Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 11, 2014 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'LPATH, INC | ' |
Entity Central Index Key | '0001251769 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 19,277,600 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Current Assets: | ' | ' |
Cash and cash equivalents | $20,508,779 | $11,851,639 |
Accounts receivable | 2,058,985 | 1,310,037 |
Prepaid expenses and other current assets | 1,661,365 | 292,477 |
Total current assets | 24,229,129 | 13,454,153 |
Equipment and leasehold improvements, net | 237,238 | 211,362 |
Patents, net | 2,141,921 | 1,926,868 |
Deposits and other assets | 77,350 | 77,350 |
Total assets | 26,685,638 | 15,669,733 |
Current Liabilities: | ' | ' |
Accounts payable | 2,625,222 | 2,025,799 |
Accrued compensation | 321,083 | 693,022 |
Accrued expenses | 221,364 | 291,358 |
Deferred contract revenue | 187,500 | 498,000 |
Deferred rent, short-term portion | 31,274 | 24,008 |
Total current liabilities | 3,386,443 | 3,532,187 |
Deferred rent, long-term portion | 45,300 | 69,373 |
Warrants | 1,300,000 | 2,100,000 |
Total liabilities | 4,731,743 | 5,701,560 |
Stockholders' Equity: | ' | ' |
Common stock - $.001 par value; 100,000,000 shares authorized; 19,224,708 and 13,387,914 issued and outstanding at September 30, 2014 and December 31, 2013, respectively | 19,225 | 13,388 |
Additional paid-in capital | 81,608,382 | 59,432,943 |
Accumulated deficit | -59,673,712 | -49,478,158 |
Total stockholders' equity | 21,953,895 | 9,968,173 |
Total liabilities and stockholders' equity | $26,685,638 | $15,669,733 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Condensed Consolidated Balance Sheets | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 19,224,708 | 13,387,914 |
Common stock, shares outstanding | 19,224,708 | 13,387,914 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Revenues: | ' | ' | ' | ' |
Grant and royalty revenue | $132,297 | $705,625 | $448,380 | $1,282,920 |
Research and development revenue under collaborative agreements | 978,167 | 1,845,021 | 3,713,553 | 4,396,132 |
Total revenues | 1,110,464 | 2,550,646 | 4,161,933 | 5,679,052 |
Expenses: | ' | ' | ' | ' |
Research and development | 3,630,481 | 3,353,057 | 11,868,453 | 7,777,218 |
General and administrative | 1,049,087 | 976,660 | 3,289,052 | 3,089,402 |
Total expenses | 4,679,568 | 4,329,717 | 15,157,505 | 10,866,620 |
Loss from operations | -3,569,104 | -1,779,071 | -10,995,572 | -5,187,568 |
Other income (expense), net | ' | -420 | 18 | 26,602 |
Change in fair value of warrants | 400,000 | -750,000 | 800,000 | ' |
Total other income (expense), net | 400,000 | -750,420 | 800,018 | 26,602 |
Net loss | ($3,169,104) | ($2,529,491) | ($10,195,554) | ($5,160,966) |
Basic and diluted net loss per share (in dollars per share) | ($0.20) | ($0.19) | ($0.66) | ($0.38) |
Weighted-average shares outstanding used in the calculation (in shares) | 16,155,752 | 13,428,623 | 15,516,950 | 13,416,748 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Cash flows from operating activities: | ' | ' |
Net loss | ($10,195,554) | ($5,160,966) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Stock-based compensation expense | 999,895 | 630,659 |
Change in fair value of warrants | -800,000 | ' |
Depreciation and amortization | 166,983 | 161,461 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -748,948 | -388,379 |
Prepaid expenses and other current assets | -1,368,888 | 46,907 |
Accounts payable and accrued expenses | 131,573 | -271,806 |
Deferred contract revenue | -310,500 | -4,336,036 |
Other | -16,807 | -36,774 |
Net cash used in operating activities | -12,142,246 | -9,354,934 |
Cash flows from investing activities: | ' | ' |
Equipment and leasehold improvement expenditures | -99,007 | -37,734 |
Patent expenditures | -308,905 | -272,196 |
Net cash used in investing activities | -407,912 | -309,930 |
Cash flows from financing activities: | ' | ' |
Proceeds from sale of common stock and warrants, net | 21,290,025 | ' |
Proceeds from options and warrants exercised | 250 | 3,289 |
Payment for restricted stock tax liability on net settlement | -82,977 | -44,833 |
Net cash provided by (used in) financing activities | 21,207,298 | -41,544 |
Net increase (decrease) in cash and cash equivalents | 8,657,140 | -9,706,408 |
Cash and cash equivalents at beginning of period | 11,851,639 | 24,621,083 |
Cash and cash equivalents at end of period | 20,508,779 | 14,914,675 |
Cash paid during the year for: | ' | ' |
Income taxes | 1,600 | 1,600 |
Supplemental disclosure of non-cash investing and financing activities: | ' | ' |
Change in fair value of warrant liability | ($800,000) | ' |
BASIS_FOR_PRESENTATION
BASIS FOR PRESENTATION | 9 Months Ended |
Sep. 30, 2014 | |
BASIS FOR PRESENTATION | ' |
BASIS FOR PRESENTATION | ' |
Note 1 — BASIS FOR PRESENTATION | |
The unaudited condensed consolidated balance sheet of Lpath, Inc. (“Lpath” or “the company”) as of December 31, 2013 was derived from our audited financial statements, but does not contain all disclosures required by accounting principles generally accepted in the United States of America, and certain information and disclosures normally included have been condensed or omitted pursuant to the rules and regulations of the SEC. | |
In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Except as otherwise disclosed, all such adjustments are of a normal recurring nature. Operating results for the three-month and nine-month periods ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014 or for any future financial period. For further information, refer to the consolidated financial statements and notes included in the company’s annual report on Form 10-K for the year ended December 31, 2013. | |
The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Recent Accounting Pronouncements | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, a converged standard on revenue recognition. The new pronouncement requires revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also specifies the accounting for some costs to obtain or fulfil a contract with a customer, as well as enhanced disclosure requirements. ASU 2014-9 is effective for annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. The adoption of ASU 2014-9 is not expected to have a material effect on our consolidated financial statements. | |
RESEARCH_AND_DEVELOPMENT_COLLA
RESEARCH AND DEVELOPMENT COLLABORATIVE AGREEMENTS | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
RESEARCH AND DEVELOPMENT COLLABORATIVE AGREEMENTS | ' | |||||||||||||
RESEARCH AND DEVELOPMENT COLLABORATIVE AGREEMENTS | ' | |||||||||||||
Note 2 — RESEARCH AND DEVELOPMENT COLLABORATIVE AGREEMENTS | ||||||||||||||
In 2010, Lpath entered into an agreement providing Pfizer Inc. (“Pfizer”) with an exclusive option for a worldwide license to develop and commercialize iSONEP™ (“the Pfizer Agreement”), Lpath’s lead monoclonal antibody product candidate that is being evaluated for the treatment of wet age-related macular degeneration (“wet AMD”) and other ocular disorders. | ||||||||||||||
Following completion of the clinical trial, Pfizer has the right to exercise its option for worldwide rights to iSONEP for an undisclosed option fee and, if Pfizer exercises its option, Lpath will be eligible to receive development, regulatory, and commercial milestone payments that could total up to $497.5 million. In addition, Lpath will be entitled to receive tiered double-digit royalties based on sales of iSONEP. As part of the agreement, Lpath has granted to Pfizer a time-limited right of first refusal for ASONEP™, Lpath’s product candidate that is being evaluated for the treatment of cancer. | ||||||||||||||
The company recognized revenue under research and development collaborative agreements as follows: | ||||||||||||||
Nine Months Ended | Three Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Cost reimbursements | $ | 3,403,053 | $ | — | $ | 915,667 | $ | — | ||||||
Amortization of license and development fees | 310,500 | 4,336,036 | 62,500 | 1,845,021 | ||||||||||
Other | — | 60,096 | — | — | ||||||||||
$ | 3,713,553 | $ | 4,396,132 | $ | 978,167 | $ | 1,845,021 | |||||||
SHAREBASED_PAYMENTS
SHARE-BASED PAYMENTS | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
SHARE-BASED PAYMENTS | ' | |||||||||||||
SHARE-BASED PAYMENTS | ' | |||||||||||||
Note 3 — SHARE-BASED PAYMENTS | ||||||||||||||
The company recognized share-based compensation expense as follows: | ||||||||||||||
Nine Months Ended | Three Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Research and development | $ | 352,994 | $ | 227,260 | $ | 120,081 | $ | 104,411 | ||||||
General and administrative | 646,901 | 403,399 | 175,588 | 123,489 | ||||||||||
Total share-based compensation expense | $ | 999,895 | $ | 630,659 | $ | 295,669 | $ | 227,900 | ||||||
As of September 30, 2014, there was a total of $2.1 million in unrecognized compensation expense related to unvested stock-based compensation issued under the Lpath, Inc. Amended and Restated 2005 Equity Incentive Plan. That expense is expected to be recognized over a weighted-average period of 2.4 years. Because of its net operating loss carryforwards, the company did not realize any tax benefits for the tax deductions from share-based payment arrangements during the three-month periods ended September 30, 2014 and 2013. | ||||||||||||||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||
FAIR VALUE MEASUREMENTS | ' | |||||||
Note 4 — FAIR VALUE MEASUREMENTS | ||||||||
Lpath has issued warrants, of which some are classified as equity and some as liabilities. The warrants issued in March 2012 (and expiring in March 2017) provide that in the event of a fundamental transaction, as defined by the warrant agreement, the company may, under certain circumstances, be obligated to settle the March 2012 warrants for cash equal to the value of the warrants determined in accordance with the warrant agreement. The company’s recurring fair value measurements at September 30, 2014 were as follows: | ||||||||
Fair Value as of | Significant | |||||||
September 30, 2014 | Unobservable | |||||||
Inputs | ||||||||
(Level 3) | ||||||||
Liabilities: | ||||||||
Warrants expiring March 2017 | $ | 1,300,000 | $ | 1,300,000 | ||||
The company determined the fair value of the warrant liability for certain warrants, as applicable, using a Black-Scholes model. The model considered amounts and timing of future possible equity and warrant issuances and volatility of the company’s stock price equal to 100%, as specified in the underlying warrants. | ||||||||
Recurring Level 3 Activity, Reconciliation, and Basis for Valuation | ||||||||
The table below provides a reconciliation of the beginning and ending balances for the liabilities measured at fair value using significant unobservable inputs (Level 3). | ||||||||
Fair value measurements using significant unobservable inputs (Level 3): | ||||||||
Liabilities: | ||||||||
Warrant liability as of January 1, 2014 | $ | 2,100,000 | ||||||
Change in fair value of warrants | (800,000 | ) | ||||||
Warrant liability as of September 30, 2014 | $ | 1,300,000 | ||||||
The terms of all outstanding warrants permit the company, upon exercise of the warrants, to settle the contract by the delivery of unregistered shares. As of September 30, 2014, there were 4,587,359 warrants outstanding with a weighted-average exercise price of $4.21 per share expiring through September 2019. | ||||||||
COMMON_STOCK
COMMON STOCK | 9 Months Ended |
Sep. 30, 2014 | |
STOCKHOLDERS' EQUITY | ' |
STOCKHOLDERS' EQUITY | ' |
Note 5 — COMMON STOCK | |
On March 18, 2014, Lpath entered into an at-the-market issuance sales agreement with MLV (the “MLV Agreement”). Pursuant to the MLV Agreement, the company may from time to time, at the company’s option, issue and, through MLV, sell shares of its common stock having an aggregate offering price of up to $23 million (subject to limitations set by the SEC if the aggregate market-value of the company’s common stock held by non-affiliates remains below $75 million, which limitations reduce the amount that we can offer at this time to approximately $4.9 million and subject to certain time based limitations pursuant to the securities purchase agreement entered into in connection with the direct offering discussed below) from time to time, at the company’s option, through MLV. Sales of common stock through MLV, if any, will be made by any method that is deemed an “at-the-market” offering as defined in Rule 415 promulgated under the Securities Act of 1933, as amended, including by means of ordinary brokers’ transactions at market prices, in block transactions or as otherwise agreed by the Lpath and MLV. Subject to the terms and conditions of the MLV Agreement, MLV will use commercially reasonable efforts to sell the common stock based upon the company’s instructions (including any price, time or size limits or other customary parameters or conditions the Company may impose). Lpath is not obligated to make any sales of its common stock under the MLV Agreement. Any shares sold will be sold pursuant to the company’s effective shelf registration statement on Form S-3. The company will pay MLV a commission of up to 3.0% of the gross proceeds. The MLV Agreement will terminate upon the earlier of the sale of all common stock subject to the MLV Agreement or termination of the MLV Agreement by the company or MLV. During the quarter ended September 30, 2014, the company sold 27,505 shares at sales prices ranging from $3.50 to $4.08 per share, resulting in $99,000 in net proceeds. | |
In September 2014, Lpath sold 3,605,042 registered shares of common stock and warrants to purchase 3,605,042 unregistered shares of common stock in a direct offering at a purchase price of $3.475 per share-and-warrant-share combination. The warrants have an exercise price of $3.36 per underlying share, are immediately exercisable, and terminate on the five-year anniversary of issuance. Each warrant may be exercised using a cashless exercise procedure if the resale of the underlying shares are not covered by an effective registration statement. Net proceeds of this offering totaled $11,500,000 after deducting placement agent fees and other expenses of the offering. Maxim Group LLC (“Maxim”) acted as the exclusive placement agent for the offering. Maxim received a placement agent fee of $751,651 and an unregistered warrant to purchase 54,076 unregistered shares of common stock (the “Maxim Warrant”) as well as the reimbursement of fees and expenses up to $60,000. The Maxim Warrant has an exercise price of $3.36 per share, is immediately exercisable, and will terminate on August 23, 2018. | |
As part of the transaction, Lpath has agreed not to issue any shares of Common Stock or securities convertible into shares of Common Stock until March 19, 2015, except for certain exempt issuances. Lpath also agreed not to offer any variable-rate securities until October 23, 2015, provided, however, that the Company can recommence sales under its existing at-the-market vehicle after March 19, 2015. | |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
EARNINGS PER SHARE | ' | |||||
EARNINGS PER SHARE | ' | |||||
Note 6 — EARNINGS PER SHARE | ||||||
Anti-dilutive common stock equivalents were excluded from the calculation of diluted loss per share as follows: | ||||||
Nine and Three Months Ended | ||||||
September 30, | ||||||
2014 | 2013 | |||||
Stock options | 802,829 | 363,269 | ||||
Warrants | 4,587,359 | 931,099 | ||||
Restricted stock units | 636,209 | 712,038 | ||||
Total | 6,026,397 | 2,006,406 | ||||
SUBSEQUENT_EVENT
SUBSEQUENT EVENT | 9 Months Ended |
Sep. 30, 2014 | |
SUBSEQUENT EVENT. | ' |
SUBSEQUENT EVENT | ' |
Note 7 — SUBSEQUENT EVENT | |
On November 3, 2014, the Board of Directors (the “Board”) of the Company accepted the resignation of Scott Pancoast as the Company’s President and Chief Executive Officer and as a member of the Board. Mr. Pancoast’s resignation did not result from any disagreement with the Company on any matter relating to the company’s operations, policies, or practices. In connection with Mr. Pancoast’s resignation, on November 3, 2014 (the “Separation Date”), the Company and Mr. Pancoast entered into a separation agreement and general release (the “Separation Agreement”). Pursuant to the terms of the Separation Agreement, Mr. Pancoast will receive (i) $300,000, less applicable payroll deductions and required withholdings, payable in eight monthly installments of $37,500, and (ii) a final payment of $3,750, payable on the nine-month anniversary of the Separation Date. In addition, the Company will pay or reimburse Mr. Pancoast for the COBRA premiums required to insure Mr. Pancoast and his legal dependents for a period of 24 months following the Separation Date. Additionally, (i) the portion of Mr. Pancoast’s stock options that would have vested by May 3, 2016 will immediately vest and Mr. Pancoast will have until March 10, 2016 to exercise such options and (ii) the portion of Mr. Pancoast’s restricted stock units that would have vested by November 8, 2015 will immediately vest. Additionally, as part of the Separation Agreement, Mr. Pancoast agreed to a 12-month standstill and customary general releases. The description of the Separation Agreement set forth above does not purport to be complete and is qualified in its entirety by reference to the Separation Agreement attached as Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed with the SEC on November 4, 2014 and incorporated herein by reference. | |
On November 3, 2014, the Board also appointed Michael Lack, as the Company’s Interim Chief Executive Officer and Principal Executive Officer. Mr. Lack will lead the Company while the Board conducts a search for a new Chief Executive Officer. The Company entered into a consulting agreement (the “Consulting Agreement”) with Mr. Lack in connection with his appointment as Interim Chief Executive Officer. Under the Consulting Agreement, Mr. Lack will receive a monthly salary of $37,500, with a guarantee of such salary level for a period of four months, subject to certain exceptions. In addition, the Board granted Mr. Lack restricted stock units for 15,000 shares of Common Stock that will vest in full, subject to certain exceptions, on the earlier of (i) the one-year anniversary of the date of his appointment or (ii) the date on which he no longer provides services to the Company. | |
RESEARCH_AND_DEVELOPMENT_COLLA1
RESEARCH AND DEVELOPMENT COLLABORATIVE AGREEMENTS (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
RESEARCH AND DEVELOPMENT COLLABORATIVE AGREEMENTS | ' | |||||||||||||
Schedule of recognized revenue under research and development collaborative agreements | ' | |||||||||||||
Nine Months Ended | Three Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Cost reimbursements | $ | 3,403,053 | $ | — | $ | 915,667 | $ | — | ||||||
Amortization of license and development fees | 310,500 | 4,336,036 | 62,500 | 1,845,021 | ||||||||||
Other | — | 60,096 | — | — | ||||||||||
$ | 3,713,553 | $ | 4,396,132 | $ | 978,167 | $ | 1,845,021 | |||||||
SHAREBASED_PAYMENTS_Tables
SHARE-BASED PAYMENTS (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
SHARE-BASED PAYMENTS | ' | |||||||||||||
Schedule of recognized share-based compensation expense | ' | |||||||||||||
Nine Months Ended | Three Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Research and development | $ | 352,994 | $ | 227,260 | $ | 120,081 | $ | 104,411 | ||||||
General and administrative | 646,901 | 403,399 | 175,588 | 123,489 | ||||||||||
Total share-based compensation expense | $ | 999,895 | $ | 630,659 | $ | 295,669 | $ | 227,900 | ||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||
Schedule of recurring fair value measurements | ' | |||||||
Fair Value as of | Significant | |||||||
September 30, 2014 | Unobservable | |||||||
Inputs | ||||||||
(Level 3) | ||||||||
Liabilities: | ||||||||
Warrants expiring March 2017 | $ | 1,300,000 | $ | 1,300,000 | ||||
Schedule of fair value measurements using significant unobservable inputs (Level 3) | ' | |||||||
Liabilities: | ||||||||
Warrant liability as of January 1, 2014 | $ | 2,100,000 | ||||||
Change in fair value of warrants | (800,000 | ) | ||||||
Warrant liability as of September 30, 2014 | $ | 1,300,000 | ||||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
EARNINGS PER SHARE | ' | |||||
Schedule of anti-dilutive common stock equivalents that were excluded from the calculation of diluted loss per share | ' | |||||
Nine and Three Months Ended | ||||||
September 30, | ||||||
2014 | 2013 | |||||
Stock options | 802,829 | 363,269 | ||||
Warrants | 4,587,359 | 931,099 | ||||
Restricted stock units | 636,209 | 712,038 | ||||
Total | 6,026,397 | 2,006,406 | ||||
RESEARCH_AND_DEVELOPMENT_COLLA2
RESEARCH AND DEVELOPMENT COLLABORATIVE AGREEMENTS (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Research and development collaborative agreements | ' | ' | ' | ' |
Total recognized revenue | $978,167 | $1,845,021 | $3,713,553 | $4,396,132 |
Collaborative agreements | Pfizer Inc. | ' | ' | ' | ' |
Research and development collaborative agreements | ' | ' | ' | ' |
Cost reimbursements | 915,667 | ' | 3,403,053 | ' |
Amortization of license and development fees | 62,500 | 1,845,021 | 310,500 | 4,336,036 |
Other | ' | ' | ' | 60,096 |
Collaborative agreements | Pfizer Inc. | Maximum | ' | ' | ' | ' |
Research and development collaborative agreements | ' | ' | ' | ' |
Eligible milestone payment to be received, on exercise of option for worldwide rights to iSONEP by counterparty | $497,500,000 | ' | $497,500,000 | ' |
SHAREBASED_PAYMENTS_Details
SHARE-BASED PAYMENTS (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Share-based compensation expense | ' | ' | ' | ' |
Total share-based compensation expense | $295,669 | $227,900 | $999,895 | $630,659 |
Unrecognized compensation expense related to unvested stock-based compensation | 2,100,000 | ' | 2,100,000 | ' |
Weighted average period to recognize unrecognized stock-based compensation expense | ' | ' | '2 years 4 months 24 days | ' |
Research and developments | ' | ' | ' | ' |
Share-based compensation expense | ' | ' | ' | ' |
Total share-based compensation expense | 120,081 | 104,411 | 352,994 | 227,260 |
General and administrative | ' | ' | ' | ' |
Share-based compensation expense | ' | ' | ' | ' |
Total share-based compensation expense | $175,588 | $123,489 | $646,901 | $403,399 |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Liabilities: | ' |
Volatility of stock price as specified in the underlying warrants (as a percent) | 100.00% |
Recurring | Fair Value | Warrants | March 2017 | ' |
Liabilities: | ' |
Fair value of liabilities | 1,300,000 |
Recurring | Significant Unobservable Inputs (Level 3) | Warrants | March 2017 | ' |
Liabilities: | ' |
Fair value of liabilities | 1,300,000 |
FAIR_VALUE_MEASUREMENTS_Detail1
FAIR VALUE MEASUREMENTS (Details 2) (Warrants, USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Warrants | ' |
Liabilities: | ' |
Balance at the beginning of the period | $2,100,000 |
Change in fair value of warrants | -800,000 |
Balance at the end of the period | $1,300,000 |
Number of warrants outstanding (in shares) | 4,587,359 |
Weighted-average exercise price of warrant outstanding (in dollars per share) | 4.21 |
COMMON_STOCK_Details
COMMON STOCK (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 18, 2014 | Mar. 18, 2014 | Sep. 30, 2014 | Mar. 18, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Common stock and warrants Member | MLV | MLV | MLV | MLV | MLV | Non Affiliates [Member] | Maxim | Maxim | Maxim | Maxim | Maxim | |
Registered Shares Member | Minimum | Maximum | Maximum | Maximum | Maximum | Common stock and warrants Member | Warrants | Common Stock | Maximum | |||
Unregistered Shares Member | ||||||||||||
Exercise price of warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.36 | ' | ' |
Shares | 3,605,042 | ' | ' | ' | ' | ' | ' | ' | ' | 54,076 | 3,605,042 | ' |
Aggregate offering price | ' | ' | ' | ' | $23,000,000 | ' | ' | ' | $3.48 | ' | ' | ' |
Exercise period effective from date of issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' |
Common stock held by non-affiliates | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' |
Commission payable as a percentage of gross proceeds | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | ' | 27,505 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales price (in dollars per share) | ' | ' | $3.50 | ' | ' | $4.08 | ' | ' | ' | ' | ' | ' |
Net proceeds | ' | 99,000 | ' | 4,900,000 | ' | ' | ' | 11,500,000 | ' | ' | ' | ' |
Placement agent fees and other offering expenses | ' | ' | ' | ' | ' | ' | ' | $751,651 | ' | ' | ' | $60,000 |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2014 | Sep. 30, 2014 | |
Anti-dilutive securities excluded from the calculation of diluted income (loss) per share | ' | ' |
Anti-dilutive common stock equivalents (in shares) | 2,006,406 | 6,026,397 |
Stock options | ' | ' |
Anti-dilutive securities excluded from the calculation of diluted income (loss) per share | ' | ' |
Anti-dilutive common stock equivalents (in shares) | 363,269 | 802,829 |
Warrants | ' | ' |
Anti-dilutive securities excluded from the calculation of diluted income (loss) per share | ' | ' |
Anti-dilutive common stock equivalents (in shares) | 931,099 | 4,587,359 |
Restricted stock unit | ' | ' |
Anti-dilutive securities excluded from the calculation of diluted income (loss) per share | ' | ' |
Anti-dilutive common stock equivalents (in shares) | 712,038 | 636,209 |
SUBSEQUENT_EVENT_Details
SUBSEQUENT EVENT (Details) (Subsequent events, USD $) | 0 Months Ended |
Nov. 03, 2014 | |
item | |
President, and Chief Executive Officer, and Board Member | ' |
Subsequent events | ' |
Total payment amount per separation agreement | $300,000 |
Number of monthly payments per separation agreement | 8 |
Monthly payment amount per separation agreement | 37,500 |
Final payment amount per separation agreement | 3,750 |
Number of months of COBRA premium reimbursement per separation agreement | '24 months |
Interim Chief Executive Officer, and Principal Executive Officer Member | ' |
Subsequent events | ' |
Monthly salary amount per consulting agreement | $37,500 |
Guaranteed term of monthly salary per consulting agreement | '4 months |
Interim Chief Executive Officer, and Principal Executive Officer Member | Restricted stock units | ' |
Subsequent events | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 15,000 |