Endocyte (ECYT) 10-Q 4 Nov 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 31, 2015
Document Information [Line Items]
Entity Registrant Name	ENDOCYTE INC
Entity Central Index Key	1,235,007
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	ECYT
Entity Common Stock, Shares Outstanding		41,975,549
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,015

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 31,015,168	$ 45,533,443
Short-term investments	141,112,157	79,536,211
Receivables	84,987	706,403
Prepaid expenses	1,038,374	609,771
Other assets	446,903	652,510
Total current assets	173,697,589	127,038,338
Long-term investments	8,173,610	81,761,177
Property and equipment, net	3,565,191	3,970,665
Other noncurrent assets	181,971	31,194
Total assets	185,618,361	212,801,374
Current liabilities:
Accounts payable	956,945	1,234,759
Accrued wages and benefits	2,706,517	2,567,924
Accrued clinical trial expenses	1,077,857	2,336,645
Accrued expenses and other liabilities	641,210	745,668
Total current liabilities	5,382,529	6,884,996
Other liabilities, net of current portion	21,853	30,316
Deferred revenue, net of current portion	844,445	881,944
Total liabilities	6,248,827	7,797,256
Stockholders' equity:
Common stock: $0.001 par value, 100,000,000 shares authorized; 41,784,692 and 41,975,156 shares issued and outstanding at December 31, 2014 and September 30, 2015	41,975	41,785
Additional paid-in capital	379,245,052	373,571,500
Accumulated other comprehensive income	23,401	(143,928)
Retained deficit	(199,940,894)	(168,465,239)
Total stockholders’ equity	179,369,534	205,004,118
Total liabilities and stockholders’ equity	$ 185,618,361	$ 212,801,374

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	41,975,156	41,784,692
Common stock, shares outstanding	41,975,156	41,784,692

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenue:
Collaboration revenue	$ 32,500	$ 3,903,805	$ 57,500	$ 70,340,983
Operating expenses:
Research and development	6,581,458	5,675,547	19,922,716	37,652,243
General and administrative	3,776,575	4,006,751	12,207,080	19,476,356
Total operating expenses	10,358,033	9,682,298	32,129,796	57,128,599
Income (loss) from operations	(10,325,533)	(5,778,493)	(32,072,296)	13,212,384
Other income (expense), net:
Interest income, net	152,763	161,081	489,728	413,980
Other income (expense), net	171,062	(57,722)	106,913	(86,315)
Net income (loss)	$ (10,001,708)	$ (5,675,134)	$ (31,475,655)	$ 13,540,049
Net income (loss) per share:
Basic (in dollars per share)	$ (0.24)	$ (0.14)	$ (0.75)	$ 0.34
Diluted (in dollars per share)	$ (0.24)	$ (0.14)	$ (0.75)	$ 0.33
Items included in other comprehensive gain (loss):
Unrealized gain (loss) on foreign currency translation	$ 123	$ (5,848)	$ (1,158)	$ (34,348)
Unrealized gain (loss) on available-for-sale securities	51,419	(31,296)	168,487	(97,674)
Other comprehensive gain (loss)	51,542	(37,144)	167,329	(132,022)
Comprehensive income (loss)	$ (9,950,166)	$ (5,712,278)	$ (31,308,326)	$ 13,408,027
Weighted-average number of common shares used in net income (loss) per share calculation:
Basic (in shares)	41,974,518	41,564,840	41,924,252	39,738,685
Diluted (in shares)	41,974,518	41,564,840	41,924,252	41,493,711

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - 9 months ended Sep. 30, 2015 - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]
Balances at Dec. 31, 2014	$ 205,004,118	$ 41,785	$ 373,571,500	$ (143,928)	$ (168,465,239)
Balances (in shares) at Dec. 31, 2014		41,784,692
Exercise of stock options	339,846	$ 127	339,719	0	0
Exercise of stock options (in shares)		127,147
Stock-based compensation	5,163,944	$ 29	5,163,915	0	0
Stock-based compensation (in shares)		29,190
Employee Stock Purchase Plan	169,952	$ 34	169,918	0	0
Employee Stock Purchase Plan (in shares)		34,127
Net loss	(31,475,655)	$ 0	0	0	(31,475,655)
Unrealized loss on foreign exchange translation	(1,158)	0	0	(1,158)	0
Unrealized gain on securities	168,487	0	0	168,487	0
Balances at Sep. 30, 2015	$ 179,369,534	$ 41,975	$ 379,245,052	$ 23,401	$ (199,940,894)
Balances (in shares) at Sep. 30, 2015		41,975,156

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities
Net income (loss)	$ (31,475,655)	$ 13,540,049
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation	666,174	630,176
Stock-based compensation	5,221,217	6,257,217
Loss on disposal of property and equipment	7,487	3,849
Accretion of bond premium	1,027,922	1,310,974
Change in operating assets and liabilities:
Receivables	827,022	2,222,804
Prepaid expenses and other assets	(448,548)	2,342,514
Accounts payable	(421,206)	(3,997,669)
Accrued wages, benefits and other liabilities	(1,233,116)	(371,516)
Deferred revenue	(37,500)	(59,734,447)
Net cash used in operating activities	(25,866,203)	(37,796,049)
Investing activities
Purchases of property and equipment	(255,623)	(1,393,557)
Purchases of investments	(51,747,015)	(117,106,132)
Proceeds from sale and maturities of investments	62,899,199	49,170,755
Net cash provided by (used in) investing activities	10,896,561	(69,328,934)
Financing activities
Proceeds from public offering	0	101,904,977
Stock repurchase	(57,273)	(3,814)
Proceeds from the exercise of stock options	339,846	792,507
Proceeds from stock purchases under employee stock purchase plan	169,952	191,078
Net cash provided by financing activities	452,525	102,884,748
Effect of exchange rate	(1,158)	(34,348)
Net decrease in cash and cash equivalents	(14,518,275)	(4,274,583)
Cash and cash equivalents at beginning of period	45,533,443	52,846,940
Cash and cash equivalents at end of period	$ 31,015,168	$ 48,572,357

Nature of Business and Organiza

Nature of Business and Organization	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. Nature of Business and Organization Endocyte, Inc. (the “Company”) is a biopharmaceutical company developing targeted therapies for the treatment of cancer and inflammatory diseases. The Company uses its proprietary technology to create novel small molecule drug conjugates (“SMDCs”) and companion imaging agents. The SMDCs actively target receptors that are over-expressed on diseased cells, relative to healthy cells. This targeted approach is designed to enable the treatment of patients with a highly active drug at greater doses, delivered more frequently, and over longer periods of time than would be possible with the untargeted drug alone. The Company is also developing companion imaging agents for each of its SMDCs that are designed to identify the patients whose disease over-expresses the target of the therapy and who are therefore most likely to benefit from treatment. The Company has two wholly-owned subsidiaries, Endocyte Europe B.V. and Endocyte Europe GmbH, which were formed to assist with the administration of applications with the European Commission (“EC”) and commercial pre-launch activities in Europe. The applications were withdrawn in May 2014 and the commercial pre-launch activities in Europe ceased. The Company is in the process of dissolving Endocyte Europe GmbH, which should be completed in the fourth quarter of 2015. The Company plans to dissolve Endocyte Europe B.V. after the dissolution of Endocyte Europe GmbH is completed.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	2. Significant Accounting Policies The accompanying condensed consolidated financial statements include the accounts of Endocyte, Inc. and its subsidiaries and all intercompany amounts have been eliminated. The condensed consolidated financial statements are prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals and revisions of estimates, considered necessary for a fair presentation of the accompanying condensed consolidated financial statements have been included. Interim results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2015 or any other future period. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. Subsequent events have been evaluated through the date of issuance, which is the same as the date this Form 10-Q is filed with the Securities and Exchange Commission. Operating segments are defined as components of an enterprise engaging in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company had performed clinical trials globally and established a subsidiary in The Netherlands to assist in the administration of filing applications in Europe and a subsidiary in Switzerland for commercial pre-launch activities in Europe. The applications filed in Europe were withdrawn in May 2014 and the pre-launch activities in Europe ceased. The Company is in the process of dissolving Endocyte Europe GmbH, which should be completed in the fourth quarter of 2015. The Company plans to dissolve Endocyte Europe B.V. after the dissolution of Endocyte Europe GmbH is completed. All long-lived assets are held in the U.S. The Company views its operations and manages its business in one operating segment. The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual amounts may differ from those estimates. The Company considers cash and all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents consist primarily of money market instruments that are maintained by an investment manager. Investments consist primarily of investments in U.S. Treasuries, U.S. Government agency obligations and corporate debt securities, which could also include commercial paper, that are maintained by an investment manager. U.S. government agency investments relate to investments in Fannie Mae, Freddie Mac and Federal Home Loan Bank. Management determines the appropriate classification of marketable securities at the time of purchase and reevaluates such classification as of each balance sheet date. Available-for-sale securities are carried at fair value, with the unrealized gains and losses reported in other comprehensive income. Realized gains and losses and declines in value judged to be other-than-temporary on available-for- sale Investments — Debt and Equity Securities The Company recognizes revenues from license and collaboration agreements when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the fee is fixed or determinable, and there is reasonable assurance that the related amounts are collectible in accordance with ASC Topic 605, Revenue Recognition Multiple-Element Arrangements stand Upfront payments for licensing the Company's intellectual property are evaluated to determine if the licensee can obtain stand-alone value from the license separate from the value of the research and development services and other deliverables in the arrangement to be provided by the Company. If at the inception of an arrangement the Company determines that the license does not have stand-alone value separate from the research and development services or other deliverables In those circumstances where research and development services or other deliverables are combined with the license, and multiple services are being performed such that a common output measure to determine a pattern of performance cannot be discerned, the Company recognizes amounts received on a straight line basis over the performance period. Such amounts are recorded as collaboration revenue. Any subsequent reimbursement payments, which are contingent upon the Company’s future research and development expenditures, will be recorded as collaboration revenue Milestone payments under collaborative arrangements are triggered either by the results of the Company’s research and development efforts, achievement of regulatory goals or by specified sales results by a third-party collaborator. Milestones related to the Company’s development-based activities may include initiation of various phases of clinical trials and applications and acceptance for product approvals by regulatory agencies. Due to the uncertainty involved in meeting these development-based milestones, the determination is made at the inception of the collaboration agreement whether the development-based milestones are considered to be substantive (i.e. not just achieved through passage of time). In addition, the amounts of the payments assigned thereto are considered to be commensurate with the enhancement of the value of the delivered intellectual property as a result of the Company’s performance. Because the Company’s involvement is necessary to the achievement of development-based milestones, the Company would account for development-based milestones as revenue upon achievement of the substantive milestone events. Milestones related to sales-based activities may be triggered upon events such as The Company often is required to make estimates regarding drug development and commercialization timelines for compounds being developed pursuant to a collaboration agreement. Because the drug development process is lengthy and the Company’s collaboration uncertainties of Research and development expenses represent costs associated with the ongoing development of SMDCs and companion imaging agents and include salaries, supplies, depreciation, and expenses for clinical trials. The Company records accruals for clinical The Upfront payments made in connection with business collaborations and research and development arrangements are evaluated under ASC Subtopic 730-20, Research and Development Arrangements business period 0.5 The Company accounts for its stock-based compensation awards pursuant to ASC Topic 718, Compensation — Stock Compensation Basic net income (loss) per share is calculated by dividing the net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents. Diluted net income (loss) per share is computed by dividing the net income (loss) attributable to common stockholders by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method and the if-converted method. For purposes of this calculation, common stock options, warrants, PRSUs, RSUs and shares to be purchased under the ESPP are considered to be common stock equivalents and are only included in the calculation of diluted net income (loss) per share when their effect is dilutive. Common stock equivalents As of September 30, 2014 2015 Outstanding common stock options 5,529,255 5,693,156 Outstanding warrants 34,647 34,647 Outstanding PRSUs 246,386 216,008 Outstanding RSUs 170,439 352,949 Shares to be purchased under the ESPP 14,337 23,352 Total 5,995,064 6,320,112 For the three and nine months ended September 30, 2015 and the three months ended September 30, 2014, the common stock equivalents were excluded from the determination of diluted net loss per share due to their anti-dilutive effect on earnings. Nine Months Ended September 30, 2014 Outstanding common stock options 1,726,537 Outstanding warrants 8,694 Outstanding RSUs 12,293 Shares to be purchased under the ESPP 7,502 Total 1,755,026

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2015
Accounting Changes and Error Corrections [Abstract]
Accounting Changes and Error Corrections [Text Block]	3. New Accounting Pronouncements Recently Issued Accounting Standards In November 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-16, Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity In August 2014, the FASB issued ASU 2014-15 (Subtopic 205-40), Presentation of Financial Statements — Going Concern In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers statements.

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
Other Comprehensive Income (Loss) [Text Block]	4. Other Comprehensive Income (Loss) Accumulated Unrealized Net Other Foreign Currency Gains (Losses) Comprehensive Translation Losses on Securities Income (Loss) Balance at June 30, 2014 $ (40,316) $ 2,129 $ (38,187) Unrealized loss (5,848) (31,904) (37,752) Net amount reclassified to net loss — 608 608 Other comprehensive loss (5,848) (31,296) (37,144) Balance at September 30, 2014 $ (46,164) $ (29,167) $ (75,331) Accumulated Foreign Currency Unrealized Net Other Translation Gains Gains Comprehensive (Losses) on Securities Income (Loss) Balance at June 30, 2015 $ (51,873) $ 23,732 $ (28,141) Unrealized gain 123 51,419 51,542 Net amount reclassified to net loss — — — Other comprehensive income 123 51,419 51,542 Balance at September 30, 2015 $ (51,750) $ 75,151 $ 23,401 Unrealized Net Accumulated Other Foreign Currency Gains (Losses) Comprehensive Translation Losses on Securities Income (Loss) Balance at December 31, 2013 $ (11,816) $ 68,507 $ 56,691 Unrealized loss (34,348) (98,282) (132,630) Net amount reclassified to net income — 608 608 Other comprehensive loss (34,348) (97,674) (132,022) Balance at September 30, 2014 $ (46,164) $ (29,167) $ (75,331) Unrealized Net Accumulated Other Foreign Currency Gains (Losses) on Comprehensive Translation Losses Securities Income (Losses) Balance at December 31, 2014 $ (50,592) $ (93,336) $ (143,928) Unrealized gain (loss) (1,158) 173,391 172,233 Net amount reclassified to net loss — (4,904) (4,904) Other comprehensive income (loss) (1,158) 168,487 167,329 Balance at September 30, 2015 $ (51,750) $ 75,151 $ 23,401 The assets and liabilities of foreign operations are translated into U.S. dollars using the current exchange rate. For those operations, changes in exchange rates generally do not affect cash flows, which results in translation adjustments being made in stockholders’ equity rather than to net income (loss).

Investments

Investments	9 Months Ended
	Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	5. Investments The Company applies the fair value measurement and disclosure provisions of ASC Topic 820, Fair Value Measurements and Disclosures ASC 820 establishes a three-level valuation hierarchy for fair value measurements. These valuation techniques are based upon the transparency of inputs (observable and unobservable) to the valuation of an asset or liability as of the measurement date. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs create the following fair value hierarchy: Level 1 — Valuation is based on quoted prices for identical assets or liabilities in active markets. Level 2 — Valuation is based on quoted prices for similar assets or liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for the full term of the financial instrument. Level 3 — Valuation is based upon other unobservable inputs that are significant to the fair value measurement. The fair value of the Company’s fixed income securities is based on a market approach using quoted market values. Fair Value (Carrying Description Cost Level 1 Level 2 Value) Cash Cash $ 6,068,579 $ 6,068,579 $ — $ 6,068,579 Cash equivalents Money market funds 39,464,864 39,464,864 — 39,464,864 Cash and cash equivalents $ 45,533,443 $ 45,533,443 $ — $ 45,533,443 Short-term investments (due within 1 year) U.S. government agency obligations $ 38,934,684 $ 38,928,806 $ — $ 38,928,806 Corporate obligations 40,659,036 — 40,607,405 40,607,405 Total short-term investments $ 79,593,720 $ 38,928,806 $ 40,607,405 $ 79,536,211 Long-term investments (due after 1 year through 2 years) U.S. government treasury obligations $ 38,626,279 $ 38,623,495 $ — $ 38,623,495 U.S. government agency obligations 35,223,450 35,203,355 — 35,203,355 Corporate obligations 7,947,275 — 7,934,327 7,934,327 Total long-term investments $ 81,797,004 $ 73,826,850 $ 7,934,327 $ 81,761,177 The following table summarizes the fair value of cash and cash equivalents and investments as of September 30, 2015: Fair Value (Carrying Description Cost Level 1 Level 2 Value) Cash Cash $ 2,781,264 $ 2,781,264 $ — $ 2,781,264 Cash equivalents Money market funds 28,233,904 28,233,904 — 28,233,904 Cash and cash equivalents $ 31,015,168 $ 31,015,168 $ — $ 31,015,168 Short-term investments (due within 1 year) U.S. government treasury obligations $ 43,076,116 $ 43,119,700 $ — $ 43,119,700 U.S. government agency obligations 52,635,082 52,654,995 — 52,654,995 Corporate obligations 45,336,121 — 45,337,462 45,337,462 Total short-term investments $ 141,047,319 $ 95,774,695 $ 45,337,462 $ 141,112,157 Long-term investments (due after 1 year through 2 years) U.S. government agency obligations 8,163,297 8,173,610 — 8,173,610 Total long-term investments $ 8,163,297 $ 8,173,610 $ — $ 8,173,610 All securities held at December 31, 2014 and September 30, 2015, were classified as available-for-sale as defined by ASC 320. Total unrealized gross gains were $ 18,858 84,288 112,194 9,137 608 1,667

Collaborations

Collaborations	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaborative Arrangement Disclosure [Text Block]	6. Collaborations Merck Collaboration Agreement In April 2012, the Company entered into a worldwide collaboration agreement with Merck Sharp & Dohme Research GmbH, a subsidiary of Merck & Co, Inc. (“Merck”), regarding the development and commercialization of vintafolide, which agreement was terminated by Merck effective September 15, 2014. As a result of the termination of the collaboration with Merck, the Company is no longer eligible for additional milestone payments from Merck. In addition, all obligations of the Company under the agreement have been fulfilled and the Company is not required to perform any additional services to Merck. Pursuant to the collaboration agreement, the Company received a $ 120.0 5.0 For revenue recognition purposes, the Company viewed the collaboration with Merck as a multiple element arrangement. Multiple element arrangements are analyzed to determine whether the various performance obligations, or elements, can be separated or whether they must be accounted for as a single unit of accounting. The Company evaluated whether the delivered elements under the arrangement had value on a stand-alone basis and whether objective and reliable evidence of fair value of the undelivered element existed. Deliverables that did not meet these criteria were not evaluated separately for the purpose of revenue recognition. For a single unit of accounting, payments received were recognized in a manner consistent with the final deliverable. The Company determined that the deliverables related to the collaboration with Merck, including the licenses granted to Merck, as well as the Company performance obligations to provide various research and development services, would be accounted for as a single unit of account. This determination was made because the successful development of the therapeutic drug, vintafolide, is dependent on the companion diagnostic, etarfolatide, to select patients who are most likely to receive the most benefit from vintafolide. Given the nature of the combined benefit of the companion diagnostic and the therapeutic drug, the research and development services provided by the Company were essential to the overall arrangement as the Company had significant knowledge and technical know-how that was important to realizing the value of the licenses granted. Subsequent to the inception of the Merck arrangement, the Company evaluated the remaining deliverables for separation as items in the arrangement were delivered. The Company recognized the non-refundable $120.0 million upfront payment, the $5.0 million milestone payment and funding from the research and development services on a straight-line basis over the estimated performance period, which started at the date of execution of the agreement. Based on the termination of the PROCEED trial and receiving the notice of termination of the collaboration agreement in 2014, the Company concluded that all of its obligations under the agreement had been fulfilled and the Company was not required to perform any additional services to Merck, and as a result, the entire balance of deferred revenue related to the collaboration agreement was recognized in 2014. The Company recognized approximately $ 3.9 70.3 0 52.7 3.9 17.6 NMP License and Commercialization Agreement In August 2013, the Company entered into a license and commercialization agreement with Nihon Medi-Physic Co., LTD. (“NMP”) that grants NMP the right to develop and commercialize etarfolatide in Japan for use in connection with vintafolide in Japan. The Company received a $ 1.0 4.5 For revenue recognition purposes, the Company viewed the agreement with NMP as a multiple element arrangement. Multiple element arrangements are analyzed to determine whether the various performance obligations, or elements, can be separated or whether they must be accounted for as a single unit of accounting. The Company has identified the deliverables related to the collaboration with NMP, which include the license granted to NMP, as well as the obligation to provide preclinical and clinical supply of etarfolatide, to provide rights to NMP if a product is developed that replaces etarfolatide, the obligation for the Company to provide clinical data to NMP during the contract period and the coordination of development and commercialization efforts between the Company for vintafolide and NMP for etarfolatide in Japan. The Company’s deliverables will be accounted for as a single unit of account, therefore the non-refundable upfront payment is being recognized on a straight-line basis over the performance period. This determination was made because the successful development of etarfolatide in Japan requires the ongoing participation by the Company, including the development of the related therapeutic drug, vintafolide. The performance period over which the revenue will be recognized continues from the date of execution of the agreement through the end of 2033, the estimated termination date of the contract which is when the Company’s performance obligations will be completed. Any significant changes in the timing of the performance period could result in a change in the revenue recognition period. The Company had deferred revenue related to the agreement of approximately $ 0.9 The arrangement with NMP includes milestone payments of up to approximately $4.5 million and the milestones are based on the commencement of clinical trials in Japan for specific and non-specific indications and filing for approval in Japan for specific and non-specific indications. The Company evaluated each of these milestone payments and believes that all of the milestones are substantive as there is substantial performance risk that must occur in order for them to be met because the Company must complete additional clinical trials which show a positive outcome or receive approval from a regulatory authority and would be commensurate with the enhancement of value of the underlying intellectual property. To date, the products have not been approved in Japan and no revenue has been recognized related to the regulatory milestones or royalties. NMP has the right to terminate the collaboration agreement on 90 days notice prior to first commercial sale in Japan and six months notice after the first commercial sale in Japan. NMP also has the right to terminate the agreement on six months notice if the Company fails to launch vintafolide after receiving regulatory approval in Japan. NMP and the Company each have the right to terminate the agreement due to the material breach or insolvency of the other party. Upon termination of the agreement depending on the circumstances, the parties have varying rights and obligations with respect to licensing and related regulatory materials and data.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	7. Stockholders’ Equity Public Offering On April 2, 2014, the Company completed a public offering of 5,175,000 101.9 Stock-Based Compensation Plans The Company has had stock-based compensation plans since 1997. The awards made under the plans adopted in 1997 and 2007 consisted of stock options. The 2010 Equity Incentive Plan (the “2010 Plan”), which is the only plan under which awards may currently be made, authorizes awards in the form of stock options, stock appreciation rights, restricted stock, PRSUs, performance units, performance shares, and RSUs. Awards under the 2010 Plan may be made to employees, directors and certain consultants as determined by the compensation committee of the board of directors. There were 8,071,563 9,742,563 Stock Options Under the various plans, employees have been granted incentive stock options, while directors and consultants have been granted non-qualified options. The plans allow the holder of an option to purchase common stock at the exercise price, which was at or above the fair value of the Company’s common stock on the date of grant. Generally, options granted under the 1997 and 2007 plans in connection with an employee’s commencement of employment vest over a four-year period with one-half of the shares subject to the grant vesting after two years of employment and remaining options vesting monthly over the remainder of the four-year period. Options granted under the 1997 and 2007 plans for performance or promotions vested monthly over a four-year period. Generally, options granted under the 2010 Plan vest annually over a three-year or four-year period. Unexercised stock options terminate on the tenth anniversary date after the date of grant. The Company recognizes stock-based compensation expense over the requisite service period of the individual grantees, which generally equals the vesting period. The Company utilizes a Black-Scholes option-pricing model to estimate the value of stock options. The Black-Scholes model allows the use of a range of assumptions related to volatility, risk-free interest rate, employee exercise behavior and dividend yield. Expected volatilities used in the model beginning in 2015 are based on historical volatility of the Company’s stock prices. Expected volatilities used in the model prior to 2015 were based on a combination of peer volatility and Company volatility. Due to insufficient history as a public company, the Company is using the “simplified” method for “plain vanilla” options to estimate the expected term of the stock options grants. Under this approach, the weighted-average expected life is presumed to be the average of the vesting term and the contractual term of the option. The risk-free interest rate assumption is derived from the weighted-average yield of a U.S. Treasury security with the same term as the expected life of the options, and the dividend yield assumption is based on historical experience and the Company’s estimate of future dividend yields. Three Months Nine Months Ended Ended September 30, September 30, 2014 2015 2014 2015 Expected volatility 106.0 % 103.0 % 102.8 % 106.5 % Risk-free interest rate 1.94 % 1.77 % 1.98 % 1.55 % Weighted-average expected life (in years) 6.3 6.3 6.7 6.4 Dividend yield 0.00 % 0.00 % 0.00 % 0.00 % Weighted-Average Remaining Aggregate Weighted-Average Contractual Term (In Intrinsic Options Exercise Price Years) Value Outstanding at January 1, 2015 5,096,674 $ 7.29 Granted during period 851,672 5.10 Exercised during period (114,636) 2.60 Expired during period (13,443) 11.68 Forfeited during period (177,309) 8.11 Outstanding at March 31, 2015 5,642,958 $ 7.02 7.12 $ 6,705,385 Exercisable at March 31, 2015 3,212,082 $ 6.37 5.96 $ 5,168,069 Outstanding at April 1, 2015 5,642,958 $ 7.02 Granted during period 177,750 5.92 Exercised during period (10,619) 3.26 Expired during period (120,670) 11.07 Forfeited during period (31,218) 7.45 Outstanding at June 30, 2015 5,658,201 $ 6.90 6.96 $ 3,765,161 Exercisable at June 30, 2015 3,376,445 $ 6.39 5.82 $ 3,336,694 Outstanding at July 1, 2015 5,658,201 $ 6.90 Granted during period 68,850 5.16 Exercised during period (1,892) 3.55 Expired during period (10,200) 9.54 Forfeited during period (21,803) 8.75 Outstanding at September 30, 2015 5,693,156 $ 6.87 6.74 $ 4,006,765 Exercisable at September 30, 2015 3,392,787 $ 6.43 5.58 $ 3,483,355 As of September 30, 2015, the total remaining unrecognized compensation cost, net of forfeitures, related to stock options granted was $ 9.9 1.5 Restricted Stock Units In May 2011, the Company adopted and granted awards under a performance-based RSU program (the “2011 PRSU Program”) under the 2010 Plan. Each unit represents an amount equal to one share of the Company’s common stock. The PRSUs will be earned, in whole or in part, based on performance and service conditions. The performance condition is based upon whether the Company receives regulatory approval to sell a therapeutic product, and the awards include a target number of PRSUs that will vest upon a First Commercial Approval, and a maximum number of PRSUs that will vest upon a Second Commercial Approval. Any earned PRSUs will vest fifty percent based on the performance condition of commercial approval and fifty percent one year thereafter to fulfill the service condition, which requires the employee to remain employed by the Company. As of September 30, 2015, the Company had 216,008 6.49 The RSUs are service-based awards that will vest and be paid, in the form of one share of the Company’s common stock for each RSU, generally in three or four equal annual installments beginning on the first anniversary of the date of grant of the RSU. As of September 30, 2015, the total remaining unrecognized compensation cost, net of forfeitures, related to RSUs was $ 1.8 1.6 Restricted Weighted-Average Stock Grant Units Date Fair Value Outstanding at January 1, 2015 161,439 $ 11.11 Granted during period 222,976 5.10 Vested during period (40,333) 11.11 Forfeited during period (17,730) 8.74 Outstanding at March 31, 2015 326,352 $ 7.20 Outstanding at April 1, 2015 326,352 $ 7.20 Granted during period 18,000 6.02 Vested during period — — Forfeited during period (7,090) 7.04 Outstanding at June 30, 2015 337,262 $ 7.14 Outstanding at July 1, 2015 337,262 $ 7.14 Granted during period 20,000 5.16 Vested during period — — Forfeited during period (4,313) 7.38 Outstanding at September 30, 2015 352,949 $ 6.73 Employee Stock Purchase Plan Effective January 1, 2014, the Company implemented the ESPP. At January 1, 2015, 986,530 53,250 5.62 34,127 4.98 952,403

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	8. Income Taxes The Company accounts for income taxes under the liability method in accordance with the provisions of ASC Topic 740, Income Taxes 172.2 29.7 16.8

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	9. Commitments and Contingencies On June 24, 2014, a complaint in a securities class action lawsuit was filed against the Company and one of its officers and directors in the United States District Court for the Southern District of Indiana under the following caption: Tony Nguyen, on Behalf of Himself and All Others Similarly Situated v. Endocyte, Inc. and P. Ron Ellis Vivian Oh Revocable Trust, Individually and on Behalf of All Others Situated v. Endocyte, Inc. and P. Ron Ellis Gopichand Vallabhaneni v. Endocyte, Inc. and P. Ron Ellis . Lead Plaintiff seeks the designation of the Vallabhaneni Litigation as a class action, an award of unspecified damages, interest, costs, expert fees and attorneys’ fees, and equitable/injunctive relief or other relief as the court may deem just and proper. Pursuant to a December 9, 2014 order, all Defendants filed a motion to dismiss on March 6, 2015. Lead Plaintiff filed a motion in opposition on April 6, 2015 to which Defendants replied on April 20, 2015. Discovery in this matter is stayed pursuant to provisions of the Private Securities Litigation Reform Act (“PSLRA”) pending resolution of that motion to dismiss. The Company believes that this lawsuit is without merit and has defended, and intends to continue to defend, itself vigorously against the allegations made in the Amended Complaint. On September 23, 2014, a complaint in a shareholder derivative lawsuit was filed against all of the Company’s current directors in the United States District Court for the Southern District of Indiana under the following caption: William Moore, Derivatively on Behalf of Nominal Defendant Endocyte, Inc. v. John C. Aplin, et al. On October 31, 2014, a complaint in a shareholder derivative lawsuit nearly identical to the Moore Litigation was filed against all of the Company’s current directors in the United States District Court for the Southern District of Indiana under the following caption: Victor Veloso, Derivatively on Behalf of Endocyte, Inc. v. John C. Aplin, et al. On December 31, 2014, the court appointed co-lead counsel and consolidated the Moore Litigation with the Veloso Litigation under the following caption: In re Endocyte, Inc. Derivative Litigation On November 6, 2014, a complaint was filed against the Company, two of its executive officers, Merck and one of Merck’s officers in the Superior Court of Tippecanoe County, Indiana under the following caption: Mohamad Hage and Jamele Hage v. Endocyte, Inc., P. Ron Ellis, Mike A. Sherman, Eric Rubin and Merck & Co., Inc. The Company also has certain obligations to indemnify, and advance expenses to, its directors and officers in connection with various actions, suits and proceedings.

Restructuring Costs

Restructuring Costs	9 Months Ended
	Sep. 30, 2015
Restructuring Costs [Abstract]
Restructuring and Related Activities Disclosure [Text Block]	10. Restructuring Costs The Company terminated the PROCEED trial in May 2014 after the interim futility analysis indicated that vintafolide did not demonstrate efficacy on the pre-specified outcome of progression-free survival for the treatment of PROC. As a result, the Company ceased its pre-launch commercial activities in Europe and implemented staff reductions in Europe and in the U.S. All employee and contract termination expenses were recorded and paid in the year ended December 31, 2014. At September 30, 2015, the Company had a clinical trial accrual balance related to the PROCEED trial termination of $ 0.2 PROCEED Trial Termination Accrual Balance, June 30, 2015 $ 400,000 Charges for the three months ended September 30, 2015 — Amounts paid in the three months ended September 30, 2015 (200,000) Balance, September 30, 2015 $ 200,000 PROCEED Trial Termination Accrual Balance, December 31, 2014 $ 1,300,000 Charges for the nine months ended September 30, 2015 250,000 Amounts paid in the nine months ended September 30, 2015 (1,350,000) Balance, September 30, 2015 $ 200,000

Significant Accounting Polici17

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of Endocyte, Inc. and its subsidiaries and all intercompany amounts have been eliminated. The condensed consolidated financial statements are prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals and revisions of estimates, considered necessary for a fair presentation of the accompanying condensed consolidated financial statements have been included. Interim results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2015 or any other future period. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. Subsequent events have been evaluated through the date of issuance, which is the same as the date this Form 10-Q is filed with the Securities and Exchange Commission.
Segment Reporting, Policy [Policy Text Block]	Segment Information Operating segments are defined as components of an enterprise engaging in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company had performed clinical trials globally and established a subsidiary in The Netherlands to assist in the administration of filing applications in Europe and a subsidiary in Switzerland for commercial pre-launch activities in Europe. The applications filed in Europe were withdrawn in May 2014 and the pre-launch activities in Europe ceased. The Company is in the process of dissolving Endocyte Europe GmbH, which should be completed in the fourth quarter of 2015. The Company plans to dissolve Endocyte Europe B.V. after the dissolution of Endocyte Europe GmbH is completed. All long-lived assets are held in the U.S. The Company views its operations and manages its business in one operating segment.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual amounts may differ from those estimates.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents The Company considers cash and all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents consist primarily of money market instruments that are maintained by an investment manager.
Investment, Policy [Policy Text Block]	Investments Investments consist primarily of investments in U.S. Treasuries, U.S. Government agency obligations and corporate debt securities, which could also include commercial paper, that are maintained by an investment manager. U.S. government agency investments relate to investments in Fannie Mae, Freddie Mac and Federal Home Loan Bank. Management determines the appropriate classification of marketable securities at the time of purchase and reevaluates such classification as of each balance sheet date. Available-for-sale securities are carried at fair value, with the unrealized gains and losses reported in other comprehensive income. Realized gains and losses and declines in value judged to be other-than-temporary on available-for- sale Investments — Debt and Equity Securities
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition The Company recognizes revenues from license and collaboration agreements when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the fee is fixed or determinable, and there is reasonable assurance that the related amounts are collectible in accordance with ASC Topic 605, Revenue Recognition Multiple-Element Arrangements stand Upfront payments for licensing the Company's intellectual property are evaluated to determine if the licensee can obtain stand-alone value from the license separate from the value of the research and development services and other deliverables in the arrangement to be provided by the Company. If at the inception of an arrangement the Company determines that the license does not have stand-alone value separate from the research and development services or other deliverables In those circumstances where research and development services or other deliverables are combined with the license, and multiple services are being performed such that a common output measure to determine a pattern of performance cannot be discerned, the Company recognizes amounts received on a straight line basis over the performance period. Such amounts are recorded as collaboration revenue. Any subsequent reimbursement payments, which are contingent upon the Company’s future research and development expenditures, will be recorded as collaboration revenue Milestone payments under collaborative arrangements are triggered either by the results of the Company’s research and development efforts, achievement of regulatory goals or by specified sales results by a third-party collaborator. Milestones related to the Company’s development-based activities may include initiation of various phases of clinical trials and applications and acceptance for product approvals by regulatory agencies. Due to the uncertainty involved in meeting these development-based milestones, the determination is made at the inception of the collaboration agreement whether the development-based milestones are considered to be substantive (i.e. not just achieved through passage of time). In addition, the amounts of the payments assigned thereto are considered to be commensurate with the enhancement of the value of the delivered intellectual property as a result of the Company’s performance. Because the Company’s involvement is necessary to the achievement of development-based milestones, the Company would account for development-based milestones as revenue upon achievement of the substantive milestone events. Milestones related to sales-based activities may be triggered upon events such as The Company often is required to make estimates regarding drug development and commercialization timelines for compounds being developed pursuant to a collaboration agreement. Because the drug development process is lengthy and the Company’s collaboration uncertainties of
Research and Development Expense, Policy [Policy Text Block]	Research and Development Expenses Research and development expenses represent costs associated with the ongoing development of SMDCs and companion imaging agents and include salaries, supplies, depreciation, and expenses for clinical trials. The Company records accruals for clinical The Upfront payments made in connection with business collaborations and research and development arrangements are evaluated under ASC Subtopic 730-20, Research and Development Arrangements business period 0.5
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock-Based Compensation The Company accounts for its stock-based compensation awards pursuant to ASC Topic 718, Compensation — Stock Compensation
Earnings Per Share, Policy [Policy Text Block]	Net Income (Loss) Per Share Basic net income (loss) per share is calculated by dividing the net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents. Diluted net income (loss) per share is computed by dividing the net income (loss) attributable to common stockholders by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method and the if-converted method. For purposes of this calculation, common stock options, warrants, PRSUs, RSUs and shares to be purchased under the ESPP are considered to be common stock equivalents and are only included in the calculation of diluted net income (loss) per share when their effect is dilutive. Common stock equivalents As of September 30, 2014 2015 Outstanding common stock options 5,529,255 5,693,156 Outstanding warrants 34,647 34,647 Outstanding PRSUs 246,386 216,008 Outstanding RSUs 170,439 352,949 Shares to be purchased under the ESPP 14,337 23,352 Total 5,995,064 6,320,112 For the three and nine months ended September 30, 2015 and the three months ended September 30, 2014, the common stock equivalents were excluded from the determination of diluted net loss per share due to their anti-dilutive effect on earnings. Nine Months Ended September 30, 2014 Outstanding common stock options 1,726,537 Outstanding warrants 8,694 Outstanding RSUs 12,293 Shares to be purchased under the ESPP 7,502 Total 1,755,026

Significant Accounting Polici18

Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	As of September 30, 2014 and 2015, the following number of potential common stock equivalents was outstanding: As of September 30, 2014 2015 Outstanding common stock options 5,529,255 5,693,156 Outstanding warrants 34,647 34,647 Outstanding PRSUs 246,386 216,008 Outstanding RSUs 170,439 352,949 Shares to be purchased under the ESPP 14,337 23,352 Total 5,995,064 6,320,112
Schedule of Weighted Average Number of Shares [Table Text Block]	The following weighted-average outstanding common stock options, warrants, RSUs and shares to be purchased under the ESPP were added to basic weighted-average common shares outstanding for the nine months ended September 30, 2014 to calculate diluted weighted-average shares outstanding because of their dilutive effect: Nine Months Ended September 30, 2014 Outstanding common stock options 1,726,537 Outstanding warrants 8,694 Outstanding RSUs 12,293 Shares to be purchased under the ESPP 7,502 Total 1,755,026

Other Comprehensive Income (L19

Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2015
Other Comprehensive Income (Loss), Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Accumulated Unrealized Net Other Foreign Currency Gains (Losses) Comprehensive Translation Losses on Securities Income (Loss) Balance at June 30, 2014 $ (40,316) $ 2,129 $ (38,187) Unrealized loss (5,848) (31,904) (37,752) Net amount reclassified to net loss — 608 608 Other comprehensive loss (5,848) (31,296) (37,144) Balance at September 30, 2014 $ (46,164) $ (29,167) $ (75,331) Accumulated Foreign Currency Unrealized Net Other Translation Gains Gains Comprehensive (Losses) on Securities Income (Loss) Balance at June 30, 2015 $ (51,873) $ 23,732 $ (28,141) Unrealized gain 123 51,419 51,542 Net amount reclassified to net loss — — — Other comprehensive income 123 51,419 51,542 Balance at September 30, 2015 $ (51,750) $ 75,151 $ 23,401 Unrealized Net Accumulated Other Foreign Currency Gains (Losses) Comprehensive Translation Losses on Securities Income (Loss) Balance at December 31, 2013 $ (11,816) $ 68,507 $ 56,691 Unrealized loss (34,348) (98,282) (132,630) Net amount reclassified to net income — 608 608 Other comprehensive loss (34,348) (97,674) (132,022) Balance at September 30, 2014 $ (46,164) $ (29,167) $ (75,331) Unrealized Net Accumulated Other Foreign Currency Gains (Losses) on Comprehensive Translation Losses Securities Income (Losses) Balance at December 31, 2014 $ (50,592) $ (93,336) $ (143,928) Unrealized gain (loss) (1,158) 173,391 172,233 Net amount reclassified to net loss — (4,904) (4,904) Other comprehensive income (loss) (1,158) 168,487 167,329 Balance at September 30, 2015 $ (51,750) $ 75,151 $ 23,401

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Schedule Of Cash And Cash Equivalents And Short Term And Long Term Investments [Table Text Block]	The following table summarizes the fair value of cash and cash equivalents and investments as of December 31, 2014: Fair Value (Carrying Description Cost Level 1 Level 2 Value) Cash Cash $ 6,068,579 $ 6,068,579 $ — $ 6,068,579 Cash equivalents Money market funds 39,464,864 39,464,864 — 39,464,864 Cash and cash equivalents $ 45,533,443 $ 45,533,443 $ — $ 45,533,443 Short-term investments (due within 1 year) U.S. government agency obligations $ 38,934,684 $ 38,928,806 $ — $ 38,928,806 Corporate obligations 40,659,036 — 40,607,405 40,607,405 Total short-term investments $ 79,593,720 $ 38,928,806 $ 40,607,405 $ 79,536,211 Long-term investments (due after 1 year through 2 years) U.S. government treasury obligations $ 38,626,279 $ 38,623,495 $ — $ 38,623,495 U.S. government agency obligations 35,223,450 35,203,355 — 35,203,355 Corporate obligations 7,947,275 — 7,934,327 7,934,327 Total long-term investments $ 81,797,004 $ 73,826,850 $ 7,934,327 $ 81,761,177 The following table summarizes the fair value of cash and cash equivalents and investments as of September 30, 2015: Fair Value (Carrying Description Cost Level 1 Level 2 Value) Cash Cash $ 2,781,264 $ 2,781,264 $ — $ 2,781,264 Cash equivalents Money market funds 28,233,904 28,233,904 — 28,233,904 Cash and cash equivalents $ 31,015,168 $ 31,015,168 $ — $ 31,015,168 Short-term investments (due within 1 year) U.S. government treasury obligations $ 43,076,116 $ 43,119,700 $ — $ 43,119,700 U.S. government agency obligations 52,635,082 52,654,995 — 52,654,995 Corporate obligations 45,336,121 — 45,337,462 45,337,462 Total short-term investments $ 141,047,319 $ 95,774,695 $ 45,337,462 $ 141,112,157 Long-term investments (due after 1 year through 2 years) U.S. government agency obligations 8,163,297 8,173,610 — 8,173,610 Total long-term investments $ 8,163,297 $ 8,173,610 $ — $ 8,173,610

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	The weighted-average value of the individual options granted during the three and nine months ended September 30, 2014 and 2015 were determined using the following assumptions: Three Months Nine Months Ended Ended September 30, September 30, 2014 2015 2014 2015 Expected volatility 106.0 % 103.0 % 102.8 % 106.5 % Risk-free interest rate 1.94 % 1.77 % 1.98 % 1.55 % Weighted-average expected life (in years) 6.3 6.3 6.7 6.4 Dividend yield 0.00 % 0.00 % 0.00 % 0.00 %
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	The Company’s stock option activity and related information are summarized as follows: Weighted-Average Remaining Aggregate Weighted-Average Contractual Term (In Intrinsic Options Exercise Price Years) Value Outstanding at January 1, 2015 5,096,674 $ 7.29 Granted during period 851,672 5.10 Exercised during period (114,636) 2.60 Expired during period (13,443) 11.68 Forfeited during period (177,309) 8.11 Outstanding at March 31, 2015 5,642,958 $ 7.02 7.12 $ 6,705,385 Exercisable at March 31, 2015 3,212,082 $ 6.37 5.96 $ 5,168,069 Outstanding at April 1, 2015 5,642,958 $ 7.02 Granted during period 177,750 5.92 Exercised during period (10,619) 3.26 Expired during period (120,670) 11.07 Forfeited during period (31,218) 7.45 Outstanding at June 30, 2015 5,658,201 $ 6.90 6.96 $ 3,765,161 Exercisable at June 30, 2015 3,376,445 $ 6.39 5.82 $ 3,336,694 Outstanding at July 1, 2015 5,658,201 $ 6.90 Granted during period 68,850 5.16 Exercised during period (1,892) 3.55 Expired during period (10,200) 9.54 Forfeited during period (21,803) 8.75 Outstanding at September 30, 2015 5,693,156 $ 6.87 6.74 $ 4,006,765 Exercisable at September 30, 2015 3,392,787 $ 6.43 5.58 $ 3,483,355
Schedule of Nonvested Share Activity [Table Text Block]	The following table sets forth the number of RSUs that were granted, vested and forfeited in the period indicated: Restricted Weighted-Average Stock Grant Units Date Fair Value Outstanding at January 1, 2015 161,439 $ 11.11 Granted during period 222,976 5.10 Vested during period (40,333) 11.11 Forfeited during period (17,730) 8.74 Outstanding at March 31, 2015 326,352 $ 7.20 Outstanding at April 1, 2015 326,352 $ 7.20 Granted during period 18,000 6.02 Vested during period — — Forfeited during period (7,090) 7.04 Outstanding at June 30, 2015 337,262 $ 7.14 Outstanding at July 1, 2015 337,262 $ 7.14 Granted during period 20,000 5.16 Vested during period — — Forfeited during period (4,313) 7.38 Outstanding at September 30, 2015 352,949 $ 6.73

Restructuring Costs (Tables)

Restructuring Costs (Tables)	9 Months Ended
	Sep. 30, 2015
Restructuring Costs [Abstract]
Restructuring and Related Costs [Table Text Block]	The following table summarizes the restructuring accruals for the three and nine months ended September 30, 2015: PROCEED Trial Termination Accrual Balance, June 30, 2015 $ 400,000 Charges for the three months ended September 30, 2015 — Amounts paid in the three months ended September 30, 2015 (200,000) Balance, September 30, 2015 $ 200,000 PROCEED Trial Termination Accrual Balance, December 31, 2014 $ 1,300,000 Charges for the nine months ended September 30, 2015 250,000 Amounts paid in the nine months ended September 30, 2015 (1,350,000) Balance, September 30, 2015 $ 200,000

Significant Accounting Polici23

Significant Accounting Policies (Details) - shares	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential Common Stock Equivalents, Outstanding	6,320,112	5,995,064
Outstanding common stock options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential Common Stock Equivalents, Outstanding	5,693,156	5,529,255
Outstanding PRSUs [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential Common Stock Equivalents, Outstanding	216,008	246,386
Outstanding RSUs [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential Common Stock Equivalents, Outstanding	352,949	170,439
Shares to be purchased under the ESPP [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential Common Stock Equivalents, Outstanding	23,352	14,337
Outstanding warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential Common Stock Equivalents, Outstanding	34,647	34,647

Significant Accounting Polici24

Significant Accounting Policies (Details 1)	9 Months Ended
	Sep. 30, 2014shares
Weighted Average Securities Included In Computation Of Weighted Average Number Of Diluted Shares Outstanding [Line Items]
Weighted Average Number Diluted Shares Outstanding Adjustment	1,755,026
Outstanding warrants [Member]
Weighted Average Securities Included In Computation Of Weighted Average Number Of Diluted Shares Outstanding [Line Items]
Weighted Average Number Diluted Shares Outstanding Adjustment	8,694
Outstanding common stock options [Member]
Weighted Average Securities Included In Computation Of Weighted Average Number Of Diluted Shares Outstanding [Line Items]
Weighted Average Number Diluted Shares Outstanding Adjustment	1,726,537
Outstanding RSUs [Member]
Weighted Average Securities Included In Computation Of Weighted Average Number Of Diluted Shares Outstanding [Line Items]
Weighted Average Number Diluted Shares Outstanding Adjustment	12,293
Shares To be Purchased Under The ESPP [Member]
Weighted Average Securities Included In Computation Of Weighted Average Number Of Diluted Shares Outstanding [Line Items]
Weighted Average Number Diluted Shares Outstanding Adjustment	7,502

Significant Accounting Polici25

Significant Accounting Policies (Details Textual) $ in Millions	Sep. 30, 2015USD ($)
Research and Development Arrangement [Member]
Significant Accounting Policies [Line Items]
Prepaid Expense and Other Assets, Noncurrent	$ 0.5

Other Comprehensive Income (L26

Other Comprehensive Income (Loss) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Foreign Currency Translation Gains (Losses), Beginning balance	$ (51,873)	$ (40,316)	$ (50,592)	$ (11,816)
Foreign Currency Translation Gains (Losses), Unrealized gain (loss)	123	(5,848)	(1,158)	(34,348)
Foreign Currency Translation Gains (Losses), Net amount reclassified to net income (loss)	0	0	0	0
Foreign Currency Translation Gains (Losses), Other comprehensive income (loss)	123	(5,848)	(1,158)	(34,348)
Foreign Currency Translation Gains (Losses), Ending balance	(51,750)	(46,164)	(51,750)	(46,164)
Unrealized Net Gains (Losses) on Securities, Beginning balance	23,732	2,129	(93,336)	68,507
Unrealized Net Gains (Losses) on Securities, Unrealized gain (loss)	51,419	(31,904)	173,391	(98,282)
Unrealized Net Gains (Losses) on Securities, Net amount reclassified to net income (loss)	0	608	(4,904)	608
Unrealized Net Gains (Losses) on Securities, Other comprehensive income (loss)	51,419	(31,296)	168,487	(97,674)
Unrealized Net Gains (Losses) on Securities, Ending balance	75,151	(29,167)	75,151	(29,167)
Accumulated Other Comprehensive Gains (Losses), Beginning balance	(28,141)	(38,187)	(143,928)	56,691
Accumulated Other Comprehensive Gains (Losses), Unrealized gain (loss)	51,542	(37,752)	172,233	(132,630)
Accumulated Other Comprehensive Gains (Losses), Net amount reclassified to net income (loss)	0	608	(4,904)	608
Accumulated Other Comprehensive Gains (Losses), Other comprehensive income (loss)	51,542	(37,144)	167,329	(132,022)
Accumulated Other Comprehensive Gains (Losses), Ending balance	$ 23,401	$ (75,331)	$ 23,401	$ (75,331)

Investments (Details)

Investments (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Cash
Cash	$ 2,781,264	$ 6,068,579
Cash equivalents
Money market funds	28,233,904	39,464,864
Cash and cash equivalents	31,015,168	45,533,443	$ 48,572,357	$ 52,846,940
Short-term investments (due within 1 year)
Total short-term investments	141,112,157	79,536,211
Long-term investments (due after 1 year through 2 years)
Total long-term investments	8,173,610	81,761,177
US Treasury Securities [Member]
Short-term investments (due within 1 year)
Total short-term investments	43,119,700
Long-term investments (due after 1 year through 2 years)
Total long-term investments		38,623,495
US Government Agencies Debt Securities [Member]
Short-term investments (due within 1 year)
Total short-term investments	52,654,995	38,928,806
Long-term investments (due after 1 year through 2 years)
Total long-term investments	8,173,610	35,203,355
Corporate Debt Securities [Member]
Short-term investments (due within 1 year)
Total short-term investments	45,337,462	40,607,405
Long-term investments (due after 1 year through 2 years)
Total long-term investments		7,934,327
Fair Value, Inputs, Level 1 [Member]
Cash
Cash	2,781,264	6,068,579
Cash equivalents
Money market funds	28,233,904	39,464,864
Cash and cash equivalents	31,015,168	45,533,443
Short-term investments (due within 1 year)
Total short-term investments	95,774,695	38,928,806
Long-term investments (due after 1 year through 2 years)
Total long-term investments	8,173,610	73,826,850
Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member]
Short-term investments (due within 1 year)
Total short-term investments	43,119,700
Long-term investments (due after 1 year through 2 years)
Total long-term investments		38,623,495
Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [Member]
Short-term investments (due within 1 year)
Total short-term investments	52,654,995	38,928,806
Long-term investments (due after 1 year through 2 years)
Total long-term investments	8,173,610	35,203,355
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member]
Short-term investments (due within 1 year)
Total short-term investments	0	0
Long-term investments (due after 1 year through 2 years)
Total long-term investments		0
Fair Value, Inputs, Level 2 [Member]
Cash
Cash	0	0
Cash equivalents
Money market funds	0	0
Cash and cash equivalents	0	0
Short-term investments (due within 1 year)
Total short-term investments	45,337,462	40,607,405
Long-term investments (due after 1 year through 2 years)
Total long-term investments	0	7,934,327
Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member]
Short-term investments (due within 1 year)
Total short-term investments	0
Long-term investments (due after 1 year through 2 years)
Total long-term investments		0
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member]
Short-term investments (due within 1 year)
Total short-term investments	0	0
Long-term investments (due after 1 year through 2 years)
Total long-term investments	0	0
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member]
Short-term investments (due within 1 year)
Total short-term investments	45,337,462	40,607,405
Long-term investments (due after 1 year through 2 years)
Total long-term investments		7,934,327
Cost [Member]
Cash
Cash	2,781,264	6,068,579
Cash equivalents
Money market funds	28,233,904	39,464,864
Cash and cash equivalents	31,015,168	45,533,443
Short-term investments (due within 1 year)
Total short-term investments	141,047,319	79,593,720
Long-term investments (due after 1 year through 2 years)
Total long-term investments	8,163,297	81,797,004
Cost [Member] | US Treasury Securities [Member]
Short-term investments (due within 1 year)
Total short-term investments	43,076,116
Long-term investments (due after 1 year through 2 years)
Total long-term investments		38,626,279
Cost [Member] | US Government Agencies Debt Securities [Member]
Short-term investments (due within 1 year)
Total short-term investments	52,635,082	38,934,684
Long-term investments (due after 1 year through 2 years)
Total long-term investments	8,163,297	35,223,450
Cost [Member] | Corporate Debt Securities [Member]
Short-term investments (due within 1 year)
Total short-term investments	$ 45,336,121	40,659,036
Long-term investments (due after 1 year through 2 years)
Total long-term investments		$ 7,947,275

Investments (Details Textual)

Investments (Details Textual) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Schedule of Trading Securities and Other Trading Assets [Line Items]
Unrealized Gain on Securities	$ 84,288		$ 18,858
Unrealized Loss on Securities	9,137		$ 112,194
Realized Gain on Securities	$ 1,667	$ 608

Collaborations (Details Textual

Collaborations (Details Textual) - USD ($)	Aug. 13, 2013	Apr. 30, 2012	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Non-refundable Upfront Payments Received		$ 120,000,000
Collaboration Revenue			$ 32,500	$ 3,903,805	$ 57,500	$ 70,340,983
Licenses Revenue				0		52,700,000
License and Services Revenue				$ 3,900,000		$ 17,600,000
NMP [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Non-refundable Upfront Payments Received	$ 1,000,000
Deferred Revenue			$ 900,000		$ 900,000
Potential Milestone Payments	$ 4,500,000
Non Substantive Milestone [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Non-refundable Upfront Payments Received		$ 5,000,000

Stockholders' Equity (Details)

Stockholders' Equity (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Expected volatility	103.00%	106.00%	106.50%	102.80%
Risk-free interest rate	1.77%	1.94%	1.55%	1.98%
Weighted-average expected life (in years)	6 years 3 months 18 days	6 years 3 months 18 days	6 years 4 months 24 days	6 years 8 months 12 days
Dividend yield	0.00%	0.00%	0.00%	0.00%

Stockholders' Equity (Details 1

Stockholders' Equity (Details 1) - Stock Option [Member] - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, Outstanding, Beginning Balance	5,658,201	5,642,958	5,096,674	5,096,674
Options, Granted during period	68,850	177,750	851,672
Options, Exercised during period	(1,892)	(10,619)	(114,636)
Options, Expired during period	(10,200)	(120,670)	(13,443)
Options, Forfeited during period	(21,803)	(31,218)	(177,309)
Options, Outstanding, Ending Balance	5,693,156	5,658,201	5,642,958	5,693,156
Options, Exercisable	3,392,787	3,376,445	3,212,082	3,392,787
Weighted Average Exercise Price, Outstanding, Beginning Balance	$ 6.90	$ 7.02	$ 7.29	$ 7.29
Weighted Average Exercise Price, Granted during period	5.16	5.92	5.10
Weighted Average Exercise Price, Exercised during period	3.55	3.26	2.60
Weighted average Exercise Price, Expired during period	9.54	11.07	11.68
Weighted Average Exercise Price, Forfeited during period	8.75	7.45	8.11
Weighted Average Exercise Price, Outstanding, Ending Balance	6.87	6.90	7.02	6.87
Weighted Average Exercise Price, Exercisable	$ 6.43	$ 6.39	$ 6.37	$ 6.43
Weighted Average Remaining Contractual Term, Outstanding, Ending Balance	6 years 8 months 26 days	6 years 11 months 16 days	7 years 1 month 13 days
Weighted Average Remaining Contractual Term, Exercisable	5 years 6 months 29 days	5 years 9 months 25 days	5 years 11 months 16 days
Aggregate Intrinsic Value, Outstanding, Ending Balance	$ 4,006,765	$ 3,765,161	$ 6,705,385	$ 4,006,765
Aggregate Intrinsic Value, Exercisable	$ 3,483,355	$ 3,336,694	$ 5,168,069	$ 3,483,355

Stockholders' Equity (Details 2

Stockholders' Equity (Details 2) - Restricted Stock Units (RSUs) [Member] - $ / shares	3 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015
Restricted Stock Units [Abstract]
Restricted Stock Units, Outstanding, Beginning Balance	337,262	326,352	161,439
Restricted Stock Units, Granted during period	20,000	18,000	222,976
Restricted Stock Units, Vested during period	0	0	(40,333)
Restricted Stock Units, Forfeited during period	(4,313)	(7,090)	(17,730)
Restricted Stock Units, Outstanding, Ending Balance	352,949	337,262	326,352
Restricted Stock Units Weighted Average Grant Date Fair Value [Abstract]
Weighted-Average Grant Date Value, Outstanding, Beginning Balance	$ 7.14	$ 7.20	$ 11.11
Weighted-Average Grant Date Value, Granted during period	5.16	6.02	5.10
Weighted-Average Grant Date Value, Vested during period	0	0	11.11
Weighted-Average Grant Date Value, Forfeited during period	7.38	7.04	8.74
Weighted-Average Grant Date Value, Outstanding, Ending Balance	$ 6.73	$ 7.14	$ 7.20

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual) - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended		12 Months Ended
	Apr. 02, 2014	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Shares Authorized		100,000,000	100,000,000		100,000,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options		$ 9,900,000	$ 9,900,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			1 year 6 months
Proceeds from Issuance of Common Stock			$ 0	$ 101,904,977
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			1 year 7 months 6 days
Allocated Share-based Compensation Expense			$ 1,800,000
Performance-based Restricted Stock Units (PRSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Historical Forfeiture			6.49%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance		216,008	216,008
Public Offering [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, New Issues	5,175,000
Proceeds from Issuance of Common Stock	$ 101,900,000
Equity Incentive Plan 2010 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Shares Authorized		9,742,563	9,742,563		8,071,563
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price		$ 4.98	$ 4.98		$ 5.62
Stock Issued During Period, Shares, Employee Stock Purchase Plans		0	34,127		53,250
Common Stock, Capital Shares Reserved for Future Issuance		952,403	952,403		986,530

Income Taxes (Details Textual)

Income Taxes (Details Textual) $ in Millions	Sep. 30, 2015USD ($)
For 2015 [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 172.2
For 2016 [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	29.7
For 2017 [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 16.8

Restructuring Costs (Details)

Restructuring Costs (Details) - Proceed Trial Termination [Member] - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Balance, (Opening)	$ 400,000	$ 1,300,000
Charges During The Period	0	250,000
Amounts Paid During The Period	(200,000)	(1,350,000)
Balance, (Closing)	$ 200,000	$ 200,000

Restructuring Costs (Details Te

Restructuring Costs (Details Textual) $ in Millions	Sep. 30, 2015USD ($)
Proceed Trial Termination [Member]
Restructuring Cost and Reserve [Line Items]
Accrual Restructuring Cost Balance	$ 0.2