Endocyte (ECYT) 10-Q 6 May 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 29, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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		42,153,349

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 40,156,947	$ 15,431,622
Short-term investments	123,170,519	158,168,832
Receivables	0	8,678
Prepaid expenses	1,197,319	772,579
Other assets	306,652	493,863
Total current assets	164,831,437	174,875,574
Property and equipment, net	3,586,122	3,398,398
Other noncurrent assets	127,584	111,605
Total assets	168,545,143	178,385,577
Current liabilities:
Accounts payable	1,243,064	1,262,565
Accrued wages and benefits	1,267,306	3,272,237
Accrued clinical trial expenses	1,028,767	804,066
Accrued expenses and other liabilities	798,703	850,125
Total current liabilities	4,337,840	6,188,993
Other liabilities, net of current portion	15,152	18,503
Deferred revenue, net of current portion	819,444	831,944
Total liabilities	5,172,436	7,039,440
Stockholders’ equity:
Common stock: $0.001 par value, 100,000,000 shares authorized; 42,034,733 and 42,153,349 shares issued and outstanding at December 31, 2015 and March 31, 2016	42,153	42,035
Additional paid-in capital	383,187,545	381,118,489
Accumulated other comprehensive income	30,737	(79,399)
Retained deficit	(219,887,728)	(209,734,988)
Total stockholders’ equity	163,372,707	171,346,137
Total liabilities and stockholders’ equity	$ 168,545,143	$ 178,385,577

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
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	42,153,349	42,034,733
Common stock, shares outstanding	42,153,349	42,034,733

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenue:
Collaboration revenue	$ 12,500	$ 12,500
Total revenue	12,500	12,500
Operating expenses:
Research and development	6,531,553	6,617,308
General and administrative	3,819,758	4,359,916
Total operating expenses	10,351,311	10,977,224
Loss from operations	(10,338,811)	(10,964,724)
Other income, net:
Interest income, net	189,535	152,471
Other expense, net	(3,464)	(57,576)
Net loss	$ (10,152,740)	$ (10,869,829)
Net loss per share -basic and diluted (in dollars per share)	$ (0.24)	$ (0.26)
Items included in other comprehensive income (loss):
Unrealized gain on foreign currency translation	$ 0	$ 316
Unrealized gain on available-for-sale securities	110,136	134,516
Other comprehensive income	110,136	134,832
Comprehensive loss	$ (10,042,604)	$ (10,734,997)
Weighted-average number of common shares used in net loss per share calculation - basic and diluted (in shares)	42,109,828	41,857,905

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) - 3 months ended Mar. 31, 2016 - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]
Balances at Dec. 31, 2015	$ 171,346,137	$ 42,035	$ 381,118,489	$ (79,399)	$ (209,734,988)
Balances (in shares) at Dec. 31, 2015		42,034,733
Exercise of stock options	93,477	$ 49	93,428	0	0
Exercise of stock options (in shares)		48,879
Stock-based compensation	1,942,477	$ 69	1,942,408	0	0
Stock-based compensation (in shares)		69,737
Employee stock purchase plan	33,220	$ 0	33,220
Net loss	(10,152,740)	0	0	0	(10,152,740)
Unrealized gain on securities	110,136	0	0	110,136	0
Balances at Mar. 31, 2016	$ 163,372,707	$ 42,153	$ 383,187,545	$ 30,737	$ (219,887,728)
Balances (in shares) at Mar. 31, 2016		42,153,349

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating activities
Net loss	$ (10,152,740)	$ (10,869,829)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	217,252	223,946
Stock-based compensation	2,084,198	1,679,757
Loss on disposal of property and equipment	0	1,106
Accretion of bond premium	195,962	338,447
Change in operating assets and liabilities:
Receivables	8,678	718,601
Prepaid expenses and other assets	(95,744)	(538,602)
Accounts payable	(546,342)	203,561
Accrued wages, benefits and other liabilities	(1,835,004)	(1,784,668)
Deferred revenue	(12,500)	(12,500)
Net cash used in operating activities	(10,136,240)	(10,040,181)
Investing activities
Purchases of property and equipment	(35,898)	(44,693)
Purchases of investments	(41,852,513)	(33,113,453)
Proceeds from sale and maturities of investments	76,765,000	26,662,205
Net cash provided by (used in) investing activities	34,876,589	(6,495,941)
Financing activities
Stock repurchase	(108,501)	(57,274)
Proceeds from the exercise of stock options	93,477	298,494
Net cash provided by (used in) financing activities	(15,024)	241,220
Effect of exchange rate	0	316
Net increase (decrease) in cash and cash equivalents	24,725,325	(16,294,586)
Cash and cash equivalents at beginning of period	15,431,622	45,533,443
Cash and cash equivalents at end of period	$ 40,156,947	$ 29,238,857

Nature of Business and Organiza

Nature of Business and Organization	3 Months Ended
	Mar. 31, 2016
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 had 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 dissolved Endocyte Europe GmbH in the fourth quarter of 2015 and dissolved Endocyte Europe B.V. in the first quarter of 2016.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	The accompanying condensed consolidated financial statements include the accounts of Endocyte, Inc. and its subsidiaries and all intercompany amounts have been eliminated for 2015. The condensed financial statements for the three months ended March 31, 2016 include only the accounts of Endocyte, Inc. as the Company dissolved Endocyte Europe GmbH and Endocyte Europe B.V. in the fourth quarter of 2015 and the first quarter of 2016, respectively. There were no intercompany balances as of March 31, 2016. 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 months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2016 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, 2015. 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 dissolved Endocyte Europe GmbH in the fourth quarter of 2015 and dissolved Endocyte Europe B.V. in the first quarter of 2016. 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 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, the license, services and other deliverables are combined as one unit of account and upfront payments are recorded as deferred revenue on the balance sheet and are recognized in a manner consistent with the final deliverable. Subsequent to the inception of an arrangement, the Company evaluates the remaining deliverables for separation as items in the arrangement are delivered. When stand-alone value is identified, the related consideration is recorded as revenue in the period in which the license or other intellectual property rights are delivered. 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 and will be recognized on a straight-line basis over the performance period using the cumulative catch up method. The costs associated with these activities are reflected as a component of research and development expense in the statements of operations in the period incurred. In the event of an early termination of a collaboration agreement, any deferred revenue is recognized in the period in which all obligations of the Company under the agreement have been fulfilled. 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 first commercial sale of a product or when sales first achieve a defined level. Since these sales-based milestones would be achieved after the completion of the Company’s development activities, the Company would account for the sales-based milestones in the same manner as royalties, with revenue recognized upon achievement of the milestone. Royalties based on reported sales of licensed products will be recognized based on contract terms when reported sales are reliably measurable and collectability is reasonably assured. To date, none of the Company’s products have been approved and therefore the Company has not earned any royalty revenue from product sales. In territories where the Company and a collaborator may share profit, the revenue would be recorded in the period earned. 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 agreements typically cover activities over several years, this approach often results in the deferral of significant amounts of revenue into future periods. In addition, because of the many risks and uncertainties associated with the development of drug candidates, the Company’s estimates regarding the period of performance may change in the future. Any change in the Company’s estimates or a termination of the arrangement could result in substantial changes to the period over which the revenues are recognized. 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 pursuant to ASC Topic 718, Compensation — Stock Compensation Basic net loss per share is calculated by dividing the net 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 loss per share is computed by dividing the net 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, 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 loss per share when their effect is dilutive. Common stock equivalents As of March 31, 2015 2016 Outstanding common stock options 5,642,958 6,479,347 Outstanding warrants 34,647 34,647 Outstanding PRSUs 219,333 213,758 Outstanding RSUs 326,352 469,705 Shares to be purchased under the ESPP 19,548 29,651 Total 6,242,838 7,227,108 These common stock equivalents were excluded from the determination of diluted net loss per share due to their anti-dilutive effect on earnings.

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2016
Accounting Changes and Error Corrections [Abstract]
Accounting Changes and Error Corrections [Text Block]	3. New Accounting Pronouncements Recently Issued Accounting Standards In March 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-09, Improvements to Employee Share-Based Payment Accounting Stock Compensation In February 2016, the FASB issued ASU 2016-02, Leases Leases 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

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2016
Stockholders' Equity Note [Abstract]
Other Comprehensive Income (Loss) [Text Block]	4. Other Comprehensive Income (Loss) Foreign Currency Unrealized Net Accumulated Other Balance at December 31, 2014 $ (50,592) $ (93,336) $ (143,928) Unrealized gain 316 139,457 139,773 Net amount reclassified to net loss — (4,941) (4,941) Other comprehensive income 316 134,516 134,832 Balance at March 31, 2015 $ (50,276) $ 41,180 $ (9,096) Foreign Currency Unrealized Net Accumulated Other Balance at December 31, 2015 $ — $ (79,399) $ (79,399) Unrealized gain — 110,136 110,136 Net amount reclassified to net loss — — — Other comprehensive income — 110,136 110,136 Balance at March 31, 2016 $ — $ 30,737 $ 30,737 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 loss.

Investments

Investments	3 Months Ended
	Mar. 31, 2016
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 Level 2 Level 3 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 $ 5,154,191 $ 5,154,191 $ — $ 5,154,191 Cash equivalents FDIC insured deposits and money market funds 10,277,431 10,277,431 — 10,277,431 Cash and cash equivalents $ 15,431,622 $ 15,431,622 $ — $ 15,431,622 Short-term investments (due within 1 year) U.S. government treasury obligations $ 73,593,081 $ 73,560,085 $ — $ 73,560,085 U.S. government agency obligations 55,702,099 55,670,043 — 55,670,043 Corporate obligations 28,953,051 — 28,938,704 28,938,704 Total short-term investments $ 158,248,231 $ 129,230,128 $ 28,938,704 $ 158,168,832 The following table summarizes the fair value of cash and cash equivalents and investments as of March 31, 2016: Description Cost Level 1 Level 2 Fair Value Cash Cash $ 3,428,725 $ 3,428,725 $ — $ 3,428,725 Cash equivalents FDIC insured deposits and money market funds 36,728,222 36,728,222 — 36,728,222 Cash and cash equivalents $ 40,156,947 $ 40,156,947 $ — $ 40,156,947 Short-term investments (due within 1 year) U.S. government treasury obligations $ 67,556,106 $ 67,578,850 $ — $ 67,578,850 U.S. government agency obligations 25,546,779 25,551,020 — 25,551,020 Corporate obligations 30,036,897 — 30,040,649 30,040,649 Total short-term investments $ 123,139,782 $ 93,129,870 $ 30,040,649 $ 123,170,519 All securities held at December 31, 2015 and March 31, 2016, were classified as available-for-sale as defined by ASC 320. Total unrealized gross gains were $ 5,690 33,579 85,089 2,842 156

Collaborations

Collaborations	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaborative Arrangement Disclosure [Text Block]	6. Collaborations 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 NMP has the right to terminate the collaboration agreement on 90 days notice prior to the 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 (Deficit)

Stockholders' Equity (Deficit)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	7. Stockholders’ Equity (Deficit) 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, RSUs, PRSUs and performance units and performance shares. 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 9,742,563 11,003,563 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 vest 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 were based on historical volatility of the Company’s stock prices. 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 option 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 2015 2016 Expected volatility 107.00 % 99.37 % Risk-free interest rate 1.44 % 1.46 % Weighted-average expected life (in years) 6.0 6.3 Dividend yield 0.00 % 0.00 % Options Weighted-Average Weighted-Average Aggregate Outstanding at January 1, 2016 5,686,815 $ 6.87 Granted during period 845,247 3.18 Exercised during period (48,879) 1.91 Expired during period (3,836) 7.34 Forfeited during year — — Outstanding at March 31, 2016 6,479,347 $ 6.43 6.79 $ 308,641 Exercisable at March 31, 2016 4,171,230 $ 6.62 5.64 $ 308,641 As of March 31, 2016, the total remaining unrecognized compensation cost, net of forfeitures, related to stock options granted was $ 8.9 1.6 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 March 31, 2016, the Company had 213,758 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 March 31, 2016, the Company had 469,705 2.0 1.7 Restricted Stock Weighted-Average Outstanding at January 1, 2016 351,414 $ 7.03 Granted during period 222,788 3.18 Vested during period (104,497) 7.20 Forfeited during year — — Outstanding at March 31, 2016 469,705 $ 5.16 Employee Stock Purchase Plan At January 1, 2016 and March 31, 2016, 911,725 74,805 4.08

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
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 201.9 16.8

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
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 Similarly Situated v. Endocyte, Inc. and P. Ron Ellis Gopichand Vallabhaneni v. Endocyte, Inc. and P. Ron Ellis Lead Plaintiff sought 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. The court dismissed the lawsuit without prejudice on January 4, 2016, but granted Lead Plaintiff until February 1, 2016 to demonstrate sufficient facts to justify an amended pleading. Lead Plaintiff did not respond, and on February 2, 2016, the court amended the dismissal to be with prejudice and a final order was so entered. Lead Plaintiff appealed the final judgment on March 1, 2016. On March 31, 2016, the appeal was voluntarily dismissed, with prejudice. No payments or other consideration of any kind were offered or provided to Lead Plaintiff in exchange for dismissal of the appeal. 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	3 Months Ended
	Mar. 31, 2016
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 platinum-resistant ovarian cancer. As a result, the Company recorded a charge of $ 4.1 26,600 PROCEED Balance, December 31, 2014 $ 1,300,000 Amounts paid in the three months ended March 31, 2015 (700,000) Balance, March 31, 2015 $ 600,000 PROCEED Balance, December 31, 2015 $ 46,600 Amounts paid in the three months ended March 31, 2016 (20,000) Balance, March 31, 2016 $ 26,600

Significant Accounting Polici17

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	The accompanying condensed consolidated financial statements include the accounts of Endocyte, Inc. and its subsidiaries and all intercompany amounts have been eliminated for 2015. The condensed financial statements for the three months ended March 31, 2016 include only the accounts of Endocyte, Inc. as the Company dissolved Endocyte Europe GmbH and Endocyte Europe B.V. in the fourth quarter of 2015 and the first quarter of 2016, respectively. There were no intercompany balances as of March 31, 2016. 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 months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2016 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, 2015. 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 dissolved Endocyte Europe GmbH in the fourth quarter of 2015 and dissolved Endocyte Europe B.V. in the first quarter of 2016. 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 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, the license, services and other deliverables are combined as one unit of account and upfront payments are recorded as deferred revenue on the balance sheet and are recognized in a manner consistent with the final deliverable. Subsequent to the inception of an arrangement, the Company evaluates the remaining deliverables for separation as items in the arrangement are delivered. When stand-alone value is identified, the related consideration is recorded as revenue in the period in which the license or other intellectual property rights are delivered. 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 and will be recognized on a straight-line basis over the performance period using the cumulative catch up method. The costs associated with these activities are reflected as a component of research and development expense in the statements of operations in the period incurred. In the event of an early termination of a collaboration agreement, any deferred revenue is recognized in the period in which all obligations of the Company under the agreement have been fulfilled. 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 first commercial sale of a product or when sales first achieve a defined level. Since these sales-based milestones would be achieved after the completion of the Company’s development activities, the Company would account for the sales-based milestones in the same manner as royalties, with revenue recognized upon achievement of the milestone. Royalties based on reported sales of licensed products will be recognized based on contract terms when reported sales are reliably measurable and collectability is reasonably assured. To date, none of the Company’s products have been approved and therefore the Company has not earned any royalty revenue from product sales. In territories where the Company and a collaborator may share profit, the revenue would be recorded in the period earned. 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 agreements typically cover activities over several years, this approach often results in the deferral of significant amounts of revenue into future periods. In addition, because of the many risks and uncertainties associated with the development of drug candidates, the Company’s estimates regarding the period of performance may change in the future. Any change in the Company’s estimates or a termination of the arrangement could result in substantial changes to the period over which the revenues are recognized.
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 pursuant to ASC Topic 718, Compensation — Stock Compensation
Earnings Per Share, Policy [Policy Text Block]	Net Loss Per Share Basic net loss per share is calculated by dividing the net 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 loss per share is computed by dividing the net 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, 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 loss per share when their effect is dilutive. Common stock equivalents As of March 31, 2015 2016 Outstanding common stock options 5,642,958 6,479,347 Outstanding warrants 34,647 34,647 Outstanding PRSUs 219,333 213,758 Outstanding RSUs 326,352 469,705 Shares to be purchased under the ESPP 19,548 29,651 Total 6,242,838 7,227,108 These common stock equivalents were excluded from the determination of diluted net loss per share due to their anti-dilutive effect on earnings.

Significant Accounting Polici18

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	As of March 31, 2015 and 2016, the following number of potential common stock equivalents were outstanding: As of March 31, 2015 2016 Outstanding common stock options 5,642,958 6,479,347 Outstanding warrants 34,647 34,647 Outstanding PRSUs 219,333 213,758 Outstanding RSUs 326,352 469,705 Shares to be purchased under the ESPP 19,548 29,651 Total 6,242,838 7,227,108

Other Comprehensive Income (L19

Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2016
Other Comprehensive Income (Loss), Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	The following tables summarize the accumulated balances related to each component of other comprehensive income (loss) for the three months ended March 31, 2015 and 2016: Foreign Currency Unrealized Net Accumulated Other Balance at December 31, 2014 $ (50,592) $ (93,336) $ (143,928) Unrealized gain 316 139,457 139,773 Net amount reclassified to net loss — (4,941) (4,941) Other comprehensive income 316 134,516 134,832 Balance at March 31, 2015 $ (50,276) $ 41,180 $ (9,096) Foreign Currency Unrealized Net Accumulated Other Balance at December 31, 2015 $ — $ (79,399) $ (79,399) Unrealized gain — 110,136 110,136 Net amount reclassified to net loss — — — Other comprehensive income — 110,136 110,136 Balance at March 31, 2016 $ — $ 30,737 $ 30,737

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Schedule Of Cash And Cash Equivalents And Short Term Investments [Table Text Block]	The following table summarizes the fair value of cash and cash equivalents and investments as of December 31, 2015: Fair Value (Carrying Description Cost Level 1 Level 2 Value) Cash Cash $ 5,154,191 $ 5,154,191 $ — $ 5,154,191 Cash equivalents FDIC insured deposits and money market funds 10,277,431 10,277,431 — 10,277,431 Cash and cash equivalents $ 15,431,622 $ 15,431,622 $ — $ 15,431,622 Short-term investments (due within 1 year) U.S. government treasury obligations $ 73,593,081 $ 73,560,085 $ — $ 73,560,085 U.S. government agency obligations 55,702,099 55,670,043 — 55,670,043 Corporate obligations 28,953,051 — 28,938,704 28,938,704 Total short-term investments $ 158,248,231 $ 129,230,128 $ 28,938,704 $ 158,168,832 The following table summarizes the fair value of cash and cash equivalents and investments as of March 31, 2016: Description Cost Level 1 Level 2 Fair Value Cash Cash $ 3,428,725 $ 3,428,725 $ — $ 3,428,725 Cash equivalents FDIC insured deposits and money market funds 36,728,222 36,728,222 — 36,728,222 Cash and cash equivalents $ 40,156,947 $ 40,156,947 $ — $ 40,156,947 Short-term investments (due within 1 year) U.S. government treasury obligations $ 67,556,106 $ 67,578,850 $ — $ 67,578,850 U.S. government agency obligations 25,546,779 25,551,020 — 25,551,020 Corporate obligations 30,036,897 — 30,040,649 30,040,649 Total short-term investments $ 123,139,782 $ 93,129,870 $ 30,040,649 $ 123,170,519

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit) (Tables)	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2015 and 2016 were determined using the following assumptions: Three Months 2015 2016 Expected volatility 107.00 % 99.37 % Risk-free interest rate 1.44 % 1.46 % Weighted-average expected life (in years) 6.0 6.3 Dividend yield 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: Options Weighted-Average Weighted-Average Aggregate Outstanding at January 1, 2016 5,686,815 $ 6.87 Granted during period 845,247 3.18 Exercised during period (48,879) 1.91 Expired during period (3,836) 7.34 Forfeited during year — — Outstanding at March 31, 2016 6,479,347 $ 6.43 6.79 $ 308,641 Exercisable at March 31, 2016 4,171,230 $ 6.62 5.64 $ 308,641
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 Stock Weighted-Average Outstanding at January 1, 2016 351,414 $ 7.03 Granted during period 222,788 3.18 Vested during period (104,497) 7.20 Forfeited during year — — Outstanding at March 31, 2016 469,705 $ 5.16

Restructuring Costs (Tables)

Restructuring Costs (Tables)	3 Months Ended
	Mar. 31, 2016
Restructuring Costs [Abstract]
Restructuring and Related Costs [Table Text Block]	The following table summarizes the restructuring accruals for the three months ended March 31, 2015 and 2016: PROCEED Balance, December 31, 2014 $ 1,300,000 Amounts paid in the three months ended March 31, 2015 (700,000) Balance, March 31, 2015 $ 600,000 PROCEED Balance, December 31, 2015 $ 46,600 Amounts paid in the three months ended March 31, 2016 (20,000) Balance, March 31, 2016 $ 26,600

Significant Accounting Polici23

Significant Accounting Policies (Details) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential Common Stock Equivalents, Outstanding	7,227,108	6,242,838
Shares To be Purchased Under The ESPP [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential Common Stock Equivalents, Outstanding	29,651	19,548
Outstanding warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential Common Stock Equivalents, Outstanding	34,647	34,647
Outstanding common stock options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential Common Stock Equivalents, Outstanding	6,479,347	5,642,958
Outstanding RSUs [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential Common Stock Equivalents, Outstanding	469,705	326,352
Outstanding PRSUs [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential Common Stock Equivalents, Outstanding	213,758	219,333

Significant Accounting Polici24

Significant Accounting Policies (Details Textual) $ in Millions	Mar. 31, 2016USD ($)
Research and Development Arrangement [Member]
Significant Accounting Policies [Line Items]
Prepaid Expense and Other Assets, Noncurrent	$ 0.5

Other Comprehensive Income (L25

Other Comprehensive Income (Loss) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Foreign Currency Translation Gains (Losses), Beginning balance	$ 0	$ (50,592)
Foreign Currency Translation Gains (Losses), Unrealized gain	0	316
Foreign Currency Translation Gains (Losses), Net amount reclassified to net loss	0	0
Foreign Currency Translation Gains (Losses), Other comprehensive income	0	316
Foreign Currency Translation Gains (Losses), Ending balance	0	(50,276)
Unrealized Net Gains (Losses) on Securities, Beginning balance	(79,399)	(93,336)
Unrealized Net Gains (Losses) on Securities, Unrealized gain	110,136	139,457
Unrealized Net Gains (Losses) on Securities, Net amount reclassified to net loss	0	(4,941)
Unrealized Net Gains (Losses) on Securities, Other comprehensive income	110,136	134,516
Unrealized Net Gains (Losses) on Securities, Ending balance	30,737	41,180
Accumulated Other Comprehensive Gains (Losses), Beginning balance	(79,399)	(143,928)
Accumulated Other Comprehensive Gains (Losses), Unrealized gain	110,136	139,773
Accumulated Other Comprehensive Gains (Losses), Net amount reclassified to net loss	0	(4,941)
Accumulated Other Comprehensive Gains (Losses), Other comprehensive income	110,136	134,832
Accumulated Other Comprehensive Gains (Losses), Ending balance	$ 30,737	$ (9,096)

Investments (Details)

Investments (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Cash
Cash	$ 3,428,725	$ 5,154,191
Cash equivalents
FDIC insured deposits and money market funds	36,728,222	10,277,431
Cash and cash equivalents	40,156,947	15,431,622	$ 29,238,857	$ 45,533,443
Short-term investments (due within 1 year)
Short-term investments, Fair Value	123,170,519	158,168,832
Short-term investments, Cost	123,139,782	158,248,231
U.S. government treasury obligations [Member]
Short-term investments (due within 1 year)
Short-term investments, Fair Value	67,578,850	73,560,085
Short-term investments, Cost	67,556,106	73,593,081
U.S. government agency obligations [Member]
Short-term investments (due within 1 year)
Short-term investments, Fair Value	25,551,020	55,670,043
Short-term investments, Cost	25,546,779	55,702,099
Corporate obligations [Member]
Short-term investments (due within 1 year)
Short-term investments, Fair Value	30,040,649	28,938,704
Short-term investments, Cost	30,036,897	28,953,051
Fair Value, Inputs, Level 1 [Member]
Cash
Cash	3,428,725	5,154,191
Cash equivalents
FDIC insured deposits and money market funds	36,728,222	10,277,431
Cash and cash equivalents	40,156,947	15,431,622
Short-term investments (due within 1 year)
Short-term investments, Fair Value	93,129,870	129,230,128
Fair Value, Inputs, Level 1 [Member] | U.S. government treasury obligations [Member]
Short-term investments (due within 1 year)
Short-term investments, Fair Value	67,578,850	73,560,085
Fair Value, Inputs, Level 1 [Member] | U.S. government agency obligations [Member]
Short-term investments (due within 1 year)
Short-term investments, Fair Value	25,551,020	55,670,043
Fair Value, Inputs, Level 1 [Member] | Corporate obligations [Member]
Short-term investments (due within 1 year)
Short-term investments, Fair Value	0	0
Fair Value, Inputs, Level 2 [Member]
Cash
Cash	0	0
Cash equivalents
FDIC insured deposits and money market funds	0	0
Cash and cash equivalents	0	0
Short-term investments (due within 1 year)
Short-term investments, Fair Value	30,040,649	28,938,704
Fair Value, Inputs, Level 2 [Member] | U.S. government treasury obligations [Member]
Short-term investments (due within 1 year)
Short-term investments, Fair Value	0	0
Fair Value, Inputs, Level 2 [Member] | U.S. government agency obligations [Member]
Short-term investments (due within 1 year)
Short-term investments, Fair Value	0	0
Fair Value, Inputs, Level 2 [Member] | Corporate obligations [Member]
Short-term investments (due within 1 year)
Short-term investments, Fair Value	$ 30,040,649	$ 28,938,704

Investments (Details Textual)

Investments (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Schedule of Trading Securities and Other Trading Assets [Line Items]
Unrealized Gain on Securities	$ 33,579		$ 5,690
Unrealized Loss on Securities	2,842		$ 85,089
Realized Gain on Securities	0	$ 156
Realized Loss on Securities	$ 0	$ 0

Collaborations (Details Textual

Collaborations (Details Textual) - NMP [Member] - USD ($) $ in Millions	Aug. 13, 2013	Mar. 31, 2016
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Non-refundable Upfront Payments Received	$ 1
Deferred Revenue		$ 0.9
Potential Milestone Payments	$ 4.5	$ 4.5

Stockholders' Equity (Deficit29

Stockholders' Equity (Deficit) (Details)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Expected volatility	99.37%	107.00%
Risk-free interest rate	1.46%	1.44%
Weighted-average expected life (in years)	6 years 3 months 18 days	6 years
Dividend yield	0.00%	0.00%

Stockholders' Equity (Deficit30

Stockholders' Equity (Deficit) (Details 1) - Stock Option [Member]	3 Months Ended
	Mar. 31, 2016USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, Outstanding, Beginning Balance | shares	5,686,815
Options, Granted during period | shares	845,247
Options, Exercised during period | shares	(48,879)
Options, Expired during period | shares	(3,836)
Options, Forfeited during year | shares	0
Options, Outstanding, Ending Balance | shares	6,479,347
Options, Exercisable | shares	4,171,230
Weighted Average Exercise Price, Outstanding, Beginning Balance | $ / shares	$ 6.87
Weighted Average Exercise Price, Granted during period | $ / shares	3.18
Weighted Average Exercise Price, Exercised during period | $ / shares	1.91
Weighted Average Exercise Price, Expired during period | $ / shares	7.34
Weighted Average Exercise Price, Forfeited during year | $ / shares	0
Weighted Average Exercise Price, Outstanding, Ending Balance | $ / shares	6.43
Weighted Average Exercise Price, Exercisable | $ / shares	$ 6.62
Weighted Average Remaining Contractual Term, Outstanding, Ending Balance	6 years 9 months 14 days
Weighted Average Remaining Contractual Term, Exercisable	5 years 7 months 20 days
Aggregate Intrinsic Value, Outstanding, Ending Balance | $	$ 308,641
Aggregate Intrinsic Value, Exercisable | $	$ 308,641

Stockholders' Equity (Deficit31

Stockholders' Equity (Deficit) (Details 2) - Restricted Stock Units (RSUs) [Member]	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Restricted Stock Units [Abstract]
Restricted Stock Units, Outstanding, Beginning Balance | shares	351,414
Restricted Stock Units, Granted during period | shares	222,788
Restricted Stock Units, Vested during period | shares	(104,497)
Restricted Stock Units, Forfeited during year | shares	0
Restricted Stock Units, Outstanding, Ending Balance | shares	469,705
Restricted Stock Units Weighted Average Grant Date Fair Value [Abstract]
Weighted-Average Grant Date Fair Value, Outstanding, Beginning Balance | $ / shares	$ 7.03
Weighted-Average Grant Date Fair Value, Granted during period | $ / shares	3.18
Weighted-Average Grant Date Fair Value, Vested during period | $ / shares	7.2
Weighted-Average Grant Date Fair Value, Forfeited during year | $ / shares	0
Weighted-Average Grant Date Fair Value, Outstanding, Ending Balance | $ / shares	$ 5.16

Stockholders' Equity (Deficit32

Stockholders' Equity (Deficit) (Details Textual) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Shares Authorized	100,000,000	100,000,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 8.9
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 7 months 6 days
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 8 months 12 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance	469,705
Allocated Share-based Compensation Expense	$ 2
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	213,758
Equity Incentive Plan 2010 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Shares Authorized	11,003,563	9,742,563
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		$ 4.08
Stock Issued During Period, Shares, Employee Stock Purchase Plans	0	74,805
Common Stock, Capital Shares Reserved for Future Issuance	911,725

Income Taxes (Details Textual)

Income Taxes (Details Textual) $ in Millions	Mar. 31, 2016USD ($)
For 2016 [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 201.9
For 2017 [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 16.8

Restructuring Costs (Details)

Restructuring Costs (Details) - PROCEED Trial Termination Accrual - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Balance, (Opening)	$ 46,600	$ 1,300,000
Amounts Paid During The Period	(20,000)	(700,000)
Balance, (Closing)	$ 26,600	$ 600,000

Restructuring Costs (Details Te

Restructuring Costs (Details Textual) - PROCEED Trial Termination Accrual - USD ($)	12 Months Ended
	Dec. 31, 2014	Mar. 31, 2016
Restructuring Cost and Reserve [Line Items]
Accrual Restructuring Cost Balance		$ 26,600
Restructuring Charges, Total	$ 4,100,000