices in active | Significant other | Significant | ||||||||||||
Fair value at | markets | observable inputs | unobservable inputs | |||||||||||
March 31, 2015 | (Level 1) | (Level 2) | (Level 3) | |||||||||||
Warrant liability | $ | 67,081 | $ | - | $ | - | $ | 67,081 | ||||||
Fair value measured at December 31, 2014 | ||||||||||||||
Quoted prices in active | Significant other | Significant | ||||||||||||
Fair value at | markets | observable inputs | unobservable inputs | |||||||||||
December 31, 2014 | (Level 1) | (Level 2) | (Level 3) | |||||||||||
Warrant liability | $ | 44,742 | $ | - | $ | - | $ | 44,742 | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table presents changes in Level 3 liabilities measured at fair value for the three month period ended March 31, 2015. Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. Unrealized gains and losses associated with liabilities within the Level 3 category include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long- | |||||||||||||
dated volatilities) inputs (in thousands). | ||||||||||||||
Warrant | ||||||||||||||
Liability | ||||||||||||||
Balance – December 31, 2014 | $ | 44,742 | ||||||||||||
Change in fair value | 23,158 | |||||||||||||
Cashless warrants exercise | -520 | |||||||||||||
Redeemable security settlement | -299 | |||||||||||||
Balance – March 31, 2015 | $ | 67,081 | ||||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | A summary of quantitative information about significant unobservable inputs (Level 3 inputs) used in measuring the Company’s warrant liabilities that are categorized within Level 3 of the fair value hierarchy for the three months ended March 31, 2015 is as follows: | |||||||||||||
Date of valuation | March 4, 2015* | March 31, 2015 | ||||||||||||
Dividend yield (per share) | 0 | % | 0 | % | ||||||||||
Strike price | $ | 3.35 | $2.40-$5.97 | |||||||||||
Volatility (annual) | 70 | % | 75 | % | ||||||||||
Risk-free rate | 0.3 | % | 0.9%-1.4 | % | ||||||||||
Contractual term (years) | 1.5 | 3.3-4.4 | ||||||||||||
* Inputs for cashless exercise derivative warrants | ||||||||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment [Table Text Block] | Property and equipment consist of the following at March 31, 2015 and December 31, 2014 (in thousands): | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Leasehold improvements | $ | 69 | $ | 69 | ||||
Office furniture and equipment | 25 | 25 | ||||||
Computer equipment and software | 137 | 137 | ||||||
Construction in progress (property in the United Kingdom) | 41,318 | 39,928 | ||||||
41,549 | 40,159 | |||||||
Less: accumulated depreciation | -163 | -160 | ||||||
$ | 41,386 | $ | 39,999 | |||||
Notes_Payable_Tables
Notes Payable (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule of Debt [Table Text Block] | Notes payable consist of the following at March 31, 2015 and December 31, 2014 (in thousands): | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Notes payable - current | ||||||||
12% unsecured originally due July 2011 - in dispute (1) | $ | 934 | $ | 934 | ||||
934 | 934 | |||||||
Convertible notes payable, net - current | ||||||||
6% unsecured (2) | 135 | 135 | ||||||
8% unsecured note due 2014 (3) | 53 | 53 | ||||||
188 | 188 | |||||||
Note payable | ||||||||
6% due on demand (4) | 50 | 50 | ||||||
50 | 50 | |||||||
Total notes payable, net | $ | 1,172 | $ | 1,172 | ||||
(1) This $0.934 million note, which was originally due in July 2011 is currently under dispute with the creditor as to the validity of the note payable balance, which the Company believes has already been paid in full and is not outstanding. | ||||||||
(2) This $0.135 million note as of March 31, 2015 consists of two separate 6% notes in the amounts of $0.110 million and $0.025 million. In regard to the $0.110 million note, the Company has made ongoing attempts to locate the creditor to repay or convert this note, but has been unable to locate the creditor to date. In regard to the $0.025 million note, the holder has elected to convert these notes into equity, the Company has delivered the applicable conversion documents to the holder, and the Company is waiting for the holder to execute and return the documents. | ||||||||
(3) This $0.053 million note was due May 25, 2014, and is currently past due. | ||||||||
(4) This $0.050 million demand note as of March 31, 2015 is held by an officer of the Company. The holder has made no demand for payment, but reserves the right to make a demand at any time. | ||||||||
Potentially_Dilutive_Securitie1
Potentially Dilutive Securities (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Earnings Per Share [Abstract] | ||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The following securities were not included in the diluted net loss per share calculation because their effect was anti-dilutive as of the periods presented (in thousands): | |||||
For the three months ended | ||||||
March 31, | ||||||
2015 | 2014 | |||||
Common stock options | 1,551 | 1,551 | ||||
Common stock warrants - equity treatment | 15,830 | 14,177 | ||||
Common stock warrants - liability treatment | 12,500 | 8,463 | ||||
Convertible notes | 2,797 | 81 | ||||
Potentially dilutive securities | 32,678 | 24,272 | ||||
Stockholders_Equity_Deficit_Ta
Stockholdersb Equity (Deficit) (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Stockholders' Equity Note [Abstract] | |||||||
Schedule Of Warrant Activity [Table Text Block] | The following is a summary of warrant activity for the three months ended March 31, 2015 (in thousands): | ||||||
Number of | Weighted Average | ||||||
Warrants | Exercise Price | ||||||
Outstanding as of December 31, 2014 | 29,385 | $ | 4.72 | ||||
Warrants exercised for cash | -888 | 4.11 | |||||
Warrants exercised on a cashless basis* | -117 | 3.35 | |||||
Warrant adjustment due to Cognate price reset | 62 | 3.35 | |||||
Expired in first quarter of 2015 | -128 | 9.42 | |||||
Adjustment related to prior issued warrants | 16 | 5.73 | |||||
Outstanding as of March 31, 2015 ** | 28,330 | $ | 4.72 | ||||
*The warrants contain “down round protection” and the Company classifies these warrant instruments as liabilities measured at fair value and re-measures these instruments at fair value each reporting period. | |||||||
** Approximately 14,323,003 warrants issued to Cognate, during the eight year period from 2008 through 2015, with a weighted average exercise price and remaining contractual term of $3.3 and 4.4 years, respectively. The weighted average exercise price gives effect to adjustments related to the most favored nation clause that occurred during the period. | |||||||
Organization_and_Description_o1
Organization and Description of Business and Recent Developments (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||
Aug. 19, 2014 | Mar. 31, 2015 | Apr. 13, 2015 | Apr. 30, 2015 | Apr. 08, 2015 | Apr. 02, 2015 | Feb. 13, 2015 | Dec. 31, 2014 | |
Common Stock, Par Or Stated Value Per Share | $0.00 | $0.00 | ||||||
Stock Issued During Period, Value, New Issues | $3,651,000 | |||||||
Debt Conversion, Converted Instrument, Rate | 7.30% | |||||||
Subsequent Event [Member] | ||||||||
Debt Conversion, Original Debt, Amount | 2,500,000 | |||||||
Debt Conversion, Converted Instrument, Rate | 5.00% | |||||||
Debt Conversion, Converted Instrument, Shares Issued | 378,535 | |||||||
Woodford [Member] | Subsequent Event [Member] | ||||||||
Stock Issued During Period, Shares, New Issues | 3,851,351 | 1,554,054 | 5,405,405 | |||||
Common Stock, Par Or Stated Value Per Share | $0.00 | |||||||
Sale of Stock, Price Per Share | $7.40 | |||||||
Stock Issued During Period, Value, New Issues | 28,500,000 | 11,500,000 | 40,000,000 | |||||
Lancashire Mortgage Corporation Limited [Member] | ||||||||
Bridge Loan | $5,000,000 | |||||||
Short-term Debt, Terms | 18 month | |||||||
Short-term Debt, Percentage Bearing Fixed Interest Rate | 12.00% |
Liquidity_and_Financial_Condit1
Liquidity and Financial Condition (Details Textual) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Liquidity and Financial Condition [Line Items] | ||
Net Cash Provided By (Used In) Operating Activities | ($17,582,000) | ($10,559,000) |
Share Based Compensation Aggregate Non Cash Charges For The Non Cash Interest Associated With The Accretion Of Our Convertible Notes Discount Net | 29,400,000 | |
Cash Equivalents, at Carrying Value | 3,200,000 | |
Current Assets Less Payables | 86,300,000 | |
Convertible Notes Payable Related Parties | 5,800,000 | |
Working Capital Deficit | 46,400,000 | |
Derivative Liability | 67,100,000 | |
Noncash Derivative Liability | $86,100,000 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details Textual) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Aug. 20, 2014 | |
Summary of Significant Accounting Policies [Line Items] | |||
Research and Development Expense | $19,703,000 | $19,986,000 | |
Accumulated Amortization, Deferred Finance Costs | 6,200,000 | ||
Cash payments | 8,200,000 | 5,300,000 | |
Cash payments for services | 5,800,000 | 1,000,000 | |
Accrued Environmental Loss Contingencies, Noncurrent | 6,200,000 | ||
Payments to Acquire in Process Research and Development | 19,700,000 | 20,000,000 | |
Site Contingency, Loss Exposure in Excess of Accrual, High Estimate | 4,500,000 | ||
Site Contingency, Loss Exposure in Excess of Accrual, Low Estimate | 32,000,000 | ||
Site Contingency, Loss Exposure in Excess of Accrual, Best Estimate | 6,200,000 | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 46,500,000 | ||
Cognate Bioservices [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Share-based Compensation | 6,400,000 | 8,000,000 | |
Clinical Site [Member] | CRO fees [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Research and Development Expense | 2,400,000 | 1,400,000 | |
Clinical Site [Member] | Site Fees [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Research and Development Expense | $700,000 | $900,000 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant liability | $67,081 | $44,742 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant liability | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant liability | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant liability | $67,081 | $44,742 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 1) (Warrant Liability [Member], USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Warrant Liability [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Balance | $44,742 |
Change in fair value | 23,158 |
Cashless warrants exercise | -520 |
Redeemable security settlement | -299 |
Balance | $67,081 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 2) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | ||
Quantitative Information One [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Date of valuation | 4-Mar-15 | [1] |
Dividend yield (per share) | 0.00% | |
Strike price | $3.35 | |
Volatility (annual) | 70.00% | |
Risk-free rate | 0.30% | |
Contractual term (years) | 1 year 6 months | |
Quantitative Information Two [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Date of valuation | 31-Mar-15 | |
Dividend yield (per share) | 0.00% | |
Volatility (annual) | 75.00% | |
Quantitative Information Two [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Strike price | $5.97 | |
Risk-free rate | 1.40% | |
Contractual term (years) | 4 years 4 months 24 days | |
Quantitative Information Two [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Strike price | $2.40 | |
Risk-free rate | 0.90% | |
Contractual term (years) | 3 years 3 months 18 days | |
[1] | Inputs for cashless exercise derivative warrants |
Stockbased_Compensation_Detail
Stock-based Compensation (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Quantitative Information Eleven [Member] | |
Date of valuation | 17-Jul-14 |
Dividend yield (per share) | 0.00% |
Strike price | $4 |
Volatility (annual) | 78.25% |
Risk-free rate | 1.71% |
Contractual term (years) | 5 years |
Quantitative Information Fourteen [Member] | |
Date of valuation | 31-Mar-15 |
Dividend yield (per share) | 0.00% |
Strike price | $3.35 |
Volatility (annual) | 75.44% |
Risk-free rate | 1.37% |
Contractual term (years) | 4 years 3 months 18 days |
Stockbased_Compensation_NonEmp1
Stock-based Compensation- Non-Employees (Details Textual) (USD $) | 3 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Allocated Share-based Compensation Expense | $6.40 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $3.10 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 7 months 6 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $7.37 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment, Gross | $41,549 | $40,159 |
Less: accumulated depreciation | -163 | -160 |
Property, Plant and Equipment, Net | 41,386 | 39,999 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment, Gross | 69 | 69 |
Office furniture and equipment [Member] | ||
Property, Plant and Equipment, Gross | 25 | 25 |
Computer equipment and software [Member] | ||
Property, Plant and Equipment, Gross | 137 | 137 |
Construction in Progress [Member] | ||
Property, Plant and Equipment, Gross | $41,318 | $39,928 |
Property_and_Equipment_Details1
Property and Equipment (Details Textual) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Depreciation | $3,000 |
Notes_Payable_Details
Notes Payable (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Debt Instrument [Line Items] | ||||
Notes payable - current | $934 | $934 | ||
Convertible notes payable, net - current | 238 | 238 | ||
Notes payable | 50 | 50 | ||
Total notes payable, net | 1,172 | 1,172 | ||
Notes Payable Current, Unsecured, Issued One [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes payable - current | 934 | [1] | 934 | [1] |
Convertible Notes Payable Current, Unsecured, Issued One [Member] | ||||
Debt Instrument [Line Items] | ||||
Convertible notes payable, net - current | 135 | [2] | 135 | [2] |
Convertible Notes Payable Current Unsecured Issued Two [Member] | ||||
Debt Instrument [Line Items] | ||||
Convertible notes payable, net - current | 53 | [3] | 53 | [3] |
Note Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes payable | $50 | [4] | $50 | [4] |
[1] | This $0.934 million note, which was originally due in July 2011 is currently under dispute with the creditor as to the validity of the note payable balance, which the Company believes has already been paid in full and is not outstanding. | |||
[2] | This $0.135 million note as of March 31, 2015 consists of two separate 6% notes in the amounts of $0.110 million and $0.025 million. In regard to the $0.110 million note, the Company has made ongoing attempts to locate the creditor to repay or convert this note, but has been unable to locate the creditor to date. In regard to the $0.025 million note, the holder has elected to convert these notes into equity, the Company has delivered the applicable conversion documents to the holder, and the Company is waiting for the holder to execute and return the documents. | |||
[3] | This $0.053 million note was due May 25, 2014, and is currently past due. | |||
[4] | This $0.050 million demand note as of March 31, 2015 is held by an officer of the Company. The holder has made no demand for payment, but reserves the right to make a demand at any time. |
Notes_Payable_Details_Textual
Notes Payable (Details Textual) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||||||||||||||||
Feb. 15, 2015 | Aug. 19, 2014 | Mar. 31, 2015 | Feb. 13, 2015 | Feb. 13, 2015 | Feb. 13, 2015 | Nov. 17, 2014 | Nov. 17, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Feb. 15, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Nov. 17, 2014 | Feb. 13, 2015 | Nov. 17, 2014 | Nov. 17, 2014 | Mar. 31, 2015 | Feb. 15, 2015 | Feb. 13, 2015 | Feb. 13, 2015 | Nov. 17, 2014 | Apr. 13, 2015 | Aug. 15, 2017 | |
USD ($) | USD ($) | USD ($) | USD ($) | Second Mortgage [Member] | Second Mortgage [Member] | First Mortgage [Member] | First Mortgage [Member] | Senior Convertible Notes [Member] | Deferred Offering Costs [Member] | Minimum [Member] | Maximum [Member] | Notes Payable Current, Unsecured, Issued One [Member] | Convertible Notes Payable Current, Unsecured, Issued One [Member] | Convertible Notes Payable Current Unsecured Issued Two [Member] | Convertible Notes Payable Related Parties Current Unsecured Issued One [Member] | Convertible Notes Payable Non Current, Secured, Issued One [Member] | Convertible Debt [Member] | Mortgage Loan Non Current [Member] | Bridge Loan [Member] | Bridge Loan [Member] | Bridge Loan [Member] | Bridge Loan [Member] | Bridge Loan [Member] | Bridge Loan [Member] | 12% Coupon [Member] | 12% Coupon [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |
USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | USD ($) | Senior Convertible Notes [Member] | Senior Convertible Notes [Member] | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | USD ($) | Senior Convertible Notes [Member] | ||||||||||||
USD ($) | USD ($) | USD ($) | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Proceeds from Issuance of Private Placement | $17,500,000 | ||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Rate | 7.30% | 5.00% | |||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $7.30 | $6.60 | $7.30 | $6.60 | |||||||||||||||||||||||||
Proceeds from Issuance or Sale of Equity | 16,200,000 | ||||||||||||||||||||||||||||
Percentage Of Initial Purchase Price | 30.00% | ||||||||||||||||||||||||||||
Repayments of Other Long-term Debt | 2,600,000 | ||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | 12.00% | 6.00% | 8.00% | 6.00% | 5.00% | 12.00% | 12.00% | 12.00% | 12.00% | |||||||||||||||||||
Debt Instrument, Maturity Date | 31-Jul-11 | ||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Ratio | 151.4142 | ||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 1,000 | ||||||||||||||||||||||||||||
Debt Instrument Convertible Conversion Price Reset | the initial conversion price of $7.30 was reset (Reset) to the lower of (a) the initial conversion price or (b) 110% of the common stock price on the 10 trading days ending on February 15, 2015. | ||||||||||||||||||||||||||||
Debt Conversion, Description | The Senior Notes are due on August 15, 2017, and are not convertible during the first three months, unless the current stock price is greater than 150% of the conversion price. Thereafter, the Senior Notes are convertible at any time. | ||||||||||||||||||||||||||||
Initial Loan Amount Received | 5,000,000 | 7,000,000 | 4,500,000 | 3,250,000 | |||||||||||||||||||||||||
Debt Instrument, Term | 1 year 6 months | 2 years | 2 years | ||||||||||||||||||||||||||
Deferred Finance Costs, Net | 20,000 | 50,000 | 100,000 | 300,000 | |||||||||||||||||||||||||
Interest Expense, Long-term Debt | 300,000 | 120,000 | 200,000 | 90,000 | 200,000 | 70,000 | 200,000 | ||||||||||||||||||||||
Fair Value Of Common Stock | 6.07 | ||||||||||||||||||||||||||||
Short-term Debt | $12,000,000 | € 7,750,000 | $10,000,000 | € 6,250,000 |
Potentially_Dilutive_Securitie2
Potentially Dilutive Securities (Details) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Potentially dilutive securities | 32,678 | 24,272 |
Common stock options [Member] | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Potentially dilutive securities | 1,551 | 1,551 |
Common stock warrants - equity treatment [Member] | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Potentially dilutive securities | 15,830 | 14,177 |
Common stock warrants - liability treatment [Member] | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Potentially dilutive securities | 12,500 | 8,463 |
Convertible notes [Member] | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Potentially dilutive securities | 2,797 | 81 |
Related_Party_Transactions_Det
Related Party Transactions (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | ||
One Time Charges Of Service Agreement | $8.20 | |
Cognate Bioservices [Member] | ||
Related Party Transaction [Line Items] | ||
Research and Development Arrangement, Contract to Perform for Others, Costs Incurred, Gross | 5.8 | 1 |
Cognate Bioservices [Member] | Condition Two [Member] | ||
Related Party Transaction [Line Items] | ||
Contingent Liability DCVax-L Manufacturing Services Agreement Amount | 3 | |
Cognate Bioservices [Member] | Condition Three [Member] | ||
Related Party Transaction [Line Items] | ||
Contingent Liability DCVax-L Manufacturing Services Agreement Amount | $5 |
Stockholders_Equity_Deficit_De
Stockholdersb Equity (Deficit) (Details) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | |
Shareholders Deficit [Line Items] | ||
Number of Warrants, Outstanding as of December 31, 2014 | 29,385 | |
Number of Warrants, Warrants exercised for cash | -888 | |
Number of Warrants, Warrants exercised on a cashless basis | -117 | [1] |
Number of Warrants, Warrant adjustment due to Cognate price reset | 62 | |
Number of Warrants, Expired in first quarter of 2015 | -128 | |
Number of Warrants, Adjustment related to prior issued warrants | 16 | |
Number of Warrants, Outstanding as of March 31, 2015 | 28,330 | [2] |
Weighted Average Exercise Price - Outstanding as of December 31, 2014 | 4.72 | |
Weighted Average Exercise Price - Warrants exercised for cash | 4.11 | |
Weighted average exercise Price - Warrants exercised on a cashless basis | 3.35 | [1] |
Weighted Average Exercise Price - Warrant adjustment due to Cognate price reset | 3.35 | |
Weighted Average Exercise Price - Expired in first quarter of 2015 | 9.42 | |
Weighted Average Exercise Price - Adjustment related to prior issued warrants | 5.73 | |
Weighted Average Exercise Price - Outstanding as of March 31, 2015 | 4.72 | [2] |
[1] | The warrants contain bdown round protectionb and the Company classifies these warrant instruments as liabilities measured at fair value and re-measures these instruments at fair value each reporting period. | |
[2] | Approximately 14,323,003 warrants issued to Cognate, during the eight year period from 2008 through 2015, with a weighted average exercise price and remaining contractual term of $3.3 and 4.4 years, respectively. The weighted average exercise price gives effect to adjustments related to the most favored nation clause that occurred during the period. |
Stockholders_Equity_Deficit_De1
Stockholdersb Equity (Deficit) (Details Textual) (USD $) | 3 Months Ended | 84 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | |
Shareholders Deficit [Line Items] | |||
Fair value of Warrants at Issuance Date | $500,000 | $500,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 888,187 | ||
Proceeds from Warrant Exercises | 3,651,000 | 2,692,000 | |
Warrants Issued During Period | 14,323,003 | ||
Warrants Issued, Weighted Average Exercise Price Per Warrant | $3.30 | ||
Warrants Issued, Weighted Average Remaining Contractual Term | 4 years 4 months 24 days | ||
Fair Value Of Common Stock Issued For Redemption of Redeemable Securities | 300,000 | ||
Stock Issued During Period, Shares, Other | 80,068 | ||
Stock Issued During Period Value Redeemable Securities Settlement | 299,000 | ||
Development Stage Entities, Stock Issued, Value, Issued for Noncash Consideration | 520,000 | ||
Stock Issued During Period, Shares, Cashless Exercise of Warrants | 385,000 | ||
Common Stock [Member] | |||
Shareholders Deficit [Line Items] | |||
Development Stage Entities, Stock Issued, Shares, Issued for Noncash Consideration | 385,000 | ||
Stock Issued During Period Value Redeemable Securities Settlement | 0 | ||
Development Stage Entities, Stock Issued, Value, Issued for Noncash Consideration | $0 |
Subsequent_Events_Details_Text
Subsequent Events (Details Textual) (USD $) | 3 Months Ended | 0 Months Ended | 1 Months Ended | |||
Mar. 31, 2015 | Apr. 13, 2015 | Apr. 30, 2015 | Apr. 08, 2015 | Apr. 02, 2015 | Dec. 31, 2014 | |
Subsequent Event [Line Items] | ||||||
Common Stock, Par Or Stated Value Per Share | $0.00 | $0.00 | ||||
Stock Issued During Period, Value, New Issues | $3,651,000 | |||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Debt Conversion, Original Debt, Amount | 2,500,000 | |||||
Debt Conversion, Converted Instrument, Shares Issued | 378,535 | |||||
Woodford [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 3,851,351 | 1,554,054 | 5,405,405 | |||
Common Stock, Par Or Stated Value Per Share | $0.00 | |||||
Sale of Stock, Price Per Share | $7.40 | |||||
Stock Issued During Period, Value, New Issues | $28,500,000 | $11,500,000 | $40,000,000 |