Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 11, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Celator Pharmaceuticals Inc | |
Entity Central Index Key | 1,327,467 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | CPXX | |
Entity Common Stock, Shares Outstanding | 34,545,524 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 24,104,631 | $ 32,413,777 |
Restricted cash | 190,082 | 194,561 |
Other receivables | 78,252 | 21,102 |
Prepaid expenses and deposits | 513,995 | 482,472 |
Other current assets | 419,376 | 458,278 |
Total current assets | 25,306,336 | 33,570,190 |
Property and equipment, net | 900,836 | 1,004,412 |
Other assets | 543,250 | 544,501 |
Total assets | 26,750,422 | 35,119,103 |
Current liabilities: | ||
Current portion of debt | 4,416,459 | 284,961 |
Accounts payable | 304,463 | 723,765 |
Accrued liabilities | 2,313,482 | 1,735,420 |
Current portion of deferred revenue | 180,995 | 542,986 |
Total current liabilities | 7,215,399 | 3,287,132 |
Deferred revenue | 0 | 45,249 |
Deferred rent | 38,155 | 45,408 |
Loan payable | 10,840,263 | 9,836,256 |
Total liabilities | 18,093,817 | 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 33,799,539 and 33,681,355 shares as of September 30, 2015 and December 31, 2014, respectively | 33,800 | 33,681 |
Warrants | 1,083,193 | 1,083,193 |
Additional paid-in capital | 172,943,931 | 171,289,703 |
Accumulated other comprehensive loss | (1,133,266) | (1,133,266) |
Accumulated deficit | (164,271,053) | (149,368,253) |
Total stockholders' equity | 8,656,605 | 21,905,058 |
Total liabilities and stockholders' equity | $ 26,750,422 | $ 35,119,103 |
Consolidated Balance Sheets _Pa
Consolidated Balance Sheets [Parenthetical] - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
peferred stock, par valur (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized shares | 200,000,000 | 200,000,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, issued shares | 33,799,539 | 33,681,355 |
Common stock, outstanding shares | 33,799,539 | 33,681,355 |
Consolidated Statements of Loss
Consolidated Statements of Loss - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Expenses | ||||
Research and development | $ 2,859,852 | $ 3,334,789 | $ 9,020,994 | $ 9,238,756 |
Leukemia & Lymphoma Society funding | (135,747) | (135,747) | (1,307,240) | (907,240) |
General and administrative | 1,943,003 | 1,874,412 | 5,718,986 | 5,491,779 |
Amortization and depreciation | 49,740 | 48,521 | 148,062 | 144,609 |
Operating loss | (4,716,848) | (5,121,975) | (13,580,802) | (13,967,904) |
Other income (expenses) | ||||
Foreign exchange loss | (8,631) | (1,408) | (20,894) | (27,721) |
Interest and miscellaneous income | 248 | 2,887 | 6,500 | 7,144 |
Interest expense | (485,060) | (359,321) | (1,307,604) | (560,031) |
Net loss | $ (5,210,291) | $ (5,479,817) | $ (14,902,800) | $ (14,548,512) |
Net loss per share | ||||
Basic and diluted (in dollars per share) | $ (0.15) | $ (0.21) | $ (0.44) | $ (0.56) |
Weighted average of common shares outstanding | ||||
Basic and diluted (in shares) | 33,799,539 | 26,078,532 | 33,759,351 | 26,065,006 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - 9 months ended Sep. 30, 2015 - 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 | |||||
Issued for cash on exercise of stock options | 129,751 | $ 58 | 0 | 129,693 | 0 | 0 |
Issued for cash on exercise of stock options (in shares) | 57,667 | |||||
Stock-based compensation | 1,278,856 | $ 0 | 0 | 1,278,856 | 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 | (14,902,800) | $ 0 | 0 | 0 | 0 | (14,902,800) |
Balance at Sep. 30, 2015 | $ 8,656,605 | $ 33,800 | $ 1,083,193 | $ 172,943,931 | $ (1,133,266) | $ (164,271,053) |
Balance (in shares) at Sep. 30, 2015 | 33,799,539 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Operating activities | ||
Net loss | $ (14,902,800) | $ (14,548,512) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Amortization and depreciation | 148,062 | 144,609 |
Non-cash stock-based compensation expense | 1,278,856 | 996,801 |
Non-cash financing costs | 317,708 | 165,232 |
Changes in operating assets and liabilities | ||
Other receivables | (58,060) | 1,407,230 |
Prepaid expenses and deposits | (33,353) | (189,470) |
Restricted cash | (27) | (38) |
Other current assets | 38,902 | (73,079) |
Other assets | 179 | (16,568) |
Accounts payable | (410,621) | (1,007,161) |
Accrued liabilities | 715,827 | 400,843 |
Deferred rent | (7,253) | (5,458) |
Deferred revenue | (407,240) | (407,240) |
Cash used in operating activities | (13,319,820) | (13,132,811) |
Investing activities | ||
Purchase of property and equipment | (44,487) | (14,456) |
Cash used in investing activities | (44,487) | (14,456) |
Financing activities | ||
Proceeds from issuance of common stock and on options exercised | 129,751 | 104,387 |
Proceeds from loans payable | 5,000,000 | 9,827,216 |
Payment of debt issuance costs | (50,000) | (184,469) |
Repayments of loans payable | 0 | 0 |
Cash provided by financing activities | 5,079,751 | 9,747,134 |
Effect of foreign exchange rate changes | (24,590) | (8,893) |
Net change in cash | (8,309,146) | (3,409,026) |
Cash and cash equivalents, beginning of period | 32,413,777 | 23,589,516 |
Cash and cash equivalents, end of period | 24,104,631 | 20,180,490 |
Supplemental disclosure of cash flow information | ||
Interest paid | 951,980 | 311,458 |
Deferred financing costs incurred but not paid | 54,404 | 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 Liquidit
Nature of Business and Liquidity | 9 Months Ended |
Sep. 30, 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) being studied for the treatment of acute myeloid leukemia, which the Company has named “VYXEOS TM The Company has incurred recurring losses and negative cash flows from operations since inception. As of September 30, 2015, the Company had an accumulated deficit of $ 164.3 24.1 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 Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 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 (“Commission”) 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 August 2014, the FASB issued 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 guidance is 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, 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 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. Fair Value (Level 1) (Level 2) (Level 3) September 30, 2015 Assets: Money Market Fund $ 23,257,454 $ 23,257,454 $ - $ - December 31, 2014 Assets: Money Market Fund $ 29,500,819 $ 29,500,819 $ - $ - |
Other Current Assets
Other Current Assets | 9 Months Ended |
Sep. 30, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets [Text Block] | 4. Other Current Assets September 30, 2015 December 31, 2014 Clinical trial materials $ 419,376 $ 458,278 |
Property and Equipment
Property and Equipment | 9 Months Ended |
Sep. 30, 2015 | |
Property Plant And Equipment [Abstract] | |
Property Plant And Equipment Disclosure [Text Block] | 5. Property and Equipment September 30, 2015 December 31, 2014 Computer and equipment $ 148,969 $ 144,138 Furniture and office equipment 96,457 96,457 Laboratory equipment 1,749,039 1,723,331 Capital lease equipment 155,524 155,524 Leaseholds 51,737 37,789 2,201,726 2,157,239 Less: Accumulated depreciation (1,300,890) (1,152,827) $ 900,836 $ 1,004,412 Three months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 Depreciation and amortization $ 49,740 $ 48,521 $ 148,062 $ 144,609 |
Other Assets
Other Assets | 9 Months Ended |
Sep. 30, 2015 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Other Assets Disclosure [Text Block] | 6. Other Assets Other assets as of September 30, 2015 and December 31, 2014 consist of the following: September 30, 2015 December 31, 2014 Deferred financing costs $ 483,990 $ 539,296 Other non-current assets 59,260 5,205 $ 543,250 $ 544,501 |
Accrued Liabilities
Accrued Liabilities | 9 Months Ended |
Sep. 30, 2015 | |
Payables And Accruals [Abstract] | |
Accounts Payable And Accrued Liabilities Disclosure [Text Block] | 7. Accrued Liabilities September 30, 2015 December 31, 2014 Accrued bonuses $ 751,183 $ 816,144 Accrued clinical trial expenses 767,844 633,395 Accrued drug manufacturing expenses 250,756 - Accrued salaries and vacation 246,184 152,700 Interest payable 121,875 83,958 Accrued professional fees 61,772 8,904 Accrued trade payables other 113,868 40,319 $ 2,313,482 $ 1,735,420 |
Loans Payable
Loans Payable | 9 Months Ended |
Sep. 30, 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 10 5 Pursuant to the loan agreement, the Company issued Hercules a warrant to purchase an aggregate of 210,675 2.67 397,649 407,253 65,718 57,670 182,203 88,176 483,990 In addition, the Company will pay an end of term charge of $ 592,500 45,592 50,396 135,505 77,056 September 30, 2015 December 31, 2014 Loan payable $ 15,000,000 $ 10,000,000 End of term fee 256,722 121,217 15,256,722 10,121,217 Less: Current portion (4,416,459) (284,961) Long-term debt $ 10,840,263 $ 9,836,256 |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 30, 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. Weighted-Average Remaining Number of Exercise Contractual Term Aggregate options price (Years) Intrinsic Value December 31, 2014 3,005,287 $ 3.02 Granted 1,206,500 2.52 Exercised (57,667) 2.25 Expired (155,482) 2.38 Cancelled (54,125) 3.15 September 30, 2015 3,944,513 $ 2.90 7.7 $ 6,281 Exercisable at September 30, 2015 1,675,144 $ 2.98 6.2 $ 6,281 Three months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 Stock compensation expense recognized $ 484,718 $ 354,204 $ 1,278,856 # $ 996,801 Weighted average grant-date fair value of stock options issued (per share) $ 1.66 $ 2.22 $ 2.01 # $ 2.68 Grant-date fair value of stock options issued $ 840,314 $ 45,732 $ 2,425,065 # $ 1,337,588 Volatility 95.1 % 112.0 % 101.3 % 114.4 % Risk-free interest rate 1.8 % 1.9 % 1.7 % 2.0 % Dividend yield 0 % 0 % 0 % 0 % Expected life in years 5.8 6.0 6.0 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, 2015, the total compensation cost related to non-vested awards not yet recognized and weighted average period over which it will be recognized was $ 4,660,270 2.5 Stock Issuance In February 2015, the Company issued 60,517 |
Geographic Segment Information
Geographic Segment Information | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 10. G eographic 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. Total Assets September 30, 2015 December 31, 2014 United States $ 25,765,002 $ 34,027,837 Canada 229,811 223,572 Germany 755,609 867,694 Total Assets $ 26,750,422 $ 35,119,103 Net Loss Three months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 United States (4,602,453) (5,046,236) (13,305,489) (12,977,790) Canada (607,838) (433,581) (1,597,311) (1,570,722) Total Net Loss $ (5,210,291) $ (5,479,817) $ (14,902,800) $ (14,548,512) |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments And Contingencies Disclosure [Text Block] | Commitments and Contingencies In September 2015, the Company entered into a lease agreement for both office and laboratory space in Vancouver, British Columbia, which expires in August 2017. The remaining minimum lease payments as of September 30, 2015 were $ 210,000 15,375 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, 2015 were $ 392,000 200,000 40,000 60,000 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 55 90 60 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 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 4.1 50 1.5 3.55 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 12. Subsequent Events On October 16, 2015, the Company entered into a Controlled Equity Offering Sales Agreement (the “Sales Agreement”) with Cantor Fitzgerald & Co. (“Cantor”) to sell shares of common stock with aggregate gross proceeds of up to $ 20,000,000 The Sales Agreement provides that Cantor will be entitled to compensation for its services in an amount equal to 3.0% of the gross proceeds from the sales of shares sold under the Sales Agreement During the period October 19, 2015 through November 11, 2015, the Company has sold 745,985 1.73 1.29 1.26 18.71 |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 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 August 2014, the FASB issued 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 guidance is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 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: Fair Value (Level 1) (Level 2) (Level 3) September 30, 2015 Assets: Money Market Fund $ 23,257,454 $ 23,257,454 $ - $ - December 31, 2014 Assets: Money Market Fund $ 29,500,819 $ 29,500,819 $ - $ - |
Other Current Assets (Tables)
Other Current Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets [Table Text Block] | Other current assets as of September 30, 2015 and December 31, 2014 consist of the following: September 30, 2015 December 31, 2014 Clinical trial materials $ 419,376 $ 458,278 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property and equipment as of September 30, 2015 and December 31, 2014 including assets held under capital lease, consists of the following: September 30, 2015 December 31, 2014 Computer and equipment $ 148,969 $ 144,138 Furniture and office equipment 96,457 96,457 Laboratory equipment 1,749,039 1,723,331 Capital lease equipment 155,524 155,524 Leaseholds 51,737 37,789 2,201,726 2,157,239 Less: Accumulated depreciation (1,300,890) (1,152,827) $ 900,836 $ 1,004,412 |
Schedule Of Depreciation And Amortization [Table Text Block] | Three months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 Depreciation and amortization $ 49,740 $ 48,521 $ 148,062 $ 144,609 |
Other Assets (Tables)
Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Schedule of Other Assets, Noncurrent [Table Text Block] | Other assets as of September 30, 2015 and December 31, 2014 consist of the following: September 30, 2015 December 31, 2014 Deferred financing costs $ 483,990 $ 539,296 Other non-current assets 59,260 5,205 $ 543,250 $ 544,501 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued liabilities as of September 30, 2015 and December 31, 2014 consist of the following: September 30, 2015 December 31, 2014 Accrued bonuses $ 751,183 $ 816,144 Accrued clinical trial expenses 767,844 633,395 Accrued drug manufacturing expenses 250,756 - Accrued salaries and vacation 246,184 152,700 Interest payable 121,875 83,958 Accrued professional fees 61,772 8,904 Accrued trade payables other 113,868 40,319 $ 2,313,482 $ 1,735,420 |
Loans Payable (Tables)
Loans Payable (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | Long-term debt as of September 30, 2015 and December 31, 2014, consists of the following: September 30, 2015 December 31, 2014 Loan payable $ 15,000,000 $ 10,000,000 End of term fee 256,722 121,217 15,256,722 10,121,217 Less: Current portion (4,416,459) (284,961) Long-term debt $ 10,840,263 $ 9,836,256 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 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 plan for the nine months ended September 30, 2015: Weighted-Average Remaining Number of Exercise Contractual Term Aggregate options price (Years) Intrinsic Value December 31, 2014 3,005,287 $ 3.02 Granted 1,206,500 2.52 Exercised (57,667) 2.25 Expired (155,482) 2.38 Cancelled (54,125) 3.15 September 30, 2015 3,944,513 $ 2.90 7.7 $ 6,281 Exercisable at September 30, 2015 1,675,144 $ 2.98 6.2 $ 6,281 |
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, 2015 2014 2015 2014 Stock compensation expense recognized $ 484,718 $ 354,204 $ 1,278,856 # $ 996,801 Weighted average grant-date fair value of stock options issued (per share) $ 1.66 $ 2.22 $ 2.01 # $ 2.68 Grant-date fair value of stock options issued $ 840,314 $ 45,732 $ 2,425,065 # $ 1,337,588 Volatility 95.1 % 112.0 % 101.3 % 114.4 % Risk-free interest rate 1.8 % 1.9 % 1.7 % 2.0 % Dividend yield 0 % 0 % 0 % 0 % Expected life in years 5.8 6.0 6.0 6.2 Intrinsic value of stock options exercised $ - $ - $ - $ 38,892 |
Geographic Segment Information
Geographic Segment Information (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2015 December 31, 2014 United States $ 25,765,002 $ 34,027,837 Canada 229,811 223,572 Germany 755,609 867,694 Total Assets $ 26,750,422 $ 35,119,103 Net Loss Three months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 United States (4,602,453) (5,046,236) (13,305,489) (12,977,790) Canada (607,838) (433,581) (1,597,311) (1,570,722) Total Net Loss $ (5,210,291) $ (5,479,817) $ (14,902,800) $ (14,548,512) |
Nature of Business and Liquid28
Nature of Business and Liquidity (Details Textual) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Nature Of Business And Liquidity [Line Items] | ||||
Accumulated deficit | $ (164,271,053) | $ (149,368,253) | ||
Cash and Cash Equivalents, at Carrying Value | $ 24,104,631 | $ 32,413,777 | $ 20,180,490 | $ 23,589,516 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Money Market Funds [Member] - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Assets: | ||
Money Market Fund | $ 23,257,454 | $ 29,500,819 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Money Market Fund | 23,257,454 | 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 ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Other Current Assets [Line Items] | ||
Clinical trial materials | $ 419,376 | $ 458,278 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 2,201,726 | $ 2,157,239 |
Less: Accumulated depreciation | (1,300,890) | (1,152,827) |
Property and equipment, net | 900,836 | 1,004,412 |
Computer and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 148,969 | 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 | 1,749,039 | 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 | $ 51,737 | $ 37,789 |
Property and Equipment (Detai32
Property and Equipment (Details 1) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Depreciation and amortization | $ 49,740 | $ 48,521 | $ 148,062 | $ 144,609 |
Other Assets (Details)
Other Assets (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule Of Other Assets Noncurrent [Line Items] | ||
Deferred financing costs | $ 483,990 | $ 539,296 |
Other assets non current assets | 59,260 | 5,205 |
Assets, Noncurrent | $ 543,250 | $ 544,501 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Accrued Liabilities [Line Items] | ||
Accrued bonuses | $ 751,183 | $ 816,144 |
Accrued clinical trial expenses | 767,844 | 633,395 |
Accrued drug manufacturing expenses | 250,756 | 0 |
Accrued salaries and vacation | 246,184 | 152,700 |
Interest payable | 121,875 | 83,958 |
Accrued professional fees | 61,772 | 8,904 |
Accrued trade payables other | 113,868 | 40,319 |
Accrued liabilities | $ 2,313,482 | $ 1,735,420 |
Loans Payable (Details)
Loans Payable (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Loan payable | $ 15,000,000 | $ 10,000,000 |
End of term fee | 256,722 | 121,217 |
Long-term debt | 15,256,722 | 10,121,217 |
Less: Current portion | 4,416,459 | 284,961 |
Long-term debt | $ 10,840,263 | $ 9,836,256 |
Loans Payable (Details Textual)
Loans Payable (Details Textual) - USD ($) | May. 09, 2014 | Mar. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||||||
Amortization Of Financing Costs And Discounts | $ 317,708 | $ 165,232 | |||||
Deferred Finance Costs, Noncurrent, Net | $ 483,990 | 483,990 | $ 539,296 | ||||
Proceeds From Issuance Of Debt | $ 5,000,000 | 9,827,216 | |||||
Hercules Technology Growth Capital [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 10,000,000 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000,000 | ||||||
Long-term Debt, Maturities, Repayment Terms | in installments over forty-eight months including an 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 U.S. prime rate with interest only period until December 1, 2015. | ||||||
Warrants Maturity Term | 5 years | ||||||
Line of Credit Facility, Interest Rate During Period | 9.75% | ||||||
Warrant Exercisable Term | May 9, 2019 | ||||||
Proceeds From Issuance Of Debt | $ 5,000,000 | ||||||
Hercules Technology Growth Capital [Member] | Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Amortization Of Financing Costs And Discounts | 65,718 | $ 57,670 | $ 182,203 | 88,176 | |||
Deferred Finance Costs, Noncurrent, Net | $ 483,990 | $ 483,990 | |||||
Hercules Technology Growth Capital [Member] | Warrant [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stock Issued During Period, Shares, New Issues | 210,675 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.67 | $ 2.67 | |||||
Debt Issuance Cost | $ 397,649 | ||||||
Hercules Technology Growth Capital [Member] | Term Loans [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Issuance Cost | 407,253 | ||||||
Hercules Technology Growth Capital [Member] | End of Term Fees [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Amortization Of Financing Costs And Discounts | $ 45,592 | $ 50,396 | 135,505 | $ 77,056 | |||
Debt Issuance Cost | $ 592,500 |
Stock Based Compensation (Detai
Stock Based Compensation (Details) - Stock Option [Member] | 9 Months Ended |
Sep. 30, 2015USD ($)$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of options, Beginning balance | shares | 3,005,287 |
Number of options, Granted | shares | 1,206,500 |
Number of options, Exercised | shares | (57,667) |
Number of options, Expired | shares | (155,482) |
Number of options, Cancelled | shares | (54,125) |
Number of options, Ending balance | shares | 3,944,513 |
Number of options, Exercisable | shares | 1,675,144 |
Exercise price, Beginning balance (in dollars per share) | $ 3.02 |
Exercise price, Granted (in dollars per share) | 2.52 |
Exercise pice, Exercised (in dollars per share) | 2.25 |
Exercise pice, Expired (in dollars per share) | 2.38 |
Exercise price, Cancelled (in dollars per share) | 3.15 |
Exercise price, Ending balance (in dollars per share) | 2.90 |
Exercise price, Exercisable (in dollars per share) | $ 2.98 |
Weighted Average Remaining Contractual Term, Outstanding (in years) | 7 years 8 months 12 days |
Weighted Average Remaining Contractual Term, Exercisable (in years) | 6 years 2 months 12 days |
Aggregate Intrinsic Value, outstanding (in dollars) | $ | $ 6,281 |
Aggregate Intrinsic Value, Exercisable (in dollars) | $ | $ 6,281 |
Stock Based Compensation (Det38
Stock Based Compensation (Details 1) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock compensation expense recognized | $ 484,718 | $ 354,204 | $ 1,278,856 | $ 996,801 |
Weighted average grant-date fair value of stock options issued (per share) | $ 1.66 | $ 2.22 | $ 2.01 | $ 2.68 |
Grant-date fair value of stock options issued | $ 840,314 | $ 45,732 | $ 2,425,065 | $ 1,337,588 |
Volatility | 95.10% | 112.00% | 101.30% | 114.40% |
Risk-free interest rate | 1.80% | 1.90% | 1.70% | 2.00% |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Expected life in years | 5 years 9 months 18 days | 6 years | 6 years | 6 years 2 months 12 days |
Intrinsic value of stock options exercised | $ 0 | $ 0 | $ 0 | $ 38,892 |
Stock Based Compensation (Det39
Stock Based Compensation (Details Textual) - USD ($) | 1 Months Ended | 9 Months Ended |
Feb. 28, 2015 | Sep. 30, 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 | $ 4,660,270 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 6 months |
Geographic Segment Informatio40
Geographic Segment Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Total Assets | $ 26,750,422 | $ 26,750,422 | $ 35,119,103 | ||
Total Net Loss | (5,210,291) | $ (5,479,817) | (14,902,800) | $ (14,548,512) | |
United States | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Total Assets | 25,765,002 | 25,765,002 | 34,027,837 | ||
Total Net Loss | (4,602,453) | (5,046,236) | (13,305,489) | (12,977,790) | |
Canada | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Total Assets | 229,811 | 229,811 | 223,572 | ||
Total Net Loss | (607,838) | $ (433,581) | (1,597,311) | $ (1,570,722) | |
Germany | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Total Assets | $ 755,609 | $ 755,609 | $ 867,694 |
Commitments and Contingencies (
Commitments and Contingencies (Details Textual) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
General and Administrative Expense [Member] | |
Loss Contingencies [Line Items] | |
Other Restructuring Costs | $ 15,375 |
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% |
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 | 210,000 |
Ewing, New Jersey [Member] | |
Loss Contingencies [Line Items] | |
Operating Leases, Future Minimum Payments Due, Total | 392,000 |
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, 2017 | $ 60,000 |
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 ($) | 1 Months Ended | 9 Months Ended | ||
Nov. 11, 2015 | Oct. 16, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | |
Subsequent Event [Line Items] | ||||
Proceeds From Issuance Of Common Stock | $ 129,751 | $ 104,387 | ||
Subsequent Event [Member] | At-The-Market Equity Offering [Member] | ||||
Subsequent Event [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 745,985 | |||
Proceeds From Issuance Of Common Stock | $ 1,260,000 | |||
Description for Sales Agreement Provides Services | The Sales Agreement provides that Cantor will be entitled to compensation for its services in an amount equal to 3.0% of the gross proceeds from the sales of shares sold under the Sales Agreement | |||
Sale of Stock, Price Per Share | $ 1.73 | |||
Gross Proceeds From Issuance Of Common Stock | $ 1,290,000 | |||
Remaining Common Stock Available To Be Sold | $ 18,710,000 | |||
Maximum Common Stock Available To Be Sold | $ 20,000,000 |