Palisade Bio (PALI) 10-Q 9 Nov 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 31, 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	Neuralstem, Inc.
Entity Central Index Key	1,357,459
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	CUR
Entity Common Stock, Shares Outstanding		91,786,290

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2015	Dec. 31, 2014
CURRENT ASSETS
Cash and cash equivalents	$ 13,130,795	$ 12,518,980
Short-term investments	5,017,453	15,007,478
Trade and other receivables	19,159	225,524
Deferred financing fees, current portion	107,096	135,694
Prepaid expenses	1,289,195	274,106
Total current assets	19,563,698	28,161,782
Property and equipment, net	335,863	301,265
Patents, net	1,147,153	1,233,172
Deferred financing fees, net of current portion	22,825	89,143
Other assets	72,163	58,713
Total assets	21,141,702	29,844,075
CURRENT LIABILITIES
Accounts payable and accrued expenses	2,036,769	2,504,978
Accrued bonuses	767,989	646,960
Current portion of long-term debt, net of discount	4,457,768	730,012
Other current liabilities	207,292	126,745
Total current liabilities	7,469,818	4,008,695
Long-term debt, net of discount and current portion	4,625,394	8,056,470
Other long-term liabilities	143,730	59,574
Total liabilities	$ 12,238,942	$ 12,124,739
Commitments and contingencies (Note 6)
STOCKHOLDERS' EQUITY
Preferred stock, 7,000,000 shares authorized, zero shares issued and outstanding	$ 0	$ 0
Common stock, $0.01 par value; 300 million shares authorized, 91,786,290 and 87,789,679 shares outstanding in 2015 and 2014, respectively	917,863	877,897
Additional paid-in capital	175,174,708	167,890,220
Accumulated other comprehensive income	3,720	6,000
Accumulated deficit	(167,193,531)	(151,054,781)
Total stockholders' equity	8,902,760	17,719,336
Total liabilities and stockholders' equity	$ 21,141,702	$ 29,844,075

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets [Parenthetical] - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Preferred stock, shares authorized	7,000,000	7,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares outstanding	91,786,290	87,789,679

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues	$ 2,500	$ 5,000	$ 7,917	$ 14,167
Operating expenses:
Research and development expenses	3,392,086	2,109,880	9,887,750	5,747,922
General and administrative expenses	1,807,934	2,001,865	4,925,389	7,061,129
Total operating expenses	5,200,020	4,111,745	14,813,139	12,809,051
Operating loss	(5,197,520)	(4,106,745)	(14,805,222)	(12,794,884)
Other income (expense):
Interest income	24,149	13,127	53,802	55,267
Interest expense	(464,197)	(361,619)	(1,377,004)	(1,191,976)
Warrant modification expense	0	0	0	(3,109,850)
Loss from change in fair value of derivative instruments	0	0	0	(334,133)
Other income (expense)	0	0	(10,326)	250,000
Total other income (expense)	(440,048)	(348,492)	(1,333,528)	(4,330,692)
Net loss	$ (5,637,568)	$ (4,455,237)	$ (16,138,750)	$ (17,125,576)
Net loss per share - basic and diluted (in dollars per share)	$ (0.06)	$ (0.05)	$ (0.18)	$ (0.2)
Weighted average common shares outstanding - basic and diluted (in shares)	91,569,826	87,366,234	90,532,073	86,777,197
Comprehensive loss:
Net loss	$ (5,637,568)	$ (4,455,237)	$ (16,138,750)	$ (17,125,576)
Foreign currency translation adjustment	(2,275)	3	(2,280)	(1,131)
Comprehensive loss	$ (5,639,843)	$ (4,455,234)	$ (16,141,030)	$ (17,126,707)

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net loss	$ (16,138,750)	$ (17,125,576)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	255,398	260,221
Share based compensation expense	2,121,049	3,638,972
Amortization of deferred financing fees and debt discount	655,090	622,244
Warrant modification expense	0	3,109,850
Loss from change in fair value of derivative instruments	0	334,133
Changes in operating assets and liabilities:
Trade and other receivables	206,365	(22,761)
Prepaid expenses	(972,371)	56,221
Other assets	(14,102)	7,131
Accounts payable and accrued expenses	(1,269,384)	899,299
Other current liabilities	318,644	3,191
Other long term liabilities	(194,343)	(9,261)
Net cash used in operating activities	(15,032,404)	(8,226,336)
Cash flows from investing activities:
Purchases of short-term investments	(5,017,453)	(25,007,478)
Maturity of short-term investments	15,007,478	10,000,000
Patent costs	(61,417)	(308,136)
Purchase of property and equipment	(128,213)	(172,171)
Net cash provided by (used in) investing activities	9,800,395	(15,487,785)
Cash flows from financing activities:
Proceeds from issuance of common stock from warrants exercised, net	3,073,537	1,661,865
Proceeds from issuance of common stock from options exercised	0	133,000
Proceeds from sale of common stock and warrants, net of issuance costs	2,931,925	19,467,859
Payment of fees for future financing	(42,758)	0
Payment of taxes on stock option exercise	0	(426,212)
Payments of long-term debt	0	(1,917,353)
Payments of short-term notes payable	(117,068)	(104,957)
Net cash provided by financing activities	5,845,636	18,814,202
Effects of exchange rates on cash	(1,812)	(880)
Net Change in cash and cash equivalents	611,815	(4,900,799)
Cash and cash equivalents, beginning of period	12,518,980	16,846,052
Cash and cash equivalents, end of period	13,130,795	11,945,253
Supplemental disclosure of cash flows information:
Cash paid for interest	724,350	573,869
Supplemental schedule of non-cash investing and financing activities:
Issuance of common stock for cashless exercise of warrants and options	$ 2,736,120	$ 1,208,080

Basis of Presentation, Estimate

Basis of Presentation, Estimates and Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	Note 1. Basis of Presentation, Estimates and Recent Accounting Pronouncements In management’s opinion, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, which are necessary to present fairly our financial position, results of operations and cash flows. The condensed consolidated balance sheet at December 31, 2014, has been derived from our audited financial statements as of that date. The interim results of operations are not necessarily indicative of the results that may occur for the full fiscal year. Certain information and footnote disclosure normally included in the financial statements prepared in accordance with generally accepted accounting principles in the United States of America (U.S. GAAP) have been condensed or omitted pursuant to instructions, rules and regulations prescribed by the U.S. Securities and Exchange Commission (SEC). We believe that the disclosures provided herein are adequate to make the information presented not misleading when these unaudited condensed consolidated financial statements are read in conjunction with the Financial Statements and Notes included in our Annual Report on Form 10-K for the year ended December 31, 2014, filed with the SEC on March 16, 2015, and as may be amended from time to time. Certain prior period amounts have been reclassified to conform to current year classifications. Specifically, depreciation and amortization expense is no longer shown as a separate line item; patent amortization is now included in research and development expense and fixed asset depreciation is included in general and administrative expense. Management feels that this reclassification better represents the expenses in their functional categories. Neuralstem, Inc. is referred to as “Neuralstem,” the “Company,” “us,” or “we” throughout this report. Our wholly-owned and controlled subsidiary located in China is consolidated in our condensed consolidated financial statements and all intercompany activity has been eliminated. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The unaudited condensed consolidated financial statements include significant estimates for the expected economic life and value of our owned and licensed technology, our net operating loss and related valuation allowance for tax purposes and our stock-based compensation related to employees and directors, consultants and investment banks, among other things. Because of the use of estimates inherent in the financial reporting process, actual results could differ significantly from those estimates. In April 2015, the FASB issued ASU 2015-03 – Interest-Imputation of Interest, Simplifying the Presentation of Debt Issuance Costs We have evaluated all additional Accounting Standards Updates through the date the financial statements were issued and believe the adoption of any new accounting and disclosure requirements will not have a material impact to our results of operations or financial position.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	Note 2. Fair Value Measurements Fair value is the price that would be received from the sale of an asset or paid to transfer a liability assuming an orderly transaction in the most advantageous market at the measurement date. U.S. GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of observability of inputs used in measuring fair value. These levels are: ⋅ Level 1 ⋅ Level 2 ⋅ Level 3 Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis We have segregated our financial assets and liabilities that are measured at fair value into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date. The inputs used in measuring the fair value of cash and cash equivalents are considered to be Level 1 in accordance with the three-tier fair value hierarchy. The fair market values are based on period-end statements supplied by the various banks and brokers that held the majority of our funds. We had no financial assets or liabilities measured at fair value using level 3 inputs on a recurring basis at September 30, 2015 or December 31, 2014. Derivative Balance at December 31, 2013 $ 1,417,527 Change in fair value 334,133 Exercise of underlying warrants (1,751,660) Balance at September 30, 2014 $ - The (gains) losses resulting from the changes in the fair value of the derivative instruments are classified as the “change in the fair value of derivative instruments” in the accompanying condensed statements of operations. The fair value of the common stock purchase warrants is determined based on the Black-Scholes option pricing model for “plain vanilla” stock options and other option pricing models as appropriate, and includes the use of unobservable inputs such as the expected term, anticipated volatility and expected dividends. Changes in any of the assumptions related to the unobservable inputs identified above may change the embedded conversion options’ fair value; increases in expected term, anticipated volatility and expected dividends generally result in increases in fair value, while decreases in these unobservable inputs generally result in decreases in fair value. Non-Financial Assets and Liabilities Measure at Fair Value on a Recurring Basis We have no non-financial assets or liabilities that are measured at fair value on a recurring basis. Non-Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis We measure our long-lived assets, including property and equipment and patent assets, at fair value on a nonrecurring basis. These assets are recognized at fair value when they are deemed to be other-than-temporarily impaired. No such fair value impairment was recognized in the nine months ended September 30, 2015 or 2014.

Debt

Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Note 3. Debt In March 2013, we entered into a loan and security agreement for an initial $ 8 2 The loan provided for interest at a variable rate based on prime with a floor of 11 300,000 7,551,000 In conjunction with the loan agreement, we issued the lender a five 648,809 1.07892 In total we incurred expenses with various third parties in connection with the debt issuance, consisting of approximately $ 449,000 350,650 396,000 five 648,809 1.07892 The loan agreement provided for a conversion feature whereby the lender or the Company could each convert up to a maximum of $1 million in principal payments into common stock of the Company 805,972 In October 2014, we entered into an agreement with the existing lender to refinance and amend the terms of our loan and security agreement. The amended loan provided for refinancing of approximately $ 5.6 4.4 10 10 461,000 2.1 4.3 ASC 470, Debt 446,000 In conjunction with the loan amendment, we issued the lender a five 75,188 2.66 We also incurred expenses with various third parties in connection with the loan amendment, consisting of approximately $ 86,000 28,119 80,000 three 58,141 2.66

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	Note 4. Stockholders’ Equity We have granted share-based compensation awards to employees, board members and service providers. Awards may consist of common stock, restricted common stock, restricted common stock units, warrants, or stock options. Our stock options and warrants have lives of up to ten years from the grant date. The stock options and warrants vest either upon the grant date or over varying periods of time. The stock options we grant provide for option exercise prices equal to or greater than the fair market value of the common stock at the date of the grant. Restricted stock units grant the holder the right to receive fully paid common shares with various restrictions on the holder’s ability to transfer the shares. Vesting of the restricted stock units is similar to that of stock options. As of September 30, 2015, we have approximately 37.3 Three Months Ended September 30, 2015 2014 Research and development expenses $ 385,153 $ 245,000 General and administrative expenses 420,079 411,947 Total $ 805,232 $ 656,947 Nine Months Ended September 30, 2015 2014 Research and development costs $ 957,907 $ 723,558 General and administrative expenses 1,163,142 2,915,414 Total $ 2,121,049 $ 3,638,972 Included in general and administrative expenses for the nine months ended September 30, 2014 is approximately $ 2.0 No income tax benefit was recognized in the consolidated statements of operations for stock-based compensation for the years presented due to the Company’s net loss position. Stock Options Number of Options Weighted- Weighted- Aggregate Outstanding at January 1, 2015 18,986,395 $ 1.89 5.1 $ 20,306,807 Granted 765,549 $ 3.09 Exercised (1,031,774) $ 0.54 $ 68,400 Forfeited (1,233,890) $ 0.83 Outstanding at September 30, 2015 17,486,280 $ 2.10 5.1 $ 1,897,315 Exercisable at September 30, 2015 14,240,432 $ 2.21 4.6 $ 1,277,927 Vested and expected to vest 17,481,198 $ 2.10 4.8 $ 1,897,315 Range of Exercise Prices Number of Options Weighted- Weighted- Aggregate $0.50 - $1.00 5,000,000 $ 0.92 6.8 $ 1,500,000 $1.01 - $2.00 4,325,984 $ 1.23 6.1 397,315 $2.01 - $3.00 2,122,669 $ 2.50 4.0 $3.01 - $5.00 6,037,627 $ 3.57 3.4 17,486,280 $ 2.10 5.1 $ 1,897,315 Nine Months Ended September 30, 2015 2014 Annual dividend - - Expected life (in years) 4.0-6.0 4.0 - 8.5 Risk free interest rate 1.39%-1.78% 1.12% - 2.50% Expected volatility 68.6% - 71.8% 68.8% - 100.0% The options granted in the nine months ended September 30, 2015 and 2014 had weighted average grant date fair values of $ 1.89 1.93 Unrecognized compensation cost for unvested stock option awards outstanding at September 30, 2015 was approximately $ 4,060,000 1.9 RSUs Number of Weighted- Outstanding at January 1, 2015 447,275 $ 2.18 Granted - Vested and converted to common shares - Forfeited - Outstanding at September 30, 2015 447,275 $ 2.18 Exercisable at September 30, 2015 447,275 $ 2.18 Restricted Stock Number of Weighted- Granted 427,808 Converted to common shares (106,952) Forfeited - Outstanding at September 30, 2015 320,856 $ 1.87 Stock Purchase Warrants: Number of Weighted- Weighted- Aggregate Outstanding at January 1, 2015 21,422,346 $ 2.30 3.8 $ 15,984,739 Granted 150,000 $ 1.87 4.8 Exercised (1,724,606) $ 1.94 Forfeited (24,794) $ 2.13 Outstanding at September 30, 2015 19,822,946 $ 2.33 3.3 $ 1,271,994 Exercisable at September 30, 2015 19,710,446 $ 2.33 3.3 $ 1,271,994 Common Stock In January, 2014, we closed a registered direct offering of 6,872,859 2.91 20 18,630,000 3,436,435 3.64 50 5 In 2014, we issued 249,163 3.55 838,000 In 2014, we issued a total of 1,234,428 1.44 1,714,000 In 2014, we issued a total of 712,539 1,194,372 1.03 20,000 In 2014, we issued 568 In 2014, we issued 805,972 1 In October 2014, we issued 28,119 133,329 In the nine months ended September 30, 2015, we issued 812,423 3.77 2,932,000 In the nine months ended September 30, 2015, we issued 1,705,400 1.94 3,074,000 In the nine months ended September 30, 2015, we issued 1,050,980 2,209,000 0.62

Earnings (Loss) per Share

Earnings (Loss) per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	Note 5. Earnings (Loss) per Share Basic income (loss) per common share is computed by dividing total net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the period. For periods of net income when the effects are dilutive, diluted earnings per share is computed by dividing net income available to common shareholders by the weighted average number of shares outstanding and the dilutive impact of all dilutive potential common shares. Dilutive potential common shares consist primarily of stock options, restricted stock units and common stock purchase warrants. The dilutive impact of potential common shares resulting from common stock equivalents is determined by applying the treasury stock method. Our unvested restricted shares contain non-forfeitable rights to dividends, and therefore are considered to be participating securities; the calculation of basic and diluted income per share excludes net income attributable to the unvested restricted shares from the numerator and excludes the impact of the shares from the denominator. For all periods of net loss, diluted loss per share is calculated similarly to basic loss per share because the impact of all dilutive potential common shares is anti-dilutive due to the net losses; accordingly, diluted loss per share is the same as basic loss per share for the three-and nine month periods ended September 30, 2015 and 2014. A total of approximately 37.3 40.1

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Note 6. Commitments and Contingencies We are parties to legal proceedings that we believe to be ordinary, routine litigation incidental to the business of present or former operations. It is management’s opinion, based on the advice of counsel, that the ultimate resolution of such litigation will not have a material adverse effect on our financial condition, results of operations or cash flows. Stem Cell Litigation On July 28, 2006, StemCells, Inc., filed suit against Neuralstem, Inc. in the U.S. District Court in Maryland, alleging that Neuralstem has been infringing, contributing to the infringement of, and or inducing the infringement of four patents allegedly owned by or exclusively licensed to StemCells. See Civil Action No. 06-1877. On May 7, 2008, we filed suit against StemCells, Inc., StemCells California, Inc. (collectively "StemCells") and Neurospheres Holding Ltd. in U.S. District Court for the District of Maryland, alleging that U.S. Patent No. 7,361,505 (the "'505 patent") is invalid, not infringed, and unenforceable. See Civil Action No. 08-1173. This case was consolidated with the 2006 litigation. On July 22, 2015, the Court issued its ruling on the issue of standing finding that a third-party who was not named as an inventor was a co-owner and co-inventor of the patents-in-suit. Thus, the Court determined that StemCells lacked standing to pursue its patent infringement claims against Neuralstem and the case was dismissed with prejudice. On September 10 2015, the parties entered into a settlement agreement dismissing all claims and counterclaims with prejudice.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 7. Subsequent Events The Company has performed an evaluation of subsequent events through the date the accompanying financial statements were issued and did not identify any material subsequent transactions that require disclosure.

Basis of Presentation, Estima13

Basis of Presentation, Estimates and Recent Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation In management’s opinion, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, which are necessary to present fairly our financial position, results of operations and cash flows. The condensed consolidated balance sheet at December 31, 2014, has been derived from our audited financial statements as of that date. The interim results of operations are not necessarily indicative of the results that may occur for the full fiscal year. Certain information and footnote disclosure normally included in the financial statements prepared in accordance with generally accepted accounting principles in the United States of America (U.S. GAAP) have been condensed or omitted pursuant to instructions, rules and regulations prescribed by the U.S. Securities and Exchange Commission (SEC). We believe that the disclosures provided herein are adequate to make the information presented not misleading when these unaudited condensed consolidated financial statements are read in conjunction with the Financial Statements and Notes included in our Annual Report on Form 10-K for the year ended December 31, 2014, filed with the SEC on March 16, 2015, and as may be amended from time to time. Certain prior period amounts have been reclassified to conform to current year classifications. Specifically, depreciation and amortization expense is no longer shown as a separate line item; patent amortization is now included in research and development expense and fixed asset depreciation is included in general and administrative expense. Management feels that this reclassification better represents the expenses in their functional categories. Neuralstem, Inc. is referred to as “Neuralstem,” the “Company,” “us,” or “we” throughout this report. Our wholly-owned and controlled subsidiary located in China is consolidated in our condensed consolidated financial statements and all intercompany activity has been eliminated.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The unaudited condensed consolidated financial statements include significant estimates for the expected economic life and value of our owned and licensed technology, our net operating loss and related valuation allowance for tax purposes and our stock-based compensation related to employees and directors, consultants and investment banks, among other things. Because of the use of estimates inherent in the financial reporting process, actual results could differ significantly from those estimates.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In April 2015, the FASB issued ASU 2015-03 – Interest-Imputation of Interest, Simplifying the Presentation of Debt Issuance Costs We have evaluated all additional Accounting Standards Updates through the date the financial statements were issued and believe the adoption of any new accounting and disclosure requirements will not have a material impact to our results of operations or financial position.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	The following table presents the activity for those items measured at fair value on a recurring basis using Level 3 inputs for the nine months ended September 30, 2014: Derivative Balance at December 31, 2013 $ 1,417,527 Change in fair value 334,133 Exercise of underlying warrants (1,751,660) Balance at September 30, 2014 $ -

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2015
Stockholders Equity [Line Items]
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	Share-based compensation expense included in the statements of operations for the three and nine months ended September 30, 2015 and 2014 was as follows: Three Months Ended September 30, 2015 2014 Research and development expenses $ 385,153 $ 245,000 General and administrative expenses 420,079 411,947 Total $ 805,232 $ 656,947 Nine Months Ended September 30, 2015 2014 Research and development costs $ 957,907 $ 723,558 General and administrative expenses 1,163,142 2,915,414 Total $ 2,121,049 $ 3,638,972
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	A summary of stock option activity during the nine months ended September 30, 2015 and related information is included in the table below: Number of Options Weighted- Weighted- Aggregate Outstanding at January 1, 2015 18,986,395 $ 1.89 5.1 $ 20,306,807 Granted 765,549 $ 3.09 Exercised (1,031,774) $ 0.54 $ 68,400 Forfeited (1,233,890) $ 0.83 Outstanding at September 30, 2015 17,486,280 $ 2.10 5.1 $ 1,897,315 Exercisable at September 30, 2015 14,240,432 $ 2.21 4.6 $ 1,277,927 Vested and expected to vest 17,481,198 $ 2.10 4.8 $ 1,897,315
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]	Range of Exercise Prices Number of Options Weighted- Weighted- Aggregate $0.50 - $1.00 5,000,000 $ 0.92 6.8 $ 1,500,000 $1.01 - $2.00 4,325,984 $ 1.23 6.1 397,315 $2.01 - $3.00 2,122,669 $ 2.50 4.0 $3.01 - $5.00 6,037,627 $ 3.57 3.4 17,486,280 $ 2.10 5.1 $ 1,897,315
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions Black Sholes Model [Table Text Block]	The Company uses the Black-Scholes option pricing model for “plain vanilla” options and other pricing models as appropriate to calculate the fair value of options. Significant assumptions used in these models include: Nine Months Ended September 30, 2015 2014 Annual dividend - - Expected life (in years) 4.0-6.0 4.0 - 8.5 Risk free interest rate 1.39%-1.78% 1.12% - 2.50% Expected volatility 68.6% - 71.8% 68.8% - 100.0%
Schedule Of Share Based Compensation Warrant Activity [Table Text Block]	A summary of warrant activity for the nine months ended September 30, 2015 follows: Number of Weighted- Weighted- Aggregate Outstanding at January 1, 2015 21,422,346 $ 2.30 3.8 $ 15,984,739 Granted 150,000 $ 1.87 4.8 Exercised (1,724,606) $ 1.94 Forfeited (24,794) $ 2.13 Outstanding at September 30, 2015 19,822,946 $ 2.33 3.3 $ 1,271,994 Exercisable at September 30, 2015 19,710,446 $ 2.33 3.3 $ 1,271,994
Restricted Stock Units (RSUs) [Member]
Stockholders Equity [Line Items]
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]	A summary of our restricted stock unit activity for the nine months ended September 30, 2015 is as follows: Number of Weighted- Outstanding at January 1, 2015 447,275 $ 2.18 Granted - Vested and converted to common shares - Forfeited - Outstanding at September 30, 2015 447,275 $ 2.18 Exercisable at September 30, 2015 447,275 $ 2.18
Restricted Stock [Member]
Stockholders Equity [Line Items]
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]	A summary of our restricted stock activity for the nine months ended September 30, 2015 is as follows: Number of Weighted- Granted 427,808 Converted to common shares (106,952) Forfeited - Outstanding at September 30, 2015 320,856 $ 1.87

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Warrant [Member]	9 Months Ended
	Sep. 30, 2014USD ($)
Derivatives, Fair Value [Line Items]
Balance at beginning	$ 1,417,527
Change in fair value	334,133
Exercise of underlying warrants	(1,751,660)
Balance at ending	$ 0

Debt (Details Textual)

Debt (Details Textual) - USD ($)	1 Months Ended		9 Months Ended
	Oct. 31, 2014	Mar. 31, 2013	Sep. 30, 2015	Sep. 30, 2014
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 8,000,000
Debt Instrument, Unused Borrowing Capacity, Amount		$ 2,000,000
Debt Instrument, Interest Rate at Period End			11.00%
Debt Instrument, Maturity Date	Apr. 30, 2017		Jun. 30, 2016
Debt Conversion, Converted Instrument, Shares Issued				805,972
Debt Instrument, Periodic Payment			$ 300,000
Proceeds from Debt, Net of Issuance Costs	$ 4,300,000		$ 7,551,000
Gains (Losses) on Extinguishment of Debt	446,000
Debt Instrument, Convertible, Terms of Conversion Feature			The loan agreement provided for a conversion feature whereby the lender or the Company could each convert up to a maximum of $1 million in principal payments into common stock of the Company
Debt Instrument Refinanced Loan	5,600,000
Debt Instrument Principal Amount	10,000,000
Debt Instrument Additional Principal Borrowed	$ 4,400,000
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	10.00%
October 2015 through March 2017 [Member]
Debt Instrument [Line Items]
Debt Instrument, Periodic Payment	$ 461,000
April 2017 [Member]
Debt Instrument [Line Items]
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid	$ 2,100,000
Warrant One [Member]
Debt Instrument [Line Items]
Number Of Common Stock Shares Granted By Issue Of Warrants		648,809
Exercise Price Per share Of Common Stock To Be Issued Upon Conversion Of Warrants		$ 1.07892
Warrants Expiration Period		5 years
Warrant Two [Member]
Debt Instrument [Line Items]
Payments of Debt Issuance Costs		$ 449,000
Stock Issued During Period, Shares, New Issues		350,650
Number Of Common Stock Shares Granted By Issue Of Warrants		648,809
Exercise Price Per share Of Common Stock To Be Issued Upon Conversion Of Warrants		$ 1.07892
Stock Issued During Period, Value, New Issues		$ 396,000
Warrants Expiration Period		5 years
Warrant Three [Member]
Debt Instrument [Line Items]
Number Of Common Stock Shares Granted By Issue Of Warrants	75,188
Exercise Price Per share Of Common Stock To Be Issued Upon Conversion Of Warrants	$ 2.66
Warrants Expiration Period	5 years
Warrant Four [Member]
Debt Instrument [Line Items]
Payments of Debt Issuance Costs	$ 86,000
Stock Issued During Period, Shares, New Issues	28,119
Number Of Common Stock Shares Granted By Issue Of Warrants	58,141
Exercise Price Per share Of Common Stock To Be Issued Upon Conversion Of Warrants	$ 2.66
Stock Issued During Period, Value, New Issues	$ 80,000
Warrants Expiration Period	3 years

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Stockholders Equity [Line Items]
Share-based compensation expense	$ 805,232	$ 656,947	$ 2,121,049	$ 3,638,972
Research and development expenses [Member]
Stockholders Equity [Line Items]
Share-based compensation expense	385,153	245,000	957,907	723,558
General and administrative expenses [Member]
Stockholders Equity [Line Items]
Share-based compensation expense	$ 420,079	$ 411,947	$ 1,163,142	$ 2,915,414

Stockholders' Equity (Details 1

Stockholders' Equity (Details 1) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Stockholders Equity [Line Items]
Outstanding, Number of Options, at January 1, 2015	18,986,395
Granted, Number of Options	765,549
Exercised, Number of Options	(1,031,774)
Forfeited/Expired, Number of Options	(1,233,890)
Outstanding, Number of Options, at September 30, 2015	17,486,280	18,986,395
Exercisable, Number of Options, at September 30, 2015	14,240,432
Vested and expected to vest, Number of Options	17,481,198
Outstanding, Weighted-Average Exercise Price, at January 1, 2015	$ 1.89
Granted, Weighted-Average Exercise Price	3.09
Exercised, Weighted-Average Exercise Price	0.54
Forfeited, Weighted-Average Exercise Price	0.83
Outstanding, Weighted-Average Exercise Price, at September 30, 2015	2.1	$ 1.89
Exercisable, Weighted-Average Exercise Price, at September 30, 2015	2.21
Vested and expected to vest, Weighted-Average Exercise Price	$ 2.1
Outstanding, Weighted-Average Remaining Contractual Life (in Years)	5 years 1 month 6 days	5 years 1 month 6 days
Exercisable, Weighted-Average Remaining Contractual Life (in Years)	4 years 7 months 6 days
Vested and expected to vest, Weighted-Average Remaining Contractual Life (in Years)	4 years 9 months 18 days
Outstanding, Aggregate Intrinsic Value, at January 1, 2015	$ 20,306,807
Exercised, Aggregate Intrinsic Value	68,400
Outstanding, Aggregate Intrinsic Value, at September 30, 2015	1,897,315	$ 20,306,807
Exercisable, Aggregate Intrinsic Value, at September 30, 2015	1,277,927
Vested and expected to vest, Aggregate Intrinsic Value	$ 1,897,315

Stockholders' Equity (Details 2

Stockholders' Equity (Details 2) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Stockholders Equity [Line Items]
Number of Options Outstanding	17,486,280
Weighted-Average Exercise Price	$ 2.1	$ 1.89
Weighted-Average Remaining Contractual Life (in Years)	5 years 1 month 6 days
Aggregate Intrinsic Value	$ 1,897,315	$ 20,306,807
Range One [Member]
Stockholders Equity [Line Items]
Range of Exercise Price (Lower)	$ 0.50
Range of Exercise Price (Upper)	$ 1
Number of Options Outstanding	5,000,000
Weighted-Average Exercise Price	$ 0.92
Weighted-Average Remaining Contractual Life (in Years)	6 years 9 months 18 days
Aggregate Intrinsic Value	$ 1,500,000
Range Two [Member]
Stockholders Equity [Line Items]
Range of Exercise Price (Lower)	$ 1.01
Range of Exercise Price (Upper)	$ 2
Number of Options Outstanding	4,325,984
Weighted-Average Exercise Price	$ 1.23
Weighted-Average Remaining Contractual Life (in Years)	6 years 1 month 6 days
Aggregate Intrinsic Value	$ 397,315
Range Three [Member]
Stockholders Equity [Line Items]
Range of Exercise Price (Lower)	$ 2.01
Range of Exercise Price (Upper)	$ 3
Number of Options Outstanding	2,122,669
Weighted-Average Exercise Price	$ 2.50
Weighted-Average Remaining Contractual Life (in Years)	4 years
Aggregate Intrinsic Value
Range Four [Member]
Stockholders Equity [Line Items]
Range of Exercise Price (Lower)	$ 3.01
Range of Exercise Price (Upper)	$ 5
Number of Options Outstanding	6,037,627
Weighted-Average Exercise Price	$ 3.57
Weighted-Average Remaining Contractual Life (in Years)	3 years 4 months 24 days
Aggregate Intrinsic Value

Stockholders' Equity (Details 3

Stockholders' Equity (Details 3)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Stockholders Equity [Line Items]
Annual dividend	0.00%	0.00%
Minimum [Member]
Stockholders Equity [Line Items]
Expected life (in years)	4 years	4 years
Risk free interest rate	1.39%	1.12%
Expected volatility	68.60%	68.80%
Maximum [Member]
Stockholders Equity [Line Items]
Expected life (in years)	6 years	8 years 6 months
Risk free interest rate	1.78%	2.50%
Expected volatility	71.80%	100.00%

Stockholders' Equity (Details 4

Stockholders' Equity (Details 4) - Restricted Stock Units (RSUs) [Member]	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Stockholders Equity [Line Items]
Outstanding Number of RSU's at January 1, 2015	447,275
Granted Number of RSU's	0
Vested and converted to common shares Number of RSUs	0
Forfeited Number of RSU's	0
Outstanding Number of RSU's at September 30, 2015	447,275
Exercisable Number of RSU's at September 30, 2015	447,275
Outstanding Weighted-Average Exercise Price, at January 1, 2015 | $ / shares	$ 2.18
Outstanding Weighted-Average Exercise Price, at September 30, 2015 | $ / shares	2.18
Exercisable Weighted-Average Grant Date Fair Value at September 30, 2015 | $ / shares	$ 2.18

Stockholders' Equity (Details 5

Stockholders' Equity (Details 5) - Restricted Stock [Member]	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Stockholders Equity [Table]
Granted	427,808
Converted to common shares	(106,952)
Forfeited	0
Outstanding at September 30, 2015	320,856
Outstanding Average at September 30, 2015 | $ / shares	$ 1.87

Stockholders' Equity (Details 6

Stockholders' Equity (Details 6) - Warrant [Member] - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Stockholders Equity [Line Items]
Outstanding Number of Warrants at January 1, 2015	21,422,346
Granted Number of Warrants	150,000
Exercised Number of Warrants	(1,724,606)
Forfeited Number of Warrants	(24,794)
Outstanding Number of Warrants at September 30, 2015	19,822,946	21,422,346
Exercisable Number of Warrants at September 30, 2015	19,710,446
Outstanding Weighted-Average Exercise Price, at January 1, 2015	$ 2.30
Granted Weighted-Average Exercise Price	1.87
Exercised Weighted-Average Exercise Price	1.94
Forfeited Weighted Average Exercise Price	2.13
Outstanding Weighted-Average Exercise Price, at September 30, 2015	2.33	$ 2.30
Exercisable Weighted-Average Exercise Price, at September 30, 2015	$ 2.33
Outstanding Weighted-Average Remaining Contractual Life (in years)	3 years 3 months 18 days	3 years 9 months 18 days
Granted Weighted-Average Remaining Contractual Life (in years)	4 years 9 months 18 days
Exercisable Weighted-Average Remaining Contractual Life (in years), at September 30, 2015	3 years 3 months 18 days
Outstanding Aggregate Intrinsic Value, at January 1, 2015	$ 15,984,739
Outstanding Aggregate Intrinsic Value, at September 30, 2015	1,271,994	$ 15,984,739
Exercisable Aggregate Intrinsic Value, at September 30, 2015	$ 1,271,994

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual) - USD ($)	1 Months Ended		9 Months Ended		12 Months Ended
	Oct. 31, 2014	Jan. 31, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Stockholders Equity [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 1.89	$ 1.93
Warrants Issued During Period		6,872,859
Share Price		$ 2.91
Proceeds from Issuance of Common Stock		$ 20,000,000
Net proceeds received from issuance		$ 18,630,000
Stock or Unit Option Plan Expense			$ 4,060,000
Compensation Expenses Unvested Restricted Stock term period			1 year 10 months 24 days
Common Stock, Capital Shares Reserved for Future Issuance			37,300,000
March 2013 long-term debt [Member]
Stockholders Equity [Line Items]
Debt Conversion, Original Debt, Amount					$ 1,000,000
Market Offering Agreement [Member]
Stockholders Equity [Line Items]
Share Price			$ 3.77		$ 3.55
Net proceeds received from issuance			$ 2,932,000		$ 838,000
Stock Issued During Period, Shares, New Issues			812,423		249,163
Direct Offering [Member]
Stockholders Equity [Line Items]
Warrants Issued During Period		3,436,435
Class Of Warrant Or Right Exercise Price Of Warrants Issued		$ 3.64
Warrants Exercisable Years		5 years
Direct Offering [Member] | Shelf Registration [Member]
Stockholders Equity [Line Items]
Common Stock, Shelf Registration		$ 50,000,000
Phase One [Member] | Warrants And Options [Member]
Stockholders Equity [Line Items]
Net proceeds received from issuance			$ 3,074,000		$ 1,714,000
Issuance of common stock from warrants and options exercised (in shares)			1,705,400		1,234,428
Class Of Warrant Or Right Exercise Price Of Warrants And Options Issued			$ 1.94		$ 1.44
Phase Two [Member]
Stockholders Equity [Line Items]
Net proceeds received from issuance					$ 20,000
Cashless And Partial Cashless Exercises Price for Warrants and Options			$ 0.62		$ 1.03
Stock Issued For Cashless And Partial Cashless Exercises Of Warrants and Options			1,050,980		712,539
Number of Warrants and Options Exercised			2,209,000		1,194,372
General and Administrative Expense [Member] | Extension Of The Term Of Common Stock Warrants [Member]
Stockholders Equity [Line Items]
Employee Benefits and Share-based Compensation, Total				$ 2,000,000
Various Parties [Member]
Stockholders Equity [Line Items]
Stock Issued During Period, Shares, New Issues	28,119
Warrant [Member]
Stockholders Equity [Line Items]
Stock Issued During Period Share From Warrants In Conjunction With Debt Transaction	133,329
Restricted Stock Units (RSUs) [Member]
Stockholders Equity [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value					$ 568
Restricted Stock Units (RSUs) [Member] | March 2013 long-term debt [Member]
Stockholders Equity [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value					$ 805,972

Earnings (Loss) per Share (Deta

Earnings (Loss) per Share (Details Textual) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	37.3	40.1	37.3	40.1