Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 18, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | GENSPERA INC | ||
Entity Central Index Key | 1,421,204 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 24,885,995 | ||
Trading Symbol | GNSZ | ||
Entity Common Stock, Shares Outstanding | 41,762,356 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 2,465 | $ 2,316 |
Prepaid expenses | 114 | 197 |
Total current assets | 2,579 | 2,513 |
Office equipment, net of accumulated depreciation of $27 and $23 | 12 | 12 |
Intangible assets, net of accumulated amortization of $128 and $111 | 84 | 101 |
Other assets | 3 | 3 |
Total assets | 2,678 | 2,629 |
Current liabilities: | ||
Accounts payable | 977 | 989 |
Accrued expenses | 2,432 | 1,438 |
Derivative liability | 1,177 | 0 |
Convertible notes - stockholder | 0 | 105 |
Total current liabilities | 4,586 | 2,532 |
Total liabilities | $ 4,586 | $ 2,532 |
Commitments and contingencies (Note 9) | ||
Stockholders’ (deficit) equity: | ||
Convertible preferred stock, par value $.0001 per share; 30,000,000 shares authorized, 1,853 and no shares issued and outstanding, respectively | $ 0 | $ 0 |
Common stock, par value $.0001 per share; 150,000,000 shares authorized, 41,762,356 and 33,181,197 shares issued and outstanding, respectively | 4 | 3 |
Additional paid-in capital | 43,353 | 39,473 |
Accumulated deficit | (45,265) | (39,379) |
Total stockholders’ (deficit) equity | (1,908) | 97 |
Total liabilities and stockholders’ (deficit) equity | $ 2,678 | $ 2,629 |
BALANCE SHEETS _Parenthetical_
BALANCE SHEETS [Parenthetical] - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Office equipment, accumulated depreciation (in dollars) | $ 27 | $ 23 |
Intangible assets, accumulated amortization (in dollars) | $ 128 | $ 111 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 30,000,000 | 30,000,000 |
Preferred stock, shares issued | 1,853 | 0 |
Preferred stock, shares outstanding | 1,853 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 41,762,356 | 33,181,197 |
Common stock, shares outstanding | 41,762,356 | 33,181,197 |
STATEMENTS OF LOSSES
STATEMENTS OF LOSSES - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Operating expenses: | ||
Research and development | $ 2,303 | $ 3,691 |
General and administrative | 3,764 | 3,307 |
Total operating expenses | 6,067 | 6,998 |
Loss from operations | (6,067) | (6,998) |
Other income (expense): | ||
Gain on change in fair value of derivative liability | 181 | 0 |
Interest income (expense), net | 0 | 4 |
Loss before provision for income taxes | (5,886) | (6,994) |
Provision for income taxes | 0 | 0 |
Net loss | $ (5,886) | $ (6,994) |
Net loss per common share, basic and diluted (in dollars per share) | $ (0.17) | $ (0.23) |
Weighted average shares outstanding (in shares) | 35,378,329 | 30,413,042 |
STATEMENT OF STOCKHOLDERS' EQUI
STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands | Total | Convertible Preferred Stock [Member] | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Balance at Dec. 31, 2013 | $ 1,260 | $ 0 | $ 3 | $ 33,642 | $ (32,385) |
Balance (in shares) at Dec. 31, 2013 | 0 | 27,252,966 | |||
Stock-based compensation | 1,319 | $ 0 | $ 0 | 1,319 | 0 |
Common stock and warrants issued as payment of services and consulting fees | 735 | $ 0 | $ 0 | 735 | 0 |
Common stock and warrants issued as payment of services and consulting fees (in shares) | 0 | 798,020 | |||
Sale of common stock and warrants at $0.80 per share (Registered Offering) | 3,331 | $ 0 | $ 0 | 3,331 | 0 |
Sale of common stock and warrants at $0.80 per share (Registered Offering) (in shares) | 0 | 4,163,961 | |||
Sale of common stock and warrants at $0.80 per share (Private Placement) | 773 | $ 0 | $ 0 | 773 | 0 |
Sale of common stock and warrants at $0.80 per share (Private Placement) (in shares) | 0 | 966,250 | |||
Issuance cost of sales of common stock and warrants | (327) | $ 0 | $ 0 | (327) | 0 |
Net loss | (6,994) | 0 | 0 | 0 | (6,994) |
Balance at Dec. 31, 2014 | 97 | $ 0 | $ 3 | 39,473 | (39,379) |
Balance (in shares) at Dec. 31, 2014 | 0 | 33,181,197 | |||
Stock-based compensation | 138 | $ 0 | $ 0 | 138 | 0 |
Common stock and warrants issued as payment of services and consulting fees | 175 | $ 0 | $ 0 | 175 | 0 |
Common stock and warrants issued as payment of services and consulting fees (in shares) | 0 | 127,712 | |||
Common stock issued upon conversion of note payable | 139 | $ 0 | $ 0 | 139 | 0 |
Common stock issued upon conversion of note payable (in shares) | 0 | 262,500 | |||
Sale of common stock and warrants at $0.70 per share | 2,514 | $ 0 | $ 0 | 2,514 | 0 |
Sale of common stock and warrants at $0.70 per share (in shares) | 0 | 3,591,278 | |||
Exercise of warrants | 926 | $ 0 | $ 1 | 925 | 0 |
Exercise of warrants (in shares) | 0 | 4,599,669 | |||
Sale of preferred stock and warrants at $0.15 per share | 1,853 | $ 0 | $ 0 | 1,853 | 0 |
Sale of preferred stock and warrants at $0.15 per share (in shares) | 1,853 | 0 | |||
Issuance cost of sales of common stock and warrants | (506) | $ 0 | $ 0 | (506) | 0 |
Derivative liability | (1,358) | 0 | 0 | (1,358) | 0 |
Net loss | (5,886) | 0 | 0 | 0 | (5,886) |
Balance at Dec. 31, 2015 | $ (1,908) | $ 0 | $ 4 | $ 43,353 | $ (45,265) |
Balance (in shares) at Dec. 31, 2015 | 1,853 | 41,762,356 |
STATEMENT OF STOCKHOLDERS' EQU6
STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) [Parenthetical] - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Private Placement [Member] | ||
Shares Issued, Price Per Share | $ 0.80 | |
Registered Offering [Member] | ||
Shares Issued, Price Per Share | $ 0.80 | |
Warrants 0.70 | ||
Shares Issued, Price Per Share | $ 0.70 | |
Warrants 0.15 | ||
Shares Issued, Price Per Share | $ 0.15 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | ||
Net loss | $ (5,886) | $ (6,994) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 21 | 23 |
Stock-based compensation | 313 | 2,054 |
Gain on change in fair value of derivative liability | (181) | 0 |
Increase in operating assets: | ||
Prepaid expenses | 83 | (34) |
Increase in operating liabilities: | ||
Accounts payable and accrued expenses | 1,017 | (93) |
Cash used in operating activities | (4,633) | (5,044) |
Cash flows from investing activities: | ||
Acquisition of office equipment | (4) | (4) |
Cash used in investing activities | (4) | (4) |
Cash flows from financing activities: | ||
Proceeds from sale of common stock and warrants | 4,367 | 4,104 |
Proceeds from exercise of warrants | 925 | 0 |
Cost of common stock and warrants sold | (506) | (327) |
Cash provided by financing activities | 4,786 | 3,777 |
Net increase (decrease) in cash | 149 | (1,271) |
Cash, beginning of period | 2,316 | 3,587 |
Cash, end of period | $ 2,465 | $ 2,316 |
BACKGROUND
BACKGROUND | 12 Months Ended |
Dec. 31, 2015 | |
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 have completed a Phase II clinical trial of mipsagargin in patients with liver cancer, in which twenty-five patients were treated. In May 2015, we received a final clinical study report. We consider the study outcome achieved positive results, with 63% of treated patients having stable disease at two (2) months, and with a median time to progression of 4.5 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 and prostate cancer trials. Although the data from our completed trials appear promising, the outcome of our ongoing 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 twenty patients have been treated as of March 11, 2016. We have elected to defer opening enrollment for our Phase II prostate clinical trial with mispsagargin until the second quarter of 2016. |
MANAGEMENT'S PLANS TO CONTINUE
MANAGEMENT'S PLANS TO CONTINUE AS A GOING CONCERN | 12 Months Ended |
Dec. 31, 2015 | |
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. As of December 31, 2015, we have incurred losses since inception and have a deficit accumulated of $ 45.3 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, 2015 was $ 2.5 92 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, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 3 Summary of Critical Accounting Policies and 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 costs are charged to expense as incurred. Our research and development expenses consist primarily of expenditures for toxicology and other studies, manufacturing, clinical trials, compensation and consulting costs. We incurred research and development expenses of $ 2.3 3.7 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. 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 $ 2.5 2.3 2.1 1.9 , respectively. We currently outsource all manufacturing of our clinical supplies to single source manufactures. We also have a single source supplier for the active ingredient in our prodrug compounds, including mipsagargin. A change in these suppliers could cause a delay in manufacturing and/or clinical trials, which would adversely affect our Company. 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 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 $ 4,000 7,000 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. Year Ended December 31, 2015 2014 Shares underlying options outstanding 8,764,195 8,685,095 Shares underlying warrants outstanding 42,277,445 19,897,928 Shares underlying convertible preferred stock outstanding 12,354,167 Shares underlying convertible notes outstanding 270,339 63,395,807 28,853,362 The Company has financial instruments that are considered derivatives or contain embedded features subject to derivative accounting. Embedded derivatives are valued separately from the host instrument and are recognized as derivative liabilities in the Company’s balance sheet. The Company measures these instruments at their estimated fair value and recognizes changes in their estimated fair value in results of operations during the period of change. Based upon ASC 840-15-25 (EITF Issue 00-19, paragraph 11) the Company has adopted a sequencing approach regarding the application of ASC 815-40 to its outstanding preferred stock. Pursuant to the sequencing approach, the Company evaluates its contracts based upon earliest issuance date wherein instruments with the earliest issuance date would be settled first. The sequencing policy also considers contingently issuable additional shares, such as those issuable upon a stock split, to have an issuance date to coincide with the event giving rise to the additional shares. Using this sequencing policy, all instruments convertible into common stock, including warrants and the conversion feature of notes payable, issued subsequent to December 25, 2015 are derivative liabilities. The Company values these derivative liabilities using the Black-Scholes option valuation model. The resulting liability is valued at each reporting date and the change in the liability is reflected as change in derivative liability in the statement of operations. 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. The derivative liability consists of our convertible preferred stock with anti-dilution provisions , and related warrants. The Company uses the Black-Scholes option-pricing model to value its derivative liability which incorporate the Company’s stock price, volatility, U.S. risk-free interest rate, dividend rate, and estimated life. 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 has recorded a derivative liability for convertible preferred stock with anti-dilution provisions , and related warrants, as of December 31, 2015. Fair Value at December 31, Fair Value Measurement Using 2015 Level 1 Level 2 Level 3 Derivative liability $ 1,177 $ $ $ 1,177 2015 Balance at beginning of year $ Additions to derivative instruments 1,358 Loss (gain) on change in fair value of derivative liability (181) Balance at end of year $ 1,177 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. 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. 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 contained 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 January 2015, the FASB issued ASU No. 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items, simplifying the income statement presentation. The guidance does not change the requirement to disclose items that are unusual in nature and occur infrequently. ASU No. 2015-01 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period, although early adoption is permitted. Exclusive of a material transaction that would qualify for extraordinary item presentation in future periods, we do not expect the adoption of this standard to materially impact our financial statements. In April 2015, the Financial Accounting Standard Board issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This guidance is effective for annual and interim reporting periods of public entities beginning after December 15, 2015, and early adoption is permitted. We do not expect the adoption of this standard to materially impact our consolidated financial statements. There are various other recently issued updates, most of which represented technical corrections to the accounting literature or application to specific industries, and are not expected to have a material impact on the Company’s financial position, results of operations or cash flows. |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | NOTE 4 SUPPLEMENTAL CASH FLOW INFORMATION Year Ended December 31, 2015 2014 Non-cash financial activities: Common stock options issued as payment of accrued compensation $ $ 962 Common stock and warrants issued for consulting fees 175 735 Common stock issued on conversion of notes payable 139 There was no cash paid for interest and income taxes for the years ended December 31, 2015 and 2014. |
INTELLECTUAL PROPERTY
INTELLECTUAL PROPERTY | 12 Months Ended |
Dec. 31, 2015 | |
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 Amortization expense recorded during the years ended December 31, 2015 and 2014 was approximately $ 17,000 17,000 |
ACCRUED EXPENSES
ACCRUED EXPENSES | 12 Months Ended |
Dec. 31, 2015 | |
Accrued Liabilities, Current [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | December 31, 2015 2014 Accrued compensation and benefits $ 2,134 $ 1,108 Accrued research and development 152 163 Accrued other 146 167 Total accrued expenses $ 2,432 $ 1,438 |
CONVERTIBLE NOTES PAYABLE
CONVERTIBLE NOTES PAYABLE | 12 Months Ended |
Dec. 31, 2015 | |
Notes Payable Disclosure [Abstract] | |
Notes Payable Disclosure [Text Block] | NOTE 7 CONVERTIBLE NOTES PAYABLE We issued convertible notes to our former chief executive officer pursuant to which we borrowed an aggregate of $ 0.2 4.2 maturities at various dates through December 6, 2011 0.50 In October 2015, the board of directors approved amending the conversion price of the convertible notes from a price of $ 0.50 0.40 33,000 262,500 30,000 |
DERIVATIVE LIABILITY
DERIVATIVE LIABILITY | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 8 DERIVATIVE LIABILITY We account for equity-linked financial instruments, such as our convertible preferred stock, and our common stock warrants as either equity instruments or derivative liabilities depending on the specific terms of the respective agreement. Equity-linked financial instruments are accounted for as derivative liabilities, in accordance with ASC Topic 815 Derivatives and Hedging, if the instrument allows for cash settlement or provide for modification of the exercise price in the event subsequent sales of common stock are at a lower price per share than the then-current warrant exercise price. Additionally, financial instruments are classified as derivative liabilities if, as a result of the anti-dilution protection, there is no limit on the number of shares that may be subsequently issued and we conclude there are not adequate authorized shares available to provide for subsequent issuances. We classify derivative 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. In December 2015, we issued shares of convertible preferred stock which contain anti-dilution protection for subsequent equity sales for a period of 18 months, and related warrants. As a result, the Company assessed its outstanding equity-linked financial instruments and concluded that this series of preferred stock, and related warrants, is subject to derivative accounting. The fair value of these shares are classified as a liability in the financial statements, with the change in fair value during the periods presented recorded in the statement of operations. During the year ended December 31, 2015, we recorded a gain of $ 0.2 2015 Volatility 84%-85% Expected term (years) 18 months Risk-free interest rate 0.75% Dividend yield None As of December 31, 2015, the derivative liability recognized in the financial statements as of December 31, 2015 was approximately $ 1.2 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 9 COMMITMENTS AND CONTINGENCIES Operating Leases The Company leases its corporate offices under an operating lease that expires on October 14, 2018 57,000 56,000 2016 $ 58 2017 60 2018 48 Thereafter Total minimum lease payments $ 166 Employment Agreements We employed our Chief Executive Officer and employ our Chief Operating Officer (who is also our principal executive and accounting officer) pursuant to written employment agreements. On March 16, 2016, Dr. Craig Dionne provided us his notice of termination as the company’s Chief Executive Officer and Chief Financial Officer (See Legal Matters below). 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. (in thousands): Chief Executive Chief Operating Officer Officer Terminated without cause $ 1,798 $ 971 Terminated, change of control without good reason 1,798 Terminated for cause, death, disability and by executive without good reason 381 325 Legal Matters On March 16, 2016, Dr. Craig Dionne provided us his notice of termination as the company’s Chief Executive Officer and Chief Financial Officer. Dr. Dionne’s notice of termination states that such termination was for “Good Reason” as a result of a material change in his authority, functions, duties and responsibilities as chief executive officer. In the event that termination was for “Good Reason”, Dr. Dionne would be entitled to certain severance payments as well as other benefits. The notice of termination, in additional to requesting such severance, also requests the payment of Dr. Dionne’s annual and long term bonus for 2014 and 2015. While the Company disputes that the termination was for “Good Reason,” as well as the amount of the bonuses due Dr. Dionne, if any, at this time the Company is unable to predict the financial outcome of this matter, and any views formed as to the viability of these claims or the financial liability which could result may change from time to time as the matter proceeds through its course. The Company is uncertain whether any litigation may result from the foregoing and the outcome of any such litigation is uncertain. On July 16, 2015, the U.S. Court of Appeals for the Federal Circuit entered judgment in GenSpera, Inc. v. Annastasiah Mudiwa Mhaka in favor of GenSpera. In a per curiam order without an opinion, the Federal Circuit affirmed the decision of the U.S. District Court for the District of Maryland granting summary judgment in GenSpera's favor in two consolidated cases relating to the inventorship of two patents owned by GenSpera. The district court had issued a declaratory judgment that Dr. Annastasiah Mhaka should not be added as an inventor to the two patents at issue, and had also granted summary judgment with respect to state law tort claims brought by Dr. Mhaka against the company and two of its founders, Dr. John Isaacs and Dr. Sam Denmeade. The U.S. Court of Appeals for the Fourth Circuit previously dismissed another appeal brought by Dr. Mhaka from the same district court judgments. |
CAPITAL STOCK AND STOCKHOLDER'S
CAPITAL STOCK AND STOCKHOLDER'S EQUITY | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 10 CAPITAL STOCK AND STOCKHOLDER’S EQUITY Preferred Stock In December 2015, we issued 1,853 1,000 0.15 9.99 Common Stock In September 2015, the board of directors approved amending the Company’s certificate of incorporation to effect a reverse stock split, subject to shareholder approval, of the Company’s issued and outstanding common stock at a ratio of not less than one-for-two (1 for 2), and not more than one-for thirty (1 for 30). Accordingly, the company was given the authority to take the action necessary to obtain shareholder approval at the shareholder meeting scheduled to be held on November 13, 2015. At the meeting, the shareholders approved the amendment. As of December 31, 2015, the Company had not determined the degree, if any, of a potential stock split. In July 2015, we granted an aggregate of 125,000 95 30,000 27 27,288 25,000 During the year ended December 31, 2015, 337,169 287,000 Equity Financing December 2015 Offering In December 2015, we offered and sold 1,853 19,497,028 4,599,669 2.5 6,177,084 0.30 6,177,084 0.30 3,571,430 0.30 3,571,430 0.30 July 2015 Offering In July 2015, we offered and sold 3,591,278 0.70 2.5 0.80 287,303 |
STOCK OPTIONS
STOCK OPTIONS | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 11 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, 2015, our 2009 Plan authorized up to 6,000,000 4,945,874 1,054,126 Our 2007 Plan authorizes up to 6,000,000 1,500,000 period of not more than five years not less than 20% per year 4,550,821 2,011,679 Year Ended December 31, 2015 2014 Research and development $ 45 $ 891 General and administrative 93 1,164 Total stock-based compensation expense $ 138 $ 2,055 As of December 31, 2015, there was $ 36,000 0.7 43,000 1.2 Weighted- Weighted- average Aggregate average remaining intrinsic Number of exercise contractual term value (in) shares price (in years) thousands) Outstanding at December 31, 2013 6,050,623 $ 1.82 Granted 2,759,472 $ 1.26 Exercised Forfeited (125,000) $ 1.50 4.0 $ 46 Outstanding at December 31, 2014 8,685,095 $ 1.62 Granted 376,600 $ 0.79 Forfeited (297,500) $ 2.08 Outstanding at December 31, 2015 8,764,195 $ 1.60 3.2 $ Exercisable at December 31, 2015 8,657,195 $ 1.61 3.2 $ During 2015 and 2014, the Company issued options to purchase 159,000 2,107,902 0.30 0.48 During 2015 and 2014, the Company issued options to purchase 217,600 651,570 0.34 0.38 Year Ended December 31, 2015 2014 Volatility 58.4% 55.8% Expected term (years) 3.4 3.5 Risk-free interest rate 1.0% 0.7% Dividend yield None None No options were exercised during the years ended December 31, 2015 and 2014. |
WARRANTS
WARRANTS | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Fair Value [Text Block] | NOTE 12 WARRANTS Weighted- Weighted- average Aggregate average remaining intrinsic Number of exercise contractual term value (in) shares price (in years) thousands) Outstanding at December 31, 2013 10,216,597 $ 2.56 Granted 11,467,847 $ 0.95 Forfeited (1,786,516) $ 2.85 2.8 $ 8.4 Outstanding at December 31, 2014 19,897,928 $ 1.61 Granted 28,255,221 $ 0.27 Exercised (4,599,669) $ 0.19 Forfeited (1,276,035) $ 3.12 Outstanding at December 31, 2015 42,277,445 $ 0.79 2.7 $ 14.6 Exercisable at December 31, 2015 42,277,445 $ 0.79 2.7 $ 14.6 During the year ended December 31, 2015, 4,599,669 926,000 Weighted Average Number of Exercise Expiration shares price Issued to consultants 1,092,667 $ 1.80 March 2016 through November 2020 Issued pursuant to 2011 financings 1,936,785 $ 3.24 January 2016 through April 2016 Issued pursuant to 2012 financings 296,366 $ 3.00 December 2017 Issued pursuant to 2013 financings 4,376,228 $ 1.97 December 2017 through August 2018 Issued pursuant to 2014 financings 10,882,678 $ 0.93 December 2016 through June 2019 Issued pursuant to 2015 financings 23,692,721 $ 0.29 January 2017 through December 2020 42,277,445 During 2015, the Company issued warrants to consultants to purchase 300,000 0.26 0.35 0.65 78,000 During 2014, the Company issued warrants to consultants to purchase 248,000 0.36 89,000 Year Ended December 31, 2015 2014 Volatility 72.6% 51.1% Expected term (years) 1.8 2.0 Risk-free interest rate 0.6% 0.5% Dividend yield None None In December 2015, in connection with a private placement, we issued an aggregate of 20,485,362 common stock purchase warrants, including 19,497,028 988,334 0.30 In July 2015, also in connection with a private placement, we issued an aggregate of 7,469,859 7,182,556 287,303 0.70 0.80 In June 2014, in connection with a registered offering, we issued an aggregate of 10,736,722 10,409,905 326,817 0.85 1.15 3,826,792 4,163,961 0.70 483,125 1.15 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. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 13 INCOME TAXES The Company had, subject to limitation, $ 32.5 which will expire at various dates beginning in 2016 through 2026. 456,000 100 2.0 2.4 2015 2014 Deferred tax assets: Net operating loss carryover $ 11,066 $ 9,466 Stock-based compensation 3,768 3,372 Other (60) Tax credits 456 443 Total deferred tax assets 15,230 13,281 Less: valuation allowance (15,230) (13,281) Net deferred tax assets $ $ 34 2015 2014 Statutory federal income tax rate -34.0 % -34.0 % Non-deductible items 0.1 % 0.0 % Adjustment for R&D Credit -0.2 % 0.2 % Valuation allowance 34.1 % 33.8 % 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, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 14 -- SUBSEQUENT EVENTS On March 16, 2016, Dr. Craig Dionne provided us his notice of termination as the company’s Chief Executive Officer and Chief Financial Officer (See Note 9). |
SUMMARY OF CRITICAL ACCOUNTIN22
SUMMARY OF CRITICAL ACCOUNTING POLICIES AND USE OF ESTIMATES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying disclosures. Significant estimates include the fair value of derivative instruments, stock-based compensation, recognition of clinical trial costs and other accrued liabilities. Actual results may differ from those estimates. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Research and development costs are charged to expense as incurred. Our research and development expenses consist primarily of expenditures for toxicology and other studies, manufacturing, clinical trials, compensation and consulting costs. We incurred research and development expenses of $ 2.3 3.7 |
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 $ 2.5 2.3 2.1 1.9 , respectively. We currently outsource all manufacturing of our clinical supplies to single source manufactures. We also have a single source supplier for the active ingredient in our prodrug compounds, including 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 $ 4,000 7,000 |
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. Year Ended December 31, 2015 2014 Shares underlying options outstanding 8,764,195 8,685,095 Shares underlying warrants outstanding 42,277,445 19,897,928 Shares underlying convertible preferred stock outstanding 12,354,167 Shares underlying convertible notes outstanding 270,339 63,395,807 28,853,362 |
Derivatives, Policy [Policy Text Block] | Derivative Liability The Company has financial instruments that are considered derivatives or contain embedded features subject to derivative accounting. Embedded derivatives are valued separately from the host instrument and are recognized as derivative liabilities in the Company’s balance sheet. The Company measures these instruments at their estimated fair value and recognizes changes in their estimated fair value in results of operations during the period of change. Based upon ASC 840-15-25 (EITF Issue 00-19, paragraph 11) the Company has adopted a sequencing approach regarding the application of ASC 815-40 to its outstanding preferred stock. Pursuant to the sequencing approach, the Company evaluates its contracts based upon earliest issuance date wherein instruments with the earliest issuance date would be settled first. The sequencing policy also considers contingently issuable additional shares, such as those issuable upon a stock split, to have an issuance date to coincide with the event giving rise to the additional shares. Using this sequencing policy, all instruments convertible into common stock, including warrants and the conversion feature of notes payable, issued subsequent to December 25, 2015 are derivative liabilities. The Company values these derivative liabilities using the Black-Scholes option valuation model. The resulting liability is valued at each reporting date and the change in the liability is reflected as change in derivative liability in the statement of operations. |
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. The derivative liability consists of our convertible preferred stock with anti-dilution provisions , and related warrants. The Company uses the Black-Scholes option-pricing model to value its derivative liability which incorporate the Company’s stock price, volatility, U.S. risk-free interest rate, dividend rate, and estimated life. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements The U.S. GAAP Valuation Hierarchy establishes a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The Company has recorded a derivative liability for convertible preferred stock with anti-dilution provisions , and related warrants, as of December 31, 2015. Fair Value at December 31, Fair Value Measurement Using 2015 Level 1 Level 2 Level 3 Derivative liability $ 1,177 $ $ $ 1,177 2015 Balance at beginning of year $ Additions to derivative instruments 1,358 Loss (gain) on change in fair value of derivative liability (181) Balance at end of year $ 1,177 |
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. |
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 contained 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 January 2015, the FASB issued ASU No. 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items, simplifying the income statement presentation. The guidance does not change the requirement to disclose items that are unusual in nature and occur infrequently. ASU No. 2015-01 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period, although early adoption is permitted. Exclusive of a material transaction that would qualify for extraordinary item presentation in future periods, we do not expect the adoption of this standard to materially impact our financial statements. In April 2015, the Financial Accounting Standard Board issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This guidance is effective for annual and interim reporting periods of public entities beginning after December 15, 2015, and early adoption is permitted. We do not expect the adoption of this standard to materially impact our consolidated financial statements. There are various other recently issued updates, most of which represented technical corrections to the accounting literature or application to specific industries, and are not expected to have a material impact on the Company’s financial position, results of operations or cash flows. |
SUMMARY OF CRITICAL ACCOUNTIN23
SUMMARY OF CRITICAL ACCOUNTING POLICIES AND USE OF ESTIMATES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014, as they would be anti-dilutive: Year Ended December 31, 2015 2014 Shares underlying options outstanding 8,764,195 8,685,095 Shares underlying warrants outstanding 42,277,445 19,897,928 Shares underlying convertible preferred stock outstanding 12,354,167 Shares underlying convertible notes outstanding 270,339 63,395,807 28,853,362 |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | The table below summarizes the fair values of our financial liabilities as of December 31, 2015 (in thousands): Fair Value at December 31, Fair Value Measurement Using 2015 Level 1 Level 2 Level 3 Derivative liability $ 1,177 $ $ $ 1,177 |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Table Text Block] | The reconciliation of the derivative liability measured at fair value on a recurring basis using unobservable inputs (Level 3) is as follows (in thousands): 2015 Balance at beginning of year $ Additions to derivative instruments 1,358 Loss (gain) on change in fair value of derivative liability (181) Balance at end of year $ 1,177 |
SUPPLEMENTAL CASH FLOW INFORM24
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 Non-cash financial activities: Common stock options issued as payment of accrued compensation $ $ 962 Common stock and warrants issued for consulting fees 175 735 Common stock issued on conversion of notes payable 139 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued expenses consist of the following (in thousands): December 31, 2015 2014 Accrued compensation and benefits $ 2,134 $ 1,108 Accrued research and development 152 163 Accrued other 146 167 Total accrued expenses $ 2,432 $ 1,438 |
DERIVATIVE LIABILITY (Tables)
DERIVATIVE LIABILITY (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | 2015 Volatility 84%-85% Expected term (years) 18 months Risk-free interest rate 0.75% Dividend yield None |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 (in thousands): 2016 $ 58 2017 60 2018 48 Thereafter Total minimum lease payments $ 166 |
Restructuring and Related Costs [Table Text Block] | As part of the agreements, the executives potentially shall be entitled to the following (in thousands): Chief Executive Chief Operating Officer Officer Terminated without cause $ 1,798 $ 971 Terminated, change of control without good reason 1,798 Terminated for cause, death, disability and by executive without good reason 381 325 |
STOCK OPTIONS (Tables)
STOCK OPTIONS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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): Year Ended December 31, 2015 2014 Research and development $ 45 $ 891 General and administrative 93 1,164 Total stock-based compensation expense $ 138 $ 2,055 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table summarizes stock option activity under the Plans: Weighted- Weighted- average Aggregate average remaining intrinsic Number of exercise contractual term value (in) shares price (in years) thousands) Outstanding at December 31, 2013 6,050,623 $ 1.82 Granted 2,759,472 $ 1.26 Exercised Forfeited (125,000) $ 1.50 4.0 $ 46 Outstanding at December 31, 2014 8,685,095 $ 1.62 Granted 376,600 $ 0.79 Forfeited (297,500) $ 2.08 Outstanding at December 31, 2015 8,764,195 $ 1.60 3.2 $ Exercisable at December 31, 2015 8,657,195 $ 1.61 3.2 $ |
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, 2015 and 2014: Year Ended December 31, 2015 2014 Volatility 58.4% 55.8% Expected term (years) 3.4 3.5 Risk-free interest rate 1.0% 0.7% Dividend yield None None |
WARRANTS (Tables)
WARRANTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Share-based Compensation, Activity [Table Text Block] | Transactions involving our warrants are summarized as follows: Weighted- Weighted- average Aggregate average remaining intrinsic Number of exercise contractual term value (in) shares price (in years) thousands) Outstanding at December 31, 2013 10,216,597 $ 2.56 Granted 11,467,847 $ 0.95 Forfeited (1,786,516) $ 2.85 2.8 $ 8.4 Outstanding at December 31, 2014 19,897,928 $ 1.61 Granted 28,255,221 $ 0.27 Exercised (4,599,669) $ 0.19 Forfeited (1,276,035) $ 3.12 Outstanding at December 31, 2015 42,277,445 $ 0.79 2.7 $ 14.6 Exercisable at December 31, 2015 42,277,445 $ 0.79 2.7 $ 14.6 |
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, 2015: Weighted Average Number of Exercise Expiration shares price Issued to consultants 1,092,667 $ 1.80 March 2016 through November 2020 Issued pursuant to 2011 financings 1,936,785 $ 3.24 January 2016 through April 2016 Issued pursuant to 2012 financings 296,366 $ 3.00 December 2017 Issued pursuant to 2013 financings 4,376,228 $ 1.97 December 2017 through August 2018 Issued pursuant to 2014 financings 10,882,678 $ 0.93 December 2016 through June 2019 Issued pursuant to 2015 financings 23,692,721 $ 0.29 January 2017 through December 2020 42,277,445 |
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: Year Ended December 31, 2015 2014 Volatility 72.6% 51.1% Expected term (years) 1.8 2.0 Risk-free interest rate 0.6% 0.5% Dividend yield None None |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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): 2015 2014 Deferred tax assets: Net operating loss carryover $ 11,066 $ 9,466 Stock-based compensation 3,768 3,372 Other (60) Tax credits 456 443 Total deferred tax assets 15,230 13,281 Less: valuation allowance (15,230) (13,281) 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, 2015 and 2014 (computed by applying the U.S. Federal Corporate tax rate of 34 2015 2014 Statutory federal income tax rate -34.0 % -34.0 % Non-deductible items 0.1 % 0.0 % Adjustment for R&D Credit -0.2 % 0.2 % Valuation allowance 34.1 % 33.8 % Effective income tax rate % % |
MANAGEMENT'S PLANS TO CONTINU31
MANAGEMENT'S PLANS TO CONTINUE AS A GOING CONCERN (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Management Plan [Line Items] | |||
Deficit accumulated during the development stage | $ (45,265) | $ (39,379) | |
Cash and Cash Equivalents, at Carrying Value | $ 2,465 | $ 2,316 | $ 3,587 |
Percentage of Cash and Cash Equivalents in Total Assets | 92.00% |
SUMMARY OF CRITICAL ACCOUNTIN32
SUMMARY OF CRITICAL ACCOUNTING POLICIES AND USE OF ESTIMATES (Details) - shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares underlying, outstanding | 63,395,807 | 28,853,362 |
Convertible Notes Payable [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares underlying, outstanding | 0 | 270,339 |
Convertible Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares underlying, outstanding | 12,354,167 | 0 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares underlying, outstanding | 42,277,445 | 19,897,928 |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares underlying, outstanding | 8,764,195 | 8,685,095 |
SUMMARY OF CRITICAL ACCOUNTIN33
SUMMARY OF CRITICAL ACCOUNTING POLICIES AND USE OF ESTIMATES (Details 1) $ in Thousands | Dec. 31, 2015USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative liability | $ 1,177 |
Fair Value, Inputs, Level 1 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative liability | 0 |
Fair Value, Inputs, Level 2 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative liability | 0 |
Fair Value, Inputs, Level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative liability | $ 1,177 |
SUMMARY OF CRITICAL ACCOUNTIN34
SUMMARY OF CRITICAL ACCOUNTING POLICIES AND USE OF ESTIMATES (Details 2) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Balance at beginning of year | $ 0 |
Additions to derivative instruments | 1,358 |
Loss (gain) on change in fair value of derivative liability | (181) |
Balance at end of year | $ 1,177 |
SUMMARY OF CRITICAL ACCOUNTIN35
SUMMARY OF CRITICAL ACCOUNTING POLICIES AND USE OF ESTIMATES (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summary Of Critical Accounting Policies [Line Items] | |||
Research and Development Expense, Total | $ 2,303,000 | $ 3,691,000 | |
Cash and Cash Equivalents, at Carrying Value, Total | 2,465,000 | 2,316,000 | $ 3,587,000 |
Depreciation | 4,000 | 7,000 | |
Credit Concentration Risk [Member] | |||
Summary Of Critical Accounting Policies [Line Items] | |||
Cash | $ 2,100,000 | $ 1,900,000 | |
Maximum [Member] | Office Equipment [Member] | |||
Summary Of Critical Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Maximum [Member] | Licensing Agreements [Member] | |||
Summary Of Critical Accounting Policies [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 17 years | ||
Minimum [Member] | Office Equipment [Member] | |||
Summary Of Critical Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Minimum [Member] | Licensing Agreements [Member] | |||
Summary Of Critical Accounting Policies [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 12 years |
SUPPLEMENTAL CASH FLOW INFORM36
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Non-cash financial activities: | ||
Common stock options issued as payment of accrued compensation | $ 0 | $ 962 |
Common stock and warrants issued for consulting fees | 175 | 735 |
Common stock issued on conversion of notes payable | $ 139 | $ 0 |
INTELLECTUAL PROPERTY (Details
INTELLECTUAL PROPERTY (Details Textual) - USD ($) | 12 Months Ended | 48 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2011 | Dec. 31, 2015 | |
Intellectual Property [Line Items] | |||
Payments To Acquire Intangible Assets | $ 212,000 | ||
Amortization of Intangible Assets | $ 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 ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accrued Expenses [Line Items] | ||
Accrued compensation and benefits | $ 2,134 | $ 1,108 |
Accrued research and development | 152 | 163 |
Accrued other | 146 | 167 |
Total accrued expenses | $ 2,432 | $ 1,438 |
CONVERTIBLE NOTES PAYABLE (Deta
CONVERTIBLE NOTES PAYABLE (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Oct. 31, 2015 | |
Debt Instrument [Line Items] | |||
Debt Instrument, Increase, Accrued Interest | $ 30,000 | ||
Debt Instrument, Convertible, Conversion Price | $ 0.50 | ||
Chief Executive Officer [Member] | |||
Debt Instrument [Line Items] | |||
Convertible Notes Payable, Total | $ 200,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.20% | ||
Debt Instrument, Maturity Date | Dec. 6, 2011 | ||
Interest Payable, Current | $ 33,000 | ||
Debt Conversion, Converted Instrument, Shares Issued | 262,500 | ||
Board of Directors Chairman [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Convertible, Conversion Price | $ 0.50 | ||
Board of Directors Chairman [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Convertible, Conversion Price | $ 0.40 |
DERIVATIVE LIABILITY (Details)
DERIVATIVE LIABILITY (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Assumptions, Expected Term | 18 months |
Fair Value Assumptions, Risk Free Interest Rate | 0.75% |
Fair Value Assumptions, Expected Dividend Rate | 0.00% |
Minimum [Member] | |
Fair Value Assumptions, Expected Volatility Rate | 84.00% |
Maximum [Member] | |
Fair Value Assumptions, Expected Volatility Rate | 85.00% |
DERIVATIVE LIABILITY (Details T
DERIVATIVE LIABILITY (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Derivative, Gain on Derivative | $ 200 |
Derivative Liability | $ 1,177 |
COMMITMENTS AND CONTINGENCIES42
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Future Minimum Rental Payments For Operating Leases [Line Items] | |
2,016 | $ 58 |
2,017 | 60 |
2,018 | 48 |
Thereafter | 0 |
Total minimum lease payments | $ 166 |
COMMITMENTS AND CONTINGENCIES43
COMMITMENTS AND CONTINGENCIES (Details 1) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Chief Executive Officer [Member] | Terminated without cause [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Severance Provision And Indemnification Charges | $ 1,798 |
Chief Executive Officer [Member] | Terminated, change of control without good reason [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Severance Provision And Indemnification Charges | 1,798 |
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 | 971 |
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 CONTINGENCIES44
COMMITMENTS AND CONTINGENCIES (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments And Contingencies [Line Items] | ||
Operating Leases, Rent Expense | $ 57,000 | $ 56,000 |
Lease Expiration Date | Oct. 14, 2018 |
CAPITAL STOCK AND STOCKHOLDER45
CAPITAL STOCK AND STOCKHOLDER'S EQUITY (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015 | Aug. 31, 2015 | Jul. 31, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Class of Stock [Line Items] | |||||||
Stock Issued During Period, Value, Issued for Services | $ 175,000 | $ 735,000 | |||||
Number of Warrants Exercised | 337,169 | ||||||
Proceeds from Warrant Exercises | $ 925,000 | $ 0 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.70 | $ 0.70 | |||||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 4,599,669 | 4,599,669 | |||||
Proceeds from Issuance of Warrants | $ 2,500,000 | ||||||
Class of Warrant or Right, Outstanding | 42,277,445 | 42,277,445 | |||||
Business And Advisory Services [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stock Issued During Period, Value, Share-based Compensation, Forfeited | $ 25,000 | ||||||
Stock Issued During Period, Shares, Share-based Compensation, Forfeited | 27,288 | ||||||
Consultant [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stock Issued During Period, Shares, Issued for Services | 30,000 | ||||||
Stock Issued During Period, Value, Issued for Services | $ 27,000 | ||||||
Consultant [Member] | Business Advisory Services [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stock Issued During Period, Value, Issued for Services | $ 95,000 | ||||||
Consultant [Member] | Business And Advisory Services [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stock Issued During Period, Shares, Issued for Services | 125,000 | ||||||
Placement Agent [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stock Issued During Period, Shares, New Issues | 287,303 | 326,817 | 988,334 | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 988,334 | 988,334 | |||||
Private Placement [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stock Issued During Period, Shares, New Issues | 3,591,278 | ||||||
Series A 0 Convertible Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred Stock Conversion Price Per Share | $ 0.15 | ||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 1,853 | 1,853 | |||||
Preferred Stock, Par or Stated Value Per Share | $ 1,000 | $ 1,000 | |||||
Sale of Stock, Percentage of Ownership after Transaction | 9.99% | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 19,497,028 | 19,497,028 | |||||
Series F common stock purchase warrants [Member] | |||||||
Class of Stock [Line Items] | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.30 | $ 0.30 | |||||
Warrant Expiration Period | 5 years | ||||||
Class of Warrant or Right, Outstanding | 6,177,084 | 6,177,084 | |||||
Series G common stock purchase warrants [Member] | |||||||
Class of Stock [Line Items] | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.30 | $ 0.30 | |||||
Warrant Expiration Period | 18 months | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 6,177,084 | 6,177,084 | |||||
Series H common stock purchase warrants [Member] | |||||||
Class of Stock [Line Items] | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.30 | $ 0.30 | |||||
Warrant Expiration Period | 5 years | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 3,571,430 | 3,571,430 | |||||
Series I common stock purchase warrants [Member] | |||||||
Class of Stock [Line Items] | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.30 | $ 0.30 | |||||
Warrant Expiration Period | 18 months | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 3,571,430 | 3,571,430 | |||||
Series E common stock purchase warrants [Member] | |||||||
Class of Stock [Line Items] | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.70 | ||||||
Proceeds from Issuance of Warrants | $ 2,500,000 | ||||||
Series D common stock purchase warrants [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stock Issued During Period, Shares, New Issues | 287,303 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.80 |
STOCK OPTIONS (Details)
STOCK OPTIONS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | $ 138 | $ 2,055 |
Research and development [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 | 45 | 891 |
General and administrative [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 | $ 93 | $ 1,164 |
STOCK OPTIONS (Details 1)
STOCK OPTIONS (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares, Outstanding at beginning of period (in shares) | 8,685,095 | 6,050,623 |
Number of shares, Granted (in shares) | 376,600 | 2,759,472 |
Number of shares, Exercised (in shares) | 0 | |
Number of shares, Forfeited (in shares) | (297,500) | (125,000) |
Number of shares, Outstanding at end of period (in shares) | 8,764,195 | 8,685,095 |
Number of shares, Exercisable (in shares) | 8,657,195 | |
Weighted-average exercise price, Outstanding at beginning of period (in dollars per share) | $ 1.62 | $ 1.82 |
Weighted-average exercise price, Granted (in dollars per share) | 0.79 | 1.26 |
Weighted-average exercise price, Exercised (in dollars per share) | 0 | |
Weighted-average exercise price, Forfeited (in dollars per share) | 2.08 | 1.50 |
Weighted-average exercise price, Outstanding at end of period (in dollars per share) | 1.60 | $ 1.62 |
Weighted-average exercise price, Exercisable (in dollars per share) | $ 1.61 | |
Weighted-average remaining contractual term, Outstanding | 3 years 2 months 12 days | 4 years |
Weighted-average remaining contractual term, Exercisable | 3 years 2 months 12 days | |
Aggregate intrinsic value, Outstanding (in dollars) | $ 0 | $ 46 |
Aggregate intrinsic value, Exercisable (in dollars) | $ 0 |
STOCK OPTIONS (Details 2)
STOCK OPTIONS (Details 2) - Employee Stock Option [Member] | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volatility | 58.40% | 55.80% |
Expected term (years) | 3 years 4 months 24 days | 3 years 6 months |
Risk-free interest rate | 1.00% | 0.70% |
Dividend yield | 0.00% | 0.00% |
STOCK OPTIONS (Details Textual)
STOCK OPTIONS (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
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 | $ 36,000 | $ 43,000 |
Share Based Compensation Arrangement Options Issued To Non Employee Directors | 159,000 | 2,107,902 |
Share Based Compensation Arrangement Options Issued To Employees And Non Employee Directors Weighted Average Price | $ 0.30 | $ 0.48 |
Share Based Compensation Arrangement Options Issued To Consultants | 217,600 | 651,570 |
Share Based Compensation Arrangement Options Issued To Consultants Weighted Average Price | $ 0.34 | $ 0.38 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 8 months 12 days | 1 year 2 months 12 days |
Plan 2009 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
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 | 4,550,821 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,011,679 | |
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 (Details)
WARRANTS (Details) - Warrant [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares, Outstanding at beginning of period (in shares) | 19,897,928 | 10,216,597 |
Number of shares, Granted (in shares) | 28,255,221 | 11,467,847 |
Number of shares, Exercised (in shares) | (4,599,669) | |
Number of shares, Forfeited (in shares) | (1,276,035) | (1,786,516) |
Number of shares, Outstanding at ending of period (in shares) | 42,277,445 | 19,897,928 |
Number of shares, Exercisable (in shares) | 42,277,445 | |
Weighted-average exercise price, Outstanding at beginning of period (in dollars per share) | $ 1.61 | $ 2.56 |
Weighted-average exercise price, Granted (in dollars per share) | 0.27 | 0.95 |
Weighted-average exercise price, Exercised (in dollars per share) | 0.19 | |
Weighted-average exercise price, Forfeited (in dollars per share) | 3.12 | 2.85 |
Weighted-average exercise price, Outstanding at end of period (in dollars per share) | 0.79 | $ 1.61 |
Weighted-average exercise price, Exercisable (in dollars per share) | $ 0.79 | |
Weighted-average remaining contractual term, Outstanding | 2 years 8 months 12 days | |
Weighted-average remaining contractual term, Forfeited | 2 years 9 months 18 days | |
Weighted-average remaining contractual term, Exercisable | 2 years 8 months 12 days | |
Aggregate intrinsic value, Outstanding (in dollars) | $ 14,600 | |
Aggregate intrinsic value, Forfeited (in dollars) | $ 8,400 | |
Aggregate intrinsic value, Exercisable (in dollars) | $ 14,600 |
WARRANTS (Details 1)
WARRANTS (Details 1) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Equity-classified warrants [Abstract] | |
Number of shares (in shares) | shares | 42,277,445 |
Weighted Average Exercise price (in dollars per share) | $ / shares | $ 0.70 |
Equity Classified Warrants [Member] | Consultant [Member] | |
Equity-classified warrants [Abstract] | |
Number of shares (in shares) | shares | 1,092,667 |
Weighted Average Exercise price (in dollars per share) | $ / shares | $ 1.80 |
Investment Warrants Expiration Date Range Start | Mar. 31, 2016 |
Investment Warrants Expiration Date Range End | Nov. 30, 2020 |
Equity Classified Warrants [Member] | Financing 2011 [Member] | |
Equity-classified warrants [Abstract] | |
Number of shares (in shares) | shares | 1,936,785 |
Weighted Average Exercise price (in dollars per share) | $ / shares | $ 3.24 |
Investment Warrants Expiration Date Range Start | Jan. 31, 2016 |
Investment Warrants Expiration Date Range End | Apr. 30, 2016 |
Equity Classified Warrants [Member] | Financing 2012 [Member] | |
Equity-classified warrants [Abstract] | |
Number of shares (in shares) | shares | 296,366 |
Weighted Average Exercise price (in dollars per share) | $ / shares | $ 3 |
Investment Warrants Expiration Date | Dec. 31, 2017 |
Equity Classified Warrants [Member] | Financing 2013 [Member] | |
Equity-classified warrants [Abstract] | |
Number of shares (in shares) | shares | 4,376,228 |
Weighted Average Exercise price (in dollars per share) | $ / shares | $ 1.97 |
Investment Warrants Expiration Date Range Start | Dec. 31, 2017 |
Investment Warrants Expiration Date Range End | Aug. 31, 2018 |
Equity Classified Warrants [Member] | Financing 2014 [Member] | |
Equity-classified warrants [Abstract] | |
Number of shares (in shares) | shares | 10,882,678 |
Weighted Average Exercise price (in dollars per share) | $ / shares | $ 0.93 |
Investment Warrants Expiration Date Range Start | Dec. 31, 2016 |
Investment Warrants Expiration Date Range End | Jun. 30, 2019 |
Equity Classified Warrants [Member] | Financing 2015 [Member] | |
Equity-classified warrants [Abstract] | |
Number of shares (in shares) | shares | 23,692,721 |
Weighted Average Exercise price (in dollars per share) | $ / shares | $ 0.29 |
Investment Warrants Expiration Date Range Start | Jan. 31, 2017 |
Investment Warrants Expiration Date Range End | Dec. 31, 2020 |
WARRANTS (Details 2)
WARRANTS (Details 2) - Warrant [Member] | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Volatility | 72.60% | 51.10% |
Expected term (years) | 1 year 9 months 18 days | 2 years |
Risk-free interest rate | 0.60% | 0.50% |
Dividend yield | 0.00% | 0.00% |
WARRANTS (Details Textual)
WARRANTS (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2015 | Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Warrants And Derivative Warrant Liability [Line Items] | ||||
Warrants Exercised | 337,169 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.70 | |||
Proceeds from Warrant Exercises | $ 925,000 | $ 0 | ||
Share-based Compensation, Total | $ 313,000 | $ 2,054,000 | ||
Warrant [Member] | ||||
Warrants And Derivative Warrant Liability [Line Items] | ||||
Warrants Issued to Consultants, Shares | 248,000 | |||
Warrants Issued to Consultants, Weighted Average Fair Value Per share | $ 0.36 | |||
Share-based Compensation, Total | $ 89,000 | |||
Business And Advisory Services [Member] | ||||
Warrants And Derivative Warrant Liability [Line Items] | ||||
Warrants Issued to Consultants, Shares | 300,000 | |||
Warrants Issued to Consultants, Weighted Average Fair Value Per share | $ 0.26 | |||
Share-based Compensation, Total | $ 78,000 | |||
Private Offering [Member] | ||||
Warrants And Derivative Warrant Liability [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 483,125 | |||
Consultants [Member] | ||||
Warrants And Derivative Warrant Liability [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 7,469,859 | 10,736,722 | 20,485,362 | |
Share-based Compensation, Total | $ 78,000 | |||
Placement Agent [Member] | ||||
Warrants And Derivative Warrant Liability [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 287,303 | 326,817 | 988,334 | |
Investor [Member] | ||||
Warrants And Derivative Warrant Liability [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 7,182,556 | 10,409,905 | 19,497,028 | |
Maximum [Member] | Warrant [Member] | ||||
Warrants And Derivative Warrant Liability [Line Items] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.65 | |||
Minimum [Member] | Warrant [Member] | ||||
Warrants And Derivative Warrant Liability [Line Items] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | 0.35 | |||
Equity Classified Warrants [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] | Maximum [Member] | ||||
Warrants And Derivative Warrant Liability [Line Items] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.80 | 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 | $ 0.70 | $ 0.85 | $ 0.30 | |
Series B Warrants [Member] | ||||
Warrants And Derivative Warrant Liability [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 3,826,792 | |||
Series C Warrants [Member] | ||||
Warrants And Derivative Warrant Liability [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 4,163,961 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Net operating loss carryover | $ 11,066 | $ 9,466 |
Stock-based compensation | 3,768 | 3,372 |
Other | (60) | 0 |
Tax credits | 456 | 443 |
Total deferred tax assets | 15,230 | 13,281 |
Less: valuation allowance | (15,230) | (13,281) |
Net deferred tax assets | $ 0 | $ 0 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule Of Effective Income Tax Rate Reconciliation [Line Items] | ||
Statutory federal income tax rate | (34.00%) | (34.00%) |
Non-deductible items | 0.10% | 0.00% |
Adjustment for R&D Credit | (0.20%) | 0.20% |
Valuation allowance | 34.10% | 33.80% |
Effective income tax rate | 0.00% | 0.00% |
INCOME TAXES (Details Textual)
INCOME TAXES (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Line Items] | ||
Operating Loss Carryforwards | $ 32,500 | |
Operating Loss Carryforward Expiration Dates | which will expire at various dates beginning in 2016 through 2026. | |
Deferred Tax Assets, Tax Credit Carryforwards, Total | $ 456 | $ 443 |
Deferred Tax Assets Tax Credit Carryforwards Expiration Dates | which will expire from 2028 through 2036. | |
Operating Loss Carryforwards Valuation Allowance Percentage | 100.00% | |
Valuation Allowance, Deferred Tax Asset, Change in Amount | $ 2,000 | $ 2,400 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | (34.00%) | (34.00%) |