Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 7-May-15 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Celator Pharmaceuticals Inc | |
Entity Central Index Key | 1327467 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | CPXX | |
Entity Common Stock, Shares Outstanding | 33,741,872 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $32,897,812 | $32,413,777 |
Restricted cash | 191,673 | 194,561 |
Other receivables | 25,966 | 21,102 |
Prepaid expenses and deposits | 400,926 | 482,472 |
Other current assets | 442,012 | 458,278 |
Total current assets | 33,958,389 | 33,570,190 |
Property and equipment, net | 973,422 | 1,004,412 |
Other assets | 570,597 | 544,501 |
Total assets | 35,502,408 | 35,119,103 |
Current liabilities: | ||
Current portion of debt | 1,726,559 | 284,961 |
Accounts payable | 763,812 | 723,765 |
Accrued liabilities | 1,278,539 | 1,735,420 |
Current portion of deferred revenue | 452,489 | 542,986 |
Total current liabilities | 4,221,399 | 3,287,132 |
Deferred revenue | 0 | 45,249 |
Deferred rent | 43,190 | 45,408 |
Loans payable | 13,438,804 | 9,836,256 |
Total liabilities | 17,703,393 | 13,214,045 |
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 33,741,872 and 33,681,355 shares as of March 31, 2015 and December 31, 2014, respectively | 33,742 | 33,681 |
Warrants | 1,083,193 | 1,083,193 |
Additional paid-in capital | 171,894,582 | 171,289,703 |
Accumulated other comprehensive loss | -1,133,266 | -1,133,266 |
Accumulated deficit | -154,079,236 | -149,368,253 |
Total stockholders' equity | 17,799,015 | 21,905,058 |
Total liabilities and stockholders' equity | $35,502,408 | $35,119,103 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets [Parenthetical] (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
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 | 33,741,872 | 33,681,355 |
Common stock, outstanding shares | 33,741,872 | 33,681,355 |
Consolidated_Statements_of_Los
Consolidated Statements of Loss (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Expenses | ||
Research and development | $2,708,011 | $2,967,853 |
Leukemia & Lymphoma Society funding | -135,747 | -635,747 |
General and administrative | 1,761,449 | 1,888,267 |
Amortization and depreciation | 48,928 | 47,735 |
Operating loss | -4,382,641 | -4,268,108 |
Other income (expenses) | ||
Foreign exchange gain (loss) | 9,639 | -11,708 |
Interest and miscellaneous income | 3,141 | 2,315 |
Interest expense | -341,122 | 0 |
Net loss | ($4,710,983) | ($4,277,501) |
Net loss per share | ||
Basic and diluted (in dollars per share) | ($0.14) | ($0.16) |
Weighted average of common shares outstanding | ||
Basic and diluted (in shares) | 33,704,889 | 26,037,504 |
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, 2014 | $21,905,058 | $33,681 | $1,083,193 | $171,289,703 | ($1,133,266) | ($149,368,253) |
Balance (in shares) at Dec. 31, 2014 | 33,681,355 | |||||
Stock based compensation | 359,200 | 0 | 0 | 359,200 | 0 | 0 |
Warrants issued | 76,897 | 0 | 0 | 76,897 | 0 | 0 |
Stock issued for payment of accrued bonuses | 168,843 | 61 | 0 | 168,782 | 0 | 0 |
Stock issued for payment of accrued bonuses (in shares) | 60,517 | |||||
Net loss for the period | -4,710,983 | 0 | 0 | 0 | 0 | -4,710,983 |
Balance at Mar. 31, 2015 | $17,799,015 | $33,742 | $1,083,193 | $171,894,582 | ($1,133,266) | ($154,079,236) |
Balance (in shares) at Mar. 31, 2015 | 33,741,872 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Operating activities | ||
Net loss | ($4,710,983) | ($4,277,501) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Amortization and depreciation | 48,928 | 47,735 |
Non-cash stock-based compensation expense | 359,200 | 302,982 |
Non-cash financing costs | 94,664 | 0 |
Changes in operating assets and liabilities | ||
Other receivables | -4,864 | 1,407,709 |
Prepaid expenses and deposits | 79,617 | 319,089 |
Restricted cash | -8 | -13 |
Other current assets | 16,266 | -15,931 |
Other assets | 0 | -29,938 |
Accounts payable | 46,113 | -122,129 |
Accrued liabilities | -285,171 | -365,909 |
Deferred rent liability | -2,218 | -1,620 |
Deferred revenue | -135,746 | -135,747 |
Cash used in operating activities | -4,494,202 | -2,871,273 |
Investing activities | ||
Purchase of property and equipment | -17,938 | -2,436 |
Cash used in investing activities | -17,938 | -2,436 |
Financing activities | ||
Proceeds from issuance of common stock and on options exercised | 0 | 104,387 |
Proceeds from loans payable | 5,000,000 | 0 |
Cash provided by financing activities | 5,000,000 | 104,387 |
Effect of foreign exchange rate changes | -3,825 | -8,137 |
Net change in cash | 484,035 | -2,777,459 |
Cash and cash equivalents, beginning of period | 32,413,777 | 23,589,516 |
Cash and cash equivalents, end of period | 32,897,812 | 20,812,057 |
Supplemental disclosure of cash flow information | ||
Interest paid | 243,750 | 0 |
Warrants issued in connection with debt issuance costs | 76,897 | 0 |
Common stock issued in payment of accrued bonuses | $168,843 | $0 |
Nature_of_Business_and_Liquidi
Nature of Business and Liquidity | 3 Months Ended | ||
Mar. 31, 2015 | |||
Accounting Policies [Abstract] | |||
Nature of Operations [Text Block] | 1 | Nature of Business and Liquidity | |
Celator Pharmaceuticals, Inc., with locations in Ewing, N.J., and Vancouver, B.C., is a clinical stage biopharmaceutical company that is transforming the science of combination therapy, and developing products to improve patient outcomes in cancer. The Company’s proprietary technology platform, CombiPlex®, enables the rational design and rapid evaluation of optimized combinations incorporating traditional chemotherapies as well as molecularly targeted agents to deliver enhanced anti-cancer activity. CombiPlex addresses several fundamental shortcomings of conventional combination regimens, as well as the challenges inherent in combination drug development, by identifying the most effective synergistic molar ratio of the drugs being combined in vitro, and fixing this ratio in a nano-scale drug delivery complex to maintain the optimized combination until exposure to the tumor following administration. The Company’s pipeline includes lead product, CPX-351 (a liposomal formulation of cytarabine:daunorubicin) for the treatment of acute myeloid leukemia; CPX-1 (a liposomal formulation of irinotecan:floxuridine) for the treatment of colorectal cancer; a preclinical stage product candidate; CPX-8 (a hydrophobic docetaxel prodrug nanoparticle formulation), being studied by the National Cancer Institute’s Nanotechnology Characterization Laboratory; and several programs exploring novel combinations of existing drugs, including molecularly targeted therapies. | |||
The Company has incurred recurring losses and negative cash flows from operations since inception. As of March 31, 2015, the Company had an accumulated deficit of $154.1 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 March 31, 2015, the Company had cash and cash equivalents of $32.9 million. Management believes that the cash and cash equivalents at March 31, 2015 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 | 3 Months Ended | |
Mar. 31, 2015 | ||
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, 2014. 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, amongst 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. | ||
New Accounting Pronouncements: In April 2015, the Financial Accounting Standards Board (“FASB”) issued guidance, which requires that debt issuance costs be presented in the balance sheet as a deduction from the carrying amount of the related liability, rather than as a deferred charge. The updated guidance is effective retroactively for financial statements covering fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted but we do not anticipate electing early adoption. We are currently evaluating the impact of the adoption of this guidance on our consolidated financial statements. | ||
In February 2015, the FASB issued guidance, which modifies the analysis regarding the evaluation of certain types of entities to be consolidated. Specifically, it (1) modifies the assessment of whether limited partnerships are variable interest entities (VIEs), (2) eliminates the presumption that a limited partnership should be consolidated by its general partner, (3) removes certain conditions for the evaluation of whether a fee paid to a decision maker constitutes a variable interest, and (4) modifies the evaluation concerning the impact of related parties in the determination of the primary beneficiary of a VIE. The updated guidance is effective for annual reporting periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted but we do not anticipate electing early adoption. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. | ||
In January 2015, the FASB issued guidance, which completely eliminates all references to and guidance concerning the concept of an extraordinary item from GAAP. The updated guidance is effective for annual reporting periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted but we do not anticipate electing early adoption. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. | ||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
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. The Company believes that the current carrying amount of its long-term debt approximates fair value because interest rate on this instrument is similar to rates that the Company would be able to receive for similar instruments of comparable maturity. | ||||||||||||||
FASB Accounting Standards Codification (“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: | ||||||||||||||
31-Mar-15 | Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Assets: | ||||||||||||||
Money Market Fund | $ | 26,760,185 | $ | 26,760,185 | $ | - | $ | - | ||||||
31-Dec-14 | ||||||||||||||
Assets: | ||||||||||||||
Money Market Fund | $ | 29,500,819 | $ | 29,500,819 | $ | - | $ | - | ||||||
Other_Current_Assets
Other Current Assets | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||
Other Current Assets [Text Block] | 4 | Other Current Assets | ||||||
Other current assets as of March 31, 2015 and December 31, 2014, consist of the following: | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
Clinical trial materials | $ | 442,012 | $ | 458,278 | ||||
Property_and_Equipment
Property and Equipment | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property Plant And Equipment [Abstract] | ||||||||
Property Plant And Equipment Disclosure [Text Block] | 5 | Property and Equipment | ||||||
Property and equipment as of March 31, 2015 and December 31, 2014, including assets held under capital lease, consists of the following: | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
Computer and equipment | $ | 145,088 | $ | 144,138 | ||||
Furniture and office equipment | 96,457 | 96,457 | ||||||
Laboratory equipment | 1,727,381 | 1,723,331 | ||||||
Capital lease equipment | 155,524 | 155,524 | ||||||
Leaseholds | 50,727 | 37,789 | ||||||
2,175,177 | 2,157,239 | |||||||
Less: Accumulated depreciation | -1,201,755 | -1,152,827 | ||||||
$ | 973,422 | $ | 1,004,412 | |||||
During the three months ended March 31, 2015 and March 31, 2014, depreciation and amortization expense was $48,928 and $47,735 respectively. | ||||||||
Other_Assets
Other Assets | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Other Assets, Noncurrent Disclosure [Abstract] | ||||||||
Other Assets Disclosure [Text Block] | 6 | Other Assets | ||||||
Other assets as of March 31, 2015 and December 31, 2014 consist of the following: | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
Deferred financing costs (see Note 8) | $ | 565,675 | $ | 539,296 | ||||
Other non-current assets | 4,922 | 5,205 | ||||||
$ | 570,597 | $ | 544,501 | |||||
Accrued_Liabilities
Accrued Liabilities | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Payables And Accruals [Abstract] | ||||||||
Accounts Payable And Accrued Liabilities Disclosure [Text Block] | 7 | Accrued Liabilities | ||||||
Accrued liabilities as of March 31, 2015 and December 31, 2014 consist of the following: | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
Accrued bonuses | $ | 247,297 | $ | 816,144 | ||||
Accrued salaries and vacation | 191,530 | 152,700 | ||||||
Accrued professional fees | 20,000 | 8,904 | ||||||
Accrued clinical trial expenses | 386,419 | 633,395 | ||||||
Accrued drug manufacturing expenses | 200,723 | - | ||||||
Interest payable | 86,667 | 83,958 | ||||||
Accrued other | 145,903 | 40,319 | ||||||
$ | 1,278,539 | $ | 1,735,420 | |||||
Loans_Payable
Loans Payable | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt Disclosure [Text Block] | 8 | Loans Payable | ||||||
On May 9, 2014, the Company entered into a term loan agreement for $15 million with Hercules Technology Capital Growth (“Hercules”). The first $10 million of the term loan was funded at closing. On March 30, 2015, the Company drew down the remaining $5 million of the term loan. The term loan is repayable in installments over forty-eight months including an initial interest-only period of eighteen months after closing. Interest is payable monthly at the greater of 9.75% or an adjusted rate based upon the US prime rate with interest only period until December 1, 2015. The funds will be used to provide general working capital. | ||||||||
Pursuant to the loan agreement, the Company issued Hercules a warrant to purchase an aggregate of 210,675 shares of the Company’s common stock at an exercise price of $2.67 per share with a term of five years. The warrant is exercisable beginning on the date of issuance and expires May 9, 2019. The fair value of the warrants of $397,649 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 $50,518 for the three months ended March 31, 2015 and the remaining unamortized debt issuance costs of $565,675 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 $44,146 of this fee during the three months ended March 31, 2015. | ||||||||
Long-term debt as of March 31, 2015 and December 31, 2014, consists of the following: | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
Loan payable | $ | 15,000,000 | $ | 10,000,000 | ||||
End of term fee | 165,363 | 121,217 | ||||||
15,165,363 | 10,121,217 | |||||||
Less: Current portion | -1,726,559 | -284,961 | ||||||
Long-term debt | $ | 13,438,804 | $ | 9,836,256 | ||||
Stock_Based_Compensation
Stock Based Compensation | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 9 | Stock Based Compensation | ||||||||||||
2013 Equity Incentive Plan | ||||||||||||||
In 2013, the Company adopted the Celator Pharmaceuticals, Inc. 2013 Equity Incentive Plan (the “Plan”). Options granted under the Plan may be incentive stock options or non-qualified stock options. Incentive stock options may only be granted to employees. The board of directors, or a committee of the board of directors appointed to administer the Plan, determines the period over which options become exercisable and the conditions under which stock awards are granted and become vested. | ||||||||||||||
The following table summarizes the activity of the Company’s stock option plans for the three months ended March 31, 2015: | ||||||||||||||
Number of | Exercise | Weighted-Average | Aggregate | |||||||||||
options | price | Remaining | Intrinsic Value | |||||||||||
Contractual Term | ||||||||||||||
(Years) | ||||||||||||||
31-Dec-14 | 3,005,287 | $ | 3.02 | |||||||||||
Granted | 589,500 | 2.79 | ||||||||||||
Exercised | - | - | ||||||||||||
Cancelled | -50,000 | 3.17 | ||||||||||||
31-Mar-15 | 3,544,787 | $ | 2.98 | 7.4 | $ | 99,045 | ||||||||
Exercisable at March 31, 2015 | 1,558,473 | $ | 2.87 | 5.4 | $ | 97,485 | ||||||||
The following table provides information regarding stock options activity for the three months ended March 31, 2015 and 2014: | ||||||||||||||
Three months ended | ||||||||||||||
March 31 | ||||||||||||||
2015 | 2014 | |||||||||||||
Stock compensation expense recognized | $ | 359,200 | $ | 302,982 | ||||||||||
Weighted average grant-date fair value of stock options issued (per share) | $ | 2.31 | $ | 2.78 | ||||||||||
Grant-date fair value of stock options issued | $ | 1,360,094 | $ | 1,096,710 | ||||||||||
Volatility | 106.9 | % | 115 | % | ||||||||||
Risk-free interest rate | 1.7 | % | 2.1 | % | ||||||||||
Dividend yield | 0 | % | 0 | % | ||||||||||
Expected life in years | 6.2 | 6.3 | ||||||||||||
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 March 31, 2015, the total compensation cost related to non-vested awards not yet recognized and weighted average period over which it will be recognized was $4,519,837 and 2.8 years, respectively. | ||||||||||||||
Stock Issuance | ||||||||||||||
In February 2015, the Company issued 60,517 shares of common stock to certain Company employees as payment for bonus accrued or earned in 2014 fiscal year. For one year from the date of issuance, the shares issued are non-transferable and are subject to forfeiture if the holder violates any confidentiality undertaking, non-competition agreement, non-solicitation agreement or other restrictive covenant under the employee’s employment agreement with the Company. | ||||||||||||||
Geographic_Segment_Information
Geographic Segment Information | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Segment Reporting Disclosure [Text Block] | 10 | 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 | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
United States | $ | 34,511,653 | $ | 34,027,837 | ||||
Canada | 160,423 | 223,572 | ||||||
Germany | 830,332 | 867,694 | ||||||
Total Assets | $ | 35,502,408 | $ | 35,119,103 | ||||
Net Loss | ||||||||
Three months ended | ||||||||
March 31 | ||||||||
2015 | 2014 | |||||||
United States | $ | -4,311,341 | $ | -3,654,881 | ||||
Canada | -399,642 | -622,620 | ||||||
Total Net Loss | $ | -4,710,983 | $ | -4,277,501 | ||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | |
Mar. 31, 2015 | ||
Commitments And Contingencies Disclosure [Abstract] | ||
Commitments And Contingencies Disclosure [Text Block] | 11 | 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 March 31, 2015 were $14,900. | ||
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 March 31, 2015 were $461,400. 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 March 31, 2015 were $71,200. | ||
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. | ||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
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, amongst 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. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements: In April 2015, the Financial Accounting Standards Board (“FASB”) issued guidance, which requires that debt issuance costs be presented in the balance sheet as a deduction from the carrying amount of the related liability, rather than as a deferred charge. The updated guidance is effective retroactively for financial statements covering fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted but we do not anticipate electing early adoption. We are currently evaluating the impact of the adoption of this guidance on our consolidated financial statements. |
In February 2015, the FASB issued guidance, which modifies the analysis regarding the evaluation of certain types of entities to be consolidated. Specifically, it (1) modifies the assessment of whether limited partnerships are variable interest entities (VIEs), (2) eliminates the presumption that a limited partnership should be consolidated by its general partner, (3) removes certain conditions for the evaluation of whether a fee paid to a decision maker constitutes a variable interest, and (4) modifies the evaluation concerning the impact of related parties in the determination of the primary beneficiary of a VIE. The updated guidance is effective for annual reporting periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted but we do not anticipate electing early adoption. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. | |
In January 2015, the FASB issued guidance, which completely eliminates all references to and guidance concerning the concept of an extraordinary item from GAAP. The updated guidance is effective for annual reporting periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted but we do not anticipate electing early adoption. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. | |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
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: | |||||||||||||
31-Mar-15 | Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Assets: | ||||||||||||||
Money Market Fund | $ | 26,760,185 | $ | 26,760,185 | $ | - | $ | - | ||||||
31-Dec-14 | ||||||||||||||
Assets: | ||||||||||||||
Money Market Fund | $ | 29,500,819 | $ | 29,500,819 | $ | - | $ | - | ||||||
Other_Current_Assets_Tables
Other Current Assets (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||
Schedule of Other Current Assets [Table Text Block] | Other current assets as of March 31, 2015 and December 31, 2014, consist of the following: | |||||||
March 31, 2015 | December 31, 2014 | |||||||
Clinical trial materials | $ | 442,012 | $ | 458,278 | ||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property Plant And Equipment [Abstract] | ||||||||
Property, Plant and Equipment [Table Text Block] | Property and equipment as of March 31, 2015 and December 31, 2014, including assets held under capital lease, consists of the following: | |||||||
March 31, 2015 | December 31, 2014 | |||||||
Computer and equipment | $ | 145,088 | $ | 144,138 | ||||
Furniture and office equipment | 96,457 | 96,457 | ||||||
Laboratory equipment | 1,727,381 | 1,723,331 | ||||||
Capital lease equipment | 155,524 | 155,524 | ||||||
Leaseholds | 50,727 | 37,789 | ||||||
2,175,177 | 2,157,239 | |||||||
Less: Accumulated depreciation | -1,201,755 | -1,152,827 | ||||||
$ | 973,422 | $ | 1,004,412 | |||||
Other_Assets_Tables
Other Assets (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Other Assets, Noncurrent Disclosure [Abstract] | ||||||||
Schedule of Other Assets, Noncurrent [Table Text Block] | Other assets as of March 31, 2015 and December 31, 2014 consist of the following: | |||||||
March 31, 2015 | December 31, 2014 | |||||||
Deferred financing costs (see Note 8) | $ | 565,675 | $ | 539,296 | ||||
Other non-current assets | 4,922 | 5,205 | ||||||
$ | 570,597 | $ | 544,501 | |||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Payables And Accruals [Abstract] | ||||||||
Schedule of Accrued Liabilities [Table Text Block] | Accrued liabilities as of March 31, 2015 and December 31, 2014 consist of the following: | |||||||
March 31, 2015 | December 31, 2014 | |||||||
Accrued bonuses | $ | 247,297 | $ | 816,144 | ||||
Accrued salaries and vacation | 191,530 | 152,700 | ||||||
Accrued professional fees | 20,000 | 8,904 | ||||||
Accrued clinical trial expenses | 386,419 | 633,395 | ||||||
Accrued drug manufacturing expenses | 200,723 | - | ||||||
Interest payable | 86,667 | 83,958 | ||||||
Accrued other | 145,903 | 40,319 | ||||||
$ | 1,278,539 | $ | 1,735,420 | |||||
Loans_Payable_Tables
Loans Payable (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule of Debt [Table Text Block] | Long-term debt as of March 31, 2015 and December 31, 2014, consists of the following: | |||||||
March 31, 2015 | December 31, 2014 | |||||||
Loan payable | $ | 15,000,000 | $ | 10,000,000 | ||||
End of term fee | 165,363 | 121,217 | ||||||
15,165,363 | 10,121,217 | |||||||
Less: Current portion | -1,726,559 | -284,961 | ||||||
Long-term debt | $ | 13,438,804 | $ | 9,836,256 | ||||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
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 three months ended March 31, 2015: | |||||||||||||
Number of | Exercise | Weighted-Average | Aggregate | |||||||||||
options | price | Remaining | Intrinsic Value | |||||||||||
Contractual Term | ||||||||||||||
(Years) | ||||||||||||||
31-Dec-14 | 3,005,287 | $ | 3.02 | |||||||||||
Granted | 589,500 | 2.79 | ||||||||||||
Exercised | - | - | ||||||||||||
Cancelled | -50,000 | 3.17 | ||||||||||||
31-Mar-15 | 3,544,787 | $ | 2.98 | 7.4 | $ | 99,045 | ||||||||
Exercisable at March 31, 2015 | 1,558,473 | $ | 2.87 | 5.4 | $ | 97,485 | ||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The following table provides information regarding stock options activity for the three months ended March 31, 2015 and 2014: | |||||||||||||
Three months ended | ||||||||||||||
March 31 | ||||||||||||||
2015 | 2014 | |||||||||||||
Stock compensation expense recognized | $ | 359,200 | $ | 302,982 | ||||||||||
Weighted average grant-date fair value of stock options issued (per share) | $ | 2.31 | $ | 2.78 | ||||||||||
Grant-date fair value of stock options issued | $ | 1,360,094 | $ | 1,096,710 | ||||||||||
Volatility | 106.9 | % | 115 | % | ||||||||||
Risk-free interest rate | 1.7 | % | 2.1 | % | ||||||||||
Dividend yield | 0 | % | 0 | % | ||||||||||
Expected life in years | 6.2 | 6.3 | ||||||||||||
Intrinsic value of stock options exercised | $ | - | $ | 38,892 | ||||||||||
Geographic_Segment_Information1
Geographic Segment Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 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 | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
United States | $ | 34,511,653 | $ | 34,027,837 | ||||
Canada | 160,423 | 223,572 | ||||||
Germany | 830,332 | 867,694 | ||||||
Total Assets | $ | 35,502,408 | $ | 35,119,103 | ||||
Net Loss | ||||||||
Three months ended | ||||||||
March 31 | ||||||||
2015 | 2014 | |||||||
United States | $ | -4,311,341 | $ | -3,654,881 | ||||
Canada | -399,642 | -622,620 | ||||||
Total Net Loss | $ | -4,710,983 | $ | -4,277,501 | ||||
Nature_of_Business_and_Liquidi1
Nature of Business and Liquidity (Details Textual) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Nature Of Business And Liquidity [Line Items] | ||||
Accumulated deficit | ($154,079,236) | ($149,368,253) | ||
Cash and Cash Equivalents, at Carrying Value | $32,897,812 | $32,413,777 | $20,812,057 | $23,589,516 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Money Market Funds [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Money Market Fund | $26,760,185 | $29,500,819 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Money Market Fund | 26,760,185 | 29,500,819 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Money Market Fund | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Money Market Fund | $0 | $0 |
Other_Current_Assets_Details
Other Current Assets (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Other Current Assets [Line Items] | ||
Clinical trial materials | $442,012 | $458,278 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $2,175,177 | $2,157,239 |
Less: Accumulated depreciation | -1,201,755 | -1,152,827 |
Property and equipment, net | 973,422 | 1,004,412 |
Computer and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 145,088 | 144,138 |
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 | 1,727,381 | 1,723,331 |
Capital lease equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 155,524 | 155,524 |
Leaseholds [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $50,727 | $37,789 |
Property_and_Equipment_Details1
Property and Equipment (Details Textual) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation And Amortization | $48,928 | $47,735 |
Other_Assets_Details
Other Assets (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule Of Other Assets Noncurrent [Line Items] | ||
Deferred financing costs (see Note 8) | $565,675 | $539,296 |
Other non-current assets | 4,922 | 5,205 |
Assets, Noncurrent | $570,597 | $544,501 |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Accrued Liabilities [Line Items] | ||
Accrued bonuses | $247,297 | $816,144 |
Accrued salaries and vacation | 191,530 | 152,700 |
Accrued professional fees | 20,000 | 8,904 |
Accrued clinical trial expenses | 386,419 | 633,395 |
Accrued drug manufacturing expenses | 200,723 | 0 |
Interest payable | 86,667 | 83,958 |
Accrued other | 145,903 | 40,319 |
Accrued liabilities | $1,278,539 | $1,735,420 |
Loans_Payable_Details
Loans Payable (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule Of Loan payable [Line Items] | ||
Loan payable | $15,000,000 | $10,000,000 |
End of term fee | 165,363 | 121,217 |
Long-term debt | 15,165,363 | 10,121,217 |
Less: Current portion | -1,726,559 | -284,961 |
Long-term debt | $13,438,804 | $9,836,256 |
Loans_Payable_Details_Textual
Loans Payable (Details Textual) (USD $) | 3 Months Ended | 0 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | 9-May-14 | Dec. 31, 2014 | |
Schedule Of Loan payable [Line Items] | ||||
Amortization Of Financing Costs And Discounts | $94,664 | $0 | ||
Adjustments to Additional Paid in Capital, Warrant Issued | 76,897 | 0 | ||
Deferred Finance Costs, Noncurrent, Net | 565,675 | 539,296 | ||
Warrant [Member] | ||||
Schedule Of Loan payable [Line Items] | ||||
Adjustments to Additional Paid in Capital, Warrant Issued | 0 | |||
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-eight months including an initial interest-only period of eighteen 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 until December 1, 2015. | |||
Warrants Maturity Term | 5 years | |||
End of Loan Term, Fees | 44,146 | |||
Line of Credit Facility, Interest Rate During Period | 9.75% | |||
Warrant Exercisable Term | 9-May-19 | |||
Hercules Technology Growth Capital [Member] | Warrant [Member] | ||||
Schedule Of Loan payable [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 210,675 | |||
Amortization Of Financing Costs And Discounts | 50,518 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $2.67 | |||
Adjustments to Additional Paid in Capital, Warrant Issued | 397,649 | |||
Deferred Finance Costs, Noncurrent, Net | 565,675 | |||
Hercules Technology Growth Capital [Member] | Term Loan [Member] | ||||
Schedule Of Loan payable [Line Items] | ||||
Debt Issuance Cost | 357,253 | |||
Hercules Technology Growth Capital [Member] | End of Term Fee [Member] | ||||
Schedule Of Loan payable [Line Items] | ||||
Debt Issuance Cost | $592,500 |
Stock_Based_Compensation_Detai
Stock Based Compensation (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Schedule Of Share Based Compensation Stock Options Activity [Line Items] | |
Number of options, Beginning balance | 3,005,287 |
Number of options, Granted | 589,500 |
Number of options, Exercised | 0 |
Number of options, Cancelled | -50,000 |
Number of options, Ending balance | 3,544,787 |
Number of options, Exercisable | 1,558,473 |
Exercise price, Beginning balance (in dollars per share) | $3.02 |
Exercise price, Granted (in dollars per share) | $2.79 |
Exercise pice, Exercised (in dollars per share) | $0 |
Exercise price, Cancelled (in dollars per share) | $3.17 |
Exercise price, Ending balance (in dollars per share) | $2.98 |
Exercise price, Exercisable (in dollars per share) | $2.87 |
Weighted Average Remaining Contractual Term, Outstanding (in years) | 7 years 4 months 24 days |
Weighted Average Remaining Contractual Term, Exercisable (in years) | 5 years 4 months 24 days |
Aggregate Intrinsic Value, outstanding (in dollars) | $99,045 |
Aggregate Intrinsic Value, Exercisable (in dollars) | $97,485 |
Stock_Based_Compensation_Detai1
Stock Based Compensation (Details 1) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock compensation expense recognized | $359,200 | $302,982 |
Weighted average grant-date fair value of stock options issued (per share) | $2.31 | $2.78 |
Grant-date fair value of stock options issued | 1,360,094 | 1,096,710 |
Volatility | 106.90% | 115.00% |
Risk-free interest rate | 1.70% | 2.10% |
Dividend yield | 0.00% | 0.00% |
Expected life in years | 6 years 2 months 12 days | 6 years 3 months 18 days |
Intrinsic value of stock options exercised | $0 | $38,892 |
Stock_Based_Compensation_Detai2
Stock Based Compensation (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended |
Feb. 28, 2015 | Mar. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock Issued During Period, Shares, Other | 60,517 | |
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 | $4,519,837 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 9 months 18 days |
Geographic_Segment_Information2
Geographic Segment Information (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Assets | $35,502,408 | $35,119,103 | |
Total Net Loss | -4,710,983 | -4,277,501 | |
United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Assets | 34,511,653 | 34,027,837 | |
Total Net Loss | -4,311,341 | -3,654,881 | |
Canada [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Assets | 160,423 | 223,572 | |
Total Net Loss | -399,642 | -622,620 | |
Germany [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Assets | $830,332 | $867,694 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended |
Jun. 30, 2013 | Mar. 31, 2015 | |
Princeton University Agreement [Member] | ||
Loss Contingencies [Line Items] | ||
Agreement termination notice period | 90 days | |
Rectification of default period | 60 months | 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 | 2013.00% | |
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 | 14,900 | |
Lease Expiration Date | 30-Sep-15 | |
Ewing, New Jersey [Member] | ||
Loss Contingencies [Line Items] | ||
Operating Leases, Future Minimum Payments Due, Total | 461,400 | |
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 | 71,200 | |
Operating Lease Expiration Term | expires in June 2016. | |
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 |