Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 13, 2015 | Jun. 30, 2014 | |
Document Information [Line Items] | |||
Entity Registrant Name | GENSPERA INC | ||
Entity Central Index Key | 1421204 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Smaller Reporting Company | ||
Trading Symbol | GNSZ | ||
Entity Common Stock, Shares Outstanding | 33,548,366 | ||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2014 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $27,077,108 |
BALANCE_SHEETS
BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $2,316 | $3,587 |
Prepaid expenses | 197 | 163 |
Total current assets | 2,513 | 3,750 |
Office equipment, net of accumulated depreciation of $23 and $16 | 12 | 14 |
Intangible assets, net of accumulated amortization of $111 and $94 | 101 | 118 |
Other assets | 3 | 3 |
Total assets | 2,629 | 3,885 |
Current liabilities: | ||
Accounts payable | 989 | 1,270 |
Accrued expenses | 1,438 | 1,250 |
Convertible notes - stockholder | 105 | 105 |
Total current liabilities | 2,532 | 2,625 |
Total liabilities | 2,532 | 2,625 |
Commitments and contingencies (Note 8) | ||
Stockholders' 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, 33,181,197 and 27,252,966 shares issued and outstanding, respectively | 3 | 3 |
Additional paid-in capital | 39,473 | 33,642 |
Accumulated deficit | -39,379 | -32,385 |
Total stockholders' equity | 97 | 1,260 |
Total liabilities and stockholders' equity | $2,629 | $3,885 |
BALANCE_SHEETS_Parenthetical
BALANCE SHEETS [Parenthetical] (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Office equipment, accumulated depreciation (in dollars) | $23 | $16 |
Intangible assets, accumulated amortization (in dollars) | $111 | $94 |
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 | 33,181,197 | 27,252,966 |
Common stock, shares outstanding | 33,181,197 | 27,252,966 |
STATEMENTS_OF_LOSSES
STATEMENTS OF LOSSES (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Operating expenses: | ||
Research and development | $3,691 | $3,711 |
General and administrative | 3,307 | 2,684 |
Total operating expenses | 6,998 | 6,395 |
Loss from operations | -6,998 | -6,395 |
Other income (expense): | ||
Gain on change in fair value of warrant derivative liability | 0 | 1,096 |
Interest income (expense), net | 4 | -3 |
Loss before provision for income taxes | -6,994 | -5,302 |
Provision for income taxes | 0 | 0 |
Net loss | ($6,994) | ($5,302) |
Net loss per common share, basic and diluted (in dollars per share) | ($0.23) | ($0.21) |
Weighted average shares outstanding (in shares) | 30,413,042 | 24,816,481 |
STATEMENT_OF_STOCKHOLDERS_EQUI
STATEMENT OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Balance at Dec. 31, 2012 | ($728,000) | $2,000 | $26,353,000 | ($27,083,000) |
Balance (in shares) at Dec. 31, 2012 | 22,298,424 | |||
Stock-based compensation | 1,254,000 | 0 | 1,254,000 | 0 |
Exercise of warrants | 404,000 | 0 | 404,000 | 0 |
Exercise of warrants (in shares) | 863,392 | |||
Reclassification of derivative liability upon exercise of warrants | 80,000 | 0 | 80,000 | 0 |
Sale of common stock and warrants at $1.773 per share (2013) and at $0.80 per share (Registered Offering) (2014) | 1,217,000 | 0 | 1,217,000 | 0 |
Sale of common stock and warrants at $1.773 per share (2013) and at $0.80 per share (Registered Offering) (2014) (in shares) | 776,204 | 757,794 | ||
Sale of common stock and warrants at $1.50 per share (2013) and at $0.80 per share (Private Placement) (2014) | 5,000,000 | 1,000 | 4,999,000 | 0 |
Sale of common stock and warrants at $1.50 per share (2013) and at $0.80 per share (Private Placement) (2014) (in shares) | 3,333,356 | |||
Issuance cost of sales of common stock and warrants | -665,000 | 0 | -665,000 | 0 |
Net loss | -5,302,000 | 0 | 0 | -5,302,000 |
Balance at Dec. 31, 2013 | 1,260,000 | 3,000 | 33,642,000 | -32,385,000 |
Balance (in shares) at Dec. 31, 2013 | 27,252,966 | |||
Stock-based compensation | 1,319,000 | 0 | 1,319,000 | 0 |
Common stock and warrants issued as payment of services and consulting fees | 735,000 | 0 | 735,000 | 0 |
Common stock and warrants issued as payment of services and consulting fees (in shares) | 798,020 | |||
Sale of common stock and warrants at $1.773 per share (2013) and at $0.80 per share (Registered Offering) (2014) | 3,331,000 | 0 | 3,331,000 | 0 |
Sale of common stock and warrants at $1.773 per share (2013) and at $0.80 per share (Registered Offering) (2014) (in shares) | 4,163,961 | |||
Sale of common stock and warrants at $1.50 per share (2013) and at $0.80 per share (Private Placement) (2014) | 773,000 | 0 | 773,000 | 0 |
Sale of common stock and warrants at $1.50 per share (2013) and at $0.80 per share (Private Placement) (2014) (in shares) | 966,250 | |||
Issuance cost of sales of common stock and warrants | -327,000 | 0 | -327,000 | 0 |
Net loss | -6,994,000 | 0 | 0 | -6,994,000 |
Balance at Dec. 31, 2014 | $97,000 | $3,000 | $39,473,000 | ($39,379,000) |
Balance (in shares) at Dec. 31, 2014 | 33,181,197 |
STATEMENT_OF_STOCKHOLDERS_EQUI1
STATEMENT OF STOCKHOLDERS' EQUITY [Parenthetical] (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Private Placement [Member] | ||
Shares Issued, Price Per Share | $0.80 | |
Registered Offering [Member] | ||
Shares Issued, Price Per Share | $0.80 | |
Warrants 1.773 | ||
Shares Issued, Price Per Share | $1.77 | |
Warrants 1.50 | ||
Shares Issued, Price Per Share | $1.50 |
STATEMENTS_OF_CASH_FLOWS
STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Cash flows from operating activities: | ||
Net loss | ($6,994) | ($5,302) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 23 | 23 |
Stock-based compensation | 2,054 | 1,254 |
Change in fair value of derivative liability | 0 | -1,096 |
Increase in operating assets: | ||
Prepaid expenses | -34 | -86 |
Increase in operating liabilities: | ||
Accounts payable and accrued expenses | -93 | 500 |
Cash used in operating activities | -5,044 | -4,707 |
Cash flows from investing activities: | ||
Acquisition of office equipment | -4 | -8 |
Cash used in investing activities | -4 | -8 |
Cash flows from financing activities: | ||
Proceeds from sale of common stock and warrants | 4,104 | 6,217 |
Proceeds from exercise of warrants | 0 | 405 |
Cost of common stock and warrants sold | -327 | -665 |
Cash provided by financing activities | 3,777 | 5,957 |
Net (decrease) increase in cash | -1,271 | 1,242 |
Cash, beginning of period | 3,587 | 2,345 |
Cash, end of period | $2,316 | $3,587 |
BACKGROUND
BACKGROUND | 12 Months Ended |
Dec. 31, 2014 | |
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 an early-stage, pre-revenue, pharmaceutical company focused on the discovery and development of prodrug cancer therapeutics for the treatment of solid tumors, including liver, brain, prostate and other cancers. We plan to develop a series of therapies based on our target-activated prodrug technology platform. | |
Our primary focus at the present time is the clinical development of our lead compound, mipsagargin (formerly referred to as 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 mipsagargin, 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 conducting a Phase II clinical trial of mipsagargin in patients with liver cancer, in which twenty-five patients have been treated, and is closed to new patient enrollment. In January 2015, we announced results from our Phase II study in liver cancer patients which indicated that study participants experienced a median time to progression of 4.2 months, nearly twice the time demonstrated in prior studies with placebo or ineffective agents. Thirty-five percent of patients received five or more cycles of treatment with an average time on study of 7.1 months. These results support our plans to continue the development of mipsagargin for patients with liver cancer, as well as proceed with our clinical development strategy in other indications including glioblastoma, prostate cancer and renal cell carcinoma trials. Notwithstanding that the initial and interim data from our trials appear promising, the outcome of our trials is uncertain and our current or future trials may ultimately be unsuccessful. | |
We are currently conducting a Phase II clinical trial in glioblastoma (a type of brain cancer), in which twelve patients have been treated as of March 3, 2015. We also anticipate commencing the enrollment of patients in Phase II clinical trials in patients with prostate and renal cancers during the second quarter of 2015. | |
MANAGEMENTS_PLANS_TO_CONTINUE_
MANAGEMENT'S PLANS TO CONTINUE AS A GOING CONCERN | 12 Months Ended |
Dec. 31, 2014 | |
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. Certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information not misleading. 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 of $39.4 million as of December 31, 2014. We anticipate incurring additional losses for the foreseeable future until such time, if ever, that we can generate significant sales from our product candidates currently in development or we enter into cash flow positive business development transactions. | |
To date, we have generated no sales or revenues, have incurred significant losses and expect to incur significant additional losses as we advance mipsagargin through 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 the research and development of pharmaceutical compounds. | |
Our cash and cash equivalents balance at December 31, 2014 was $2.3 million, representing 88% of our total assets. Based upon our current expected level of operating expenditures, we expect to be able to fund our operations for the next six to nine months. We will require additional cash to fund and continue our operations beyond that point. This period could be shortened if there are any unanticipated increases in planned spending on development programs or other unforeseen events. We anticipate raising additional funds through collaborative arrangements, public or private sales of debt or equity securities, or some combination thereof. There is no assurance that any such collaborative arrangement will be entered into or that financing will be available when needed in order to allow us to continue our operations, or if available, on terms acceptable to us. | |
In the event financing is not obtained, we may pursue cost cutting measures as well as explore the sale of selected assets to generate additional funds. If we are required to significantly reduce operating expenses and delay, reduce the scope of, or eliminate any of our development programs or clinical trials, these events could have a material adverse effect on: our business, 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 as a going concern. | |
SUMMARY_OF_CRITICAL_ACCOUNTING
SUMMARY OF CRITICAL ACCOUNTING POLICIES AND USE OF ESTIMATES | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
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 $3.7 million in each of the years ended December 31, 2014 and 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 $2.3 million and $3.6 million at December 31, 2014 and 2013, respectively. As of December 31, 2014 and 2013, there was $1.9 million and $3.1 million in cash over the federally insured limit of $250,000. | ||||||||
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 mipsagargin. 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 $7,000 and $6,000 for the years ended December 31, 2014 and 2013, 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, 2014 and 2013, as they would be anti-dilutive: | ||||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
Shares underlying options outstanding | 8,685,095 | 6,050,623 | ||||||
Shares underlying warrants outstanding | 19,897,928 | 10,216,597 | ||||||
Shares underlying convertible notes outstanding | 270,339 | 261,519 | ||||||
28,853,362 | 16,528,739 | |||||||
Fair Value of Financial Instruments | ||||||||
Our short-term financial instruments, including cash, accounts payable and other liabilities, consist primarily of instruments with maturities of three months or less when acquired. We believe that the fair values of our current assets and current liabilities approximate their reported carrying amounts. | ||||||||
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, 2014 and 2013. | ||||||||
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 | ||||||||
We measure the cost of employee services received in exchange for equity awards based on the grant-date fair value of the awards. All awards 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 fair value of the consideration received or the fair value of the equity instruments issued, whichever is a more reliable measurement. Compensation expense for awards granted to non-employees is re-measured on each accounting period. | ||||||||
Determining the appropriate fair value of stock-based compensation requires the input of subjective assumptions, including the expected life of the stock-based compensation and the volatility of our stock price. We use the Black-Scholes option-pricing model to value our stock option awards which incorporates our stock price, volatility, U.S. risk-free interest rate, dividend rate, and estimated life. | ||||||||
Reclassifications | ||||||||
Certain prior year balances have been reclassified to conform to current year presentation. | ||||||||
Recent Accounting Pronouncements | ||||||||
In August 2014, the FASB issued Accounting Standards Update “ASU” 2014-15 on “Presentation of Financial Statements Going Concern (Subtopic 205-40) – Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. This Update provides guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related footnote disclosures. The amendments require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. The amendments in this Update are effective for public and nonpublic entities for annual periods ending after December 15, 2016. We are currently assessing the impact of the adoption of ASU 2014-15, and we have not yet determined the effect of the standard on our ongoing financial reporting. | ||||||||
In June 2014, the FASB issued ASU 2014-10 Development Stage Entities (Topic 915). ASU 2014-10 removes all incremental financial reporting requirements from U.S. GAAP for development stage entities. ASU 2014-10 should be applied retrospectively and is effective for fiscal years beginning after December 15, 2014. Early application is permitted for any annual reporting period or interim period for which the entity's financial statements have not yet been issued or made available for issuance. We have decided to adopt ASU 2014-10 early, accordingly all of the past disclosures and presentations for development stage accounting have been eliminated. | ||||||||
SUPPLEMENTAL_CASH_FLOW_INFORMA
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
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, | ||||||||
2014 | 2013 | |||||||
Non-cash financial activities: | ||||||||
Common stock options issued as payment of accrued compensation | $ | 962 | $ | 999 | ||||
Common stock and warrants issued for consulting fees | 735 | – | ||||||
Derivative liability reclassified to equity upon exercise of warrants | – | 80 | ||||||
There was no cash paid for interest and income taxes for the years ended December 31, 2014 and 2013. | ||||||||
INTELLECTUAL_PROPERTY
INTELLECTUAL PROPERTY | 12 Months Ended |
Dec. 31, 2014 | |
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, 2014 and 2013 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, 2014 | ||||||||
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, | ||||||||
2014 | 2013 | |||||||
Accrued compensation and benefits | $ | 1,108 | $ | 1,040 | ||||
Accrued research and development | 163 | 82 | ||||||
Accrued other | 167 | 128 | ||||||
Total accrued expenses | $ | 1,438 | $ | 1,250 | ||||
CONVERTIBLE_NOTES_PAYABLE
CONVERTIBLE NOTES PAYABLE | 12 Months Ended |
Dec. 31, 2014 | |
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, 2014. The notes bear an interest rate of 4.2% and matured at various dates through December 6, 2011. Accrued interest at December 31, 2014 and December 31, 2013 was approximately $30,000 and $26,000, respectively. As of December 31, 2014, 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, 2014 | ||||||||
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 $56,000 and $55,000 for the years ended December 31, 2014 and 2013, respectively. The following table summarizes future minimum lease payments as of December 31, 2013 (in thousands): | ||||||||
2015 | $ | 45 | ||||||
Thereafter | – | |||||||
Total minimum lease payments | $ | 45 | ||||||
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 | $ | 1,789 | $ | 969 | ||||
Terminated, change of control without good reason | 1,789 | — | ||||||
Terminated for cause, death, disability and by executive without good reason | 381 | 325 | ||||||
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 its complaint, GenSpera, as the exclusive 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 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. § 256. On November 1, 2012, Mhaka filed a second complaint in Maryland state court, asserting state tort claims against GenSpera and Drs. Samuel Denmeade and John Isaacs. | ||||||||
On May 1, 2013, the District Court granted GenSpera’s motion for summary judgment in the original case. Reserving any ruling on the issue of whether Mhaka’s state law tort claims were preempted by federal patent law, the Court denied defendants’ motion to dismiss Mhaka’s complaint in the second case 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. On January 2, 2014, Drs. Isaacs and Denmeade moved for summary judgment on the grounds that Mhaka’s tort claims were barred by the applicable statute of limitations, and GenSpera joined in the motion. On May 6, 2014, GenSpera moved separately for summary judgment, a motion that Drs. Denmeade and Isaacs joined in part. On September 12, 2014, the District Court granted GenSpera’s motion for summary judgment as well as the motion for summary judgment filed by Drs. Denmeade and Isaacs. Judgment in favor of GenSpera, Dr. Isaacs, and Dr. Denmeade was entered concurrently for purposes of both the original case and the second case. | ||||||||
On October 10, 2014, Mhaka filed notices of Appeal with the United States Courts of Appeals for the Fourth Circuit and Federal Circuit. On December 11, 2014, GenSpera (along with Drs. Denmeade and Isaacs) filed a motion to dismiss the appeal before the United States Court of Appeals for the Fourth Circuit on the ground that the Court of Appeals for the Federal Circuit possesses exclusive jurisdiction over any appeal from the District Court. On December 29, 2014, Mhaka filed an opposition to the motion to dismiss and moved the Court of Appeals for the Fourth Circuit to stay appellate proceedings pending resolution of the appeal before the United States Court of Appeal for the Federal Circuit. On January 12, 2015, the Appellees filed an opposition to the motion to stay. On March 17, 2015, the Court of Appeals for the Fourth Circuit dismissed and Mhaka’s appeal for lack of jurisdiction. | ||||||||
In the appellate proceedings before the United States Court of Appeals for the Federal Circuit, Mhaka originally filed her opening brief on December 26, 2014. Mhaka filed a corrected opening brief on January 20, 2015. On February 12, 2015, the Appellees filed their responsive brief, and on March 16, 2015, Mhaka filed a reply brief. Oral argument on the appeal has yet to be scheduled. | ||||||||
CAPITAL_STOCK_AND_STOCKHOLDERS
CAPITAL STOCK AND STOCKHOLDER'S EQUITY | 12 Months Ended |
Dec. 31, 2014 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 9 – CAPITAL STOCK AND STOCKHOLDER’S EQUITY |
Common Stock | |
In December 2014, we issued a total of 424,522 common shares to Phyton Biotech GmbH as partial compensation for services related to the development of a cell line derived from Thapsia garganica. The services were valued at $280,000 in total. | |
In October 2014, we issued a total of 20,000 common shares as partial compensation for business advisory services. The services associated with the shares were valued at approximately $15,000 in total. | |
In August 2014, we issued an aggregate of 25,000 units to consultants as payment for business and advisory services valued at approximately $20,000 in total. Each unit consists of one share of our common stock, and one-half of one Series D common stock purchase warrant. The units are substantially similar to the units issued in our June 2014 private placement. Each warrant has an exercise price of $1.15 per share, is immediately exercisable and separately transferable from the common shares and expires on the five year anniversary of the date of issuance. In August 2014, we also issued a total of 189,364 common shares, valued at approximately $169,000, as partial payment for investor and media relations services. | |
In February 2014, we entered into an agreement with H.C. Wainwright to serve as our exclusive advisor for a proposed offering of our securities. Pursuant to the placement agent agreement, we agreed to a cash placement fee equal to 8% of the aggregate gross proceeds to us from the sale of our securities and to issue the placement agent warrants to purchase shares of common stock equal to 8% of the common stock sold in such offering (excluding shares of common stock issuable upon the exercise of any warrants issued in the offering), provided that, with respect to sales to certain prior investors, we agreed to pay a cash placement agent fee of 4% of the aggregate gross proceeds from such prior investors and issue the placement agent warrants to purchase shares of common stock equal to 4% of the common stock sold to such investors. In June 2014, we completed a registered offering of our securities, see Equity Financing section below for further information regarding this transaction. | |
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 also entered into an agreement to grant an aggregate of 47,800 shares of common stock, valued at approximately $67,000, to a consultant for business advisory services to be provided to the Company. | |
During the year ended December 31, 2014, no warrants were exercised into common shares. 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. | |
Equity Financing | |
June 2014 Registered Offering | |
On May 23, 2014, our registration statement on Form S-1 (File No. 333-194687) was declared effective by the United States Securities and Exchange Commission. Pursuant to the registration statement, we offered and sold 4,163,961 units, each consisting of: (i) one share of our common stock, (ii) one-half of one Series A common stock purchase warrant, (iii) one Series B common stock purchase warrant and (iv) one Series C common stock purchase warrant. The units were sold at a public offering price of $0.80 per unit. The offering commenced on May 28, 2014 and did not terminate before all of the securities registered in the registration statement were sold. On June 3, 2014, we closed the sale of such securities, resulting in net proceeds to us of approximately $3.0 million after deducting placement agent fees and expenses of $278,000 and other offering expenses of approximately $64,000, including the reimbursement of placement agent’s counsel of $50,000. The placement agent also received common stock purchase warrants to purchase 326,817 shares on substantially the same terms as the Series A warrants. | |
Each Series A warrant has an exercise price of $1.15 per share, is immediately exercisable and separately transferable from the common shares and expires on the five year anniversary of the date of issuance. Each Series B warrant has an exercise price of $0.85 per share, is immediately exercisable and separately transferable from the common shares and expires on the nine month anniversary of the date of issuance. Each Series C warrant has an exercise price of $0.85 per share, is immediately exercisable and separately transferable from the common shares and will expire on the twelve month anniversary of the date of issuance. The units are not certificated. In December 2014, the expiration date of the Series B and C Warrants was extended until December 31, 2015. | |
June 2014 Private Placement | |
In June 2014, we are also offered and sold 966,250 units in a private placement to certain accredited investors with whom we had a prior relationship or who were shareholders. Each unit was priced at $0.80 and consisted of one share of our common stock, and one-half of one Series D common stock purchase warrant. Each Series D warrant has an exercise price of $1.15 per share, is immediately exercisable and separately transferable from the shares and will expire on the five year anniversary of the date of issuance. | |
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. | |
STOCK_OPTIONS
STOCK OPTIONS | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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, 2014, 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 4,945,874 stock options, and 1,054,126 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, 2014, the Company has awarded 4,174,221 stock options, and 2,090,779 shares of common stock were available for future grants under the 2007 Plan. | ||||||||||||
The Company has recorded aggregate stock-based compensation expense related to the issuance of stock option awards in the following line items in the accompanying consolidated statement of losses (in thousands): | ||||||||||||
2014 | 2013 | |||||||||||
Research and development | $ | 891 | $ | 483 | ||||||||
General and administrative | 1,164 | 771 | ||||||||||
Total stock-based compensation expense | $ | 2,055 | $ | 1,254 | ||||||||
The following table summarizes stock option activity under the Plans: | ||||||||||||
Number of | Weighted- | Weighted- | Aggregate | |||||||||
shares | average | average | intrinsic | |||||||||
exercise | remaining | value (in | ||||||||||
price | contractual term | thousands) | ||||||||||
(in years) | ||||||||||||
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 | ||||||
Granted | 2,759,472 | $ | 1.26 | |||||||||
Exercised | – | – | ||||||||||
Forfeited | -125,000 | $ | 1.5 | |||||||||
Outstanding at December 31, 2014 | 8,685,095 | $ | 1.65 | 4 | $ | 46 | ||||||
Exercisable at December 31, 2014 | 8,559,895 | $ | 1.66 | 4 | $ | 46 | ||||||
As of December 31, 2014, there was $43,000 of total unrecognized compensation cost related to non-vested stock options which vest over time, and is expected to be recognized over a weighted-average period of 1.2 years. 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, and is expected to be recognized over a weighted-average period of 0.5 years. | ||||||||||||
During 2014 and 2013, the Company issued options to purchase 2,107,902 and 1,335,972 shares of common stock, respectively, to employees, and non-employee directors under the Plans. The weighted-average fair value of the options granted to employees and non-employee directors during 2014 and 2013 was estimated at $0.48 and $0.84 per share, respectively, on the date of grant. | ||||||||||||
During 2014 and 2013, the Company issued options to purchase 651,570 and 180,023 shares of common stock, respectively, to consultants under the Plan. The per-share weighted-average fair value of the options granted to consultants during 2014 and 2013 was estimated at $0.38 and $0.75, 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, 2014 and 2013: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Volatility | 55.8 | % | 58.8 | % | ||||||||
Expected term (years) | 3.5 | 3.7 | ||||||||||
Risk-free interest rate | 0.7 | % | 0.6 | % | ||||||||
Dividend yield | None | None | ||||||||||
No options were exercised during the years ended December 31, 2014 and 2013. | ||||||||||||
WARRANTS_AND_DERIVATIVE_WARRAN
WARRANTS AND DERIVATIVE WARRANT LIABILITY | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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: | |||||||||||||
Number of | Weighted- | Weighted- | Aggregate | ||||||||||
shares | average | average | intrinsic | ||||||||||
exercise | remaining | value (in | |||||||||||
price | contractual term | thousands) | |||||||||||
(in years) | |||||||||||||
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 | |||||||
Granted | 11,467,847 | $ | 0.95 | ||||||||||
Forfeited | -1,786,516 | $ | 2.85 | ||||||||||
Outstanding at December 31, 2014 | 19,897,928 | $ | 1.61 | 1.8 | $ | 8.4 | |||||||
Exercisable at December 31, 2014 | 19,897,928 | $ | 1.61 | 1.8 | $ | 8.4 | |||||||
During the year ended December 31, 2014, no warrants were exercised into common shares. 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. | |||||||||||||
The following table summarizes outstanding warrants to purchase common stock as of December 31, 2014: | |||||||||||||
Number of | Weighted | Expiration | |||||||||||
shares | Average | ||||||||||||
Exercise | |||||||||||||
price | |||||||||||||
Equity–classified warrants | |||||||||||||
Issued to consultants | 1,045,759 | $ | 2.22 | May 2015 through August 2019 | |||||||||
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 | |||||||||
Issued pursuant to 2014 financings | 11,219,847 | $ | 0.93 | December 2015 through June 2019 | |||||||||
19,897,928 | |||||||||||||
Equity-classified Warrants | |||||||||||||
During 2014, the Company issued warrants to consultants to purchase 248,000 at a weighted-average fair value of $0.36 per share on the date of grant. During 2014, total stock-based compensation expense of approximately $89,000 was recognized using the straight-line method in the statement of losses for warrants issued to consultants. During 2013, the Company did not issue any warrants to consultants to purchase shares of common stock. 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, 2014: | |||||||||||||
Volatility | 51.1 | % | |||||||||||
Expected term (years) | 2 | ||||||||||||
Risk-free interest rate | 0.5 | % | |||||||||||
Dividend yield | None | ||||||||||||
In June 2014, in connection with our registered offering, we issued an aggregate of 10,736,722 common stock purchase warrants, including 10,409,905 issued to investors and 326,817 issued to the placement agents. The warrants were issued with exercise prices between $0.85 and $1.15 per share. Additionally, we also issued 483,125 common stock purchase warrants to investors in our June 2014 private placement. The warrants have an exercise price of $1.15 per share. | |||||||||||||
In 2014, we also issued warrants to consultants to purchase 248,000 shares of common stock as compensation for business and advisory services. The common stock purchase warrants have exercise prices of between $1.15 and $3.00 per share, are immediately exercisable and expire on the five year anniversary of the date of issuance. The per share weighted-average fair value of the warrants granted to consultants during 2014 was estimated at $0.36 per share on the date of grant. | |||||||||||||
In August 2013, in connection with an offering of our securities, we 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. | |||||||||||||
In 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. | |||||||||||||
We did not record a gain or loss during the year ended December 31, 2014, as the outstanding liability-classified warrants were either exercised or had expired. We recorded a gain of $1.1 million during the year ended December 31, 2013, 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 2013, we reclassified approximately $80,000 of the derivative liability as a result of approximately 242,000 warrants being exercised. | |||||||||||||
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ||||||||
Income Tax Disclosure [Text Block] | NOTE 12 – INCOME TAXES | |||||||
The Company had, subject to limitation, $27.8 million of net operating loss carryforwards at December 31, 2014, which will expire at various dates beginning in 2015 through 2025. In addition, the Company has research and development tax credits of approximately $443,000 at December 31, 2014 available to offset future taxable income, which will expire from 2028 through 2035. 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 $2.4 and $1.8 million for the year ended December 31, 2014 and 2013, respectively. Significant components of deferred tax assets and liabilities are as follows (in thousands): | ||||||||
2014 | 2013 | |||||||
Deferred tax assets: | ||||||||
Net operating loss carryover | $ | 9,466 | $ | 7,590 | ||||
Stock-based compensation | 3,372 | 2,888 | ||||||
Tax credits | 443 | 398 | ||||||
Total deferred tax assets | 13,281 | 10,876 | ||||||
Less: valuation allowance | -13,281 | -10,876 | ||||||
Net deferred tax assets | $ | – | $ | – | ||||
The actual tax benefit differs from the expected tax benefit for the years ended December 31, 2014 and 2013 (computed by applying the U.S. Federal Corporate tax rate of 34% to income before taxes) are as follows: | ||||||||
2014 | 2013 | |||||||
Statutory federal income tax rate | -34 | % | -34 | % | ||||
Permanent differences | 0 | % | -7 | % | ||||
Adjustment for R&D Credit | 0.2 | % | 0.2 | % | ||||
Valuation allowance | 33.8 | % | 40.8 | % | ||||
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, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 13 – SUBSEQUENT EVENTS |
In February and March 2015, certain holders of the Company’s Series B warrants exercised their warrants to purchase an aggregate of 337,169 shares of our common stock at an exercise price of $0.85 per share, resulting in gross proceeds to the Company of approximately $0.3 million. | |
In March 2015, we entered into a consulting agreement and issued an aggregate of 30,000 shares of our common stock, valued at approximately $27,000, as compensation. | |
SUMMARY_OF_CRITICAL_ACCOUNTING1
SUMMARY OF CRITICAL ACCOUNTING POLICIES AND USE OF ESTIMATES (Policies) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
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 $3.7 million in each of the years ended December 31, 2014 and 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 $2.3 million and $3.6 million at December 31, 2014 and 2013, respectively. As of December 31, 2014 and 2013, there was $1.9 million and $3.1 million in cash over the federally insured limit of $250,000. | ||||||||
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 mipsagargin. 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 $7,000 and $6,000 for the years ended December 31, 2014 and 2013, 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, 2014 and 2013, as they would be anti-dilutive: | ||||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
Shares underlying options outstanding | 8,685,095 | 6,050,623 | ||||||
Shares underlying warrants outstanding | 19,897,928 | 10,216,597 | ||||||
Shares underlying convertible notes outstanding | 270,339 | 261,519 | ||||||
28,853,362 | 16,528,739 | |||||||
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 with maturities of three months or less when acquired. We believe that the fair values of our current assets and current liabilities approximate their reported carrying amounts. | ||||||||
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, 2014 and 2013. | ||||||||
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 | |||||||
We measure the cost of employee services received in exchange for equity awards based on the grant-date fair value of the awards. All awards 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 fair value of the consideration received or the fair value of the equity instruments issued, whichever is a more reliable measurement. Compensation expense for awards granted to non-employees is re-measured on each accounting period. | ||||||||
Determining the appropriate fair value of stock-based compensation requires the input of subjective assumptions, including the expected life of the stock-based compensation and the volatility of our stock price. We use the Black-Scholes option-pricing model to value our stock option awards which incorporates our stock price, volatility, U.S. risk-free interest rate, dividend rate, and estimated life. | ||||||||
Reclassification, Policy [Policy Text Block] | Reclassifications | |||||||
Certain prior year balances have been reclassified to conform to current year presentation. | ||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements | |||||||
In August 2014, the FASB issued Accounting Standards Update “ASU” 2014-15 on “Presentation of Financial Statements Going Concern (Subtopic 205-40) – Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. This Update provides guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related footnote disclosures. The amendments require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. The amendments in this Update are effective for public and nonpublic entities for annual periods ending after December 15, 2016. We are currently assessing the impact of the adoption of ASU 2014-15, and we have not yet determined the effect of the standard on our ongoing financial reporting. | ||||||||
In June 2014, the FASB issued ASU 2014-10 Development Stage Entities (Topic 915). ASU 2014-10 removes all incremental financial reporting requirements from U.S. GAAP for development stage entities. ASU 2014-10 should be applied retrospectively and is effective for fiscal years beginning after December 15, 2014. Early application is permitted for any annual reporting period or interim period for which the entity's financial statements have not yet been issued or made available for issuance. We have decided to adopt ASU 2014-10 early, accordingly all of the past disclosures and presentations for development stage accounting have been eliminated. | ||||||||
SUMMARY_OF_CRITICAL_ACCOUNTING2
SUMMARY OF CRITICAL ACCOUNTING POLICIES AND USE OF ESTIMATES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
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, 2014 and 2013, as they would be anti-dilutive: | |||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
Shares underlying options outstanding | 8,685,095 | 6,050,623 | ||||||
Shares underlying warrants outstanding | 19,897,928 | 10,216,597 | ||||||
Shares underlying convertible notes outstanding | 270,339 | 261,519 | ||||||
28,853,362 | 16,528,739 | |||||||
SUPPLEMENTAL_CASH_FLOW_INFORMA1
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
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, | ||||||||
2014 | 2013 | |||||||
Non-cash financial activities: | ||||||||
Common stock options issued as payment of accrued compensation | $ | 962 | $ | 999 | ||||
Common stock and warrants issued for consulting fees | 735 | – | ||||||
Derivative liability reclassified to equity upon exercise of warrants | – | 80 | ||||||
ACCRUED_EXPENSES_Tables
ACCRUED EXPENSES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accrued Liabilities, Current [Abstract] | ||||||||
Schedule of Accrued Liabilities [Table Text Block] | Accrued expenses consist of the following (in thousands): | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Accrued compensation and benefits | $ | 1,108 | $ | 1,040 | ||||
Accrued research and development | 163 | 82 | ||||||
Accrued other | 167 | 128 | ||||||
Total accrued expenses | $ | 1,438 | $ | 1,250 | ||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
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): | |||||||
2015 | $ | 45 | ||||||
Thereafter | – | |||||||
Total minimum lease payments | $ | 45 | ||||||
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 | $ | 1,789 | $ | 969 | ||||
Terminated, change of control without good reason | 1,789 | — | ||||||
Terminated for cause, death, disability and by executive without good reason | 381 | 325 | ||||||
STOCK_OPTIONS_Tables
STOCK OPTIONS (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | The Company has recorded aggregate stock-based compensation expense related to the issuance of stock option awards in the following line items in the accompanying consolidated statement of losses (in thousands): | |||||||||||
2014 | 2013 | |||||||||||
Research and development | $ | 891 | $ | 483 | ||||||||
General and administrative | 1,164 | 771 | ||||||||||
Total stock-based compensation expense | $ | 2,055 | $ | 1,254 | ||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table summarizes stock option activity under the Plans: | |||||||||||
Number of | Weighted- | Weighted- | Aggregate | |||||||||
shares | average | average | intrinsic | |||||||||
exercise | remaining | value (in | ||||||||||
price | contractual term | thousands) | ||||||||||
(in years) | ||||||||||||
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 | ||||||
Granted | 2,759,472 | $ | 1.26 | |||||||||
Exercised | – | – | ||||||||||
Forfeited | -125,000 | $ | 1.5 | |||||||||
Outstanding at December 31, 2014 | 8,685,095 | $ | 1.65 | 4 | $ | 46 | ||||||
Exercisable at December 31, 2014 | 8,559,895 | $ | 1.66 | 4 | $ | 46 | ||||||
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, 2014 and 2013: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Volatility | 55.8 | % | 58.8 | % | ||||||||
Expected term (years) | 3.5 | 3.7 | ||||||||||
Risk-free interest rate | 0.7 | % | 0.6 | % | ||||||||
Dividend yield | None | None | ||||||||||
WARRANTS_AND_DERIVATIVE_WARRAN1
WARRANTS AND DERIVATIVE WARRANT LIABILITY (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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: | ||||||||||||
Number of | Weighted- | Weighted- | Aggregate | ||||||||||
shares | average | average | intrinsic | ||||||||||
exercise | remaining | value (in | |||||||||||
price | contractual term | thousands) | |||||||||||
(in years) | |||||||||||||
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 | |||||||
Granted | 11,467,847 | $ | 0.95 | ||||||||||
Forfeited | -1,786,516 | $ | 2.85 | ||||||||||
Outstanding at December 31, 2014 | 19,897,928 | $ | 1.61 | 1.8 | $ | 8.4 | |||||||
Exercisable at December 31, 2014 | 19,897,928 | $ | 1.61 | 1.8 | $ | 8.4 | |||||||
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, 2014: | ||||||||||||
Number of | Weighted | Expiration | |||||||||||
shares | Average | ||||||||||||
Exercise | |||||||||||||
price | |||||||||||||
Equity–classified warrants | |||||||||||||
Issued to consultants | 1,045,759 | $ | 2.22 | May 2015 through August 2019 | |||||||||
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 | |||||||||
Issued pursuant to 2014 financings | 11,219,847 | $ | 0.93 | December 2015 through June 2019 | |||||||||
19,897,928 | |||||||||||||
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, 2014: | ||||||||||||
Volatility | 51.1 | % | |||||||||||
Expected term (years) | 2 | ||||||||||||
Risk-free interest rate | 0.5 | % | |||||||||||
Dividend yield | None | ||||||||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
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): | |||||||
2014 | 2013 | |||||||
Deferred tax assets: | ||||||||
Net operating loss carryover | $ | 9,466 | $ | 7,590 | ||||
Stock-based compensation | 3,372 | 2,888 | ||||||
Tax credits | 443 | 398 | ||||||
Total deferred tax assets | 13,281 | 10,876 | ||||||
Less: valuation allowance | -13,281 | -10,876 | ||||||
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, 2014 and 2013 (computed by applying the U.S. Federal Corporate tax rate of 34% to income before taxes) are as follows: | |||||||
2014 | 2013 | |||||||
Statutory federal income tax rate | -34 | % | -34 | % | ||||
Permanent differences | 0 | % | -7 | % | ||||
Adjustment for R&D Credit | 0.2 | % | 0.2 | % | ||||
Valuation allowance | 33.8 | % | 40.8 | % | ||||
Effective income tax rate | – | % | – | % | ||||
MANAGEMENTS_PLANS_TO_CONTINUE_1
MANAGEMENT'S PLANS TO CONTINUE AS A GOING CONCERN (Details Textual) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Management Plan [Line Items] | |||
Deficit accumulated during the development stage | $39,379 | $32,385 | |
Cash and Cash Equivalents, at Carrying Value | $2,316 | $3,587 | $2,345 |
Percentage of Cash and Cash Equivalents in Total Assets | 88.00% |
SUMMARY_OF_CRITICAL_ACCOUNTING3
SUMMARY OF CRITICAL ACCOUNTING POLICIES AND USE OF ESTIMATES (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares underlying, outstanding | 28,853,362 | 16,528,739 |
Convertible Notes Payable [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares underlying, outstanding | 270,339 | 261,519 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares underlying, outstanding | 19,897,928 | 10,216,597 |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares underlying, outstanding | 8,685,095 | 6,050,623 |
SUMMARY_OF_CRITICAL_ACCOUNTING4
SUMMARY OF CRITICAL ACCOUNTING POLICIES AND USE OF ESTIMATES (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Summary Of Critical Accounting Policies [Line Items] | |||
Research and Development Expense, Total | $3,691,000 | $3,711,000 | |
Cash and Cash Equivalents, at Carrying Value, Total | 2,316,000 | 3,587,000 | 2,345,000 |
Depreciation | 7,000 | 6,000 | |
Credit Concentration Risk [Member] | |||
Summary Of Critical Accounting Policies [Line Items] | |||
Cash | 1,900,000 | 3,100,000 | |
Cash, FDIC Insured Amount | $250,000 | $250,000 | |
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, 2014 | Dec. 31, 2013 |
Non-cash financial activities: | ||
Common stock options issued as payment of accrued compensation | $962 | $999 |
Common stock and warrants issued for consulting fees | 735 | 0 |
Derivative liability reclassified to equity upon exercise of warrants | $0 | $80 |
INTELLECTUAL_PROPERTY_Details_
INTELLECTUAL PROPERTY (Details Textual) (USD $) | 12 Months Ended | 48 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 | |
Intellectual Property [Line Items] | |||
Payments To Acquire Intangible Assets | $212,000 | ||
Amortization of Intangible Assets | 17,000 | 17,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 17,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 17,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 17,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 17,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $17,000 |
ACCRUED_EXPENSES_Details
ACCRUED EXPENSES (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Expenses [Line Items] | ||
Accrued compensation and benefits | $1,108 | $1,040 |
Accrued research and development | 163 | 82 |
Accrued other | 167 | 128 |
Total accrued expenses | $1,438 | $1,250 |
CONVERTIBLE_NOTES_PAYABLE_Deta
CONVERTIBLE NOTES PAYABLE (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
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 | 30,000 | 26,000 |
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] | |
2015 | $45 |
Thereafter | 0 |
Total minimum lease payments | $45 |
COMMITMENTS_AND_CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details 1) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Chief Executive Officer [Member] | Terminated without cause [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Severance Provision And Indemnification Charges | $1,789 |
Chief Executive Officer [Member] | Terminated, change of control without good reason [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Severance Provision And Indemnification Charges | 1,789 |
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 | 381 |
Chief Operating Officer [Member] | Terminated without cause [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Severance Provision And Indemnification Charges | 969 |
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 | $325 |
COMMITMENTS_AND_CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments And Contingencies [Line Items] | ||
Operating Leases, Rent Expense | $56,000 | $55,000 |
Lease Expiration Date | 14-Oct-15 |
CAPITAL_STOCK_AND_STOCKHOLDERS1
CAPITAL STOCK AND STOCKHOLDER'S EQUITY (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | ||||||
Jun. 30, 2014 | Jun. 03, 2014 | 31-May-14 | Feb. 28, 2014 | Aug. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2014 | Aug. 31, 2014 | |
Class of Stock [Line Items] | ||||||||||
Stock Issued During Period, Shares, New Issues | 4,163,961 | 776,204 | 686,420 | 776,204 | ||||||
Warrant percentage to Common Stock | 8.00% | |||||||||
Placement Agent Fee Percentage on Gross Proceeds | 8.00% | |||||||||
Stock Issued During Period, Shares, Issued for Services | 91,334 | |||||||||
Stock Issued During Period, Value, Issued for Services | $127,000 | $735,000 | ||||||||
Number of Warrants Exercised | 325,670 | |||||||||
Proceeds from Warrant Exercises | 0 | 405,000 | ||||||||
Warrants Exercised On Cashless Basis | 1,000,000 | |||||||||
Shares Issued During Period Upon Exercise of Warrants | 537,722 | |||||||||
Proceeds from Issuance of Common Stock | 3,000,000 | |||||||||
Reimbursement to Placement Agent | 50,000 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $3 | $3 | ||||||||
Warrant Expiration Period | 5 years | 6 months | ||||||||
Business Advisory Services [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock Issued During Period, Shares, Issued for Services | 20,000 | |||||||||
Stock Issued During Period, Value, Issued for Services | 15,000 | |||||||||
Business And Advisory Services [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $0.36 | |||||||||
Investor And Media Relations Services [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock Issued During Period, Shares, Issued for Services | 189,364 | |||||||||
Stock Issued During Period, Value, Issued for Services | 169,000 | |||||||||
Phyton Biotech [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock Issued During Period, Shares, Issued for Services | 424,522 | |||||||||
Stock Issued During Period, Value, Issued for Services | 280,000 | |||||||||
Investor [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock Issued During Period, Shares, New Issues | 10,409,905 | |||||||||
Warrant percentage to Common Stock | 4.00% | |||||||||
Placement Agent Fee Percentage on Gross Proceeds | 4.00% | |||||||||
Consultant [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock Issued During Period, Shares, Issued for Services | 47,800 | |||||||||
Stock Issued During Period, Value, Issued for Services | 67,000 | |||||||||
Consultant [Member] | Business And Advisory Services [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock Issued During Period, Shares, Issued for Services | 25,000 | |||||||||
Stock Issued During Period, Value, Issued for Services | 20,000 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | 1.15 | |||||||||
Placement Agent [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock Issued During Period, Shares, New Issues | 326,817 | |||||||||
Shares Issued During Period Upon Exercise of Warrants | 326,817 | |||||||||
Series A Warrant [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $1.15 | |||||||||
Series B Warrant [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $0.85 | |||||||||
Series C Warrant [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $0.85 | |||||||||
Series D Warrant [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $1.15 | |||||||||
Public Offering [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Placement Agent Fees and Expense | 278,000 | |||||||||
Other Expenses | 64,000 | |||||||||
Private Placement [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock Issued During Period, Shares, New Issues | 966,250 | |||||||||
Shares Issued, Price Per Share | $0.80 | |||||||||
Series C Common Stock [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock Issued During Period New Issues Price Per Share | 0.8 | |||||||||
Maximum [Member] | Business And Advisory Services [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $3 | |||||||||
Equity Financing [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock Issued During Period, Shares, New Issues | 3,333,356 | |||||||||
Warrant percentage to Common Stock | 8.00% | |||||||||
Shares Issued During Period Upon Exercise of Warrants | 5,000,032 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $1.75 | |||||||||
Warrant Expiration Period | 5 years | |||||||||
Stock Issued During Period New Issues Price Per Share | $1.50 | |||||||||
Beneficially Interest Percentage | 4.99% | |||||||||
Discretionary Increase Percentage | 9.99% | |||||||||
CommissionPercentage On Gros sProceeds | 8.00% | 2.00% | ||||||||
Non Accountable Expense To Placement Agent | 100,001 | |||||||||
Payments for Commissions | 400,003 | |||||||||
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. | |||||||||
Partial Liquidated Damages Fee Percentage | 1.50% |
STOCK_OPTIONS_Details
STOCK OPTIONS (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | $2,055 | $1,254 |
Research and Development Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | 891 | 483 |
General and Administrative Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | $1,164 | $771 |
STOCK_OPTIONS_Details_1
STOCK OPTIONS (Details 1) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares, Outstanding at beginning of period (in shares) | 6,050,623 | 4,674,628 |
Number of shares, Granted (in shares) | 2,759,472 | 1,515,995 |
Number of shares, Exercised (in shares) | 0 | 0 |
Number of shares, Forfeited (in shares) | -125,000 | -140,000 |
Number of shares, Outstanding at end of period (in shares) | 8,685,095 | 6,050,623 |
Number of shares, Exercisable at December 31, 2014 (in shares) | 8,559,895 | |
Weighted-average exercise price, Outstanding at beginning of period (in dollars per share) | $1.82 | $1.79 |
Weighted-average exercise price, Granted (in dollars per share) | $1.26 | $2.02 |
Weighted-average exercise price, Exercised (in dollars per share) | $0 | $0 |
Weighted-average exercise price, Forfeited (in dollars per share) | $1.50 | $2.80 |
Weighted-average exercise price, Outstanding at end of period (in dollars per share) | $1.65 | $1.82 |
Weighted-average exercise price, Exercisable at December 31, 2014 (in dollars per share) | $1.66 | |
Weighted-average remaining contractual term, Outstanding at December 31, 2014 | 4 years | 4 years |
Weighted-average remaining contractual term, Exercisable at December 31, 2014 | 4 years | |
Aggregate intrinsic value, Outstanding at December 31, 2014 (in dollars) | $46 | $272 |
Aggregate intrinsic value, Exercisable at December 31, 2014 (in dollars) | $46 |
STOCK_OPTIONS_Details_2
STOCK OPTIONS (Details 2) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volatility | 55.80% | 58.80% |
Expected term (years) | 3 years 6 months | 3 years 8 months 12 days |
Risk-free interest rate | 0.70% | 0.60% |
STOCK_OPTIONS_Details_Textual
STOCK OPTIONS (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options | $43,000 | $100,000 |
Employee Service Share Based Compensation Non Vested Awards Weighted Average Period For Total Compensation Cost To Be Recognized | 1 year 2 months 12 days | 6 months |
Share Based Compensation Arrangement Options Issued To Non Employee Directors | 2,107,902 | 1,335,972 |
Share Based Compensation Arrangement Options Issued To Employees And Non Employee Directors Weighted Average Price | $0.48 | $0.84 |
Share Based Compensation Arrangement Options Issued To Consultants | 651,570 | 180,023 |
Share Based Compensation Arrangement Options Issued To Consultants Weighted Average Price | $0.38 | $0.75 |
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 | 4,945,874 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,054,126 | |
Plan 2007 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
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, Number of Shares Authorized | 1,500,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | 4,174,221 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,090,779 | |
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, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares, Outstanding at beginning of period (in shares) | 10,216,597 | 8,513,984 |
Number of shares, Granted (in shares) | 11,467,847 | 4,376,228 |
Number of shares, Exercised (in shares) | -1,325,670 | |
Number of shares, Forfeited (in shares) | -1,786,516 | -1,347,945 |
Number of shares, Outstanding at ending of period (in shares) | 19,897,928 | 10,216,597 |
Number of shares, Exercisable at December 31, 2014 (in shares) | 19,897,928 | |
Weighted-average exercise price, Outstanding at beginning of period (in dollars per share) | $2.56 | $2.47 |
Weighted-average exercise price, Granted (in dollars per share) | $0.95 | $1.97 |
Weighted-average exercise price, Exercised (in dollars per share) | $1.06 | |
Weighted-average exercise price, Forfeited (in dollars per share) | $2.85 | $1.52 |
Weighted-average exercise price, Outstanding at end of period (in dollars per share) | $1.61 | $2.56 |
Weighted-average exercise price, Exercisable at December 31, 2014 (in dollars per share) | $1.61 | |
Weighted-average remaining contractual term, Outstanding | 1 year 9 months 18 days | 2 years 10 months 24 days |
Weighted-average remaining contractual term, Exercisable at December 31, 2014 | 1 year 9 months 18 days | |
Aggregate intrinsic value, Outstanding (in dollars) | $8,400 | $48,000 |
Aggregate intrinsic value, Exercisable at December 31, 2014 (in dollars) | $8,400 |
WARRANTS_AND_DERIVATIVE_WARRAN3
WARRANTS AND DERIVATIVE WARRANT LIABILITY (Details 1) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Aug. 31, 2013 | Jun. 30, 2014 | |
Equity-classified warrants [Abstract] | ||||
Number of shares (in shares) | 19,897,928 | |||
Weighted Average Exercise price (in dollars per share) | $3 | $3 | ||
Equity Classified Warrants [Member] | ||||
Equity-classified warrants [Abstract] | ||||
Weighted Average Exercise price (in dollars per share) | $1.15 | |||
Equity Classified Warrants [Member] | Consultant [Member] | ||||
Equity-classified warrants [Abstract] | ||||
Number of shares (in shares) | 1,045,759 | |||
Weighted Average Exercise price (in dollars per share) | $2.22 | |||
Investment Warrants Expiration Date Range Start | 31-May-15 | |||
Investment Warrants Expiration Date Range End | 31-Aug-19 | |||
Equity Classified Warrants [Member] | 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 | |||
Investment Warrants Expiration Date Range Start | 31-Jan-15 | |||
Investment Warrants Expiration Date Range End | 31-May-15 | |||
Equity Classified Warrants [Member] | 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 | |||
Investment Warrants Expiration Date Range Start | 31-Jan-16 | |||
Investment Warrants Expiration Date Range End | 30-Apr-16 | |||
Equity Classified Warrants [Member] | Financing 2012 [Member] | ||||
Equity-classified warrants [Abstract] | ||||
Number of shares (in shares) | 296,366 | |||
Weighted Average Exercise price (in dollars per share) | $3 | |||
Investment Warrants Expiration Date | 31-Dec-17 | |||
Equity Classified Warrants [Member] | 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 | |||
Investment Warrants Expiration Date Range Start | 31-Dec-17 | |||
Investment Warrants Expiration Date Range End | 31-Aug-23 | |||
Equity Classified Warrants [Member] | Financing 2014 [Member] | ||||
Equity-classified warrants [Abstract] | ||||
Number of shares (in shares) | 11,219,847 | |||
Weighted Average Exercise price (in dollars per share) | $0.93 | |||
Investment Warrants Expiration Date Range Start | 31-Dec-15 | |||
Investment Warrants Expiration Date Range End | 30-Jun-19 |
WARRANTS_AND_DERIVATIVE_WARRAN4
WARRANTS AND DERIVATIVE WARRANT LIABILITY (Details 2) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Warrant [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Volatility | 51.10% | |
Expected term (years) | 2 years | |
Risk-free interest rate | 0.50% |
WARRANTS_AND_DERIVATIVE_WARRAN5
WARRANTS AND DERIVATIVE WARRANT LIABILITY (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | ||
31-May-14 | Aug. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | |
Warrants And Derivative Warrant Liability [Line Items] | ||||||
Warrants Exercised | 325,670 | |||||
Warrants Exercised on Cashless Basis | 1,000,000 | |||||
Shares Issued During Period Upon Exercise of Warrants | 537,722 | |||||
Stock Issued During Period, Shares, New Issues | 4,163,961 | 776,204 | 686,420 | 776,204 | ||
Derivative, Gain on Derivative | $1,100,000 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $3 | $3 | ||||
Proceeds from Warrant Exercises | 0 | 405,000 | ||||
Common Stock Purchase Warrants Issued Shares | 3,600,024 | 3,600,024 | ||||
Business And Advisory Services [Member] | ||||||
Warrants And Derivative Warrant Liability [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 248,000 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $0.36 | |||||
Private Offering [Member] | ||||||
Warrants And Derivative Warrant Liability [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 483,125 | |||||
August 2013 Offering [Member] | ||||||
Warrants And Derivative Warrant Liability [Line Items] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $1.75 | $1.75 | ||||
Consultants [Member] | ||||||
Warrants And Derivative Warrant Liability [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 248,000 | |||||
Allocated Share-based Compensation Expense | 89,000 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $0.36 | |||||
Placement Agent [Member] | ||||||
Warrants And Derivative Warrant Liability [Line Items] | ||||||
Shares Issued During Period Upon Exercise of Warrants | 326,817 | |||||
Stock Issued During Period, Shares, New Issues | 326,817 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 18,410 | 18,410 | ||||
Common Stock Purchase Warrants Issued Shares | 266,668 | 266,668 | ||||
Investor [Member] | ||||||
Warrants And Derivative Warrant Liability [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 10,409,905 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 71,374 | 71,374 | ||||
Common Stock Purchase Warrants Issued Shares | 3,333,356 | 3,333,356 | ||||
Maximum [Member] | Business And Advisory Services [Member] | ||||||
Warrants And Derivative Warrant Liability [Line Items] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $3 | |||||
Minimum [Member] | Business And Advisory Services [Member] | ||||||
Warrants And Derivative Warrant Liability [Line Items] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $1.15 | |||||
Equity Classified Warrants [Member] | ||||||
Warrants And Derivative Warrant Liability [Line Items] | ||||||
Shares Issued During Period Upon Exercise of Warrants | 10,736,722 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | 1.15 | |||||
Equity Classified Warrants [Member] | Maximum [Member] | ||||||
Warrants And Derivative Warrant Liability [Line Items] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | 1.15 | |||||
Equity Classified Warrants [Member] | Minimum [Member] | ||||||
Warrants And Derivative Warrant Liability [Line Items] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | 0.85 | |||||
Liability Classified Warrants [Member] | ||||||
Warrants And Derivative Warrant Liability [Line Items] | ||||||
Warrants Exercised | 242,000 | |||||
Derivative Liability | $80,000 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Net operating loss carryover | $9,466 | $7,590 |
Stock-based compensation | 3,372 | 2,888 |
Tax credits | 443 | 398 |
Total deferred tax assets | 13,281 | 10,876 |
Less: valuation allowance | -13,281 | -10,876 |
Net deferred tax assets | $0 | $0 |
INCOME_TAXES_Details_1
INCOME TAXES (Details 1) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule Of Effective Income Tax Rate Reconciliation [Line Items] | ||
Statutory federal income tax rate | -34.00% | -34.00% |
Permanent differences | 0.00% | -7.00% |
Adjustment for R&D Credit | 0.20% | 0.20% |
Valuation allowance | 33.80% | 40.80% |
Effective income tax rate | 0.00% | 0.00% |
INCOME_TAXES_Details_Textual
INCOME TAXES (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | ||
Operating Loss Carryforwards | $27,800,000 | |
Operating Loss Carryforward Expiration Dates | which will expire at various dates beginning in 2015 through 2025 | |
Deferred Tax Assets, Tax Credit Carryforwards, Total | 443,000 | 398,000 |
Deferred Tax Assets Tax Credit Carryforwards Expiration Dates | which will expire from 2028 through 2035. | |
Operating Loss Carryforwards Valuation Allowance Percentage | 100.00% | |
Valuation Allowance, Deferred Tax Asset, Change in Amount | $2,400,000 | $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 $) | 1 Months Ended | 12 Months Ended | 2 Months Ended | 1 Months Ended | ||
Feb. 28, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2015 | Mar. 31, 2015 | Aug. 31, 2013 | |
Subsequent Event [Line Items] | ||||||
Stock Issued During Period, Shares, Issued for Services | 91,334 | |||||
Stock Issued During Period, Value, Issued for Services | $127,000 | $735,000 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $3 | $3 | ||||
Proceeds from Warrant Exercises | 0 | 405,000 | ||||
Consultants [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $0.36 | |||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Warrants Exercised | 337,169 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $0.85 | $0.85 | ||||
Proceeds from Warrant Exercises | 300,000 | |||||
Subsequent Event [Member] | Consultants [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Stock Issued During Period, Shares, Issued for Services | 30,000 | |||||
Stock Issued During Period, Value, Issued for Services | $27,000 |