Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 11, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'Celator Pharmaceuticals Inc | ' |
Entity Central Index Key | '0001327467 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Trading Symbol | 'CPXX | ' |
Entity Common Stock, Shares Outstanding | ' | 33,681,355 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Current assets: | ' | ' |
Cash and cash equivalents | $20,180,490 | $23,589,516 |
Restricted cash | 285,801 | 287,657 |
Other receivables | 6,335 | 1,417,313 |
Prepaid expenses and deposits | 679,681 | 491,465 |
Assets held for sale | 74,086 | 74,086 |
Other current assets | 541,468 | 468,389 |
Total current assets | 21,767,861 | 26,328,426 |
Property and equipment, net | 1,008,426 | 1,138,579 |
Other assets | 612,180 | 5,745 |
Total assets | 23,388,467 | 27,472,750 |
Current liabilities: | ' | ' |
Accounts payable | 183,174 | 1,193,148 |
Accrued liabilities | 2,022,462 | 1,630,809 |
Current portion of deferred revenue | 542,986 | 542,986 |
Total current liabilities | 2,748,622 | 3,366,943 |
Long-term debt | 10,077,056 | 0 |
Deferred revenue | 180,996 | 588,236 |
Deferred rent | 47,626 | 53,084 |
Total liabilities | 13,054,300 | 4,008,263 |
Stockholders' equity | ' | ' |
Preferred stock Authorized 20,000,000 shares, par value $0.001 | 0 | 0 |
Common stock Authorized 200,000,000 shares, par value $0.001 Issued and outstanding 26,078,532 and 26,035,596 shares as of September 30, 2014 and December 31, 2013, respectively | 26,079 | 26,036 |
Warrants | 1,083,193 | 1,083,193 |
Additional paid-in capital | 157,372,043 | 155,953,894 |
Accumulated other comprehensive loss | -1,133,266 | -1,133,266 |
Accumulated deficit | -147,013,882 | -132,465,370 |
Total stockholders' equity | 10,334,167 | 23,464,487 |
Total liabilities and stockholders' equity | $23,388,467 | $27,472,750 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
peferred stock, par valur (in dollars per share) | $0.00 | $0.00 |
Common stock, authorized shares | 200,000,000 | 200,000,000 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, issued shares | 26,078,532 | 26,035,596 |
Common stock, outstanding shares | 26,078,532 | 26,035,596 |
Consolidated_Statements_of_Los
Consolidated Statements of Loss (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Expenses | ' | ' | ' | ' |
Research and development | $3,334,789 | $2,325,891 | $9,238,756 | $5,995,866 |
Leukemia & Lymphoma Society funding | -135,747 | -135,746 | -907,240 | -425,339 |
General and administrative | 1,874,412 | 1,434,436 | 5,491,779 | 3,922,084 |
(Gain) loss on disposal of property and equipment | 0 | -12,059 | 0 | 126,633 |
Amortization and depreciation | 48,521 | 51,239 | 144,609 | 148,291 |
Operating loss | -5,121,975 | -3,663,761 | -13,967,904 | -9,767,535 |
Other income (expenses) | ' | ' | ' | ' |
Foreign exchange loss | -1,408 | -16,745 | -27,721 | -21,229 |
Interest and miscellaneous income | 2,887 | 3,094 | 7,144 | 6,560 |
Non-cash derivative instrument charge | 0 | 0 | 0 | -7,473,108 |
Interest expense | -359,321 | 0 | -560,031 | -147,025 |
Net loss | ($5,479,817) | ($3,677,412) | ($14,548,512) | ($17,402,337) |
Net loss per share | ' | ' | ' | ' |
Basic and diluted (in dollars per share) | ($0.21) | ($0.14) | ($0.56) | ($0.84) |
Weighted average of common shares outstanding | ' | ' | ' | ' |
Basic and diluted (in shares) | 26,078,532 | 26,026,793 | 26,065,006 | 20,641,876 |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Warrants [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] |
Balance at Dec. 31, 2013 | $23,464,487 | $26,036 | $1,083,193 | $155,953,894 | ($1,133,266) | ($132,465,370) |
Balance (in shares) at Dec. 31, 2013 | ' | 26,035,596 | ' | ' | ' | ' |
Issued for cash on exercise of stock options | 100,639 | 43 | 0 | 100,596 | 0 | 0 |
Issued for cash on exercise of stock options (in shares) | 42,936 | 42,936 | ' | ' | ' | ' |
Stock based compensation | 996,801 | 0 | 0 | 996,801 | 0 | 0 |
Warrants issued | 320,752 | 0 | 0 | 320,752 | 0 | 0 |
Net loss for the period | -14,548,512 | 0 | 0 | 0 | 0 | -14,548,512 |
Balance at Sep. 30, 2014 | $10,334,167 | $26,079 | $1,083,193 | $157,372,043 | ($1,133,266) | ($147,013,882) |
Balance (in shares) at Sep. 30, 2014 | ' | 26,078,532 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Operating activities | ' | ' |
Net loss | ($14,548,512) | ($17,402,337) |
Adjustments to reconcile net loss to net cash used in operating activities | ' | ' |
Amortization and depreciation | 144,609 | 148,291 |
Non-cash stock-based compensation expense | 996,801 | 322,069 |
Loss on disposal of property and equipment | 0 | 126,633 |
Non-cash derivative instrument charge | 0 | 7,473,108 |
Non-cash financing costs | 165,232 | 74,751 |
Changes in operating assets and liabilities | ' | ' |
Other receivables | 1,407,230 | 1,990,932 |
Prepaid expenses and deposits | -189,470 | -134,177 |
Restricted cash | -38 | -250,037 |
Other current assets | -73,079 | -530,391 |
Other assets | -16,568 | 0 |
Accounts payable | -1,007,161 | -22,332 |
Accrued liabilities | 400,843 | 208,124 |
Deferred rent | -5,458 | 23,148 |
Deferred revenue | -407,240 | -425,339 |
Cash used in operating activities | -13,132,811 | -8,397,557 |
Investing activities | ' | ' |
Purchase of property and equipment | -14,456 | -82,009 |
Proceeds on disposals of property and equipment | 0 | 51,776 |
Cash used in investing activities | -14,456 | -30,233 |
Financing activities | ' | ' |
Proceeds from issuance of common stock and on options exercised | 104,387 | 32,499,986 |
Payment of share issuance costs | 0 | -3,079,611 |
Proceeds from loans payable | 9,827,216 | 0 |
Payment of debt issuance costs | -184,469 | 0 |
Repayments of loans payable | 0 | -3,000,000 |
Cash provided by financing activities | 9,747,134 | 26,420,375 |
Effect of foreign exchange rate changes | -8,893 | 877 |
Net change in cash | -3,409,026 | 17,993,462 |
Cash and cash equivalents, beginning of period | 23,589,516 | 9,648,008 |
Cash and cash equivalents, end of period | 20,180,490 | 27,641,470 |
Supplemental disclosure of cash flow information | ' | ' |
Interest paid | $311,458 | $79,388 |
Nature_of_Business_and_Liquidi
Nature of Business and Liquidity | 9 Months Ended | ||
Sep. 30, 2014 | |||
Accounting Policies [Abstract] | ' | ||
Nature of Operations [Text Block] | ' | ||
1 | Nature of Business and Liquidity | ||
Celator Pharmaceuticals, Inc. (the “Company”), with locations in Ewing, N.J., and Vancouver, B.C., is a pharmaceutical company developing new and more effective therapies to treat cancer. CombiPlex®, the Company’s proprietary drug ratio technology platform, represents a novel approach that identifies molar ratios of drugs that will deliver a synergistic benefit, and locks the desired ratio in a nano-scale drug delivery vehicle that maintains the ratio in patients with the goal of improving clinical outcomes. | |||
The Company has incurred recurring losses and negative cash flows from operations since inception. As of September 30, 2014, the Company had an accumulated deficit of $147.0 million. The Company expects operating losses and negative cash flows to continue for the foreseeable future until such time, if ever, that it can generate significant revenues from its product candidates currently in development. At September 30, 2014, the Company had cash and cash equivalents of $20.2 million. On October 28, 2014, the Company completed a public offering of 7,602,823 shares of common stock and warrants to purchase up to 760,282 shares of its common stock. The Company received approximately $13.5 million in net proceeds from the public offering (See Note 13). Management believes that the cash and cash equivalents at September 30, 2014 cash available to the Company through the Hercules Technology Growth Capital Inc. (“Hercules”) term loan and the funds received from the October 28, 2014 public offering will be sufficient to meet estimated working capital requirements and fund planned operations into the second half of 2016. | |||
The Company is subject to those risks associated with any specialty pharmaceutical company that has substantial expenditures for research and development. There can be no assurance that the Company’s research and development projects will be successful, that products developed will obtain necessary regulatory approval, or that any approved product will be commercially viable. Substantial additional financing will be needed by the Company to fund its operations and to commercialize its product candidates. In addition, the Company operates in an environment of rapid technological change and is largely dependent on the services of its employees and consultants. | |||
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Significant Accounting Policies [Text Block] | ' | |||||||
2 | Summary of Significant Accounting Policies | |||||||
The accompanying unaudited consolidated financial statements and related disclosures have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the consolidated financial statements and notes included in Company’s Annual Report on Form 10-K for the year ended December 31, 2013. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been omitted. | ||||||||
In the opinion of management of the Company, the interim consolidated financial statements reflect all adjustments considered necessary for a fair presentation of the financial position, operating results and cash flows of the interim periods. All such adjustments are of a normal, recurring nature. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. | ||||||||
Basis of consolidation: The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Celator Pharmaceuticals Corp. (“CPC”) and Celator UK Ltd. All intercompany transactions have been eliminated. | ||||||||
Use of estimates: The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Actual results may differ from those estimates. Significant areas requiring management estimates in the preparation of these consolidated financial statements include, among other things, assessment of other receivables, accrued liabilities, impairment and amortization of property and equipment, valuation allowance for deferred income taxes, valuation of stock-based compensation and contingencies. | ||||||||
Loss per share: The net loss per share for the nine months ended September 30, 2013 has been corrected for an immaterial error in the calculation of average weighted shares outstanding. The revision is as follows: | ||||||||
As Reported | As Revised | |||||||
Net loss | $ | -17,402,337 | $ | -17,402,337 | ||||
Net loss per share | $ | -0.87 | $ | -0.84 | ||||
Weighted average shares outstanding | 19,977,071 | 20,641,876 | ||||||
The above correction has no impact on any other prior year financial statement amounts or disclosures. | ||||||||
New Accounting Pronouncement : In June 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-10, Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation , which eliminates all incremental financial reporting requirements for development stage entities by removing Accounting Standards Codification (ASC) Topic 915, Development Stage Entities, from the FASB Accounting Standards Codification. The amendments in this Update remove the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. ASC Topic 915 is removed effective for annual periods beginning after December 15, 2014 and early adoption is permitted. The Company adopted the ASU effective with the issuance of its June 30, 2014 financial statements. | ||||||||
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40). The ASU provides U.S. GAAP guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and about related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued. The amendments in this ASU are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. | ||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||
Fair Value Disclosures [Text Block] | ' | |||||||||||||
3 | Fair Value Measurements | |||||||||||||
Financial instruments of the Company consist of cash deposits, money market investments, other receivables, accounts payable, certain accrued liabilities and debt. The carrying value of these financial instruments generally approximates fair value due to their short-term nature. | ||||||||||||||
ASC Topic 820, Fair Value Measurements establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820-10 establishes three levels of inputs that may be used to measure fair value: | ||||||||||||||
Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. | ||||||||||||||
Level 2 applies to assets or liabilities for which there are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, such as: quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. | ||||||||||||||
Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. | ||||||||||||||
ASC 820 requires disclosures about transfers into and out of Levels 1 and 2 and separate disclosures about purchases, sales, issuances, and settlements relating to Level 3 measurements. It also clarifies existing fair value disclosures regarding the level of disaggregation and the inputs and valuation techniques used to measure fair value. | ||||||||||||||
The Company recognizes transfers between input levels as of the actual date of event. There were no transfers between levels and the following table provides the assets carried at fair value: | ||||||||||||||
Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||
30-Sep-14 | ||||||||||||||
Assets: | ||||||||||||||
Money Market Fund | $ | 17,727,260 | $ | 17,727,260 | $ | - | $ | - | ||||||
31-Dec-13 | ||||||||||||||
Assets: | ||||||||||||||
Certificates of Deposit | $ | 15,003,472 | $ | 15,003,472 | $ | - | $ | - | ||||||
Money Market Fund | 7,597,730 | 7,597,730 | - | - | ||||||||||
Total | $ | 22,601,202 | $ | 22,601,202 | $ | - | $ | - | ||||||
Non-cash derivative instrument charge | ||||||||||||||
The Company recognized a non-cash derivative instrument charge of $7,473,108 during the nine months ended September 30, 2013. The charge related to an obligation to issue additional shares of common stock and warrants to certain existing stockholders who participated in early closings of a private placement that started in 2012 and closed on April 29, 2013. The fair value of these common shares and warrants was recognized as a derivative liability with a corresponding charge to the statement of loss. Upon the closing of the April 2013 Private Placement, the derivative liability was reclassified into stockholders’ equity as the obligation to issue additional securities no longer existed. This contractual obligation was fair valued using significant unobservable inputs (Level 3). | ||||||||||||||
Other_Receivables
Other Receivables | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Other Receivables, Net, Current [Abstract] | ' | |||||||
Other Receivable [Text Block] | ' | |||||||
4 | Other Receivables | |||||||
Other receivables as of September 30, 2014 and December 31, 2013, consists of the following: | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Receivables related to the sale of New Jersey net operating losses | $ | - | $ | 1,412,302 | ||||
Other receivables | 6,335 | 5,011 | ||||||
$ | 6,335 | $ | 1,417,313 | |||||
Other_Current_Assets
Other Current Assets | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
Other Current Assets [Text Block] | ' | |||||||
5 | Other Current Assets | |||||||
Other current assets as of September 30, 2014 and December 31, 2013 consist of the following: | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Clinical trial materials | $ | 541,468 | $ | 468,389 | ||||
Property_and_Equipment
Property and Equipment | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Property Plant And Equipment [Abstract] | ' | |||||||||||||
Property Plant And Equipment Disclosure [Text Block] | ' | |||||||||||||
6 | Property and Equipment | |||||||||||||
Property and equipment as of September 30, 2014 and December 31, 2013 including assets held under capital lease, consists of the following: | ||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||
Computer and equipment | $ | 141,998 | $ | 136,498 | ||||||||||
Furniture and office equipment | 96,457 | 96,457 | ||||||||||||
Laboratory equipment | 1,769,589 | 1,760,633 | ||||||||||||
Capital lease equipment | 155,523 | 155,523 | ||||||||||||
Leaseholds | 37,789 | 37,789 | ||||||||||||
2,201,356 | 2,186,900 | |||||||||||||
Less: Accumulated depreciation | -1,192,930 | -1,048,321 | ||||||||||||
$ | 1,008,426 | $ | 1,138,579 | |||||||||||
Three months ended | Nine months ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Depreciation and amortization | $ | 48,521 | $ | 51,239 | $ | 144,609 | $ | 148,291 | ||||||
In February 2012, the Company closed a laboratory in Canada and consigned certain property and equipment for sale with net book value of $507,622. At September 30, 2014 and December 31, 2013, the net book value of the remaining consigned equipment was $74,086 and consisted solely of scientific equipment, which is presented as assets held for sale on the consolidated balance sheet. | ||||||||||||||
During nine months ended September 30, 2013 assets held for sale with a net book value of $177,428 were sold for proceeds of $51,776 resulting in a loss on disposal of $125,422. There were no disposals during the nine months ended September 30, 2014. | ||||||||||||||
Other_Assets
Other Assets | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Other Assets, Noncurrent Disclosure [Abstract] | ' | |||||||
Other Assets Disclosure [Text Block] | ' | |||||||
7 | Other Assets | |||||||
Other assets as of September 30, 2014 and December 31, 2013 consist of the following: | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Deferred financing costs (see Note 9) | $ | 589,828 | $ | - | ||||
Other non-current assets | 22,352 | 5,745 | ||||||
$ | 612,180 | $ | 5,745 | |||||
Accrued_Liabilities
Accrued Liabilities | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Payables And Accruals [Abstract] | ' | |||||||
Accounts Payable And Accrued Liabilities Disclosure [Text Block] | ' | |||||||
8 | Accrued Liabilities | |||||||
Accrued liabilities as of September 30, 2014 and December 31, 2013 consist of the following: | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Accrued bonuses | $ | 748,444 | $ | 624,472 | ||||
Accrued salaries and vacation | 213,775 | 143,484 | ||||||
Accrued professional fees | 60,000 | 30,911 | ||||||
Accrued clinical trial expenses | 494,651 | 636,497 | ||||||
Accrued drug manufacturing expenses | 145,565 | - | ||||||
Interest payable | 83,339 | - | ||||||
Accrued trade payables other | 276,688 | 195,445 | ||||||
$ | 2,022,462 | $ | 1,630,809 | |||||
Loans_Payable
Loans Payable | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Debt Disclosure [Abstract] | ' | ||||
Debt Disclosure [Text Block] | ' | ||||
9 | Loans Payable | ||||
On May 9, 2014, the Company entered into a term loan agreement for $15 million with Hercules Technology Growth Capital, Inc. (“Hercules”). The first $10 million of the term loan was funded at closing, and is repayable in installments over forty-two months including an initial interest-only period of twelve months after closing. The remaining $5 million of the term loan can be drawn down at the Company’s option at any time between December 15, 2014 and March 31, 2015. Interest is payable monthly at the greater of 9.75% or an adjusted rate based upon the US prime rate with interest only period extendable to December 1, 2015, contingent upon achieving full enrollment of the CPX-351 Phase 3 study by December 31, 2014. The funds will be used to provide general working capital. | |||||
On October 24, 2014, the Company achieved full enrollment of the CPX-351 Phase 3 study resulting in the interest only period extendable to December 1, 2015 and the term loan maturity date of December 1, 2017 extendable to June 1, 2018. As a result, the outstanding term loan balance has been classified as non-current at September 30, 2014. | |||||
Pursuant to the loan agreement, the Company issued Hercules a warrant to purchase 158,006 shares of the Company’s common stock at an exercise price of $2.67 per share with a term of five years. The fair value of the warrants of $320,752 and financing costs of $357,253 incurred in connection with the term loan were recorded as debt issuance costs and will be amortized as interest expense using the effective interest method over the term of the loan. Amortization of debt issuance costs was $57,670 and $88,176 for the three and nine months ended September 30, 2014 respectively and the remaining unamortized debt issuance costs of $589,828 are included in other non-current assets. | |||||
In addition, the Company will pay an end of term charge of $592,500 on the earliest to occur of (i) the term loan maturity date, (ii) the date that the Company prepays the outstanding loan, or (iii) the date that the loan become due and payable. The end of term charge will be accrued as additional interest expense using the effective interest rate method over the term of the loan. The Company accrued $50,396 and $77,056 of this fee during the three and nine months ended September 30, 2014 respectively. | |||||
Long-term debt as of September 30, 2014 consists of the following: | |||||
Loan payable | $ | 10,000,000 | |||
End of term fee | 77,056 | ||||
Long-term debt | $ | 10,077,056 | |||
Stock_Based_Compensation
Stock Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
10 | Stock-Based Compensation | ||||||||||||||||
The following table summarizes the activity of the Company’s stock option plans for the nine months ended September 30, 2014: | |||||||||||||||||
Number of options | Exercise price | ||||||||||||||||
31-Dec-13 | 2,578,252 | $ | 2.98 | ||||||||||||||
Granted | 499,100 | 3.13 | |||||||||||||||
Exercised | -42,936 | 2.34 | |||||||||||||||
Cancelled | -14,603 | 3.17 | |||||||||||||||
30-Sep-14 | 3,019,813 | $ | 3.01 | ||||||||||||||
Exercisable at September 30, 2014 | 1,193,556 | $ | 2.75 | ||||||||||||||
The following table provides information regarding stock options activity during the periods: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock compensation expense recognized | $ | 354,204 | $ | 235,289 | $ | 996,801 | $ | 322,069 | |||||||||
Weighted average grant-date fair value of stock options issued (per share) | $ | 2.22 | $ | 2.11 | $ | 2.68 | $ | 2.14 | |||||||||
Grant-date fair value of stock options issued | $ | 45,732 | $ | 59,080 | $ | 1,337,588 | $ | 3,314,341 | |||||||||
Volatility | 112 | % | 117 | % | 114.4 | % | 118.3 | % | |||||||||
Risk-free interest rate | 1.9 | % | 1.6 | % | 2 | % | 1.9 | % | |||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||
Expected life in years | 6 | 6 | 6.2 | 6.2 | |||||||||||||
Intrinsic value of stock options exercised | $ | - | $ | - | $ | 38,892 | $ | - | |||||||||
The grant-date fair value of stock options is estimated using the Black Scholes option pricing model. The Company determined the options’ life based on the simplified method and determined the options’ expected volatility based on peer group volatility and dividend yield based on the historical dividend payments. The risk free interest rate is based on the yield of an applicable term Treasury instrument. | |||||||||||||||||
The Company amortizes the fair value of the stock options on a straight-line basis over the applicable requisite service periods of the awards, which is generally the vesting period. At September 30, 2014, the total compensation cost related to non-vested awards not yet recognized and weighted average period over which it will be recognized was $3,988,729 and 2.9 years, respectively. | |||||||||||||||||
Geographic_Segment_Information
Geographic Segment Information | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||||||||
11 | Geographic Segment Information | |||||||||||||
The Company operates in the United States and Canada. The Company’s CPX-351 clinical trial materials are manufactured by a third party using the Company’s equipment located in Germany. Geographic net loss information is based on the location whereby the expenses were incurred. The geographic information about total assets is based on the physical location of the assets. | ||||||||||||||
Total Assets | ||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||
United States | $ | 22,226,025 | $ | 26,190,516 | ||||||||||
Canada | 266,844 | 284,563 | ||||||||||||
Germany | 895,598 | 997,671 | ||||||||||||
Total Assets | $ | 23,388,467 | $ | 27,472,750 | ||||||||||
Net Loss | ||||||||||||||
Three months ended | Nine months | |||||||||||||
September 30, | September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
United States | -5,046,236 | -3,274,731 | -12,977,790 | -15,649,089 | ||||||||||
Canada | -433,581 | -402,681 | -1,570,722 | -1,753,248 | ||||||||||
Total Net Loss | $ | -5,479,817 | $ | -3,677,412 | $ | -14,548,512 | $ | -17,402,337 | ||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | ||
Sep. 30, 2014 | |||
Commitments And Contingencies Disclosure [Abstract] | ' | ||
Commitments And Contingencies Disclosure [Text Block] | ' | ||
12 | Commitments and Contingencies | ||
In September 2014, the Company entered into a lease agreement for a laboratory space in Vancouver, British Columbia, which expires in September 2015. The remaining minimum lease payments as of September 30, 2014 were $35,090. | |||
In March 2013, the Company entered into an office lease agreement for office space in Ewing, New Jersey, which commenced in June 2013 with a term of sixty months. The remaining minimum lease payments as of September 30, 2014 were $530,232. Under the Ewing, New Jersey lease agreement, the Company will be obligated to maintain a letter of credit from a bank with respect to its security deposit obligations in the amount of $200,000 during the first year of the Agreement, which amount will be reduced by $40,000 per year on each of December 1, 2014, 2015, and 2016 and by $60,000 on December 1, 2017. | |||
In February 2013, the Company renewed its office lease agreements for office space in Vancouver, British Columbia, effective April 1, 2013, which expires in June 2016. The remaining minimum lease payments as of September 30, 2014 were $111,638. | |||
The Company has a worldwide exclusive license agreement with Princeton University dated June 2007 that provides the Company with exclusive rights to some aspects of its nanoparticle polymer technology arising from research sponsored by the Company at Princeton University between 2003 and 2007. These inventions are generally characterized as particulate constructs for release of active agents for medical application. Of the products currently in the Company’s pipeline, only the hydrophobic docetaxel prodrug nanoparticle (HDPN) formulation is subject to this agreement. The Company is obligated to pay a royalty on net sales to Princeton University of a low single-digit percentage if any invention is sold by the Company or a company to which the product covered by the invention was licensed by the Company, which was generated under the exclusive licensing agreement. No royalty or other product/sub-license-related payments have been made to date. The Company is obligated to provide Princeton University a percentage within the range of 45% to 55% of proceeds obtained from a sub-license of the intellectual property to a third party in cases where the Company has not conducted any research or development activities and is solely licensing out the original intellectual property jointly developed by the Company and Princeton University. The Company may terminate the agreement at any time by giving 90 days written notice to Princeton University. Princeton may terminate the agreement if the Company should breach or fail to perform under the agreement, with written notice of default provided by Princeton University to the Company and only if the Company fails to cure the default within 60 days. The Company is obligated under the agreement to provide an annual progress report to Princeton University on any developments of the licensed technology as well as prosecution of the patents covering the technology and the use of commercially reasonable efforts to develop licensed products. | |||
The Company has a collaborative research agreement dated May 2001 with the British Columbia Cancer Agency (“BCCA”) whereby in consideration for the license and conditional assignment of all Company-sponsored intellectual property to the Company by BCCA, the Company will pay to BCCA a royalty in the low single digits on net sales of royalty-bearing products in territories so long as a valid claim exists for inventions made between June 2000 and June 2005 under the agreement. All obligations relating to the conduct of the research and assignment of intellectual property have been completed. No payments of royalties have been made to date. Either party may terminate the agreement if the other party commits a material breach or default and such breach or default is not reasonably cured within 45 days. | |||
In consideration of funding by the Leukemia & Lymphoma Society ® (“LLS”) and transfer to the Company of any rights LLS may have to any project inventions developed during the term of the agreement, the Company may be required to pay LLS a cash multiple on the LLS funding, (LLS funding is the $5 million in support of the Phase 3 study in addition to the approximately $4.1 million the Company received in support of the Phase 2 study). Subject to exclusions under the agreement, the Company is obligated to pay LLS an amount equal to 50% of the cash payments the Company receives from out-licenses and transfers of rights to the product or other liquidity event, as defined in the agreement, until LLS has received an amount equal to 1.5 times the amount of funding the Company receives from LLS. The total amount payable by the Company to LLS will not exceed 3.55 times the amount of funding received from LLS, with the specific amount depending on when the payment(s) occur relative to the timing of the research program and product commercialization. The payments may take the form of cash payments or royalties (not to exceed 5% of net sales) but will not exceed the maximum amount referred to in the preceding sentence. | |||
Subsequent_Events
Subsequent Events | 9 Months Ended | ||
Sep. 30, 2014 | |||
Subsequent Events [Abstract] | ' | ||
Subsequent Events [Text Block] | ' | ||
13 | Subsequent Events | ||
Public Offering of Common Stock and Warrants to Purchase Common Stock | |||
On October 28, 2014, the Company completed a public offering of 7,602,823 shares of common stock and warrants to purchase up to 760,282 shares of its common stock, including the exercise in full of the underwriters’ overallotment option to purchase up to an additional 991,673 shares of common stock. The shares of common stock and warrants were offered in units consisting of one share of common stock and a warrant to purchase 0.10 of a share of common stock at a price of $1.95 per unit. The Company received approximately $13.5 million in net proceeds from the public offering after payment of fees, expenses and underwriting expenses. The shares of common stock and the warrants were immediately separable and were issued separately. The warrants have an exercise price of $3.58 per share and have a term of five years. In addition, the Company issued to the underwriters, underwriter warrants to purchase 114,042 shares of common stock at an exercise price of $3.58 per share. | |||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Consolidation, Policy [Policy Text Block] | ' | |||||||
Basis of consolidation: The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Celator Pharmaceuticals Corp. (“CPC”) and Celator UK Ltd. All intercompany transactions have been eliminated. | ||||||||
Use of Estimates, Policy [Policy Text Block] | ' | |||||||
Use of estimates: The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Actual results may differ from those estimates. Significant areas requiring management estimates in the preparation of these consolidated financial statements include, among other things, assessment of other receivables, accrued liabilities, impairment and amortization of property and equipment, valuation allowance for deferred income taxes, valuation of stock-based compensation and contingencies. | ||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | |||||||
Loss per share: The net loss per share for the nine months ended September 30, 2013 has been corrected for an immaterial error in the calculation of average weighted shares outstanding. The revision is as follows: | ||||||||
As Reported | As Revised | |||||||
Net loss | $ | -17,402,337 | $ | -17,402,337 | ||||
Net loss per share | $ | -0.87 | $ | -0.84 | ||||
Weighted average shares outstanding | 19,977,071 | 20,641,876 | ||||||
The above correction has no impact on any other prior year financial statement amounts or disclosures. | ||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | |||||||
New Accounting Pronouncement : In June 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-10, Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation , which eliminates all incremental financial reporting requirements for development stage entities by removing Accounting Standards Codification (ASC) Topic 915, Development Stage Entities, from the FASB Accounting Standards Codification. The amendments in this Update remove the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. ASC Topic 915 is removed effective for annual periods beginning after December 15, 2014 and early adoption is permitted. The Company adopted the ASU effective with the issuance of its June 30, 2014 financial statements. | ||||||||
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40). The ASU provides U.S. GAAP guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and about related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued. The amendments in this ASU are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. | ||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | ' | |||||||
The net loss per share for the nine months ended September 30, 2013 has been corrected for an immaterial error in the calculation of average weighted shares outstanding. The revision is as follows: | ||||||||
As Reported | As Revised | |||||||
Net loss | $ | -17,402,337 | $ | -17,402,337 | ||||
Net loss per share | $ | -0.87 | $ | -0.84 | ||||
Weighted average shares outstanding | 19,977,071 | 20,641,876 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | |||||||||||||
There were no transfers between levels and the following table provides the assets carried at fair value: | ||||||||||||||
Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||
30-Sep-14 | ||||||||||||||
Assets: | ||||||||||||||
Money Market Fund | $ | 17,727,260 | $ | 17,727,260 | $ | - | $ | - | ||||||
31-Dec-13 | ||||||||||||||
Assets: | ||||||||||||||
Certificates of Deposit | $ | 15,003,472 | $ | 15,003,472 | $ | - | $ | - | ||||||
Money Market Fund | 7,597,730 | 7,597,730 | - | - | ||||||||||
Total | $ | 22,601,202 | $ | 22,601,202 | $ | - | $ | - | ||||||
Other_Receivables_Tables
Other Receivables (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Other Receivables, Net, Current [Abstract] | ' | |||||||
Schedule Of Other Receivables [Table Text Block] | ' | |||||||
Other receivables as of September 30, 2014 and December 31, 2013, consists of the following: | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Receivables related to the sale of New Jersey net operating losses | $ | - | $ | 1,412,302 | ||||
Other receivables | 6,335 | 5,011 | ||||||
$ | 6,335 | $ | 1,417,313 | |||||
Other_Current_Assets_Tables
Other Current Assets (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
Schedule of Other Current Assets [Table Text Block] | ' | |||||||
Other current assets as of September 30, 2014 and December 31, 2013 consist of the following: | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Clinical trial materials | $ | 541,468 | $ | 468,389 | ||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Property Plant And Equipment [Abstract] | ' | |||||||||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||||||||
Property and equipment as of September 30, 2014 and December 31, 2013 including assets held under capital lease, consists of the following: | ||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||
Computer and equipment | $ | 141,998 | $ | 136,498 | ||||||||||
Furniture and office equipment | 96,457 | 96,457 | ||||||||||||
Laboratory equipment | 1,769,589 | 1,760,633 | ||||||||||||
Capital lease equipment | 155,523 | 155,523 | ||||||||||||
Leaseholds | 37,789 | 37,789 | ||||||||||||
2,201,356 | 2,186,900 | |||||||||||||
Less: Accumulated depreciation | -1,192,930 | -1,048,321 | ||||||||||||
$ | 1,008,426 | $ | 1,138,579 | |||||||||||
Schedule Of Depreciation And Amortization [Table Text Block] | ' | |||||||||||||
Three months ended | Nine months ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Depreciation and amortization | $ | 48,521 | $ | 51,239 | $ | 144,609 | $ | 148,291 | ||||||
Other_Assets_Tables
Other Assets (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Other Assets, Noncurrent Disclosure [Abstract] | ' | |||||||
Schedule of Other Assets, Noncurrent [Table Text Block] | ' | |||||||
Other assets as of September 30, 2014 and December 31, 2013 consist of the following: | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Deferred financing costs (see Note 9) | $ | 589,828 | $ | - | ||||
Other non-current assets | 22,352 | 5,745 | ||||||
$ | 612,180 | $ | 5,745 | |||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Payables And Accruals [Abstract] | ' | |||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | |||||||
Accrued liabilities as of September 30, 2014 and December 31, 2013 consist of the following: | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Accrued bonuses | $ | 748,444 | $ | 624,472 | ||||
Accrued salaries and vacation | 213,775 | 143,484 | ||||||
Accrued professional fees | 60,000 | 30,911 | ||||||
Accrued clinical trial expenses | 494,651 | 636,497 | ||||||
Accrued drug manufacturing expenses | 145,565 | - | ||||||
Interest payable | 83,339 | - | ||||||
Accrued trade payables other | 276,688 | 195,445 | ||||||
$ | 2,022,462 | $ | 1,630,809 | |||||
Loans_Payable_Tables
Loans Payable (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Debt Disclosure [Abstract] | ' | ||||
Schedule of Debt [Table Text Block] | ' | ||||
Long-term debt as of September 30, 2014 consists of the following: | |||||
Loan payable | $ | 10,000,000 | |||
End of term fee | 77,056 | ||||
Long-term debt | $ | 10,077,056 | |||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||
The following table summarizes the activity of the Company’s stock option plans for the nine months ended September 30, 2014: | |||||||||||||||||
Number of options | Exercise price | ||||||||||||||||
31-Dec-13 | 2,578,252 | $ | 2.98 | ||||||||||||||
Granted | 499,100 | 3.13 | |||||||||||||||
Exercised | -42,936 | 2.34 | |||||||||||||||
Cancelled | -14,603 | 3.17 | |||||||||||||||
30-Sep-14 | 3,019,813 | $ | 3.01 | ||||||||||||||
Exercisable at September 30, 2014 | 1,193,556 | $ | 2.75 | ||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||
The following table provides information regarding stock options activity during the periods: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock compensation expense recognized | $ | 354,204 | $ | 235,289 | $ | 996,801 | $ | 322,069 | |||||||||
Weighted average grant-date fair value of stock options issued (per share) | $ | 2.22 | $ | 2.11 | $ | 2.68 | $ | 2.14 | |||||||||
Grant-date fair value of stock options issued | $ | 45,732 | $ | 59,080 | $ | 1,337,588 | $ | 3,314,341 | |||||||||
Volatility | 112 | % | 117 | % | 114.4 | % | 118.3 | % | |||||||||
Risk-free interest rate | 1.9 | % | 1.6 | % | 2 | % | 1.9 | % | |||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||
Expected life in years | 6 | 6 | 6.2 | 6.2 | |||||||||||||
Intrinsic value of stock options exercised | $ | - | $ | - | $ | 38,892 | $ | - | |||||||||
Geographic_Segment_Information1
Geographic Segment Information (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||
The geographic information about total assets is based on the physical location of the assets. | ||||||||||||||
Total Assets | ||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||
United States | $ | 22,226,025 | $ | 26,190,516 | ||||||||||
Canada | 266,844 | 284,563 | ||||||||||||
Germany | 895,598 | 997,671 | ||||||||||||
Total Assets | $ | 23,388,467 | $ | 27,472,750 | ||||||||||
Net Loss | ||||||||||||||
Three months ended | Nine months | |||||||||||||
September 30, | September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
United States | -5,046,236 | -3,274,731 | -12,977,790 | -15,649,089 | ||||||||||
Canada | -433,581 | -402,681 | -1,570,722 | -1,753,248 | ||||||||||
Total Net Loss | $ | -5,479,817 | $ | -3,677,412 | $ | -14,548,512 | $ | -17,402,337 | ||||||
Nature_of_Business_and_Liquidi1
Nature of Business and Liquidity (Details Textual) (USD $) | 9 Months Ended | 1 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 28, 2014 | Oct. 28, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | |||||
Warrant [Member] | ||||||
Nature Of Business And Liquidity [Line Items] | ' | ' | ' | ' | ' | ' |
Accumulated deficit | ($147,013,882) | ' | ($132,465,370) | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value | 20,180,490 | 27,641,470 | 23,589,516 | 9,648,008 | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | ' | 7,602,823 | 760,282 |
Proceeds From Issuance Of Common Stock | $104,387 | $32,499,986 | ' | ' | $13,500,000 | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Schedule Of Net Income Or Loss Per Share [Line Items] | ' | ' | ' | ' |
Net loss | ($5,479,817) | ($3,677,412) | ($14,548,512) | ($17,402,337) |
Net loss per share | ($0.21) | ($0.14) | ($0.56) | ($0.84) |
Weighted average shares outstanding | 26,078,532 | 26,026,793 | 26,065,006 | 20,641,876 |
Scenario, Previously Reported [Member] | ' | ' | ' | ' |
Schedule Of Net Income Or Loss Per Share [Line Items] | ' | ' | ' | ' |
Net loss | ' | ' | ' | ($17,402,337) |
Net loss per share | ' | ' | ' | ($0.87) |
Weighted average shares outstanding | ' | ' | ' | 19,977,071 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Assets: | ' | ' |
Total | ' | $22,601,202 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Total | ' | 22,601,202 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Total | ' | 0 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets: | ' | ' |
Total | ' | 0 |
Certificates of Deposit [Member] | ' | ' |
Assets: | ' | ' |
Certificates of Deposit | ' | 15,003,472 |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Certificates of Deposit | ' | 15,003,472 |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Certificates of Deposit | ' | 0 |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets: | ' | ' |
Certificates of Deposit | ' | 0 |
Money Market Funds [Member] | ' | ' |
Assets: | ' | ' |
Money Market Fund | 17,727,260 | 7,597,730 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Money Market Fund | 17,727,260 | 7,597,730 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Money Market Fund | 0 | 0 |
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets: | ' | ' |
Money Market Fund | $0 | $0 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Non-cash derivative instrument charge | $0 | $0 | $0 | $7,473,108 |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Non-cash derivative instrument charge | ' | ' | ' | $7,473,108 |
Other_Receivables_Details
Other Receivables (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Other Receivables [Line Items] | ' | ' |
Receivables related to the sale of New Jersey net operating losses | $0 | $1,412,302 |
Other receivables | 6,335 | 5,011 |
Other receivables, net | $6,335 | $1,417,313 |
Other_Current_Assets_Details
Other Current Assets (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Other Current Assets [Line Items] | ' | ' |
Clinical trial materials | $541,468 | $468,389 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $2,201,356 | $2,186,900 |
Less: Accumulated depreciation | -1,192,930 | -1,048,321 |
Property and equipment, net | 1,008,426 | 1,138,579 |
Computer and equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 141,998 | 136,498 |
Furniture and office equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 96,457 | 96,457 |
Laboratory equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 1,769,589 | 1,760,633 |
Capital lease equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 155,523 | 155,523 |
Leaseholds [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $37,789 | $37,789 |
Property_and_Equipment_Details1
Property and Equipment (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Depreciation and amortization | $48,521 | $51,239 | $144,609 | $148,291 |
Property_and_Equipment_Details2
Property and Equipment (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Feb. 29, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Property and Equipment [Member] | Scientific Equipment [Member] | Assets Held for Sale [Member] | Assets Held for Sale [Member] | |||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Assets Held For Sale Long Lived | ' | ' | ' | ' | $507,622 | $74,086 | ' | ' |
Assets Disposals, Written Off Net Book Value | ' | ' | ' | ' | ' | ' | 177,428 | 74,086 |
Proceeds from sale of assets | ' | ' | 0 | 51,776 | ' | ' | 51,776 | ' |
Loss on disposal of property and equipment | $0 | ($12,059) | $0 | $126,633 | ' | ' | $125,422 | ' |
Other_Assets_Details
Other Assets (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Schedule Of Other Assets Noncurrent [Line Items] | ' | ' |
Deferred financing costs (see Note 9) | $589,828 | $0 |
Other non-current assets | 22,352 | 5,745 |
Assets, Noncurrent | $612,180 | $5,745 |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Accrued Liabilities [Line Items] | ' | ' |
Accrued bonuses | $748,444 | $624,472 |
Accrued salaries and vacation | 213,775 | 143,484 |
Accrued professional fees | 60,000 | 30,911 |
Accrued clinical trial expenses | 494,651 | 636,497 |
Accrued drug manufacturing expenses | 145,565 | 0 |
Interest payable | 83,339 | 0 |
Accrued trade payables other | 276,688 | 195,445 |
Accrued liabilities | $2,022,462 | $1,630,809 |
Loans_Payable_Details
Loans Payable (Details) (USD $) | Sep. 30, 2014 |
Schedule Of Loan payable [Line Items] | ' |
Loan payable | $10,000,000 |
End of term fee | 77,056 |
Long-term debt | $10,077,056 |
Loans_Payable_Details_Textual
Loans Payable (Details Textual) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||
9-May-14 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Schedule Of Loan payable [Line Items] | ' | ' | ' | ' | ' |
Amortization Of Financing Costs And Discounts | ' | ' | $165,232 | $74,751 | ' |
Adjustments to Additional Paid in Capital, Warrant Issued | ' | ' | 320,752 | ' | ' |
Deferred Finance Costs, Noncurrent, Net | ' | 589,828 | 589,828 | ' | 0 |
Line of Credit Facility, Frequency of Payments | 'any time between December 15, 2014 and March 31, 2015 | ' | ' | ' | ' |
Warrants Maturity Term | '5 years | ' | ' | ' | ' |
End of Loan Term, Fees | ' | 50,396 | 77,056 | ' | ' |
Warrant [Member] | ' | ' | ' | ' | ' |
Schedule Of Loan payable [Line Items] | ' | ' | ' | ' | ' |
Amortization Of Financing Costs And Discounts | ' | 57,670 | 88,176 | ' | ' |
Adjustments to Additional Paid in Capital, Warrant Issued | ' | ' | 0 | ' | ' |
Term Loan [Member] | ' | ' | ' | ' | ' |
Schedule Of Loan payable [Line Items] | ' | ' | ' | ' | ' |
Debt Issuance Cost | ' | ' | 357,253 | ' | ' |
End of Term Fee [Member] | ' | ' | ' | ' | ' |
Schedule Of Loan payable [Line Items] | ' | ' | ' | ' | ' |
Debt Issuance Cost | ' | ' | 592,500 | ' | ' |
Hercules Technology Growth Capital [Member] | ' | ' | ' | ' | ' |
Schedule Of Loan payable [Line Items] | ' | ' | ' | ' | ' |
Line of Credit Facility, Fair Value of Amount Outstanding | 10,000,000 | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 15,000,000 | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | 5,000,000 | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayment Terms | 'repayable in installments over forty-two months including an initial interest-only period of twelve months after closing | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate Description | 'Interest is payable monthly at the greater of 9.75% or an adjusted rate based upon the US prime rate with interest only period extendable to December 1, 2015, | ' | ' | ' | ' |
Hercules Technology Growth Capital [Member] | Warrant [Member] | ' | ' | ' | ' | ' |
Schedule Of Loan payable [Line Items] | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | 158,006 | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | ' | $2.67 | $2.67 | ' | ' |
Adjustments to Additional Paid in Capital, Warrant Issued | ' | ' | $320,752 | ' | ' |
Stock_Based_Compensation_Detai
Stock Based Compensation (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Schedule Of Share Based Compensation Stock Options Activity [Line Items] | ' |
Number of options, Beginning balance | 2,578,252 |
Number of options, Granted | 499,100 |
Number of options, Exercised | -42,936 |
Number of options, Cancelled | -14,603 |
Number of options, Ending balance | 3,019,813 |
Number of options, Exercisable | 1,193,556 |
Exercise price, Beginning balance | $2.98 |
Exercise price, Granted | $3.13 |
Exercise pice, Exercised | $2.34 |
Exercise price, Cancelled | $3.17 |
Exercise price, Ending balance | $3.01 |
Exercise price, Exercisable | $2.75 |
Stock_Based_Compensation_Detai1
Stock Based Compensation (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' | ' |
Stock compensation expense recognized | $354,204 | $235,289 | $996,801 | $322,069 |
Weighted average grant-date fair value of stock options issued (per share) | $2.22 | $2.11 | $2.68 | $2.14 |
Grant-date fair value of stock options issued | 45,732 | 59,080 | 1,337,588 | 3,314,341 |
Volatility | 112.00% | 117.00% | 114.40% | 118.30% |
Risk-free interest rate | 1.90% | 1.60% | 2.00% | 1.90% |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Expected life in years | '6 years | '6 years | '6 years 2 months 12 days | '6 years 2 months 12 days |
Intrinsic value of stock options exercised | $0 | $0 | $38,892 | $0 |
Stock_Based_Compensation_Detai2
Stock Based Compensation (Details Textual) (Non vested Awards [Member], USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Non vested Awards [Member] | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $3,988,729 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '2 years 10 months 24 days |
Geographic_Segment_Information2
Geographic Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Total Assets | $23,388,467 | ' | $23,388,467 | ' | $27,472,750 |
Total Net Loss | -5,479,817 | -3,677,412 | -14,548,512 | -17,402,337 | ' |
United States [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Total Assets | 22,226,025 | ' | 22,226,025 | ' | 26,190,516 |
Total Net Loss | -5,046,236 | -3,274,731 | -12,977,790 | -15,649,089 | ' |
Canada [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Total Assets | 266,844 | ' | 266,844 | ' | 284,563 |
Total Net Loss | -433,581 | -402,681 | -1,570,722 | -1,753,248 | ' |
Germany [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Total Assets | $895,598 | ' | $895,598 | ' | $997,671 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details Textual) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Princeton University Agreement [Member] | ' |
Loss Contingencies [Line Items] | ' |
Agreement termination notice period | '90 days |
Rectification of default period | '60 days |
Leukemia & Lymphoma Society Agreement [Member] | ' |
Loss Contingencies [Line Items] | ' |
Percentage of royalty payable from the amount received from out-licenses and transfers | 50.00% |
Cash Payment Or Royalties on net sales | 5.00% |
Leukemia & Lymphoma Society Agreement [Member] | Phase 3 study [Member] | ' |
Loss Contingencies [Line Items] | ' |
Funding for project inventions | 5,000,000 |
Leukemia & Lymphoma Society Agreement [Member] | Phase 2 study [Member] | ' |
Loss Contingencies [Line Items] | ' |
Funding for project inventions | 4,100,000 |
Vancouver Laboratory Space, British Columbia [Member] | ' |
Loss Contingencies [Line Items] | ' |
Operating Leases, Future Minimum Payments Due, Total | 35,090 |
Ewing, New Jersey [Member] | ' |
Loss Contingencies [Line Items] | ' |
Operating Leases, Future Minimum Payments Due, Total | 530,232 |
Letters of Credit Outstanding, Amount | 200,000 |
Contractual Obligation of letter of credit payment as on December 1, 2014 | 40,000 |
Contractual Obligation of letter of credit payment as on December 1, 2015 | 40,000 |
Contractual Obligation of letter of credit payment as on December 1, 2016 | 40,000 |
Contractual Obligation of letter of credit payment as on December 1, 2017 | 60,000 |
Vancouver Office Space, British Columbia [Member] | ' |
Loss Contingencies [Line Items] | ' |
Operating Leases, Future Minimum Payments Due, Total | 111,638 |
British Columbia Cancer Agency [Member] | ' |
Loss Contingencies [Line Items] | ' |
Rectification of default period | '45 days |
Minimum [Member] | Princeton University Agreement [Member] | ' |
Loss Contingencies [Line Items] | ' |
Percentage of royalty payable from the amount received from out-licenses and transfers | 45.00% |
Minimum [Member] | Leukemia & Lymphoma Society Agreement [Member] | ' |
Loss Contingencies [Line Items] | ' |
Number of times amount payable under research funding program | 1.5 |
Maximum [Member] | Princeton University Agreement [Member] | ' |
Loss Contingencies [Line Items] | ' |
Percentage of royalty payable from the amount received from out-licenses and transfers | 55.00% |
Maximum [Member] | Leukemia & Lymphoma Society Agreement [Member] | ' |
Loss Contingencies [Line Items] | ' |
Number of times amount payable under research funding program | 3.55 |
Subsequent_Events_Details_Text
Subsequent Events (Details Textual) (USD $) | 9 Months Ended | 1 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2013 | Oct. 28, 2014 | Oct. 28, 2014 | Oct. 28, 2014 | Oct. 28, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||
Warrant [Member] | Under Writer [Member] | Over-Allotment Option [Member] | ||||
Warrant [Member] | ||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | 7,602,823 | 760,282 | 114,042 | 991,673 |
Proceeds From Issuance Of Common Stock | $104,387 | $32,499,986 | $13,500,000 | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | ' | ' | ' | $3.58 | $3.58 | ' |
Warrants Expiration Tem | ' | ' | ' | '5 years | ' | ' |
Warrants To Purchase Common Stock Ratio | ' | ' | ' | 'consisting of one share of common stock and a warrant to purchase 0.10 of a share of common stock | ' | ' |
Share Price | ' | ' | $1.95 | ' | ' | ' |