Protalex (PRTX) 10-Q 13 Oct 15 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Aug. 31, 2015	Oct. 09, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Aug. 31, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Entity Registrant Name	PROTALEX INC
Entity Central Index Key	1,099,215
Current Fiscal Year End Date	--05-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	PRTX
Entity Common Stock, Shares Outstanding		28,767,582

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	Aug. 31, 2015	May. 31, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 1,014,836	$ 928,279
Prepaid expenses	56,393	56,431
Total current assets	1,071,229	984,710
OTHER ASSETS:
Intellectual technology property, net of accumulated amortization of $15,363 and $15,108 as of August 31, 2015 and May 31, 2015, respectively	4,172	4,427
Total other assets	4,172	4,427
Total Assets	1,075,401	989,137
CURRENT LIABILITIES:
Accounts payable	393,777	494,954
Accrued expenses	59,701	59,701
Total current liabilities	453,478	554,655
LONG TERM LIABILITIES:
Senior Secured Note - related party	13,559,366	12,524,366
Senior Secured Note Accrued Interest - related party	596,191	498,570
Total liabilities	14,609,035	13,577,591
STOCKHOLDERS' (DEFICIT)
Preferred stock, par value $0.00001, 1,000,000 shares authorized; none issued and outstanding	0	0
Common stock, par value $0.00001, 100,000,000 shares authorized; 28,767,582 and 28,767,582 shares issued and outstanding, respectively	288	288
Additional paid in capital	75,288,837	72,618,336
Accumulated deficit	(88,822,759)	(85,207,078)
Total stockholders’ deficit	(13,533,634)	(12,588,454)
Total liabilities and stockholders’ deficit	$ 1,075,401	$ 989,137

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - USD ($)	Aug. 31, 2015	May. 31, 2015
Intellectual technology property, accumulated amortization	$ 15,363	$ 15,108
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	28,767,582	28,767,582
Common stock, shares outstanding	28,767,582	28,767,582

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Revenues	$ 0	$ 0
Operating Expenses
Research and development	537,163	614,278
Administrative	2,804,877	3,379,793
Professional fees	175,766	109,099
Depreciation and amortization	255	255
Operating loss	(3,518,061)	(4,103,425)
Other income (expense)
Interest income	1	1
Interest expense	(97,621)	(71,262)
Loss before income taxes	(3,615,681)	(4,174,686)
Provision for income taxes	0	0
Net loss	$ (3,615,681)	$ (4,174,686)
Weighted average number of common shares outstanding	28,767,582	28,767,582
Loss per common share - basic and diluted	$ (0.13)	$ (0.15)

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (3,615,681)	$ (4,174,686)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	255	255
Equity based expense	2,670,501	3,269,270
Decrease in prepaid expenses and deposits	38	27,452
Increase/(decrease) in:
Accounts payable and accrued expenses	(3,556)	20,996
Net cash used in operating activities	(948,443)	(856,713)
CASH FLOWS FROM INVESTING ACTIVITIES:	0	0
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of note payable to related parties	1,035,000	0
Net cash provided by financing activities	1,035,000	0
NET (DECREASE) INCREASE IN CASH	86,557	(856,713)
Cash beginning of period	928,279	1,614,758
Cash ending of period	1,014,836	758,045
SUPPLEMENTAL SCHEDULE OF CASH FLOW INFORMATION:
Interest paid	0	0
Taxes paid	$ 0	$ 0

ORGANIZATION AND BUSINESS ACTIV

ORGANIZATION AND BUSINESS ACTIVITIES	3 Months Ended
	Aug. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BUSINESS ACTIVITIES	NOTE 1. ORGANIZATION AND BUSINESS ACTIVITIES The Company is focused on the development of a class of biopharmaceutical drugs for treating autoimmune and inflammatory diseases including rheumatoid arthritis (RA) and Immune Thrombocytopenia (ITP). Its lead product, PRTX-100, is a highly-purified form of Staphylococcal protein A, a bacterial protein known to modify aspects of the human immune system. The Company maintains an administrative office in Florham Park, New Jersey and currently outsources all of its product development and regulatory activities, including clinical trial activities, manufacturing and laboratory operations to third-party contract research organizations and facilities. In April 2009, the Company ceased all operations and terminated all employees in light of insufficient funds to continue its clinical trials and related product development. The Company’s business was dormant until new management took control of its operations in November 2009. Since then the Company has been actively pursuing the commercial development of PRTX-100 for the treatment of RA and ITP. PRTX-100 has demonstrated effectiveness in animal models of autoimmune diseases as well as demonstrated activity on cultured human immune cells at very low concentrations, although the effectiveness of PRTX-100 shown in pre-clinical studies using animal models may not be predictive of the results that the Company would see in future human clinical trials. The safety, tolerability and pharmakinetics have been characterized in five clinical studies. The Company does not anticipate generating operating revenue for the foreseeable future and does not currently have any products that are marketable.

GOING CONCERN

GOING CONCERN	3 Months Ended
	Aug. 31, 2015
Going Concern Disclosure [Abstract]
GOING CONCERN	NOTE 2. GOING CONCERN The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The ability of the Company to continue as a going concern is dependent upon developing products that receive regulatory approval and market acceptance. There is no assurance that these benchmarks will be realized. The financial statements do not include any adjustments that might result from the outcome of these uncertainties. There is substantial doubt about the Company’s ability to continue as a going concern. From inception through August 31, 2015, the Company has incurred an accumulated deficit of $ 88,822,759 11,619,796 11,852,229 3,615,681 3,991,479 4,623,891 948,443 1,014,836 617,751 The Company has no significant payments due on long-term obligations. However, the Company anticipates entering into significant contracts to perform product manufacturing and to conduct clinical trials in the future and that it will need to raise additional capital to fund the ongoing FDA regulatory approval process. If the Company is unable to obtain approval of its future IND applications or otherwise advance in the FDA approval process, its ability to sustain its operations would be significantly jeopardized. The most likely sources of additional financing inclu de the sale of the Company’s equity or debt securities. On July 31, 2015, the Company filed a Registration Statement on Form S-1 (SEC File No. 333-206008) with respect to a proposed public offering of Company securities. There is no assurance that the Company will consummate a public offering of its securities, or any other offering. Accordingly, additional capital that is required by the Company may not be available on reasonable terms, or at all.

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Aug. 31, 2015
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 3. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The interim financial data contained in this Report is unaudited; however in the opinion of management, the interim data includes all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim period. The financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures included herein are adequate to make the information presented not misleading. The results of operations in interim periods are not necessarily indicative of the results that may be expected for the full year. Information regarding the organization and business of the Company, accounting policies followed by the Company and other important information is contained in the notes to the Company's financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2015. This Report should be read in conjunction with the Company’s Annual Report. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and assumptions affecting the reported amounts of assets, liabilities, and expense, and the disclosure of contingent assets and liabilities. Estimated amounts could differ from actual results. The Financial Accounting Standards Board (FASB) has issued guidance for “Earnings Per Share” which provides for the calculation of “Basic” and “Diluted” earnings per share. Basic earnings per share includes no dilution and is computed by dividing net loss to common stockholders by the weighted average number of common shares outstanding for the period. All potentially dilutive securities consisting of employee stock options and warrants have been excluded from the computations since they would be antidilutive. However, these dilutive securities could potentially dilute earnings per share in the future. As of August 31, 2015 and 2014, the Company had potentially dilutive securities consisting of 4,605,543 4,517,543 For the purposes of reporting cash flows, the Company considers all cash accounts which are not subject to withdrawal restrictions or penalties, and highly liquid investments with original maturities of 90 days or less to be cash and cash equivalents. The cash and cash equivalent deposits are not insured by The Federal Deposit Insurance Corporation. Certain reclassifications have been made to the prior periods to conform to the current presentations in the financial statements. Research and development costs are expensed as incurred. Effective June 1, 2006, the Company adopted the FASB accounting guidance for fair value recognition provisions of the “Accounting for Share-Based Payment”. This standard requires the Company to measure the cost of employee services received in exchange for equity share options granted based on the grant-date fair value of the options. The cost is recognized as compensation expense over the vesting period of the options. The fair value of compensation costs attributed to equity rights issued was $ 2,670,501 3,269,270 As of August 31, 2015, the Company has issued 4,607,943 400 The accounting guidance requires the use of a valuation model to calculate the fair value of each stock-based award. The Company uses the Black-Scholes model to estimate the fair value of stock options granted based on the following assumptions: Expected Term or Life Expected Volatility Risk-Free Interest Rate. As of August 31, 2015, there were 4,605,543 2,157,506 800,000 5.41 2,000 Three Months Ended Three Months Ended August 31, 2015 August 31, 2014 Dividends per year 0 0 Volatility percentage 606 % 171 % Risk free interest rate 4.00 % 2.00 % Expected life (years) 5.00 5.00 Weighted Average Fair Value $ 5.41 $ 8.00

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Aug. 31, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 4. RECENT ACCOUNTING PRONOUNCEMENTS Management does not believe that any recently issued, but not yet effective, accounting standards could have a material effect on the accompanying consolidated financial statements. As new accounting pronouncements are issued, the Company will adopt those that are applicable under the circumstances. In June 2014, FASB issued ASU No. 2014-12, “ Compensation – Stock Compensation (Topic 718); Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period”. Entities may apply the amendments in this ASU either (a) prospectively to all awards granted or modified after the effective date or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. If retrospective transition is adopted, the cumulative effect of applying this Update as of the beginning of the earliest annual period presented in the financial statements should be recognized as an adjustment to the opening retained earnings balance at that date. Additionally, if retrospective transition is adopted, an entity may use hindsight in measuring and recognizing the compensation cost. The Company is currently reviewing the provisions of this ASU to determine if there will be any impact on its results of operations, cash flows or financial condition. In August 2014, the FASB issued Accounting Standards Update “ASU” 2014-15 on “Presentation of Financial Statements Going Concern (Subtopic 205-40) – Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. Currently, there is no guidance in U.S. GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related footnote disclosures. The amendments in this ASU provide that guidance. In doing so, the amendments are intended to reduce diversity in the timing and content of footnote disclosures. The amendments require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt,

RELATED PARTIES

RELATED PARTIES	3 Months Ended
	Aug. 31, 2015
Related Party Transactions [Abstract]
RELATED PARTIES	NOTE 5. RELATED PARTIES Niobe Ventures, LLC, a Delaware limited liability company (“Niobe”), the majority stockholder of the Company and the holder of the Consolidated Note (defined in Note 6, below), is controlled by Arnold P. Kling, the Company’s president and director. During the fiscal year ended May 31, 2015, the Company issued an option for an aggregate of 100,000 f its common stock, with par value of $ 0.00001 er, a director of the Company. This option has a five year term, an exercise price of $ 6.00 625,000 625,000 During the fiscal year ended May 31, 2015, the Company issued an option for an aggregate of 100,000 6.00 625,000 625,000 During the three months ended August 31, 2015, the Company issued an option for an aggregate of 250,000 5.41 vested 50% on the date of issuance and 50% on the one year anniversary. 1,352,500 788,958

SENIOR SECURED NOTES - RELATED

SENIOR SECURED NOTES - RELATED PARTY	3 Months Ended
	Aug. 31, 2015
Debt Disclosure [Abstract]
SENIOR SECURED NOTES - RELATED PARTY	NOTE 6. SENIOR SECURED NOTES - RELATED PARTY On October 11, 2013, the Company issued a Consolidated, Amended and Restated Promissory Note to Niobe in the principal amount of $ 9,219,366 9.0 3 (a) the maturity date was changed to September 1, 2015, which was after the latest maturity date of any of the Secured Notes; and (b) it provided for partial mandatory repayment in the event that the Company received aggregate gross proceeds in excess of $7.5 million from a single or multiple “Liquidity Events” in an amount equal to twenty-five (25%) percent of such gross proceeds (the “Mandatory Prepayment Amount”). (a) the sale of any of the Company’s equity, or equity-linked, securities, and (b) the receipt of proceeds, directly or indirectly related to a development and/or commercialization relationship entered into with an unaffiliated third party. 7.5 On November 4, 2014, the Company entered into a new Credit Facility Agreement (the “2014 Credit Facility Agreement”) pursuant to which the Company may borrow up to an additional $5.0 Million from Niobe, in the form of secured loans, at any time prior to December 31, 2015. Each loan made to the Company by Niobe under the 2014 Credit Facility Agreement will be represented by a senior secured promissory note bearing interest at a rate of 3 In addition, on November 4, 2014, the Company entered into a Note Modification Agreement (the “Note Modification Agreement”) with Niobe pursuant to which the Consolidated Note was further amended to increase the threshold amount requiring a Mandatory Prepayment from $ 7.5 10 10 Pursuant to the terms and condition of the 2014 Credit Facility Agreement, as of August 31, 2015, the Company had borrowed an aggregate of $ 4,340,000

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Aug. 31, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 7. SUBSEQUENT EVENTS On October 6, 2015 345,000 13,904,366 7 erest (approximately $630,000 as of September 30, 2015) will be paid out of the proceeds of the qualified public offering. The Company has evaluated all other subsequent events and has determined that there were no other subsequent events to recognize or disclose in these financial statements.

BASIS OF PRESENTATION AND SUM13

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Aug. 31, 2015
Accounting Policies [Abstract]
Estimates	Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and assumptions affecting the reported amounts of assets, liabilities, and expense, and the disclosure of contingent assets and liabilities. Estimated amounts could differ from actual results.
Loss per Common Share	Loss per Common Share The Financial Accounting Standards Board (FASB) has issued guidance for “Earnings Per Share” which provides for the calculation of “Basic” and “Diluted” earnings per share. Basic earnings per share includes no dilution and is computed by dividing net loss to common stockholders by the weighted average number of common shares outstanding for the period. All potentially dilutive securities consisting of employee stock options and warrants have been excluded from the computations since they would be antidilutive. However, these dilutive securities could potentially dilute earnings per share in the future. As of August 31, 2015 and 2014, the Company had potentially dilutive securities consisting of 4,605,543 4,517,543
Cash and Cash Equivalents	Cash and Cash Equivalents For the purposes of reporting cash flows, the Company considers all cash accounts which are not subject to withdrawal restrictions or penalties, and highly liquid investments with original maturities of 90 days or less to be cash and cash equivalents. The cash and cash equivalent deposits are not insured by The Federal Deposit Insurance Corporation.
Reclassifications	Reclassifications Certain reclassifications have been made to the prior periods to conform to the current presentations in the financial statements.
Research and Development	Research and Development Research and development costs are expensed as incurred.
Share Based Compensation	Share Based Compensation Effective June 1, 2006, the Company adopted the FASB accounting guidance for fair value recognition provisions of the “Accounting for Share-Based Payment”. This standard requires the Company to measure the cost of employee services received in exchange for equity share options granted based on the grant-date fair value of the options. The cost is recognized as compensation expense over the vesting period of the options. The fair value of compensation costs attributed to equity rights issued was $ 2,670,501 3,269,270 As of August 31, 2015, the Company has issued 4,607,943 400 The accounting guidance requires the use of a valuation model to calculate the fair value of each stock-based award. The Company uses the Black-Scholes model to estimate the fair value of stock options granted based on the following assumptions: Expected Term or Life Expected Volatility Risk-Free Interest Rate. As of August 31, 2015, there were 4,605,543 2,157,506 800,000 5.41 2,000 Three Months Ended Three Months Ended August 31, 2015 August 31, 2014 Dividends per year 0 0 Volatility percentage 606 % 171 % Risk free interest rate 4.00 % 2.00 % Expected life (years) 5.00 5.00 Weighted Average Fair Value $ 5.41 $ 8.00

BASIS OF PRESENTATION AND SUM14

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Aug. 31, 2015
Accounting Policies [Abstract]
Fair Value of Assumptions of Options Estimated On Grant Date	The fair value of the options is estimated on the date of the grant using the Black-Scholes option pricing model with the following assumptions: Three Months Ended Three Months Ended August 31, 2015 August 31, 2014 Dividends per year 0 0 Volatility percentage 606 % 171 % Risk free interest rate 4.00 % 2.00 % Expected life (years) 5.00 5.00 Weighted Average Fair Value $ 5.41 $ 8.00

GOING CONCERN - Additional Info

GOING CONCERN - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Aug. 31, 2015	Aug. 31, 2014	May. 31, 2015	May. 31, 2014
Cash Flow Supplemental Disclosures [Line Items]
Deficit accumulated during the development stage	$ 88,822,759
Net loss	3,615,681	$ 4,174,686	$ 11,619,796	$ 11,852,229
Cash used in operating activities	948,443		3,991,479	4,623,891
Cash and cash equivalents	1,014,836	$ 758,045	$ 928,279	$ 1,614,758
Net working capital deficit	$ 617,751

BASIS OF PRESENTATION AND SUM16

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) - USD ($)	3 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation, number of stock options outstanding	4,605,543
Aggregate unrecognized compensation cost of unvested options	$ 2,157,506
Stand-Alone Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation, number of options issued during period	4,607,943
Share based compensation, number of options exercised during period	400
Operating Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost included in operating expenses	$ 2,670,501	$ 3,269,270
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	5 years
Share based compensation, number of stock options granted during period	800,000
Share based compensation, number of stock options expired during period	2,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 5.41
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	4,605,543	4,517,543

Fair Value of Assumptions of Op

Fair Value of Assumptions of Options Estimated on Grant Date (Detail) - $ / shares	3 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Assumptions used to Determine Fair Value Options [Line Items]
Dividends per year	$ 0	$ 0
Volatility percentage	606.00%	171.00%
Risk free interest rate	4.00%	2.00%
Expected life (years)	5 years	5 years
Weighted Average Fair Value	$ 5.41	$ 8

RELATED PARTIES - Additional In

RELATED PARTIES - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Aug. 31, 2015	Aug. 31, 2014	May. 31, 2015
Related Party Transaction [Line Items]
Share-based Compensation, Total	$ 2,670,501	$ 3,269,270
Common Stock, Par or Stated Value Per Share	$ 0.00001		$ 0.00001
Mr. Elser
Related Party Transaction [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			100,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price			$ 6
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value			$ 625,000
Share-based Compensation, Total			$ 625,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			5 years
Common Stock, Par or Stated Value Per Share			$ 0.00001
Mr. Warshaw | Chief Financial Officer And Director
Related Party Transaction [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	250,000		100,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 5.41		$ 6
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value	$ 1,352,500		$ 625,000
Share-based Compensation, Total	$ 788,958		$ 625,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	5 years		5 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights	vested 50% on the date of issuance and 50% on the one year anniversary.

SENIOR SECURED NOTES - RELATE19

SENIOR SECURED NOTES - RELATED PARTY - Additional Information (Detail) - USD ($)	Nov. 04, 2014	Oct. 11, 2013	Aug. 31, 2015	Aug. 31, 2014
Related Party Transaction [Line Items]
Proceeds From Notes Payable			$ 1,035,000	$ 0
Senior Secured Note
Related Party Transaction [Line Items]
Debt instrument, face amount		$ 9,000,000
Secured note payable, interest rate		3.00%
Debt instrument carrying amount		$ 9,219,366
Terms of consolidated note identical to secured notes		(a) the maturity date was changed to September 1, 2015, which was after the latest maturity date of any of the Secured Notes; and (b) it provided for partial mandatory repayment in the event that the Company received aggregate gross proceeds in excess of $7.5 million from a single or multiple Liquidity Events in an amount equal to twenty-five (25%) percent of such gross proceeds (the Mandatory Prepayment Amount).
Consummation of equity financing, amount		$ 7,500,000
Description of Liquidity Event		(a) the sale of any of the Companys equity, or equity-linked, securities, and (b) the receipt of proceeds, directly or indirectly related to a development and/or commercialization relationship entered into with an unaffiliated third party.
Niobe Ventures LLC
Related Party Transaction [Line Items]
Notes Payable	$ 7,500,000
Niobe Ventures LLC | Note Modification Agreement [Member]
Related Party Transaction [Line Items]
Notes Payable	10,000,000
Proceeds From Notes Payable	$ 10,000,000
Niobe Ventures LLC | Senior Secured Note
Related Party Transaction [Line Items]
Debt instrument, face amount			1,035,000
Secured note payable, interest rate	3.00%
Long-term Line of Credit			$ 4,340,000
Debt Instrument Additional Borrowing Capacity Amount	$ 5,000,000

SUBSEQUENT EVENTS - Additional

SUBSEQUENT EVENTS - Additional Information (Detail) - Subsequent Event - Niobe Ventures, LLC - USD ($)	1 Months Ended
	Oct. 31, 2015	Oct. 06, 2015	Sep. 30, 2015
Subsequent Event [Line Items]
Long-term Debt, Gross	$ 13,904,366
Proceeds from Issuance of Common Stock	$ 7,000,000
Interest Receivable			$ 630,000
Senior Secured Convertible Notes
Subsequent Event [Line Items]
Debt Instrument, Face Amount		$ 345,000