Protalex (PRTX) 10-Q 12 Apr 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Feb. 29, 2016	Apr. 12, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Feb. 29, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
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 ($)	Feb. 29, 2016	May. 31, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 594,701	$ 928,279
Prepaid expenses	87,836	56,431
Total current assets	682,537	984,710
OTHER ASSETS:
Intellectual technology property, net of accumulated amortization of $15,873 and $15,108 as of February 29, 2016 and May 31, 2015, respectively	3,662	4,427
Total other assets	3,662	4,427
Total Assets	686,199	989,137
CURRENT LIABILITIES:
Accounts payable	780,129	494,954
Accrued expenses	9,322	59,701
Total current liabilities	789,451	554,655
LONG TERM LIABILITIES:
Senior Secured Note - related party	15,284,366	12,524,366
Senior Secured Note Accrued Interest - related party	811,917	498,570
Total liabilities	16,885,734	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	76,662,507	72,618,336
Accumulated deficit	(92,862,330)	(85,207,078)
Total stockholders’ deficit	(16,199,535)	(12,588,454)
Total liabilities and stockholders’ deficit	$ 686,199	$ 989,137

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - USD ($)	Feb. 29, 2016	May. 31, 2015
Intellectual technology property, accumulated amortization	$ 15,873	$ 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		9 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Revenues	$ 0	$ 0	$ 0	$ 0
Operating Expenses
Research and development	808,177	742,124	2,409,183	2,302,983
Administrative	796,624	690,259	4,395,245	7,144,472
Professional fees	122,962	158,159	536,716	373,981
Depreciation and amortization	255	255	765	765
Operating loss	(1,728,018)	(1,590,797)	(7,341,909)	(9,822,201)
Other income (expense)
Interest income	1	1	2	2
Interest expense	(111,873)	(82,617)	(313,345)	(225,685)
Loss before income taxes	(1,839,890)	(1,673,413)	(7,655,252)	(10,047,884)
Provision for income taxes	0	0	0	0
Net loss	$ (1,839,890)	$ (1,673,413)	$ (7,655,252)	$ (10,047,884)
Weighted average number of common shares outstanding	28,767,582	28,767,582	28,767,582	28,767,582
Loss per common share - basic and diluted	$ (0.06)	$ (0.06)	$ (0.27)	$ (0.35)

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (7,655,252)	$ (10,047,884)
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:
Depreciation and amortization	765	765
Equity based expense	4,044,171	6,733,644
(Increase)/decrease in:
Prepaid expenses and deposits	(31,405)	(44,193)
Increase/(decrease) in:
Accounts payable and accrued expenses	548,143	282,962
Net cash and cash equivalents used in operating activities	(3,093,578)	(3,074,706)
CASH FLOWS FROM INVESTING ACTIVITIES:	0	0
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of note payable to individuals	2,760,000	1,920,000
Net cash and cash equivalents provided by financing activities	2,760,000	1,920,000
NET DECREASE IN CASH AND CASH EQUIVALENTS	(333,578)	(1,154,706)
Cash and cash equivalents, beginning of period	928,279	1,614,758
Cash and cash equivalents, ending of period	594,701	460,052
SUPPLEMENTAL SCHEDULE OF CASH FLOW INFORMATION:
Interest paid	0	0
Taxes paid	$ 0	$ 0

ORGANIZATION AND BUSINESS ACTIV

ORGANIZATION AND BUSINESS ACTIVITIES	9 Months Ended
	Feb. 29, 2016
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. In the United States, the Company has open Investigational New Drug (IND) applications for the treatment of RA and ITP and in Europe, an open Investigational Medicinal Products Dossier (IMPD) for 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 of future human clinical trials. The safety, tolerability and pharmakinetics of PRTX-100 in humans have been characterized in five clinical studies and PRTX-100 was recently granted Orphan Drug Designation (ODD) in the United States and Europe for the treatment of ITP. 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	9 Months Ended
	Feb. 29, 2016
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 February 29, 2016, the Company has incurred an accumulated deficit of $ 92,862,330 11,619,796 11,852,229 7,655,252 3,991,479 4,623,891 3,093,578 594,701 106,914 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 the FDA approval process, its ability to sustain its operations would be significantly jeopardized. The most likely sources of additional financing include the sale of the Company’s equity or debt securities. On July 31, 2015, the Company filed a Registration Statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) (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	9 Months Ended
	Feb. 29, 2016
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 (U.S. GAAP) 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 U.S. GAAP 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 February 29, 2016 and February 28, 2015, the Company had potentially dilutive securities consisting of 4,605,543 3,817,543 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 $ 4,044,171 6,733,644 As of February 29, 2016, the Company had issued 4,607,943 400 2,000 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. At February 29, 2016, there were 4,605,543 783,836 800,000 five 5.41 2,000 Nine Months Ended Nine Months Ended Dividends per year 0 0 Volatility percentage 606 % 696 % Risk free interest rate 4.00 % 4.00 % Expected life (years) 5.00 5.00 Weighted Average Fair Value $ 5.41 $ 6.74

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Feb. 29, 2016
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	9 Months Ended
	Feb. 29, 2016
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 a director. During the fiscal year ended May 31, 2015, the Company issued an option for an aggregate of 100,000 0.00001 five 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 five 6.00 625,000 625,000 During the nine months ended February 29, 2016, the Company issued an option for an aggregate of 250,000 five 5.41 vested 50% on the date of issuance and 50% on the one year anniversary. 1,352,500 1,127,083

SENIOR SECURED NOTES - RELATED

SENIOR SECURED NOTES - RELATED PARTY	9 Months Ended
	Feb. 29, 2016
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 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 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 In October 2015, the Company entered into an agreement with Niobe pursuant to which Niobe agreed to convert all notes outstanding into shares of Common Stock, at the offering price in a “qualified public offering” consummated by the Company. The agreement defines a “qualified public offering” to mean a public offering of Common Stock yielding gross proceeds to the Company of at least $ 7 On December 1, 2015, the 2014 Credit Facility was amended to increase the funds available for loans to the Company to $7.5 million and to extend the expiration date of such credit facility to December 31, 2016 3 September 1, 2017 As of February 29, 2016, the outstanding principal balance under the 2014 Credit Facility totaled $ 6,065,000 2,760,000 345,000

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Feb. 29, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 7. SUBSEQUENT EVENTS On March 4, 2016 and April 1, 2016, the Company borrowed an additional $ 345,000 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)	9 Months Ended
	Feb. 29, 2016
Accounting Policies [Abstract]
Estimates	Estimates The preparation of financial statements in conformity with U.S. GAAP 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 February 29, 2016 and February 28, 2015, the Company had potentially dilutive securities consisting of 4,605,543 3,817,543
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 $ 4,044,171 6,733,644 As of February 29, 2016, the Company had issued 4,607,943 400 2,000 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. At February 29, 2016, there were 4,605,543 783,836 800,000 five 5.41 2,000 Nine Months Ended Nine Months Ended Dividends per year 0 0 Volatility percentage 606 % 696 % Risk free interest rate 4.00 % 4.00 % Expected life (years) 5.00 5.00 Weighted Average Fair Value $ 5.41 $ 6.74

BASIS OF PRESENTATION AND SUM14

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Feb. 29, 2016
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: Nine Months Ended Nine Months Ended Dividends per year 0 0 Volatility percentage 606 % 696 % Risk free interest rate 4.00 % 4.00 % Expected life (years) 5.00 5.00 Weighted Average Fair Value $ 5.41 $ 6.74

GOING CONCERN - Additional Info

GOING CONCERN - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015	May. 31, 2015	May. 31, 2014
Cash Flow Supplemental Disclosures [Line Items]
Deficit accumulated during the development stage	$ 92,862,330		$ 92,862,330
Net loss	1,839,890	$ 1,673,413	7,655,252	$ 10,047,884	$ 11,619,796	$ 11,852,229
Cash used in operating activities			(3,093,578)	(3,074,706)	3,991,479	4,623,891
Cash and cash equivalents	594,701	$ 460,052	594,701	$ 460,052	$ 928,279	$ 1,614,758
Net working capital deficit	$ 106,914		$ 106,914

BASIS OF PRESENTATION AND SUM16

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) - USD ($)	9 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
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	$ 783,836
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
Share based compensation, number of stock options expired during period	2,000
Operating Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost included in operating expenses	$ 4,044,171	$ 6,733,644
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	3,817,543

Fair Value of Assumptions of Op

Fair Value of Assumptions of Options Estimated on Grant Date (Detail) - $ / shares	9 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
Assumptions used to Determine Fair Value Options [Line Items]
Dividends per year	$ 0	$ 0
Volatility percentage	606.00%	696.00%
Risk free interest rate	4.00%	4.00%
Expected life (years)	5 years	5 years
Weighted Average Fair Value	$ 5.41	$ 6.74

RELATED PARTIES - Additional In

RELATED PARTIES - Additional Information (Detail) - USD ($)	9 Months Ended		12 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	May. 31, 2015
Related Party Transaction [Line Items]
Share-based Compensation, Total	$ 4,044,171	$ 6,733,644
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	$ 1,127,083		$ 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. 31, 2015

Oct. 11, 2013

Feb. 29, 2016

Feb. 28, 2015

Feb. 01, 2016

Jan. 04, 2016

Dec. 02, 2015

Nov. 10, 2015

Oct. 06, 2015

Aug. 31, 2015

Jul. 31, 2015

Jul. 01, 2015

Related Party Transaction [Line Items]

Proceeds From Notes Payable

$ 2,760,000

$ 1,920,000

Line of Credit Facility, Expiration Date

Dec. 31, 2016

Senior Secured Note

Related Party Transaction [Line Items]

Debt instrument, face amount

$ 9,000,000

Secured note payable, interest rate

3.00%

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 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.

Debt Instrument, Maturity Date

Sep. 1, 2017

Senior Secured Note | Minimum

Related Party Transaction [Line Items]

Line of Credit Facility, Maximum Borrowing Capacity

$ 7,500,000

Niobe Ventures LLC | Note Modification Agreement

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]

Secured note payable, interest rate

3.00%

Debt Instrument Additional Borrowing Capacity Amount

$ 5,000,000

Debt Instrument, Maturity Date

Sep. 1, 2016

Niobe Ventures LLC | Senior Secured Note | Minimum

Related Party Transaction [Line Items]

Debt Instrument Mandatory Prepayment Principal

$ 7,500,000

Niobe Ventures LLC | Senior Secured Convertible Notes

Related Party Transaction [Line Items]

Debt instrument, face amount

$ 6,065,000

$ 345,000

$ 345,000

$ 345,000

$ 345,000

$ 345,000

$ 345,000

$ 345,000

$ 345,000

Proceeds from Issuance of Common Stock

$ 7,000,000

SUBSEQUENT EVENTS - Additional

SUBSEQUENT EVENTS - Additional Information (Detail) - USD ($)	Apr. 01, 2016	Mar. 04, 2016
Subsequent Event | Senior Secured Convertible Notes
Subsequent Event [Line Items]
Debt Instrument, Face Amount	$ 345,000	$ 345,000