Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 10, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Actinium Pharmaceuticals, Inc. | ||
Entity Central Index Key | 1,388,320 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 102,508,000 | ||
Entity Common Stock, Shares Outstanding | 44,391,097 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash and cash equivalents | $ 25,643,273 | $ 6,706,802 |
Restricted cash - current | 34,733 | |
Prepaid expenses and other current assets | 803,463 | $ 699,851 |
Total Current Assets | 26,481,469 | 7,406,653 |
Property and equipment, net of accumulated depreciation | $ 106,112 | 127,700 |
Restricted cash | 34,733 | |
Total Assets | $ 26,587,581 | 7,569,086 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 1,473,936 | 2,283,796 |
Accounts payable and accrued expenses - related parties | 25,000 | 214,357 |
Notes payable | 265,695 | 283,552 |
Derivative liabilities | 2,848,902 | 6,709,911 |
Total Current Liabilities | 4,613,533 | 9,491,616 |
Total Liabilities | $ 4,613,533 | $ 9,491,616 |
Commitments and contingencies | ||
Stockholders' Equity (Deficit): | ||
Preferred stock, $0.001 par value; 50,000,000 authorized, 0 shares issued and outstanding | ||
Common stock, $0.001 par value; 200,000,000 shares authorized; 44,066,541 and 29,971,839 shares issued and outstanding, respectively | $ 44,067 | $ 29,972 |
Additional paid-in capital | 134,160,059 | 89,252,262 |
Accumulated deficit | (112,230,078) | (91,204,764) |
Total Stockholders' Equity (Deficit) | 21,974,048 | (1,922,530) |
Total Liabilities and Stockholders' Equity (Deficit) | $ 26,587,581 | $ 7,569,086 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Balance Sheets [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 44,066,541 | 29,971,839 |
Common Stock, shares outstanding | 44,066,541 | 29,971,839 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statements of Operations [Abstract] | |||
Revenue | |||
Operating expenses: | |||
Research and development, net of reimbursements | $ 13,311,739 | $ 12,267,313 | $ 3,109,331 |
General and administrative | 11,464,560 | 10,175,323 | 3,476,879 |
Depreciation expense | $ 53,465 | $ 37,908 | 1,560 |
Loss on disposition of equipment | 4,122 | ||
Total operating expenses | $ 24,829,764 | $ 22,480,544 | 6,591,892 |
Loss from operations | (24,829,764) | (22,480,544) | (6,591,892) |
Other income (expense): | |||
Interest expense | (7,868) | (866) | (2,508) |
Gain (loss) on change in fair value of derivative liabilities | 3,812,318 | (2,206,099) | (4,179,392) |
Total other income (expense) | 3,804,450 | (2,206,965) | (4,181,900) |
Net loss | $ (21,025,314) | $ (24,687,509) | $ (10,773,792) |
Net loss per common share - basic and diluted | $ (0.55) | $ (0.90) | $ (0.47) |
Weighted average common shares outstanding - basic and diluted | 38,158,480 | 27,363,748 | 22,752,752 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity (Deficit) - USD ($) | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit |
Beginning Balance at Dec. 31, 2012 | $ 1,145,635 | $ 21,392 | $ 56,867,706 | $ (55,743,463) |
Beginning Balance, Shares at Dec. 31, 2012 | 21,391,665 | |||
Stock-based compensation | 657,812 | $ 265 | 657,547 | |
Stock-based compensation, Shares | 265,834 | |||
Proceeds from the sale of common stock, net of offering costs | 2,883,257 | $ 554 | 2,882,703 | |
Proceeds from the sale of common stock, net of offering costs, Shares | 554,310 | |||
Issuance of common stock from exercise of options | 13,053 | $ 17 | 13,036 | |
Issuance of common stock from exercise of options, Shares | 16,650 | |||
Issuance of common stock from exercise of warrants | 3,467,395 | $ 2,337 | 3,465,058 | |
Issuance of common stock from exercise of warrants, Shares | 2,336,988 | |||
Transfer of warrant derivatives from liability to equity classification | 1,047,095 | $ 1,047,095 | ||
Net loss | (10,773,792) | $ (10,773,792) | ||
Ending Balance at Dec. 31, 2013 | (1,559,545) | $ 24,565 | $ 64,933,145 | $ (66,517,255) |
Ending Balance, Shares at Dec. 31, 2013 | 24,565,447 | |||
Stock-based compensation | 6,280,629 | $ 381 | 6,280,248 | |
Stock-based compensation, Shares | 379,901 | |||
Proceeds from the sale of common stock, net of offering costs | 15,435,305 | $ 2,380 | 15,432,925 | |
Proceeds from the sale of common stock, net of offering costs, Shares | 2,379,433 | |||
Issuance of common stock from exercise of options | 275,153 | $ 310 | 274,843 | |
Issuance of common stock from exercise of options, Shares | 310,400 | |||
Issuance of common stock from exercise of warrants | 159,994 | $ 2,336 | 157,658 | |
Issuance of common stock from exercise of warrants, Shares | 2,336,658 | |||
Direct costs incurred before shares are issued | (30,000) | (30,000) | ||
Transfer of warrant derivatives from liability to equity classification | 2,203,443 | 2,203,443 | ||
Net loss | (24,687,509) | $ (24,687,509) | ||
Ending Balance at Dec. 31, 2014 | (1,922,530) | $ 29,972 | 89,252,262 | $ (91,204,764) |
Ending Balance, Shares at Dec. 31, 2014 | 29,971,839 | |||
Stock-based compensation | 7,061,622 | $ 345 | 7,061,277 | |
Stock-based compensation, Shares | 344,784 | |||
Proceeds from the sale of common stock, net of offering costs | 37,637,959 | $ 11,994 | 37,625,965 | |
Proceeds from the sale of common stock, net of offering costs, Shares | 11,993,641 | |||
Issuance of common stock from exercise of options | 15,680 | $ 20 | 15,660 | |
Issuance of common stock from exercise of options, Shares | 20,000 | |||
Issuance of common stock from exercise of warrants | 157,940 | $ 1,736 | 156,204 | |
Issuance of common stock from exercise of warrants, Shares | 1,736,277 | |||
Transfer of warrant derivatives from liability to equity classification | 48,691 | 48,691 | ||
Net loss | (21,025,314) | $ (21,025,314) | ||
Ending Balance at Dec. 31, 2015 | $ 21,974,048 | $ 44,067 | $ 134,160,059 | $ (112,230,078) |
Ending Balance, Shares at Dec. 31, 2015 | 44,066,541 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows From Operating Activities: | |||
Net loss | $ (21,025,314) | $ (24,687,509) | $ (10,773,792) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Stock-based compensation expense | 7,061,622 | 6,280,629 | 657,812 |
Depreciation expense | $ 53,465 | $ 37,908 | 1,560 |
Loss on disposition of equipment | 4,122 | ||
Loss (gain) on change in fair value of derivative liabilities | $ (3,812,318) | $ 2,206,099 | 4,179,392 |
(Increase) decrease in: | |||
Prepaid expenses and other current assets | 162,083 | (193,894) | 106,579 |
Increase (decrease) in: | |||
Accounts payable and accrued expenses | (793,949) | 1,874,841 | (518,089) |
Accounts payable and accrued expenses - related party | (189,357) | 133,172 | 50,000 |
Net Cash Used In Operating Activities | $ (18,543,768) | (14,348,754) | $ (6,292,416) |
Cash Flows From Investing Activities: | |||
Restricted cash | (34,733) | ||
Purchase of property and equipment | $ (47,788) | (151,688) | $ (16,592) |
Net Cash Used In Investing Activities | (47,788) | (186,421) | (16,592) |
Cash Flows From Financing Activities: | |||
Payments on note payable | (283,552) | (161,841) | (140,000) |
Sales of stock, net of offering costs | 37,637,959 | 15,435,305 | 2,883,257 |
Proceeds from the exercise of options | 15,680 | 275,153 | 13,053 |
Proceeds from the exercise of warrants | 157,940 | 159,994 | 3,467,395 |
Net Cash Provided By Financing Activities | 37,528,027 | 15,708,611 | 6,223,705 |
Net change in cash | 18,936,471 | 1,173,436 | (85,303) |
Cash at beginning of year | 6,706,802 | 5,533,366 | 5,618,669 |
Cash at end of year | 25,643,273 | 6,706,802 | 5,533,366 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | $ 7,868 | $ 866 | $ 561 |
Cash paid for taxes | |||
Supplemental disclosure of non-cash investing and financing activities: | |||
Stock issuance costs included in accounts payable and accrued expenses | $ 30,000 | ||
Insurance prepaid through premium finance | $ 265,695 | $ 287,568 | $ 157,825 |
Fair value of warrants issued with stock | 4,738,161 | ||
Transfer from derivative liability classification to equity classification | $ 48,691 | $ 2,203,443 | $ 1,047,095 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Description of Business and Summary of Significant Accounting Policies [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | Note 1 – Description of Business and Summary of Significant Accounting Policies Nature of Business - On December 28, 2012, the Company entered into a transaction (the “Share Exchange”), pursuant to which the Company acquired 100% of the issued and outstanding equity securities of Actinium Pharmaceuticals, Inc. (“API”), in exchange for the issuance of approximately 99% of the issued and outstanding common stock, par value $0.001 per share, of the Company. As a result of the Share Exchange, the Company was then considered a holding company operating through API, a clinical-stage biopharmaceutical company developing certain cancer treatments. On March 20, 2013, the Company’s subsidiary, Actinium Pharmaceuticals, Inc., changed its name to Actinium Corporation. On April 11, 2013, the Company changed its domicile from the State of Nevada to the State of Delaware and changed its name from Cactus Ventures, Inc. to Actinium Pharmaceuticals, Inc. On September 25, 2013, in accordance with a Certificate of Ownership Merging Actinium Corporation into the Actinium Pharmaceuticals, Inc. filed in Delaware, the Company merged (the “Merger”) into itself Actinium Corporation (a 93.7% owned subsidiary), and Actinium Corporation ceased to exist. As a result of the Merger, Actinium Corporation stock owned by the Company was cancelled and each share of Actinium Corporation not owned by the Company was exchanged for 0.333 shares of Company’s common stock. A total of 3,970,137 shares of Actinium Corporation common stock was exchanged for 1,322,055 shares of Company common stock. Principles of Consolidation - Use of Estimates in Financial Statement Presentation - Reclassification - Cash and Cash Equivalents - Property and Equipment - Impairment of Long-Lived Assets - Derivatives - Fair Value of Financial Instruments - Level 1 Inputs - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 Inputs - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. Level 3 Inputs - Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity's own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. The following tables set forth assets and liabilities measured at fair value on a recurring and non-recurring basis by level within the fair value hierarchy as of December 31, 2015 and 2014. As required by ASC 820 “ Fair Value Measurements and Disclosures” Level 1 Level 2 Level 3 Total Derivative liabilities: At December 31, 2015 - - $ 2,848,902 $ 2,848,902 At December 31, 2014 - - $ 6,709,911 $ 6,709,911 Income Taxes - Research and Development Costs – Share-Based Payments – Earnings (Loss) Per Common Share – December 31, December 31, December 31, Options 3,971,583 3,013,084 1,985,384 Warrants 8,954,031 7,634,058 9,673,290 Total 12,925,614 10,647,142 11,658,674 Recent Accounting Pronouncements Subsequent Events |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 2 – Related Party Transactions MSKCC: On February 11, 2002, the Company entered into a License, Development and Commercialization Agreement with Sloan-Kettering Institute of Cancer Research (“SKI”), an entity related to MSKCC, a majority shareholder of the Company. The agreement was amended in August 2006. Pursuant to the agreement, the Company licensed certain intellectual property from SKI, including critical patents with respect to the Company’s core technology that also supports ongoing research and clinical development of related drug candidates. MSKCC agreed, subject to certain conditions, to utilize the funds paid for certain clinical and preclinical programs and activities related to the Company’s drug development and clinical study programs, including the payment of certain costs and expenses that would otherwise have been borne by the Company. The Company is obligated to make the following milestone payments: Milestones Payments (1) filing of an New Drug Application (“NDA”) or regulatory approval for each licensed product $ 750,000 (2) upon the receipt of regulatory approval from the U.S. FDA for each licensed product 1,750,000 Under the agreement, the Company shall pay to MSKCC on a country-by-country basis a royalty of 2% of net sales of all licensed products until the later of: (1) 10 years from the first commercial sale, or (2) when the patents expire. For the years ended December 31, 2015, 2014 and 2013, the annual maintenance fee and third party costs incurred was $0.2 million, $0.3 million and $0.1 million, respectively. As of December 31, 2015 and 2014, the Company has a payable to MSKCC covering the annual maintenance costs, clinical trials expense and patent costs totaling $0 and $0.2 million, respectively. On December 21, 2015, Actinium entered into an investor rights agreement with MSKCC. Under the terms of the agreement, MSKCC has agreed to forebear from transferring or otherwise disposing of its approximately 5.7 million shares of the Company’s common stock (other than pursuant to a piggyback registration as described below) until the start of the Actimab-A Phase 2 clinical study (but, in no event until later than March 31, 2016). Thereafter MSKCC shall be permitted to sell its shares subject to a weekly volume limitation of 150,000 shares (which limit may be increased to up to 250,000 shares per week to the extent any prior weekly allotments are not fully used) and applicable law so long as MSKCC maintains at least 25% of its current shareholding in Actinium through December 31, 2016. Actinium has granted MSKCC piggyback registration rights that would be triggered in the event Actinium are to engage in a public registered offering of its shares for its own account where other shareholders are participating as selling shareholders or where such public registered offering is for the account of other selling shareholders. In addition, following December 31, 2016, Actinium has granted MSKCC unlimited Form S-3 registration rights with respect to its shares. Placement Agent: On December 9, 2013, the Company entered into an engagement agreement with a Healthcare Investment Bank (“Placement Agent”) as its placement agent for the 2013 Common Stock Offering whereby a director of the Company was the former Head of its Healthcare Investment Banking team (“the 2013 Offering”). The 2013 Offering was completed in two tranches, December 9, 2013 and January 10, 2014. The agreement entered in on December 9, 2013 included a cash fee equal to 10% of the gross proceeds raised, a non-accountable expense reimbursement equal to 2% of the gross proceeds raised and warrants to purchase shares of the Company’s Common Stock in an amount equal to 10% of the shares of common stock issued or issuable. Subsequent to the closing of the 2013 Offering, the placement agent continued to provide certain financial advisory services to the Company until three months after the Company had up-listed its securities for trading on a U.S. National Exchange for a monthly fee of $25,000. On May 28, 2014, the Company and the placement agent agreed to terminate the December 9, 2013 engagement agreement. As of December 31, 2015 and 2014, the Company owed its placement agent $25,000. For the years ended December 31, 2014 and 2013, the placement agent received a cash fee of $397,303 and $399,103, respectively, from the 2013 Offering and was issued warrants to purchase 68,976 and 69,289 shares, respectively, of the Company’s Common Stock at $9 per share for a period of 5 years. On July 10, 2014, the Company completed another public offering pursuant to a shelf registration statement previously filed where the placement agent acted as lead manager. The placement received a cash fee of $455,108. On February 11, 2015, the Company completed a public offering that totaled 4,444,444 common shares, representing gross proceeds of approximately $20.0 million and a net amount of approximately $18.5 million after deducting the underwriting discount and the other offering expenses. The Placement Agent acted as the sole book-running manager for the offering. The offering was made pursuant to a shelf registration statement previously filed with and declared effective by the U.S. Securities and Exchange Commission. The Placement Agent received a cash fee of approximately $1.4 million. On June 9, 2015, the Company completed a registered direct offering of $5.0 million of its common stock. Under the terms of the subscription agreements, the Company issued an aggregate of 1,923,078 shares of the Company's common stock at a purchase price of $2.60 per share. The Placement Agent acted as the sole placement agent with respect to the offering. The Placement Agent received a cash fee of approximately $0.4 million. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2015 | |
Prepaid Expenses and Other Current Assets [Abstract] | |
Prepaid Expenses and Other Current Assets | Note 3 – Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following at December 31, 2015 and 2014: December 31, December 31, 2015 2014 Security deposit $ - $ 11,350 Prepaid insurance 376,906 368,223 Other prepaid expenses 426,557 320,278 Total $ 803,463 $ 699,851 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property and Equipment [Abstract] | |
Property and Equipment | Note 4 – Property and Equipment Property and equipment consisted of the following at December 31, 2015 and 2014: December 31, December 31, Lives 2015 2014 Lab equipment 3 years $ 116,070 $ 108,713 Office equipment 3 years 82,974 58,455 Less: accumulated depreciation (92,932 ) (39,468 ) Property and equipment, net $ 106,112 $ 127,700 Depreciation expense for the years ended December 31, 2015, 2014 and 2013 was $53,465, $37,908 and $1,560, respectively. The Company wrote off certain undepreciated property and equipment during the year ended December 31, 2013 and recorded a loss of $4,122 on the disposition. |
Note Payable
Note Payable | 12 Months Ended |
Dec. 31, 2015 | |
Note Payable [Abstract] | |
Note Payable | Note 5 – Note Payable On October 25, 2014, the Company entered into a premium finance agreement for its multiple commercial insurance policies in the amount of $43,075. Pursuant to the agreement, the Company was required to pay $4,882 in monthly installments for nine months. On December 28, 2014, the Company entered into a premium finance agreement for its director and officer liability insurance policy in the amount of $0.2 million. Pursuant to the agreement, the Company was required to pay $27,614 in monthly installments for nine months. As of December 31, 2015, the Company paid the agreements in full. On December 28, 2015, the Company entered into a premium finance agreement for its director and officer liability insurance policy in the amount of $0.3 million. Pursuant to the agreement, the Company was required to pay $30,077 in monthly installments for nine months. As of December 31, 2015 and 2014, the outstanding balance related to the premium finance agreements was $0.3 million. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2015 | |
Derivatives [Abstract] | |
Derivatives | Note 6 – Derivatives The Company has determined that certain warrants the Company has issued contain provisions that protect holders from future issuances of the Company’s common stock at prices below such warrants’ respective exercise prices and these provisions could result in modification of the warrants’ exercise price based on a variable that is not an input to the fair value of a “fixed-for-fixed” option as defined under FASB ASC Topic No. 815 - 40. The warrants granted in connection with the issuance of the 2012 Common Stock Offering, and the placement agent warrants contain anti-dilution provisions that provide for a reduction in the exercise price of such warrants in the event that future common stock (or securities convertible into or exercisable for common stock) is issued (or becomes contractually issuable) at a price per share (a “Lower Price”) that is less than the exercise price of such warrant at the time. The amount of any such adjustment is determined in accordance with the provisions of the warrant agreement and depends upon the number of shares of common stock issued (or deemed issued) at the Lower Price and the extent to which the Lower Price is less than the exercise price of the warrant at the time. Activities for derivative warrant instruments during the years ended December 31, 2015 and 2014 were as follows: Shares subject to warrants Fair Value Balance, December 31, 2013 1,968,623 $ 6,707,255 Transfer from liability to equity classification (319,294 ) (2,203,443 ) Change in fair value - 2,206,099 Balance, December 31, 2014 1,649,329 6,709,911 Transfer from liability to equity classification (21,960 ) (48,691 ) Change in fair value - (3,812,318 ) Balance, December 31, 2015 1,627,369 $ 2,848,902 During the year ended December 31, 2015, 2,013,360 warrants were exercised, of which 21,960 were derivative warrants. The fair value of these derivative warrants totaling $48,691 were measured on the various exercise dates and reclassified to additional paid-in capital. During the year ended December 31, 2014, 2,501,993 warrants were exercised, of which 319,294 were derivative warrants.. The fair value of these derivative warrants totaling $2,203,443 were measured on various exercise dates and reclassified to additional paid-in capital. The fair values of the derivative warrants were calculated using a modified binomial valuation model with the following assumptions at each balance sheet date. December 31, December 31, 2015 2014 Market value of common stock on measurement date (1) $ 3.23 $ 5.89 Adjusted exercise price $ 2.48 $ 2.48 Risk free interest rate (2) 1.06 % 1.10 % Warrant lives in years 2.0 years 3.0 years Expected volatility (3) 87 % 71 % Expected dividend yield (4) - - Probability of stock offering in any period over 5 years (5) 100 % 100 % Offering price (6) $ 2.60 $ 4.50 (1) The market value of common stock at the above measurement dates is based on the Company’s trading price quoted on the NYSE MKT. (2) The risk-free interest rate was determined by management using the Treasury Bill rate as of the respective measurement date. (3) As of December 31, 2015, the volatility was estimated using the historical volatilities of the Company’s common stock traded in NYSE MKT market. As of December 31, 2014, the volatility was estimated using the historical volatilities of comparable companies in the same industry and region. (4) Management determined the dividend yield to be 0% based upon its expectation that it will not pay dividends for the foreseeable future. (5) Management determines the probability of future stock offering at each evaluation date. (6) Represents the estimated offering price in future offerings as determined by management. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 7 – Commitments and Contingencies License and Research Agreements The Company has entered into license and research and development agreements with third parties under which the Company is obligated to make upfront payments as well as milestone and royalty payments. Notable inclusions in this category are: a. AbbVie Biotherapeutics Corp. – The Company entered into a Product Development and Patent License Agreement with AbbVie Biotherapeutics Corp. in 2003 to secure exclusive rights to a specific antibody when conjugated with alpha emitting radioisotopes. Upon execution of the agreement, the Company made a license fee payment of $3,000,000. The Company agreed to make milestone payments totaling $7,750,000 for the achievement of the following agreed to and contracted milestones: Milestones Payments (1) when Company initiates a Phase I Clinical Trial of a licensed product $ 750,000 (2) when Company initiates a Phase II Clinical Trial of a licensed product 750,000 (3) when Company initiates a Phase III Clinical Trial of a licensed product 1,500,000 (4) Biological License Application filing with U.S. FDA 1,750,000 (5) First commercial sale 1,500,000 (6) after the first $10,000,000 in net sales 1,500,000 Under the agreement, the Company shall pay to AbbVie Biotherapeutics Corp. on a country-by-country basis a royalty of 12% of net sales of all licensed products until the later of: (1) 12.5 years after the first commercial sale, or (2) when the patents expire. The Company met its first milestone in 2012 and upon reaching the milestone the Company paid AbbVie Biotherapeutics Corp. a milestone payment of $750,000 on July 24, 2012. The milestone payment for the Phase 1 Clinical Trial was recorded as research and development expense. The Company has not initiated a Phase 2 Clinical Trial and no payment has been made to AbbVie Biotherapeutics Corp. since the July 24, 2012 payment. b. MSKCC – see Note 2 - Related Party Transactions. c. Oak Ridge National Laboratory (“ORNL”) – The Company is contracted to purchase radioactive material to be used for research and development, with a renewal option at the contract end. During the years ended December 31, 2015, 2014, and 2013, the Company purchased approximately $0.8 million, $0.6 million and $0.3 million, respectively, of radioactive material with ORNL. On December 21, 2015, the Company signed a contract with ORNL to purchase $0.9 million of radioactive material. d. Icon Clinical Research, LLC (formerly AptivSolutions) provides project management services for the study of the drug Ac-225-HuM195 (Actimab-A) used in the Company’s Phase 1 and Phase 2 clinical trials. The total project was estimated to cost approximately $1.9 million and required a 12.5% down payment of the total estimated project cost. The down payment totaling $0.2 million was paid in 2007 and 2012. On August 6, 2012, October 22, 2012 and May 16, 2013, the agreement was amended to provide for additional services. The total project is now estimated at approximately $2.7 million. AptivSolutions invoices the Company when services are rendered and the Company records the related expense to research and development expense. For the years ended December 31, 2015, 2014 and 2013, the Company incurred expenses of approximately $0.4 million, $0.4 million and $0.3 million, respectively, related to this agreement. e. On June 15, 2012, the Company entered into a license and sponsored research agreement with Fred Hutchinson Cancer Research Center (“FHCRC”) to build upon previous and ongoing clinical trials, with BC8 (licensed antibody). FHCRC has currently completed both a Phase 1 and Phase 2 clinical trial with BC8 and the Company intends to start preparation for a pivotal trial leading to an FDA approval. The Company has been granted exclusive rights to the BC8 antibody and related master cell bank developed by FHCRC. The cost to develop the trial will range from $13.2 million to $23.5 million, depending on the trial design as required by the FDA. Under the terms of the sponsored research agreement, the Company will fund the FHCRC lab with $0.2 million per year for the first two years and $0.3 million thereafter. Payments made toward funding the lab will be credited toward royalty payments owed to FHCRC in the given year. A milestone payment of $1 million will be due to FHCRC upon FDA approval of the first drug. Upon commercial sale of the drug, royalty payments of 2% of net sales will be due to FHCRC. f. On August 28, 2012, the Company entered into a clinical trial agreement with The University of Texas M.D. Anderson Cancer Center. The total estimated cost of conducting the clinical trial is approximately $0.5 million, which includes a non-refundable institutional fee of $14,500. The estimated cost is based on treating 24 patients through 2015. Upon execution of the agreement, the Company paid $33,946. During the years ended December 31, 2015 and 2014, the Company recorded an expense of approximately $0 and $0.1 million, respectively. g. On February 27, 2014, the Company entered into a manufacturing agreement with Goodwin Biotechnology Inc. ("Goodwin"). Goodwin oversees the current Good Manufacturing Practices (cGMP) production of a monoclonal antibody anticipated to be used in an upcoming phase 3 clinical trial of Iomab-B. Total cost of the agreement is $5.0 million. The Company made a non-refundable payment of $0.6 million upon execution of the agreement. Periodic payments will be made upon reaching certain milestones. As of December 31, 2015, the remaining cost of the agreement is approximately $1.5 million. Goodwin bills the Company when services are rendered and the Company records the related expense to research and development costs. For the years ended December 31, 2015 and 2014, the Company paid Goodwin approximately $4.2 million and $3.6 million, respectively. As of December 31, 2015 and 2014, the Company owed $0.1 million and $0.7 million, respectively, to Goodwin. h. On September 30, 2014, the Company entered into a research agreement with the Albert Einstein College of Medicine of Yeshiva University (“Einstein”). According to the agreement, Einstein will use certain materials provided by the Company to complete a research project. The research project will explore the feasibility of using Actinium 225 to prepare patients with blood borne cancers to receive a hematopoietic stem cell transplant. Einstein will periodically provide the Company with reports showing project data or research. The total fixed price of the project is $0.2 million which is payable to Einstein in three payments. During the years ended December 31, 2015 and 2014, the Company paid Einstein approximately $0.1 million. Lease Agreements On April 22, 2014, the Company entered into a sublease agreement for office space located at 379 Thornall Street, Edison, NJ. This agreement expires on September 30, 2016. The Company issued a letter of credit for $34,733 to the existing tenant and maintained a $34,733 certified deposit as collateral for the letter of credit. Future minimum obligations on the lease are: For the year ending December 31, 2016 $ 84,011 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Equity | Note 8 – Equity On December 9, 2013, the Company entered into an engagement agreement with its placement agent for the 2013 Common Stock Offering, (the “2013 Offering”) The 2013 Offering was completed in two tranches, on December 9, 2013 and January 10, 2014. On December 27, 2013, the Company completed the first sale of the 2013 Offering pursuant to a Unit Purchase Agreement, with certain accredited investors and pursuant to which: the investors agreed to purchase (i) an aggregate of 554,310 shares (the “Shares”) of common stock at $6.00 per share and (ii) five-year warrants to purchase an aggregate of 138,577 shares of common stock at an exercise price of $9.00 per share. The Company received $3.3 million in gross proceeds from the sale of securities and $2.9 million net proceeds after deducting the underwriting discount and the other offering expenses. The transaction date fair value of the warrants of $0.4 million was determined utilizing the Black-Scholes option pricing model utilizing the following assumptions: risk free interest rate – 0.07%, expected volatility – 84.06%, expected dividend yield - 0%, and a contractual life of 5 years. In January 2014, the Company completed the final tranche of the 2013 Offering and received approximately $3.3 million total gross proceeds from accredited investors (“2014 Closing”). The Company paid its placement agent total cash fees of approximately $0.4 million and paid attorney fees of $40,000 for their services resulting in net proceeds of $2.9 million. In the 2014 Closing, the Company sold 551,810 shares of common stock at $6.00 per share and granted 137,952 units of five-year warrants with an exercise price of $9.00 per share. The warrants are exercisable for a period of five years from the date of issuance. The transaction date fair value of the warrants of $0.6 million was determined utilizing the Black-Scholes option pricing model utilizing the following assumptions: risk free interest rate - 1.64%, expected volatility - 88%, expected dividend yield - 0%, and a contractual life of 5 years. During January 2014, in connection with the 2014 Closing, the Company issued the Placement Agent warrants to purchase an aggregate of 68,976 shares of common stock with an exercise price of $9.00 per share. The transaction date fair value of the warrants of $0.3 million was determined utilizing the Black-Scholes option pricing model utilizing the following assumptions: risk free interest rate – 1.64%, expected volatility - 88%, expected dividend yield - 0%, and a contractual life of 5 years. On March 24, 2014, the Company filed a shelf registration statement on Form S-3 (the “Registration Statement”) which was effective on April 17, 2014. This Registration Statement contained two prospectuses: (i) a base prospectus which covers the offering, issuance and sale by the Company of up to $200 million of its common stock, preferred stock, warrants and/or units; and (ii) a sales agreement prospectus covering the offering, issuance and sale by us of up to a maximum aggregate offering price of $75,000,000 of its common stock that may be issued and sold under a sales agreement (the “ Sales Agreement ” ) with MLV & Co. LLC ( “ MLV ” ) dated March 24, 2014. The Company will pay MLV in cash, upon the sale of common stock pursuant to the Sales Agreement, an amount equal to 3.0% of the gross proceeds from the sale of common stock. On April 28, 2014, the Company issued 500 shares and received net proceeds of $6,000 under the Sales Agreement with MLV. During the year ended December 31, 2015, the Company issued 5,626,119 common shares with an average price of $2.52 per share. The Company received $15.1 million gross proceeds ($14.7 million net proceeds) from the issuances. On June 30, 2014, the Company received gross proceeds of $12.5 million from a public offering of 1,670,000 shares of the Company’s common stock, $0.001 par value per share at a price to the public of $7.50 per share less underwriting discounts. The Company paid an underwriting discount of $0.9 million, paid other offering expenses of $0.1 million, and paid attorney and auditor fees of $0.1 million resulting in net proceeds of $11.5 million. Under the terms of the underwriting agreement, the Company also granted the underwriters a 30-day option to purchase up to an additional 250,000 shares of common stock to cover over-allotments, if any, at the offering price. On July 10, 2014, the underwriter exercised their over-allotment option to purchase an additional 157,123 shares from the Company for $7.50 per share. Including the exercise of the over-allotment option of $1.2 million, in gross proceeds, the Company’s June offering totaled 1,827,123 shares, representing gross proceeds of approximately $13.7 million and $12.6 million net after deducting the underwriting discount and other offering expenses. On February 11, 2015, the Company completed an underwritten offering of 4,444,444 shares of its common stock and warrants to purchase an aggregate of 3,333,333 shares of its common stock at a price to the public of $4.50 per share. The warrants will be exercisable for a period of 4 years at an exercise price of $6.50 per share and have a relative fair value of $3,540,659 on the issuance date. The Company received net proceeds of approximately $18.5 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by us, and excluding the underwriters’ over-allotment option. In addition, the Company granted the underwriters a 30-day option to purchase up to an additional 666,666 shares of common stock and warrants to purchase 499,999 shares of common stock solely to cover over-allotments, if any. The underwriter did not exercise the over-allotment option. On June 9, 2015, the Company closed a financing with certain investors in which it raised approximately $5,000,000 in gross proceeds or $4,480,000 in net proceeds, after deducting placement agent’s fees and other offering expenses. Investors purchased 1,923,078 shares of the Company’s common stock, at a price per share of $2.60. During the year ended December 31, 2015, the Company issued 1,532,124 common shares for the cashless exercise of warrants. During the year ended December 31, 2015, the Company also issued 224,153 common shares for $173,620 cash received from the exercise of options and warrants. During the year ended December 31, 2014, the Company issued 2,162,181 common shares for the cashless exercise of warrants. During the year ended December 31, 2014, the Company also issued 484,877 common shares for $435,147 cash received from the exercise of options and warrants. During the year ended December 31, 2013, the Company issued 235,158 common shares for cashless exercise of warrants. During the year ended December 31, 2013, the Company also issued 2,118,480 common shares for $3,480,448 cash received from the exercise of options and warrants. Approval of the 2013 Amended and Restated Stock Plan In September 2013, the Board of Directors of the Company approved the Company’s 2013 Stock Plan. The expiration date of the plan is September 9, 2023 and the total number of underlying shares of the Company’s common stock available for grant to employees, directors and consultants of the Company under the plan is 2,750,000 shares. In December 2015, the shareholders of the Company approved the second amendment to the plan and increased the number of shares authorized under the plan to 10,750,000 shares. Approval of the Equity Incentive Plan In September 2013, the Board approved the Company’s 2013 Equity Incentive Plan. The expiration date of the plan is September 9, 2023 and the total number of shares of the Company’s common stock available for grant to employees, directors and consultants of the Company under the plan is 450,000 shares. In December 2013, the shareholders of the Company approved the plan and increased the number of shares authorized under the plan to 1,000,000 shares. Restricted Stock During 2013, the Company granted employees, consultants and board members 312,500 shares of restricted stock. 80,000 shares of restricted stock vest 1 year from the grant date, 100,000 shares have a vesting period of 24 months. The remaining restricted shares granted are performance based and vest over time. The shares granted during the year ended December 31, 2013 were valued at $0.7 million based on the stock price on the grant dates. During the year ended December 31, 2014, the Company granted 633,041 shares of restricted stock and cancelled 50,000 shares of restricted stock. Of the total shares of restricted stock granted, 20,000 shares vest 3 months from the grant date, 30,374 shares vest 1 year from the grant date, 30,000 shares have a vesting period of 2 years, 202,497 shares have a vesting period of 4 years and 350,000 shares vest at the date of grant. The shares granted during the year ended December 31, 2014 were valued at $4.9 million based on the stock price on the grant dates. During the year ended December 31, 2015, the Company granted 479,651 shares of restricted common stock to consultants with a fair value of $2.3 million based on the stock price on the grant dates. Of the 479,651 restricted share awards granted in 2015, 329,651 shares vested at the date of grant and 150,000 shares vest over a six-month period. During the year ended December 31, 2015, the Company cancelled 126,265 shares of restricted stock originally granted to employees and issued a total of 152,499 options (see below). As a result of the cancellation of the 126,265 restricted shares, the Company recorded an expense of $0.8 million for the grant-date fair value of the restricted stock for which the requisite service is expected to be rendered. During the year ended December 31, 2015, 2014 and 2013, the Company recorded approximately $3.4 million, $3.7 million and $0.2 million, respectively, in stock-based compensation for all of the restricted shares outstanding. During the year ended December 31, 2015, the Company issued common shares totaling 344,784 for restricted shares granted in 2015 and prior years. Stock Options Following is a summary of option activities for the years ended December 31, 2015, 2014 and 2013: Number of Units Weighted Weighted Aggregate Outstanding, December 31, 2012 2,330,134 $ 0.96 8.91 $ 685,000 Issued 787,450 6.62 10.00 - Cancelled (1,115,550 ) 0.92 - - Exercised (16,650 ) 0.78 - - Outstanding, December 31, 2013 1,985,384 3.23 8.34 5,908,696 Issued 1,338,100 8.86 10.00 - Exercised (310,400 ) 0.95 - - Outstanding, December 31, 2014 3,013,084 5.98 8.35 4,728,842 Issued 1,554,499 2.78 10.00 - Cancelled (576,000 ) 8.70 - - Exercised (20,000 ) 0.78 - - Outstanding, December 31, 2015 3,971,583 4.34 8.01 2,964,146 Exercisable, December 31, 2015 1,826,741 3.56 7.37 2,024,556 During 2013, the Company granted employees and board members 787,450 options to purchase the Company’s common stock with exercise prices ranging from $3.60 to $6.70, a term of 10 years and vesting over a 4-year period. The fair value of $3.7 million was calculated using the Black-Scholes option-pricing model. Variables used in the Black-Scholes option-pricing model include: (1) discount rate of 1.36% - 1.55% (2) expected life of 6 years, (3) expected volatility of 83.32% - 98.45%, and (4) zero expected dividends. During the year ended December 31, 2014, the Company granted employees, consultants, and its board members 1,338,100 options to purchase the Company’s common stock with exercise prices ranging from $0.78 to $11.95 and a term of 10 years with vesting over a 4-year period. The options have an aggregated fair value of $8.7 million that was calculated using the Black-Scholes option-pricing model. Variables used in the Black-Scholes option-pricing model include: (1) discount rate of 1.77% - 2.07% (2) expected life of 6 years, (3) expected volatility of 82.47% - 87.76%, and (4) zero expected dividends. During the year ended December 31, 2015, the Company granted employees, consultants, and its board members 1,554,499 options to purchase the Company’s common stock with exercise prices ranging from $1.79 to $3.58 and a term of 10 years with vesting period ranging from 1 to 4.17 years. The options have an aggregated fair value of $3.2 million that was calculated using the Black-Scholes option-pricing model. Variables used in the Black-Scholes option-pricing model include: (1) discount rate of 1.56% - 1.91% (2) expected life of 6 years, (3) expected volatility of 85.01% - 94.89%, and (4) zero expected dividends. During the years ended December 31, 2015, 2014 and 2013, the Company received gross proceeds of $15,680, $0.3 million and $13,053 for exercise of options for 20,000 shares, 310,400 shares and 16,650 shares, respectively, of the Company’s common stock. All options issued and outstanding are being amortized over their respective vesting periods. The unrecognized compensation expense at December 31, 2015 and 2014 was $7.2 million and $10.2 million, respectively. During the years ended December 31, 2015, 2014 and 2013, the Company recorded option expense of $3.4 million, $2.4 million and $0.3 million, respectively. Warrants Following is a summary of warrant activities for the years ended December 31, 2015, 2014 and 2013: Number of Units Weighted Weighted Aggregate Outstanding, December 31, 2012 12,770,637 $ 0.97 4.48 $ 6,114,768 Granted 329,866 7.47 6.40 - Exercised (2,403,429 ) 1.58 - - Forfeited (1,023,784 ) - - - Outstanding, December 31, 2013 9,673,290 1.06 4.89 47,396,307 Granted 491,928 8.33 7.90 - Exercised (2,501,993 ) 0.67 - - Forfeited (29,167 ) 6.70 - - Outstanding, December 31, 2014 7,634,058 1.64 3.97 34,317,224 Granted 3,333,333 6.50 4.00 - Exercised (2,013,360 ) 0.41 - - Outstanding, December 31, 2015 8,954,031 3.73 2.93 10,199,230 Exercisable, December 31, 2015 8,669,031 3.59 2.75 10,199,230 During the year ended December 31, 2013, warrants to purchase 122,000 shares of common stock were granted to service providers at exercise prices ranging from $3.60 to $6.70 per share. These warrants have a term of 7 to 10 years and include (1) Warrants to purchase 72,000 shares of common stock vested immediately and were valued at $0.2 million on the grant date; and (2) Warrants to purchase 50,000 shares of common stock vest over a year and were valued at $0.2 million on the grant date. The fair value on the grant date was calculated using the Black-Scholes option-pricing model. Variables used in the Black-Scholes option-pricing model include (1) discount rate of 1.36% - 1.55%, (2) expected term of 5 years, (3) expected volatility of 91.56%, and (4) zero expected dividends. As of December 31, 2013, unrecognized compensation expense related to the warrants was $0.2 million. During the year ended December 31, 2013, the Company also issued warrants to purchase 138,577 shares of the Company’s common stock to investors and warrants to purchase 69,289 shares of the Company’s common stock to its placement agent in connection with the 2013 Offering. During the year ended December 31, 2013, 2,403,429 warrants were exercised by the warrant holders. The Company issued 2,336,988 shares of common stock and received gross proceeds of approximately $3.5 million. During the year ended December 31, 2014, the Company granted warrants to purchase 137,952 shares of the Company’s common stock to investors and warrants to purchase 68,976 shares of the Company’s common stock to its placement agent in connection with the January 2014 Closing. During the year ended December 31, 2014, the Company also granted three consultants warrants to purchase 285,000 shares of the Company’s common stock with exercise prices ranging from $5.55 to $11.66 per share and a term of 10 years. These warrants vest when certain milestones are met. The fair value of the warrants was $2.1 million on the grant date and was calculated using the Black-Scholes option-pricing model. Variables used in the Black-Scholes option-pricing model include (1) discount rate of 1.56% - 1.66%, (2) expected term of 5 years, (3) expected volatility of 82.47-87.76%, and (4) zero expected dividends. As of December 31, 2014, unrecognized compensation expense related to the warrants was $1.5 million. During the year ended December 31, 2014, 2,501,993 warrants were exercised by the warrant holders. The Company issued 2,336,658 shares of common stock and received gross proceeds of $0.2 million. On February 11, 2015, the Company completed an underwritten offering of 4,444,444 shares of its common stock and warrants to purchase an aggregate of 3,333,333 shares of its common stock at a price of $4.50 per share. The warrants are exercisable for a period of 4 years at an exercise price of $6.50 per share. The transaction date relative fair value of the warrants of $3.5 million was determined utilizing the Black-Scholes option pricing model. Variables used in the Black-Scholes option-pricing model include (1) discount rate of 1.26%, (2) expected term of 4 years, (3) expected volatility of 72%, and (4) zero expected dividends. During the year ended December 31, 2015, 2,013,360 warrants were exercised by the warrant holders. The Company issued 1,736,277 shares of common stock and received gross proceeds of $0.2 million. During the year ended December 31, 2015, 2014 and 2013, the Company recorded stock-based compensation related to the warrants of $0.2 million, $0.1 million and $0.2 million, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | Note 9 – Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities at December 31, 2015 and 2014 are as follows: 2015 2014 Deferred tax assets: Net operating losses carry forward $ 28,910,183 $ 22,866,340 Less: valuation allowance (28,910,183 ) (22,866,340 ) Deferred tax assets, net $ - $ - As of December 31, 2015, for U.S. federal income tax reporting purposes, the Company has approximately $85.0 million of unused net operating losses (“NOLs”) available for carry forward to future years. The benefit from the carry forward of such NOLs will begin expiring during the year ended December 31, 2021. Because United States tax laws limit the time during which NOL carry forwards may be applied against future taxable income, the Company may be unable to take full advantage of its NOL for federal income tax purposes should the Company generate taxable income. Further, the benefit from utilization of NOLs carry forwards could be subject to limitations due to material ownership changes that could occur in the Company as it continues to raise additional capital. Based on such limitations, the Company has significant NOLs for which realization of tax benefits is uncertain. The difference between the income tax provision and the amount that would result if the U.S. Federal statutory rate of 34% were applied to pre-tax loss for the years ended December 31, 2015, 2014 and 2013 are as follows: For the year ended December 31, 2015 December 31, 2014 December 31, 2013 Federal income taxes at 34% $ (7,148,607 ) (34.00 )% $ (8,393,753 ) (34.00 )% $ (3,663,089 ) (34.00 )% Stock-based compensation 2,400,951 11.42 % 2,135,414 8.65 % 163,519 1.52 % Change in fair value of derivatives (1,296,188 ) (6.16 )% 750,073 3.04 % 1,420,993 13.19 % Other - - % 526,224 2.13 % - - % Change in valuation allowance 6,043,844 28.74 % 4,982,042 20.18 % 2,078,577 19.29 % Provision for income tax $ - - $ - - $ - - |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 10 – Subsequent Events On January 4, 2016, the Company sold 40,656 shares of common stock for gross proceeds of $130,156 as part of the Sales Agreement with MLV. On January 22, 2016, 500 shares of restricted stock vested and the Company issued 500 shares of common stock to an employee. On January 27, 2016, the Company issued 114,169 shares of common stock for the conversion of 164,580 warrants. On February 16, 2016, the Company entered into a Service agreement with Medpace, Inc. where Medpace agreed to perform Phase 3 study of Iomab-B product. The study is scheduled to be finished in July 2018 with an estimated fees to Medpace of $6.6 million. On February 16, 2016, the Company issued 10,750 shares of common stock to a consultant with a fair value of $19,350. On February 22, 2016, 500 shares of restricted stock vested and the Company issued 500 shares of common stock to an employee. On February 29, 2016 the Company sold 15,946 shares of common stock for gross proceeds of $33,038 as part of the Sales Agreement with MLV. On March 3, 2016, the Company sold 82,557 shares of common stock for gross proceeds of $170,686 as part of the Sales Agreement with MLV. On March 4, 2016, the Company sold 21,109 shares of common stock for gross proceeds of $43,298 as part of the Sales Agreement with MLV. On March 7, 2016, the Company sold 38,369 shares of common stock for gross proceeds of $79,216 as part of the Sales Agreement with MLV. |
Description of Business and S17
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Description of Business and Summary of Significant Accounting Policies [Abstract] | |
Nature of Business | Nature of Business - On December 28, 2012, the Company entered into a transaction (the “Share Exchange”), pursuant to which the Company acquired 100% of the issued and outstanding equity securities of Actinium Pharmaceuticals, Inc. (“API”), in exchange for the issuance of approximately 99% of the issued and outstanding common stock, par value $0.001 per share, of the Company. As a result of the Share Exchange, the Company was then considered a holding company operating through API, a clinical-stage biopharmaceutical company developing certain cancer treatments. On March 20, 2013, the Company’s subsidiary, Actinium Pharmaceuticals, Inc., changed its name to Actinium Corporation. On April 11, 2013, the Company changed its domicile from the State of Nevada to the State of Delaware and changed its name from Cactus Ventures, Inc. to Actinium Pharmaceuticals, Inc. On September 25, 2013, in accordance with a Certificate of Ownership Merging Actinium Corporation into the Actinium Pharmaceuticals, Inc. filed in Delaware, the Company merged (the “Merger”) into itself Actinium Corporation (a 93.7% owned subsidiary), and Actinium Corporation ceased to exist. As a result of the Merger, Actinium Corporation stock owned by the Company was cancelled and each share of Actinium Corporation not owned by the Company was exchanged for 0.333 shares of Company’s common stock. A total of 3,970,137 shares of Actinium Corporation common stock was exchanged for 1,322,055 shares of Company common stock. |
Principles of Consolidation | Principles of Consolidation - |
Use of Estimates in Financial Statement Presentation | Use of Estimates in Financial Statement Presentation - |
Reclassification | Reclassification - |
Cash and Cash Equivalents | Cash and Cash Equivalents - |
Property and Equipment | Property and Equipment - |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets - |
Derivatives | Derivatives - |
Fair Value of Financial Instruments | Fair Value of Financial Instruments - Level 1 Inputs - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 Inputs - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. Level 3 Inputs - Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity's own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. The following tables set forth assets and liabilities measured at fair value on a recurring and non-recurring basis by level within the fair value hierarchy as of December 31, 2015 and 2014. As required by ASC 820 “ Fair Value Measurements and Disclosures” Level 1 Level 2 Level 3 Total Derivative liabilities: At December 31, 2015 - - $ 2,848,902 $ 2,848,902 At December 31, 2014 - - $ 6,709,911 $ 6,709,911 |
Income Taxes | Income Taxes - |
Research and Development Costs | Research and Development Costs – |
Share-Based Payments | Share-Based Payments – |
Earnings (Loss) Per Common Share | Earnings (Loss) Per Common Share – December 31, December 31, December 31, Options 3,971,583 3,013,084 1,985,384 Warrants 8,954,031 7,634,058 9,673,290 Total 12,925,614 10,647,142 11,658,674 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
Subsequent Events | Subsequent Events |
Description of Business and S18
Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Description of Business and Summary of Significant Accounting Policies [Abstract] | |
Summary of set forth liabilities measured at fair value on a recurring basis | Level 1 Level 2 Level 3 Total Derivative liabilities: At December 31, 2015 - - $ 2,848,902 $ 2,848,902 At December 31, 2014 - - $ 6,709,911 $ 6,709,911 |
Schedule of antidilutive securities excluded from computation of earnings per share | December 31, December 31, December 31, Options 3,971,583 3,013,084 1,985,384 Warrants 8,954,031 7,634,058 9,673,290 Total 12,925,614 10,647,142 11,658,674 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Summary of activities related to related party | Milestones Payments (1) filing of an New Drug Application (“NDA”) or regulatory approval for each licensed product $ 750,000 (2) upon the receipt of regulatory approval from the U.S. FDA for each licensed product 1,750,000 |
Prepaid Expenses and Other Cu20
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Prepaid Expenses and Other Current Assets [Abstract] | |
Summary of prepaid expenses and other current assets | December 31, December 31, 2015 2014 Security deposit $ - $ 11,350 Prepaid insurance 376,906 368,223 Other prepaid expenses 426,557 320,278 Total $ 803,463 $ 699,851 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property and Equipment [Abstract] | |
Summary of property and equipment | December 31, December 31, Lives 2015 2014 Lab equipment 3 years $ 116,070 $ 108,713 Office equipment 3 years 82,974 58,455 Less: accumulated depreciation (92,932 ) (39,468 ) Property and equipment, net $ 106,112 $ 127,700 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivatives [Abstract] | |
Schedule of derivative warrant instruments activity | Shares subject to warrants Fair Value Balance, December 31, 2013 1,968,623 $ 6,707,255 Transfer from liability to equity classification (319,294 ) (2,203,443 ) Change in fair value - 2,206,099 Balance, December 31, 2014 1,649,329 6,709,911 Transfer from liability to equity classification (21,960 ) (48,691 ) Change in fair value - (3,812,318 ) Balance, December 31, 2015 1,627,369 $ 2,848,902 |
Summary of fair values of derivative warrants on basis of valuation model | December 31, December 31, 2015 2014 Market value of common stock on measurement date (1) $ 3.23 $ 5.89 Adjusted exercise price $ 2.48 $ 2.48 Risk free interest rate (2) 1.06 % 1.10 % Warrant lives in years 2.0 years 3.0 years Expected volatility (3) 87 % 71 % Expected dividend yield (4) - - Probability of stock offering in any period over 5 years (5) 100 % 100 % Offering price (6) $ 2.60 $ 4.50 (1) The market value of common stock at the above measurement dates is based on the Company’s trading price quoted on the NYSE MKT. (2) The risk-free interest rate was determined by management using the Treasury Bill rate as of the respective measurement date. (3) As of December 31, 2015, the volatility was estimated using the historical volatilities of the Company’s common stock traded in NYSE MKT market. As of December 31, 2014, the volatility was estimated using the historical volatilities of comparable companies in the same industry and region. (4) Management determined the dividend yield to be 0% based upon its expectation that it will not pay dividends for the foreseeable future. (5) Management determines the probability of future stock offering at each evaluation date. (6) Represents the estimated offering price in future offerings as determined by management. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Summary of milestone payment | Milestones Payments (1) when Company initiates a Phase I Clinical Trial of a licensed product $ 750,000 (2) when Company initiates a Phase II Clinical Trial of a licensed product 750,000 (3) when Company initiates a Phase III Clinical Trial of a licensed product 1,500,000 (4) Biological License Application filing with U.S. FDA 1,750,000 (5) First commercial sale 1,500,000 (6) after the first $10,000,000 in net sales 1,500,000 |
Schedule of future minimum obligations on the lease | For the year ending December 31, 2016 $ 84,011 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Warrants [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of option and warrant activities | Number of Units Weighted Weighted Aggregate Outstanding, December 31, 2012 12,770,637 $ 0.97 4.48 $ 6,114,768 Granted 329,866 7.47 6.40 - Exercised (2,403,429 ) 1.58 - - Forfeited (1,023,784 ) - - - Outstanding, December 31, 2013 9,673,290 1.06 4.89 47,396,307 Granted 491,928 8.33 7.90 - Exercised (2,501,993 ) 0.67 - - Forfeited (29,167 ) 6.70 - - Outstanding, December 31, 2014 7,634,058 1.64 3.97 34,317,224 Granted 3,333,333 6.50 4.00 - Exercised (2,013,360 ) 0.41 - - Outstanding, December 31, 2015 8,954,031 3.73 2.93 10,199,230 Exercisable, December 31, 2015 8,669,031 3.59 2.75 10,199,230 |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of option and warrant activities | Number of Units Weighted Weighted Aggregate Outstanding, December 31, 2012 2,330,134 $ 0.96 8.91 $ 685,000 Issued 787,450 6.62 10.00 - Cancelled (1,115,550 ) 0.92 - - Exercised (16,650 ) 0.78 - - Outstanding, December 31, 2013 1,985,384 3.23 8.34 5,908,696 Issued 1,338,100 8.86 10.00 - Exercised (310,400 ) 0.95 - - Outstanding, December 31, 2014 3,013,084 5.98 8.35 4,728,842 Issued 1,554,499 2.78 10.00 - Cancelled (576,000 ) 8.70 - - Exercised (20,000 ) 0.78 - - Outstanding, December 31, 2015 3,971,583 4.34 8.01 2,964,146 Exercisable, December 31, 2015 1,826,741 3.56 7.37 2,024,556 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Components of deferred tax assets and liabilities | 2015 2014 Deferred tax assets: Net operating losses carry forward $ 28,910,183 $ 22,866,340 Less: valuation allowance (28,910,183 ) (22,866,340 ) Deferred tax assets, net $ - $ - |
Schedule of difference between the income tax provision and the U.S. Federal statutory rate | For the year ended December 31, 2015 December 31, 2014 December 31, 2013 Federal income taxes at 34% $ (7,148,607 ) (34.00 )% $ (8,393,753 ) (34.00 )% $ (3,663,089 ) (34.00 )% Stock-based compensation 2,400,951 11.42 % 2,135,414 8.65 % 163,519 1.52 % Change in fair value of derivatives (1,296,188 ) (6.16 )% 750,073 3.04 % 1,420,993 13.19 % Other - - % 526,224 2.13 % - - % Change in valuation allowance 6,043,844 28.74 % 4,982,042 20.18 % 2,078,577 19.29 % Provision for income tax $ - - $ - - $ - - |
Description of Business and S26
Description of Business and Summary of Significant Accounting Policies (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Summary of liabilities measured at fair value on a recurring basis | ||
Derivative liability | $ 2,848,902 | $ 6,709,911 |
Level 1 [Member] | ||
Summary of liabilities measured at fair value on a recurring basis | ||
Derivative liability | ||
Level 2 [Member] | ||
Summary of liabilities measured at fair value on a recurring basis | ||
Derivative liability | ||
Level 3 [Member] | ||
Summary of liabilities measured at fair value on a recurring basis | ||
Derivative liability | $ 2,848,902 | $ 6,709,911 |
Description of Business and S27
Description of Business and Summary of Significant Accounting Policies (Details 1) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total | 12,925,614 | 10,647,142 | 11,658,674 |
Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total | 3,971,583 | 3,013,084 | 1,985,384 |
Warrants [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total | 8,954,031 | 7,634,058 | 9,673,290 |
Description of Business and S28
Description of Business and Summary of Significant Accounting Policies (Details Textual) | Dec. 28, 2012$ / shares | Sep. 25, 2013shares | Dec. 31, 2014$ / shares | Dec. 31, 2015$ / shares | Jun. 30, 2014$ / shares |
Description of Business and Summary of Significant Accounting Policies (Textual) | |||||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||
Machinery and equipment [Member] | |||||
Description of Business and Summary of Significant Accounting Policies (Textual) | |||||
Estimated useful lives | Three years | ||||
Furniture and fixtures [Member] | |||||
Description of Business and Summary of Significant Accounting Policies (Textual) | |||||
Estimated useful lives | Three years | ||||
Actinium [Member] | |||||
Description of Business and Summary of Significant Accounting Policies (Textual) | |||||
Percentage of ownership interest acquired by company | 100.00% | 93.70% | |||
Common Stock issuable in consideration for equity interest acquisition | 99.00% | ||||
Common stock, par value | $ / shares | $ 0.001 | ||||
Shares received by each API shareholder of Actinium common stock for each API share exchanged | 0.333 | ||||
Common stock shares | shares | 3,970,137 | ||||
Common stock shares exchanged | shares | 1,322,055 |
Related Party Transactions (Det
Related Party Transactions (Details) - Memorial Sloan Kettering Cancer Center [Member] | 12 Months Ended |
Dec. 31, 2015USD ($) | |
New Drug Application [Member] | |
Summary of milestone payments related to related party | |
Milestones payments | $ 750,000 |
Receipt of Regulatory Approval From U.S. FDA [Member] | |
Summary of milestone payments related to related party | |
Milestones payments | $ 1,750,000 |
Related Party Transactions (D30
Related Party Transactions (Details Textual) - USD ($) | Feb. 22, 2016 | Feb. 16, 2016 | Jan. 22, 2016 | Jun. 09, 2015 | Feb. 11, 2015 | Jul. 10, 2014 | Jul. 10, 2014 | Dec. 09, 2013 | Jun. 30, 2014 | Mar. 24, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Related Party Transactions (Textual) | |||||||||||||
Underwritten offering common stock, Shares | 1,670,000 | 5,626,119 | |||||||||||
Stock issued during period value under subscription agreements | $ 37,637,959 | $ 15,435,305 | $ 2,883,257 | ||||||||||
Gross proceeds from public offering | $ 12,500,000 | 15,100,000 | |||||||||||
Net proceeds from public offering | 14,700,000 | ||||||||||||
Sale of stock, Description | The Company will pay MLV in cash, upon the sale of common stock pursuant to the Sales Agreement, an amount equal to 3.0% of the gross proceeds from the sale of common stock. On April 28, 2014, the Company issued 500 shares and received net proceeds of $6,000 under the Sales Agreement with MLV. | ||||||||||||
Subsequent Event [Member] | |||||||||||||
Related Party Transactions (Textual) | |||||||||||||
Underwritten offering common stock, Shares | 500 | 10,750 | 500 | ||||||||||
Stock issued during period value under subscription agreements | $ 19,350 | ||||||||||||
Placement agent [Member] | |||||||||||||
Related Party Transactions (Textual) | |||||||||||||
Description of receivables of placement agent for services | The agreement entered in on December 9, 2013 included a cash fee equal to 10% of the gross proceeds raised, a non-accountable expense reimbursement equal to 2% of the gross proceeds raised and warrants to purchase shares of the Company's Common Stock. | ||||||||||||
Description of warrants receivables by placement | Warrants to purchase shares of the Company's Common Stock in an amount equal to 10% of the shares of common stock issued or issuable. | ||||||||||||
Monthly fee for financial advisory services | $ 25,000 | ||||||||||||
Repayment of amount paid to placement agent | $ 25,000 | 25,000 | |||||||||||
Underwritten offering common stock, Shares | 69,289 | ||||||||||||
Cash fee | $ 455,108 | $ 397,303 | $ 399,103 | ||||||||||
Warrants to purchase of common stock | 68,976 | 69,289 | |||||||||||
Exercise price of warrants | $ 9 | ||||||||||||
Warrants term | 5 years | ||||||||||||
Subscription Agreements [Member] | |||||||||||||
Related Party Transactions (Textual) | |||||||||||||
Amount paid to placement agent | $ 400,000 | ||||||||||||
Underwritten offering common stock, Shares | 1,923,078 | ||||||||||||
Stock issued during period value under subscription agreements | $ 5,000,000 | ||||||||||||
Share price | $ 2.60 | ||||||||||||
IPO [Member] | |||||||||||||
Related Party Transactions (Textual) | |||||||||||||
Amount paid to placement agent | $ 1,400,000 | ||||||||||||
Underwritten offering common stock, Shares | 4,444,444 | 1,827,123 | |||||||||||
Gross proceeds from public offering | $ 20,000,000 | $ 13,700,000 | |||||||||||
Net proceeds from public offering | $ 18,500,000 | $ 12,600,000 | $ 11,500,000 | ||||||||||
Exercise price of warrants | $ 6.50 | ||||||||||||
MSKCC [Member] | |||||||||||||
Related Party Transactions (Textual) | |||||||||||||
Maintenance fees | $ 200,000 | $ 300,000 | $ 100,000 | ||||||||||
Royalty description | Under the agreement, the Company shall pay to MSKCC on a country-by-country basis a royalty of 2% of net sales of all licensed products until the later of: (1) 10 years from the first commercial sale, or (2) when the patents expire. | ||||||||||||
Number of shares common stock | 5,700,000 | ||||||||||||
Sale of stock, Description | Thereafter MSKCC shall be permitted to sell its shares subject to a weekly volume limitation of 150,000 shares (which limit may be increased to up to 250,000 shares per week to the extent any prior weekly allotments are not fully used) and applicable law so long as MSKCC maintains at least 25% of its current shareholding in Actinium through December 31, 2016. | ||||||||||||
MSKCC [Member] | Clinical Trial Agreement [Member] | |||||||||||||
Related Party Transactions (Textual) | |||||||||||||
Maintenance fees | $ 0 | $ 200,000 |
Prepaid Expenses and Other Cu31
Prepaid Expenses and Other Current Assets (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Prepaid Expenses and Other Current Assets [Abstract] | ||
Security deposit | $ 11,350 | |
Prepaid insurance | $ 376,906 | 368,223 |
Other prepaid expenses | 426,557 | 320,278 |
Total | $ 803,463 | $ 699,851 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Summary of property and equipment | ||
Less: accumulated depreciation | $ (92,932) | $ (39,468) |
Property and equipment, net | $ 106,112 | 127,700 |
Lab equipment [Member] | ||
Summary of property and equipment | ||
Useful Lives | 3 years | |
Property and equipment, gross | $ 116,070 | 108,713 |
Office equipment [Member] | ||
Summary of property and equipment | ||
Useful Lives | 3 years | |
Property and equipment, gross | $ 82,974 | $ 58,455 |
Property and Equipment (Detai33
Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property and Equipment (Textual) | |||
Depreciation expense | $ 53,465 | $ 37,908 | $ 1,560 |
Loss on disposition of equipment | $ 4,122 |
Note Payable (Details)
Note Payable (Details) | Dec. 31, 2015USD ($) | Dec. 28, 2015USD ($)installments | Dec. 31, 2014USD ($) | Dec. 28, 2014USD ($) | Oct. 25, 2014USD ($) |
Note Payable (Textual) | |||||
Outstanding balance related to premium finance agreements | $ 265,695 | $ 283,552 | |||
Premium Finance Agreement [Member] | |||||
Note Payable (Textual) | |||||
Notes payable | $ 300,000 | $ 200,000 | $ 43,075 | ||
Amount required to pay in monthly installment | $ 30,077 | $ 27,614 | $ 4,882 | ||
Outstanding balance related to premium finance agreements | $ 300,000 | $ 300,000 | |||
Number of installment | installments | 9 |
Derivatives (Details)
Derivatives (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of derivative warrant instruments activity | ||
Beginning balance, Shares subject to warrants | 1,649,329 | 1,968,623 |
Transfer from liability to equity classification, Shares subject to warrants | $ (21,960) | $ (319,294) |
Ending Balance, Shares subject to warrants | 1,627,369 | 1,649,329 |
Beginning balance, Fair Value | $ 6,709,911 | $ 6,707,255 |
Transfer from liability classification to equity classification, Fair Value | (48,691) | (2,203,443) |
Change in fair value | (3,812,318) | 2,206,099 |
Ending Balance, Fair Value | $ 2,848,902 | $ 6,709,911 |
Derivatives (Details 1)
Derivatives (Details 1) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Summary of fair values of derivative warrants on basis of valuation model | |||
Market value of common stock on measurement date | [1] | $ 3.23 | $ 5.89 |
Adjusted exercise price | $ 2.48 | $ 2.48 | |
Risk free interest rate | [2] | 1.06% | 1.10% |
Warrant lives in years | 2 years | 3 years | |
Expected volatility | [3] | 87.00% | 71.00% |
Expected dividend yield | [4] | ||
Probability of stock offering in any period over 5 years | [5] | 100.00% | 100.00% |
Offering price | [6] | $ 2.60 | $ 4.50 |
[1] | The market value of common stock at the above measurement dates is based on the Company's trading price quoted on the NYSE MKT. | ||
[2] | The risk-free interest rate was determined by management using the Treasury Bill rate as of the respective measurement date. | ||
[3] | As of December 31, 2015, the volatility was estimated using the historical volatilities of the Company's common stock traded in NYSE MKT market. As of December 31, 2014, the volatility was estimated using the historical volatilities of comparable companies in the same industry and region. | ||
[4] | Management determined the dividend yield to be 0% based upon its expectation that it will not pay dividends for the foreseeable future. | ||
[5] | Management determines the probability of future stock offering at each evaluation date. | ||
[6] | Represents the estimated offering price in future offerings as determined by management. |
Derivatives (Details Textual)
Derivatives (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Derivatives (Textual) | |||
Fair value of warrants | $ 2,100,000 | ||
Expected dividend yield | [1] | ||
Warrant [Member] | |||
Derivatives (Textual) | |||
Number of warrants exercised | 2,013,360 | 2,501,993 | |
Derivative warrants | 21,960 | 319,294 | |
Fair value of warrants | $ 48,691 | $ 2,203,443 | |
Expected dividend yield | 0.00% | 0.00% | |
Probability of stock offering period | 5 years | 5 years | |
[1] | Management determined the dividend yield to be 0% based upon its expectation that it will not pay dividends for the foreseeable future. |
Commitments and Contingencies38
Commitments and Contingencies (Details) - AbbVie Biotherapeutics Corp [Member] - USD ($) | 1 Months Ended | 12 Months Ended |
Jul. 24, 2012 | Dec. 31, 2015 | |
Phase I Clinical Trial of a licensed product [Member] | ||
Summary of milestone payment | ||
Milestones payments | $ 750,000 | $ 750,000 |
Phase II Clinical Trial of a licensed product [Member] | ||
Summary of milestone payment | ||
Milestones payments | 750,000 | |
Phase III Clinical Trial of a licensed product [Member] | ||
Summary of milestone payment | ||
Milestones payments | 1,500,000 | |
Biological License Application filing with U.S. FDA [Member] | ||
Summary of milestone payment | ||
Milestones payments | 1,750,000 | |
First Commercial Sale [Member] | ||
Summary of milestone payment | ||
Milestones payments | 1,500,000 | |
After First Net Sales [Member] | ||
Summary of milestone payment | ||
Milestones payments | $ 1,500,000 |
Commitments and Contingencies39
Commitments and Contingencies (Details 1) | Dec. 31, 2015USD ($) |
Future minimum obligations on the lease are: | |
2,016 | $ 84,011 |
Commitments and Contingencies40
Commitments and Contingencies (Details Textual) | Feb. 27, 2014USD ($) | Aug. 28, 2012USD ($)patients | Jul. 24, 2012USD ($) | Jun. 15, 2012USD ($) | Dec. 31, 2007USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Sep. 30, 2014USD ($) |
Commitments and Contingencies (Textual) | ||||||||||
Research recorded fees | $ 13,311,739 | $ 12,267,313 | $ 3,109,331 | |||||||
Security deposit | 34,733 | |||||||||
Letter of credit | 34,733 | |||||||||
Manufacturing Agreement [Member] | ||||||||||
Commitments and Contingencies (Textual) | ||||||||||
Project estimated cost for clinical trials of drug Ac-225-HuM195 | $ 5,000,000 | 1,500,000 | ||||||||
Non - refundable institutional fee | $ 600,000 | |||||||||
Total project estimated to cost | 100,000 | 700,000 | ||||||||
Research and development costs | 4,200,000 | 3,600,000 | ||||||||
Einstein [Member] | ||||||||||
Commitments and Contingencies (Textual) | ||||||||||
Total project estimated to cost | $ 200,000 | |||||||||
Research and development costs | 100,000 | 100,000 | ||||||||
AbbVie Biotherapeutics Corp [Member] | Product Development and Patent License Agreement [Member] | ||||||||||
Commitments and Contingencies (Textual) | ||||||||||
License fee payment | 3,000,000 | |||||||||
Milestones payments | $ 7,750,000 | |||||||||
Description of royalty payment | Company shall pay to AbbVie Biotherapeutics Corp on a country-by-country basis a royalty of 12% of net sales of all licensed products until the later of: (1) 12.5 years after the first commercial sale, or (2) when the patents expire. | |||||||||
Royalty of net sales percentage | 12.00% | |||||||||
First commercial sale period | 12 years 6 months | |||||||||
AbbVie Biotherapeutics Corp [Member] | After First Net Sales [Member] | ||||||||||
Commitments and Contingencies (Textual) | ||||||||||
Milestones payments | $ 1,500,000 | |||||||||
AbbVie Biotherapeutics Corp [Member] | Phase I Clinical Trial of a licensed product [Member] | ||||||||||
Commitments and Contingencies (Textual) | ||||||||||
Milestones payments | $ 750,000 | 750,000 | ||||||||
Abbott Biotherapeutics Corp [Member] | After First Net Sales [Member] | Product Development and Patent License Agreement [Member] | ||||||||||
Commitments and Contingencies (Textual) | ||||||||||
Net sales in milestones payment | 10,000,000 | |||||||||
Oak Ridge National Laboratory [Member] | ||||||||||
Commitments and Contingencies (Textual) | ||||||||||
Research and development costs | $ 800,000 | 600,000 | 300,000 | |||||||
Aptiv Solutions [Member] | ||||||||||
Commitments and Contingencies (Textual) | ||||||||||
Down payment of project estimated cost percentage | 12.50% | |||||||||
Down payment for project | $ 200,000 | $ 1,900,000 | $ 200,000 | |||||||
Total project estimated to cost | 2,700,000 | |||||||||
Research and development costs | $ 400,000 | 400,000 | 300,000 | |||||||
Fred Hutchinson Cancer Research Center [Member] | license and sponsored research agreement [Member] | ||||||||||
Commitments and Contingencies (Textual) | ||||||||||
Milestones payments | $ 1,000,000 | |||||||||
Description of royalty payment | Royalty payments of 2% of net sales will be due to FHCRC. | |||||||||
Royalty of net sales percentage | 2.00% | |||||||||
Fund for Fred Hutchinson Cancer Research Center lab ( Per year for the first two years ) | $ 200,000 | |||||||||
Fund for Fred Hutchinson Cancer Research Center lab ( thereafter ) | 300,000 | |||||||||
Research recorded fees | $ 300,000 | 200,000 | $ 100,000 | |||||||
Fred Hutchinson Cancer Research Center [Member] | Maximum [Member] | license and sponsored research agreement [Member] | ||||||||||
Commitments and Contingencies (Textual) | ||||||||||
Clinical trial cost for approval of food and drug administration | 23,500,000 | |||||||||
Fred Hutchinson Cancer Research Center [Member] | Minimum [Member] | license and sponsored research agreement [Member] | ||||||||||
Commitments and Contingencies (Textual) | ||||||||||
Clinical trial cost for approval of food and drug administration | $ 13,200,000 | |||||||||
University of Texas M.D. Anderson Cancer Center [Member] | Clinical Trial Agreement [Member] | ||||||||||
Commitments and Contingencies (Textual) | ||||||||||
Number of Patients | patients | 24 | |||||||||
Amount paid to each patient after Completing clinical trial | $ 500,000 | |||||||||
Start-up fee for clinical trial | $ 33,946 | |||||||||
Start-up due cost paid date | Dec. 31, 2015 | |||||||||
Non - refundable institutional fee | $ 14,500 | |||||||||
Research recorded fees | $ 100,000 | $ 0 |
Equity (Details)
Equity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Warrant [Member] | |||
Summary of stock option/ warrant activities | |||
Number of Units,Outstanding, Beginning balance | 7,634,058 | 9,673,290 | 12,770,637 |
Issued/ Granted | 3,333,333 | 491,928 | 329,866 |
Exercised | (2,013,360) | (2,501,993) | (2,403,429) |
Cancelled/ Forfeited | (29,167) | (1,023,784) | |
Number of Units,Outstanding, Ending Balance | 8,954,031 | 7,634,058 | 9,673,290 |
Exercisable | 8,669,031 | ||
Weighted Average Exercise Price, Outstanding, Beginning balance | $ 1.64 | $ 1.06 | $ 0.97 |
Weighted Average Exercise Price, Issued/ Granted | 6.50 | 8.33 | 7.47 |
Weighted Average Exercise Price, Exercised | 0.41 | 0.67 | 1.58 |
Weighted Average Exercise Price, Forfeited/ Cancelled | 6.70 | ||
Weighted Average Exercise Price, Outstanding, Ending Balance | 3.73 | $ 1.64 | $ 1.06 |
Weighted Average Exercise Price, Exercisable | $ 3.59 | ||
Weighted Average Remaining Contractual Term (in years), Outstanding, Beginning balance | 4 years | 4 years 10 months 21 days | 4 years 5 months 23 days |
Weighted Average Remaining Contractual Term (in years), Issued/ Granted | 3 years 1 month 13 days | 7 years 10 months 24 days | 6 years 4 months 24 days |
Weighted Average Remaining Contractual Term (in years), Outstanding, Ending balance | 2 years 11 months 5 days | 3 years 11 months 19 days | 4 years 10 months 21 days |
Weighted Average Remaining Contractual Term (in years), Exercisable | 2 years 9 months | ||
Aggregate Intrinsic Value, Outstanding, Beginning balance | $ 34,317,224 | $ 47,396,307 | $ 6,114,768 |
Aggregate Intrinsic Value, Exercised | |||
Aggregate Intrinsic Value, Outstanding, Ending Balance | 10,199,230 | $ 34,317,224 | $ 47,396,307 |
Aggregate Intrinsic Value, Exercisable | $ 10,199,230 | ||
Stock Options [Member] | |||
Summary of stock option/ warrant activities | |||
Number of Units,Outstanding, Beginning balance | 3,013,084 | 1,985,384 | 2,330,134 |
Issued/ Granted | 1,554,499 | 1,338,100 | 787,450 |
Exercised | (20,000) | (310,400) | (16,650) |
Cancelled/ Forfeited | (576,000) | (1,115,550) | |
Number of Units,Outstanding, Ending Balance | 3,971,583 | 3,013,084 | 1,985,384 |
Exercisable | 1,826,741 | ||
Weighted Average Exercise Price, Outstanding, Beginning balance | $ 5.98 | $ 3.23 | $ 0.96 |
Weighted Average Exercise Price, Issued/ Granted | 2.78 | 8.86 | 6.62 |
Weighted Average Exercise Price, Exercised | 0.78 | 0.95 | 0.78 |
Weighted Average Exercise Price, Forfeited/ Cancelled | 8.70 | 0.92 | |
Weighted Average Exercise Price, Outstanding, Ending Balance | 4.34 | $ 5.98 | $ 3.23 |
Weighted Average Exercise Price, Exercisable | $ 3.56 | ||
Weighted Average Remaining Contractual Term (in years), Outstanding, Beginning balance | 8 years 4 months 6 days | 8 years 4 months 2 days | 8 years 10 months 28 days |
Weighted Average Remaining Contractual Term (in years), Issued/ Granted | 10 years | 10 years | 10 years |
Weighted Average Remaining Contractual Term (in years), Outstanding, Ending balance | 8 years 4 days | 8 years 4 months 6 days | 8 years 4 months 2 days |
Weighted Average Remaining Contractual Term (in years), Exercisable | 7 years 4 months 13 days | ||
Aggregate Intrinsic Value, Outstanding, Beginning balance | $ 4,728,842 | $ 5,908,696 | $ 685,000 |
Aggregate Intrinsic Value, Exercised | |||
Aggregate Intrinsic Value, Outstanding, Ending Balance | 2,964,146 | $ 4,728,842 | $ 5,908,696 |
Aggregate Intrinsic Value, Exercisable | $ 2,024,556 |
Equity (Details Textual)
Equity (Details Textual) - USD ($) | Jun. 09, 2015 | Feb. 11, 2015 | Jul. 10, 2014 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 24, 2014 | Jan. 31, 2014 | Dec. 27, 2013 | Sep. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity (Textual) | |||||||||||||
Fair value assumptions, risk free interest rate | [1] | 1.06% | 1.10% | ||||||||||
Fair value assumptions, expected volatility rate | [2] | 87.00% | 71.00% | ||||||||||
Fair value assumptions, expected term | 2 years | 3 years | |||||||||||
Fair value assumptions, expected dividend rate | [3] | ||||||||||||
Proceeds from the exercise of options | $ 15,680 | $ 275,153 | $ 13,053 | ||||||||||
Expense related to common stock granted | 3,400,000 | 2,400,000 | 300,000 | ||||||||||
Unrecognized compensation expense | $ 10,200,000 | 7,200,000 | $ 10,200,000 | ||||||||||
Gross proceeds from public offering | $ 12,500,000 | 15,100,000 | |||||||||||
Net proceeds from public offering | $ 14,700,000 | ||||||||||||
Price per share | $ 7.50 | $ 2.52 | |||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||
Common stock issued, shares | 1,670,000 | 5,626,119 | |||||||||||
Proceeds from common stock issued | $ 37,637,959 | $ 15,435,305 | 2,883,257 | ||||||||||
Underwriting discount | $ 2,900,000 | ||||||||||||
Underwriting agreement description | Investors agreed to purchase (i) an aggregate of 554,310 shares (the “Shares”) of common stock at $6.00 per share and (ii) five-year warrants to purchase an aggregate of 138,577 shares of common stock at an exercise price of $9.00 per share. The Company received $3.3 million in gross proceeds from the sale of securities. | ||||||||||||
Registration statement description | This Registration Statement contained two prospectuses: (i) a base prospectus which covers the offering, issuance and sale by the Company of up to $200 million of its common stock, preferred stock, warrants and/or units; and (ii) a sales agreement prospectus covering the offering, issuance and sale by us of up to a maximum aggregate offering price of $75,000,000 of its common stock that may be issued and sold under a sales agreement (the “ Sales Agreement ” ) with MLV & Co. LLC ( “ MLV ” ) dated March 24, 2014. | ||||||||||||
Maximum offering price | 75,000,000 | ||||||||||||
Aggregate offering amount of securities sold to investors | The Company will pay MLV in cash, upon the sale of common stock pursuant to the Sales Agreement, an amount equal to 3.0% of the gross proceeds from the sale of common stock. On April 28, 2014, the Company issued 500 shares and received net proceeds of $6,000 under the Sales Agreement with MLV. | ||||||||||||
Proceeds from the sale of common stock, net of offering costs | $ 37,637,959 | 15,435,305 | $ 2,883,257 | ||||||||||
Fair value of warrants | $ 2,100,000 | ||||||||||||
Investor [Member] | |||||||||||||
Equity (Textual) | |||||||||||||
Warrants issued to purchase common stock, shares | 137,952 | 138,577 | |||||||||||
Price per share | $ 2.60 | ||||||||||||
Proceeds from common stock issued | $ 5,000,000 | ||||||||||||
Proceeds from the sale of common stock, net of offering costs | 5,000,000 | ||||||||||||
Net proceeds from sale of stock | $ 4,480,000 | ||||||||||||
Shares purchased by investors | 1,923,078 | ||||||||||||
Consultant [Member] | |||||||||||||
Equity (Textual) | |||||||||||||
Fair value assumptions, expected term | 10 years | ||||||||||||
Warrants issued to purchase common stock, shares | 285,000 | ||||||||||||
Consultant [Member] | Minimum [Member] | |||||||||||||
Equity (Textual) | |||||||||||||
Exercise price of warrants | 5.55 | $ 5.55 | |||||||||||
Consultant [Member] | Maximum [Member] | |||||||||||||
Equity (Textual) | |||||||||||||
Exercise price of warrants | 11.66 | 11.66 | |||||||||||
2013 Stock Plan [Member] | |||||||||||||
Equity (Textual) | |||||||||||||
Number of additional shares authorized | 10,750,000 | ||||||||||||
2013 Stock Plan [Member] | Employees, directors and consultants [Member] | |||||||||||||
Equity (Textual) | |||||||||||||
Number of stock option granted | 2,750,000 | ||||||||||||
Award expiration date | Sep. 9, 2023 | ||||||||||||
2013 Equity Incentive Plan [Member] | |||||||||||||
Equity (Textual) | |||||||||||||
Number of additional shares authorized | 1,000,000 | ||||||||||||
2013 Equity Incentive Plan [Member] | Employees, directors and consultants [Member] | |||||||||||||
Equity (Textual) | |||||||||||||
Number of stock option granted | 450,000 | ||||||||||||
Award expiration date | Sep. 9, 2023 | ||||||||||||
Placement agent [Member] | |||||||||||||
Equity (Textual) | |||||||||||||
Exercise price of warrants | $ 9 | ||||||||||||
Common stock issued, shares | 69,289 | ||||||||||||
Placement agent cash fees | $ 400,000 | ||||||||||||
Placement agent attorney fees | 40,000 | ||||||||||||
Net proceeds from sale of stock | 3,300,000 | ||||||||||||
Net proceeds from issuance of services | 2,900,000 | ||||||||||||
Warrant [Member] | |||||||||||||
Equity (Textual) | |||||||||||||
Fair value of warrants determined utilizing the Black-Scholes option pricing model | $ 600,000 | ||||||||||||
Exercise price of warrants | $ 9 | $ 9 | |||||||||||
Fair value assumptions, risk free interest rate | 1.64% | ||||||||||||
Fair value assumptions, expected volatility rate | 88.00% | 91.56% | |||||||||||
Fair value assumptions, expected term | 5 years | 5 years | 5 years | ||||||||||
Fair value assumptions, expected dividend rate | 0.00% | 0.00% | 0.00% | ||||||||||
Expense related to common stock granted | $ 200,000 | $ 100,000 | $ 200,000 | ||||||||||
Unrecognized compensation expense | $ 1,500,000 | $ 1,500,000 | $ 200,000 | ||||||||||
Price per share | $ 6 | $ 6 | |||||||||||
Common stock issued, shares | 551,810 | 122,000 | |||||||||||
Warrants/ Common stock granted | 137,952 | ||||||||||||
Warrants exercised by warrant holders | 2,013,360 | 2,501,993 | 2,403,429 | ||||||||||
Warrants to purchase common stock vested, shares | 72,000 | ||||||||||||
Warrant to purchase common stock vested, value | $ 200,000 | ||||||||||||
Warrants to purchase common stock expected to vest, shares | 50,000 | ||||||||||||
Warrants to purchase common stock expected to vest, value | $ 200,000 | ||||||||||||
Term of warrants | 5 years | ||||||||||||
Warrant [Member] | Minimum [Member] | |||||||||||||
Equity (Textual) | |||||||||||||
Exercise price of warrants | $ 3.60 | ||||||||||||
Fair value assumptions, expected volatility rate | 82.47% | ||||||||||||
Fair value assumptions, expected discount rate | 1.56% | 1.56% | 1.36% | ||||||||||
Term of warrants | 7 years | ||||||||||||
Warrant [Member] | Maximum [Member] | |||||||||||||
Equity (Textual) | |||||||||||||
Exercise price of warrants | $ 6.70 | ||||||||||||
Fair value assumptions, expected volatility rate | 87.76% | ||||||||||||
Fair value assumptions, expected discount rate | 1.91% | 1.66% | 1.55% | ||||||||||
Term of warrants | 10 years | ||||||||||||
Common Stock [Member] | |||||||||||||
Equity (Textual) | |||||||||||||
Common stock issued, shares | 1,736,277 | 2,336,658 | 2,336,988 | ||||||||||
Proceeds from common stock issued | $ 200,000 | $ 200,000 | $ 3,500,000 | ||||||||||
Common Stock [Member] | Placement agent [Member] | |||||||||||||
Equity (Textual) | |||||||||||||
Fair value of warrants determined utilizing the Black-Scholes option pricing model | $ 300,000 | $ 400,000 | |||||||||||
Exercise price of warrants | $ 9 | ||||||||||||
Fair value assumptions, risk free interest rate | 1.64% | 0.07% | |||||||||||
Fair value assumptions, expected volatility rate | 88.00% | 84.06% | |||||||||||
Fair value assumptions, expected term | 5 years | 5 years | |||||||||||
Fair value assumptions, expected dividend rate | 0.00% | 0.00% | |||||||||||
Common stock issued, shares | 68,976 | ||||||||||||
Restricted Stock [Member] | |||||||||||||
Equity (Textual) | |||||||||||||
Number of shares of restricted stock, granted | 344,784 | ||||||||||||
Expense related to common stock granted | $ 3,400,000 | $ 3,700,000 | $ 200,000 | ||||||||||
Restricted Stock [Member] | Employees, directors and consultants [Member] | |||||||||||||
Equity (Textual) | |||||||||||||
Number of shares of restricted stock, granted | 152,499 | 633,041 | 312,500 | ||||||||||
Restricted stock granted value | $ 800,000 | $ 4,900,000 | $ 700,000 | ||||||||||
Restricted stock granted not been issued | 202,497 | ||||||||||||
Number of stock option cancelled | 126,265 | 50,000 | |||||||||||
Description restricted stock | Of the total shares of restricted stock granted, 20,000 shares vest 3 months from the grant date, 30,374 shares vest 1 year from the grant date, 30,000 shares have a vesting period of 2 years, 202,497 shares have a vesting period of 4 years and 350,000 shares vest at the date of grant. | 80,000 shares of restricted stock vest 1 year from the grant date, 100,000 shares have a vesting period of 24 months. The remaining restricted shares granted are performance based and vest over time. | |||||||||||
Restricted Stock [Member] | Consultant [Member] | |||||||||||||
Equity (Textual) | |||||||||||||
Number of shares of restricted stock, granted | 479,651 | ||||||||||||
Restricted stock granted value | $ 2,300,000 | ||||||||||||
Restricted stock granted not been issued | 329,651 | ||||||||||||
Description restricted stock | Of the 479,651 restricted share awards granted in 2015, 329,651 shares vested at the date of grant and 150,000 shares vest over a six-month period. | ||||||||||||
Public Offering [Member] | |||||||||||||
Equity (Textual) | |||||||||||||
Exercise price of warrants | $ 6.50 | ||||||||||||
Fair value assumptions, expected volatility rate | 72.00% | ||||||||||||
Fair value assumptions, expected term | 4 years | ||||||||||||
Fair value assumptions, expected dividend rate | 0.00% | ||||||||||||
Fair value assumptions, expected discount rate | 1.26% | ||||||||||||
Warrants issued to purchase common stock, shares | 3,333,333 | ||||||||||||
Number of additional stock option granted | 157,123 | ||||||||||||
Proceeds from the exercise of options | $ 1,200,000 | ||||||||||||
Gross proceeds from public offering | $ 20,000,000 | 13,700,000 | |||||||||||
Net proceeds from public offering | $ 18,500,000 | $ 12,600,000 | $ 11,500,000 | ||||||||||
Price per share | $ 2.60 | $ 4.50 | $ 7.50 | ||||||||||
Common stock issued, shares | 4,444,444 | 1,827,123 | |||||||||||
Underwriting discount | $ 12,600,000 | $ 900,000 | |||||||||||
Underwriting agreement description | In addition, the Company granted the underwriters a 30-day option to purchase up to an additional 666,666 shares of common stock and warrants to purchase 499,999 shares of common stock solely to cover over-allotments, if any. The underwriter did not exercise the over-allotment option. | Under the terms of the underwriting agreement, the Company also granted the underwriters a 30-day option to purchase up to an additional 250,000 shares of common stock to cover over-allotments, if any, at the offering price. | |||||||||||
Warrants/ Common stock granted | 666,666 | ||||||||||||
Other offering expenses | $ 100,000 | ||||||||||||
Auditor fees | $ 100,000 | ||||||||||||
Fair value of warrants | $ 3,500,000 | ||||||||||||
Warrant One [Member] | |||||||||||||
Equity (Textual) | |||||||||||||
Common shares issued for cashless exercise of warrants | 1,532,124 | 2,162,181 | 235,158 | ||||||||||
Additional common stock issued for exercise of options and warrants | 224,153 | 484,877 | 2,118,480 | ||||||||||
Proceeds from stock options and warrants exercised | $ 173,620 | $ 435,147 | $ 3,480,448 | ||||||||||
Stock Option Plan [Member] | |||||||||||||
Equity (Textual) | |||||||||||||
Fair value of warrants determined utilizing the Black-Scholes option pricing model | |||||||||||||
Fair value assumptions, expected term | 6 years | 6 years | 6 years | ||||||||||
Fair value assumptions, expected dividend rate | 0.00% | 0.00% | 0.00% | ||||||||||
Number of stock option granted | 1,554,499 | 1,338,100 | 787,450 | ||||||||||
Number of stock option cancelled | 576,000 | 1,115,550 | |||||||||||
Share-based compensation term | 10 years | 10 years | 10 years | ||||||||||
Share-based Compensation vesting period | 4 years | 4 years | |||||||||||
Fair value of stock option | $ 3,200,000 | $ 8,700,000 | $ 3,700,000 | ||||||||||
Stock option exercise prices | $ 0.78 | $ 0.95 | $ 0.78 | ||||||||||
Proceeds from the exercise of options | $ 15,680 | $ 275,153 | $ 13,053 | ||||||||||
Number of option exercised | 20,000 | 310,400 | 16,650 | ||||||||||
Warrants/ Common stock granted | 787,450 | ||||||||||||
Stock Option Plan [Member] | Minimum [Member] | |||||||||||||
Equity (Textual) | |||||||||||||
Exercise price of warrants | $ 3.60 | ||||||||||||
Fair value assumptions, expected volatility rate | 85.01% | 82.47% | 83.32% | ||||||||||
Fair value assumptions, expected discount rate | 1.69% | 1.77% | 1.36% | ||||||||||
Share-based Compensation vesting period | 1 year | ||||||||||||
Stock option exercise prices | $ 1.79 | $ 0.78 | |||||||||||
Stock Option Plan [Member] | Maximum [Member] | |||||||||||||
Equity (Textual) | |||||||||||||
Exercise price of warrants | $ 6.70 | ||||||||||||
Fair value assumptions, expected volatility rate | 94.89% | 87.76% | 98.45% | ||||||||||
Fair value assumptions, expected discount rate | 1.91% | 2.07% | 1.55% | ||||||||||
Share-based Compensation vesting period | 4 years 2 months 1 day | ||||||||||||
Stock option exercise prices | $ 3.58 | $ 11.95 | |||||||||||
[1] | The risk-free interest rate was determined by management using the Treasury Bill rate as of the respective measurement date. | ||||||||||||
[2] | As of December 31, 2015, the volatility was estimated using the historical volatilities of the Company's common stock traded in NYSE MKT market. As of December 31, 2014, the volatility was estimated using the historical volatilities of comparable companies in the same industry and region. | ||||||||||||
[3] | Management determined the dividend yield to be 0% based upon its expectation that it will not pay dividends for the foreseeable future. |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Net operating losses carry forward | $ 28,910,183 | $ 22,866,340 |
Less: valuation allowance | $ (28,910,183) | $ (22,866,340) |
Deferred tax assets, net |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of difference between the income tax provision and the U.S. Federal statutory rate | |||
Federal income taxes at 34% | $ (7,148,607) | $ (8,393,753) | $ (3,663,089) |
Federal income taxes at 34%, Percentage | (34.00%) | (34.00%) | (34.00%) |
Stock-based compensation | $ 2,400,951 | $ 2,135,414 | $ 163,519 |
Stock-based compensation, Percentage | 11.42% | 8.65% | 1.52% |
Change in fair value of derivatives | $ (1,296,188) | $ 750,073 | $ 1,420,993 |
Change in fair value of derivatives, Percentage | (6.16%) | 3.04% | 13.19% |
Other | $ 526,224 | ||
Other, Percentage | 2.13% | ||
Change in valuation allowance | $ 6,043,844 | $ 4,982,042 | $ 2,078,577 |
Change in valuation allowance, Percent | 28.74% | 20.18% | 19.29% |
Provision for income tax | |||
Provision for income tax, Percent |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes (Textual) | |||
Net operating losses (NOLs) | $ 85 | ||
Expiration date | Dec. 31, 2021 | ||
U.S. Federal statutory rate | (34.00%) | (34.00%) | (34.00%) |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Mar. 07, 2016 | Mar. 04, 2016 | Mar. 03, 2016 | Feb. 22, 2016 | Feb. 16, 2016 | Jan. 22, 2016 | Jan. 04, 2016 | Feb. 29, 2016 | Jan. 27, 2016 | Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Subsequent Events (Textual) | |||||||||||||
Common stock issued, shares | 1,670,000 | 5,626,119 | |||||||||||
Proceeds from common stock issued | $ 37,637,959 | $ 15,435,305 | $ 2,883,257 | ||||||||||
Subsequent Event [Member] | |||||||||||||
Subsequent Events (Textual) | |||||||||||||
Common stock issued, shares | 500 | 10,750 | 500 | ||||||||||
Proceeds from common stock issued | $ 19,350 | ||||||||||||
Restricted stock vested shares | 114,169 | ||||||||||||
Conversion of warrants shares | 164,580 | ||||||||||||
Subsequent Event [Member] | Medpace, Inc. [Member] | |||||||||||||
Subsequent Events (Textual) | |||||||||||||
Estimated fees | $ 6,600,000 | ||||||||||||
Subsequent Event [Member] | MLV [Member] | |||||||||||||
Subsequent Events (Textual) | |||||||||||||
Common stock issued, shares | 38,369 | 21,109 | 82,557 | 40,656 | 15,946 | ||||||||
Proceeds from common stock issued | $ 79,216 | $ 43,298 | $ 170,686 | $ 130,156 | $ 33,038 | ||||||||
Subsequent Event [Member] | Restricted Stock [Member] | |||||||||||||
Subsequent Events (Textual) | |||||||||||||
Common stock issued, shares | 500 | 500 |