Cascadian Therapeutics (ONTY) 10-Q 9 May 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 09, 2016
Entity Registrant Name	Oncothyreon Inc.
Entity Central Index Key	1,412,067
Trading Symbol	onty
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		94,961,859
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Class UA Preferred Stock [Member]
LIABILITIES AND STOCKHOLDERS’ EQUITY
Class UA preferred stock, 12,500 shares authorized, 12,500 shares issued and outstanding	$ 30	$ 30
Cash and cash equivalents	13,880	27,850
Short-term investments	32,634	28,510
Accounts and other receivables	273	200
Prepaid and other current assets	1,446	1,418
Total current assets	48,233	57,978
Property and equipment, net	1,745	1,845
Indefinite-lived intangible assets	19,738	19,738
Goodwill	16,659	16,659
Other assets	755	354
Total assets	87,130	96,574
Accounts payable	832	439
Accrued and other liabilities	3,068	2,689
Accrued compensation and related liabilities	1,443	1,522
Current portion of restricted share unit liability	118	145
Total current liabilities	5,461	4,795
Other liabilities	806	743
Restricted share unit liability	172	363
Deferred tax liability	$ 6,908	$ 6,908
Stockholders’ equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of March 31, 2016 and December 31, 2015; Series A Convertible Preferred Stock – 10,000 shares issued and outstanding as of March 31, 2016 and December 31, 2015; Series B Convertible Preferred Stock – 5,333 shares issued and outstanding as of March 31, 2016 and December 31, 2015; Series C Convertible Preferred Stock – 7,500 shares issued and outstanding as of March 31, 2016 and December 31, 2015
Common stock, $0.0001 par value; 200,000,000 shares authorized as of March 31, 2016 and December 31, 2015; 94,961,859 shares issued and outstanding as of March 31, 2016 and December 31, 2015.	$ 353,856	$ 353,856
Additional paid-in capital	252,466	249,572
Accumulated deficit	(527,516)	(514,629)
Accumulated other comprehensive loss	(5,053)	(5,064)
Total stockholders’ equity	73,753	83,735
Total liabilities and stockholders’ equity	$ 87,130	$ 96,574

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Class UA Preferred Stock [Member]
Preferred stock, authorized (in shares)	12,500	12,500
Preferred stock, issued (in shares)	12,500	12,500
Preferred stock, outstanding (in shares)	12,500	12,500
Series A Preferred Stock [Member]
Preferred stock, issued (in shares)	10,000	10,000
Preferred stock, outstanding (in shares)	10,000	10,000
Series B Preferred Stock [Member]
Preferred stock, issued (in shares)	5,333	5,333
Preferred stock, outstanding (in shares)	5,333	5,333
Series C Preferred Stock [Member]
Preferred stock, issued (in shares)	7,500	7,500
Preferred stock, outstanding (in shares)	7,500	7,500
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	94,961,859	94,961,859
Common stock, shares outstanding (in shares)	94,961,859	94,961,859

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating expenses
Research and development	$ 6,337	$ 5,758
General and administrative	6,633	2,321
Total operating expenses	12,970	8,079
Loss from operations	(12,970)	(8,079)
Other income (expenses)
Investment and other income (expenses), net	$ 83	16
Change in fair value of warrant liability		128
Total other income (expenses), net	$ 83	144
Net loss	$ (12,887)	$ (7,935)
Net loss per share basic and diluted (in dollars per share)	$ (0.14)	$ (0.08)
Shares used to compute basic and diluted net loss per share (in shares)	94,961,859	98,311,193

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net loss	$ (12,887)	$ (7,935)
Available-for-sale securities:
Unrealized gain during the period, net	11	28
Other comprehensive income	11	28
Comprehensive loss	$ (12,876)	$ (7,907)

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities
Net loss	$ (12,887)	$ (7,935)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	163	149
Amortization of premiums and accretion of discounts on securities	26	82
Share-based compensation expense	$ 2,676	502
Change in fair value of warrant liability		$ (128)
Other	$ (4)
Net change in assets and liabilities:
Accounts and other receivable	(73)	$ 50
Prepaid expenses and other current assets	(28)	209
Other long term assets	(401)	7
Accounts payable	393	(192)
Accrued and other liabilities	379	(57)
Accrued compensation and related liabilities	(79)	(847)
Other liabilities	63	(28)
Net cash used in operating activities	(9,772)	(8,188)
Cash flows from investing activities
Purchases of investments	(18,243)	(25,481)
Redemption of investments	14,104	14,650
Purchases of property and equipment, net	(59)	(347)
Net cash used in investing activities	$ (4,198)	(11,178)
Cash flows from financing activities
Proceeds from issuance of common stock, net of issuance cost		20,557
Proceeds from issuance of Series B convertible preferred stock, net of issuance cost		1,863
Net cash provided by financing activities		22,420
Increase (decrease) in cash and cash equivalents	$ (13,970)	3,054
Cash and cash equivalents, beginning of period	27,850	10,454
Cash and cash equivalents, end of period	$ 13,880	$ 13,508

Note 1 - Description of Busines

Note 1 - Description of Business	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Nature of Operations [Text Block]	1. DESCRIPTION OF BUSINESS Oncothyreon Inc. (the Company) is a clinical-stage biopharmaceutical company incorporated in the State of Delaware on September 7, 2007. The Company is focused primarily on the development of therapeutic products for the treatment of cancer. The Company’s goal is to discover, develop and commercialize compounds that have the potential to improve the lives and outcomes of cancer patients. The Company’s operations are not subject to any seasonality or cyclicality factors.

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Basis of Presentation and Significant Accounting Policies [Text Block]	2. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial statements. The accounting principles and methods of computation adopted in these condensed consolidated financial statements are the same as those of the audited consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the Securities Exchange Commission (the SEC) on March 14, 2016. Omitted from these statements are certain information and note disclosures normally included in the audited consolidated financial statements prepared in accordance with U.S. GAAP. The Company believes all adjustments necessary for a fair statement of the results for the periods presented have been made, and such adjustments consist only of those considered normal and recurring in nature. The financial results for the three months ended March 31, 2016 are not necessarily indicative of financial results for the full year. The condensed consolidated balance sheet as of December 31, 2015 was derived from the audited financial statements at that date. The unaudited condensed consolidated financial statements and notes presented should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2015 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on March 14, 2016. Accumulated Other Comprehensive Income (Loss) Comprehensive income or loss is comprised of net income or loss and other comprehensive income or loss. Other comprehensive income or loss includes unrealized gains and losses on the Company’s available-for-sale investments. In addition to unrealized gains and losses on investments, accumulated other comprehensive income or loss consists of foreign currency translation adjustments which arose from the conversion of the Canadian dollar functional currency consolidated financial statements to the U.S. dollar reporting currency consolidated financial statements prior to January 1, 2008. Should the Company liquidate or substantially liquidate its investments in its foreign subsidiaries, the Company would be required to recognize the related cumulative translation adjustments pertaining to the liquidated or substantially liquidated subsidiaries, as a charge to earnings in the Company’s condensed consolidated statements of operations and comprehensive loss. There were no reclassifications out of accumulated other comprehensive loss during the three months ended March 31, 2016. The tables below show the changes in accumulated balances of each component of accumulated other comprehensive loss for the three months ended March 31, 2016 and March 31, 2015: Three months ended March 3 1, 2016 Net unrealized gains/(losses) on Available-for-sale Securities Foreign Currency Translation Adjustment Accumulated Other Comprehensive Loss (In thousands) Balance at December 31, 2015 $ 2 $ (5,066 ) $ (5,064 ) Current period other comprehensive income 11 — 11 Balance at March 31, 2016 $ 13 $ (5,066 ) $ (5,053 ) Three months ended March 31, 201 5 Net unrealized gains/(losses) on Available-for-sale Securities Foreign Currency Translation Adjustment Accumulated Other Comprehensive Loss (In thousands) Balance at December 31, 2014 $ (25 ) $ (5,066 ) $ (5,091 ) Current period other comprehensive income 28 — 28 Balance at March 31, 2015 $ 3 $ (5,066 ) $ (5,063 )

Note 3 - Recent Accounting Pron

Note 3 - Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	3. RECENT ACCOUNTING PRONOUNCEMENTS In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-09, Improvements to Employee Share-Based Payment Accounting, which amends ASC Topic 718, Compensation – Stock Compensation. The guidance will change how companies account for certain aspects of share-based payments to employees including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The guidance is effective for public business entities for fiscal years beginning after December 15, 2016, and interim periods within those years. Early adoption is permitted, but all of the guidance must be adopted in the same period. The Company is currently evaluating any impact this standard may have on its consolidated financial position and results of operations. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), to improve financial reporting for leasing transactions. The new standard requires lessees to recognize on the balance sheets a right of use asset and related lease liability. Lessor accounting under the new standard remains similar under current GAAP. The ASU also requires disclosures about the amount, timing, and uncertainty of cash flows arising from leases. The effective date for public entities is fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted for all entities. The Company is currently evaluating any impact this standard may have on its consolidated financial position and results of operations. In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The guidance will change how entities measure equity investments that do not result in consolidation and are not accounted for under the equity method and how they present changes in the fair value of financial liabilities measured under the fair value option that are attributable to their own credit. The new guidance also changes certain disclosure requirements and other aspects of current US GAAP. It does not change the guidance for classifying and measuring investments in debt securities and loans. ASU 2016-01 is effective for public business entities for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. With the exception of early application guidance outlined in this standard, early adoption is not permitted. The Company is currently evaluating any impact this guidance may have on its consolidated financial position and results of operations.

Note 4 - Fair Value Measurement

Note 4 - Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Fair Value Disclosures [Text Block]	4. FAIR VALUE MEASUREMENTS The Company measures certain financial assets and liabilities at fair value in accordance with a hierarchy which requires an entity to maximize the use of observable inputs which reflect market data obtained from independent sources and minimize the use of unobservable inputs which reflect the Company’s market assumptions when measuring fair value. There are three levels of inputs that may be used to measure fair value: • Level 1—quoted prices in active markets for identical assets or liabilities; • Level 2—observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and • Level 3—unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s financial assets and liabilities measured at fair value consisted of the following as of March 31, 2016 and December 31, 2015: March 31, 2016 December 31, 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Financial assets: Money market funds $ 9,288 $ — $ — $ 9,288 $ 9,199 $ — $ — $ 9,199 Debt securities of U.S. government agencies — 7,247 — 7,247 — 31,507 — 31,507 Corporate bonds — 25,387 — 25,387 — 9,502 — 9,502 $ 9,288 $ 32,634 $ — $ 41,922 $ 9,199 $ 41,009 $ — $ 50,208 Financial liabilities: Restricted share units $ 290 $ — $ — $ 290 $ 508 $ — $ — $ 508 If quoted market prices in active markets for identical assets are not available to determine fair value, then the Company uses quoted prices of similar instruments and other significant inputs derived from observable market data obtained from third-party data providers. These investments are included in Level 2 and consist of debt securities of U.S government agencies and corporate bonds. There were no transfers between Levels 1 and 2 during the three month period ended March 31, 2016.

Note 5 - Financial Instruments

Note 5 - Financial Instruments	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Financial Instruments Disclosure [Text Block]	5. FINANCIAL INSTRUMENTS Financial instruments consist of cash and cash equivalents, investments and accounts and other receivables that will result in future cash receipts, as well as accounts payable, accrued and other liabilities, restricted share unit liabilities, warrant liabilities and Class UA preferred stock that may require future cash outlays. Investments Investments are classified as available-for-sale securities and are carried at fair value with unrealized temporary holding gains and losses, where applicable, excluded from net income or loss and reported in other comprehensive income or loss and also as a net amount in accumulated other comprehensive income or loss until realized. Available-for-sale securities are written down to fair value through income whenever it is necessary to reflect an other-than-temporary impairment. The Company determined that the unrealized losses on its marketable securities as of March 31, 2016 were temporary in nature, and the Company currently does not intend to sell these securities before recovery of their amortized cost basis. All short-term investments are limited to a final maturity of less than one year from the reporting date. The Company’s long-term investments are investments with maturities exceeding 12 months but less than five years from the reporting date. The Company is exposed to credit risk on its cash equivalents, short-term investments and long-term investments in the event of non-performance by counterparties, but does not anticipate such non-performance and mitigates exposure to concentration of credit risk through the nature of its portfolio holdings. If a security falls out of compliance with the Company’s investment policy, it may be necessary to sell the security before its maturity date in order to bring the investment portfolio back into compliance. The cost basis of any securities sold is determined by specific identification. The fair value of available-for-sale securities is based on prices obtained from a third-party pricing service. The Company utilizes third-party pricing services for all of its marketable debt security valuations. The Company reviews the pricing methodology used by the third-party pricing services including the manner employed to collect market information. On a periodic basis, the Company also performs review and validation procedures on the pricing information received from the third-party pricing services. These procedures help ensure that the fair value information used by the Company is determined in accordance with applicable accounting guidance. The amortized cost, unrealized gain or losses and fair value of the Company’s cash, cash equivalents and investments for the periods presented are summarized below: Amortized Gross Gross Fair Value (In thousands) As of March 31, 2016 Cash $ 4,592 $ — $ — $ 4,592 Money market funds 9,288 — — 9,288 Debt securities of U.S. government agencies 7,239 8 — 7,247 Corporate bonds 25,382 6 (1 ) 25,387 Total $ 46,501 $ 14 $ (1 ) $ 46,514 As of December 31, 2015 Cash $ 6,152 $ — $ — $ 6,152 Money market funds 9,199 — — 9,199 Debt securities of U.S. government agencies 31,511 3 (7 ) 31,507 Corporate bonds 9,496 7 (1 ) 9,502 Total $ 56,358 $ 10 $ (8 ) $ 56,360 The following table summarizes the Company’s available-for-sale securities by contractual maturity: As of March 31, 2016 As of December 31, 2015 Amortized Cost Fair Value Amortized Cost (In thousands) Less than one year $ 41,910 $ 41,923 $ 50,206 $ 50,208 Accounts and Other Receivables, Accounts Payable and Accrued and Other Liabilities The carrying amounts of accounts and other receivables, accounts payable and accrued and other liabilities approximate their fair values due to the short-term nature of these financial instruments. Class UA Preferred Stock The fair value of class UA preferred stock is assumed to be equal to its carrying value as the amounts that will be paid and the timing of the payments cannot be determined with any certainty. Limitations Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment; therefore, they cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

Note 6 - Net Loss Per Share

Note 6 - Net Loss Per Share	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Earnings Per Share [Text Block]	6. NET LOSS PER SHARE Basic net loss per share is calculated by dividing net loss by the weighted average number of shares outstanding for the period. Diluted net loss per share is calculated by adjusting the numerator and denominator of the basic net loss per share calculation for the effects of all potentially dilutive common shares. Potential dilutive shares of the Company’s common stock include stock options, restricted share units, warrants, Series A, B and C convertible preferred stock and shares granted under the 2010 Employee Stock Purchase Plan (ESPP). The calculation of diluted loss per share requires that, to the extent the average market price of the underlying shares for the reporting period exceeds the exercise price of the warrants and the presumed exercise of such securities are dilutive to loss per share for the period, adjustments to net loss used in the calculation are required to remove the change in fair value of the warrants for the period. Furthermore, adjustments to the denominator are required to reflect the addition of the related dilutive shares. Shares used to calculate basic and dilutive net loss per share for the three months ended March 31, 2016, were the same, since all potentially dilutive shares were anti-dilutive. This resulted in both basic and diluted net loss per share being equal. The following table represents all potentially dilutive shares. All of these shares were anti-dilutive and were excluded from the calculation of diluted net loss per share: Three months ended March 31, 2016 2015 Director and employee stock options 7,418,000 5,222,202 Warrants 5,048,701 8,230,848 Series A convertible preferred stock (as converted to common stock) 10,000,000 10,000,000 Series B convertible preferred stock (as converted to common stock) 5,333,000 5,333,000 Series C convertible preferred stock (as converted to common stock) 7,500,000 — Non-employee director restricted share units 228,943 191,136 Employee stock purchase plan 27,194 20,683

Note 7 - Equity

Note 7 - Equity	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Stockholders Equity Transactions Note Disclosure [Text Block]	7. EQUITY Series C Convertible Preferred Stock On May 14, 2015, the Company designated 7,500 shares of its authorized and unissued preferred stock as Series C Convertible Preferred Stock and filed a Certificate of Designation of Preferences, Rights and Limitations of Series C Convertible Preferred Stock with the Delaware Secretary of State. The Company entered into an exchange agreement with certain affiliates of Biotechnology Value Fund (BVF) to exchange 7,500,000 shares of common stock previously purchased by BVF for 7,500 shares of Series C Convertible Preferred Stock. Each share of Series C Convertible Preferred Stock is convertible into 1,000 shares of the Company’s Common Stock at any time at the holder’s option. The holder, however, will be prohibited from converting Series C Convertible Preferred Stock into shares of common stock if, as a result of such conversion, the holder, together with its affiliates, would own more than 9.99% of the shares of the Company’s Common Stock then issued and outstanding. In the event of the Company’s liquidation, dissolution, or winding up, holders of Series C Convertible Preferred Stock will receive a payment equal to $0.0001 per share of Series C Convertible Preferred Stock before any proceeds are distributed to the holders of common stock, after any proceeds are distributed to the holder of the Company’s Class UA Preferred Stock and on parity with any distributions to the holders of the Company’s Series A Convertible Preferred Stock and Series B Convertible Preferred Stock. Shares of Series C Convertible Preferred Stock will generally have no voting rights, except as required by law and except that the consent of holders of a majority of the outstanding Series C Convertible Preferred Stock will be required to amend the terms of the Series C Convertible Preferred Stock. Shares of Series C Convertible Preferred Stock will not be entitled to receive any dividends, unless and until specifically declared by the Company’s board of directors, and will rank: • senior to all common stock; • senior to any class or series of capital stock hereafter created specifically ranking by its terms junior to the Series C Convertible Preferred Stock; • on parity with the Company’s Series A Convertible Preferred Stock, Series B Convertible Preferred Stock and any class or series of capital stock hereafter created specifically ranking by its terms on parity with the Series C Convertible Preferred Stock; and • junior to the Company’s Class UA Preferred Stock and any class or series of capital stock hereafter created specifically ranking by its terms senior to the Series C Convertible Preferred Stock; in each case, as to distributions of assets upon the Company’s liquidation, dissolution or winding up whether voluntarily or involuntarily. Equity Financing s February 2015 Financing Common Stock On February 11, 2015, the Company closed on an underwritten offering of 13,500,000 shares of its common stock at a price to the public of $1.50 per share, for gross proceeds of approximately $20.3 million. As part of the common stock offering, the Company also granted the underwriters a 30-day option to purchase 2,025,000 additional shares of the Company's common stock. On February 18, 2015, the Company closed a partial exercise of the underwriter’s option to purchase 1,199,660 additional shares of the Company’s common stock, at a price to the public of $1.50 per share, less underwriting discounts and commissions, which resulted in net proceeds to the Company of approximately $1.7 million. Series B Convertible Preferred Stock In addition, on February 11, 2015, the Company closed on a concurrent but separate underwritten offering of 1,333 shares of its Series B convertible preferred stock at a price to the public of $1,500 per share, for gross proceeds of approximately $2.0 million. The Company designated 5,333 shares of its authorized and unissued preferred stock as Series B convertible preferred stock and filed a Certificate of Designation of Preferences, Rights and Limitations of Series B Convertible Preferred Stock with the Delaware Secretary of State. Concurrent but separate from this offering, the Company entered into an exchange agreement with certain affiliates of BVF to exchange 4,000,000 shares of common stock previously purchased by BVF for 4,000 shares of Series B convertible preferred stock. Each share of Series B convertible preferred stock is convertible into 1,000 shares of the Company’s common stock at any time at the holder’s option. The holder, however, will be prohibited from converting Series B convertible preferred stock into shares of common stock if, as a result of such conversion, the holder, together with its affiliates, would own more than 4.99% of the shares of the Company’s common stock then issued and outstanding, which percentage may be increased at the holders’ election up to 19.99% upon 61 days’ notice to the Company. In the event of the Company’s liquidation, dissolution, or winding up, holders of Series B convertible preferred stock will receive a payment equal to $0.0001 per share of Series B convertible preferred stock before any proceeds are distributed to the holders of common stock, after any proceeds are distributed to the holder of the Company’s Class UA preferred stock and on parity with any distributions to the holders of the Company’s Series A convertible preferred stock and Series C convertible preferred stock. Shares of Series B convertible preferred stock will generally have no voting rights, except as required by law and except that the consent of holders of a majority of the outstanding Series B convertible preferred stock will be required to amend the terms of the Series B convertible preferred stock. Shares of Series B convertible preferred stock will not be entitled to receive any dividends, unless and until specifically declared by the Company’s board of directors, and will rank: ● senior to all common stock; ● senior to any class or series of capital stock created specifically ranking by its terms junior to the Series B convertible preferred stock; ● on parity with the Company’s Series A convertible preferred stock, Series C convertible preferred stock and any class or series of capital stock created specifically ranking by its terms on parity with the Series B convertible preferred stock; and ● junior to the Company’s Class UA preferred stock and any class or series of capital stock created specifically ranking by its terms senior to the Series B convertible preferred stock; in each case, as to distributions of assets upon the Company’s liquidation, dissolution or winding up whether voluntarily or involuntarily. Aggregate gross proceeds from the February 2015 offerings were approximately $24.0 million. Aggregate net proceeds from the February 2015 offerings, after underwriting discounts, commissions and estimated expenses of $1.6 million, were approximately $22.4 million.

Note 8 - Warrants

Note 8 - Warrants	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Warrants [Text Block]	8. WARRANTS As of March 31, 2016, equity-classified warrants to purchase a total of 5,048,701 shares of the Company’s common stock were outstanding. No warrants were exercised or expired during the three months ended March 31, 2016 and March 31, 2015. No liability-classified warrants were outstanding as of March 31, 2016. Equity-Classified Warrants Equity-classified warrants consist of warrants issued in connection with the Company’s registered direct offering to Biotechnology Value Fund, L.P. and other affiliates of BVF Partners L.P. (collectively, BVF) and warrants issued in connection with a term loan with General Electric Capital Corporation (GECC). In June 2013, the Company issued warrants to purchase 5,000,000 shares of common stock at an exercise price of $5.00 per share in connection with a registered direct offering to BVF. The warrants expire on December 5, 2018. In February 2011, the Company issued warrants to purchase 48,701 shares of common stock at an exercise price of $3.08 per share in connection with a loan and security agreement entered into with GECC. The warrants expire on February 8, 2018. As of March 31, 2016, warrants to purchase 5,048,701 shares of common stock were outstanding and classified as equity. Liability-Classified Warrants Liability-classified warrants consist of warrants issued in conjunction with an equity financing in September 2010. The warrants issued in September 2010 have been classified as liabilities, as opposed to equity, due to potential cash settlements upon the occurrence of certain transactions specified in the warrant agreement. The warrants issued from the September 2010 financing expired on October 12, 2015. None of the liability-classified warrants were outstanding as of March 31, 2016. The estimated fair value of outstanding warrants accounted for as liabilities is determined at each balance sheet date. The change in the estimated fair value of such warrants is recorded in the condensed consolidated statement of operations as other income (expenses) by using the Black-Scholes option-pricing model. The fair value of the warrant liability and the changes in its fair value during the three months ended March 31, 2016 and March 31, 2015 were as follows: Three months ended March 31, 2016 2015 (In thousands) Balance at beginning of period $ — $ 128 Change in fair value of warrant liability included in: Other expense (income) — (128 ) Balance at the end of period $ — $ —

Note 9 - Share-based Compensati

Note 9 - Share-based Compensation	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	9 . S HARE -BASED COMPENSATION Share Option Plan The Company sponsors an option plan (the Share Option Plan) under which a maximum fixed reloading percentage of 10% of the issued and outstanding common stock of the Company may be granted to employees, directors and service providers. Options granted under the Share Option Plan prior to January 2010 began vesting after one year from the date of grant, are exercisable in equal amounts over four years on the anniversary date of the grant, and expire eight years following the date of grant. Options granted under the Share Option Plan after January 2010 vest 25% on the first anniversary of the vesting commencement date, with the balance vesting in monthly increments for 36 months following the first anniversary of grant, and expire eight years following the date of grant. As of March 31, 2016, the number of shares of common stock available for issuance under the Share Option Plan was 9,496,186. As of March 31, 2016, 1,698,277 shares of common stock remained available for future grant under the Share Option Plan. During the three months ended March 31, 2016 and March 31, 2015, the Company granted 170,000 and 17,000 stock options, respectively. Stock compensation expense was $2.9 million and $0.5 million for the three months ended March 31, 2016 and March 31, 2015, respectively. The stock compensation expense during the three months ended March 31, 2016 included the acceleration of share-based compensation expense related to the retirement of the Company’s former chief executive officer (CEO) in January 2016. No stock options were exercised during the three months ended March 31, 2016 and March 31, 2015. The Company uses the Black-Scholes option pricing model to value the options at each grant date, using the following weighted average assumptions: Three months ended March 31, 2016 2015 Expected dividend rate 0.00 % 0.00 % Expected volatility 73.59 % 77.70 % Risk-free interest rate 1.58 % 1.41 % Expected life (in years) 6.20 6.00 The expected life represents the period that the Company’s stock options are expected to be outstanding and is based on historical data. The expected volatility is based on the historical volatility of the Company’s common stock for a period equal to the stock option’s expected life. The risk-free interest rate is based on the yield at the time of grant of a U.S. Treasury security with an equivalent expected term of the option. The Company does not expect to pay dividends on its common stock. The amounts estimated according to the Black-Scholes option pricing model may not be indicative of the actual values realized upon the exercise of these options by the holders. Share-based compensation guidance requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from estimates. The Company estimates forfeitures based on its historical experience. Employee Stock Purchase Plan The Company adopted an Employee Stock Purchase Plan (ESPP) on June 3, 2010, pursuant to which a total of 900,000 shares of common stock were reserved for sale to employees of the Company. The ESPP is administered by the compensation committee of the board of directors and is open to all eligible employees of the Company. Under the terms of the ESPP, eligible employees may purchase shares of the Company’s common stock at six month intervals during 18-month offering periods through periodic payroll deductions, which may not exceed 15% of any employee’s compensation and may not exceed a value of $25,000 in any calendar year, at a price not less than the lesser of an amount equal to 85% of the fair market value of the Company’s common stock at the beginning of the offering period or an amount equal to 85% of the fair market value of the Company’s common stock on each purchase date. The maximum aggregate number of shares that may be purchased by each eligible employee during each offering period is 15,000 shares of the Company’s common stock. For the three months ended March 31, 2016 and March 31, 2015, expense related to this plan was $37,614 and $11,348, respectively. Under the ESPP, the Company did not issue any shares to employees during each of the three month periods ended March 31, 2016 and March 31, 2015. There are 533,006 shares reserved for future issuances under the ESPP as of March 31, 2016. Restricted Share Unit Plan The Company also sponsors a restricted share unit plan (RSU Plan) for non-employee directors that was established in 2005. The RSU Plan provides for grants to be made from time to time by the board of directors or a committee thereof. Each restricted stock unit granted will be made in accordance with the RSU Plan and terms specific to that grant. Approximately 75% of each RSU represents a contingent right to receive approximately 0.75 of a share of the Company’s common stock upon vesting and approximately 25% represents a contingent right to receive cash upon vesting without any further consideration payable to the Company in respect thereof. On June 6, 2014, the Company’s stockholders approved an increase of 500,000 shares in the number of shares of the Company’s common stock reserved for issuance under the RSU Plan. The current maximum number of common shares of the Company reserved for issuance pursuant to the RSU Plan is 966,666. As of March 31, 2016, 391,788 shares of common stock remain available for future grant under the RSU Plan. The Company did not grant any RSUs during the three months ended March 31, 2016. The Company granted 27,932 restricted share units (RSUs) with a fair value of approximately $50,000 during the three months ended March 31, 2015. No shares were issued upon conversion of RSUs during each of the three months ended March 31, 2016 and March 31, 2015. The fair value of each RSU has been determined to be the closing trading price of the Company’s common shares on the date of grant as quoted in NASDAQ Global Market. Approximately 25% of each RSU represents a contingent right to receive cash upon vesting, and the Company is required to deliver an amount in cash equal to the fair market value of these shares on the vesting date to facilitate the satisfaction of the non-employee directors’ U.S. federal income tax obligation with respect to the vested RSUs. The outstanding RSU awards are required to be re-measured at each reporting date until settlement of the award, and changes in valuation are recorded as compensation expense for the period. The fair value of the outstanding RSUs on the reporting date is determined to be the closing trading price of the Company’s common shares on that date. The re-measurement of the outstanding RSUs together with the grant and conversion of the RSUs resulted in a reduction of $0.2 million and an additional $1,500 in share-based compensation expense recorded in general and administrative expenses in the condensed consolidated statement of operations for the three months ended March 31, 2016 and March 31, 2015, respectively.

Note 10 - Contingencies, Commit

Note 10 - Contingencies, Commitments, and Guarantees	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Commitments Contingencies and Guarantees [Text Block]	10. CONTINGENCIES, COMMITMENTS, AND GUARANTEES Pursuant to various license agreements, the Company is obligated to make payments based both on the achievement of certain event or time-based milestones and a percentage of revenues derived from the licensed technology and royalties on net sales. As of March 31, 2016, none of the milestones, as defined in the agreements, were achieved and, as such, the Company is not currently contractually committed to any significant quantifiable payments for licensing fees, royalties or other contingent payments. On January 9, 2016, the Company adopted a Retention Payment Plan, effective as of January 11, 2016 (Retention Plan), to provide cash retention payments to certain employees in order to induce such employees to remain employed through January 10, 2017 (Retention Date). Any employee who participates in the Retention Plan and (i) remains continuously employed by the Company through the Retention Date or (ii) has been terminated by the Company other than for cause prior to the Retention Date, shall be paid a lump-sum cash payment as determined on an individual basis. If such employee terminates service for any reason other than termination of employment by the Company without cause prior to the Retention Date, no such payments shall be made. As of March 31, 2016, if all employees who participate in the Retention Plan stay continuously employed through the Retention Date, expenses related to this plan are expected to be approximately $2.8 million. An expense of $0.6 million related to the Retention Plan was accrued and recorded in the condensed consolidated statement of operations for the three months ended March 31, 2016. In the normal course of operations, the Company indemnifies counterparties in transactions such as purchase and sale contracts for assets or shares, service agreements, director/officer contracts and leasing transactions. These indemnification agreements may require the Company to compensate the counterparties for costs incurred to third parties as a result of various events, including changes in (or in the interpretation of) laws and regulations, the Company’s breach of contract or negligence, environmental liabilities, or as a result of litigation claims or statutory sanctions that may be suffered by the counterparties as a consequence of the transaction. The terms of these indemnification agreements vary based upon the contract, the nature of which prevents the Company from making a reasonable estimate of the maximum potential amount that could be required to pay to counterparties. Historically, the Company has not made any significant payments under such indemnification agreements and no amounts have been accrued in the accompanying condensed consolidated financial statements with respect to these indemnification guarantees.

Note 11 - Collaborative and Lic

Note 11 - Collaborative and License Agreements	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Collaborative Arrangement Disclosure [Text Block]	11. COLLABORATIVE AND LICENSE AGREEMENTS Array BioPharma , Inc. On December 11, 2014, the Company entered into a License Agreement (the License Agreement) with Array BioPharma Inc. (Array). Pursuant to the License Agreement, Array granted the Company an exclusive license to develop, manufacture and commercialize ONT-380, an orally active, reversible and selective small-molecule HER2 inhibitor. Under the terms of the License Agreement, the Company paid Array an upfront fee of $20 million, which was recorded as part of research and development expense upon initiation of the exclusive license agreement. In addition, if the Company sublicenses rights to ONT-380 to a third party, the Company will pay Array a percentage of any sublicense payments it receives, with the percentage varying according to the stage of development of ONT-380 at the time of the sublicense. If the Company is acquired within three years of the effective date of the License Agreement, and ONT-380 has not been sublicensed to another entity prior to such acquisition, then the acquirer will be required to make certain milestone payments of up to $280 million to Array, which are primarily based on potential ONT-380 sales. Array is also entitled to receive up to a double-digit royalty based on net sales of ONT-380. The License Agreement will expire on a country-by-country basis ten years following the first commercial sale of the product in each respective country, but may be terminated earlier by either party upon material breach of the License Agreement by the other party or the other party’s insolvency, or by the Company on 180 days’ notice to Array. The Company and Array have also agreed to indemnify the other party for certain of their respective warranties and obligations under the License Agreement. Celldex Therapeutics, Inc. On May 28, 2014, the Company entered into a Co-Development Agreement with Celldex Therapeutics, Inc. (Celldex) to collaborate on a combined Phase 1b clinical trial of ONT-10 and varlilumab. The primary objective of the trial was to determine the safety and tolerability of the combined therapy. Additional objectives included evaluations of the impact of combination treatment on MUC1-specific humoral and cellular immune responses and anti-tumor effects. The agreement provided that the Company would supply ONT-10 and Celldex would supply varlilumab. The Phase 1b trial would be conducted and funded by the Company. The Company and Celldex would jointly own the data from the trial. We do not plan to conduct any further trials with ONT-10 and, in February 2016, we concluded our collaboration with Celldex. No payments were made or are due under this agreement. STC.UNM Effective June 30, 2014, Alpine Biosciences, Inc. (Alpine) entered into an exclusive license agreement with STC.UNM, by assignment from The Regents of the University of New Mexico, to license the rights to use certain technology relating to protocells, a mesoporous silica nanoparticle delivery platform. The Company subsequently acquired Alpine in August 2014. Under the terms of the license agreement, the Company, as successor to Alpine, has the right to conduct research, clinical development and commercialize all inventions and products that are developed from the platform technology in certain fields of use as described in the license agreement. In exchange for the exclusive license, the Company is obligated to make a series of payments including on-going annual license payments, reimbursement of patent costs, success and time-based milestones up to $5 million, of which $1.5 million has been accrued as of March 31, 2016. For the three months ended March 31, 2016, $0.2 million was accrued and recorded in research and development expenses. Royalty obligations under the license agreement included a double-digit royalty on commercial sublicensing income and a low single-digit royalty based on net sales. Subsequently, the Company and STC.UNM entered into an agreement to terminate the license agreement effective as of May 5, 2016. The agreement provides for a mutual release of claims and payment of a termination and license fee totaling $325,000. In addition, the Company will reimburse STC.UNM approximately $30,000 for the prosecution and maintenance of licensed patents incurred prior to the effective date of the termination agreement. Additionally, $1.5 million of previously accrued time-based milestones for license fees associated with the Company’s prior agreement with STC.UNM will be reversed in the second quarter of 2016. Sentinel Oncology Ltd. In April 2014, the Company entered into an exclusive license and research collaboration agreement with Sentinel Oncology Limited (Sentinel) for the development of novel small molecule Chk1 kinase inhibitors. Under the agreement, the Company makes payments to Sentinel to support their chemistry research. The Company is responsible for pre-clinical and clinical development, manufacture and commercialization of any resulting compounds. Sentinel is eligible to receive success-based development and commercial milestone payments up to approximately $90 million based on development and commercialization events, including a $1.0 million milestone for the initiation of GLP toxicology studies expected in the first quarter of 2017, the initiation of certain clinical trials, regulatory approval and first commercial sale. Sentinel is also entitled to a single-digit royalty based on net sales. Merck KGaA In May 2001, the Company and Merck KGaA entered into a collaborative arrangement to pursue joint global product research, clinical development and commercialization for two product candidates, including tecemotide (formerly known as L-BLP25 or Stimuvax), a MUC1-based liposomal cancer vaccine. This collaboration agreement was subsequently revised and ultimately replaced in 2008 with a license agreement. Under the 2008 license agreement, (1) the Company licensed to Merck KGaA the exclusive right to develop, commercialize and manufacture tecemotide and the right to sublicense to other persons all rights licensed to Merck KGaA by the Company, (2) the Company transferred certain manufacturing know-how, (3) the Company agreed not to develop any product, other than ONT-10, that is competitive with tecemotide and (4) if the Company intends to license the development or commercialization rights to ONT-10, Merck KGaA will have a right of first negotiation with respect to such rights. In 2014, Merck KGaA announced that it does not intend to continue the clinical development of tecemotide.

Note 12 - Income Tax

Note 12 - Income Tax	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Income Tax Disclosure [Text Block]	12. INCOME TAX Due to projected and actual losses for the years ended December 31, 2016 and 2015, respectively, and the Company’s history of losses, the Company has not recorded an income tax benefit for the three months ended March 31, 2016 and March 31, 2015. The Company has recognized a valuation allowance on substantially all its deferred tax assets. The Company’s net deferred tax liabilities were recorded in deferred tax liability on the Condensed Consolidated Balance Sheets as of March 31, 2016 and December 31, 2015.

Note 13 - Related Party Transac

Note 13 - Related Party Transactions	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	13. R ELATED PARTY TRANSACTIONS Certain of the Company’s affiliates participated in the Company’s public underwritten offering in early 2015. In February 2015, the Company closed concurrent but separate underwritten offerings, (see the “Note 6 — Share Capital” of the audited financial statements included in the 2015 Annual Report on Form 10-K for additional information), in which affiliates of BVF, a holder of more than 5% of the Company’s outstanding common stock, purchased 1,333 shares of the Company’s Series B preferred stock for an aggregate purchase price of $2.0 million. Separate but concurrent with these offerings, affiliates of BVF also exchanged 4,000,000 shares of common stock for 4,000 shares of Series B preferred stock. In addition, in May 2015, the Company entered into an exchange agreement with certain affiliates of BVF to exchange 7,500,000 shares of common stock previously purchased by BVF for 7,500 shares of Series C Convertible Preferred Stock. In January 2016, the Company appointed Mr. Mark Lampert as a member of the Board as a Class I director of the Company. Mr. Lampert is an affiliate of BVF. In January 2016, the Company appointed Dr. Gwen Fyfe as a member of the Board as a Class III director of the Company. Dr. Fyfe also is a consultant to the Company.

Note 14 - Subsequent Events

Note 14 - Subsequent Events	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Subsequent Events [Text Block]	14. SUBSEQUENT EVENTS On April 4, 2016, Scott D. Myers was appointed as the Company’s Chief Executive Officer and a member of the Board of Directors. Christopher S. Henney, Ph.D., D.Sc., the Chairman of our Board of Directors, who was acting as the Company’s interim Chief Executive Officer retired from the position on the same date. Dr. Henney remains Chairman of the Company’s Board of Directors. On April 4, 2016, the Company granted an inducement option to purchase 2,848,855 shares of common stock to Mr. Myers with an exercise price of $1.18 per share, which was equal to the closing price of the Company’s common stock on the grant date. The Company entered into an agreement with STC.UNM to terminate the license agreement relating to protocell technology effective May 5, 2016 (see Part II Item 5 Other Information included elsewhere in this Quarterly Report on Form 10-Q for additional information). As a result of the termination and the Company’s intent to no longer develop, license or commercialize the protocell technology, the $19.7 million in indefinite-lived intangible assets on its Condensed Consolidated Balance Sheets as of March 31, 2016 are considered impaired and will be fully written-off in the second quarter of 2016. The indefinite-lived intangible assets represent the value assigned to in-process research and development when the Company acquired the protocell technology in connection with the acquisition of Alpine in 2014. The Company also expects to recognize a $6.9 million tax benefit during 2016, upon the de-recognition of its deferred tax liability, which solely relates to the indefinite-lived intangible assets. In addition, $1.5 million of previously recorded time-based milestones for license fees associated with the STC.UNM license agreement will be reversed in the second quarter of 2016. The impairment charge is not expected to result in any significant future cash expenditures, or otherwise impact the Company's liquidity or cash.

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Comprehensive Income, Policy [Policy Text Block]	Accumulated Other Comprehensive Income (Loss) Comprehensive income or loss is comprised of net income or loss and other comprehensive income or loss. Other comprehensive income or loss includes unrealized gains and losses on the Company’s available-for-sale investments. In addition to unrealized gains and losses on investments, accumulated other comprehensive income or loss consists of foreign currency translation adjustments which arose from the conversion of the Canadian dollar functional currency consolidated financial statements to the U.S. dollar reporting currency consolidated financial statements prior to January 1, 2008. Should the Company liquidate or substantially liquidate its investments in its foreign subsidiaries, the Company would be required to recognize the related cumulative translation adjustments pertaining to the liquidated or substantially liquidated subsidiaries, as a charge to earnings in the Company’s condensed consolidated statements of operations and comprehensive loss. There were no reclassifications out of accumulated other comprehensive loss during the three months ended March 31, 2016. The tables below show the changes in accumulated balances of each component of accumulated other comprehensive loss for the three months ended March 31, 2016 and March 31, 2015: Three months ended March 3 1, 2016 Net unrealized gains/(losses) on Available-for-sale Securities Foreign Currency Translation Adjustment Accumulated Other Comprehensive Loss (In thousands) Balance at December 31, 2015 $ 2 $ (5,066 ) $ (5,064 ) Current period other comprehensive income 11 — 11 Balance at March 31, 2016 $ 13 $ (5,066 ) $ (5,053 ) Three months ended March 31, 201 5 Net unrealized gains/(losses) on Available-for-sale Securities Foreign Currency Translation Adjustment Accumulated Other Comprehensive Loss (In thousands) Balance at December 31, 2014 $ (25 ) $ (5,066 ) $ (5,091 ) Current period other comprehensive income 28 — 28 Balance at March 31, 2015 $ 3 $ (5,066 ) $ (5,063 )

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Three months ended March 3 1, 2016 Net unrealized gains/(losses) on Available-for-sale Securities Foreign Currency Translation Adjustment Accumulated Other Comprehensive Loss (In thousands) Balance at December 31, 2015 $ 2 $ (5,066 ) $ (5,064 ) Current period other comprehensive income 11 — 11 Balance at March 31, 2016 $ 13 $ (5,066 ) $ (5,053 ) Three months ended March 31, 201 5 Net unrealized gains/(losses) on Available-for-sale Securities Foreign Currency Translation Adjustment Accumulated Other Comprehensive Loss (In thousands) Balance at December 31, 2014 $ (25 ) $ (5,066 ) $ (5,091 ) Current period other comprehensive income 28 — 28 Balance at March 31, 2015 $ 3 $ (5,066 ) $ (5,063 )

Note 4 - Fair Value Measureme23

Note 4 - Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	March 31, 2016 December 31, 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Financial assets: Money market funds $ 9,288 $ — $ — $ 9,288 $ 9,199 $ — $ — $ 9,199 Debt securities of U.S. government agencies — 7,247 — 7,247 — 31,507 — 31,507 Corporate bonds — 25,387 — 25,387 — 9,502 — 9,502 $ 9,288 $ 32,634 $ — $ 41,922 $ 9,199 $ 41,009 $ — $ 50,208 Financial liabilities: Restricted share units $ 290 $ — $ — $ 290 $ 508 $ — $ — $ 508

Note 5 - Financial Instruments

Note 5 - Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Unrealized Gain (Loss) on Investments [Table Text Block]	Amortized Gross Gross Fair Value (In thousands) As of March 31, 2016 Cash $ 4,592 $ — $ — $ 4,592 Money market funds 9,288 — — 9,288 Debt securities of U.S. government agencies 7,239 8 — 7,247 Corporate bonds 25,382 6 (1 ) 25,387 Total $ 46,501 $ 14 $ (1 ) $ 46,514 As of December 31, 2015 Cash $ 6,152 $ — $ — $ 6,152 Money market funds 9,199 — — 9,199 Debt securities of U.S. government agencies 31,511 3 (7 ) 31,507 Corporate bonds 9,496 7 (1 ) 9,502 Total $ 56,358 $ 10 $ (8 ) $ 56,360
Investments Classified by Contractual Maturity Date [Table Text Block]	As of March 31, 2016 As of December 31, 2015 Amortized Cost Fair Value Amortized Cost (In thousands) Less than one year $ 41,910 $ 41,923 $ 50,206 $ 50,208

Note 6 - Net Loss Per Share (Ta

Note 6 - Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three months ended March 31, 2016 2015 Director and employee stock options 7,418,000 5,222,202 Warrants 5,048,701 8,230,848 Series A convertible preferred stock (as converted to common stock) 10,000,000 10,000,000 Series B convertible preferred stock (as converted to common stock) 5,333,000 5,333,000 Series C convertible preferred stock (as converted to common stock) 7,500,000 — Non-employee director restricted share units 228,943 191,136 Employee stock purchase plan 27,194 20,683

Note 8 - Warrants (Tables)

Note 8 - Warrants (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Three months ended March 31, 2016 2015 (In thousands) Balance at beginning of period $ — $ 128 Change in fair value of warrant liability included in: Other expense (income) — (128 ) Balance at the end of period $ — $ —

Note 9 - Share-based Compensa27

Note 9 - Share-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Three months ended March 31, 2016 2015 Expected dividend rate 0.00 % 0.00 % Expected volatility 73.59 % 77.70 % Risk-free interest rate 1.58 % 1.41 % Expected life (in years) 6.20 6.00

Note 2 - Basis of Presentatio28

Note 2 - Basis of Presentation (Details Textual)	3 Months Ended
	Mar. 31, 2016USD ($)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	$ 0

Note 2 - Changes in Accumulated

Note 2 - Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net unrealized gain (loss) on available for sale securities, balance	$ 2	$ (25)
Foreign currency translation adjustment, balance	(5,066)	(5,066)
Accumulated other comprehensive loss, balance	(5,064)	(5,091)
Current period other comprehensive income	11	28
Current period other comprehensive income	11	28
Net Unrealized gain (loss) on available for sale securities, balance	13	3
Foreign currency translation adjustment, balance	(5,066)	(5,066)
Accumulated Other Comprehensive Loss, balance	$ (5,053)	$ (5,063)

Note 4 - Financial Assets and L

Note 4 - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Financial assets	$ 9,288	$ 9,199
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Financial assets
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member]
Financial assets
Money Market Funds [Member]
Financial assets	$ 9,288	$ 9,199
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Financial assets
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Financial assets	$ 7,247	$ 31,507
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Financial assets
US Government Agencies Debt Securities [Member]
Financial assets	$ 7,247	$ 31,507
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Financial assets
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Financial assets	$ 25,387	$ 9,502
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Financial assets
Corporate Debt Securities [Member]
Financial assets	$ 25,387	$ 9,502
Fair Value, Inputs, Level 1 [Member] | Restricted Share Unit Plan [Member]
Financial liabilities	290	508
Fair Value, Inputs, Level 1 [Member]
Financial assets	$ 9,288	$ 9,199
Fair Value, Inputs, Level 2 [Member] | Restricted Share Unit Plan [Member]
Financial liabilities
Fair Value, Inputs, Level 2 [Member]
Financial assets	$ 32,634	$ 41,009
Fair Value, Inputs, Level 3 [Member] | Restricted Share Unit Plan [Member]
Financial liabilities
Fair Value, Inputs, Level 3 [Member]
Financial assets
Restricted Share Unit Plan [Member]
Financial liabilities	$ 290	$ 508
Financial assets	$ 41,922	$ 50,208

Note 5 - Amortized Cost, Unreal

Note 5 - Amortized Cost, Unrealized Gains or Losses, and Estimated Fair Value of Cash, Cash Equivalents and Investments (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
US Government Agencies Debt Securities [Member]
Debt securities of U.S. government agencies, amortized cost	$ 7,239	$ 31,511
Debt securities of U.S. government agencies, gross unrealized gains	$ 8	3
Debt securities of U.S. government agencies, gross unrealized losses		7
Debt securities of U.S. government agencies	$ 7,247	31,507
Debt securities of U.S. government agencies, gross unrealized losses		(7)
Corporate Debt Securities [Member]
Debt securities of U.S. government agencies, amortized cost	$ 25,382	9,496
Debt securities of U.S. government agencies, gross unrealized gains	6	7
Debt securities of U.S. government agencies, gross unrealized losses	1	1
Debt securities of U.S. government agencies	25,387	9,502
Debt securities of U.S. government agencies, gross unrealized losses	(1)	(1)
Cash	4,592	6,152
Money market funds	9,288	9,199
Debt securities of U.S. government agencies, gross unrealized gains	14	10
Debt securities of U.S. government agencies, gross unrealized losses	1	8
Debt securities of U.S. government agencies, gross unrealized losses	(1)	(8)
Total. amortized cost	46,501	56,358
Total	$ 46,514	$ 56,360

Note 5 - Summary of Available-f

Note 5 - Summary of Available-for-Sale Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Less than one year, amortized cost	$ 41,910	$ 50,206
Less than one year, fair value	$ 41,923	$ 50,208

Note 6 - Number of Shares Exclu

Note 6 - Number of Shares Excluded from the Number of Shares Used to Calculate Diluted Net Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Director and Employee Stock Options [Member]
Anti-dilutive shares (in shares)	7,418,000	5,222,202
Warrant [Member]
Anti-dilutive shares (in shares)	5,048,701	8,230,848
Series A Convertible Preferred Stock [Member]
Anti-dilutive shares (in shares)	10,000,000	10,000,000
Series B Convertible Preferred Stock [Member]
Anti-dilutive shares (in shares)	5,333,000	5,333,000
Series C Convertible Preferred Stock [Member]
Anti-dilutive shares (in shares)	7,500,000
Non Employee Director Restricted Share Units [Member]
Anti-dilutive shares (in shares)	228,943	191,136
Employee Stock Purchase Plan [Member]
Anti-dilutive shares (in shares)	27,194	20,683

Note 7 - Equity (Details Textua

Note 7 - Equity (Details Textual) $ / shares in Units, $ in Millions	May. 14, 2015$ / sharesshares	Feb. 28, 2015USD ($)	Feb. 18, 2015USD ($)$ / sharesshares	Feb. 11, 2015USD ($)$ / shares$ / itemshares	Feb. 28, 2015shares
Series C Convertible Preferred Stock [Member] | Exchange Agreement With Certain Affiliates of Biotechnology Value Fund [Member] | Convertible Preferred Stock [Member]
Common Stock Exchanged for Shares of Convertible Preferred Stock	7,500,000
Stock Issued During Period, Shares, New Issues	7,500
Series C Convertible Preferred Stock [Member] | Exchange Agreement With Certain Affiliates of Biotechnology Value Fund [Member]
Convertible Preferred Stock to Be Converted	1,000
Maximum Ownership Percentage of Common Shares Outstanding Post Conversion	9.99%
Preferred Stock, Liquidation Preference Per Share | $ / shares	$ 0.0001
Series C Convertible Preferred Stock [Member]
Preferred Stock Permitted to Issue Shares	7,500
Series B Convertible Preferred Stock [Member] | Exchange Agreement With Certain Affiliates of Biotechnology Value Fund [Member] | Convertible Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues					4,000
Series B Convertible Preferred Stock [Member] | Exchange Agreement With Certain Affiliates of Biotechnology Value Fund [Member] | Common Stock [Member]
Common Stock Exchanged for Shares of Convertible Preferred Stock				4,000,000	4,000,000
Stock Issued During Period, Shares, New Issues				4,000
Series B Convertible Preferred Stock [Member] | Convertible Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues				1,333
Convertible Preferred Stock to Be Converted				1,000
Maximum Ownership Percentage of Common Shares Outstanding Post Conversion				4.99%
Convertible Preferred Stock Price Per Share | $ / item				1,500
Proceeds from Issuance of Convertible Preferred Stock Gross | $				$ 2
Series B Convertible Preferred Stock [Member]
Preferred Stock Permitted to Issue Shares				5,333
Preferred Stock, Liquidation Preference Per Share | $ / shares				$ 0.0001
Percentage of Holders Election				19.99%
Days of Notice to Company for Increase of Percentage in Holders Election				61 days
Common Stock [Member]
Proceeds from Issuance of Common Stock Gross | $				$ 20.3
Underwriter Options [Member]
Sale of Stock, Price Per Share | $ / shares			$ 1.50
Option Expiration Period				30 days
Additional Shares Granted Gross				2,025,000
Additional Shares Granted Net			1,199,660
Proceeds from Issuance or Sale of Equity | $			$ 1.7
Stock Issued During Period, Shares, New Issues				13,500,000
Sale of Stock, Price Per Share | $ / shares				$ 1.50
Proceeds from Issuance or Sale of Equity | $		$ 22.4
Proceeds from Issuance or Sale of Equity, Gross | $		24
Payments of Stock Issuance Costs | $		$ 1.6

Note 8 - Warrants (Details Text

Note 8 - Warrants (Details Textual) - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Jun. 30, 2013	Feb. 28, 2011
June 2013 Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights			5,000,000
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 5
February 2011 Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights				48,701
Class of Warrant or Right, Exercise Price of Warrants or Rights				$ 3.08
Warrants Classified as Equity [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	5,048,701
September 2010 Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	0
Class of Warrant or Right, Outstanding	5,048,701
Class of Warrant or Right Number Of Warrants Exercises in Period	0	0
Class of Warrant or Right, Number of Warrants Expired in Period	0	0

Note 8 - Change in Fair Value o

Note 8 - Change in Fair Value of the Warrant Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Warrant, liability		$ 128
Other expense (income)		$ (128)
Warrant, liability

Note 9 - Share-based Compensa37

Note 9 - Share-based Compensation (Details Textual) - USD ($)	Jun. 06, 2014	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Jun. 03, 2010
Employee Stock Option [Member] | Stock Option Plan [Member] | Begin to Vest [Member] | Options Granted Prior to January 2010 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				1 year
Employee Stock Option [Member] | Stock Option Plan [Member] | Options Granted Prior to January 2010 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				4 years
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period				8 years
Employee Stock Option [Member] | Stock Option Plan [Member] | Options Granted After January 2010 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				3 years
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period				8 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		25.00%		25.00%
Employee Stock Option [Member] | Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		0	0
Maximum Fixed Reloading Percentage				10.00%
Common Stock Capital Shares Available for Future Issuance				9,496,186
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		1,698,277
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		170,000	17,000
Allocated Share-based Compensation Expense		$ 2,900,000	$ 500,000
Restricted Stock Units (RSUs) [Member] | Restricted Share Unit Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		0	27,932
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		391,788
Contingent Right to Receive Common Stock, Percentage		75.00%
Contingent Right to Receive Common Stock, Shares		0.75
Value Shares With Held Restricted Share Unit, Percentage		25.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	500,000
Restricted Share Units Maximum Shares Reserved	966,666
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period		0	0
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		533,006
Allocated Share-based Compensation Expense		$ 37,614	$ 11,348
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized					900,000
Employee Stock Purchase Plan Interval Period				180 days
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate				15.00%
Employee Stock Purchase Plan Maximum Value of Compensation Per Employee				$ 25,000
Employee Stock Purchase Plan Purchase of Common Stock Percentage				85.00%
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee				15,000
Allocated Share-based Compensation Expense		$ 200,000	1,500
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Total Fair Value			$ 50,000

Note 9 - Weighted Average Assum

Note 9 - Weighted Average Assumptions (Details)	3 Months Ended
	Mar. 31, 2016Rate	Mar. 31, 2015Rate
Expected dividend rate	0.00%	0.00%
Expected volatility	73.59%	77.70%
Risk-free interest rate	1.58%	1.41%
Expected life (in years)	6 years 73 days	6 years

Note 10 - Contingencies, Comm39

Note 10 - Contingencies, Commitments, and Guarantees (Details Textual) - Retention Plan [Member] $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Maximum [Member]
Expected Expenses Related to Retention Payment Plan	$ 2.8
Other Labor-related Expenses	$ 0.6

Note 11 - Collaborative and L40

Note 11 - Collaborative and License Agreements (Details Textual) - USD ($)	Dec. 11, 2014	Jun. 30, 2014	Apr. 30, 2014	Mar. 31, 2017	Jun. 30, 2016	Mar. 31, 2016	Mar. 31, 2015
Array BioPharma Inc [Member] | Collaborative Arrangement, Co-promotion [Member] | Upfront Payment [Member]
Research and Development Expense	$ 20,000,000
Array BioPharma Inc [Member] | Collaborative Arrangement, Co-promotion [Member] | Maximum [Member]
Contingent Payable	$ 280,000,000
Array BioPharma Inc [Member] | Collaborative Arrangement, Co-promotion [Member]
Contract Terms Years from Effective Date for Acquistion Restrictions	3 years
Expiration Period Following First Commercial on a Country by Country Basis	10 years
License Agreement Termination Notice Period	180 days
STC. UNM. [Member]
Success Based Milestones Maximum Payment		$ 5,000,000
Contractual Obligation Due						$ 1,500,000
Contractual Obligation Expense						200,000
Sentinel Oncology Limited [Member] | Scenario, Forecast [Member]
Contingent Payable				$ 1,000,000
Sentinel Oncology Limited [Member]
Contingent Payable			$ 90,000,000
Patent Prosecution Costs [Member]
Contractual Obligation						30,000
Scenario, Forecast [Member]
Reversal of Time Based Milestone					$ 1,500,000
Research and Development Expense						$ 6,337,000	$ 5,758,000

Note 12 - Income Tax (Details T

Note 12 - Income Tax (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Tax Expense (Benefit)	$ 0	$ 0

Note 13 - Related Party Trans42

Note 13 - Related Party Transactions (Details Textual) - USD ($) $ in Millions	May. 14, 2015	Feb. 11, 2015	Feb. 28, 2015
Common Stock [Member] | BVF, Inc [Member]
Percentage of Common Stock Owned by Related Party			5.00%
Common Stock [Member] | Series B Convertible Preferred Stock [Member] | Exchange Agreement With Certain Affiliates of Biotechnology Value Fund [Member]
Stock Issued During Period, Shares, New Issues		4,000
Common Stock Exchanged for Shares of Convertible Preferred Stock		4,000,000	4,000,000
Convertible Preferred Stock [Member] | BVF, Inc [Member] | Series B Convertible Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues			1,333
Proceeds from Issuance of Convertible Preferred Stock Gross			$ 2
Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Exchange Agreement With Certain Affiliates of Biotechnology Value Fund [Member]
Stock Issued During Period, Shares, New Issues			4,000
Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues		1,333
Proceeds from Issuance of Convertible Preferred Stock Gross		$ 2
Convertible Preferred Stock [Member] | Series C Convertible Preferred Stock [Member] | Exchange Agreement With Certain Affiliates of Biotechnology Value Fund [Member]
Stock Issued During Period, Shares, New Issues	7,500
Common Stock Exchanged for Shares of Convertible Preferred Stock	7,500,000
Stock Issued During Period, Shares, New Issues		13,500,000

Note 14 - Subsequent Events (De

Note 14 - Subsequent Events (Details Textual) - USD ($)	Apr. 04, 2016	Jun. 30, 2016	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2016
Chief Executive Officer [Member] | Subsequent Event [Member] | Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	2,848,855
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 1.18
Scenario, Forecast [Member] | Protocell Technology [Member]
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)		$ 19,700,000
Income Tax Expense (Benefit)					$ 6,900,000
Scenario, Forecast [Member]
Reversal of Time Based Milestone		$ 1,500,000
Income Tax Expense (Benefit)			$ 0	$ 0