Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 21, 2014 | Jun. 30, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'GENSPERA INC | ' | ' |
Entity Central Index Key | '0001421204 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Trading Symbol | 'GNSZ | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 27,252,966 | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $29,632,040 |
BALANCE_SHEETS
BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $3,587 | $2,345 |
Prepaid expenses | 163 | 77 |
Total current assets | 3,750 | 2,422 |
Office equipment, net of accumulated depreciation of $16 and $10 | 14 | 12 |
Intangible assets, net of accumulated amortization of $94 and $77 | 118 | 136 |
Other assets | 3 | 3 |
Total assets | 3,885 | 2,573 |
Current liabilities: | ' | ' |
Accounts payable | 1,270 | 728 |
Accrued expenses | 1,250 | 1,292 |
Warrant derivative - short-term | 0 | 1,176 |
Convertible notes - stockholder | 105 | 105 |
Total current liabilities | 2,625 | 3,301 |
Total liabilities | 2,625 | 3,301 |
Commitments and contingencies (Note 8) | ' | ' |
Stockholders' (deficit) equity: | ' | ' |
Preferred stock, par value $.0001 per share; 30,000,000 shares authorized, none issued and outstanding | 0 | 0 |
Common stock, par value $.0001 per share; 150,000,000 shares authorized, 27,252,966 and 22,298,424 shares issued and outstanding, respectively | 3 | 2 |
Additional paid-in capital | 33,642 | 26,353 |
Deficit accumulated during the development-stage | -32,385 | -27,083 |
Total stockholders' (deficit) equity | 1,260 | -728 |
Total liabilities and stockholders' (deficit) equity | $3,885 | $2,573 |
BALANCE_SHEETS_Parenthetical
BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Office equipment, accumulated depreciation (in dollars) | $16 | $10 |
Intangible assets, accumulated amortization (in dollars) | $94 | $77 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 30,000,000 | 30,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 27,252,966 | 22,298,424 |
Common stock, shares outstanding | 27,252,966 | 22,298,424 |
STATEMENTS_OF_LOSSES
STATEMENTS OF LOSSES (USD $) | 12 Months Ended | 121 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Operating expenses: | ' | ' | ' |
General and administrative | $3,662 | $3,953 | $15,765 |
Research and development | 2,733 | 2,922 | 16,712 |
Research and development grant received | 0 | 0 | -489 |
Total operating expenses | 6,395 | 6,875 | 31,988 |
Loss from operations | -6,395 | -6,875 | -31,988 |
Other income (expense): | ' | ' | ' |
Financing cost | 0 | 0 | -519 |
(Loss) gain on change in fair value of warrant derivative liability | 1,096 | -50 | 86 |
Interest (expense) income, net | -3 | 5 | 36 |
Loss before provision for income taxes | -5,302 | -6,920 | -32,385 |
Provision for income taxes | 0 | 0 | 0 |
Net loss | ($5,302) | ($6,920) | ($32,385) |
Net loss per common share, basic and diluted (in dollars per share) | ($0.21) | ($0.32) | ' |
Weighted average shares outstanding (in shares) | 24,816,481 | 21,805,211 | ' |
STATEMENT_OF_STOCKHOLDERS_DEFI
STATEMENT OF STOCKHOLDERS' (DEFICIT) EQUITY (USD $) | Total | Common Stock | Additional Paid-in Capital | Common Stock Subscribed | Deficit Accumulated During Development Stage | Founders | Founders | Shares issued for services | Shares issued for services | Shares issued for services | Placement fees | Accrued Consulting Fees | Accrued Consulting Fees | Accrued Consulting Fees | Payment of consulting fees | Payment of consulting fees | Payment of consulting fees | Warrants 1.65 | Warrants 1.65 | Warrants 1.65 | Warrants 2.00 | Warrants 2.00 | Warrants 2.00 | Warrants 1.80 | Warrants 1.80 | Warrants 1.80 | Warrants 1.80 | Warrants 1.773 | Warrants 1.773 | Warrants 1.773 | Warrants 2.20 | Warrants 2.20 | Warrants 2.20 | Warrants 1.50 | Warrants 1.50 | Warrants 1.50 |
In Thousands, except Share data | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Common Stock | Additional Paid-in Capital | USD ($) | Common Stock | Additional Paid-in Capital | Common Stock | USD ($) | Common Stock | Additional Paid-in Capital | USD ($) | Common Stock | Additional Paid-in Capital | USD ($) | Common Stock | Additional Paid-in Capital | USD ($) | Common Stock | Additional Paid-in Capital | USD ($) | Common Stock | Additional Paid-in Capital | Common Stock Subscribed | USD ($) | Common Stock | Additional Paid-in Capital | USD ($) | Common Stock | Additional Paid-in Capital | USD ($) | Common Stock | Additional Paid-in Capital |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||||||||
Balance at Nov. 20, 2003 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance (in shares) at Nov. 20, 2003 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued | ' | ' | ' | ' | ' | 1 | -1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued (in shares) | ' | ' | ' | ' | ' | 6,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributed services | 120 | ' | 120 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -125 | ' | ' | ' | -125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2003 | -5 | 1 | 119 | ' | -125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance (in shares) at Dec. 31, 2003 | ' | 6,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributed services | 193 | ' | 193 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation | 24 | ' | 24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -254 | ' | ' | ' | -254 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2004 | -42 | 1 | 336 | ' | -379 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance (in shares) at Dec. 31, 2004 | ' | 6,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributed services | 48 | ' | 48 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation | 24 | ' | 24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -127 | ' | ' | ' | -127 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2005 | -97 | 1 | 408 | ' | -506 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance (in shares) at Dec. 31, 2005 | ' | 6,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributed services | 144 | ' | 144 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation | 42 | ' | 42 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -245 | ' | ' | ' | -245 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2006 | -156 | 1 | 594 | ' | -751 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance (in shares) at Dec. 31, 2006 | ' | 6,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued | 650 | ' | 650 | ' | ' | ' | ' | 367 | ' | 367 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued (in shares) | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | 735,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of options for cash | 3 | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of options for cash (in shares) | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributed services | 220 | ' | 220 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation | 24 | ' | 24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -691 | ' | ' | ' | -691 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2007 | 417 | 1 | 1,858 | ' | -1,442 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance (in shares) at Dec. 31, 2007 | ' | 9,035,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued | 2,320 | ' | 2,320 | ' | ' | ' | ' | 50 | ' | 50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued (in shares) | ' | 2,320,000 | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of options for cash | 500 | ' | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of options for cash (in shares) | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributed services | 50 | ' | 50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation | 314 | ' | 314 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of sales of common stock and warrants | -206 | ' | -206 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued for accrued interest | 16 | ' | 16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued for accrued interest (in shares) | ' | 31,718 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beneficial conversion feature of convertible debt | 20 | ' | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -3,326 | ' | ' | ' | -3,326 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2008 | 155 | 1 | 4,922 | ' | -4,768 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance (in shares) at Dec. 31, 2008 | ' | 12,486,718 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative effect of change in accounting principle | -734 | ' | -444 | ' | -290 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants issued for extension of debt maturities | 52 | ' | 52 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock and warrants issued | 3,798 | 1 | 3,797 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock and warrants issued (in shares) | ' | 2,665,354 | ' | ' | ' | ' | ' | ' | ' | ' | 53,334 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued | 104 | ' | 104 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued (in shares) | ' | 86,875 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation | 1,531 | ' | 1,531 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock and warrants issued upon conversion of note and accrued interest | 174 | ' | 174 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock and warrants issued upon conversion of note and accrued interest (in shares) | ' | 174,165 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -5,134 | ' | ' | ' | -5,134 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2009 | -54 | 2 | 10,136 | ' | -10,192 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance (in shares) at Dec. 31, 2009 | ' | 15,466,446 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification of derivative liability upon exercise of warrants | 86 | ' | 86 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock and warrants issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 806 | ' | 806 | 2,656 | ' | 2,656 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock and warrants issued (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43,632 | ' | ' | ' | ' | ' | ' | ' | 533,407 | ' | ' | 1,347,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation | 1,165 | ' | 1,165 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock and warrants subscribed | 612 | ' | ' | 612 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued as payment for patents and license | 47 | ' | 47 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued as payment for patents and license (in shares) | ' | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Salaries paid with common stock | 100 | ' | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Salaries paid with common stock (in shares) | ' | 43,479 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of options and warrants | 125 | ' | 125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of options and warrants (in shares) | ' | 150,001 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -4,257 | ' | ' | ' | -4,257 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2010 | 1,286 | 2 | 15,121 | 612 | -14,449 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance (in shares) at Dec. 31, 2010 | ' | 17,604,465 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock and warrants issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60 | ' | 60 | 533 | ' | 533 | 2,250 | ' | 2,250 | ' | ' | ' | 3,423 | ' | 4,035 | -612 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock and warrants issued (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 61,498 | ' | 33,334 | ' | ' | 152,895 | ' | ' | 1,363,622 | ' | ' | ' | ' | ' | 2,241,605 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation | 1,290 | ' | 1,290 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of sales of common stock and warrants | -74 | ' | -74 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -5,714 | ' | ' | ' | -5,714 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2011 | 3,054 | 2 | 23,215 | ' | -20,163 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance (in shares) at Dec. 31, 2011 | ' | 21,457,419 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification of derivative liability upon exercise of warrants | 608 | ' | 608 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock and warrants issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 674 | ' | 674 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 652 | ' | 652 | ' | ' | ' |
Common stock and warrants issued (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 296,366 | ' | ' | ' | ' |
Exercise of options for cash (in shares) | 70,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation | 513 | ' | 513 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of options and warrants | 691 | ' | 691 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of options and warrants (in shares) | ' | 544,639 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -6,920 | ' | ' | ' | -6,920 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2012 | -728 | 2 | 26,353 | ' | -27,083 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance (in shares) at Dec. 31, 2012 | ' | 22,298,424 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification of derivative liability upon exercise of warrants | 80 | ' | 80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock and warrants issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,217 | ' | 1,217 | ' | ' | ' | 5,000 | 1 | 4,999 |
Common stock and warrants issued (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 757,794 | ' | ' | ' | ' | ' | 3,333,356 | ' |
Exercise of options for cash (in shares) | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation | 1,254 | ' | 1,254 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of options and warrants | 404 | ' | 404 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of options and warrants (in shares) | ' | 863,392 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of sales of common stock and warrants | -665 | ' | -665 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -5,302 | ' | ' | ' | -5,302 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2013 | $1,260 | $3 | $33,642 | ' | ($32,385) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance (in shares) at Dec. 31, 2013 | ' | 27,252,966 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
STATEMENT_OF_STOCKHOLDERS_DEFI1
STATEMENT OF STOCKHOLDERS' (DEFICIT) EQUITY (Parenthetical) (USD $) | 12 Months Ended | 1 Months Ended | |||||||||
Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2007 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2003 | |
Warrants 1.65 | Warrants 1.65 | Warrants 1.80 | Warrants 2.00 | Warants 1.773 | Warrants 2.20 | Warrants 1.50 | Founders | ||||
Sale of common stock, per share | ' | ' | $0.50 | ' | ' | ' | ' | ' | ' | ' | $0.00 |
Issuance Of Common Stock and Warrants Price Per Share | $1.50 | $1 | ' | $1.65 | $1.65 | $1.80 | $2 | $1.77 | $2.20 | $1.50 | ' |
STATEMENTS_OF_CASH_FLOWS
STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | 121 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Cash flows from operating activities: | ' | ' | ' |
Net loss | ($5,302) | ($6,920) | ($32,385) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Depreciation and amortization | 23 | 21 | 111 |
Stock-based compensation | 1,254 | 513 | 7,335 |
Common stock issued for acquisition of license | 0 | 0 | 29 |
Warrants issued for financing costs | 0 | 0 | 468 |
Change in fair value of derivative liability | -1,096 | 50 | -86 |
Contributed services | 0 | 0 | 774 |
Amortization of debt discount | 0 | 0 | 21 |
Increase in operating assets: | ' | ' | ' |
Prepaid expenses | -86 | -77 | -163 |
Other assets | 0 | -3 | -3 |
Increase in operating liabilities: | ' | ' | ' |
Accounts payable and accrued expenses | 500 | 1,895 | 3,280 |
Cash used in operating activities | -4,707 | -4,521 | -20,619 |
Cash flows from investing activities: | ' | ' | ' |
Acquisition of office equipment | -8 | -7 | -31 |
Acquisition of intangibles | 0 | 0 | -194 |
Cash used in investing activities | -8 | -7 | -225 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from sale of common stock and warrants | 6,217 | 652 | 23,844 |
Proceeds from exercise of warrants | 405 | 691 | 1,221 |
Cost of common stock and warrants sold | -665 | 0 | -739 |
Proceeds from convertible notes - stockholder | 0 | 0 | 155 |
Repayments of convertible notes - stockholder | 0 | 0 | -50 |
Cash provided by financing activities | 5,957 | 1,343 | 24,431 |
Net increase (decrease) in cash | 1,242 | -3,185 | 3,587 |
Cash, beginning of period | 2,345 | 5,530 | 0 |
Cash, end of period | $3,587 | $2,345 | $3,587 |
BACKGROUND
BACKGROUND | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Nature of Operations [Text Block] | ' |
NOTE 1 – BACKGROUND | |
GenSpera, Inc. (“we”, “us”, “our company”, “our”, “GenSpera” or the “Company”) was formed under the laws of the State of Delaware in November 2003, and has its principal office in San Antonio, Texas. We are a development stage pharmaceutical company focused on the discovery and development of prodrug cancer therapeutics for the treatment of solid tumors, including prostate, liver, brain and other cancers. We plan to develop a series of therapies based on our target-activated prodrug technology platform and further test them through Phase I/II clinical trials. | |
Our primary focus at the present time is the clinical development of our lead compound, G-202, a novel therapeutic agent with a unique mechanism of action. We have completed a Phase Ia/Ib dose escalation, safety, tolerability and dose refinement study of G-202, in which we treated a total of 44 patients (includes Phase Ia and Ib), including two patients with hepatocellular carcinoma (HCC), or liver cancer, who experienced prolonged stabilization of disease up to eleven months after initiation of treatment. We are also conducting a Phase II clinical trial of G-202 in patients with liver cancer. This trial is being conducted at multiple sites in the U.S. and requires seventeen evaluable patients for anticipated statistical analyses. As of February 24, 2014, sixteen patients have been treated, of which the majority of the patients treated are considered to be evaluable. | |
Managements_Plans_to_Continue_
Management's Plans to Continue as a Going Concern | 12 Months Ended |
Dec. 31, 2013 | |
Management Plans to Continue as Going Concern [Abstract] | ' |
Management Plans to Continue as Going Concern Disclosure [Text Block] | ' |
Note 2 – Management’s Plans to Continue as a Going Concern | |
Basis of Presentation | |
The opinion of our independent registered accounting firm on our financial statements contains explanatory going concern language. We have prepared our financial statements on the basis that we will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included. | |
We have incurred losses since inception and have a deficit accumulated during the development stage of $32.4 million as of December 31, 2013. We anticipate incurring additional losses for the foreseeable future and until such time, if ever, that we can generate significant sales of our therapeutic product candidates currently in development or enter into cash flow positive business development transactions. | |
Development Stage Risks | |
We are a development stage entity. To date, we have generated no sales revenues, have incurred losses and expect to incur significant additional losses as we proceed with our Phase II clinical studies. Consequently, our operations are subject to all the risks inherent in the establishment of a pre-revenue business enterprise as well as those risks associated with a company engaged in research and development of novel pharmaceutical compounds. | |
Our cash and cash equivalents balance at December 31, 2013 was $3.6 million, representing 92% of total assets. Based upon our current expected level of operating expenditures, we expect to able to fund operations for the next nine to twelve months from our year end. We will require additional cash to fund and continue operations beyond that point. This period could be shortened if there are any unanticipated significant increases in planned spending on development programs or other unforeseen events. We need to raise additional funds through collaborative arrangements, public or private sales of debt or equity securities, or some combination thereof. There is no assurance that financing will be available to continue our operations or if available, on terms acceptable to us. | |
In the event financing is not obtained, the Company could pursue cost cutting measures as well as explore the sale or licensing of selected assets in order to generate additional funds. If we are required to significantly reduce operating expenses and delay, reduce the scope of, or eliminate development programs, these events could have a material adverse effect on our business, future prospects, results of operations and financial condition. These factors raise significant doubt about our ability to continue as a going concern. The financial statements do not include any adjustments relating to recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should we be unable to continue in existence. | |
SUMMARY_OF_CRITICAL_ACCOUNTING
SUMMARY OF CRITICAL ACCOUNTING POLICIES AND USE OF ESTIMATES | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
Significant Accounting Policies [Text Block] | ' | |||||||||||||
NOTE 3 –Summary of Critical Accounting Policies and Use of Estimates | ||||||||||||||
Use of Estimates | ||||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying disclosures. Significant estimates include the fair value of derivative instruments, stock-based compensation, recognition of clinical trial costs and other accrued liabilities. Actual results may differ from those estimates. | ||||||||||||||
Research and Development | ||||||||||||||
Research and development costs are charged to expense as incurred. Our research and development expenses consist primarily of expenditures for toxicology and other studies, manufacturing, clinical trials, compensation and consulting costs. | ||||||||||||||
We incurred research and development expenses of $2.7 million, $2.9 million and $16.7 million for the years ended December 31, 2013 and 2012, and from November 21, 2003 (inception) through December 31, 2013, respectively. | ||||||||||||||
Cash Equivalents | ||||||||||||||
For purposes of the statements of cash flows, we consider all highly liquid debt instruments purchased with a maturity date of three months or less to be cash equivalents. We maintain our cash in bank deposit accounts which, at times, may exceed applicable government mandate insurance limits. We have not experienced any losses in our accounts. | ||||||||||||||
Concentrations of Credit Risk | ||||||||||||||
Financial instruments and related items, which potentially subject the Company to concentrations of credit risk, consist primarily of cash and cash equivalents. The Company places its cash and temporary cash investments with credit quality institutions. At times, such investments may exceed applicable government mandated insurance limits. Cash and cash equivalents were $3.6 million and $2.3 million at December 31, 2013 and 2012, respectively. | ||||||||||||||
We currently outsource all manufacturing of our clinical supplies to single source manufactures. We also have a single source supplier for the active ingredient in our prodrug compounds, including G-202. A change in these suppliers could cause a delay in manufacturing and/or clinical trials, which would adversely affect our Company. | ||||||||||||||
Intangible Assets | ||||||||||||||
Intangible assets consist of licensed technology, patents, and patent applications (see Note 5). The assets associated with licensed technology are recorded at cost and are being amortized on the straight line basis over their estimated useful lives of twelve to seventeen years. | ||||||||||||||
Office Equipment | ||||||||||||||
Office equipment is stated at cost less accumulated depreciation. Depreciation is calculated on the straight line basis over the estimated useful lives of the assets of three to five years. Expenditures for repair and maintenance which do not materially extend the useful lives of property and equipment are charged to expense. When property or equipment is sold or otherwise disposed of, the cost and related accumulated depreciation are removed from the respective accounts with the resulting gain or loss reflected in operations. Management periodically reviews the carrying value of its office equipment for impairment. | ||||||||||||||
Depreciation expense was approximately $6,000 and $4,000 for the years ended December 31, 2013 and 2012, respectively. | ||||||||||||||
Loss per Share | ||||||||||||||
Basic loss per share is calculated by dividing net loss and net loss attributable to common shareholders by the weighted average number of common shares outstanding for the period. Basic and diluted loss per share are the same, in that any potential common stock equivalents would have the effect of being anti-dilutive in the computation of net loss per share. | ||||||||||||||
The following potentially dilutive securities have been excluded from the computations of weighted average shares outstanding as of December 31, 2013 and 2012, as they would be anti-dilutive: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Shares underlying options outstanding | 6,050,623 | 4,674,628 | ||||||||||||
Shares underlying warrants outstanding | 10,216,597 | 8,513,984 | ||||||||||||
Shares underlying convertible notes outstanding | 261,519 | 252,698 | ||||||||||||
16,528,739 | 13,441,310 | |||||||||||||
Fair Value of Financial Instruments | ||||||||||||||
Our short-term financial instruments, including cash, accounts payable and other liabilities, consist primarily of instruments without extended maturities. We believe that the fair values of our current assets and current liabilities approximate their reported carrying amounts. | ||||||||||||||
Warrant derivative liability consists of certain of our warrants with anti-dilution provisions. The Company uses the Black-Scholes option-pricing model to value its warrant derivative liability which incorporate the Company’s stock price, volatility, U.S. risk-free interest rate, dividend rate, and estimated life. | ||||||||||||||
Fair Value Measurements | ||||||||||||||
The U.S. GAAP Valuation Hierarchy establishes a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. | ||||||||||||||
The Company previously had recorded a warrant derivative liability for warrants with anti-dilution provisions, which all the respective warrants were either exercised or expired as of December 31, 2013. The table below summarizes the fair values of our financial liabilities as of December 31, 2012 (in thousands): | ||||||||||||||
Fair Value at | ||||||||||||||
December 31, | Fair Value Measurement Using | |||||||||||||
2012 | Level 1 | Level 2 | Level 3 | |||||||||||
Warrant derivative liability | $ | 1,176 | $ | — | $ | — | $ | 1,176 | ||||||
The reconciliation of the warrant derivative liability measured at fair value on a recurring basis using unobservable inputs (Level 3) is as follows (in thousands): | ||||||||||||||
2013 | 2012 | |||||||||||||
Balance at beginning of year | $ | 1,176 | $ | 1,734 | ||||||||||
Loss (gain) on change in fair value of warrant liability | -1,096 | 50 | ||||||||||||
Reclassification to equity upon exercise of warrants | -80 | -608 | ||||||||||||
Balance at end of year | $ | — | $ | 1,176 | ||||||||||
Income Taxes | ||||||||||||||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income and the reversal of deferred tax liabilities during the period in which the related temporary difference becomes deductible. | ||||||||||||||
Stock-Based Compensation | ||||||||||||||
The Company measures the cost of employee services received in exchange for an equity award based on the grant-date fair value of the award. All grants under our stock-based compensation programs are accounted for at fair value and that cost is recognized over the period during which an employee is required to provide service in exchange for the award (the vesting period). | ||||||||||||||
Compensation expense for options granted to non-employees is determined in accordance with the standard as the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measured. Compensation expense for awards granted to non-employees is re-measured each period. | ||||||||||||||
Determining the appropriate fair value of the stock-based compensation requires the input of subjective assumptions, including the expected life of the stock-based payment and stock price volatility. The Company uses the Black-Scholes option-pricing model to value its stock option awards which incorporate the Company’s stock price, volatility, U.S. risk-free rate, dividend rate, and estimated life. | ||||||||||||||
Recent Accounting Pronouncements | ||||||||||||||
Recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA, and the SEC, did not, or are not believed by management, to have a material impact on the Company's present or future financial statements. | ||||||||||||||
SUPPLEMENTAL_CASH_FLOW_INFORMA
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Cash Flow, Supplemental Disclosures [Text Block] | ' | |||||||
NOTE 4 – SUPPLEMENTAL CASH FLOW INFORMATION | ||||||||
The following table contains additional information for the periods reported (in thousands). | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
Non-cash financial activities: | ||||||||
Common stock options issued as payment of accrued compensation | $ | 999 | $ | 674 | ||||
Derivative liability reclassified to equity upon exercise of warrants | 80 | 608 | ||||||
There was no cash paid for interest and income taxes for the years ended December 31, 2013 and 2012. | ||||||||
INTELLECTUAL_PROPERTY
INTELLECTUAL PROPERTY | 12 Months Ended |
Dec. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Goodwill and Intangible Assets Disclosure [Text Block] | ' |
NOTE 5 – INTELLECTUAL PROPERTY | |
We solely own or have exclusive licenses to all of our patents and patent applications. Between 2008 and 2011, we entered into license and assignment agreements with Johns Hopkins University (JHU), the University of Copenhagen (UC) and certain co-inventors (Assignee Co-Founders), in which we paid $212,000 in cash and common stock. As a result of these payments and pursuant to the agreements, we acquired worldwide, exclusive, fully paid up rights in know-how, pre-clinical data, development data and certain patent portfolios that relate to, and form the basis of, our technology. Under these agreements, we are not required to make any other future payments, including fees or other reimbursements, milestones, or royalties, to JHU, UC, or the Assignee Co-Founders. | |
Amortization expense recorded during the years ended December 31, 2013 and 2012 was approximately $17,000 for both years. Amortization expense is estimated to be approximately $17,000 for each one of the next five fiscal years. | |
ACCRUED_EXPENSES
ACCRUED EXPENSES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accrued Liabilities, Current [Abstract] | ' | |||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ' | |||||||
NOTE 6 – ACCRUED EXPENSES | ||||||||
Accrued expenses consist of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Accrued compensation and benefits | $ | 1,040 | $ | 958 | ||||
Accrued research and development | 82 | 100 | ||||||
Accrued other | 128 | 234 | ||||||
Total accrued expenses | $ | 1,250 | $ | 1,292 | ||||
CONVERTIBLE_NOTES_PAYABLE
CONVERTIBLE NOTES PAYABLE | 12 Months Ended |
Dec. 31, 2013 | |
Notes Payable Disclosure [Abstract] | ' |
Notes Payable Disclosure [Text Block] | ' |
NOTE 7 – CONVERTIBLE NOTES PAYABLE | |
We have issued convertible notes to our chief executive officer pursuant to which we borrowed an aggregate of $0.2 million, with $0.1 million principal balance outstanding at December 31, 2013. The notes bear an interest rate of 4.2% and matured at various dates through December 6, 2011. Accrued interest at December 31, 2013 and December 31, 2012 was approximately $26,000 and $21,000, respectively. As of December 31, 2013, our chief executive officer has not demanded the payment of the outstanding principal and accrued interest. Accordingly, we consider these amounts due on demand. The notes and accrued interest are convertible, at the option of the holder, into shares of our common stock at a conversion price of $0.50 per share. | |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Commitments and Contingencies Disclosure [Text Block] | ' | |||||||
NOTE 8 –COMMITMENTS AND CONTINGENCIES | ||||||||
Operating Leases | ||||||||
The Company leases its corporate offices under an operating lease that expires on October 14, 2015. Rent expense for office space amounted to approximately $55,000 and $26,000 for the years ended December 31, 2013 and 2012, respectively. The following table summarizes future minimum lease payments as of December 31, 2013 (in thousands): | ||||||||
2014 | $ | 56 | ||||||
2015 | 45 | |||||||
Thereafter | – | |||||||
Total minimum lease payments | $ | 101 | ||||||
Employment Agreements | ||||||||
We employ our Chief Executive Officer and Chief Operating Officer pursuant to written employment agreements. The employment agreements contain severance provisions and indemnification clauses. The indemnification agreement provides for the indemnification and defense of the executive officers, in the event of litigation, to the fullest extent permitted by law. As part of the agreements, the executives potentially shall be entitled to the following (in thousands): | ||||||||
Chief | Chief | |||||||
Executive | Operating | |||||||
Officer | Officer | |||||||
Terminated without cause | $ | 1,727 | $ | 909 | ||||
Terminated, change of control without good reason | 1,727 | — | ||||||
Terminated for cause, death, disability and by | 363 | 309 | ||||||
executive without good reason | ||||||||
Legal Matters | ||||||||
On March 12, 2012, GenSpera instituted a declaratory judgment action against Annastasiah Mhaka (“Mhaka”) in the United States District Court for the District of Maryland: GenSpera, Inc. v. Mhaka, Civil Action No. MJG-12-772 (D. Md.). In that complaint, GenSpera, as the licensee of the inventions described and claimed in the U.S. Patent No. 7,468,354 (“the ‘354 patent”) and U.S. Patent No. 7,767,648 (“the ‘648 patent”), sought a declaratory judgment that Mhaka (a former doctoral student at Johns Hopkins University) should not be added to either the ‘354 patent or the ‘648 patent as an inventor. On April 2, 2012, Mhaka filed and served her answer and counterclaim, in which she sought to be added as an inventor to the ‘354 patent and the ‘648 patent pursuant to 35 U.S.C. sec. 256. Between April 26, 2012 and October 1, 2012, the parties conducted fact discovery. Between October 1, 2012 and December 1, 2012, the parties conducted limited expert discovery. On November 1, 2012, Mhaka filed a separate complaint in the State Circuit Court for Baltimore County, Maryland, naming GenSpera as a defendant along with Dr. Samuel Denmeade and Dr. John Isaacs (the named inventors on the ‘354 patent and the ‘648 patent). In the complaint, Mhaka alleged that the defendants are liable under various state law tort theories for the same alleged conduct that formed the basis for her prior inventorship claim. In her prayer for relief, Mhaka sought unspecified damages from the defendants but did not seek to alter the inventorship or ownership of the ‘354 patent or ‘648 patent. On November 8, 2012, the defendants removed this second action to the United States District Court for the District of Maryland, and on November 16, 2012, the defendants moved to dismiss all claims in the complaint, asserting (among other things) that the claims were preempted by federal patent law. | ||||||||
On January 24, 2013, the Court heard GenSpera’s motion for summary judgment in the original case and the defendants’ motion to dismiss in the second case. On May 1, 2013, the Court granted GenSpera’s motion for summary judgment in the original case. In its order, the Court stated that it would proceed to issue a declaratory judgment establishing that Mhaka should not be added to the two patents at issue as an additional inventor pursuant to 35 U.S.C. § 256. Reserving any ruling on the issue of whether Mhaka’s state law tort claims are preempted by federal patent law, the Court denied defendants’ motion to dismiss Mhaka’s complaint and directed Mhaka to re-file her claims as counterclaims in the original action. On May 14, 2013, Mhaka filed an amended answer and counterclaims in the consolidated action, re-pleading her tort claims as counterclaims. On June 3, 2013, GenSpera (along with Drs. Denmeade and Isaacs) filed a reply to the counterclaims, denying their allegations and raising a number of affirmative defenses. Fact discovery was completed on December 13, 2013, and expert discovery is to be completed by February 28, 2014. On January 2, 2014, Drs. Isaacs and Denmeade moved for summary judgment on the grounds that Mhaka’s claims are barred by the applicable statute of limitations, and GenSpera joined in the motion. The briefing on that motion is now complete. Any remaining motions for summary judgment are to be filed by April 15, 2014. Further scheduling, as appropriate, is to be set after resolution of summary judgment motions. | ||||||||
CAPITAL_STOCK_AND_STOCKHOLDERS
CAPITAL STOCK AND STOCKHOLDER'S EQUITY | 12 Months Ended |
Dec. 31, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
NOTE 9 – CAPITAL STOCK AND STOCKHOLDER’S EQUITY | |
Common Stock | |
During the year ended December 31, 2013, 325,670 warrants were exercised into an equivalent number of common shares for which we received proceeds of approximately $404,000, and one million warrants were exercised on a cashless basis into 537,722 common shares. | |
During the year ended December 31, 2012, 544,639 options and warrants were exercised into an equivalent number of common shares. We received proceeds of $691,000 from the exercise of the options and warrants, and 78,333 warrants were exercised on a cashless basis into 37,301 common shares. | |
Equity Financing | |
August 2013 Offering | |
In August of 2013, we sold an aggregate of $5,000,032, or 3,333,356 units, to accredited and institutional investors. The price per unit was $1.50, with each unit consisting of (i) one share of the Company’s common stock and (ii) one common stock purchase warrant. The warrants have a term of five years and entitle the holder to purchase the Company’s common stock at a price per share of $1.75. In the event that the shares underlying the warrants are not subject to a registration statement at the time of exercise, the warrants may be exercised on a cashless basis after 6 months from the issuance date. The warrants also contain provisions providing for an adjustment in the underlying number of shares and exercise price in the event of stock splits or dividends and fundamental transactions. Additionally, the warrants contain limitations on the holder’s ability to exercise the warrants in the event such exercise causes the holder to beneficially own in excess of 4.99% of the Company’s issued and outstanding common stock, subject to a discretionary increase in such limitation by the holder to 9.99% upon 61 days’ prior notice to the Company. | |
In connection with the offering, we also paid commissions equal to 8% of gross proceeds, for an aggregate commission of $400,003, and a non-accountable expense allowance equal to 2% of the gross proceeds, or $100,001 to the placement agent. The placement agent also received common stock purchase warrants to purchase such number of shares equal to 8% of the shares sold in the offering to investors, or 266,668 placement agent warrants with substantially the same terms as the warrants. Additionally, the placement agent was also reimbursed for its legal and due diligence costs in an amount not greater than $35,000. The placement agent will also receive (i) a cash fee of 4% of gross proceeds received from the exercise of the warrants, and (ii) additional transaction fees equal to 8% of gross proceeds and 8% warrant coverage for any future investment by one of the investors in the Company for a period of 12 months following the closing of the offering. | |
In connection with the offering, investors received certain registration rights. Pursuant to the registration rights, the Company agreed to file a registration statement with the SEC within 45 days from the closing to register the resale of the common shares and common shares underlying the warrants. The Company also agreed to have the registration statement declared effective within 120 days from the filing date. The Company agreed to keep the registration statement continuously effective until the earlier to occur of (i) the date after which all of the securities to be registered thereunder have been sold, or (ii) the date on which all the securities to be registered thereunder may be sold without volume or manner-of-sale restrictions and without current public information pursuant to Rule 144 under the Securities Act of 1933, as amended. We are also obligated to pay the investors, as partial liquidated damages, a fee of 1.5% of each investor’s subscription amount per month in cash or shares of the Company’s common stock, at the discretion of the Company, upon the occurrence of certain events, including our failure to file and / or failure to have the registration statement declared effective within the time provided. The Company has satisfied the filing deadline and effectiveness condition. | |
December 2012 Offering | |
In December of 2012 we commenced a unit offering of our securities. Each unit consists of: (i) one share of common stock, and (ii) one common stock purchase warrant. The warrants have a term of five years and entitle the holders to purchase common stock at a price per share of $3.00. In the event the shares underlying the warrants are not subject to a registration statement, the warrants may be exercised on a cashless basis after 12 months from the issuance date. The warrants also contain provisions providing for an adjustment in the underlying number of shares and exercise price in the event of stock splits or dividends and fundamental transactions, as defined. The warrants do not contain any price protection provisions. Additionally, the warrants contain limitations on the holder’s ability to exercise the warrants in the event such exercise causes the holder to beneficially own in excess of 4.99% of the Company’s issued and outstanding common stock, subject to a discretionary increase in such limitation by the holder to 9.99% upon 61 days’ prior notice to the Company. | |
In January 2013, we offered and sold an aggregate of 104,095 units in an additional closing resulting in gross proceeds of $0.2 million. The price per unit was $2.20. In connection with the December 2012 and January 2013 closings, we issued 96,443 additional units in March 2013 in order to adjust the price per unit from $2.20 to $1.773 to be consistent with the price per unit of our March 2013 closing as discussed below. | |
In March 2013, we offered and sold an additional 557,256 units in connection with an additional closing, resulting in gross proceeds of $1.0 million, at a price per unit of $1.773. In connection with this closing, we incurred placement agent fees and expenses in the amount of $37,000 in cash and issued warrants to purchase 18,410 shares at an exercise price per share of $3.00. | |
In connection with the offering, we agreed to enter into registration rights agreements with our investors. Pursuant to the registration rights agreements, we agreed to file a “resale” registration statement with the SEC covering the shares of common stock included in the units as well as the shares underlying the warrants, within 45 days of the final closing date of the sale of units and to maintain the effectiveness of the registration statement until all securities have been sold or are otherwise able to be sold pursuant to Rule 144. We also agreed to use our best efforts to have the registration statement declared effective within 90 days of the final closing. We are also obligated to pay to investors, as partial liquidated damages, a fee of 0.50% per month in cash up to a maximum of 6%, upon the occurrence of certain events, including but not limited to failure to file and/or have the registration statement declared effective within the time provided. Subsequent to the offering, we received a waiver and amendment to the registration rights agreement by holders of a majority of the registrable securities. The effect of the waiver and amendment was to waive all penalties under the registration rights agreement with regard to filing deadlines and effectiveness requirements. | |
STOCK_OPTIONS
STOCK OPTIONS | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | |||||||||||
NOTE 10 – STOCK OPTIONS | ||||||||||||
Deferred Compensation Plan | ||||||||||||
In July of 2011, we adopted Executive Deferred Compensation Plan (the Deferred Plan). The Deferred Plan is intended to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the Code). The Deferred Plan is intended to be an unfunded “top hat” plan which is maintained primarily to provide deferred compensation benefits for a select group of our “management or highly compensated employees” within the meaning of Sections 201, 301, and 401 of the Employee Retirement Income Security Act of 1974, as amended (ERISA), and to therefore be exempt from the provisions of Parts 2, 3, and 4 of Title I of ERISA. The Deferred Plan is intended to help build a supplemental source of savings and retirement income through pre-tax deferrals of eligible compensation, which may include cash, option and stock bonus awards, discretionary cash, option and stock awards and/or any other payments which may be designated by the Deferred Plan administrator, as eligible, for deferral under the Deferred Plan from time to time. As administered, the Deferred Plan is used to defer compensation of stock awards granted under our other equity compensation plans and does not by its terms approve any grants or awards. | ||||||||||||
GenSpera’s Compensation Plans | ||||||||||||
The Company’s 2007 Equity Compensation Plan (2007 Plan) and 2009 Executive Compensation Plan (2009 Plan) (together, the Plans) provide for the awarding of stock grants, nonqualified and incentive stock options, restricted stock units, performance units or other stock-based awards to officers, directors, employees and consultants of the Company. The purpose of the Plans is to advance the interests of GenSpera and our stockholders by attracting, retaining and rewarding persons performing services for us and to motivate such persons to contribute to our growth and profitability. Our Plans are administered by a committee of non-employee directors (the Committee). The Committee determines: who shall be granted awards; the vesting periods; the exercise price; and any other terms deemed appropriate for any award. | ||||||||||||
As of December 31, 2013, our 2009 Plan authorized up to 6,000,000 shares of common stock to be reserved for issuance upon exercise of stock options or other stock-based awards, and the Company has awarded 2,996,972 stock options, and 3,003,028 shares of common stock were available for future grants under the 2009 Plan. All option awards granted under the 2009 Plan are fully vested. | ||||||||||||
Our 2007 Plan authorizes up to 6,000,000 shares of common stock to be reserved for the issuance upon exercise of stock options or other stock-based awards, subject to an annual award limitation of 1,500,000 shares. Under the 2007 Plan, vesting schedules for stock options vary, but generally vest for a period of not more than five years and at a rate of not less than 20% per year. The maximum term of an option granted under the 2007 Plan is ten years. As of December 31, 2013, the Company has awarded 3,363,651 stock options, and 2,776,349 shares of common stock were available for future grants under the 2007 Plan. | ||||||||||||
Total stock-based compensation expense recognized for stock options issued using the straight-line method in the statement of losses for the year ended December 31, 2013 and 2012 is as follows (in thousands): | ||||||||||||
2013 | 2012 | |||||||||||
Stock-based compensation expense for employees and non-employee directors | $ | 1,140 | $ | 322 | ||||||||
Equity awards for nonemployees issued for services | 114 | 191 | ||||||||||
Total stock-based compensation expense | $ | 1,254 | $ | 513 | ||||||||
The following table summarizes stock option activity under the Plans: | ||||||||||||
Weighted- | ||||||||||||
Weighted- | average | Aggregate | ||||||||||
average | remaining | intrinsic | ||||||||||
Number of | exercise | contractual term | value (in | |||||||||
shares | price | (in years) | thousands) | |||||||||
Outstanding at December 31, 2011 | 3,646,870 | $ | 1.6 | |||||||||
Granted | 1,097,758 | $ | 2.33 | |||||||||
Exercised | -70,000 | $ | 0.5 | |||||||||
Forfeited | — | — | ||||||||||
Outstanding at December 31, 2012 | 4,674,628 | $ | 1.79 | |||||||||
Granted | 1,515,995 | $ | 2.02 | |||||||||
Exercised | – | $ | – | |||||||||
Forfeited | -140,000 | $ | 2.8 | |||||||||
Outstanding at December 31, 2013 | 6,050,623 | $ | 1.82 | 4 | $ | 272 | ||||||
Exercisable at December 31, 2013 | 5,952,726 | $ | 1.83 | 4 | $ | 269 | ||||||
As of December 31, 2013, there was $0.1 million of total unrecognized compensation cost related to non-vested stock options which vest over time. That cost is expected to be recognized over a weighted-average period of 0.5 years. As of December 31, 2013, there was no unrecognized compensation expense related to performance-based, non-vested employee stock options. | ||||||||||||
During 2013 and 2012, the Company issued options to purchase 1,335,972 and 1,094,658 shares of common stock, respectively, to employees, and non-employee directors under the Plans. The per share weighted-average fair value of the options granted to employees and non-employee directors during 2013 and 2012 was estimated at $0.84 and $0.99, respectively, on the date of grant. | ||||||||||||
During 2013 and 2012, the Company issued options to purchase 180,023 and 3,100 shares of common stock, respectively, to consultants under the Plan. The per-share weighted-average fair value of the options granted to consultants during 2013 and 2012 was estimated at $0.75 and $1.27, respectively, on the date of grant. | ||||||||||||
The following table summarizes weighted-average assumptions using the Black-Scholes option-pricing model used on the date of the grants issued for the years ended December 31, 2013 and 2012: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Volatility | 58.8 | % | 71.9 | % | ||||||||
Expected term (years) | 3.7 | 2.8 | ||||||||||
Risk-free interest rate | 0.6 | % | 0.3 | % | ||||||||
Dividend yield | None | None | ||||||||||
No options were exercised during the year ended December 31, 2013. During the year ended December 31, 2012, 70,000 options were exercised into an equivalent number of common shares. We received proceeds of $35,000 from the exercise of the options. | ||||||||||||
WARRANTS_AND_DERIVATIVE_WARRAN
WARRANTS AND DERIVATIVE WARRANT LIABILITY | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||
Derivatives and Fair Value [Text Block] | ' | |||||||||||
NOTE 11 –WARRANTS AND DERIVATIVE WARRANT LIABILITY | ||||||||||||
We account for common stock warrants as either equity instruments or derivative liabilities depending on the specific terms of the warrant agreement. Common stock warrants are accounted for as derivative liabilities if the stock warrants allow for cash settlement or provide for modification of the warrant exercise price in the event subsequent sales of common stock are at a lower price per share than the then-current warrant exercise price. We classify derivative warrant liabilities on the balance sheet at fair value, and changes in fair value during the periods presented in the statement of operations, which is revalued at each balance sheet date subsequent to the initial issuance of the stock warrant. Transactions involving our equity-classified and liability-classified stock warrants are summarized as follows: | ||||||||||||
Weighted- | ||||||||||||
Weighted- | average | Aggregate | ||||||||||
average | remaining | intrinsic | ||||||||||
Number of | exercise | contractual term | value (in | |||||||||
shares | price | (in years) | thousands) | |||||||||
Outstanding at December 31, 2011 | 8,715,289 | $ | 2.39 | |||||||||
Granted | 314,366 | $ | 2.97 | |||||||||
Exercised | -515,671 | $ | 1.52 | |||||||||
Forfeited | — | — | ||||||||||
Outstanding at December 31, 2012 | 8,513,984 | $ | 2.47 | |||||||||
Granted | 4,376,228 | $ | 1.97 | |||||||||
Exercised | -1,325,670 | $ | 1.06 | |||||||||
Forfeited | -1,347,945 | $ | 1.52 | |||||||||
Outstanding at December 31, 2013 | 10,216,597 | $ | 2.56 | 2.9 | $ | 48 | ||||||
Exercisable at December 31, 2013 | 10,216,597 | $ | 2.56 | 2.9 | $ | 48 | ||||||
During the year ended December 31, 2013, 325,670 warrants were exercised into an equivalent number of common shares for which we received approximately $404,000 in proceeds, and 1,000,000 warrants were exercised on a cashless basis into 537,722 common shares. During the year ended December 31, 2012, 515,671 warrants were exercised into an equivalent number of common shares. We received proceeds of $0.7 million from the exercise of the options. | ||||||||||||
The following table summarizes outstanding warrants to purchase common stock as of December 31, 2013: | ||||||||||||
Weighted | ||||||||||||
Average | ||||||||||||
Number of | Exercise | |||||||||||
shares | price | Expiration | ||||||||||
Equity–classified warrants | ||||||||||||
Issued to consultants | 1,128,759 | $ | 2.28 | February 2014 through January 2018 | ||||||||
Issued pursuant to 2009 financings | 1,455,516 | $ | 3 | February 2014 through September 2014 | ||||||||
Issued pursuant to 2010 financings | 1,022,943 | $ | 3.38 | January 2015 through May 2015 | ||||||||
Issued pursuant to 2011 financings | 1,936,785 | $ | 3.24 | January 2016 through April 2016 | ||||||||
Issued pursuant to 2012 financings | 296,366 | $ | 3 | Dec-17 | ||||||||
Issued pursuant to 2013 financings | 4,376,228 | $ | 1.97 | December 2017 through August 2023 | ||||||||
10,216,597 | ||||||||||||
Equity-classified Warrants | ||||||||||||
During 2013, the Company did not issue any warrants to consultants to purchase shares of common stock. During 2012, the Company issued warrants to consultants to purchase 18,000 at a weighted-average fair value of $1.31 per share on the date of grant. Total stock-based compensation expense recognized for warrants issued to consultants using the straight-line method in the statement of losses for the year ended December 31, 2013 and 2012 was $2,000 and $14,000, respectively. | ||||||||||||
The following table summarizes weighted-average assumptions using the Black-Scholes option-pricing model used on the date of the equity-classified warrants issued for services for the year ended December 31, 2012: | ||||||||||||
Volatility | 60.3 | % | ||||||||||
Expected term (years) | 4.7 | |||||||||||
Risk-free interest rate | 0.7 | % | ||||||||||
Dividend yield | None | |||||||||||
During the first three months of 2013, in connection with multiple closings of the December 2012 offering, the Company issued an aggregate of 776,204 common stock purchase warrants, including: 686,420 pursuant to closings in January 2013 and March 2013; 18,410 to the placement agent; and 71,374 additional warrants issued to investors that participated in the December 2012 closing. All warrants were issued with an exercise price of $ 3.00 per share. In connection with our August 2013 offering, the Company issued an aggregate of 3,600,024 common stock purchase warrants, including: 3,333,356 issued to investors, and 266,668 to the placement agents. All warrants were issued with an exercise price of $ 1.75 per share. During the first three months of 2013, in connection with multiple closings of the December 2012 offering, the Company issued an aggregate of 776,204 common stock purchase warrants, including: 686,420 pursuant to closings in January 2013 and March 2013; 18,410 to the placement agent; and 71,374 additional warrants issued to investors that participated in the December 2012 closing. All warrants were issued with an exercise price of $ 3.00 per share. In connection with our August 2013 offering, the Company issued an aggregate of 3,600,024 common stock purchase warrants, including: 3,333,356 issued to investors, and 266,668 to the placement agents. All warrants were issued with an exercise price of $ 1.75 per share. | ||||||||||||
Liability-classified Warrants | ||||||||||||
The Company has assessed its outstanding equity-linked financial instruments and has concluded that certain of its common stock purchase warrants are subject to derivative accounting, as a result of certain anti-dilution provisions contained in the warrants. The fair value of these warrants was classified as a liability in the financial statements with the change in fair value during the periods presented recorded in the statement of operations. At December 31, 2013, all outstanding liability-classified warrants were either exercised or had expired. | ||||||||||||
The following table summarizes the calculated aggregate fair values for the warrant derivative liability using the Black-Scholes method based on the following assumptions (in thousands): | ||||||||||||
Fair value as of | ||||||||||||
December 31, | ||||||||||||
2012 | ||||||||||||
Calculated aggregate value | $ | 1,176 | ||||||||||
Exercise price per share of warrant | $ | 1.5 | ||||||||||
Closing price per share of common stock | $ | 2.2 | ||||||||||
Volatility | 54 | % | ||||||||||
Expected term (years) | 0.5 | |||||||||||
Risk-free interest rate | 0.11 | % | ||||||||||
Dividend yield | 0 | % | ||||||||||
We have recorded a gain of $1.1 million and a loss of $1.0 million during the year ended December 31, 2013 and 2012, respectively, related to the change in fair value of the warrant derivative liability during that period, and for the expiration of such warrants during the year. In addition, we reclassified approximately $80,000 and $608,000 of the derivative liability as a result of approximately 242,000 and 437,000 warrants being exercised in 2013 and 2012, respectively. | ||||||||||||
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Income Tax Disclosure [Text Block] | ' | |||||||
NOTE 12 – INCOME TAXES | ||||||||
The Company had, subject to limitation, $22.0 million of net operating loss carryforwards at December 31, 2013, which will expire at various dates beginning in 2013 through 2024. In addition, the Company has research and development tax credits of approximately $398,000 at December 31, 2013 available to offset future taxable income, which will expire from 2028 through 2034. We have provided a 100% valuation allowance for the deferred tax benefits resulting from the net operating loss carryover and our tax credits due to our lack of earnings history. In addressing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences are deductible. The valuation allowance increased by $1.7 and $1.8 million for the years ended December 31, 2013 and 2012, respectively. | ||||||||
Significant components of deferred tax assets and liabilities are as follows (in thousands): | ||||||||
2013 | 2012 | |||||||
Deferred tax assets: | ||||||||
Net operating loss carryover | $ | 7,497 | $ | 5,793 | ||||
Stock-based compensation | 2,888 | 2,474 | ||||||
Other | 19 | 339 | ||||||
Tax credits | 398 | 374 | ||||||
Total deferred tax assets | 10,802 | 8,980 | ||||||
Less: valuation allowance | -10,802 | -8,980 | ||||||
Net deferred tax assets | $ | – | $ | – | ||||
The actual tax benefit differs from the expected tax benefit for the years ended December 31, 2013 and 2012 (computed by applying the U.S. Federal Corporate tax rate of 34% to income before taxes) are as follows: | ||||||||
2013 | 2012 | |||||||
Statutory federal income tax rate | -34 | % | -34 | % | ||||
Non-deductible items | 0.1 | % | 0 | % | ||||
Adjustment for R&D Credit | -0.4 | % | -0.8 | % | ||||
Valuation allowance | 34.4 | % | 34.8 | % | ||||
Effective income tax rate | – | % | – | % | ||||
The Company’s tax returns for the previous three years remain open for audit by the respective tax jurisdictions. | ||||||||
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
NOTE 13 – SUBSEQUENT EVENTS | |
In January 2014, we issued options to purchase an aggregate of 1,948,902 shares of common stock to executive management in connection with their annual bonus and 2013 long term incentive plan. The options have a term of seven years, an exercise price of between $1.29 and $1.42, and are fully vested on the grant date. The Company recorded $962,000 in stock-based compensation expense related to these option grants, which was included in accrued expenses as of December 31, 2013. | |
In February 2014, we entered into an agreement for method development by a contract manufacturer and issued an aggregate of 91,334 shares of common stock, valued at approximately $127,000, as compensation. | |
In February 2014, we entered into an agreement to grant an aggregate of 47,800 shares of common stock to a consultant, which shares vest at the rate of 7,800 shares upon execution of the agreement and 10,000 shares per month for four months, the term of the agreement. These shares will be granted for business advisory services to be provided to the Company. In addition, the consultant was issued a warrant to purchase 96,000 shares of common stock at a strike price of $3.00 per share, which shares vest at the rate of 16,000 shares upon execution of the agreement and 20,000 shares per month for four months. The warrant issued is substantially similar to the warrants issued in conjunction with our financing completed in March 2013. | |
SUMMARY_OF_CRITICAL_ACCOUNTING1
SUMMARY OF CRITICAL ACCOUNTING POLICIES AND USE OF ESTIMATES (Policies) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
Use of Estimates, Policy [Policy Text Block] | ' | |||||||||||||
Use of Estimates | ||||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying disclosures. Significant estimates include the fair value of derivative instruments, stock-based compensation, recognition of clinical trial costs and other accrued liabilities. Actual results may differ from those estimates. | ||||||||||||||
Research and Development Expense, Policy [Policy Text Block] | ' | |||||||||||||
Research and Development | ||||||||||||||
Research and development costs are charged to expense as incurred. Our research and development expenses consist primarily of expenditures for toxicology and other studies, manufacturing, clinical trials, compensation and consulting costs. | ||||||||||||||
We incurred research and development expenses of $2.7 million, $2.9 million and $16.7 million for the years ended December 31, 2013 and 2012, and from November 21, 2003 (inception) through December 31, 2013, respectively. | ||||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | |||||||||||||
Cash Equivalents | ||||||||||||||
For purposes of the statements of cash flows, we consider all highly liquid debt instruments purchased with a maturity date of three months or less to be cash equivalents. We maintain our cash in bank deposit accounts which, at times, may exceed applicable government mandate insurance limits. We have not experienced any losses in our accounts | ||||||||||||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' | |||||||||||||
Concentrations of Credit Risk | ||||||||||||||
Financial instruments and related items, which potentially subject the Company to concentrations of credit risk, consist primarily of cash and cash equivalents. The Company places its cash and temporary cash investments with credit quality institutions. At times, such investments may exceed applicable government mandated insurance limits. Cash and cash equivalents were $3.6 million and $2.3 million at December 31, 2013 and 2012, respectively. | ||||||||||||||
We currently outsource all manufacturing of our clinical supplies to single source manufactures. We also have a single source supplier for the active ingredient in our prodrug compounds, including G-202. A change in these suppliers could cause a delay in manufacturing and/or clinical trials, which would adversely affect our Company | ||||||||||||||
Goodwill and Intangible Assets, Policy [Policy Text Block] | ' | |||||||||||||
Intangible Assets | ||||||||||||||
Intangible assets consist of licensed technology, patents, and patent applications (see Note 5). The assets associated with licensed technology are recorded at cost and are being amortized on the straight line basis over their estimated useful lives of twelve to seventeen years | ||||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | |||||||||||||
Office Equipment | ||||||||||||||
Office equipment is stated at cost less accumulated depreciation. Depreciation is calculated on the straight line basis over the estimated useful lives of the assets of three to five years. Expenditures for repair and maintenance which do not materially extend the useful lives of property and equipment are charged to expense. When property or equipment is sold or otherwise disposed of, the cost and related accumulated depreciation are removed from the respective accounts with the resulting gain or loss reflected in operations. Management periodically reviews the carrying value of its office equipment for impairment. | ||||||||||||||
Depreciation expense was approximately $6,000 and $4,000 for the years ended December 31, 2013 and 2012, respectively | ||||||||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | |||||||||||||
Loss per Share | ||||||||||||||
Basic loss per share is calculated by dividing net loss and net loss attributable to common shareholders by the weighted average number of common shares outstanding for the period. Basic and diluted loss per share are the same, in that any potential common stock equivalents would have the effect of being anti-dilutive in the computation of net loss per share. | ||||||||||||||
The following potentially dilutive securities have been excluded from the computations of weighted average shares outstanding as of December 31, 2013 and 2012, as they would be anti-dilutive: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Shares underlying options outstanding | 6,050,623 | 4,674,628 | ||||||||||||
Shares underlying warrants outstanding | 10,216,597 | 8,513,984 | ||||||||||||
Shares underlying convertible notes outstanding | 261,519 | 252,698 | ||||||||||||
16,528,739 | 13,441,310 | |||||||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' | |||||||||||||
Fair Value of Financial Instruments | ||||||||||||||
Our short-term financial instruments, including cash, accounts payable and other liabilities, consist primarily of instruments without extended maturities. We believe that the fair values of our current assets and current liabilities approximate their reported carrying amounts. | ||||||||||||||
Warrant derivative liability consists of certain of our warrants with anti-dilution provisions. The Company uses the Black-Scholes option-pricing model to value its warrant derivative liability which incorporate the Company’s stock price, volatility, U.S. risk-free interest rate, dividend rate, and estimated life. | ||||||||||||||
Fair Value Measurement, Policy [Policy Text Block] | ' | |||||||||||||
Fair Value Measurements | ||||||||||||||
The U.S. GAAP Valuation Hierarchy establishes a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. | ||||||||||||||
The Company previously had recorded a warrant derivative liability for warrants with anti-dilution provisions, which all the respective warrants were either exercised or expired as of December 31, 2013. The table below summarizes the fair values of our financial liabilities as of December 31, 2012 (in thousands): | ||||||||||||||
Fair Value at | ||||||||||||||
December 31, | Fair Value Measurement Using | |||||||||||||
2012 | Level 1 | Level 2 | Level 3 | |||||||||||
Warrant derivative liability | $ | 1,176 | $ | — | $ | — | $ | 1,176 | ||||||
The reconciliation of the warrant derivative liability measured at fair value on a recurring basis using unobservable inputs (Level 3) is as follows (in thousands): | ||||||||||||||
2013 | 2012 | |||||||||||||
Balance at beginning of year | $ | 1,176 | $ | 1,734 | ||||||||||
Loss (gain) on change in fair value of warrant liability | -1,096 | 50 | ||||||||||||
Reclassification to equity upon exercise of warrants | -80 | -608 | ||||||||||||
Balance at end of year | $ | — | $ | 1,176 | ||||||||||
Income Tax, Policy [Policy Text Block] | ' | |||||||||||||
Income Taxes | ||||||||||||||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income and the reversal of deferred tax liabilities during the period in which the related temporary difference becomes deductible | ||||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | |||||||||||||
Stock-Based Compensation | ||||||||||||||
The Company measures the cost of employee services received in exchange for an equity award based on the grant-date fair value of the award. All grants under our stock-based compensation programs are accounted for at fair value and that cost is recognized over the period during which an employee is required to provide service in exchange for the award (the vesting period). | ||||||||||||||
Compensation expense for options granted to non-employees is determined in accordance with the standard as the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measured. Compensation expense for awards granted to non-employees is re-measured each period. | ||||||||||||||
Determining the appropriate fair value of the stock-based compensation requires the input of subjective assumptions, including the expected life of the stock-based payment and stock price volatility. The Company uses the Black-Scholes option-pricing model to value its stock option awards which incorporate the Company’s stock price, volatility, U.S. risk-free rate, dividend rate, and estimated life | ||||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | |||||||||||||
Recent Accounting Pronouncements | ||||||||||||||
Recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA, and the SEC, did not, or are not believed by management, to have a material impact on the Company's present or future financial statements | ||||||||||||||
SUMMARY_OF_CRITICAL_ACCOUNTING2
SUMMARY OF CRITICAL ACCOUNTING POLICIES AND USE OF ESTIMATES (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
Schedule of Weighted Average Number of Shares [Table Text Block] | ' | |||||||||||||
The following potentially dilutive securities have been excluded from the computations of weighted average shares outstanding as of December 31, 2013 and 2012, as they would be anti-dilutive: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Shares underlying options outstanding | 6,050,623 | 4,674,628 | ||||||||||||
Shares underlying warrants outstanding | 10,216,597 | 8,513,984 | ||||||||||||
Shares underlying convertible notes outstanding | 261,519 | 252,698 | ||||||||||||
16,528,739 | 13,441,310 | |||||||||||||
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | ' | |||||||||||||
The table below summarizes the fair values of our financial liabilities as of December 31, 2012 (in thousands): | ||||||||||||||
Fair Value at | ||||||||||||||
December 31, | Fair Value Measurement Using | |||||||||||||
2012 | Level 1 | Level 2 | Level 3 | |||||||||||
Warrant derivative liability | $ | 1,176 | $ | — | $ | — | $ | 1,176 | ||||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Table Text Block] | ' | |||||||||||||
The reconciliation of the warrant derivative liability measured at fair value on a recurring basis using unobservable inputs (Level 3) is as follows (in thousands): | ||||||||||||||
2013 | 2012 | |||||||||||||
Balance at beginning of year | $ | 1,176 | $ | 1,734 | ||||||||||
Loss (gain) on change in fair value of warrant liability | -1,096 | 50 | ||||||||||||
Reclassification to equity upon exercise of warrants | -80 | -608 | ||||||||||||
Balance at end of year | $ | — | $ | 1,176 | ||||||||||
SUPPLEMENTAL_CASH_FLOW_INFORMA1
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | ' | |||||||
The following table contains additional information for the periods reported (in thousands). | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
Non-cash financial activities: | ||||||||
Common stock options issued as payment of accrued compensation | $ | 999 | $ | 674 | ||||
Derivative liability reclassified to equity upon exercise of warrants | 80 | 608 | ||||||
ACCRUED_EXPENSES_Tables
ACCRUED EXPENSES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accrued Liabilities, Current [Abstract] | ' | |||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | |||||||
Accrued expenses consist of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Accrued compensation and benefits | $ | 1,040 | $ | 958 | ||||
Accrued research and development | 82 | 100 | ||||||
Accrued other | 128 | 234 | ||||||
Total accrued expenses | $ | 1,250 | $ | 1,292 | ||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | |||||||
The following table summarizes future minimum lease payments as of December 31, 2013 (in thousands): | ||||||||
2014 | $ | 56 | ||||||
2015 | 45 | |||||||
Thereafter | – | |||||||
Total minimum lease payments | $ | 101 | ||||||
Restructuring and Related Costs [Table Text Block] | ' | |||||||
As part of the agreements, the executives potentially shall be entitled to the following (in thousands): | ||||||||
Chief | Chief | |||||||
Executive | Operating | |||||||
Officer | Officer | |||||||
Terminated without cause | $ | 1,727 | $ | 909 | ||||
Terminated, change of control without good reason | 1,727 | — | ||||||
Terminated for cause, death, disability and by | 363 | 309 | ||||||
executive without good reason | ||||||||
STOCK_OPTIONS_Tables
STOCK OPTIONS (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||
Schedule of Stock-based Compensation Expenses for Stock Options and Warrants Issued [Table Text Block] | ' | |||||||||||
Total stock-based compensation expense recognized for stock options issued using the straight-line method in the statement of losses for the year ended December 31, 2013 and 2012 is as follows (in thousands): | ||||||||||||
2013 | 2012 | |||||||||||
Stock-based compensation expense for employees and non-employee directors | $ | 1,140 | $ | 322 | ||||||||
Equity awards for nonemployees issued for services | 114 | 191 | ||||||||||
Total stock-based compensation expense | $ | 1,254 | $ | 513 | ||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||
The following table summarizes stock option activity under the Plans: | ||||||||||||
Weighted- | ||||||||||||
Weighted- | average | Aggregate | ||||||||||
average | remaining | intrinsic | ||||||||||
Number of | exercise | contractual term | value (in | |||||||||
shares | price | (in years) | thousands) | |||||||||
Outstanding at December 31, 2011 | 3,646,870 | $ | 1.6 | |||||||||
Granted | 1,097,758 | $ | 2.33 | |||||||||
Exercised | -70,000 | $ | 0.5 | |||||||||
Forfeited | — | — | ||||||||||
Outstanding at December 31, 2012 | 4,674,628 | $ | 1.79 | |||||||||
Granted | 1,515,995 | $ | 2.02 | |||||||||
Exercised | – | $ | – | |||||||||
Forfeited | -140,000 | $ | 2.8 | |||||||||
Outstanding at December 31, 2013 | 6,050,623 | $ | 1.82 | 4 | $ | 272 | ||||||
Exercisable at December 31, 2013 | 5,952,726 | $ | 1.83 | 4 | $ | 269 | ||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||||||
The following table summarizes weighted-average assumptions using the Black-Scholes option-pricing model used on the date of the grants issued for the years ended December 31, 2013 and 2012: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Volatility | 58.8 | % | 71.9 | % | ||||||||
Expected term (years) | 3.7 | 2.8 | ||||||||||
Risk-free interest rate | 0.6 | % | 0.3 | % | ||||||||
Dividend yield | None | None | ||||||||||
WARRANTS_AND_DERIVATIVE_WARRAN1
WARRANTS AND DERIVATIVE WARRANT LIABILITY (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | ' | |||||||||||
Transactions involving our equity-classified and liability-classified stock warrants are summarized as follows: | ||||||||||||
Weighted- | ||||||||||||
Weighted- | average | Aggregate | ||||||||||
average | remaining | intrinsic | ||||||||||
Number of | exercise | contractual term | value (in | |||||||||
shares | price | (in years) | thousands) | |||||||||
Outstanding at December 31, 2011 | 8,715,289 | $ | 2.39 | |||||||||
Granted | 314,366 | $ | 2.97 | |||||||||
Exercised | -515,671 | $ | 1.52 | |||||||||
Forfeited | — | — | ||||||||||
Outstanding at December 31, 2012 | 8,513,984 | $ | 2.47 | |||||||||
Granted | 4,376,228 | $ | 1.97 | |||||||||
Exercised | -1,325,670 | $ | 1.06 | |||||||||
Forfeited | -1,347,945 | $ | 1.52 | |||||||||
Outstanding at December 31, 2013 | 10,216,597 | $ | 2.56 | 2.9 | $ | 48 | ||||||
Exercisable at December 31, 2013 | 10,216,597 | $ | 2.56 | 2.9 | $ | 48 | ||||||
Schedule of Outstanding Warrants to Purchase Common Stock [Table Text Block] | ' | |||||||||||
The following table summarizes outstanding warrants to purchase common stock as of December 31, 2013: | ||||||||||||
Weighted | ||||||||||||
Average | ||||||||||||
Number of | Exercise | |||||||||||
shares | price | Expiration | ||||||||||
Equity–classified warrants | ||||||||||||
Issued to consultants | 1,128,759 | $ | 2.28 | February 2014 through January 2018 | ||||||||
Issued pursuant to 2009 financings | 1,455,516 | $ | 3 | February 2014 through September 2014 | ||||||||
Issued pursuant to 2010 financings | 1,022,943 | $ | 3.38 | January 2015 through May 2015 | ||||||||
Issued pursuant to 2011 financings | 1,936,785 | $ | 3.24 | January 2016 through April 2016 | ||||||||
Issued pursuant to 2012 financings | 296,366 | $ | 3 | Dec-17 | ||||||||
Issued pursuant to 2013 financings | 4,376,228 | $ | 1.97 | December 2017 through August 2023 | ||||||||
10,216,597 | ||||||||||||
Schedule Of Share Based Payment Award Warrants Valuation Assumptions [Table Text Block] | ' | |||||||||||
The following table summarizes weighted-average assumptions using the Black-Scholes option-pricing model used on the date of the equity-classified warrants issued for services for the year ended December 31, 2012: | ||||||||||||
Volatility | 60.3 | % | ||||||||||
Expected term (years) | 4.7 | |||||||||||
Risk-free interest rate | 0.7 | % | ||||||||||
Dividend yield | None | |||||||||||
Schedule of Share-based Payment Award, Warrants Derivative Liability Valuation Assumptions [Table Text Block] | ' | |||||||||||
The following table summarizes the calculated aggregate fair values for the warrant derivative liability using the Black-Scholes method based on the following assumptions (in thousands): | ||||||||||||
Fair value as of | ||||||||||||
December 31, | ||||||||||||
2012 | ||||||||||||
Calculated aggregate value | $ | 1,176 | ||||||||||
Exercise price per share of warrant | $ | 1.5 | ||||||||||
Closing price per share of common stock | $ | 2.2 | ||||||||||
Volatility | 54 | % | ||||||||||
Expected term (years) | 0.5 | |||||||||||
Risk-free interest rate | 0.11 | % | ||||||||||
Dividend yield | 0 | % | ||||||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | |||||||
Significant components of deferred tax assets and liabilities are as follows (in thousands): | ||||||||
2013 | 2012 | |||||||
Deferred tax assets: | ||||||||
Net operating loss carryover | $ | 7,497 | $ | 5,793 | ||||
Stock-based compensation | 2,888 | 2,474 | ||||||
Other | 19 | 339 | ||||||
Tax credits | 398 | 374 | ||||||
Total deferred tax assets | 10,802 | 8,980 | ||||||
Less: valuation allowance | -10,802 | -8,980 | ||||||
Net deferred tax assets | $ | – | $ | – | ||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | |||||||
The actual tax benefit differs from the expected tax benefit for the years ended December 31, 2013 and 2012 (computed by applying the U.S. Federal Corporate tax rate of 34% to income before taxes) are as follows: | ||||||||
2013 | 2012 | |||||||
Statutory federal income tax rate | -34 | % | -34 | % | ||||
Non-deductible items | 0.1 | % | 0 | % | ||||
Adjustment for R&D Credit | -0.4 | % | -0.8 | % | ||||
Valuation allowance | 34.4 | % | 34.8 | % | ||||
Effective income tax rate | – | % | – | % | ||||
Managements_Plans_to_Continue_1
Management's Plans to Continue as a Going Concern (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 20, 2003 |
In Thousands, unless otherwise specified | ||||
Management Plan [Line Items] | ' | ' | ' | ' |
Deficit accumulated during the development stage | $32,385 | $27,083 | ' | ' |
Cash and Cash Equivalents, at Carrying Value | $3,587 | $2,345 | $5,530 | $0 |
Percentage of Cash and Cash Equivalents in Total Assets | 92.00% | ' | ' | ' |
SUMMARY_OF_CRITICAL_ACCOUNTING3
SUMMARY OF CRITICAL ACCOUNTING POLICIES AND USE OF ESTIMATES (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Summary Of Critical Accounting Policies [Line Items] | ' | ' |
Shares underlying, outstanding | 16,528,739 | 13,441,310 |
Employee Stock Option [Member] | ' | ' |
Summary Of Critical Accounting Policies [Line Items] | ' | ' |
Shares underlying, outstanding | 6,050,623 | 4,674,628 |
Warrant [Member] | ' | ' |
Summary Of Critical Accounting Policies [Line Items] | ' | ' |
Shares underlying, outstanding | 10,216,597 | 8,513,984 |
Convertible Notes Payable [Member] | ' | ' |
Summary Of Critical Accounting Policies [Line Items] | ' | ' |
Shares underlying, outstanding | 261,519 | 252,698 |
SUMMARY_OF_CRITICAL_ACCOUNTING4
SUMMARY OF CRITICAL ACCOUNTING POLICIES AND USE OF ESTIMATES (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Warrant derivative liability | $0 | $1,176,000 | $1,734,000 |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Warrant derivative liability | ' | 0 | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Warrant derivative liability | ' | 0 | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Warrant derivative liability | ' | $1,176,000 | ' |
SUMMARY_OF_CRITICAL_ACCOUNTING5
SUMMARY OF CRITICAL ACCOUNTING POLICIES AND USE OF ESTIMATES (Details 2) (USD $) | 12 Months Ended | 121 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Balance at beginning of year | $1,176 | $1,734 | ' |
Loss (gain) on change in fair value of warrant liability | -1,096 | 50 | -86 |
Reclassification to equity upon exercise of warrants | -80 | -608 | ' |
Balance at end of period | $0 | $1,176 | $0 |
SUMMARY_OF_CRITICAL_ACCOUNTING6
SUMMARY OF CRITICAL ACCOUNTING POLICIES AND USE OF ESTIMATES (Details Textual) (USD $) | 12 Months Ended | 121 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Nov. 20, 2003 | |
Summary Of Critical Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Research and Development Expense, Total | $2,733,000 | $2,922,000 | $16,712,000 | ' | ' |
Cash and Cash Equivalents, at Carrying Value, Total | 3,587,000 | 2,345,000 | 3,587,000 | 5,530,000 | 0 |
Depreciation, Total | $6,000 | $4,000 | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Summary Of Critical Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '17 years | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '5 years | ' | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Summary Of Critical Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '12 years | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' | ' | ' | ' |
SUPPLEMENTAL_CASH_FLOW_INFORMA2
SUPPLEMENTAL CASH FLOW INFORMATION (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 |
Non-cash financial activities: | ' | ' | ' |
Common stock options issued as payment of accrued compensation | $999 | $674 | ' |
Derivative liability reclassified to equity upon exercise of warrants | $80 | $608 | $86 |
INTELLECTUAL_PROPERTY_Details_
INTELLECTUAL PROPERTY (Details Textual) (USD $) | 12 Months Ended | 48 Months Ended | 121 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
Intellectual Property [Line Items] | ' | ' | ' | ' |
Amortization of Intangible Assets | $17,000 | $17,000 | ' | ' |
Payments To Acquire Intangible Assets | 0 | 0 | 212,000 | 194,000 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 17,000 | ' | ' | 17,000 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 17,000 | ' | ' | 17,000 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 17,000 | ' | ' | 17,000 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 17,000 | ' | ' | 17,000 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $17,000 | ' | ' | $17,000 |
ACCRUED_EXPENSES_Details
ACCRUED EXPENSES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued Expenses [Line Items] | ' | ' |
Accrued compensation and benefits | $1,040 | $958 |
Accrued research and development | 82 | 100 |
Accrued other | 128 | 234 |
Total accrued expenses | $1,250 | $1,292 |
CONVERTIBLE_NOTES_PAYABLE_Deta
CONVERTIBLE NOTES PAYABLE (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | $100,000 | ' |
Debt Instrument, Interest Rate, Effective Percentage | 4.20% | ' |
Debt Instrument, Maturity Date | 6-Dec-11 | ' |
Debt Instrument, Increase, Accrued Interest | 26,000 | 21,000 |
Debt Instrument, Convertible, Conversion Price | $0.50 | ' |
Chief Executive Officer [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Convertible Notes Payable, Total | $200,000 | ' |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Future Minimum Rental Payments For Operating Leases [Line Items] | ' |
2014 | $56 |
2015 | 45 |
Thereafter | 0 |
Total minimum lease payments | $101 |
COMMITMENTS_AND_CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details 1) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Chief Executive Officer [Member] | Terminated without cause [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Severance Provision And Indemnification Charges | $1,727 |
Chief Executive Officer [Member] | Terminated, change of control without good reason [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Severance Provision And Indemnification Charges | 1,727 |
Chief Executive Officer [Member] | Terminated for cause, death, disability and by executive without good reason [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Severance Provision And Indemnification Charges | 363 |
Chief Operating Officer [Member] | Terminated without cause [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Severance Provision And Indemnification Charges | 909 |
Chief Operating Officer [Member] | Terminated, change of control without good reason [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Severance Provision And Indemnification Charges | 0 |
Chief Operating Officer [Member] | Terminated for cause, death, disability and by executive without good reason [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Severance Provision And Indemnification Charges | $309 |
COMMITMENTS_AND_CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Commitments And Contingencies [Line Items] | ' | ' |
Operating Leases, Rent Expense | $55,000 | $26,000 |
Lease Expiration Date | 14-Oct-15 | ' |
CAPITAL_STOCK_AND_STOCKHOLDERS1
CAPITAL STOCK AND STOCKHOLDER'S EQUITY (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||
Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2013 | Mar. 31, 2013 | Jan. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | |
Equity Financing [Member] | Equity Financing [Member] | Equity Financing [Member] | Equity Financing [Member] | Equity Financing [Member] | ||||
Maximum [Member] | ||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Exercised | ' | 537,722 | 37,301 | ' | ' | ' | ' | ' |
Proceeds From Options and Warrant Exercises | ' | $404,000 | $691,000 | ' | ' | ' | ' | ' |
Warrants Exercised on Cashless Basis | ' | 1,000,000 | 78,333 | ' | ' | ' | ' | ' |
Shares Issued During Period Upon Exercise of Warrants | ' | 325,670 | 537,722 | 5,000,032 | ' | ' | ' | ' |
Stock Issued During Period, Shares, Stock Options and Warrant Issued | ' | 325,670 | 544,639 | ' | 557,256 | 104,095 | ' | ' |
Stock Issued During Period, Price Per Share Stock Options and Warrant | ' | ' | ' | ' | $1.77 | $2.20 | ' | ' |
Proceeds From Issuance Common Stock and Warrants | ' | ' | ' | ' | 1,000,000 | 200,000 | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | 3,333,356 | ' | ' | ' | ' |
Stock Units Components, Description | ' | ' | ' | 'each unit consisting of (i) one share of the Companys common stock and (ii) one common stock purchase warrant. | 'adjust the price per unit from $2.20 to $1.773 | ' | 'Each unit consists of: (i) one share of common stock, and (ii) one common stock purchase warrant. | ' |
Stock Issued During Period New Issues Price Per Share | ' | ' | ' | $1.50 | ' | ' | ' | ' |
Warrants Expiration Period | ' | '6 months | ' | '5 years | ' | ' | '5 years | ' |
Class of Warrant or Right, Exercise Price of Warrants | ' | ' | ' | $1.75 | $3 | ' | $3 | ' |
Beneficially Interest, Percentage | ' | ' | ' | 4.99% | ' | ' | 4.99% | ' |
Discretionary Increase, Percentage | ' | ' | ' | 9.99% | ' | ' | 9.99% | ' |
Commission Percentage On Gross Proceeds | ' | 2.00% | ' | 8.00% | ' | ' | ' | ' |
Payments for Commissions | ' | ' | ' | 400,003 | ' | ' | ' | ' |
Non Accountable Expense to Placement Agent | ' | ' | ' | 100,001 | ' | ' | ' | ' |
Warrant percentage to Common Stock | ' | ' | ' | 8.00% | ' | ' | ' | ' |
Warrants to Purchase of Common Stock | ' | ' | ' | 266,668 | ' | ' | ' | ' |
Legal And Due Diligence Cost | ' | ' | ' | 35,000 | ' | ' | ' | ' |
Additional Placement Agent Fees | ' | ' | ' | '(i) a cash fee of 4% of gross proceeds received from the exercise of the warrants, and (ii) additional transaction fees equal to 8% of gross proceeds and 8% warrant coverage for any future investment by one of the investors in the Company for a period of 12 months following the closing of the offering. | ' | ' | ' | ' |
Placement Agent and Finders Fees Incurred | ' | ' | ' | ' | $37,000 | ' | ' | ' |
Common Stock Purchase Warrants Issued Shares | 686,420 | ' | ' | ' | 18,410 | ' | ' | ' |
Stock Issued During Period Shares Adjust Price Per Unit | ' | ' | ' | ' | 96,443 | ' | ' | ' |
Partial Liquidated Damages Fee, Percentage | ' | ' | ' | 1.50% | 0.50% | ' | ' | 6.00% |
STOCK_OPTIONS_Details
STOCK OPTIONS (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock-based compensation expense for employees and non-employee directors | $1,140 | $322 |
Equity awards for nonemployees issued for services | 114 | 191 |
Total stock-based compensation expense | $1,254 | $513 |
STOCK_OPTIONS_Details_1
STOCK OPTIONS (Details 1) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of shares, Outstanding at beginning of period (in shares) | 4,674,628 | 3,646,870 |
Number of shares, Granted (in shares) | 1,515,995 | 1,097,758 |
Number of shares, Exercised (in shares) | 0 | -70,000 |
Number of shares, Forfeited (in shares) | -140,000 | 0 |
Number of shares, Outstanding at end of period (in shares) | 6,050,623 | 4,674,628 |
Number of shares, Exercisable at December 31, 2013 (in shares) | 5,952,726 | ' |
Weighted-average exercise price, Outstanding at beginning of period (in dollars per share) | $1.79 | $1.60 |
Weighted-average exercise price, Granted (in dollars per share) | $2.02 | $2.33 |
Weighted-average exercise price, Exercised (in dollars per share) | $0 | $0.50 |
Weighted-average exercise price, Forfeited (in dollars per share) | $2.80 | $0 |
Weighted-average exercise price, Outstanding at end of period (in dollars per share) | $1.82 | $1.79 |
Weighted-average exercise price, Exercisable at December 31, 2013 (in dollars per share) | $1.83 | ' |
Weighted-average remaining contractual term, Outstanding at December 31, 2013 | '4 years | ' |
Weighted-average remaining contractual term, Exercisable at December 31, 2013 | '4 years | ' |
Aggregate intrinsic value, Outstanding at December 31, 2013 (in dollars) | $272 | ' |
Aggregate intrinsic value, Exercisable at December 31, 2013 (in dollars) | $269 | ' |
STOCK_OPTIONS_Details_2
STOCK OPTIONS (Details 2) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Volatility | 58.80% | 71.90% |
Expected term (years) | '3 years 8 months 12 days | '2 years 9 months 18 days |
Risk-free interest rate | 0.60% | 0.30% |
Dividend yield | 0.00% | 0.00% |
STOCK_OPTIONS_Details_Textual
STOCK OPTIONS (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Employee Service Share Based Compensation Non Vested Awards Weighted Average Period For Total Compensation Cost To Be Recognized | '6 months | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options | $100,000 | ' |
Share-based Compensation Arrangement, Options, Issued to Non Employee Directors | 1,335,972 | 1,094,658 |
Share Based Compensation Arrangement Options Issued To Employees And Non Employee Directors Weighted Average Price | $0.84 | $0.99 |
Share-based Compensation Arrangement, Options, Issued to Consultants | 180,023 | 3,100 |
Share Based Compensation Arrangement Options Issued To Consultants Weighted Average Price | $0.75 | $1.27 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 70,000 |
Proceeds from Stock Options Exercised | ' | $35,000 |
Plan 2009 [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 6,000,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | 2,996,972 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 3,003,028 | ' |
Plan 2007 [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,500,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | 3,363,651 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,776,349 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 6,000,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | 'not less than 20% per year | ' |
Share Based Compensation Arrangement By Share Based Payment Award Vesting Period Description | 'period of not more than five years | ' |
Share Based Compensation Arrangement By Share Based Payment Award Assumptions Expected Term 1 | '10 years | ' |
WARRANTS_AND_DERIVATIVE_WARRAN2
WARRANTS AND DERIVATIVE WARRANT LIABILITY (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of shares, Outstanding at beginning of period (in shares) | 8,513,984 | 8,715,289 |
Number of shares, Granted (in shares) | 4,376,228 | 314,366 |
Number of shares, Exercised (in shares) | -1,325,670 | -515,671 |
Number of shares, Forfeited (in shares) | -1,347,945 | 0 |
Number of shares, Outstanding at ending of period (in shares) | 10,216,597 | 8,513,984 |
Number of shares, Exercisable at December 31, 2013 (in shares) | 10,216,597 | ' |
Weighted-average exercise price, Outstanding at beginning of period (in dollars per share) | $2.47 | $2.39 |
Weighted-average exercise price, Granted (in dollars per share) | $1.97 | $2.97 |
Weighted-average exercise price, Exercised (in dollars per share) | $1.06 | $1.52 |
Weighted-average exercise price, Forfeited (in dollars per share) | $1.52 | $0 |
Weighted-average exercise price, Outstanding at end of period (in dollars per share) | $2.56 | $2.47 |
Weighted-average exercise price, Exercisable at December 31, 2013 (in dollars per share) | $2.56 | ' |
Weighted-average remaining contractual term, Outstanding at December 31, 2013 | '2 years 10 months 24 days | ' |
Weighted-average remaining contractual term, Exercisable at December 31, 2013 | '2 years 10 months 24 days | ' |
Aggregate intrinsic value, Outstanding at December 31, 2013 (in dollars) | $48,000 | ' |
Aggregate intrinsic value, Exercisable at December 31, 2013 (in dollars) | $48,000 | ' |
WARRANTS_AND_DERIVATIVE_WARRAN3
WARRANTS AND DERIVATIVE WARRANT LIABILITY (Details 1) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Equity-classified warrants [Abstract] | ' |
Number of shares (in shares) | 10,216,597 |
Consultant [Member] | ' |
Equity-classified warrants [Abstract] | ' |
Number of shares (in shares) | 1,128,759 |
Weighted Average Exercise price (in dollars per share) | $2.28 |
Expiration | 'February 2014 through January 2018 |
Financing 2009 [Member] | ' |
Equity-classified warrants [Abstract] | ' |
Number of shares (in shares) | 1,455,516 |
Weighted Average Exercise price (in dollars per share) | $3 |
Expiration | 'February 2014 through September 2014 |
Financing 2010 [Member] | ' |
Equity-classified warrants [Abstract] | ' |
Number of shares (in shares) | 1,022,943 |
Weighted Average Exercise price (in dollars per share) | $3.38 |
Expiration | 'January 2015 through May 2015 |
Financing 2011 [Member] | ' |
Equity-classified warrants [Abstract] | ' |
Number of shares (in shares) | 1,936,785 |
Weighted Average Exercise price (in dollars per share) | $3.24 |
Expiration | 'January 2016 through April 2016 |
Financing 2012 [Member] | ' |
Equity-classified warrants [Abstract] | ' |
Number of shares (in shares) | 296,366 |
Weighted Average Exercise price (in dollars per share) | $3 |
Expiration | 'December 2017 |
Financing 2013 [Member] | ' |
Equity-classified warrants [Abstract] | ' |
Number of shares (in shares) | 4,376,228 |
Weighted Average Exercise price (in dollars per share) | $1.97 |
Expiration | 'December 2017 through August 2023 |
WARRANTS_AND_DERIVATIVE_WARRAN4
WARRANTS AND DERIVATIVE WARRANT LIABILITY (Details 2) | 12 Months Ended |
Dec. 31, 2012 | |
Schedule Of Share Based Payment Award Warrants Valuation Assumptions [Line Items] | ' |
Volatility | 60.30% |
Expected term (years) | '4 years 8 months 12 days |
Risk-free interest rate | 0.70% |
Dividend yield | 0.00% |
WARRANTS_AND_DERIVATIVE_WARRAN5
WARRANTS AND DERIVATIVE WARRANT LIABILITY (Details 3) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2012 |
Schedule Of Share Based Payment Award Warrants Derivative Liability Valuation Assumptions [Line Items] | ' |
Volatility | 60.30% |
Expected term (years) | '4 years 8 months 12 days |
Risk-free interest rate | 0.70% |
Dividend yield | 0.00% |
Liability Classified Warrants [Member] | ' |
Schedule Of Share Based Payment Award Warrants Derivative Liability Valuation Assumptions [Line Items] | ' |
Calculated aggregate value (in thousands) | 1,176 |
Exercise price per share of warrant | 1.5 |
Closing price per share of common stock | 2.2 |
Volatility | 54.00% |
Expected term (years) | '6 months |
Risk-free interest rate | 0.11% |
Dividend yield | 0.00% |
WARRANTS_AND_DERIVATIVE_WARRAN6
WARRANTS AND DERIVATIVE WARRANT LIABILITY (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||
Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 31, 2013 | Jan. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Equity Classified Warrants [Member] | Equity Classified Warrants [Member] | Equity Classified Warrants [Member] | Liability Classified Warrants [Member] | Liability Classified Warrants [Member] | |||||
Warrants And Derivative Warrant Liability [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Exercised | ' | 537,722 | 37,301 | ' | ' | ' | ' | 242,000 | 437,000 |
Proceeds from Warrant Exercises | ' | $404,000 | $700,000 | ' | ' | ' | ' | ' | ' |
Warrants Exercised on Cashless Basis | ' | 1,000,000 | 78,333 | ' | ' | ' | ' | ' | ' |
Shares Issued During Period Upon Exercise of Warrants | ' | 325,670 | 537,722 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Expense Recognized for Warrants Issued to Consultants | ' | 2,000 | 14,000 | ' | ' | ' | ' | ' | ' |
Common Stock Purchase Warrants Issued Shares | 686,420 | ' | ' | ' | 3,600,024 | 776,204 | ' | ' | ' |
Share-based Compensation Arrangement, Warrants Issued to Placement Agent | ' | ' | ' | ' | 266,668 | ' | 18,410 | ' | ' |
Share-based Compensation Arrangement, Warrants Issued to Investors | ' | ' | ' | ' | 3,333,356 | ' | 71,374 | ' | ' |
Warrants Weighted Average Fair Value | ' | ' | $1.31 | ' | $1.75 | ' | $3 | ' | ' |
Derivative, Gain on Derivative | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | ' |
Derivative, Loss on Derivative | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' |
Share Based Compensation ArrangementWarrants Issued To Consultants (in Shares) | ' | ' | 18,000 | ' | ' | ' | ' | ' | ' |
Derivative Liability | ' | $0 | $1,176,000 | $1,734,000 | ' | ' | ' | $80,000 | $608,000 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Net operating loss carryover | $7,497 | $5,793 |
Stock-based compensation | 2,888 | 2,474 |
Other | 19 | 339 |
Tax credits | 398 | 374 |
Total deferred tax assets | 10,802 | 8,980 |
Less: valuation allowance | -10,802 | -8,980 |
Net deferred tax assets | $0 | $0 |
INCOME_TAXES_Details_1
INCOME TAXES (Details 1) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule Of Effective Income Tax Rate Reconciliation [Line Items] | ' | ' |
Statutory federal income tax rate | -34.00% | -34.00% |
Non-deductible items | 0.10% | 0.00% |
Adjustment for R&D Credit | -0.40% | -0.80% |
Valuation allowance | 34.40% | 34.80% |
Effective income tax rate | 0.00% | 0.00% |
INCOME_TAXES_Details_Textual
INCOME TAXES (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Line Items] | ' | ' |
Operating Loss Carryforwards | $22,000,000 | ' |
Operating Loss Carryforward Expiration Dates | 'which will expire at various dates beginning in 2013 through 2024. | ' |
Deferred Tax Assets, Tax Credit Carryforwards, Total | 398,000 | 374,000 |
Deferred Tax Assets Tax Credit Carryforwards Expiration Dates | 'which will expire from 2028 through 2034. | ' |
Operating Loss Carryforwards Valuation Allowance Percentage | 100.00% | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | $1,700,000 | $1,800,000 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | -34.00% | -34.00% |
SUBSEQUENT_EVENTS_Details_Text
SUBSEQUENT EVENTS (Details Textual) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2007 | |
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, New Issues | ' | ' | $104,000 | $2,320,000 | $650,000 |
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 1,515,995 | 1,097,758 | ' | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $2.02 | $2.33 | ' | ' | ' |
Subsequent Event [Member] | ' | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | 91,334 | ' | ' | ' | ' |
Stock Issued During Period, Value, New Issues | 127,000,000 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | '7 years | ' | ' | ' | ' |
Stock Granted, Value, Share-based Compensation, Gross | $962,000 | ' | ' | ' | ' |
Warrants Issued To Purchase Common Stock | 96,000 | ' | ' | ' | ' |
Warrant Exercise Price | $3 | ' | ' | ' | ' |
Subsequent Event [Member] | Executive Officer [Member] | ' | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 1,948,902 | ' | ' | ' | ' |
Subsequent Event [Member] | Consultant [Member] | ' | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 47,800 | ' | ' | ' | ' |
Subsequent Event [Member] | Common Stock One [Member] | ' | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 7,800 | ' | ' | ' | ' |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares Per Month | 10,000 | ' | ' | ' | ' |
Subsequent Event [Member] | Common Stock Two [Member] | ' | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 16,000 | ' | ' | ' | ' |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares Per Month | 20,000 | ' | ' | ' | ' |
Maximum [Member] | Subsequent Event [Member] | ' | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $1.42 | ' | ' | ' | ' |
Minimum [Member] | Subsequent Event [Member] | ' | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $1.29 | ' | ' | ' | ' |