Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Apr. 15, 2014 | Jun. 28, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'Q Therapeutics, Inc. | ' | ' |
Entity Central Index Key | '0001366541 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 29,357,363 | ' |
Entity Public Float | ' | ' | $0 |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets: | ' | ' |
Cash | $142,532 | $794,207 |
Receivables, net of allowance of $28,800 as of December 31, 2013 and 2012 | 5,556 | 477,802 |
Prepaid financing costs, net | 63,333 | ' |
Prepaid expenses and other | 10,109 | 10,366 |
Total current assets | 221,530 | 1,282,375 |
Property and equipment, net | 27,999 | 16,044 |
Other assets | 7,513 | 7,513 |
Total assets | 257,042 | 1,305,932 |
Current liabilities: | ' | ' |
Accounts payable | 2,364,001 | 1,203,365 |
Accrued liabilities | 81,156 | 9,685 |
Accrued compensation | 353,950 | 87,892 |
Notes payable | 500,000 | ' |
Total current liabilities | 3,299,107 | 1,300,942 |
Commitments and contingencies | ' | ' |
Stockholders' equity (deficit): | ' | ' |
Common stock; $0.0001 par value: 100,000,000 shares authorized; 24,936,833 and 24,761,832 shares outstanding as of December 31, 2013 and 2012, respectively | 2,494 | 2,476 |
Additional paid-in capital | 20,836,811 | 20,494,792 |
Accumulated deficit | -23,881,370 | -20,492,278 |
Total stockholders' equity (deficit) | -3,042,065 | 4,990 |
Total liabilities and stockholders' equity (deficit) | $257,042 | $1,305,932 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Balance Sheets [Abstract] | ' | ' |
Receivables, allowance for doubtful accounts | $28,800 | $28,800 |
Common stock, par value (in Dollars per Share) | $0.00 | $0.00 |
Common stock, shares authorized (in Shares) | 100,000,000 | 100,000,000 |
Common stock, shares outstanding (in Shares) | 24,936,833 | 24,761,832 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | 141 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Consolidated Statements of Operations [Abstract] | ' | ' | ' |
Grant revenues | $14,175 | $485,031 | $1,104,434 |
License fees and other revenues | 12,000 | ' | 294,900 |
Total operating revenues | 26,175 | 485,031 | 1,399,334 |
Cost of revenues | 4,800 | ' | 4,800 |
Gross profit | 21,375 | 485,031 | 1,394,534 |
Operating expenses: | ' | ' | ' |
Research and development | 1,827,533 | 2,089,321 | 12,800,425 |
General and administrative | 1,384,712 | 1,458,088 | 10,503,947 |
Total operating expenses | 3,212,245 | 3,547,409 | 23,304,372 |
Operating loss | -3,190,870 | -3,062,378 | -21,909,838 |
Other income (expense): | ' | ' | ' |
Interest income | ' | 4,274 | 187,616 |
Interest expense | -202,111 | -2,237 | -2,313,525 |
Other income, net | 3,889 | 2,501 | 154,377 |
Total other income (expense), net | -198,222 | 4,538 | -1,971,532 |
Loss before provision (benefit) for income taxes | -3,389,092 | -3,057,840 | -23,881,370 |
Provision (benefit) for income taxes | ' | ' | ' |
Net loss | ($3,389,092) | ($3,057,840) | ($23,881,370) |
Weighted average number of common shares outstanding - basic and diluted (in Shares) | 24,839,755 | 24,683,787 | ' |
Net loss per common share - basic and diluted (in Dollars per Share) | ($0.14) | ($0.12) | ' |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders’ Equity (Deficit) (USD $) | Total | Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Notes Receivable [Member] |
Series A1 Preferred Stock [Member] | Series A2 Preferred Stock [Member] | Series B Preferred Stock [Member] | ||||||
Balance, beginning of period at Mar. 28, 2002 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of period (in Shares) at Mar. 28, 2002 | ' | ' | ' | ' | ' | ' | ' | ' |
Recapitalization due to reverse merger | ' | ' | ' | ' | 260 | -260 | ' | ' |
Recapitalization due to reverse merger (in Shares) | ' | ' | ' | ' | 2,600,000 | ' | ' | ' |
Common stock issued at inception, $0.001 per share | 819 | ' | ' | ' | 82 | 737 | ' | ' |
Common stock issued at inception, $0.001 per share (in Shares) | ' | ' | ' | ' | 818,500 | ' | ' | ' |
Common stock issued for technology | 220 | ' | ' | ' | 22 | 198 | ' | ' |
Common stock issued for technology (in Shares) | ' | ' | ' | ' | 219,658 | ' | ' | ' |
Series A1 preferred stock issued for cash, $1.20 per share | 300,000 | 25 | ' | ' | ' | 299,975 | ' | ' |
Series A1 preferred stock issued for cash, $1.20 per share (in Shares) | ' | 250,000 | ' | ' | ' | ' | ' | ' |
Series A2 preferred stock issued for cash, $2.24 per share (net of issuance cost of $178,827) | 3,221,178 | ' | 152 | ' | ' | 3,221,026 | ' | ' |
Series A2 preferred stock issued for cash, $2.24 per share (net of issuance cost of $178,827) (in Shares) | ' | ' | 1,517,859 | ' | ' | ' | ' | ' |
Series A2 preferred stock issued for conversion of notes payable, including accrued interest of $29,692; $2.24 per share | 1,079,691 | ' | 48 | ' | ' | 1,079,643 | ' | ' |
Series A2 preferred stock issued for conversion of notes payable, including accrued interest of $29,692; $2.24 per share (in Shares) | ' | ' | 482,008 | ' | ' | ' | ' | ' |
Series B preferred stock issued for cash, $2.30 per share (net of issuance cost of $130,441) | 3,894,561 | ' | ' | 175 | ' | 3,894,386 | ' | ' |
Series B preferred stock issued for cash, $2.30 per share (net of issuance cost of $130,441) (in Shares) | ' | ' | ' | 1,750,002 | ' | ' | ' | ' |
Series B preferred stock issued for conversion of notes payable, including accrued interest of $369,427, $918; $2.30 per share | 4,094,428 | ' | ' | 178 | ' | 4,094,250 | ' | ' |
Series B preferred stock issued for conversion of notes payable, including accrued interest of $369,427 $2.30 per share (in Shares) | ' | ' | ' | 1,780,183 | ' | ' | ' | ' |
Exercise of series A2 preferred stock warrants for cash | 1,396 | ' | 1 | ' | ' | 1,395 | ' | ' |
Exercise of series A2 preferred stock warrants for cash (in Shares) | ' | ' | 13,952 | ' | ' | ' | ' | ' |
Exercise of options for cash | 9,800 | ' | ' | ' | 6 | 9,794 | ' | ' |
Exercise of options for cash (in Shares) | ' | ' | ' | ' | 63,901 | ' | ' | ' |
Proceeds from debt allocated to preferred stock warrants and beneficial conversion feature | 940,819 | ' | ' | ' | ' | 940,819 | ' | ' |
Stock-based compensation expense | 103,112 | ' | ' | ' | ' | 103,112 | ' | ' |
Exercise of options for notes receivable | ' | ' | ' | ' | 49 | 135,253 | ' | -135,302 |
Exercise of options for notes receivable (in Shares) | ' | ' | ' | ' | 491,144 | ' | ' | ' |
Net loss | -13,214,519 | ' | ' | ' | ' | ' | -13,214,519 | ' |
Balance, end of period at Dec. 31, 2008 | 431,505 | 25 | 201 | 353 | 419 | 13,780,328 | -13,214,519 | -135,302 |
Balance, end of period (in Shares) at Dec. 31, 2008 | ' | 250,000 | 2,013,819 | 3,530,185 | 4,193,203 | ' | ' | ' |
Stock-based compensation expense | 42,776 | ' | ' | ' | ' | 42,776 | ' | ' |
Net loss | -755,731 | ' | ' | ' | ' | ' | -755,731 | ' |
Balance, end of period at Dec. 31, 2009 | -281,450 | 25 | 201 | 353 | 419 | 13,823,104 | -13,970,250 | -135,302 |
Balance, end of period (in Shares) at Dec. 31, 2009 | ' | 250,000 | 2,013,819 | 3,530,185 | 4,193,203 | ' | ' | ' |
Series B preferred stock issued for cash, $2.30 per share | 1,246,008 | ' | ' | 54 | ' | 1,245,954 | ' | ' |
Series B preferred stock issued for cash, $2.30 per share (in Shares) | ' | ' | ' | 541,743 | ' | ' | ' | ' |
Series B preferred stock issued for conversion of notes payable, including accrued interest of $369,427, $918; $2.30 per share | 15,918 | ' | ' | 1 | ' | 15,917 | ' | ' |
Series B preferred stock issued for conversion of notes payable, including accrued interest of $369,427 $2.30 per share (in Shares) | ' | ' | ' | 6,921 | ' | ' | ' | ' |
Series B preferred stock issued for subscription receivable $2.30 per share | 10,000 | ' | ' | ' | ' | 10,000 | ' | ' |
Series B preferred stock issued for subscription receivable $2.30 per share (in Shares) | ' | ' | ' | 4,348 | ' | ' | ' | ' |
Exercise of series A2 preferred stock warrants for cash | 837 | ' | 1 | ' | ' | 836 | ' | ' |
Exercise of series A2 preferred stock warrants for cash (in Shares) | ' | ' | 8,371 | ' | ' | ' | ' | ' |
Stock-based compensation expense | 83,298 | ' | ' | ' | ' | 83,298 | ' | ' |
Net loss | -864,850 | ' | ' | ' | ' | ' | -864,850 | ' |
Balance, end of period at Dec. 31, 2010 | 209,761 | 25 | 202 | 408 | 419 | 15,179,109 | -14,835,100 | -135,302 |
Balance, end of period (in Shares) at Dec. 31, 2010 | ' | 250,000 | 2,022,190 | 4,083,197 | 4,193,203 | ' | ' | ' |
Series B preferred stock issued for services | 44,750 | ' | ' | 2 | ' | 44,748 | ' | ' |
Series B preferred stock issued for services (in Shares) | ' | ' | ' | 19,457 | ' | ' | ' | ' |
Stock-based compensation expense | 42,378 | ' | ' | ' | ' | 42,378 | ' | ' |
Value of warrants issued with bridge financing | 296,444 | ' | ' | ' | ' | 296,444 | ' | ' |
Conversion of preferred stock to commom stock in conjunction with reverse merger | ' | -25 | -202 | -410 | 1,379 | -742 | ' | ' |
Conversion of preferred stock to commom stock in conjunction with reverse merger (in Shares) | ' | -250,000 | -2,022,190 | -4,102,654 | 13,791,231 | ' | ' | ' |
Conversion of bridge notes to common stock in conjunction with reverse merger | 916,644 | ' | ' | ' | 92 | 916,552 | ' | ' |
Conversion of bridge notes to common stock in conjunction with reverse merger (in Shares) | ' | ' | ' | ' | 916,644 | ' | ' | ' |
Exchange of Q Therapeutics common stock for Q Holdings in conjunction with reverse merger | ' | ' | ' | ' | 185 | -135,487 | ' | 135,302 |
Exchange of Q Therapeutics common stock for Q Holdings in conjunction with reverse merger (in Shares) | ' | ' | ' | ' | 1,853,507 | ' | ' | ' |
Common stock issued for cash, $1.00 per share (net of issuance costs of $197,729) | 3,630,318 | ' | ' | ' | 383 | 3,629,935 | ' | ' |
Common stock issued for cash, $1.00 per share (net of issuance costs of $197,729) (in Shares) | ' | ' | ' | ' | 3,828,047 | ' | ' | ' |
Net loss | -2,599,338 | ' | ' | ' | ' | ' | -2,599,338 | ' |
Balance, end of period at Dec. 31, 2011 | 2,540,957 | ' | ' | ' | 2,458 | 19,972,937 | -17,434,438 | ' |
Balance, end of period (in Shares) at Dec. 31, 2011 | ' | ' | ' | ' | 24,582,632 | ' | ' | ' |
Exercise of options for cash | 1,800 | ' | ' | ' | 3 | 1,797 | ' | ' |
Exercise of options for cash (in Shares) | ' | ' | ' | ' | 32,451 | ' | ' | ' |
Common stock issued for services | 156,750 | ' | ' | ' | 15 | 156,735 | ' | ' |
Common stock issued for services (in Shares) | ' | ' | ' | ' | 156,749 | ' | ' | ' |
Warrants issued for services | 13,086 | ' | ' | ' | ' | 13,086 | ' | ' |
Stock-based compensation expense | 160,237 | ' | ' | ' | ' | 160,237 | ' | ' |
Common stock forfeited for loan default | ' | ' | ' | ' | -19 | 19 | ' | ' |
Common stock forfeited for loan default (in Shares) | ' | ' | ' | ' | -200,000 | ' | ' | ' |
Common stock issued for cash, $1.00 per share | 190,000 | ' | ' | ' | 19 | 189,981 | ' | ' |
Common stock issued for cash, $1.00 per share (in Shares) | ' | ' | ' | ' | 190,000 | ' | ' | ' |
Net loss | -3,057,840 | ' | ' | ' | ' | ' | -3,057,840 | ' |
Balance, end of period at Dec. 31, 2012 | 4,990 | ' | ' | ' | 2,476 | 20,494,792 | -20,492,278 | ' |
Balance, end of period (in Shares) at Dec. 31, 2012 | ' | ' | ' | ' | 24,761,832 | ' | ' | ' |
Common stock issued for services | 175,000 | ' | ' | ' | 18 | 174,982 | ' | ' |
Common stock issued for services (in Shares) | ' | ' | ' | ' | 175,001 | ' | ' | ' |
Warrants issued for services | 65,284 | ' | ' | ' | ' | 65,284 | ' | ' |
Stock-based compensation expense | 101,753 | ' | ' | ' | ' | 101,753 | ' | ' |
Net loss | -3,389,092 | ' | ' | ' | ' | ' | -3,389,092 | ' |
Balance, end of period at Dec. 31, 2013 | ($3,042,065) | ' | ' | ' | $2,494 | $20,836,811 | ($23,881,370) | ' |
Balance, end of period (in Shares) at Dec. 31, 2013 | ' | ' | ' | ' | 24,936,833 | ' | ' | ' |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Deficit) (Parenthetical) (USD $) | 81 Months Ended | 12 Months Ended | 81 Months Ended | 12 Months Ended | |||
Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2010 | Dec. 31, 2008 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 28, 2002 | |
Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | |
Series A1 Preferred Stock [Member] | Series A2 Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | ||||
Common stock issued at inception, price per share (in Dollars per Share) | ' | ' | ' | ' | ' | ' | $0.00 |
Stock issued for cash, price per share (in Dollars per Share) | $1.20 | $2.24 | $2.30 | $2.30 | $1 | $1 | ' |
Stock issued for cash, stock issuance cost | ' | $178,827 | ' | $130,441 | ' | $197,729 | ' |
Preferred stock issued for converstion of notes payable, accrued interest | ' | $29,692 | $918 | $369,427 | ' | ' | ' |
Preferred stock issued for conversion of notes payable, price per share (in Dollars per Share) | ' | $2.24 | $2.30 | $2.30 | ' | ' | ' |
Preferred stock issued for subscription receivable, price per share (in Dollars per Share) | ' | ' | $2.30 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | 141 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Cash flows from operating activities: | ' | ' | ' |
Net loss | ($3,389,092) | ($3,057,840) | ($23,881,370) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Depreciation and amortization | 11,847 | 18,242 | 403,494 |
Original debt discount | ' | ' | 450,000 |
Accretion of debt costs and beneficial conversion feature | 186,667 | ' | 1,423,930 |
Stock-based compensation | 101,753 | 160,237 | 533,554 |
Debt issued for services | ' | ' | 90,000 |
Common stock issued for services | 175,000 | 156,750 | 331,750 |
Preferred stock issued for services | ' | ' | 44,750 |
Warrants issued for services | 65,284 | 13,086 | 78,370 |
Provision for losses on receivables | ' | -26,518 | -43,677 |
Decrease (increase) in: | ' | ' | ' |
Receivables | 472,246 | -397,488 | 38,121 |
Prepaid expenses and other assets | 257 | -10,366 | -17,622 |
Increase (decrease) in: | ' | ' | ' |
Accounts payable and accrued liabilities | 1,232,107 | 1,111,657 | 2,844,276 |
Accrued compensation | 266,058 | -89,509 | 353,950 |
Net cash used in operating activities | -877,873 | -2,121,749 | -17,350,474 |
Cash flows from investing activities: | ' | ' | ' |
Purchase of property and equipment | -23,802 | -2,363 | -431,273 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of notes payable | 250,000 | ' | 5,507,562 |
Payments on short-term note payable | ' | -15,000 | -90,000 |
Issuance of preferred stock for cash | ' | ' | 8,671,747 |
Issuance of common stock for cash | ' | 190,000 | 3,821,137 |
Proceeds from exercise of common stock options | ' | 1,800 | 11,600 |
Proceeds from exercise of preferred stock warrants | ' | ' | 2,233 |
Net cash provided by financing activities | 250,000 | 176,800 | 17,924,279 |
Net (decrease) increase in cash | -651,675 | -1,947,312 | 142,532 |
Cash as of beginning of the period | 794,207 | 2,741,519 | ' |
Cash as of end of the period | 142,532 | 794,207 | 142,532 |
Supplemental disclosure of cash flow information: | ' | ' | ' |
Cash paid for interest | 1,009 | 2,237 | 8,680 |
Non cash financing activities: | ' | ' | ' |
Debt discount related to bridge financing | 250,000 | ' | 250,000 |
Supplemental disclosure of noncash investing and financing activities for the period from March 28, 2002 (date of inception) to December 31, 2013: | ' | ' | ' |
Common shares issued in exchange for technology (in Shares) | ' | ' | 219,658 |
Common shares issued in exhange for technology, value | ' | ' | 220 |
Debt discount related to preferred stock warrants issued with debt and the beneficial conversion feature | ' | ' | 1,237,263 |
Common stock retired (in Shares) | ' | ' | 200,000 |
Common stock retired, net impact on equity | ' | ' | 19 |
Series A1 Preferred stock converted to common stock [Member] | ' | ' | ' |
Conversion Of Stock [Line Items] | ' | ' | ' |
Conversion of stock, shares converted (in Shares) | ' | ' | 250,000 |
Series A2 Preferred stock converted to common stock [Member] | ' | ' | ' |
Conversion Of Stock [Line Items] | ' | ' | ' |
Conversion of stock, shares converted (in Shares) | ' | ' | 2,022,190 |
Series B Preferred stock converted to common stock [Member] | ' | ' | ' |
Conversion Of Stock [Line Items] | ' | ' | ' |
Conversion of stock, shares converted (in Shares) | ' | ' | 4,102,654 |
Common stock issued for preferred stock [Member] | ' | ' | ' |
Conversion Of Stock [Line Items] | ' | ' | ' |
Conversion of stock, shares issued (in Shares) | ' | ' | 13,791,231 |
Notes payable converted to Series A2 preferred stock [Member] | ' | ' | ' |
Debt Conversion [Line Items] | ' | ' | ' |
Debt conversion, original debt amount | ' | ' | 1,050,000 |
Accrued interest converted to Series A2 preferred stock [Member] | ' | ' | ' |
Debt Conversion [Line Items] | ' | ' | ' |
Debt conversion, original debt amount | ' | ' | 29,691 |
Notes payable converted to Series B preferred stock [Member] | ' | ' | ' |
Debt Conversion [Line Items] | ' | ' | ' |
Debt conversion, original debt amount | ' | ' | 3,740,000 |
Accrued interest converted to Series B preferred stock [Member] | ' | ' | ' |
Debt Conversion [Line Items] | ' | ' | ' |
Debt conversion, original debt amount | ' | ' | 370,346 |
Series B preferred stock issued for notes payable and accrued interest [Member] | ' | ' | ' |
Debt Conversion [Line Items] | ' | ' | ' |
Conversion of debt, shares issued (in Shares) | ' | ' | 1,787,104 |
Bridge notes payable converted to common stock [Member] | ' | ' | ' |
Debt Conversion [Line Items] | ' | ' | ' |
Debt conversion, original debt amount | ' | ' | 900,000 |
Accrued interest converted to common stock [Member] | ' | ' | ' |
Debt Conversion [Line Items] | ' | ' | ' |
Debt conversion, original debt amount | ' | ' | $16,644 |
Common stock issued for bridge notes payable and accrued interest [Member] | ' | ' | ' |
Debt Conversion [Line Items] | ' | ' | ' |
Conversion of debt, shares issued (in Shares) | ' | ' | 916,644 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2013 | |
Organization [Abstract] | ' |
Organization | ' |
1. Organization | |
Q Therapeutics, Inc. (Q Therapeutics) conducts its operations through its wholly owned subsidiary, Q Therapeutic Products, Inc. (Q Products), and its wholly owned subsidiary NeuroQ Research, Inc. (collectively, the Company.) Q Therapeutics is a Salt Lake City, Utah-based biopharmaceutical company that is developing human cell-based therapies intended to treat degenerative diseases of the brain and spinal cord, the primary components of the central nervous system (CNS). Q Products was incorporated in the state of Delaware on March 28, 2002 and merged with Q Acquisition, Inc., a Delaware corporation and a wholly owned subsidiary of Grace 2, Inc., on October 13, 2011. Grace 2 was incorporated on October 27, 2005. On November 2, 2011, Grace 2 changed its name to Q Holdings, Inc. and on December 10, 2012, it changed its name to Q Therapeutics, Inc. | |
The technology upon which these potential therapies is based was developed by Q Therapeutics’ co-founder Mahendra Rao, M.D., Ph.D., a leader in glial stem cell biology, during his tenure at the University of Utah and as Head of the Stem Cell Section in the Laboratory of Neuroscience at the National Institutes of Health (NIH) Institute of Aging. Dr. Rao was one of the first scientists to identify and seek patent coverage on stem cells and their progeny cells found in the CNS. After licensing Dr. Rao’s technology from the University of Utah and NIH, Q Therapeutics commenced operations in the spring of 2004 to develop cell-based therapeutics that can be sold as “off-the-shelf” pharmaceuticals. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Significant Accounting Policies [Abstract] | ' | ||||
Significant Accounting Policies | ' | ||||
2. Significant Accounting Policies | |||||
The Company has adopted the following significant accounting policies in preparing its consolidated financial statements: | |||||
Basis of Presentation and Consolidation | |||||
The accompanying consolidated financial statements have been prepared by management in accordance with U.S. generally accepted principles (US GAAP), and include all assets and liabilities of the Company and its wholly owned subsidiary, Q Therapeutic Products, Inc. All material transactions and balances have been eliminated. | |||||
Development Stage and Liquidity | |||||
For the period from March 28, 2002 (date of inception) through December 31, 2013, the Company has not generated significant revenues and has been developing its products. Therefore, the Company is considered to be in the development stage in accordance with the provisions of Accounting Standards Codification (ASC) Topic 915, Development Stage Entities. Cumulative amounts have been presented for the period from March 28, 2002 (date of inception) through December 31, 2013. The Company has been dependent on government grants and debt and equity raised from investors to sustain its operations. The Company expects to continue to fund operations through similar sources of debt and equity capital. Although management believes that its existing cash balances are sufficient to sustain operations through at least December 31, 2013, there can be no assurance that capital will be available on favorable terms or at all beyond that point. If it is unable to raise additional capital, the Company will likely be forced to curtail desired development activities, which will delay the development of its product candidates. The Company’s products have not been approved by the U.S. Food and Drug Administration (FDA) for commercial sale; therefore, the Company has not generated revenues from commercial therapeutic product sales. The Company has incurred losses and has negative cash flows from operating activities since inception. As of December 31, 2013, the Company had an accumulated deficit of $23,881,370 and negative stockholders’ equity of $3,042,065. | |||||
Between March 7 and April 14, 2014, the Company issued an aggregate of 4,420,530 shares of common stock and warrants to acquire 4,420,530 shares of the Company’s common stock in settlement of indebtedness of $2,408,030 and cash consideration of $2,012,500 (see Note 11). The warrants entitle the holders thereof to purchase up to an aggregate of 4,420,530 shares of common stock at an initial exercise price of $1.00 per share. The warrants are immediately exercisable and expire in no more than four years. | |||||
Use of Estimates | |||||
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the financial statements and the reported amounts of the revenues and expenses for the reporting periods. Accordingly, actual results could differ from those estimates. Key estimates include allowances for doubtful accounts receivable, useful lives for property and equipment, valuation allowances for net deferred income tax assets, and valuations for stock-based compensation awards. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. | |||||
Revenue Recognition and Grants Receivable | |||||
The Company periodically applies for research grants, generally as a sub-recipient to grants funded by government agencies through research universities. Grant revenues are recognized as associated expenses are incurred and are billed in conjunction with the terms of the grants. The Company records its grants receivable in accordance with the provisions of the grant agreements. The Company’s grants receivable are considered past due when payment has not been received within 30 days of the invoice date, although certain institutions customarily do not pay within these terms. The amounts of the specific allowances are estimated by management based on various assumptions including the age of the individual receivable, and changes in payment schedules and histories. Receivable balances are charged off against the allowance for doubtful accounts when management determines the probability of collection is remote. Recoveries of receivables previously charged off are recorded when payment is received. Revenue earned in 2013 was derived from two customers. The Company did not incur any losses relating to bad debts associated with grant revenue for the years ended December 31, 2013 and 2012. | |||||
In December 2012, the Company was notified of a sub-award as part of grant funding awarded to The Johns Hopkins University from the National Institute of Neurological Disorders and Stroke (NINDS) of the National Institutes of Health. The Company was notified of a sub-award for the 2012-2013 grant plan year for $631,383, of which the Company received $491,977 and the balance was paid directly to a third party supplier. As of December 31, 2013 and 2012, $5,667 and $477,802, respectively, is included in the grants receivable balance. | |||||
Concentration of Suppliers | |||||
The Company has entered into agreements with outside research facilities to assist in the clinical research, monitoring, and reporting of its pilot and clinical studies. In some instances, the Company is dependent upon a single supplier. The loss of key suppliers could have a material adverse effect upon the Company’s operations by interrupting or delaying the progress or completion of the Company’s clinical trials. | |||||
For the year ended December 31, 2013, one supplier accounted for approximately 60% of the Company’s research and development purchases. | |||||
Property and Equipment | |||||
Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated using the straight-line method over the estimated economic useful lives of the assets as follows: | |||||
Lab equipment | 5 years | ||||
Computers and software | 3 years | ||||
Leasehold improvements | 7 years | ||||
Office equipment and furniture | 3 years | ||||
Expenditures that materially increase values or capacities or extend useful lives of property and equipment are capitalized. Routine maintenance and repairs are expensed as incurred. Upon sale or other retirement of depreciable property, the cost and accumulated depreciation are removed from the related accounts and any gain or loss is reflected in the statements of operations. | |||||
Impairment of Long-Lived Assets | |||||
The Company reviews its property and equipment, and other long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may be impaired. Management does not consider any of the Company’s assets to be impaired as of December 31, 2013 and 2012. | |||||
Leases | |||||
Subsequent to year-end, the Company is leasing its office and research facility on a month-to-month basis. Management expects to enter into a longer term lease in the near future. If rent escalations in the new lease are material, the Company will record the total rent payable during the lease term on a straight-line basis over the term of the lease. The Company will record any difference between the rent paid and the straight-line rent as a deferred rent liability. | |||||
Stock-Based Compensation | |||||
The Company calculates the estimated fair value of its stock options and warrants on the grant date using the Black-Scholes option-pricing model. The Company recognizes stock-based compensation expense as services are provided, which is generally over the vesting period of the individual equity instruments. Expense related to stock options issued in lieu of cash to non-employees for services performed are measured at the fair value of the options on the date they are earned and the related expense is recognized as services are provided. | |||||
The volatility assumption used in the Black-Scholes option-pricing model is based on the volatility of publicly traded companies in the same industry segment as the Company. The expected lives of the options and warrants granted represent the periods of time that the options granted are expected to be outstanding. The risk free rates for periods within the contractual lives of the options and warrants are based on the U.S. Treasury securities constant maturity rate that corresponds to the expected terms in effect at the time of grant. Stock compensation expense recorded by the Company was $101,753 and $160,237 for the years ended December 31, 2013 and 2012, respectively, and is included in general and administrative expense in the statements of operations. | |||||
Income Taxes | |||||
The Company is a C corporation and federal and state income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in net income (loss) in the period that includes the enactment date. | |||||
Uncertain Tax Positions | |||||
The Company recognizes the financial statement amount of an uncertain tax position only after considering the probability that a tax authority would sustain the position in an examination. For tax positions meeting a “more likely-than-not” threshold, the amount recognized in the financial statements is the amount expected to be realized upon settlement with the tax authority. For tax positions not meeting the threshold, no financial statement benefit is recognized. The Company recognizes interest and penalties, if any, related to uncertain tax positions as general and administrative expenses. The Company currently has no federal or state examinations in progress. The Company’s tax years subject to federal and state tax examination are 2010, 2011, 2012 and 2013. | |||||
Research and Development Costs | |||||
Research and development (R&D) costs, including research performed under contract by third parties, are expensed as incurred. Major components of R&D expenses consist of personnel costs including salaries and benefits, outside research services, consulting fees, lab supplies and materials, license fees, and facility-related expenses. R&D expenses recorded by the Company were $1,827,533 and $2,089,321 for the years ended December 31, 2013 and 2012, respectively. Since its inception, the Company has incurred total R&D expenses of $12,800,425. | |||||
Net Loss Per Common Share | |||||
Basic net income or loss per common share (Basic EPS) is computed by dividing net income or loss by the weighted average number of common shares outstanding. Diluted net income or loss per common share (Diluted EPS) is computed by dividing net income or loss by the sum of the weighted average number of common shares outstanding and the dilutive potential common share equivalents then outstanding. Potential dilutive common share equivalents consist of shares issuable upon the exercise of outstanding stock options and warrants to acquire common stock. | |||||
Due to the fact that for all periods presented, the Company has incurred net losses, potential dilutive common share equivalents as of December 31, 2013 and 2012, totaling 16,169,958 and 15,844,958, respectively, are not included in the calculation of Diluted EPS because they are anti-dilutive. Therefore, basic loss per common share is the same as diluted loss per common share for the years ended December 31, 2013 and 2012. | |||||
Recent Accounting Pronouncements | |||||
The Company has reviewed all accounting pronouncements that were effective during 2013 and does not believe any of those pronouncements modified its financial reporting. Additionally, the Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of those pronouncements will have a material impact on the Company’s financial position, results of operations or liquidity. | |||||
Subsequent Events | |||||
The Company has evaluated all subsequent events through the issuance date of the financial statements. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property and Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
3. Property and Equipment | |||||||||
Property and equipment consist of the following: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Lab equipment | $ | 321,172 | $ | 299,876 | |||||
Computers and software | 67,739 | 65,234 | |||||||
Leasehold improvements | 38,934 | 38,934 | |||||||
Office equipment and furniture | 3,647 | 3,647 | |||||||
431,492 | 407,691 | ||||||||
Less accumulated depreciation and amortization | (403,493 | ) | (391,647 | ) | |||||
Property and equipment, net | $ | 27,999 | $ | 16,044 | |||||
Depreciation and amortization expense for the years ended December 31, 2013 and 2012 was $11,846 and $18,242, respectively. |
Accrued_Compensation
Accrued Compensation | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accrued Compensation [Abstract] | ' | ||||||||
Accrued Compensation | ' | ||||||||
4. Accrued Compensation | |||||||||
Accrued compensation consists of the following: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Accrued wages | $ | 278,393 | $ | 17,046 | |||||
Accrued vacation expense | 75,557 | 70,846 | |||||||
Total accrued compensation | $ | 353,950 | $ | 87,892 | |||||
Accrued wages consists primarily of salaries and related employment taxes resulting from the decision in March 2013 by certain of the Company’s executives to defer part, if not all, of their salaries until additional funding is obtained. |
Notes_Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2013 | |
Notes Payable [Abstract] | ' |
Notes Payable | ' |
5. Notes Payable | |
Between August 12 and September 30, 2013, the Company received $250,000 in cash proceeds resulting from a bridge financing by a group of note holders, some of which were also considered affiliates, as evidenced by promissory notes. The notes were issued at 50% of face value, bear interest at a rate of 8% per annum, and matured beginning February 5, 2014. Notes payable as of December 31, 2013 were $500,000. Additionally, the Company has recorded interest relating to the notes of $201,102, of which almost all pertains to the amortization of the debt discount with $63,333 to be amortized over the remaining term of the note. As of December 31, 2013, no payments towards principal or interest had been made. | |
In February 2014, the largest note holder agreed to extend the maturity date for its $400,000 note for an additional 180 days, in exchange for certain call right language being removed from warrants the note holder acquired in 2011. On March 7, 2014, one of the notes totaling $104,000, including interest, was converted into equity at a rate of one unit per dollar consisting of one share of common stock and one warrant to purchase one share of common stock. | |
The effective interest rate related to this financing is approximately 156%. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Taxes [Abstract] | ' | ||||||||
Income Taxes | ' | ||||||||
6. Income Taxes | |||||||||
The benefit for income taxes differs from the amount computed at federal statutory rates as follows for the years ended December 31: | |||||||||
2013 | 2012 | ||||||||
Federal income tax at statutory rates | $ | (1,152,292 | ) | $ | (1,039,665 | ) | |||
State income tax at statutory rates | (108,575 | ) | (97,234 | ) | |||||
Research and development credits | (161,935 | ) | (67,011 | ) | |||||
Change in valuation allowance | 1,389,156 | 1,165,081 | |||||||
Other | 33,646 | 38,829 | |||||||
$ | — | $ | — | ||||||
Significant components of the Company’s deferred income tax assets (liabilities) are as follows as of December 31: | |||||||||
2013 | 2012 | ||||||||
Current: | |||||||||
Accruals and reserves | $ | 140,274 | $ | 37,168 | |||||
Non-qualified stock options and other | — | — | |||||||
Change in valuation allowance | (140,274 | ) | (37,168 | ) | |||||
$ | — | $ | — | ||||||
Long-term: | |||||||||
Net operating loss carryforwards | $ | 8,064,635 | $ | 6,952,741 | |||||
Depreciation and amortization | (358 | ) | 271 | ||||||
Non-qualified stock options and other | 70,605 | 69,072 | |||||||
Research and development credits | 794,750 | 621,497 | |||||||
Valuation allowance | (8,929,632 | ) | (7,643,581 | ) | |||||
$ | — | $ | — | ||||||
As of December 31, 2013, the Company had net operating loss (NOL) carryforwards available to offset future taxable income, if any, of approximately $21,621,000, which will begin to expire in 2022. | |||||||||
The Company has research and development credits totaling $794,750 available for offset against future federal income tax, if any. The credits begin to expire in 2022. | |||||||||
The utilization of the NOL carryforwards is subject to annual limitations under Section 382 of the Internal Revenue Code. Section 382 imposes limitations on a corporation’s ability to utilize its NOL carryforwards if it experiences an “ownership change.” In general terms, an ownership change results from transactions increasing the ownership of certain stockholders in the stock of a corporation by more than 50% over a three-year period. | |||||||||
The Company has concluded that there are no significant uncertain tax positions requiring disclosure. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Stockholders' Equity [Abstract] | ' | ||||||||||||||||
Stockholders' Equity | ' | ||||||||||||||||
7. Stockholders’ Equity | |||||||||||||||||
Common Stock | |||||||||||||||||
As of December 31, 2013, the Company is authorized to issue 100,000,000 shares of common stock, of which 24,936,833 shares were outstanding. In addition, 836,667 shares of common stock have been reserved for issuance pursuant to the Company’s 2011 Stock Incentive Plan, as amended, as well as to permit the exercise in full of all outstanding warrants. | |||||||||||||||||
Holders of shares of common stock are entitled to cast one vote for each share held at all stockholders’ meetings for all purposes, including the election of directors. The common stock does not have cumulative voting rights. | |||||||||||||||||
Preferred Stock | |||||||||||||||||
As of December 31, 2013, the Company was authorized to issue 10,000,000 shares of preferred stock; however, no shares of preferred stock have been issued to date | |||||||||||||||||
Stock Options | |||||||||||||||||
2002 Stock Option Plan | |||||||||||||||||
In April 2002, the Q Therapeutics’ Board of Directors approved the Q Therapeutics 2002 Stock Incentive Plan (the 2002 Plan) and in February 2003, the holders of a majority of the outstanding voting capital stock of Q Therapeutics approved the 2002 Plan. The 2002 Plan permits the grant of incentive stock options, non-qualified stock options and restricted stock. | |||||||||||||||||
All but 228,472 options available for award under the 2002 Plan have been granted. By Board authorization on December 6, 2011, the Board added the 228,472 shares available but unissued pursuant to the 2002 Plan to the authorized/reserved option pool for the 2011 Plan (discussed below). As of December 31, 2013, 2,975,440 options were outstanding and issued under the 2002 Plan. | |||||||||||||||||
2011 Equity Incentive Compensation Plan | |||||||||||||||||
In connection with the Merger, on October 13, 2011, the Board of Directors and stockholders approved the Q Holdings 2011 Equity Incentive Compensation Plan (the 2011 Plan). Subject to the provisions of the 2011 Plan, a designated committee (Committee) of the Board of Directors (or if none, the Board) may, from time to time, in its sole discretion select from among eligible employees, non-employee directors and consultants those to whom awards shall be granted under the 2011 Plan, and shall determine in its discretion the nature, terms, conditions and amount of each award, subject to the terms of the 2011 Plan. The term of the 2011 Plan commenced on October 13, 2011 (the Effective Date) and remains in effect, subject to the right of the Committee or the Board to amend or terminate the 2011 Plan at any time pursuant to the 2011 Plan, until the earlier of (i) the tenth anniversary of the Effective Date, or (ii) all shares subject to the 2011 Plan have been purchased or acquired according to the 2011 Plan’s provisions. | |||||||||||||||||
The 2011 Plan initially provided for a reservation pool of up to 1,500,000 shares of common stock reserved for issuance pursuant to the 2011 Plan. By Board authorization on December 6, 2011, the Board voted to add the remaining 228,472 shares available but unissued pursuant to the 2002 Plan to the authorized/reserved option pool for the 2011 Plan, bringing the 2011 Plan pool to 1,728,472 shares of common stock reserved for issuance pursuant to the 2011 Plan. Additionally, the Board also resolved to roll over all forfeited or expired awards made under the 2002 Plan into the 2011 Plan. | |||||||||||||||||
On December 18, 2012, the Board of Directors approved, subject to stockholder approval, the addition of 3,000,000 shares to the 2011 Plan. On May 6, 2013, stockholders representing 69% of the issued and outstanding voting and common stock of the Company accepted the Board of Directors’ recommendation and provided their written consent to approve the additional 3,000,000 shares under the Plan, increasing the number of shares from 1,877,529 to 4,877,529 shares. As of December 31, 2013, 890,000 options had been issued under the 2011 Plan with 3,987,529 options available for future grant. | |||||||||||||||||
The following sets forth the outstanding common stock options and related activity for the years ended December 31, 2013 and 2012: | |||||||||||||||||
Weighted | |||||||||||||||||
Number | Weighted | Weighted | Average | ||||||||||||||
of | Average | Average | Remaining | ||||||||||||||
Options | Grant Date | Exercise | Contractual | ||||||||||||||
Outstanding | Fair Value | Price | Life (Years) | ||||||||||||||
Outstanding as of December 31, 2011 | 3,156,948 | $ | 0.1 | $ | 0.14 | 7.23 | |||||||||||
Granted | 890,000 | 0.62 | 1 | ||||||||||||||
Exercised | (32,451 | ) | 0.1 | 0.06 | |||||||||||||
Forfeited | (149,057 | ) | 0.1 | 0.08 | |||||||||||||
Outstanding as of December 31, 2012 | 3,865,440 | 0.22 | 0.34 | 6.94 | |||||||||||||
Granted | — | — | — | ||||||||||||||
Exercised | — | — | — | ||||||||||||||
Forfeited | — | — | — | ||||||||||||||
Outstanding as of December 31, 2013 | 3,865,440 | $ | 0.22 | $ | 0.34 | 6.06 | |||||||||||
Exercisable options as of December 31, 2012 | 3,175,803 | $ | 0.14 | $ | 0.21 | 6.55 | |||||||||||
Vested during the year ended December 31, 2012 | 517,254 | 0.35 | 0.58 | ||||||||||||||
Vested and expected to vest at December 31, 2012 | 3,693,029 | 0.21 | 0.31 | ||||||||||||||
Non-vested options at December 31, 2012 | 689,637 | 0.58 | 0.94 | ||||||||||||||
Exercisable options as of December 31, 2013 | 3,441,273 | 0.17 | 0.26 | 5.72 | |||||||||||||
Vested during the year ended December 31, 2013 | 265,470 | 0.53 | 0.85 | ||||||||||||||
Vested and expected to vest at December 31, 2013 | 3,813,747 | 0.33 | 0.33 | ||||||||||||||
Non-vested options at December 31, 2013 | 206,772 | 0.62 | 1 | ||||||||||||||
The Company determines the expected term of its stock option awards by using the simplified method, which assumes each vesting tranche of the award has a term equal to the midpoint between when the award vests and when the award expires. Expected volatility is calculated by weighting the stock price of similar industry public companies equivalent to the expected term of each grant. The risk-free interest rate for the expected term of each option granted is based on the U.S. Treasury securities rate in effect at the time of the grant with the period that approximates the expected term of the option. | |||||||||||||||||
For the year ended December 31, 2013, the Company did not grant any options. However, as of December 31, 2013, 836,667 options to purchase common stock had been reserved for grants that have not been issued. | |||||||||||||||||
The aggregate intrinsic value of outstanding stock options and the aggregate intrinsic value of outstanding exercisable stock options as of December 31, 2013, was $2,549,625. No stock options were exercised during 2013. The aggregate intrinsic value of outstanding stock options and the aggregate intrinsic value of outstanding exercisable stock options as of December 31, 2012 was $2,549,625 and $2,510,883, respectively. The aggregate intrinsic value of stock options exercised as of December 31, 2012 was $30,651. | |||||||||||||||||
Stock-based compensation for the years ended December 31, 2013 and 2012 was $101,753 and $160,237, respectively. As of December 31, 2013, the Company had $194,485 of unrecognized stock-based compensation expense related to non-vested awards that will be recognized over a weighted average period of 2.02 years. | |||||||||||||||||
Warrants | |||||||||||||||||
The following summarizes information about stock warrants as of December 31, 2013, all of which are exercisable: | |||||||||||||||||
Weighted | Weighted | ||||||||||||||||
Average | Average | ||||||||||||||||
Number | Exercise | Remaining | |||||||||||||||
of | Price | Life | Intrinsic | ||||||||||||||
Warrants | Per Share | in Years | Value | ||||||||||||||
Outstanding as of December 31, 2011 | 11,560,518 | $ | 1.39 | 6.51 | $ | 216,710 | |||||||||||
Granted | 419,000 | 1.49 | — | — | |||||||||||||
Exercised | — | — | — | — | |||||||||||||
Forfeited | — | — | — | — | |||||||||||||
Outstanding as of December 31, 2012 | 11,979,518 | 1.4 | 5.52 | 216,710 | |||||||||||||
Granted | 325,000 | 1.77 | — | — | |||||||||||||
Exercised | — | — | — | — | |||||||||||||
Forfeited | — | — | — | — | |||||||||||||
Outstanding and exercisable as of December 31, 2013 | 12,304,518 | $ | 1.41 | 4.44 | $ | 216,710 | |||||||||||
The following table presents information related to outstanding stock warrants as of December 31, 2013, all of which are exercisable: | |||||||||||||||||
Warrants Outstanding and Exercisable | |||||||||||||||||
Weighted Average | |||||||||||||||||
Number of | Remaining Life in | ||||||||||||||||
Exercise Price | Warrants | Years | |||||||||||||||
$0.05 | 132,797 | 1.1 | |||||||||||||||
0.53 | 192,242 | 1.1 | |||||||||||||||
1 | 5,844,691 | 4.9 | |||||||||||||||
1.01 | 75,000 | 4.6 | |||||||||||||||
1.04 | 823,347 | 1.1 | |||||||||||||||
1.2 | 41,750 | 3 | |||||||||||||||
1.25 | 62,500 | 1 | |||||||||||||||
1.75 | 62,500 | 1.3 | |||||||||||||||
2 | 4,944,691 | 4.9 | |||||||||||||||
2.25 | 62,500 | 1.5 | |||||||||||||||
2.75 | 62,500 | 1.8 | |||||||||||||||
12,304,518 | 4.4 | ||||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
8. Commitments and Contingencies | |
Employee Agreements | |
The Company has entered into employment and proprietary rights agreements with all of its employees. These agreements stipulate that employment is on an at-will basis and outline salary, benefits, non-disclosure of confidential information, restrictions and assignment of intellectual property to the Company. | |
The Company has employment agreements with its CEO and CFO that specify compensation as salary, benefits and vacation. These agreements address severance for termination of employment and the provisions should a change of control occur. | |
License and Royalty Agreements | |
The Company has entered into an exclusive license agreement with a university, where the Company has obtained certain intellectual property from the university to commercialize, produce, manufacture, use and sell the patent rights. The Company is required to pay the university a contractual dollar amount for each new investigational drug application filed with the Food and Drug Administration (FDA) using the licensed intellectual property. Should the Company receive cash payments from licensing revenue during human trial research, the Company is required to pay 10% of all net licensing revenue (but not including payments for product development activities or equity purchases) to the university up to a certain maximum amount. The Company is also required to pay an amount upon New Drug Application (NDA) approval. The NDA approval occurs when the FDA has approved all prior drug testing and allows a new drug to go to market. Once the Company has an NDA, the Company must pay the university a royalty of 2% of net sales up to a certain dollar amount, 2.5% of net sales in excess of that amount of human therapeutics, and a royalty of 5% of net sales on any services. If the Company sublicenses the intellectual property, then the Company must pay the university in accordance with the provisions of the agreement. | |
In September 2012, the Company entered into two separate license agreements with one company (the licensor) whereby the Company has been granted two non-exclusive sub-licenses to make, have made or use the licensor’s intellectual technology. Each license agreement required an initial payment of $85,000, as well as an annual license fee of $5,000 per year. Additionally, the agreement allows the Company to purchase product on a per unit basis. No purchase commitments have been entered into at this time. The term of the license agreements is consistent with the term of the life of the patents. | |
Collaborative Arrangements | |
From time to time, the Company enters into collaborative arrangements for research and development, manufacture and/or commercialization of product and product candidates. These collaborations can provide for non-refundable, upfront license fees, R&D and commercial performance milestones, cost sharing, and royalty payments. The Company’s collaboration agreements with outside parties are performed on a “best efforts” basis with no guarantees of success. | |
In September 2013, the Company executed an agreement to acquire a non-exclusive, worldwide, perpetual, royalty free technology license. In consideration, the Company issued 100,000 shares of the Company’s common stock. Should the Company sublicense the technology to a third party, the Company is required to compensate the licensor 10% of the upfront fees. The agreement is in place for 10 years from the effective date of the agreement or the life of the patents, whichever is longer. | |
Right of First Negotiation | |
The Company had granted a stockholder a right of first negotiation to license certain technology of the Company related to Q-Cells. In accordance with the terms of the agreement, the right of first negotiation expired in January 2014. | |
Supplier Agreements | |
In March 2010, the Company entered into a service agreement with an outside research firm to support the Company’s submission of an investigational new drug application (IND) to the FDA. As part of this commitment, the Company was provided financing terms by the supplier which included partial payments of invoices, with remaining balances rolled into a convertible note payable accruing interest at 8% for the first 36 months and increasing to 10% for the 24 months thereafter. A provision in the note provided the supplier the right and option at any time prior to payment of the note to convert all or any portion of the outstanding balance into shares of the Company’s Series B preferred stock. As a result of the merger in October 2011, the Company eliminated its Series B preferred instruments and converted all outstanding shares to the Company’s common stock. | |
In November 2012, the Company and the supplier amended the terms of their original agreement via a Letter of Understanding (LOU) and increased the total purchase commitment with the supplier to approximately $2,600,000 with an expected completion by December 31, 2013. As the Company no longer has Series B preferred stock, the amendment provided the Company with the option of paying part of its commitment with cash or with shares of common stock. Upon conclusion of the supplier’s final project report, any outstanding balance was to be converted into a note payable accruing interest at 8% until July 31, 2015. Any outstanding amounts thereafter were to accumulate interest at 10% through March 31, 2016. | |
On March 7, 2014, the Company resolved its indebtness to this supplier by issuing 2,185,330 shares of common stock and a warrant to purchase 2,185,330 shares of common stock, effectively terminating the option of an outstanding balance converting into a note payable. | |
Advisory Agreements | |
On October 1, 2012, the Company entered into an agreement with an investor relations firm. In lieu of cash, the firm received 100,000 shares of restricted stock for services rendered from October 2012 through December 31, 2013. Additionally, 250,000 warrants were granted from January 1, 2013 through October 1, 2013 with exercise prices varying between $1.25 and $2.75. | |
In February 2013, the Company entered into an agreement to engage a financial advisory firm for a minimum term of six months. The agreement was revised in May 2013. The financial advisory firm is entitled to a commission equal to 7% of the total proceeds raised by the Company from its financing efforts payable in cash; and if warrants are issued as part of the placement of securities, an issuance of warrants equivalent to 1% of the aggregate number of warrants purchased in the offering, collectively not to exceed 8%. Additionally, the Company shall reimburse reasonable out-of-pocket expenses. To date, no such placement has occurred. | |
In July 2013, the Company entered into a business consulting services agreement effective through December 31, 2015. Under the agreement, the Company issued a warrant to purchase 75,000 shares of common stock at a strike price of $1.01 per share, with a five-year life and a cashless exercise option. The business consulting firm is entitled to receive additional warrants for up to 100,000 shares of common stock with similar terms. | |
Operating Leases | |
The Company leases its research and office facility under an operating lease, which expired March 31, 2013. The Company expects to renew the lease and is in negotiations with the landlord. Terms of the lease have not yet been finalized; and therefore, no minimum future obligations exist, and the arrangement is month-to-month. | |
Lease expense under operating leases was $152,098 and $150,528 for the years ended December 31, 2013 and 2012, respectively. |
Benefit_Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2013 | |
Benefit Plans [Abstract] | ' |
Benefit Plans | ' |
9. Benefit Plan | |
The Company sponsors a defined contribution 401(k) retirement plan (the Plan). Employees who are 18 years of age or older are eligible to participate in the Plan. Employees may elect to contribute to the Plan up to 100% of their annual compensation, up to the maximum amount allowed by the Internal Revenue Service. | |
The Company may elect to match part of the employee’s contribution, make a profit sharing contribution, or a non-qualified contribution at its discretion. The Company elected to make a contribution of $15,144 and $9,482 to the Plan for the years ended December 31, 2013 and 2012, respectively. |
RelatedParty_Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related-Party Transactions | ' |
10. Related-Party Transactions | |
Between August 12 and September 30, 2013, the Company received $250,000 in cash proceeds resulting from a bridge financing by a group of note holders, which included both an officer and an affiliate. The officer has since transferred ownership to the affiliate. | |
On October 13, 2011, the Company issued promissory notes receivable to two minority stockholders that totaled $31,968. The notes bore interest at 8% per year and matured on December 31, 2011. In the event that the notes were not paid upon maturity, the interest rate increased to 15% per year and the stockholders forfeited 16,667 shares of their common stock per month, up to 200,000 shares, until the notes were paid in full. During 2012, the Company received total payments of $7,988 of which $5,941 was applied towards principal and $2,047 to interest. As of December 31, 2012, the amount owed was $28,800 of which $2,215 related to interest and all 200,000 shares of common stock had been forfeited by the owners and returned to the Company. As collection is not probable, an allowance has been provided against the full amount of the notes receivable. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
11. Subsequent Events | |
Between March 7 and April 14, 2014, the Company issued an aggregate of 4,420,530 shares of common stock and warrants to acquire 4,420,530 shares of the Company’s common stock in settlement of indebtedness of $2,408,030 and cash consideration of $2,012,500. The warrants entitle the holders thereof to purchase up to an aggregate of 4,420,530 shares of common stock at an initial exercise price of $1.00 per share. The warrants are immediately exerciseable. | |
On March 17, 2014, the Company executed an agreement to acquire certain technology. To date, 10,000 shares of common stock have been issued in lieu of cash compensation. The Company also granted the licensor a non-exclusive license to the Company’s technology to sell a product for non-therapeutic research use in exchange for a 5% royalty on sales. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Significant Accounting Policies [Abstract] | ' | ||||
Basis of Presentation and Consolidation, Policy | ' | ||||
Basis of Presentation and Consolidation | |||||
The accompanying consolidated financial statements have been prepared by management in accordance with U.S. generally accepted principles (US GAAP), and include all assets and liabilities of the Company and its wholly owned subsidiary, Q Therapeutic Products, Inc. All material transactions and balances have been eliminated. | |||||
Development Stage and Liquidity, Policy | ' | ||||
Development Stage and Liquidity | |||||
For the period from March 28, 2002 (date of inception) through December 31, 2013, the Company has not generated significant revenues and has been developing its products. Therefore, the Company is considered to be in the development stage in accordance with the provisions of Accounting Standards Codification (ASC) Topic 915, Development Stage Entities. Cumulative amounts have been presented for the period from March 28, 2002 (date of inception) through December 31, 2013. The Company has been dependent on government grants and debt and equity raised from investors to sustain its operations. The Company expects to continue to fund operations through similar sources of debt and equity capital. Although management believes that its existing cash balances are sufficient to sustain operations through at least December 31, 2013, there can be no assurance that capital will be available on favorable terms or at all beyond that point. If it is unable to raise additional capital, the Company will likely be forced to curtail desired development activities, which will delay the development of its product candidates. The Company’s products have not been approved by the U.S. Food and Drug Administration (FDA) for commercial sale; therefore, the Company has not generated revenues from commercial therapeutic product sales. The Company has incurred losses and has negative cash flows from operating activities since inception. As of December 31, 2013, the Company had an accumulated deficit of $23,881,370 and negative stockholders’ equity of $3,042,065. | |||||
Between March 7 and April 14, 2014, the Company issued an aggregate of 4,420,530 shares of common stock and warrants to acquire 4,420,530 shares of the Company’s common stock in settlement of indebtedness of $2,408,030 and cash consideration of $2,012,500 (see Note 11). The warrants entitle the holders thereof to purchase up to an aggregate of 4,420,530 shares of common stock at an initial exercise price of $1.00 per share. The warrants are immediately exercisable and expire in no more than four years. | |||||
Use of Estimates, Policy | ' | ||||
Use of Estimates | |||||
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the financial statements and the reported amounts of the revenues and expenses for the reporting periods. Accordingly, actual results could differ from those estimates. Key estimates include allowances for doubtful accounts receivable, useful lives for property and equipment, valuation allowances for net deferred income tax assets, and valuations for stock-based compensation awards. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. | |||||
Revenue Recognition and Grants Receivable, Policy | ' | ||||
Revenue Recognition and Grants Receivable | |||||
The Company periodically applies for research grants, generally as a sub-recipient to grants funded by government agencies through research universities. Grant revenues are recognized as associated expenses are incurred and are billed in conjunction with the terms of the grants. The Company records its grants receivable in accordance with the provisions of the grant agreements. The Company’s grants receivable are considered past due when payment has not been received within 30 days of the invoice date, although certain institutions customarily do not pay within these terms. The amounts of the specific allowances are estimated by management based on various assumptions including the age of the individual receivable, and changes in payment schedules and histories. Receivable balances are charged off against the allowance for doubtful accounts when management determines the probability of collection is remote. Recoveries of receivables previously charged off are recorded when payment is received. Revenue earned in 2013 was derived from two customers. The Company did not incur any losses relating to bad debts associated with grant revenue for the years ended December 31, 2013 and 2012. | |||||
In December 2012, the Company was notified of a sub-award as part of grant funding awarded to The Johns Hopkins University from the National Institute of Neurological Disorders and Stroke (NINDS) of the National Institutes of Health. The Company was notified of a sub-award for the 2012-2013 grant plan year for $631,383, of which the Company received $491,977 and the balance was paid directly to a third party supplier. As of December 31, 2013 and 2012, $5,667 and $477,802, respectively, is included in the grants receivable balance. | |||||
Concentration of Suppliers, Policy | ' | ||||
Concentration of Suppliers | |||||
The Company has entered into agreements with outside research facilities to assist in the clinical research, monitoring, and reporting of its pilot and clinical studies. In some instances, the Company is dependent upon a single supplier. The loss of key suppliers could have a material adverse effect upon the Company’s operations by interrupting or delaying the progress or completion of the Company’s clinical trials. | |||||
For the year ended December 31, 2013, one supplier accounted for approximately 60% of the Company’s research and development purchases. | |||||
Property and Equipment, Policy | ' | ||||
Property and Equipment | |||||
Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated using the straight-line method over the estimated economic useful lives of the assets as follows: | |||||
Lab equipment | 5 years | ||||
Computers and software | 3 years | ||||
Leasehold improvements | 7 years | ||||
Office equipment and furniture | 3 years | ||||
Expenditures that materially increase values or capacities or extend useful lives of property and equipment are capitalized. Routine maintenance and repairs are expensed as incurred. Upon sale or other retirement of depreciable property, the cost and accumulated depreciation are removed from the related accounts and any gain or loss is reflected in the statements of operations. | |||||
Impairment of Long-Lived Assets, Policy | ' | ||||
Impairment of Long-Lived Assets | |||||
The Company reviews its property and equipment, and other long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may be impaired. Management does not consider any of the Company’s assets to be impaired as of December 31, 2013 and 2012. | |||||
Leases, Policy | ' | ||||
Leases | |||||
Subsequent to year-end, the Company is leasing its office and research facility on a month-to-month basis. Management expects to enter into a longer term lease in the near future. If rent escalations in the new lease are material, the Company will record the total rent payable during the lease term on a straight-line basis over the term of the lease. The Company will record any difference between the rent paid and the straight-line rent as a deferred rent liability. | |||||
Stock-Based Compensation, Policy | ' | ||||
Stock-Based Compensation | |||||
The Company calculates the estimated fair value of its stock options and warrants on the grant date using the Black-Scholes option-pricing model. The Company recognizes stock-based compensation expense as services are provided, which is generally over the vesting period of the individual equity instruments. Expense related to stock options issued in lieu of cash to non-employees for services performed are measured at the fair value of the options on the date they are earned and the related expense is recognized as services are provided. | |||||
The volatility assumption used in the Black-Scholes option-pricing model is based on the volatility of publicly traded companies in the same industry segment as the Company. The expected lives of the options and warrants granted represent the periods of time that the options granted are expected to be outstanding. The risk free rates for periods within the contractual lives of the options and warrants are based on the U.S. Treasury securities constant maturity rate that corresponds to the expected terms in effect at the time of grant. Stock compensation expense recorded by the Company was $101,753 and $160,237 for the years ended December 31, 2013 and 2012, respectively, and is included in general and administrative expense in the statements of operations. | |||||
Income Taxes, Policy | ' | ||||
Income Taxes | |||||
The Company is a C corporation and federal and state income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in net income (loss) in the period that includes the enactment date. | |||||
Uncertain Tax Positions, Policy | ' | ||||
Uncertain Tax Positions | |||||
The Company recognizes the financial statement amount of an uncertain tax position only after considering the probability that a tax authority would sustain the position in an examination. For tax positions meeting a “more likely-than-not” threshold, the amount recognized in the financial statements is the amount expected to be realized upon settlement with the tax authority. For tax positions not meeting the threshold, no financial statement benefit is recognized. The Company recognizes interest and penalties, if any, related to uncertain tax positions as general and administrative expenses. The Company currently has no federal or state examinations in progress. The Company’s tax years subject to federal and state tax examination are 2010, 2011, 2012 and 2013. | |||||
Research and Development Costs, Policy | ' | ||||
Research and Development Costs | |||||
Research and development (R&D) costs, including research performed under contract by third parties, are expensed as incurred. Major components of R&D expenses consist of personnel costs including salaries and benefits, outside research services, consulting fees, lab supplies and materials, license fees, and facility-related expenses. R&D expenses recorded by the Company were $1,827,533 and $2,089,321 for the years ended December 31, 2013 and 2012, respectively. Since its inception, the Company has incurred total R&D expenses of $12,800,425. | |||||
Net Loss Per Common Share, Policy | ' | ||||
Net Loss Per Common Share | |||||
Basic net income or loss per common share (Basic EPS) is computed by dividing net income or loss by the weighted average number of common shares outstanding. Diluted net income or loss per common share (Diluted EPS) is computed by dividing net income or loss by the sum of the weighted average number of common shares outstanding and the dilutive potential common share equivalents then outstanding. Potential dilutive common share equivalents consist of shares issuable upon the exercise of outstanding stock options and warrants to acquire common stock. | |||||
Due to the fact that for all periods presented, the Company has incurred net losses, potential dilutive common share equivalents as of December 31, 2013 and 2012, totaling 16,169,958 and 15,844,958, respectively, are not included in the calculation of Diluted EPS because they are anti-dilutive. Therefore, basic loss per common share is the same as diluted loss per common share for the years ended December 31, 2013 and 2012. | |||||
Recent Accounting Pronouncements, Policy | ' | ||||
Recent Accounting Pronouncements | |||||
The Company has reviewed all accounting pronouncements that were effective during 2013 and does not believe any of those pronouncements modified its financial reporting. Additionally, the Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of those pronouncements will have a material impact on the Company’s financial position, results of operations or liquidity. | |||||
Subsequent Events, Policy | ' | ||||
Subsequent Events | |||||
The Company has evaluated all subsequent events through the issuance date of the financial statements. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Significant Accounting Policies [Abstract] | ' | ||||
Schedule of Useful Lives of Property and Equipment | ' | ||||
Depreciation and amortization are calculated using the straight-line method over the estimated economic useful lives of the assets as follows: | |||||
Lab equipment | 5 years | ||||
Computers and software | 3 years | ||||
Leasehold improvements | 7 years | ||||
Office equipment and furniture | 3 years | ||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property and Equipment [Abstract] | ' | ||||||||
Schedule of Property and Equipment | ' | ||||||||
Property and equipment consist of the following: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Lab equipment | $ | 321,172 | $ | 299,876 | |||||
Computers and software | 67,739 | 65,234 | |||||||
Leasehold improvements | 38,934 | 38,934 | |||||||
Office equipment and furniture | 3,647 | 3,647 | |||||||
431,492 | 407,691 | ||||||||
Less accumulated depreciation and amortization | (403,493 | ) | (391,647 | ) | |||||
Property and equipment, net | $ | 27,999 | $ | 16,044 | |||||
Accrued_Compensation_Tables
Accrued Compensation (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accrued Compensation [Abstract] | ' | ||||||||
Schedule of Accrued Compensation | ' | ||||||||
Accrued compensation consists of the following: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Accrued wages | $ | 278,393 | $ | 17,046 | |||||
Accrued vacation expense | 75,557 | 70,846 | |||||||
Total accrued compensation | $ | 353,950 | $ | 87,892 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Taxes [Abstract] | ' | ||||||||
Schedule of Income Tax Benefit Reconcilliation | ' | ||||||||
The benefit for income taxes differs from the amount computed at federal statutory rates as follows for the years ended December 31: | |||||||||
2013 | 2012 | ||||||||
Federal income tax at statutory rates | $ | (1,152,292 | ) | $ | (1,039,665 | ) | |||
State income tax at statutory rates | (108,575 | ) | (97,234 | ) | |||||
Research and development credits | (161,935 | ) | (67,011 | ) | |||||
Change in valuation allowance | 1,389,156 | 1,165,081 | |||||||
Other | 33,646 | 38,829 | |||||||
$ | — | $ | — | ||||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||
Significant components of the Company’s deferred income tax assets (liabilities) are as follows as of December 31: | |||||||||
2013 | 2012 | ||||||||
Current: | |||||||||
Accruals and reserves | $ | 140,274 | $ | 37,168 | |||||
Non-qualified stock options and other | — | — | |||||||
Change in valuation allowance | (140,274 | ) | (37,168 | ) | |||||
$ | — | $ | — | ||||||
Long-term: | |||||||||
Net operating loss carryforwards | $ | 8,064,635 | $ | 6,952,741 | |||||
Depreciation and amortization | (358 | ) | 271 | ||||||
Non-qualified stock options and other | 70,605 | 69,072 | |||||||
Research and development credits | 794,750 | 621,497 | |||||||
Valuation allowance | (8,929,632 | ) | (7,643,581 | ) | |||||
$ | — | $ | — | ||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Stockholders' Equity [Abstract] | ' | ||||||||||||||||
Summary of Outstanding Common Stock Options and Related Activity | ' | ||||||||||||||||
The following sets forth the outstanding common stock options and related activity for the years ended December 31, 2013 and 2012: | |||||||||||||||||
Weighted | |||||||||||||||||
Number | Weighted | Weighted | Average | ||||||||||||||
of | Average | Average | Remaining | ||||||||||||||
Options | Grant Date | Exercise | Contractual | ||||||||||||||
Outstanding | Fair Value | Price | Life (Years) | ||||||||||||||
Outstanding as of December 31, 2011 | 3,156,948 | $ | 0.1 | $ | 0.14 | 7.23 | |||||||||||
Granted | 890,000 | 0.62 | 1 | ||||||||||||||
Exercised | (32,451 | ) | 0.1 | 0.06 | |||||||||||||
Forfeited | (149,057 | ) | 0.1 | 0.08 | |||||||||||||
Outstanding as of December 31, 2012 | 3,865,440 | 0.22 | 0.34 | 6.94 | |||||||||||||
Granted | — | — | — | ||||||||||||||
Exercised | — | — | — | ||||||||||||||
Forfeited | — | — | — | ||||||||||||||
Outstanding as of December 31, 2013 | 3,865,440 | $ | 0.22 | $ | 0.34 | 6.06 | |||||||||||
Exercisable options as of December 31, 2012 | 3,175,803 | $ | 0.14 | $ | 0.21 | 6.55 | |||||||||||
Vested during the year ended December 31, 2012 | 517,254 | 0.35 | 0.58 | ||||||||||||||
Vested and expected to vest at December 31, 2012 | 3,693,029 | 0.21 | 0.31 | ||||||||||||||
Non-vested options at December 31, 2012 | 689,637 | 0.58 | 0.94 | ||||||||||||||
Exercisable options as of December 31, 2013 | 3,441,273 | 0.17 | 0.26 | 5.72 | |||||||||||||
Vested during the year ended December 31, 2013 | 265,470 | 0.53 | 0.85 | ||||||||||||||
Vested and expected to vest at December 31, 2013 | 3,813,747 | 0.33 | 0.33 | ||||||||||||||
Non-vested options at December 31, 2013 | 206,772 | 0.62 | 1 | ||||||||||||||
Schedule of Stock Warrants, Exercisable | ' | ||||||||||||||||
The following summarizes information about stock warrants as of December 31, 2013, all of which are exercisable: | |||||||||||||||||
Weighted | Weighted | ||||||||||||||||
Average | Average | ||||||||||||||||
Number | Exercise | Remaining | |||||||||||||||
of | Price | Life | Intrinsic | ||||||||||||||
Warrants | Per Share | in Years | Value | ||||||||||||||
Outstanding as of December 31, 2011 | 11,560,518 | $ | 1.39 | 6.51 | $ | 216,710 | |||||||||||
Granted | 419,000 | 1.49 | — | — | |||||||||||||
Exercised | — | — | — | — | |||||||||||||
Forfeited | — | — | — | — | |||||||||||||
Outstanding as of December 31, 2012 | 11,979,518 | 1.4 | 5.52 | 216,710 | |||||||||||||
Granted | 325,000 | 1.77 | — | — | |||||||||||||
Exercised | — | — | — | — | |||||||||||||
Forfeited | — | — | — | — | |||||||||||||
Outstanding and exercisable as of December 31, 2013 | 12,304,518 | $ | 1.41 | 4.44 | $ | 216,710 | |||||||||||
Schedule of Outstanding Stock Warrants | ' | ||||||||||||||||
The following table presents information related to outstanding stock warrants as of December 31, 2013, all of which are exercisable: | |||||||||||||||||
Warrants Outstanding and Exercisable | |||||||||||||||||
Weighted Average | |||||||||||||||||
Number of | Remaining Life in | ||||||||||||||||
Exercise Price | Warrants | Years | |||||||||||||||
$0.05 | 132,797 | 1.1 | |||||||||||||||
0.53 | 192,242 | 1.1 | |||||||||||||||
1 | 5,844,691 | 4.9 | |||||||||||||||
1.01 | 75,000 | 4.6 | |||||||||||||||
1.04 | 823,347 | 1.1 | |||||||||||||||
1.2 | 41,750 | 3 | |||||||||||||||
1.25 | 62,500 | 1 | |||||||||||||||
1.75 | 62,500 | 1.3 | |||||||||||||||
2 | 4,944,691 | 4.9 | |||||||||||||||
2.25 | 62,500 | 1.5 | |||||||||||||||
2.75 | 62,500 | 1.8 | |||||||||||||||
12,304,518 | 4.4 | ||||||||||||||||
Organization_Narrative_Details
Organization (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Q Therapeutics, Inc. [Member] | ' |
Entity Information [Line Items] | ' |
Date of incorporation (Date) | 27-Oct-05 |
Q Therapeutic Products, Inc. [Member] | ' |
Entity Information [Line Items] | ' |
Date of incorporation (Date) | 28-Mar-02 |
Significant_Accounting_Policie3
Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | 141 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Significant Accounting Policies [Abstract] | ' | ' | ' |
Deficit accumulated during the development stage | $23,881,370 | $20,492,278 | $23,881,370 |
Subsequent event, warrants issued to acquire common stock, settlement of debt (in Shares) | 4,420,530 | ' | ' |
Subsequent event, common stock issued, settlement of debt (in Shares) | 4,420,530 | ' | ' |
Subsequent event, warrants issued, maximum period of expiration (in Duration) | '4 years | ' | ' |
Subsequent event, amount of debt common stock and warrants issued in exchange for | 2,408,030 | ' | ' |
Subsequent event, cash consideration | 2,012,500 | ' | ' |
Period of no payment, grant receivable considered as past due (in Duration) | '30 days | ' | ' |
Losses incurred relating to bad debts associated with grant revenue | 0 | 0 | ' |
Sub-award received to help fund manufacturing and pre-clinical safety studies for Q-Cells | 631,383 | ' | ' |
Grant revenue invoiced under sub-award | 491,977 | ' | 491,977 |
Grants receivable, sub-award | 5,667 | 477,802 | 5,667 |
Impairment of assets | 0 | 0 | ' |
Stock-based compensation | 101,753 | 160,237 | 533,554 |
Research and development | $1,827,533 | $2,089,321 | $12,800,425 |
Anti dilutive losses (in Shares) | 16,169,958 | 15,844,958 | ' |
Minimum [Member] | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Tax years subject to federal and state examinations (in Year) | '2010 | ' | ' |
Maximum [Member] | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Tax years subject to federal and state examinations (in Year) | '2013 | ' | ' |
One Supplier [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Percent of research and development purchases (in Percent) | 60.00% | ' | ' |
Significant_Accounting_Policie4
Significant Accounting Policies (Useful Lives of Property and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Lab equipment [Member] | ' |
Property Plant And Equipment [Line Items] | ' |
Useful lives, property and equipment (in Duration) | '5 years |
Computers and Software [Member] | ' |
Property Plant And Equipment [Line Items] | ' |
Useful lives, property and equipment (in Duration) | '3 years |
Leasehold Improvements [Member] | ' |
Property Plant And Equipment [Line Items] | ' |
Useful lives, property and equipment (in Duration) | '7 years |
Office Equipment and Furniture [Member] | ' |
Property Plant And Equipment [Line Items] | ' |
Useful lives, property and equipment (in Duration) | '3 years |
Property_and_Equipment_Narrati
Property and Equipment (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Property and Equipment [Abstract] | ' | ' |
Depreciation and amortization expense | $11,846 | $18,242 |
Property_and_Equipment_Compone
Property and Equipment (Components of Property and Equipment) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Property Plant And Equipment [Line Items] | ' | ' |
Property and equipment, gross | $431,492 | $407,691 |
Less accumulated depreciation and amortization | -403,493 | -391,647 |
Property and equipment, net | 27,999 | 16,044 |
Lab equipment [Member] | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' |
Property and equipment, gross | 321,172 | 299,876 |
Computers and Software [Member] | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' |
Property and equipment, gross | 67,739 | 65,234 |
Leasehold Improvements [Member] | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' |
Property and equipment, gross | 38,934 | 38,934 |
Office Equipment and Furniture [Member] | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' |
Property and equipment, gross | $3,647 | $3,647 |
Accrued_Compensation_Schedule_
Accrued Compensation (Schedule of Accrued Compensation) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Accrued Compensation [Abstract] | ' | ' |
Accrued wages | $278,393 | $17,046 |
Accrued vacation expense | 75,557 | 70,846 |
Total accrued compensation | $353,950 | $87,892 |
Notes_Payable_Narrative_Detail
Notes Payable (Narrative) (Details) (USD $) | 12 Months Ended | 141 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Notes Payable [Abstract] | ' | ' | ' |
Note payable, cash proceeds | $250,000 | ' | $5,507,562 |
Note payable, percentage of face value at issuance (in Percent) | 50.00% | ' | 50.00% |
Note payable, annual interest rate (in Percent) | 8.00% | ' | 8.00% |
Notes payable | 500,000 | ' | 500,000 |
Note payable, interest recorded | 201,102 | ' | ' |
Note payable, prepaid financing costs to be amortized over remaining term | 63,333 | ' | 63,333 |
Note payable, payments toward principal or interest | 0 | ' | ' |
Note payable, extended maturity date, amount of notes | 400,000 | ' | ' |
Note payable, period of maturity date extension (in Duration) | '180 days | ' | ' |
Note payable, effective interest rate (in Percent) | 156.00% | ' | 156.00% |
Notes payable converted into equity [Member] | ' | ' | ' |
Debt Conversion [Line Items] | ' | ' | ' |
Debt conversion, original debt amount | $104,000 | ' | ' |
Debt conversion, number of units issued per dollar (in Units) | 1 | ' | ' |
Debt conversion, common stock issued in unit (in Shares) | 1 | ' | ' |
Debt conversion, number of warrants issued in unit (in Shares) | 1 | ' | ' |
Debt conversion, shares of common stock issued upon exercise of warrant (in Shares) | 1 | ' | ' |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Abstract] | ' | ' |
Net operating loss carryforwards | $21,621,000 | ' |
Operating loss carryforwards, expiration date (Date) | 1-Jan-22 | ' |
Research and development credits | 794,750 | 621,497 |
Tax credit carryforward, expiration date (Date) | 1-Jan-22 | ' |
Minimum percentage of stock ownership change over three year period resulting in corporation ownership change (in Percent) | 50.00% | ' |
Significant uncertain tax positions | $0 | ' |
Income_Taxes_Schedule_of_Incom
Income Taxes (Schedule of Income Tax Benefit Reconciliation) (Details) (USD $) | 12 Months Ended | 141 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Income Taxes [Abstract] | ' | ' | ' |
Federal income tax at statutory rates | ($1,152,292) | ($1,039,665) | ' |
State income tax at statutory rates | -108,575 | -97,234 | ' |
Research and development credits | -161,935 | -67,011 | ' |
Change in valuation allowance | 1,389,156 | 1,165,081 | ' |
Other | 33,646 | 38,829 | ' |
Benefit for income taxes | ' | ' | ' |
Income_Taxes_Schedule_of_Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | ' | ' |
Accruals and reserves | $140,274 | $37,168 |
Non-qualified stock options and other | ' | ' |
Change in valuation allowance | -140,274 | -37,168 |
Total, current | ' | ' |
Long-term: | ' | ' |
Net operating loss carryforwards | 8,064,635 | 6,952,741 |
Depreciation and amortization | -358 | 271 |
Non-qualified stock options and other | 70,605 | 69,072 |
Research and development credits | 794,750 | 621,497 |
Valuation allowance | -8,929,632 | -7,643,581 |
Total, long-term | ' | ' |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | 12 Months Ended | 141 Months Ended | 12 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | 2002 Stock Option Plan [Member] | 2011 Equity Incentive Compensation Plan [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | ||||
Stock Options [Member] | Stock Options [Member] | Minimum [Member] | Maximum [Member] | ||||||||
Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized (in Shares) | 100,000,000 | 100,000,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares outstanding (in Shares) | 24,936,833 | 24,761,832 | 24,936,833 | ' | ' | ' | ' | ' | ' | ' | ' |
Subsidiary Sale Of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Private placement, number of units consisting of one common stock and one 7-year common stock purchase warrant offered (in Units) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | 6,000,000 |
Private placement, shares of common stock included in each unit offered (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
Private placement, shares of 7-year common stock purchase warrants exercisable at 1.00 per share included in each unit offered (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
Private placement, price per share of 7-year common stock purchase warrant included in each unit offered (in Dollars per Share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 | $2 |
Private placement, shares of 7-year common stock purchase warrants exercisable at 2.00 per share included in each unit offered (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
Private placement, term of common stock purchase warrant included in each unit offered (in Duration) | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' |
Private placement, number of units sold (in Units) | ' | ' | ' | ' | ' | ' | ' | ' | 4,018,047 | ' | ' |
Private placement, aggregate proceeds, net of debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | $3,820,318 | ' | ' |
Private placement, issuance costs paid | ' | ' | ' | ' | ' | ' | ' | ' | 197,729 | ' | ' |
Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized (in Shares) | 10,000,000 | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares issued (in Shares) | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares outstanding (in Shares) | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options granted (in Shares) | ' | ' | ' | ' | 890,000 | ' | ' | ' | ' | ' | ' |
Shares available and unissued (in Shares) | ' | ' | ' | ' | ' | ' | 228,472 | 3,987,529 | ' | ' | ' |
Options outstanding (in Shares) | ' | ' | ' | 3,865,440 | 3,865,440 | 3,156,948 | 2,975,440 | ' | ' | ' | ' |
Shares reserved for issuance (in Shares) | 836,667 | 836,667 | 836,667 | ' | ' | ' | ' | 1,500,000 | ' | ' | ' |
Number of remaining shares available but unissued added to the authorized/reserved option under the plan (in Shares) | ' | ' | ' | ' | ' | ' | ' | 228,472 | ' | ' | ' |
Shares of common stock reserved for issuance pursuant to the 2011 plan (in Shares) | ' | ' | ' | ' | ' | ' | ' | 1,728,472 | ' | ' | ' |
Shares of common stock acquired from issuance of options (in Shares) | ' | ' | ' | ' | ' | ' | ' | 890,000 | ' | ' | ' |
Additional shares authorized (in Shares) | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' |
Shares of common stock reserved for issuance, prior to additional share increase (in Shares) | ' | ' | ' | ' | ' | ' | ' | 1,877,529 | ' | ' | ' |
Shares of common stock reserved for issuance, subsequent to additional share increase (in Shares) | ' | ' | ' | ' | ' | ' | ' | 4,877,529 | ' | ' | ' |
Percentage of stockholders of issued and outstanding voting and common stock, to approve additional shares reserved for issuance under the plan (in Percent) | ' | ' | ' | ' | ' | ' | ' | 69.00% | ' | ' | ' |
Aggregate intrinsic value of outstanding and exercisable stock options | 2,549,625 | ' | 2,549,625 | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options (in Shares) | ' | ' | ' | ' | 32,451 | ' | ' | ' | ' | ' | ' |
Stock-based compensation | 101,753 | 160,237 | 533,554 | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized stock-based compensation expense related to non-vested awards | $194,485 | ' | $194,485 | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized stock-based compensation expense related to non-vested awards, period for recognition (in Duration) | '2 years 7 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Summary_of
Stockholders' Equity (Summary of Stock Options Outstanding and Related Activity) (Details) (Stock Options [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Options [Member] | ' | ' | ' |
Number of Options Outstanding | ' | ' | ' |
Outstanding, beginning balance (in Shares) | 3,865,440 | 3,156,948 | ' |
Granted (in Shares) | ' | 890,000 | ' |
Exercised (in Shares) | ' | -32,451 | ' |
Forfeited (in Shares) | ' | -149,057 | ' |
Outstanding, ending balance (in Shares) | 3,865,440 | 3,865,440 | 3,156,948 |
Exercisable options (in Shares) | 3,441,273 | 3,175,803 | ' |
Vested during the year (in Shares) | 265,470 | 517,254 | ' |
Vested and expected to vest (in Shares) | 3,813,747 | 3,693,029 | ' |
Non-vested options (in Shares) | 206,772 | 689,637 | ' |
Weighted Average Grant Date Fair Value | ' | ' | ' |
Options outstanding, beginning balance (in Dollars per Share) | $0.22 | $0.10 | ' |
Granted (in Dollars per Share) | ' | $0.62 | ' |
Exercised (in Dollars per Share) | ' | $0.10 | ' |
Forfeited (in Dollars per Share) | ' | $0.10 | ' |
Options outstanding, ending balance (in Dollars per Share) | $0.22 | $0.22 | $0.10 |
Exercisable options (in Dollars per Share) | $0.17 | $0.14 | ' |
Vested during the year (in Dollars per Share) | $0.53 | $0.35 | ' |
Vested and expected to vest (in Dollars per Share) | $0.33 | $0.21 | ' |
Non-vested options (in Dollars per Share) | $0.62 | $0.58 | ' |
Weighted Average Exercise Price | ' | ' | ' |
Outstanding, beginning balance (in Dollars per Share) | $0.34 | $0.14 | ' |
Granted (in Dollars per Share) | ' | $1 | ' |
Exercised (in Dollars per Share) | ' | $0.06 | ' |
Forfeited (in Dollars per Share) | ' | $0.08 | ' |
Outstanding, ending balance (in Dollars per Share) | $0.34 | $0.34 | $0.14 |
Exercisable options (in Dollars per Share) | $0.26 | $0.21 | ' |
Vested during the year (in Dollars per Share) | $0.85 | $0.58 | ' |
Vested and expected to vest (in Dollars per Share) | $0.33 | $0.31 | ' |
Non-vested options (in Dollars per Share) | $1 | $0.94 | ' |
Weighted Average Remaining Contractual Life (Years) | ' | ' | ' |
Outstanding (in Duration) | '6 years 22 days | '6 years 9 months 11 days | '7 years 2 months 23 days |
Exercisable options (in Duration) | '5 years 8 months 19 days | '6 years 6 months 18 days | ' |
Stockholders_Equity_Summary_of1
Stockholders' Equity (Summary of Warrants Exercisable) (Details) (Warrants [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Warrants [Member] | ' | ' | ' |
Number of Warrants | ' | ' | ' |
Outstanding, beginning balance (in Shares) | 11,979,518 | 11,560,518 | ' |
Granted (in Shares) | 325,000 | 419,000 | ' |
Exercised (in Shares) | ' | ' | ' |
Forfeited (in Shares) | ' | ' | ' |
Outstanding, ending balance (in Shares) | 12,304,518 | 11,979,518 | 11,560,518 |
Weighted Average Exercise Price Per Share | ' | ' | ' |
Outstanding, beginning balance (in Dollars per Share) | $1.40 | $1.39 | ' |
Granted (in Dollars per Share) | $1.77 | $1.49 | ' |
Exercised (in Dollars per Share) | ' | ' | ' |
Forfeited (in Dollars per Share) | ' | ' | ' |
Outstanding, ending balance (in Dollars per Share) | $1.41 | $1.40 | $1.39 |
Weighted Average Remaining Life in Years | ' | ' | ' |
Outstanding and Exercisable (in Duration) | '4 years 5 months 9 days | '5 years 6 months 7 days | '6 years 6 months 4 days |
Intrinsic Value | ' | ' | ' |
Outstanding | $216,710 | $216,710 | $216,710 |
Stockholders_Equity_Summary_of2
Stockholders' Equity (Summary of Stock Warrants Outstanding) (Details) (Warrants [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ' | ' | ' |
Number of Warrants (in Shares) | 12,304,518 | 11,979,518 | 11,560,518 |
Weighted Average Remaining Life in Years (in Duration) | '4 years 5 months 9 days | '5 years 6 months 7 days | '6 years 6 months 4 days |
Exercise Price 0.05 [Member] | ' | ' | ' |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ' | ' | ' |
Number of Warrants (in Shares) | 132,797 | ' | ' |
Weighted Average Remaining Life in Years (in Duration) | '1 year 1 month 6 days | ' | ' |
Exercise Price 0.53 [Member] | ' | ' | ' |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ' | ' | ' |
Number of Warrants (in Shares) | 192,242 | ' | ' |
Weighted Average Remaining Life in Years (in Duration) | '1 year 1 month 6 days | ' | ' |
Exercise Price 1.00 [Member] | ' | ' | ' |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ' | ' | ' |
Number of Warrants (in Shares) | 5,844,691 | ' | ' |
Weighted Average Remaining Life in Years (in Duration) | '4 years 10 months 24 days | ' | ' |
Exercise Price 1.01 [Member] | ' | ' | ' |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ' | ' | ' |
Number of Warrants (in Shares) | 75,000 | ' | ' |
Weighted Average Remaining Life in Years (in Duration) | '4 years 7 months 6 days | ' | ' |
Exercise Price 1.04 [Member] | ' | ' | ' |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ' | ' | ' |
Number of Warrants (in Shares) | 823,347 | ' | ' |
Weighted Average Remaining Life in Years (in Duration) | '1 year 1 month 6 days | ' | ' |
Exercise Price 1.20 [Member] | ' | ' | ' |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ' | ' | ' |
Number of Warrants (in Shares) | 41,750 | ' | ' |
Weighted Average Remaining Life in Years (in Duration) | '3 years | ' | ' |
Exercise Price 1.25 [Member] | ' | ' | ' |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ' | ' | ' |
Number of Warrants (in Shares) | 62,500 | ' | ' |
Weighted Average Remaining Life in Years (in Duration) | '1 year | ' | ' |
Exercise Price 1.75 [Member] | ' | ' | ' |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ' | ' | ' |
Number of Warrants (in Shares) | 62,500 | ' | ' |
Weighted Average Remaining Life in Years (in Duration) | '1 year 3 months 18 days | ' | ' |
Exercise Price 2.00 [Member] | ' | ' | ' |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ' | ' | ' |
Number of Warrants (in Shares) | 4,944,691 | ' | ' |
Weighted Average Remaining Life in Years (in Duration) | '4 years 10 months 24 days | ' | ' |
Exercise Price 2.25 [Member] | ' | ' | ' |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ' | ' | ' |
Number of Warrants (in Shares) | 62,500 | ' | ' |
Weighted Average Remaining Life in Years (in Duration) | '1 year 6 months | ' | ' |
Exercise Price 2.75 [Member] | ' | ' | ' |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ' | ' | ' |
Number of Warrants (in Shares) | 62,500 | ' | ' |
Weighted Average Remaining Life in Years (in Duration) | '1 year 9 months 18 days | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Long Term Purchase Commitment [Line Items] | ' | ' |
Lease expense | $152,098 | $150,528 |
Royalty Agreements [Member] | ' | ' |
Long Term Purchase Commitment [Line Items] | ' | ' |
Percentage of all net licensing cash revenue company is required to pay university (in Percent) | 10.00% | ' |
Royalty percentage due to be paid under license agreement for net sales on any services (in Percent) | 5.00% | ' |
Royalty Agreements [Member] | Minimum [Member] | ' | ' |
Long Term Purchase Commitment [Line Items] | ' | ' |
Royalty percentage due to be paid under license agreement for cash payments received as licensing revenue on FDA approval of new drug application (in Percent) | 2.00% | ' |
Royalty Agreements [Member] | Maximum [Member] | ' | ' |
Long Term Purchase Commitment [Line Items] | ' | ' |
Royalty percentage due to be paid under license agreement for cash payments received as licensing revenue on FDA approval of new drug application (in Percent) | 2.50% | ' |
License Agreement One [Member] | ' | ' |
Long Term Purchase Commitment [Line Items] | ' | ' |
Initial payment required under agreement | 85,000 | ' |
Annual license fee required under agreement | 5,000 | ' |
License Agreement Two [Member] | ' | ' |
Long Term Purchase Commitment [Line Items] | ' | ' |
Initial payment required under agreement | 85,000 | ' |
Annual license fee required under agreement | 5,000 | ' |
Collaborative Arrangement [Member] | ' | ' |
Long Term Purchase Commitment [Line Items] | ' | ' |
Shares of common stock issued to acquire technology license (in Shares) | 100,000 | ' |
Percentage of upfront fees required to compensate licensor should the company sublicense the technology (in Percent) | 10.00% | ' |
Term of agreement (in Duration) | 'P10Y | ' |
Supplier Agreements [Member] | ' | ' |
Long Term Purchase Commitment [Line Items] | ' | ' |
Purchase commitments entered into | $2,600,000 | ' |
Note payable interest rate applicable through July 31, 2015, for note payable created through conversion of any outstanding balance under purchase commitment upon conclusion of supplier's final project report (in Percent) | 8.00% | ' |
Note payable interest rate applicable after July 31, 2015 through March 31, 2016, for note payable created through conversion of any outstanding balance under purchase commitment upon conclusion of supplier's final project report (in Percent) | 10.00% | ' |
Debt conversion, number of common stock and warrant units issued (in Shares) | 2,185,330 | ' |
Debt conversion, shares of common stock called by common stock and warrant units issued (in Shares) | 2,185,330 | ' |
Advisory Agreements [Member] | ' | ' |
Long Term Purchase Commitment [Line Items] | ' | ' |
Term of agreement (in Duration) | 'P6M | ' |
Percentage of proceeds financial advisory firm entitled to (in Percent) | 7.00% | ' |
Common stock issued for services (in Shares) | 125,000 | ' |
Warrants approved for issuance (in Warrants) | 250,000 | ' |
Warrant issued, cashless exercise option, number of shares of common stock called by warrant (in Shares) | 75,000 | ' |
Warrant issued, cashless exercise option, common stock called for, strike price (in Dollars per Share) | $1.01 | ' |
Warrant issued, life of common stock called for, cashless exercise option (in Duration) | '5 years | ' |
Additional warrants authorized for issuance, maximum number of shares of common stock (in Shares) | 100,000 | ' |
Advisory Agreements [Member] | Minimum [Member] | ' | ' |
Long Term Purchase Commitment [Line Items] | ' | ' |
Exercise price of warrants (in Dollars per Unit) | 1.25 | ' |
Percent of warrants purchased to be issued to firm (in Percent) | 1.00% | ' |
Advisory Agreements [Member] | Maximum [Member] | ' | ' |
Long Term Purchase Commitment [Line Items] | ' | ' |
Exercise price of warrants (in Dollars per Unit) | 2.75 | ' |
Percent of warrants purchased to be issued to firm (in Percent) | 8.00% | ' |
Benefit_Plans_Narrative_Detail
Benefit Plans (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Benefit Plans [Abstract] | ' | ' |
Minimum age of employee participants in company 401(k) retirement plan (in Duration) | '18 years | ' |
Percentage of annual compensation employees may contribute to 401(k) retirement plan, up to maximum amount allowed by Internal Revenue Service (in Percent) | 100.00% | ' |
Company elective contribution to 401(k) retirement plan | $15,144 | $9,482 |
RelatedParty_Transactions_Narr
Related-Party Transactions (Narrative) (Details) (USD $) | 141 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Officer and Affiliate [Member] | Minority Stockholders [Member] | Minority Stockholders [Member] | ||
Bridge Financing [Member] | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Related party transaction, date (in Date) | ' | 30-Sep-13 | 31-Oct-11 | ' |
Related party transaction, cash proceeds received | ' | $250,000 | ' | $7,988 |
Related party notes payable, interest rate (in Percent) | ' | ' | 8.00% | ' |
Note receivable from minority stockholders | ' | ' | 31,968 | 28,800 |
Related party note receivable, interest rate, after maturity date (in Percent) | ' | ' | 15.00% | ' |
Minority shareholder debtors, monthly shares forfeitable if note receivable is unpaid after maturity (in Shares) | ' | ' | 16,667 | ' |
Minority shareholder debtors, maximum shares forfeitable if note receivable is unpaid after maturity (in Shares) | ' | ' | 200,000 | ' |
Proceeds from related party note receivable, principal | ' | ' | ' | 5,941 |
Proceeds from related party note receivable, interest | ' | ' | ' | 2,047 |
Portion of note balance attributable to interest due | ' | ' | ' | $2,215 |
Common stock retired (in Shares) | 200,000 | ' | ' | 200,000 |
Subsequent_Events_Narrative_De
Subsequent Events (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Event [Line Items] | ' |
Subsequent event, amount of debt common stock and warrants issued in exchange for | $2,408,030 |
Subsequent event, cash consideration | 2,012,500 |
Subsequent event, number of common shares issued, technology agreement (in Shares) | $110,000 |
Subsequent event, technology agreement, percent royalty on sales to be paid by company (in Percent) | 5.00% |