Palisade Bio (PALI) 10-Q 11 Aug 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 31, 2016
Document Information [Line Items]
Entity Registrant Name	Neuralstem, Inc.
Entity Central Index Key	1,357,459
Trading Symbol	cur
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		114,760,960
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2016	Dec. 31, 2015
CURRENT ASSETS
Cash and cash equivalents	$ 11,128,763	$ 4,716,533
Short-term investments		7,517,453
Trade and other receivables	5,085	37,316
Prepaid expenses	705,840	1,159,782
Total current assets	11,839,688	13,431,084
Property and equipment, net	363,192	343,200
Patents, net	1,034,069	1,103,467
Other assets	57,916	71,797
Total assets	13,294,865	14,949,548
CURRENT LIABILITIES
Accounts payable and accrued expenses	2,501,518	1,455,826
Accrued bonuses		161,362
Current portion of long-term debt, net of fees and discount	5,905,672	4,545,180
Other current liabilities	204,464	263,104
Total current liabilities	8,611,654	6,425,472
Long-term debt, net of fees, discount and current portion		3,382,654
Derivative instruments	3,824,895
Other long-term liabilities	21,825	174,144
Total liabilities	12,458,374	9,982,270
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, 114,760,960 and 92,005,705 shares outstanding in 2016 and 2015, respectively	1,147,610	920,057
Additional paid-in capital	182,101,289	176,002,832
Accumulated other comprehensive income	4,566	3,071
Accumulated deficit	(182,416,974)	(171,958,682)
Total stockholders' equity	836,491	4,967,278
Total liabilities and stockholders' equity	$ 13,294,865	$ 14,949,548

Unaudited Condensed Consolidat3

Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Preferred stock, shares authorized (in shares)	7,000,000	7,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common Stock, Shares, Issued (in shares)	114,760,960	92,005,705
Common stock, shares outstanding (in shares)	114,760,960	92,005,705

Unaudited Condensed Consolidat4

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues	$ 2,500	$ 2,500	$ 5,000	$ 5,417
Operating expenses:
Research and development expenses	2,474,629	3,312,841	5,540,219	6,495,664
General and administrative expenses	1,362,140	1,684,381	4,532,662	3,117,455
Total operating expenses	3,836,769	4,997,222	10,072,881	9,613,119
Operating loss	(3,834,269)	(4,994,722)	(10,067,881)	(9,607,702)
Other income (expense):
Interest income	13,433	16,084	24,569	29,653
Interest expense	(322,407)	(459,073)	(708,913)	(912,807)
Change in fair value of derivative instruments	(757,275)		(757,275)
Fees related to issuance of derivative instrument and other expenses	(466,541)	(10,326)	(463,342)	(10,326)
Total other income (expense)	(18,240)	(453,315)	(390,411)	(893,480)
Net loss	$ (3,852,509)	$ (5,448,037)	$ (10,458,292)	$ (10,501,182)
Net loss per share - basic and diluted (in dollars per share)	$ (0.04)	$ (0.06)	$ (0.11)	$ (0.12)
Weighted average common shares outstanding - basic and diluted (in shares)	105,835,578	90,791,285	98,887,421	90,004,597
Comprehensive loss:
Net loss	$ (3,852,509)	$ (5,448,037)	$ (10,458,292)	$ (10,501,182)
Foreign currency translation adjustment	3,268	(18)	1,495	(5)
Comprehensive loss	$ (3,849,241)	$ (5,448,055)	$ (10,456,797)	$ (10,501,187)

Unaudited Condensed Consolidat5

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net loss	$ (10,458,292)	$ (10,501,182)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	177,498	167,376
Share based compensation expense	2,287,953	1,315,817
Amortization of deferred financing fees and debt discount	203,825	433,596
Change in fair value of derivative instruments	(757,275)
Expenses related to issuance of derivative instrument	466,541
Changes in operating assets and liabilities:
Trade and other receivables	32,231	206,706
Prepaid expenses	391,077	(587,344)
Other assets	13,680	1,481
Accounts payable and accrued expenses	955,159	(405,093)
Accrued bonuses	(161,362)	(156,211)
Other current liabilities	(58,640)	138,859
Other long term liabilities	(152,319)	(138,214)
Net cash used in operating activities	(7,059,924)	(9,524,209)
Cash flows from investing activities:
Purchases of short-term investments		(15,032,419)
Maturity of short-term investments	7,517,453	15,007,478
Patent costs	(30,183)	(70,240)
Purchase of property and equipment	(98,088)	(96,019)
Net cash provided by (used in) investing activities	7,389,182	(191,200)
Cash flows from financing activities:
Proceeds from issuance of common stock from warrants exercised, net		3,073,537
Proceeds from sale of common stock and warrants, net of issuance costs	8,308,931	2,931,924
Payment of fees for future financing		(42,758)
Payments of long-term debt	(2,225,987)
Payments of short-term notes payable		(117,068)
Net cash provided by financing activities	6,082,944	5,845,635
Effects of exchange rates on cash	28	(79)
Net increase (decrease) in cash and cash equivalents	6,412,230	(3,869,853)
Cash and cash equivalents, beginning of period	4,716,533	12,518,980
Cash and cash equivalents, end of period	11,128,763	8,649,127
Supplemental disclosure of cash flows information:
Cash paid for interest	718,989	481,847
Supplemental schedule of non cash investing and financing activities:
Issuance of common stock for cashless exercise of options, warrants and RSUs	$ 8,936	$ 360,120

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation and Liquidity	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1. Basis of Presentation and Liquidity In management’s opinion, the accompanying condensed 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, 2015, has been derived from 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 condensed 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, 2015, filed with the SEC, and as may be amended. Certain prior period amounts have been reclassified to conform to current year classifications. 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. Our operations currently do not generate significant cash. Our management does not know when or if this will change. We have spent and will continue to spend substantial funds in the research, development, clinical and pre-clinical testing of our small molecule product candidates and to a lesser extent on our stem cell product candidates with the goal of ultimately obtaining approval from the United States Food and Drug Administration (the “FDA”) and its international equivalents, to market and sell our products. No assurance can be given that (i) approval will ever be granted for us to market and sell our product candidates, or (ii) that if approval is granted, that we will ever be able to sell our products or be profitable. Liquidity The Company has incurred losses since its inception and has not demonstrated an ability to generate revenues from sales or services and has not yet achieved profitable operations. There can be no assurance that profitable operations will ever be achieved, or if achieved, could be sustained on a continuing basis. In addition, development activities, clinical and pre-clinical testing, and commercialization of our products will require significant additional financing. These factors create substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements do not include any adjustment that might be necessary if the Company is unable to continue as a going concern. Our cash and cash equivalents balance at June 30, 2016 was approximately $11.1 million. Our ability to continue as a going concern is wholly dependent upon obtaining sufficient financing to fund our operations. On April 20, 2016, we received a written notice from the Nasdaq Stock Market LLC that we are not in compliance with Nasdaq Listing Rule 5550(a)(2), as the minimum bid price of our common stock has been below $1.00 per share for 30 consecutive business days. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), we have a period of 180 calendar days, or until October 17, 2016, to regain compliance with the minimum bid price requirement. To regain compliance, the closing bid price of our common stock must meet or exceed $1.00 per share for at least ten consecutive business days during this 180 calendar day period. In the event we do not regain compliance by October 17, 2016, we may be eligible for an additional 180 calendar day grace period if we meet the initial listing standards, with the exception of bid price, for the Nasdaq Capital Market, and provide written notice to Nasdaq of our intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary. If we do not regain compliance within the allotted compliance period(s), including any extensions that may be granted by Nasdaq, Nasdaq will provide notice that our common stock will be subject to delisting. We will then be entitled to appeal the determination to a Nasdaq Listing Qualifications Panel and request a hearing. We cannot be sure that our share price will comply with the requirements for continued listing of our shares on the Nasdaq Capital Market in the future or that we will comply with the other continued listing requirements, including the MVLS requirement as described below. If our shares lose their status on the Nasdaq Capital Market, we believe that our shares would likely be eligible to be quoted on the inter-dealer electronic quotation and trading system operated by Pink OTC Markets Inc., commonly referred to as the Pink Sheets and now known as the OTCQB market. These markets are generally considered not to be as efficient as, and not as broad as, the Nasdaq Capital Market. If our common stock is delisted, this would, among other things, substantially impair our ability to raise additional funds and could result in a loss of institutional investor interest and fewer development opportunities for us. On August 8, 2016, we received a written notice from the Nasdaq Stock Market LLC that we are not in compliance with Nasdaq Listing Rule 5550(b)(2), as our market value of listed securities (“MVLS”) was below $35 million for the previous 30 consecutive business days. In accordance with Nasdaq Listing Rule 5810(c)(3)(C), we have a period of 180 calendar days, or until February 7, 2017, to regain compliance with the minimum MVLS requirement. To regain compliance, our MVLS must close at $35 million or more for a minimum of 10 consecutive business days during the 180 day calendar period. In the event we do not regain compliance by the allotted compliance period, Nasdaq will provide notice that our common stock will be subject to delisting. We will then be entitled to appeal the determination to a Nasdaq Hearings Panel. In the event that we are able to comply with the $1.00 minimum bid requirements or the MVLS requirements, there can be no assurances that we will be able to comply with both. Accordingly, our failure to meet either of these requirements during the required compliance period(s) may result in having our common stock delisted from the Nasdaq Capital Market. On May 3, 2016, we completed a public offering of 20,000,000 shares of common stock and 20,000,000 common stock purchase warrants at a public offering price of $0.40 per each share and common stock purchase warrant. We received aggregate gross proceeds of $8.0 million and net proceeds of approximately $7,229,000 from the offering. See Note 5. On May 12, 2016, we entered into private placement securities purchase agreements with certain accredited investors to purchase 2,700,000 of common stock and 2,700,000 common stock purchase warrants at a price of $0.40 per each share and common stock purchase warrant. We received aggregate gross proceeds of approximately $1,080,000 and net proceeds of approximately $925,000. See Note 5. On May 20, 2016, we announced that we had committed to a cost-reduction plan in order to better utilize our resources on the implementation of our refocused clinical and corporate strategy. This cost-reduction plan includes a reduction in force across all of the Company’s departments. See Note 7. The May offerings and cost-reduction plan have provided us with funds which we believe will be sufficient to finance operations at least through December 31, 2016. If we do not obtain additional funds by such time, we may no longer be able to continue as a going concern and will cease operation which means that our shareholders may lose their entire investment.

Note 2 - Significant Accounting

Note 2 - Significant Accounting Policies and Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Significant Accounting Policies [Text Block]	Note 2. Significant Accounting Policies and Recent Accounting Pronouncements 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 condensed consolidated financial statements include significant estimates for the expected economic life and value of our 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. Fair Value Measurements The carrying amounts of our short-term financial instruments, which primarily include cash and cash equivalents, other short-term investments, accounts payable and accrued expenses, approximate their fair values due to their short maturities. Foreign Currency Translation The functional currency of our wholly owned foreign subsidiary is its local currency. Assets and liabilities of our foreign subsidiary are translated into United States dollars based on exchange rates at the end of the reporting period; income and expense items are translated at the weighted average exchange rates prevailing during the reporting period. Translation adjustments for subsidiaries that have not been sold, substantially liquidated or otherwise disposed of are accumulated in other comprehensive income or loss, a component of stockholders' equity. Transaction gains or losses are included in the determination of net loss. Cash, Cash Equivalents, Short-Term Investments and Credit Risk Cash equivalents consist of investments in low risk, highly liquid money market funds and certificates of deposit with original maturities of 90 days or less. Cash deposited with banks and other financial institutions may exceed the amount of insurance provided on such deposits. If the amount of a deposit at any time exceeds the federally insured amount at a bank, the uninsured portion of the deposit could be lost, in whole or in part, if the bank were to fail. Short-term investments consist entirely of fixed income certificates of deposit (“CDs”) with original maturities of greater than 90 days and not more than one year. Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash equivalents and short-term investments. Our investment policy, approved by our Board of Directors, limits the amount we may invest in any one type of investment issuer, thereby reducing credit risk concentrations. In addition, our certificates of deposit are typically invested through the Certificate of Deposit Account Registry Service (“CDARS”) program which reduces or eliminates our risk related to concentrations of investments above FDIC insurance levels. We attempt to limit our credit and liquidity risks through our investment policy and through regular reviews of our portfolio against our policy. To date, we have not experienced any loss or lack of access to cash in our operating accounts or to our cash equivalents and short-term investments. Research and Development Research and development costs are expensed as they are incurred. Research and development expenses consist primarily of costs associated with Income (Loss) per Common 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 six-month periods ended June 30, 2016 and 2015. A total of approximately 62.6 million and 38.9 million potential dilutive shares have been excluded in the calculation of diluted net income per share for the three- and six-month periods ended June 30, 2016 and 2015, respectively, as their inclusion would be anti-dilutive. Share-Based Compensation We account for share-based compensation at fair value. Share-based compensation cost for stock options and warrants granted to employees and board members is generally determined at the grant date while awards granted to non-employee consultants are generally valued at the vesting date using an option pricing model that uses level 3 unobservable inputs; share-based compensation cost for restricted stock and restricted stock units is determined at the grant date based on the closing price of our common stock on that date. The value of the award that is ultimately expected to vest is recognized as expense on a straight-line basis over the requisite service period. Intangible and Long-Lived Assets We evaluate our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. We assess this recoverability by comparing the carrying amount of the asset to the estimated undiscounted future cash flows to be generated by the asset. If an asset is deemed to be impaired, we estimate the impairment loss by determining the excess of the asset’s carrying amount over the estimated fair value. During the six months ended June 30, 2016 and 2015, no significant impairment losses were recognized. Income Taxes We account for income taxes using the asset and liability approach, which requires the recognition of future tax benefits or liabilities on the temporary differences between the financial reporting and tax bases of our assets and liabilities. A valuation allowance is established when necessary to reduce deferred tax assets to the amounts expected to be realized. We also recognize a tax benefit from uncertain tax positions only if it is “more likely than not” that the position is sustainable based on its technical merits. Our policy is to recognize interest and penalties on uncertain tax positions as a component of income tax expense. Significant New Accounting Pronouncements In April 2015, the FASB issued ASU 2015-03 – Interest-Imputation of Interest, Simplifying the Presentation of Debt Issuance Costs In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern In February 2016, the FASB issued ASU 2016-02, Leases In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share Based Payment Accounting statements. The Company has reviewed other recent accounting pronouncements released during the quarter and concluded that they are either not applicable to the business, or that no material effect is expected on the consolidated financial statements as a result of future adoption.

Note 3 - Fair Value Measurement

Note 3 - Fair Value Measurements	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Fair Value Disclosures [Text Block]	Note 3. 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 values are based on period-end statements supplied by the various banks and brokers that held the majority of our funds. The fair value of all other financial instruments (prepaid expenses, accounts payable, accrued expenses and long-term debt) approximate their carrying values because of their short-term nature. At June 30, 2016, we had certain common stock purchase warrants issued in connection with our May 2016 capital raises (See Note 5) that are accounted for as derivative instruments whose fair value was determined using Level 3 inputs. The following table identifies the carrying amounts of such assets and liabilities at June 30, 2016: Level 1 Level 2 Level 3 Total Liabilities Derivative instruments - stock purchase warrants $ - $ - $ 3,824,895 $ 3,824,895 Balance at June 30, 2016 $ - $ - $ 3,824,895 $ 3,824,895 We had no financial assets or liabilities measured at fair value using level 3 inputs on a recurring basis at December 31, 2015. The following table presents the activity for those items measured at fair value on a recurring basis using Level 3 inputs for the six months ended June 30, 2016: Derivative instruments - stock purchase warrants Balance at December 31, 2015 $ - Issuance of warrants 4,582,170 Change in fair value (757,275 ) Balance at June 30, 2016 $ 3,824,895 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.

Note 4 - Debt

Note 4 - Debt	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 4. Debt In October 2014, we entered into an agreement with the existing lender to refinance and amend the terms of our March 2013 loan and security agreement. The amended loan provided for refinancing of approximately $5.6 million of outstanding balance of the initial loan along with approximately $4.4 million of new principal for a total of $10 million in principal. The amended loan provides for a variable interest rate based on prime with a floor of 10% and matures in April 2017. The loan provides for interest only payments through September 2015; payments of principal and interest of approximately $461,000 from October 2015 through December 2016, and principal and interest of approximately $435,000 from January, 2016 through March 2017 and a final balloon payment of approximately $2.8 million in April 2017. The loan amendment generated approximately $4.3 million in net proceeds after fees and expenses. The loan amendment is accounted for as a debt extinguishment in accordance with guidance provided for in ASC 470, Debt resulting in a loss on extinguishment of approximately $446,000. In conjunction with the loan amendment we recorded a debt discount relating to the beneficial conversion feature. Such discount is being amortized as interest expense over the term of the debt using the effective interest method. In conjunction with the loan amendment, we issued the lender a five-year common stock purchase warrant to purchase 75,188 shares of common stock at an exercise price of $2.66 per share. The warrant contains standard anti-dilution protection but does not contain any anti-dilution price protection for subsequent offerings. The value of the warrant was accounted for in calculating the loss on extinguishment. We also incurred expenses with various third parties in connection with the loan amendment, consisting of approximately $86,000 in cash, 28,119 shares of common stock valued at approximately $80,000, and a three-year common stock purchase warrant to purchase 58,141 shares at an exercise price of $2.66 per share. The warrant is classified as equity and has terms substantially similar to the lender warrant. These fees related to the loan amendment are recorded as a deferred financing fees netted against the carrying amount of the loan and are being amortized as interest expense over the term of the debt using the effective interest method. At June 30, 2016, remaining principal payments due under this loan are approximately $2,344,000 and $3,766,000 payable in the remainder of 2016 and 2017, respectively.

Note 5 - Stockholders' Equity

Note 5 - Stockholders' Equity	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	Note 5. 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 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 June 30, 2016, we have approximately 67.6 million shares of common stock reserved for issuance upon the exercise of such awards. Share-based compensation expense included in the statements of operations is as follows: Three Months Ended June 30, 2016 2015 Research and development expenses $ 264,137 $ 294,574 General and administrative expenses 552,930 331,385 Total $ 817,067 $ 625,959 Six Months Ended June 30, 2016 2015 Research and development costs $ 973,553 $ 572,754 General and administrative expenses 1,314,400 743,063 Total $ 2,287,953 $ 1,315,817 Included in the general and administrative expense for the six months ended June 30, 2016 is approximately $407,000 related to the acceleration of the vesting of options for the previous CEO who left during the first quarter. In addition, approximately $42,000 and $15,000 is included in research and development and general and administrative expenses, respectively for the three- and six- month periods ended June 30, 2016 related to the modification of certain awards in conjunction with our corporate reorganization. See Note 7. Stock Options We have granted stock options to our employees, board members and service providers. A summary of stock option activity during the six months ended June 30, 2016 and related information is included in the table below: Number of Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (in years) Aggregate Outstanding at January 1, 2016 17,102,947 $ 2.08 5.0 $ 550,000 Granted 3,809,944 $ 0.77 Exercised - $ - Forfeited (213,976 ) $ 0.86 Outstanding at June 30, 2016 20,698,915 $ 1.85 5.2 $ - Exercisable at June 30, 2016 15,741,392 $ 2.13 4.2 $ - Vested and expected to vest 20,451,039 $ 1.86 5.2 $ - Range of Exercise Prices Number of Options Outstanding Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (in years) Aggregate $0.50 - $1.00 7,829,776 $ 0.84 7.4 $ - $1.01 - $2.00 5,043,643 $ 1.17 5.5 - $2.01 - $3.00 2,121,202 $ 2.50 3.0 - $3.01 - $5.00 5,704,294 $ 3.60 2.9 - 20,698,915 $ 1.85 5.2 $ - 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: Six Months Ended June 30, 2016 2015 Annual dividend - - Expected life (in years) 5.8 - 7.3 5.8 - 6.0 Risk free interest rate 1.35% - 1.75% 1.70% - 1.78% Expected volatility 69.0% - 80.2% 69.3% - 71.8% The options granted in the six months ended June 30, 2016 and 2015 had a weighted average grant date fair value $2.26, respectively. Unrecognized compensation cost for unvested stock option awards outstanding at June 30, 2016 was approximately $3,147,000 to be recognized over approximately 1.8 years. RSUs We have granted restricted stock units (RSUs) to certain employees and board members that entitle the holders to receive shares of our common stock upon vesting and subject to certain restrictions regarding the exercise of the RSUs. The fair value of RSUs granted is based upon the market price of the underlying common stock as if they were vested and issued on the date of grant. A summary of our restricted stock unit activity for the six months ended June 30, 2016 is as follows: Number of Weighted-Average Grant Date Fair Value Outstanding at January 1, 2016 150,906 $ 2.13 Granted - Exercised and converted to common shares (55,255 ) $ 1.77 Forfeited (6,465 ) $ 2.02 Outstanding at June 30, 2016 89,186 $ 2.36 Exercisable at June 30, 2016 89,186 $ 2.36 The total intrinsic value of the outstanding restricted stock units at June 30, 2016 was approximately $26,000. The total value of all restricted stock units that were converted in the six months ended June 30, 2016 was approximately $35,000. Restricted Stock We have granted restricted stock to certain board members. A summary of our restricted stock activity for the six months ended June 30, 2016 is as follows: Shares of Restricted Stock Weighted-Average Grant Date Fair Value Outstanding at January 1, 2016 213,904 $ 1.87 Granted - Vested (213,904 ) $ 1.87 Forfeited - Outstanding at June 30, 2016 - All restricted stock was vested as of June 30, 2016. The total intrinsic value of all restricted stock vested in the six months ended June 30, 2016 was approximately $111,000. Stock Purchase Warrants. In May 2016, we issued 22,700,000 stock purchase warrants in conjunction with our equity raise transactions. Such warrants are classified as derivative liabilities and are recorded at fair value each period due to the existence of non-standard anti-dilution conditions contained in the warrants. See Note 3. A summary of warrant activity for the six months ended June 30, 2016 is as follows: Number of Warrants Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Outstanding at January 1, 2016 19,652,096 $ 2.34 3.1 $ 309,724 Granted 22,700,000 $ 0.40 Exercised - $ - Forfeited (440,000 ) $ 1.25 Outstanding at June 30, 2016 41,912,096 $ 1.30 3.9 $ - Exercisable at June 30, 2016 41,912,096 $ 1.30 3.9 $ - Common Stock During the six months ended June 30, 2015, we issued 812,423 shares of common stock as a result of sales under our At the Market Offering Agreement. The shares were sold at an average price of $3.77 per share and we received approximately $2,932,000 in net proceeds. During the six months ended June 30, 2015, we issued 1,705,400 shares of common stock upon the exercise of outstanding common stock purchase warrants. The warrants were exercised at an average exercise price of $1.94. We received approximately $3,074,000 of net proceeds from the exercises. During the six months ended June 30, 2015, we issued 52,259 shares of our common stock upon the cashless exercise of 209,000 outstanding common stock purchase warrants and stock options. The warrants and options were exercised at an average price of $1.72. We received no proceeds from the exercises. During the six months ended June 30, 2016, we issued 55,255 shares of our common stock upon the conversion of 61,720 outstanding restricted stock units. On May 03, 2016, we completed a public offering of 20,000,000 shares of common stock and 20,000,000 common stock purchase warrants at a public offering price of $0.40 per each share and common stock purchase warrant. We received aggregate gross proceeds of $8.0 million and net proceeds of approximately $7,229,000 from the offering. The warrants allow the holder to purchase one share of common stock, have an exercise price of $0.40 per share and a term of 5 years. The warrants contain certain non-standard anti-dilution protection and consequently, are being accounted for as derivative instruments recorded at fair value each period (See Note 3). The costs directly related to this offering were allocated between the common stock and the derivative instruments with those being allocated to the derivative instruments being expensed as incurred and those allocated to the common stock being charged directly to additional paid-in capital. This offering was made pursuant to our shelf registration statement declared effective by the SEC on June 19, 2014 (Registration No. 333-196567). On May 12, 2016, we entered into private placement securities purchase agreements with certain accredited investors to purchase 2,700,000 of common stock and 2,700,000 common stock purchase warrants at a price of $0.40 per each share and common stock purchase warrant. We received aggregate gross proceeds of approximately $1,080,000 and net proceeds of approximately $925,000. The warrants allow the holder to purchase one share of common stock, have an exercise price of $0.40 per share and a term of 5 years. The warrants contain certain non-standard anti-dilution protection and consequently, are being accounted for as derivative instruments recorded at fair value each period (See Note 3). The costs directly related to this offering were allocated between the common stock and the derivative instruments with those being allocated to the derivative instruments being expensed as incurred and those allocated to the common stock being charged directly to additional paid-in capital. This private placement transaction was not made pursuant to any registration statement.

Note 6 - Commitments and Contin

Note 6 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 6. Commitments and Contingencies We currently operate three facilities located in the United States and one facility located in People’s Republic of China. Our corporate offices and primary research facilities are located in Germantown, Maryland, where we license approximately 1,500 square feet. This license provides for monthly payments of approximately $5,300 per month, expires on December 31, 2016 and can be terminated by us upon 60 days written notice. In 2015, we entered into a lease consisting of approximately 3,100 square feet of research space in San Diego, California. This lease provides for current monthly payments of approximately $11,000 and expires on August 31, 2018. In conjunction with our recent cost-reduction exercise, we are currently exploring opportunities to sub-lease this facility. In 2016, we entered into a license for an Incubator Laboratory Facility in Urbana, Illinois. The license provides for monthly payments of $1,800, expires on December 31, 2019 and can be terminated by us upon 90 days written notice. We also lease a research facility in People’s Republic of China. This lease expires on September 30, 2018 with lease payments of approximately $3,200 per month. From time to time, we are parties to legal proceedings that we believe to be ordinary, routine litigation incidental to the business of present or former operations. We are currently not a party to any litigation or legal proceeding. The Company is currently obligated under three written employment agreements and a general release agreement. The employment agreements are with our: (i) Chief Executive Officer, (ii) Chief Scientific Officer (“CSO”) and (iii) Chief Financial Officer (“CFO”): Pursuant to the terms of the agreements, our CEO, CSO and CFO receive annual salaries of $410,000, $490,000 and $315,000, respectively. The agreements also provide for the payment of severance in the event one of the executives is terminated and in certain circumstances, the agreements also provide for the acceleration of vesting with regard to options. On March 1, 2016, Neuralstem, Inc. (the “Company”) entered into a General Release and Waiver of Claims (“General Release”) with I. Richard Garr in connection with his resignation as the Company’s chief executive officer. Pursuant to the General Release, Mr. Garr will: (i) continue to receive his monthly salary of $36,667 until March 1, 2017, (ii) receive lump sum payments of $177,000 to be paid on June 1, 2016, January 1, 2017 and March 1, 2017, (iii) receive healthcare benefits until January 1, 2017, and (iv) be entitled to the immediate vesting of any previously outstanding but unvested equity awards (collectively, the “Severance”). This General Release and Waiver of Claims was amended on June 16, 2016, whereupon Mr. Garr voluntarily agreed to forego the lump sum payments due to him on January 1, 2017 and March 1, 2017.

Note 7 - Cost-Reduction Plan

Note 7 - Cost-Reduction Plan	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Restructuring and Related Activities Disclosure [Text Block]	Note 7. Cost-Reduction Plan On May 20, 2016 we announced that we had committed to a cost-reduction plan in order to better utilize our resources on the implementation of our refocused clinical and corporate strategy. This cost-reduction plan includes a reduction in force across all of the Company’s departments. With the exception of an on-going lease obligations on our facility in San Diego, California we have completed this cost-reduction plan in the quarter ended June 30, 2016. As a result of this cost-reduction plan we incurred total costs of approximately $470,000 comprised of $413,000 for severance and other employee payments, and $57,000 of non-cash costs for modification of employee stock options. Of the total expense, $312,000 is included in research and development expense and $158,000 is included in general and administrative expense in our statement of operations for the three and six months ended June 30, 2016. At June 30, 2016, a balance of approximately $72,000 remained to be paid and such balance is reflected as an accrued expense in our unaudited condensed consolidated balance sheet. Our facility in San Diego, California consists of 3,100 square feet of research space. This lease provides for current monthly payments of approximately $11,000 and expires on August 31, 2018. We are currently exploring opportunities to sub-lease this facility.

Note 8 - Subsequent Events

Note 8 - Subsequent Events	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Subsequent Events [Text Block]	Note 8. Subsequent Events On August 10, 2016, the Company entered into a reimbursement agreement with a former executive officer of the Company. Pursuant to the reimbursement agreement, the former officer agreed to repay the Company over a six-year period, approximately $670,000 in expenses that the Company determined to have been improperly paid under the Company’s prior expense reimbursement policies. In addition to this reimbursement agreement, the Company has implemented and is continuing to implement enhanced policies and procedures for travel expense reimbursements and disbursements.

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
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 condensed consolidated financial statements include significant estimates for the expected economic life and value of our 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.
Fair Value Measurement, Policy [Policy Text Block]	Fair Value Measurements The carrying amounts of our short-term financial instruments, which primarily include cash and cash equivalents, other short-term investments, accounts payable and accrued expenses, approximate their fair values due to their short maturities.
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign Currency Translation The functional currency of our wholly owned foreign subsidiary is its local currency. Assets and liabilities of our foreign subsidiary are translated into United States dollars based on exchange rates at the end of the reporting period; income and expense items are translated at the weighted average exchange rates prevailing during the reporting period. Translation adjustments for subsidiaries that have not been sold, substantially liquidated or otherwise disposed of are accumulated in other comprehensive income or loss, a component of stockholders' equity. Transaction gains or losses are included in the determination of net loss.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash, Cash Equivalents, Short-Term Investments and Credit Risk Cash equivalents consist of investments in low risk, highly liquid money market funds and certificates of deposit with original maturities of 90 days or less. Cash deposited with banks and other financial institutions may exceed the amount of insurance provided on such deposits. If the amount of a deposit at any time exceeds the federally insured amount at a bank, the uninsured portion of the deposit could be lost, in whole or in part, if the bank were to fail. Short-term investments consist entirely of fixed income certificates of deposit (“CDs”) with original maturities of greater than 90 days and not more than one year. Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash equivalents and short-term investments. Our investment policy, approved by our Board of Directors, limits the amount we may invest in any one type of investment issuer, thereby reducing credit risk concentrations. In addition, our certificates of deposit are typically invested through the Certificate of Deposit Account Registry Service (“CDARS”) program which reduces or eliminates our risk related to concentrations of investments above FDIC insurance levels. We attempt to limit our credit and liquidity risks through our investment policy and through regular reviews of our portfolio against our policy. To date, we have not experienced any loss or lack of access to cash in our operating accounts or to our cash equivalents and short-term investments.
Research and Development Expense, Policy [Policy Text Block]	Research and Development Research and development costs are expensed as they are incurred. Research and development expenses consist primarily of costs associated with
Earnings Per Share, Policy [Policy Text Block]	Income (Loss) per Common 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 six-month periods ended June 30, 2016 and 2015. A total of approximately 62.6 million and 38.9 million potential dilutive shares have been excluded in the calculation of diluted net income per share for the three- and six-month periods ended June 30, 2016 and 2015, respectively, as their inclusion would be anti-dilutive.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Share-Based Compensation We account for share-based compensation at fair value. Share-based compensation cost for stock options and warrants granted to employees and board members is generally determined at the grant date while awards granted to non-employee consultants are generally valued at the vesting date using an option pricing model that uses level 3 unobservable inputs; share-based compensation cost for restricted stock and restricted stock units is determined at the grant date based on the closing price of our common stock on that date. The value of the award that is ultimately expected to vest is recognized as expense on a straight-line basis over the requisite service period.
Goodwill and Intangible Assets, Policy [Policy Text Block]	Intangible and Long-Lived Assets We evaluate our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. We assess this recoverability by comparing the carrying amount of the asset to the estimated undiscounted future cash flows to be generated by the asset. If an asset is deemed to be impaired, we estimate the impairment loss by determining the excess of the asset’s carrying amount over the estimated fair value. During the six months ended June 30, 2016 and 2015, no significant impairment losses were recognized.
Income Tax, Policy [Policy Text Block]	Income Taxes We account for income taxes using the asset and liability approach, which requires the recognition of future tax benefits or liabilities on the temporary differences between the financial reporting and tax bases of our assets and liabilities. A valuation allowance is established when necessary to reduce deferred tax assets to the amounts expected to be realized. We also recognize a tax benefit from uncertain tax positions only if it is “more likely than not” that the position is sustainable based on its technical merits. Our policy is to recognize interest and penalties on uncertain tax positions as a component of income tax expense.
New Accounting Pronouncements, Policy [Policy Text Block]	Significant New Accounting Pronouncements In April 2015, the FASB issued ASU 2015-03 – Interest-Imputation of Interest, Simplifying the Presentation of Debt Issuance Costs In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern In February 2016, the FASB issued ASU 2016-02, Leases In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share Based Payment Accounting statements. The Company has reviewed other recent accounting pronouncements released during the quarter and concluded that they are either not applicable to the business, or that no material effect is expected on the consolidated financial statements as a result of future adoption.

Note 3 - Fair Value Measureme15

Note 3 - Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Level 1 Level 2 Level 3 Total Liabilities Derivative instruments - stock purchase warrants $ - $ - $ 3,824,895 $ 3,824,895 Balance at June 30, 2016 $ - $ - $ 3,824,895 $ 3,824,895
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Derivative instruments - stock purchase warrants Balance at December 31, 2015 $ - Issuance of warrants 4,582,170 Change in fair value (757,275 ) Balance at June 30, 2016 $ 3,824,895

Note 5 - Stockholders' Equity (

Note 5 - Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2016
Restricted Stock [Member]
Notes Tables
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]	Shares of Restricted Stock Weighted-Average Grant Date Fair Value Outstanding at January 1, 2016 213,904 $ 1.87 Granted - Vested (213,904 ) $ 1.87 Forfeited - Outstanding at June 30, 2016 -
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	Three Months Ended June 30, 2016 2015 Research and development expenses $ 264,137 $ 294,574 General and administrative expenses 552,930 331,385 Total $ 817,067 $ 625,959 Six Months Ended June 30, 2016 2015 Research and development costs $ 973,553 $ 572,754 General and administrative expenses 1,314,400 743,063 Total $ 2,287,953 $ 1,315,817
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	Number of Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (in years) Aggregate Outstanding at January 1, 2016 17,102,947 $ 2.08 5.0 $ 550,000 Granted 3,809,944 $ 0.77 Exercised - $ - Forfeited (213,976 ) $ 0.86 Outstanding at June 30, 2016 20,698,915 $ 1.85 5.2 $ - Exercisable at June 30, 2016 15,741,392 $ 2.13 4.2 $ - Vested and expected to vest 20,451,039 $ 1.86 5.2 $ -
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 Outstanding Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (in years) Aggregate $0.50 - $1.00 7,829,776 $ 0.84 7.4 $ - $1.01 - $2.00 5,043,643 $ 1.17 5.5 - $2.01 - $3.00 2,121,202 $ 2.50 3.0 - $3.01 - $5.00 5,704,294 $ 3.60 2.9 - 20,698,915 $ 1.85 5.2 $ -
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Six Months Ended June 30, 2016 2015 Annual dividend - - Expected life (in years) 5.8 - 7.3 5.8 - 6.0 Risk free interest rate 1.35% - 1.75% 1.70% - 1.78% Expected volatility 69.0% - 80.2% 69.3% - 71.8%
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]	Number of Weighted-Average Grant Date Fair Value Outstanding at January 1, 2016 150,906 $ 2.13 Granted - Exercised and converted to common shares (55,255 ) $ 1.77 Forfeited (6,465 ) $ 2.02 Outstanding at June 30, 2016 89,186 $ 2.36 Exercisable at June 30, 2016 89,186 $ 2.36
Schedule of Share-based Compensation, Warrant Activity [Table Text Block]	Number of Warrants Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Outstanding at January 1, 2016 19,652,096 $ 2.34 3.1 $ 309,724 Granted 22,700,000 $ 0.40 Exercised - $ - Forfeited (440,000 ) $ 1.25 Outstanding at June 30, 2016 41,912,096 $ 1.30 3.9 $ - Exercisable at June 30, 2016 41,912,096 $ 1.30 3.9 $ -

Note 1 - Basis of Presentatio17

Note 1 - Basis of Presentation and Liquidity (Details Textual) - USD ($)	May 12, 2016	May 03, 2016	Jun. 30, 2016	Jun. 30, 2015
Private Placement [Member]
Stock Issued During Period, Shares, New Issues	2,700,000
Class of Warrant or Right, Issued During Period	2,700,000
Proceeds from Issuance or Sale of Equity	$ 1,080,000
Proceeds from Issuance or Sale of Equity, Net of Issuance Costs	$ 925,000
Common Stock and Common Stock Purchase Warrant, Price Per Share	$ 0.40
Cash, Cash Equivalents, and Short-term Investments			$ 11,100,000
Stock Issued During Period, Shares, New Issues		20,000,000		812,423
Class of Warrant or Right, Issued During Period		20,000,000
Shares Issued, Price Per Share		$ 0.40		$ 3.77
Proceeds from Issuance or Sale of Equity		$ 8,000,000		$ 0
Proceeds from Issuance or Sale of Equity, Net of Issuance Costs		$ 7,229,000	$ 8,308,931	$ 2,931,924

Note 2 - Significant Accounti18

Note 2 - Significant Accounting Policies and Recent Accounting Pronouncements (Details Textual) - USD ($) shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Reclassification from Current Assets to Current Portion of Long-term Debt [Member] | December 31, 2015 [Member]
Prior Period Reclassification Adjustment			$ 90,000
Reclassification from Noncurrent Assets to Long-term Debt [Member] | December 31, 2015 [Member]
Prior Period Reclassification Adjustment			$ 9,000
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	62.6	38.9	62.6	38.9
Asset Impairment Charges			$ 0	$ 0

Note 3 - Fair Value Measureme19

Note 3 - Fair Value Measurements (Details Textual) - Fair Value, Measurements, Recurring [Member] - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Inputs, Level 3 [Member]
Financial Liabilities Fair Value Disclosure	$ 3,824,895	$ 0
Financial Liabilities Fair Value Disclosure	$ 3,824,895

Note 3 - Financial Assets and L

Note 3 - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Stock Purchase Warrants [Member] | Fair Value, Inputs, Level 1 [Member]
Liabilities
Derivative instruments - stock purchase warrants	$ 0
Stock Purchase Warrants [Member] | Fair Value, Inputs, Level 2 [Member]
Liabilities
Derivative instruments - stock purchase warrants	0
Stock Purchase Warrants [Member] | Fair Value, Inputs, Level 3 [Member]
Liabilities
Derivative instruments - stock purchase warrants	3,824,895
Stock Purchase Warrants [Member]
Liabilities
Derivative instruments - stock purchase warrants	3,824,895
Fair Value, Inputs, Level 1 [Member]
Liabilities
Financial Liabilities Fair Value Disclosure	0
Fair Value, Inputs, Level 2 [Member]
Liabilities
Financial Liabilities Fair Value Disclosure	0
Fair Value, Inputs, Level 3 [Member]
Liabilities
Financial Liabilities Fair Value Disclosure	3,824,895	$ 0
Financial Liabilities Fair Value Disclosure	$ 3,824,895

Note 3 - Activity for Items Mea

Note 3 - Activity for Items Measured at Fair Value on a Recurring Basis (Details) - Stock Purchase Warrants [Member]	6 Months Ended
	Jun. 30, 2016USD ($)
Balance	$ 0
Issuance of warrants	4,582,170
Change in fair value	(757,275)
Balance	$ 3,824,895

Note 4 - Debt (Details Textual)

Note 4 - Debt (Details Textual) - USD ($)	May 03, 2016	Oct. 31, 2014	Mar. 31, 2017	Jun. 30, 2015	Dec. 31, 2016	Jun. 30, 2016
Payable in 2017 [Member] | Scenario, Forecast [Member]
Debt Instrument, Periodic Payment			$ 435,000		$ 461,000
Payable in 2017 [Member] | Lender Warrants [Member]
Warrants Expiration Period		5 years
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		75,188
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 2.66
Payable in 2017 [Member] | Various Third Party Warrants [Member]
Warrants Expiration Period		3 years
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		58,141
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 2.66
Payable in 2017 [Member]
Debt Instrument Refinanced Loan		$ 5,600,000
Debt Instrument Additional Principal Borrowed		4,400,000
Long-term Debt, Gross		$ 10,000,000
Debt Instrument, Variable Rate Floor		10.00%
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid		$ 2,800,000
Proceeds from Debt, Net of Issuance Costs		4,300,000
Gain (Loss) on Extinguishment of Debt		(446,000)
Payments of Debt Issuance Costs		$ 86,000
Stock Issued During Period, Shares, New Issues		28,119
Stock Issued During Period, Value, New Issues		$ 80,000
Long-term Debt						$ 3,766,000
Payable in 2016 [Member]
Long-term Debt						$ 2,344,000
Warrants Expiration Period	5 years
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.40
Stock Issued During Period, Shares, New Issues	20,000,000			812,423

Note 5 - Stockholders' Equity23

Note 5 - Stockholders' Equity (Details Textual) - USD ($)	May 12, 2016	May 03, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost			$ 42,000		$ 42,000
Allocated Share-based Compensation Expense			264,137	$ 294,574	973,553	$ 572,754
General and Administrative Expense [Member] | Former CEO [Member]
Allocated Share-based Compensation Expense					407,000
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost			15,000		15,000
Allocated Share-based Compensation Expense			552,930	331,385	$ 1,314,400	743,063
Private Placement [Member]
Proceeds from Issuance or Sale of Equity	$ 1,080,000
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.40
Class of Warrant or Right, Issued During Period	2,700,000
Stock Issued During Period, Shares, New Issues	2,700,000
Proceeds from Issuance or Sale of Equity, Net of Issuance Costs	$ 925,000
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right	1
Common Stock and Common Stock Purchase Warrant, Price Per Share	$ 0.40
Class of Warrant or Right, Term	5 years
Employee Stock Option [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition					1 year 292 days
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding			26,000		$ 26,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested					35,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested					$ 111,000
Stock Purchase Warrants [Member]
Class of Warrant or Right, Issued During Period					22,700,000
Cashless Conversion of Restricted Stock Unis to Common Stock [Member]
Conversion of Stock, Shares Issued					55,255
Conversion of Stock, Shares Converted					61,720
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation			$ 0	0	$ 0	0
Proceeds from Issuance or Sale of Equity		$ 8,000,000				0
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 0.40
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period					10 years
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant			67,600,000		67,600,000
Allocated Share-based Compensation Expense			$ 817,067	$ 625,959	$ 2,287,953	$ 1,315,817
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 0.56			$ 2.26
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options			$ 3,147,000		3,147,000
Class of Warrant or Right, Issued During Period		20,000,000
Stock Issued During Period, Shares, New Issues		20,000,000				812,423
Shares Issued, Price Per Share		$ 0.40		$ 3.77		$ 3.77
Proceeds from Issuance of Common Stock						$ 2,932,000
Stock Issued During Period, Shares, Warrants Exercised						1,705,400
Class of Warrant or Right, Exercised During Period, Exercise Price						$ 1.94
Proceeds from Exercise of Stock Purchase Warrants, Net of Issuance Costs						$ 3,073,537
Stock Issued During Period, Shares, Cashless Exercise of Warrants and Options						52,259
Number of Warrants and Options Exercised						209,000
Cashless and Partial Cashless Exercises Price for Warrants and Options						$ 1.72
Proceeds from Issuance or Sale of Equity, Net of Issuance Costs		$ 7,229,000			$ 8,308,931	$ 2,931,924
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right		1
Warrants Expiration Period		5 years

Note 5 - Share-based Compensati

Note 5 - Share-based Compensation Expense (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Research and Development Expense [Member]
Allocated Share-based Compensation Expense	$ 264,137	$ 294,574	$ 973,553	$ 572,754
General and Administrative Expense [Member]
Allocated Share-based Compensation Expense	552,930	331,385	1,314,400	743,063
Allocated Share-based Compensation Expense	$ 817,067	$ 625,959	$ 2,287,953	$ 1,315,817

Note 5 - Summary of Stock Optio

Note 5 - Summary of Stock Option Activity (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2016
Options Outstanding (in shares)	17,102,947
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 2.08
Options Outstanding, Weighted Average Remaining Contractual Life	5 years 73 days	5 years
Options Outstanding, Aggregate Intrinsic Value		$ 550,000
Options Granted (in shares)	3,809,944
Options Granted, Weighted Average Exercise Price (in dollars per share)	$ 0.77
Options Granted, Weighted Average Remaining Contractual Life
Options Granted, Aggregate Intrinsic Value (in dollars per share)
Options Exercised (in shares)
Options Exercised, Aggregate Intrinsic Value
Options Forfeited (in shares)	(213,976)
Options Forfeited, Weighted Average Exercise Price (in dollars per share)	$ 0.86
Options Outstanding (in shares)	20,698,915	17,102,947
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 1.85	$ 2.08
Options Outstanding, Aggregate Intrinsic Value		$ 550,000
Options Exercisable (in shares)			15,741,392
Options Exercisable, Weighted Average Exercise Price (in dollars per share)			$ 2.13
Options Exercisable, Weighted Average Remaining Contractual Life	4 years 73 days
Options Exercisable, Aggregate Intrinsic Value
Options Vested and Expected to Vest (in shares)			20,451,039
Options Vested and Expected to Vest, Weighted Average Exercise Price (in dollars per share)			$ 1.86
Options Vested and Expected to Vest, Weighted Average Remaining Contractual Life	5 years 73 days
Options Vested and Expected to Vest, Aggregate Intrinsic Value

Note 5 - Stock Options by Exerc

Note 5 - Stock Options by Exercise Price Range (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Range One [Member]
Minimum Range of Exercise Prices (in dollars per share)	$ 0.50
Maximum Range of Exercise Prices (in dollars per share)	$ 1
Number of Options Outstanding (in shares)	7,829,776
Weighted-Average Exercise Price (in dollars per share)	$ 0.84
Weighted-Average Remaining Contractual Life	7 years 146 days
Aggregate Intrinsic Value
Range Two [Member]
Minimum Range of Exercise Prices (in dollars per share)	$ 1.01
Maximum Range of Exercise Prices (in dollars per share)	$ 2
Number of Options Outstanding (in shares)	5,043,643
Weighted-Average Exercise Price (in dollars per share)	$ 1.17
Weighted-Average Remaining Contractual Life	5 years 182 days
Aggregate Intrinsic Value
Range Three [Member]
Minimum Range of Exercise Prices (in dollars per share)	$ 2.01
Maximum Range of Exercise Prices (in dollars per share)	$ 3
Number of Options Outstanding (in shares)	2,121,202
Weighted-Average Exercise Price (in dollars per share)	$ 2.50
Weighted-Average Remaining Contractual Life	3 years
Aggregate Intrinsic Value
Range Four [Member]
Minimum Range of Exercise Prices (in dollars per share)	$ 3.01
Maximum Range of Exercise Prices (in dollars per share)	$ 5
Number of Options Outstanding (in shares)	5,704,294
Weighted-Average Exercise Price (in dollars per share)	$ 3.60
Weighted-Average Remaining Contractual Life	2 years 328 days
Aggregate Intrinsic Value
Number of Options Outstanding (in shares)	20,698,915
Weighted-Average Exercise Price (in dollars per share)	$ 1.85
Weighted-Average Remaining Contractual Life	5 years 73 days	5 years
Aggregate Intrinsic Value		$ 550,000

Note 5 - Fair Value Assumptions

Note 5 - Fair Value Assumptions for Stock Options (Details) - Employee Stock Option [Member]	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Minimum [Member]
Expected life (in years)	5 years 292 days	5 years 292 days
Maximum [Member]
Expected life (in years)	7 years 109 days	6 years
Risk free interest rate	1.35%	1.70%
Risk free interest rate	1.75%	1.78%
Expected volatility	69.00%	69.30%
Expected volatility	80.20%	71.80%

Note 5 - Summary of Restricted

Note 5 - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member]	6 Months Ended
	Jun. 30, 2016$ / sharesshares
Outstanding (in shares) | shares	150,906
Outstanding, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 2.13
Granted (in shares) | shares
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares
Exercised and converted to common shares (in shares) | shares	(55,255)
Exercised and converted to common shares, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 1.77
Forfeited (in shares) | shares	(6,465)
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 2.02
Outstanding (in shares) | shares	89,186
Outstanding, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 2.36
Exercisable (in shares) | shares	89,186
Exercisable, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 2.36

Note 5 - Summary of Restricte29

Note 5 - Summary of Restricted Stock Activity (Details) - Restricted Stock [Member]	6 Months Ended
	Jun. 30, 2016$ / sharesshares
Outstanding (in shares) | shares	213,904
Outstanding, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 1.87
Granted (in shares) | shares
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares
Vested (in shares) | shares	(213,904)
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 1.87
Forfeited (in shares) | shares
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares
Outstanding (in shares) | shares
Outstanding, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares

Note 5 - Summary of Warrant Act

Note 5 - Summary of Warrant Activity (Details) - Stock Purchase Warrants [Member] - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2016
Outstanding Number of Warrants at January 1, 2016 (in shares)	19,652,096
Outstanding Weighted-Average Exercise Price at January 1, 2016 (in dollars per share)	$ 2.34
Outstanding Weighted-Average Remaining Contractual Life at January 1, 2016	3 years 328 days	3 years 36 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding		$ 309,724
Granted Number of Warrants (in shares)	22,700,000
Granted Weighted-Average Exercise Price (in dollars per share)	$ 0.40
Granted Weighted-Average Remaining Contractual Life
Exercised Number of Warrants (in shares)
Vested, Weighted Average Grant Date Fair Value (in dollars per share)
Forfeited Number of Warrants (in shares)	(440,000)
Forfeited Weighted-Average Exercise Price (in dollars per share)	$ 1.25
Outstanding Number of Warrants at June 30, 2016 (in shares)	19,652,096	19,652,096	41,912,096
Outstanding Weighted-Average Exercise Price at June 30, 2016 (in dollars per share)	$ 2.34	$ 2.34	$ 1.30
Exercisable Number of Warrants at June 30, 2016 (in shares)	41,912,096
Exercisable Weighted-Average Exercise Price at June 30, 2016 (in dollars per share)	$ 1.30
Exercisable Weighted-Average Remaining Contractual Life at June 30, 2016	3 years 328 days

Note 6 - Commitments and Cont31

Note 6 - Commitments and Contingencies (Details Textual)	Mar. 01, 2017USD ($)	Jan. 01, 2017USD ($)	Jun. 01, 2016USD ($)	Mar. 01, 2016USD ($)	Jun. 30, 2016USD ($)ft²
Scenario, Forecast [Member] | Former CEO [Member]
Severance Costs	$ 177,000	$ 177,000
Former CEO [Member]
Severance Costs			$ 177,000
Severance Costs, Monthly Compensation				$ 36,667
Chief Executive Officer [Member]
Officers' Yearly Compensation					$ 410,000
Chief Scientific Officer [Member]
Officers' Yearly Compensation					490,000
Chief Financial Officer [Member]
Officers' Yearly Compensation					$ 315,000
UNITED STATES
Number of Facilities					3
CHINA
Number of Facilities					1
Lease Monthly Payment					$ 3,200
Germantown, MD [Member]
Area of Real Estate Property | ft²					1,500
Lease Monthly Payment					$ 5,300
Lease Termination, Written Notice Period Required					60 days
San Diego, CA [Member]
Area of Real Estate Property | ft²					3,100
Lease Monthly Payment					$ 11,000
Urbana, Illinois [Member]
Lease Monthly Payment					$ 1,800
Lease Termination, Written Notice Period Required					90 days

Note 7 - Cost-Reduction Plan (D

Note 7 - Cost-Reduction Plan (Details Textual)	3 Months Ended	6 Months Ended
	Jun. 30, 2016USD ($)ft²	Jun. 30, 2016USD ($)ft²
Research and Development Expense [Member] | Cost-reduction Plan [Member]
Restructuring Charges	$ 312,000	$ 312,000
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost	42,000	42,000
General and Administrative Expense [Member] | Cost-reduction Plan [Member]
Restructuring Charges	158,000	72,000
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost	15,000	15,000
Cost-reduction Plan [Member] | Accounts Payable and Accrued Liabilities [Member]
Restructuring Reserve, Current	72,000	$ 72,000
Cost-reduction Plan [Member]
Restructuring Charges	470,000
Severance Costs	413,000
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost	$ 57,000
San Diego, CA [Member]
Area of Real Estate Property | ft²	3,100	3,100
Lease Monthly Payment		$ 11,000

Note 8 - Subsequent Events (Det

Note 8 - Subsequent Events (Details Textual) - Chief Scientific Officer [Member] - Repayment Agreement of Improperly Expense Reimbursement [Member] - Subsequent Event [Member]	Aug. 09, 2016USD ($)
Due from Related Parties, Term	6 years
Due from Related Parties	$ 670,000