Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 8-May-15 | |
Document Information [Line Items] | ||
Entity Registrant Name | Lion Biotechnologies, Inc. | |
Entity Central Index Key | 1425205 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 45,029,692 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2015 |
Condensed_Balance_Sheets
Condensed Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Current Assets | ||
Cash and cash equivalents | $111,280,443 | $44,909,147 |
Prepaid expenses and deposits | 128,883 | 66,134 |
Total Current Assets | 111,409,326 | 44,975,281 |
Property and equipment, net of accumulated depreciation of $289,672 and $104,223 | 2,128,260 | 1,531,566 |
Total Assets | 113,537,586 | 46,506,847 |
Current Liabilities | ||
Accounts payable | 1,107,370 | 1,248,413 |
Accrued expenses | 717,847 | 327,847 |
Accrued payable to officers and former directors | 85,500 | 85,500 |
Total Current Liabilities | 1,910,717 | 1,661,760 |
Commitments and contingencies | ||
Stockholders' Equity | ||
Preferred stock, $0.001 par value; 50,000,000 shares authorized, 3,694 shares and 5,694 shares issued and outstanding, respectively | 4 | 6 |
Common stock, $0.000041666 par value; 150,000,000 shares authorized, 44,871,888 and 33,750,188 shares issued and outstanding, respectively | 1,870 | 1,407 |
Common stock to be issued, 303,125 shares | 245,153 | 245,153 |
Additional paid-in capital | 193,239,795 | 121,160,415 |
Accumulated deficit | -81,859,953 | -76,561,894 |
Total Stockholders' Equity | 111,626,869 | 44,845,087 |
Total Liabilities and Stockholders' Equity | $113,537,586 | $46,506,847 |
Condensed_Balance_Sheets_Paren
Condensed Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Condensed Balance Sheets [Abstract] | ||
Property and equipment, accumulated depreciation | $289,672 | $104,223 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 3,694 | 5,694 |
Preferred stock, shares outstanding | 3,694 | 5,694 |
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 | 44,871,888 | 33,750,188 |
Common stock, shares outstanding | 44,871,888 | 33,750,188 |
Common stock to be issued shares | 303,125 | 303,125 |
Condensed_Statements_of_Operat
Condensed Statements of Operations (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Condensed Statements of Operations [Abstract] | ||
Revenues | ||
Costs and expenses | ||
Operating expenses (including $0 and $1,070,707 of non-cash share-based compensation costs) | 3,287,026 | 1,956,852 |
Research and development | 2,011,033 | 302,662 |
Total costs and expenses | 5,298,059 | 2,259,514 |
Net Loss | ($5,298,059) | ($2,259,514) |
Net Loss Per Share, Basic and Diluted | ($0.14) | ($0.11) |
Weighted-Average Common Shares Outstanding, Basic and Diluted | 37,678,662 | 20,798,229 |
Condensed_Statements_of_Operat1
Condensed Statements of Operations (Parenthetical) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Condensed Statements of Operations [Abstract] | ||
Share-based Compensation | $1,467,753 | $919,350 |
Condensed_Statements_of_Stockh
Condensed Statements of Stockholders' Equity (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Common Stock To Be Issued [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] |
Balance at Dec. 31, 2014 | $44,845,087 | $6 | $1,407 | $245,153 | $121,160,415 | ($76,561,894) |
Balance (in shares) at Dec. 31, 2014 | 5,694 | 33,750,188 | ||||
Fair value of vested stock options | 1,017,308 | 1,017,308 | ||||
Common stock issued upon exercise of warrants | 2,304,250 | 38 | 2,304,212 | |||
Common stock issued upon exercise of warrants (in shares) | 921,700 | |||||
Common stock issued upon conversion of preferred shares | -2 | 42 | -40 | |||
Common stock issued upon conversion of preferred shares (in shares) | -2,000 | 1,000,000 | ||||
Common stock sold in private placement, net of offering costs | 68,307,838 | 383 | 68,307,455 | |||
Common stock sold in private placement, net of offering costs (in shares) | 9,200,000 | |||||
Vesting of restricted shares issued for services | 450,445 | 450,445 | ||||
Net loss | -5,298,059 | -5,298,059 | ||||
Balance at Mar. 31, 2015 | $111,626,869 | $4 | $1,870 | $245,153 | $193,239,795 | ($81,859,953) |
Balance (in shares) at Mar. 31, 2015 | 3,694 | 44,871,888 |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cash Flows From Operating Activities | ||
Net loss | ($5,298,059) | ($2,259,514) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 185,449 | 16,565 |
Fair value of vested stock options | 1,017,308 | 901,650 |
Vesting of restricted shares issued for services | 450,445 | 17,700 |
Changes in assets and liabilities: | ||
Prepaid expenses and deposits | -62,749 | 49,625 |
Accounts payable and accrued expenses | 248,957 | -993,389 |
Net Cash Used In Operating Activities | -3,458,649 | -2,267,363 |
Cash Flows From Investing Activities | ||
Purchases of property and equipment | -782,143 | -3,437 |
Cash Flows From Financing Activities | ||
Proceeds from issuance of common stock upon conversion of warrants | 2,304,250 | 542,500 |
Proceeds from the issuance of common stock, net | 68,307,838 | |
Net Cash Provided By Financing Activities | 70,612,088 | 542,500 |
Net Increase (Decrease) In Cash And Cash Equivalents | 66,371,296 | -1,728,300 |
Cash and Cash Equivalents, Beginning of Period | 44,909,147 | 19,672,177 |
Cash and Cash Equivalents, End of Period | 111,280,443 | 17,943,877 |
Supplemental Disclosures of Cash Flow Information: | ||
Interest | ||
Income Taxes |
GENERAL_ORGANIZATION_AND_BUSIN
GENERAL ORGANIZATION AND BUSINESS | 3 Months Ended |
Mar. 31, 2015 | |
GENERAL ORGANIZATION AND BUSINESS [Abstract] | |
GENERAL ORGANIZATION AND BUSINESS | NOTE 1. GENERAL ORGANIZATION AND BUSINESS |
Lion Biotechnologies, Inc. (the “Company,” “we,” “us” or “our”) is an a clinical-stage biopharmaceutical company focused on the development and commercialization of novel cancer immunotherapy products designed to harness the power of a patient's own immune system to eradicate cancer cells. Our lead program is an adoptive cell therapy utilizing tumor-infiltrating lymphocytes (TIL), which are T cells derived from patients' tumors, for the treatment of metastatic melanoma. The TIL are then activated and expanded ex vivo and then infused back into the patient to fight their tumor cells. The Company was originally incorporated under the laws of the state of Nevada on September 17, 2007. Until March 2010, we were an inactive company known as Freight Management Corp. On March 15, 2010, we changed our name to Genesis Biopharma, Inc., and in 2011 we commenced our current business. | |
On September 26, 2013, we amended and restated our Articles of Incorporation to, among other things, change our name to Lion Biotechnologies, Inc., effect a 1-for-100 reverse stock split (pro-rata reduction of outstanding shares) of our common stock. After the reverse stock split we increased the number of our authorized number of shares of common stock to 150,000,000 shares, in addition we authorized the issuance of 50,000,000 shares of “blank check” preferred stock, $0.001 par value per share. References in these financial statements and related notes to numbers of shares of common stock, prices per share of common stock, and weighted average number of shares of common stock outstanding prior to the reverse stock splits have been adjusted to reflect the reverse stock splits for all periods presented, unless otherwise noted. | |
Basis of Presentation of Unaudited Condensed Financial Information | |
The unaudited condensed financial statements of the Company for the three months ended March 31, 2015 and 2014 have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Regulation S-K. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. However, such information reflects all adjustments (consisting solely of normal recurring adjustments), which are, in the opinion of management, necessary for the fair presentation of the financial position and the results of operations. Results shown for interim periods are not necessarily indicative of the results to be obtained for a full fiscal year. The balance sheet information as of December 31, 2014 was derived from the audited financial statements included in the Company's financial statements as of and for the year ended December 31, 2014 included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 16, 2015. These financial statements should be read in conjunction with that report. | |
Liquidity | |
We are currently engaged in the development of therapeutics to fight cancer, we do not have any commercial products and have not yet generated any revenues from our biopharmaceutical business. We currently do not anticipate that we will generate any revenues during 2015 from the sale or licensing of any products. In addition, we have not generated any revenues from our prior business plans. | |
We have not had any revenues and are still in the development stage. As shown in the accompanying condensed financial statements, we have incurred a net loss of $5,298,059 for the three months ended March 31, 2015 and used $3,458,649 of cash in our operating activities during the three months ended March 31, 2015. As of March 31, 2015, we had $111,280,443 of cash or cash equivalents on hand, stockholders' equity of $111,626,869 and had working capital of $109,498,609. | |
During 2015, we expect to further ramp up our operations, which will increase the amount of cash we will use in our operations. Our budget for 2015 includes increased spending on research and development activities, higher payroll expenses as we increase our professional staff, the costs associated with operating our new Tampa, Florida, research facility, as well as ongoing payments under the Cooperative Research and Development Agreement (CRADA) we have entered into with the National Cancer Institute (NCI). Based on the funds we had available on March 31, 2015, we believe that we have sufficient capital to fund our anticipated operating expenses for at least 24 months. | |
On March 3, 2015, the Company sold 9,200,000 shares of its common stock in an underwritten public offering at $8.00 per share for net proceeds of $68.3 million, after deducting expenses of the offering. On December 22, 2014, the Company sold 6,000,000 shares of its common stock in an underwritten public offering at $5.75 per share for net proceeds of $32.2 million after deducting expenses of the offering. On November 5, 2013, we completed a $23.3 million private placement of our securities to various institutional and individual accredited investors. Despite the amount of funds that we have raised, the estimated cost of completing the development of our TIL-based therapy, and of obtaining all required regulatory approvals to market those product candidates, may be substantially greater than the amount of funds we have available. Therefore, while we believe that our existing cash balances will be sufficient to fund our currently planned level of operations for at least 24 months, we will have to obtain additional funds in the future to complete our development plans. We intend to seek this additional funding through various financing sources, including possible sales of our securities, and in the longer term through strategic alliances with other pharmaceutical or biopharmaceutical companies. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES | 3 Months Ended |
Mar. 31, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES |
Net Income (Loss) Per Share | |
Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period, excluding unvested shares of restricted common stock. Shares of restricted stock subject to vesting are included in basic weighted average common shares outstanding from the time they vest. Diluted earnings per share is computed by dividing the net income applicable to common stock holders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued, using the treasury stock method. Potential common shares are excluded from the computation when their effect is antidilutive. When calculating diluted net income per share, shares of restricted stock subject to vesting are included in diluted weighted average common shares outstanding as of their grant date. | |
At March 31, 2015 and 2014, basic and diluted net loss per share are the same as the effect of potentially dilutive securities was antidilutive. At March 31, 2015, potentially dilutive securities include options to acquire 1,907,877 shares of common stock, warrants to acquire 10,162,726 shares of common stock, preferred stock that can be converted into 1,847,000 shares of common stock, and 507,113 shares of non-vested restricted stock. At March 31, 2014, potentially dilutive securities include options to acquire 638,750 shares of common stock, warrants to acquire 12,156,156 shares of common stock, and preferred stock that can be converted into 6,650,000 shares of common stock. | |
Fair Value Measurements | |
The Company uses various inputs in determining the fair value of certain assets and liabilities and measures these on a recurring basis. Financial assets and liabilities recorded at fair value in the balance sheets are categorized by the level of objectivity associated with the inputs used to measure their fair value. Authoritative guidance provided by the Financial Accounting Standards Board (the “FASB”) defines the following levels directly related to the amount of subjectivity associated with the inputs to fair valuation of these financial assets and liabilities: | |
Level 1—Quoted prices in active markets for identical assets or liabilities. | |
Level 2—Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly. | |
Level 3—Unobservable inputs based on the Company's assumptions. | |
At March 31, 2015 and December 31, 2014, the fair value of cash and cash equivalents, accounts payable, and accrued expenses approximate their carrying values based on their short term nature. | |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include accounting for potential liabilities and the assumptions made in valuing stock instruments issued for services. | |
Stock-Based Compensation | |
The Company periodically grants stock options and warrants to employees and non-employees in non-capital raising transactions as compensation for services rendered. The Company accounts for stock option grants to employees based on the authoritative guidance provided by the Financial Accounting Standards Board where the value of the award is measured on the date of grant and recognized over the vesting period. The Company accounts for stock option grants to non-employees in accordance with the authoritative guidance of the Financial Accounting Standards Board where the value of the stock compensation is determined based upon the measurement date at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Non-employee stock-based compensation charges generally are amortized over the vesting period on a straight-line basis. In certain circumstances where there are no future performance requirements by the non-employee, option grants are immediately vested and the total stock-based compensation charge is recorded in the period of the measurement date. | |
The fair value of the Company's common stock option grants is estimated using a Black-Scholes option pricing model, which uses certain assumptions related to risk-free interest rates, expected volatility, expected life of the common stock options, and future dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes option pricing model, and based on actual experience. The assumptions used in the Black-Scholes option pricing model could materially affect compensation expense recorded in future periods. | |
Research and Development | |
Research and development costs consist primarily of fees paid to consultants and outside service providers, patent fees and costs, and other expenses relating to the acquisition, design, development and testing of the Company's treatments and product candidates. Research and development costs are expensed as incurred over the life of the underlying contracts on the straight-line basis, unless the achievement of milestones, the completion of contracted work, or other information indicates that a different expensing schedule is more appropriate. The Company reviews the status of its research and development contracts on a quarterly basis. | |
Concentrations | |
Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash. | |
The Company maintains cash balances at one bank. As of March 31, 2015, the Company's cash balances were in excess of insured limits maintained at the bank. Management believes that the financial institution that holds the Company's cash is financially sound and, accordingly, minimal credit risk exists. | |
Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive revenue recognition standard that will supersede nearly all existing revenue recognition guidance under current U.S. GAAP and replace it with a principle based approach for determining revenue recognition. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. The ASU also will require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2016, however, the FASB has proposed a one-year deferral. Early adoption is not permitted, and either full retrospective adoption or modified retrospective adoption is permitted. The Company is in the process of evaluating the impact of ASU 2014-09 on the Company's financial statements and disclosures. | |
In January 2015, the FASB issued Accounting Standards Update No. 2015-01 (Subtopic 225-20) - Income Statement - Extraordinary and Unusual Items. ASU 2015-01 eliminates the concept of an extraordinary item from GAAP. As a result, an entity will no longer be required to segregate extraordinary items from the results of ordinary operations, to separately present an extraordinary item on its income statement, net of tax, after income from continuing operations or to disclose income taxes and earnings-per-share data applicable to an extraordinary item. However, ASU 2015-01 will still retain the presentation and disclosure guidance for items that are unusual in nature and occur infrequently. ASU 2015-01 is effective for periods beginning after December 15, 2015. Early adoption is permitted. The adoption of ASU 2015-01 is not expected to have a material effect on the Company's consolidated financial statements. | |
Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission (“SEC”) did not or are not believed by management to have a material impact on the Company's present or future financial statements. |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
STOCKHOLDERS' EQUITY [Abstract] | |||||||||
STOCKHOLDERS' EQUITY | NOTE 3. STOCKHOLDERS' EQUITY | ||||||||
Public offering | |||||||||
On March 3, 2015, the Company completed an underwritten public offering of 9,200,000 shares of its common stock at a price of $8.00 per share of common stock. The net proceeds to the Company from the offering were $68.3 million, after deducting underwriting discounts and commissions and offering expenses. The offering was made pursuant to the Company's existing shelf registration statement on Form S-3, including a base prospectus, which was filed with the SEC on November 20, 2014 and declared effective on December 10, 2014, a preliminary prospectus supplement thereunder, and a registration statement on Form S-3 filed with the SEC on February 26, 2015. | |||||||||
Issuance of common stock upon conversion of preferred stock | |||||||||
During the three months ended March 31, 2015, the Company issued 1,000,000 shares of common stock upon the conversion of 2,000 shares of Series A Convertible Preferred Stock. The number conversion shares issued was determined on a formula basis of 500 common shares for each Series A Convertible Preferred Stock held. | |||||||||
Common stock with vesting terms | |||||||||
During 2014, the Company granted 782,500 shares of its restricted common stock to nine of its employees in accordance with the terms of their employment agreements. The 782,500 shares vest over a period of three years. As these shares were granted to employees, the Company calculated the aggregate fair value of the 782,500 shares based on the trading prices of the Company's stock at their grant dates and determined it to be $4,851,590, of which $1,256,985 was expensed in 2014. The allocable portion of the fair value of the stock that vested during the three months ended March 31, 2015 amounted to $450,445 and was recognized as expense in the accompanying statements of operations. As of March 31, 2015, the amount of unvested compensation related to all issuances of restricted common stock was $3,144,160, which will be recorded as expense in future periods as the shares vest. | |||||||||
When calculating basic net income (loss) per share, these shares are included in basic weighted average common shares outstanding from the time they vest. When calculating diluted net income (loss) per share, these shares are included in diluted weighted average common shares outstanding from the time they are granted, unless they are antidilutive. Shares of restricted stock granted above are subject to forfeiture to the Company or other restrictions that will lapse in accordance with a vesting schedule determined by our Board. | |||||||||
The following table summarizes restricted common stock activity: | |||||||||
Number of | Weighted | ||||||||
Shares | Average | ||||||||
Grant Date | |||||||||
Fair Value | |||||||||
Non-vested shares, January 1, 2015 | 579,764 | 6.2 | |||||||
Granted | - | - | |||||||
Vested | (72,651 | ) | 6.2 | ||||||
Forfeited | - | - | |||||||
Non-vested shares, March 31, 2015 | 507,113 | $ | 6.2 | ||||||
STOCK_OPTIONS_AND_WARRANTS
STOCK OPTIONS AND WARRANTS | 3 Months Ended | ||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||
STOCK OPTIONS AND WARRANTS [Abstract] | |||||||||||||||||||||||||||||||
STOCK OPTIONS AND WARRANTS | |||||||||||||||||||||||||||||||
NOTE 4. STOCK OPTIONS AND WARRANTS | |||||||||||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||||||||
A summary of the status of stock options at March 31, 2015, and the changes during the three months then ended, is presented in the following table: | |||||||||||||||||||||||||||||||
Weighted | Weighted Average | ||||||||||||||||||||||||||||||
Shares | Average | Remaining | Aggregate | ||||||||||||||||||||||||||||
Under | Exercise | Contractual | Intrinsic | ||||||||||||||||||||||||||||
Option | Price | Life | Value | ||||||||||||||||||||||||||||
Outstanding at January 1, 2015 | 1,857,877 | $ | 7.31 | 8.5 years | $ | 2,874,378 | |||||||||||||||||||||||||
Granted | 50,000 | 7.45 | 10 years | 233,000 | |||||||||||||||||||||||||||
Exercised | - | ||||||||||||||||||||||||||||||
Expired/Forfeited | - | ||||||||||||||||||||||||||||||
Outstanding at March 31, 2015 | 1,907,877 | $ | 7.47 | 8.25 | $ | 10,687,637 | |||||||||||||||||||||||||
Exercisable at March 31, 2015 | 405,412 | $ | 10.48 | $ | 4,708,718 | ||||||||||||||||||||||||||
During the three months ended March 31, 2015, the Company granted an option to purchase 50,000 shares of common stock to a new member of the Company's Board of Directors. The stock options have an exercise price of $7.45 and vest in four installments as follows: options for the purchase of 12,500 shares vest on May 15, 2015, and the remaining options to purchase shares vest evenly over the next three quarters. The fair value of these options was determined to be $369,000 using the Black-Scholes option pricing model based on the following assumptions: (i) volatility rate of 213%, (ii) discount rate of 1.37 %, (iii) zero expected dividend yield, and (iv) expected life of 6 years. | |||||||||||||||||||||||||||||||
During the three months ended March 31, 2015 and 2014, the Company recorded compensation costs of $1,017,308 and $901,650, respectively, relating to the vesting of stock options. As of March 31, 2015, the aggregate value of unvested options was $8,665,475, which will continue to be amortized as compensation cost as the options vest over terms ranging from nine months to five years, as applicable. | |||||||||||||||||||||||||||||||
On March 29, 2010, the Company's Board of Directors adopted the Genesis Biopharma, Inc. 2010 Equity Compensation Plan (the "2010 Plan") pursuant to which the Board reserved an aggregate of 35,000 shares of common stock for future grants of stock options, rights to acquire restricted stock, rights to acquire unrestricted stock, and stock appreciation rights. Options for the issuance of all 35,000 shares have been granted, and no shares are available for additional grants under the 2010 Plan. | |||||||||||||||||||||||||||||||
On October 14, 2011, the Company's Board of Directors approved a 2011 Equity Incentive Plan (the “2011 Plan”). The Company's stockholders did not approve the 2011 Plan within a required one-year period, and accordingly, the Company cannot grant incentive stock options under the 2011 Plan. As of December 31, 2014, no shares were available for future grant under the 2011 Plan. | |||||||||||||||||||||||||||||||
On September 19, 2014, The Company's Board of Directors adopted the Lion Biotechnologies, Inc. 2014 Equity Incentive Plan (the “2014 Plan”). The 2014 Plan was approved by our stockholders at the annual meeting of stockholders held in November 2014. The 2014 Plan initially authorized the issuance up to an aggregate of 2,350,000 shares of common stock. On April 10, 2015 the Board amended the 2014 Plan, subject to stockholder approval, to increase the total number of shares that can be issued under the 2014 Plan by 1,650,000 from 2,350,000 shares to 4,000,000 shares. | |||||||||||||||||||||||||||||||
Warrants | |||||||||||||||||||||||||||||||
A summary of the status of stock warrants at March 31, 2015, and the changes during the three months then ended, is presented in the following table: | |||||||||||||||||||||||||||||||
Weighted | Weighted Average | ||||||||||||||||||||||||||||||
Shares | Average | Remaining | Aggregate | ||||||||||||||||||||||||||||
Under | Exercise | Contractual | Intrinsic | ||||||||||||||||||||||||||||
Warrants | Price | Life | Value | ||||||||||||||||||||||||||||
Outstanding at December 31, 2014 | 11,084,426 | $ | 2.51 | 3.85 years | $ | 59,517,998 | |||||||||||||||||||||||||
Issued | - | ||||||||||||||||||||||||||||||
Exercised | (921,700 | ) | $ | 2.5 | |||||||||||||||||||||||||||
Expired | - | ||||||||||||||||||||||||||||||
Outstanding and exercisable at March 31, 2015 | 10,162,726 | $ | 2.51 | 3.58 years | $ | 97,654,187 | |||||||||||||||||||||||||
During the three months ended March 31, 2015, the Company received $2,304,250 in cash from the exercise of 921,700 warrants for the purchase of 921,700 shares of its common stock. |
LICENSE_AND_COMMITMENTS
LICENSE AND COMMITMENTS | 3 Months Ended |
Mar. 31, 2015 | |
LICENSE AND COMMITMENTS [Abstract] | |
LICENSE AND COMMITMENTS | NOTE 5. LICENSE AND COMMITMENTS |
National Institutes of Health and the National Cancer Institute | |
Effective August 5, 2011, the Company signed a Cooperative Research and Development Agreement (CRADA) with the National Institutes of Health and the National Cancer Institute (NCI). Under the terms of the five-year cooperative research and development agreement, the Company will work with Dr. Steven A. Rosenberg, M.D., Ph.D., chief of NCI's Surgery Branch, to develop adoptive cell immunotherapies that are designed to destroy metastatic melanoma cells using a patient's tumor infiltrating lymphocytes. | |
The Company initially agreed to pay the NCI $1,000,000 per year ($250,000 per quarter) under the CRADA. On January 22, 2015, the Company executed an amendment (the “Amendment”) to the CRADA to include four new indications. As amended, in addition to metastatic melanoma, the CRADA now also includes the development of TIL therapy for the treatment of patients with bladder, lung, triple-negative breast, and HPV-associated cancers. Under the Amendment, the NCI also has agreed to provide the Company with samples of all tumors covered by the Amendment for performing studies related to improving TIL selection and/or TIL scale-out production and process development. As amended, the annual payments the Company is required to make to the NCI have increased from $1 million to $2 million, to be paid in quarterly installments of $500,000. The Company paid the first quarterly installment of $500,000 in February 2015. Although the CRADA has a five year term, either party to the CRADA has the right to terminate the CRADA upon 60 days' notice to the other party. | |
During the three months ended March 31, 2015 and 2014, the Company recognized $541,667 and $250,000, respectively, of CRADA expenses, which were recorded as part of research and development expenses in the statement of operations. As of December 31, 2014 and March 31, 2015, $250,000 of CRADA expenses were included in the accrued expenses on the accompanying condensed balance sheet. | |
National Institutes of Health | |
Effective October 5, 2011, the Company entered into a Patent License Agreement (the “License Agreement”) with the National Institutes of Health, an agency of the United States Public Health Service within the Department of Health and Human Services (“NIH”). Pursuant to the License Agreement, NIH granted to the Company a non-exclusive worldwide right and license to develop and manufacture certain proprietary autologous tumor infiltrating lymphocyte adoptive cell therapy products for the treatment of metastatic melanoma, ovarian cancer, breast cancer, and colorectal cancer. The License Agreement requires the Company to pay royalties of six percent (6%) of net sales (subject to certain annual minimum royalty payments), a percentage of revenues from sublicensing arrangements, and lump sum benchmark royalty payments on the achievement of certain clinical and regulatory milestones for each of the various indications and other direct cost incurred by NIH pursuant to the agreement. If the Company achieves all benchmarks for metastatic melanoma, up to and including the product's first commercial sale in the United States, the total amount of such benchmark payments will be $6,050,000. The benchmark payments for the other three indications, if all benchmarks are achieved, will be $6,050,000 for ovarian cancer, $12,100,000 for breast cancer, and $12,100,000 for colorectal cancer. Accordingly, if the Company achieves all benchmarks for all four licensed indications, the aggregate amount of benchmark royalty payments that the Company will have to make to NIH will be $36,300,000. | |
On February 9, 2015, the Company entered into an amendment to the License Agreement with the NIH pursuant to which the Company's non-exclusive license to melanoma was converted into an exclusive license. In consideration for the exclusive rights granted under the amendment to the License Agreement, the Company agreed to pay the NIH a non-refundable upfront licensing fee of $350,000, which was recognized as research and development expense during the three months ended March 31, 2015, and included in the balance of accrued expenses at March 31, 2015. The Company also agreed to pay customary royalties based on a percentage of net sales (which percentage is in the mid-single digits), a percentage of revenues from sublicensing arrangements, and lump sum benchmark payments upon the successful completion of the Company's first Phase 2 clinical study, the successful completion of the Company's first Phase 3 clinical study, the receipt of the first FDA approval or foreign equivalent for a licensed product or process resulting from the licensed technologies, the first commercial sale of a licensed product or process in the United States, and the first commercial sale of a licensed product or process in any foreign country. | |
During the three months ended March 31, 2015, there were no net sales subject to certain annual minimum royalty payments or sales that would require us to pay a percentage of revenues from sublicensing arrangements. In addition there were no benchmarks or milestones achieved that would require payment under the lump sum benchmark royalty payments on the achievement of certain clinical and regulatory milestones for each of the various indications. | |
Exclusive License Agreement | |
On July 21, 2014, the Company entered into an Exclusive License Agreement (the “Moffitt License Agreement”), effective as of June 28, 2014, with the H. Lee Moffitt Cancer Center and Research Institute, Inc. (“Moffitt”) under which the Company received an exclusive, world-wide license to Moffitt's rights in and to two patent-pending technologies related to methods for improving tumor-infiltrating lymphocytes for adoptive cell therapy. Unless earlier terminated, the term of the license extends until the earlier of the expiration of the last patent related to the licensed technology or 20 years after the effective date of the license agreement. | |
Pursuant to the Moffitt License Agreement, the Company paid an upfront licensing fee of $25,000, which was recognized as research and development expense during 2014. A patent issuance fee will also be payable under the Moffitt License Agreement, upon the issuance of the first U.S. patent covering the subject technology. In addition, the Company agreed to pay milestone license fees upon completion of specified milestones, customary royalties based on a specified percentage of net sales (which percentage is in the low single digits) and sublicensing payments, as applicable, and annual minimum royalties beginning with the first sale of products based on the licensed technologies, which minimum royalties will be credited against the percentage royalty payments otherwise payable in that year. The Company will also be responsible for all costs associated with the preparation, filing, maintenance and prosecution of the patent applications and patents covered by the Moffitt License Agreement related to the treatment of any cancers in the United States, Europe and Japan and in other countries selected that the Company and Moffitt agreed to. | |
During the three months ended March 31, 2015, there were no net sales subject to certain annual minimum royalty payments or sales that would require us to pay a percentage of revenues from sublicensing arrangements | |
Exclusive Patent License Agreement | |
On February 10, 2015, the Company entered into an exclusive Patent License Agreement with the NIH under which the Company received an exclusive, world-wide license to the NIH's rights in and to two patent-pending technologies related to methods for improving tumor-infiltrating lymphocytes for adoptive cell therapy. The licensed technologies relate to the more potent and efficient production of TIL from melanoma tumors by selecting for T-cell populations that express various inhibitory receptors. Unless terminated sooner, the license shall remain in effect until the last licensed patent right expires. | |
In consideration for the exclusive rights granted under the exclusive Patent License Agreement, the Company agreed to pay the NIH a non-refundable upfront licensing fee of $40,000, which was recognized as research and development expense during the three months ended March 31, 2015, and included in the balance of accrued expenses at March 31, 2015. The Company also agreed to pay customary royalties based on a percentage of net sales (which percentage is in the mid-single digits), a percentage of revenues from sublicensing arrangements, and lump sum benchmark payments upon the successful completion of the Company's first Phase 2 clinical study, the successful completion of the Company's first Phase 3 clinical study, the receipt of the first FDA approval or foreign equivalent for a licensed product or process resulting from the licensed technologies, the first commercial sale of a licensed product or process in the United States, and the first commercial sale of a licensed product or process in any foreign country. | |
During the three months ended March 31, 2015, there were no net sales subject to certain annual minimum royalty payments or sales that would require us to pay a percentage of revenues from sublicensing arrangements. In addition there were no benchmarks or milestones achieved that would require payment under the lump sum benchmark royalty payments on the achievement of certain clinical and regulatory milestones for each of the various indications. | |
Manufacturing Service Agreement | |
In December 2011, the Company entered into a Manufacturing Services Agreement with Lonza Walkersville, Inc. (Lonza) pursuant to which Lonza has agreed to manufacture, package, ship and perform quality assurance and quality control of our TIL therapy. Lonza has commenced developing a commercial-scale manufacturing process for the TIL therapy. The goal is to develop and establish a manufacturing process for the large-scale production of TIL that is in accord with current Good Manufacturing Practices (cGMP). | |
On June 1, 2014 we issued a new statement of work (SOW) to Lonza under the Manufacturing Services Agreement. The total cost for services to be provided under the SOW is approximately $738,000. During 2014, the Company recognized $890,684 of expenses under the Manufacturing Services Agreement with Lonza, which included a $100,000 in upfront costs required under the SOW, and were recorded as part of research and development expenses in 2014. During the three months ended March 31, 2015, the Company recognized $298,071 of expenses under the Manufacturing Services Agreement. | |
Research Collaboration Agreement | |
In September, 2014, we entered into a research collaboration agreement with the H. Lee Moffitt Cancer Center and Research Institute, Inc. to jointly engage in transitional research and development of adoptive tumor-infiltrating lymphocyte cell therapy with improved anti-tumor properties and process. The total obligation under the agreement was $1,432,797, of which $358,199 was paid in 2014. During the three-month period ended March 31, 2015, the Company did not record any expenses related to this research collaboration agreement. |
LEGAL_PROCEEDINGS
LEGAL PROCEEDINGS | 3 Months Ended |
Mar. 31, 2015 | |
LEGAL PROCEEDINGS [Abstract] | |
LEGAL PROCEEDINGS | NOTE 6. LEGAL PROCEEDINGS |
On April 23, 2014, the Company received a subpoena from the Securities Exchange Commission (the “SEC”) that stated that the staff of the SEC is conducting an investigation In the Matter of Galena Biopharma, Inc. File No. HO 12356 (now known as “In the Matter of Certain Stock Promotions”) and that the subpoena was issued to the Company as part of the foregoing investigation. The SEC's subpoena and accompanying letter do not indicate whether the Company is, or is not, under investigation. We have fully cooperated with the SEC and as of November 2014, we had completed production of documents in response to the subpoena. To date, The SEC has not requested any further action from the Company. | |
The subpoena requires the Company to give the SEC, among other materials, all communications between anyone at the Company and certain persons and entities (which include investor-relations firms and persons associated with the investor-relations firms), all documents related to the listed persons and entities, all articles regarding the Company posted on certain equity research or other financial websites, and documents and communications related to individuals who post or have posted articles regarding the Company on equity research or other financial websites. | |
There are no other pending legal proceedings to which the Company is a party or of which its property is the subject. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2015 | |
SUBSEQUENT EVENTS [Abstract] | |
SUBSEQUENT EVENTS | NOTE 7. SUBSEQUENT EVENTS |
Share Issuances | |
In the second quarter of 2015, the Company has received $394,510 in cash from the exercise of warrants for the purchase of 157,804 shares of its common stock. | |
On May 6, 2015, certain stockholders of the Company, including certain members of Board of Directors of the Company and their affiliates, sold 4,750,000 shares of the Company's common stock in an underwritten secondary offering at a price of $10.00 per share. The Company did not sell any shares in the offering and will not receive any of the proceeds from the offering. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES [Abstract] | |
Net Income (Loss) Per Share | Net Income (Loss) Per Share |
Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period, excluding unvested shares of restricted common stock. Shares of restricted stock subject to vesting are included in basic weighted average common shares outstanding from the time they vest. Diluted earnings per share is computed by dividing the net income applicable to common stock holders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued, using the treasury stock method. Potential common shares are excluded from the computation when their effect is antidilutive. When calculating diluted net income per share, shares of restricted stock subject to vesting are included in diluted weighted average common shares outstanding as of their grant date. | |
At March 31, 2015 and 2014, basic and diluted net loss per share are the same as the effect of potentially dilutive securities was antidilutive. At March 31, 2015, potentially dilutive securities include options to acquire 1,907,877 shares of common stock, warrants to acquire 10,162,726 shares of common stock, preferred stock that can be converted into 1,847,000 shares of common stock, and 507,113 shares of non-vested restricted stock. At March 31, 2014, potentially dilutive securities include options to acquire 638,750 shares of common stock, warrants to acquire 12,156,156 shares of common stock, and preferred stock that can be converted into 6,650,000 shares of common stock. | |
Fair Value Measurements | Fair Value Measurements |
The Company uses various inputs in determining the fair value of certain assets and liabilities and measures these on a recurring basis. Financial assets and liabilities recorded at fair value in the balance sheets are categorized by the level of objectivity associated with the inputs used to measure their fair value. Authoritative guidance provided by the Financial Accounting Standards Board (the “FASB”) defines the following levels directly related to the amount of subjectivity associated with the inputs to fair valuation of these financial assets and liabilities: | |
Level 1—Quoted prices in active markets for identical assets or liabilities. | |
Level 2—Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly. | |
Level 3—Unobservable inputs based on the Company's assumptions. | |
At March 31, 2015 and December 31, 2014, the fair value of cash and cash equivalents, accounts payable, and accrued expenses approximate their carrying values based on their short term nature. | |
Use of Estimates | Use of Estimates |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include accounting for potential liabilities and the assumptions made in valuing stock instruments issued for services. | |
Stock-Based Compensation | Stock-Based Compensation |
The Company periodically grants stock options and warrants to employees and non-employees in non-capital raising transactions as compensation for services rendered. The Company accounts for stock option grants to employees based on the authoritative guidance provided by the Financial Accounting Standards Board where the value of the award is measured on the date of grant and recognized over the vesting period. The Company accounts for stock option grants to non-employees in accordance with the authoritative guidance of the Financial Accounting Standards Board where the value of the stock compensation is determined based upon the measurement date at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Non-employee stock-based compensation charges generally are amortized over the vesting period on a straight-line basis. In certain circumstances where there are no future performance requirements by the non-employee, option grants are immediately vested and the total stock-based compensation charge is recorded in the period of the measurement date. | |
The fair value of the Company's common stock option grants is estimated using a Black-Scholes option pricing model, which uses certain assumptions related to risk-free interest rates, expected volatility, expected life of the common stock options, and future dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes option pricing model, and based on actual experience. The assumptions used in the Black-Scholes option pricing model could materially affect compensation expense recorded in future periods. | |
Research and Development | Research and Development |
Research and development costs consist primarily of fees paid to consultants and outside service providers, patent fees and costs, and other expenses relating to the acquisition, design, development and testing of the Company's treatments and product candidates. Research and development costs are expensed as incurred over the life of the underlying contracts on the straight-line basis, unless the achievement of milestones, the completion of contracted work, or other information indicates that a different expensing schedule is more appropriate. The Company reviews the status of its research and development contracts on a quarterly basis. | |
Concentrations | Concentrations |
Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash. | |
The Company maintains cash balances at one bank. As of March 31, 2015, the Company's cash balances were in excess of insured limits maintained at the bank. Management believes that the financial institution that holds the Company's cash is financially sound and, accordingly, minimal credit risk exists. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive revenue recognition standard that will supersede nearly all existing revenue recognition guidance under current U.S. GAAP and replace it with a principle based approach for determining revenue recognition. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. The ASU also will require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2016, however, the FASB has proposed a one-year deferral. Early adoption is not permitted, and either full retrospective adoption or modified retrospective adoption is permitted. The Company is in the process of evaluating the impact of ASU 2014-09 on the Company's financial statements and disclosures. | |
In January 2015, the FASB issued Accounting Standards Update No. 2015-01 (Subtopic 225-20) - Income Statement - Extraordinary and Unusual Items. ASU 2015-01 eliminates the concept of an extraordinary item from GAAP. As a result, an entity will no longer be required to segregate extraordinary items from the results of ordinary operations, to separately present an extraordinary item on its income statement, net of tax, after income from continuing operations or to disclose income taxes and earnings-per-share data applicable to an extraordinary item. However, ASU 2015-01 will still retain the presentation and disclosure guidance for items that are unusual in nature and occur infrequently. ASU 2015-01 is effective for periods beginning after December 15, 2015. Early adoption is permitted. The adoption of ASU 2015-01 is not expected to have a material effect on the Company's consolidated financial statements. | |
Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission (“SEC”) did not or are not believed by management to have a material impact on the Company's present or future financial statements. |
STOCKHOLDERS_EQUITY_Tables
STOCKHOLDERS' EQUITY (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
STOCKHOLDERS' EQUITY [Abstract] | |||||||||
Schedule of Restricted Stock Activity | |||||||||
Number of | Weighted | ||||||||
Shares | Average | ||||||||
Grant Date | |||||||||
Fair Value | |||||||||
Non-vested shares, January 1, 2015 | 579,764 | 6.2 | |||||||
Granted | - | - | |||||||
Vested | (72,651 | ) | 6.2 | ||||||
Forfeited | - | - | |||||||
Non-vested shares, March 31, 2015 | 507,113 | $ | 6.2 | ||||||
STOCK_OPTIONS_AND_WARRANTS_Tab
STOCK OPTIONS AND WARRANTS (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||
STOCK OPTIONS AND WARRANTS [Abstract] | |||||||||||||||||||||||||||||||
Schedule of Status of Stock Options | |||||||||||||||||||||||||||||||
Weighted | Weighted Average | ||||||||||||||||||||||||||||||
Shares | Average | Remaining | Aggregate | ||||||||||||||||||||||||||||
Under | Exercise | Contractual | Intrinsic | ||||||||||||||||||||||||||||
Option | Price | Life | Value | ||||||||||||||||||||||||||||
Outstanding at January 1, 2015 | 1,857,877 | $ | 7.31 | 8.5 years | $ | 2,874,378 | |||||||||||||||||||||||||
Granted | 50,000 | 7.45 | 10 years | 233,000 | |||||||||||||||||||||||||||
Exercised | - | ||||||||||||||||||||||||||||||
Expired/Forfeited | - | ||||||||||||||||||||||||||||||
Outstanding at March 31, 2015 | 1,907,877 | $ | 7.47 | 8.25 | $ | 10,687,637 | |||||||||||||||||||||||||
Exercisable at March 31, 2015 | 405,412 | $ | 10.48 | $ | 4,708,718 | ||||||||||||||||||||||||||
Schedule of Status of Stock Warrants | |||||||||||||||||||||||||||||||
Weighted | Weighted Average | ||||||||||||||||||||||||||||||
Shares | Average | Remaining | Aggregate | ||||||||||||||||||||||||||||
Under | Exercise | Contractual | Intrinsic | ||||||||||||||||||||||||||||
Warrants | Price | Life | Value | ||||||||||||||||||||||||||||
Outstanding at December 31, 2014 | 11,084,426 | $ | 2.51 | 3.85 years | $ | 59,517,998 | |||||||||||||||||||||||||
Issued | - | ||||||||||||||||||||||||||||||
Exercised | (921,700 | ) | $ | 2.5 | |||||||||||||||||||||||||||
Expired | - | ||||||||||||||||||||||||||||||
Outstanding and exercisable at March 31, 2015 | 10,162,726 | $ | 2.51 | 3.58 years | $ | 97,654,187 |
GENERAL_ORGANIZATION_AND_BUSIN1
GENERAL ORGANIZATION AND BUSINESS (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2014 | Nov. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
GENERAL ORGANIZATION AND BUSINESS [Abstract] | |||||||
Stockholders' Equity, Reverse Stock Split | 1-for-100 | ||||||
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 | 150,000,000 | ||||
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 | 50,000,000 | ||||
Preferred Stock, Par or Stated Value Per Share | $0.00 | $0.00 | $0.00 | ||||
Net Income (Loss) Attributable to Parent | $5,298,059 | $2,259,514 | |||||
Net Cash Provided by (Used in) Operating Activities | 3,458,649 | ||||||
Cash and Cash Equivalents, at Carrying Value | 44,909,147 | 111,280,443 | 17,943,877 | 44,909,147 | 19,672,177 | ||
Stockholders' Equity Attributable to Parent | 44,845,087 | 111,626,869 | 44,845,087 | ||||
Working Capital | 109,498,609 | ||||||
Stock Issued During Period, Shares, New Issues | 9,200,000 | 6,000,000 | |||||
Share Price | $5.75 | $8 | $5.75 | ||||
Proceeds from Issuance of Common Stock | 32,200,000 | 68,307,838 | 68,300,000 | ||||
Proceeds from Issuance of Private Placement | $23,300,000 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Equity Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,907,877 | 638,750 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 10,162,726 | 12,156,156 |
Convertible Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,847,000 | 6,650,000 |
Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 507,113 |
STOCKHOLDERS_EQUITY_Narrative_
STOCKHOLDERS' EQUITY (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Class of Stock [Line Items] | ||||
Shares issued during period | 9,200,000 | 6,000,000 | ||
Share price | $5.75 | $8 | $5.75 | |
Proceeds from the issuance of common stock, net | $32,200,000 | $68,307,838 | $68,300,000 | |
Conversion of Stock, Shares Issued | 1,000,000 | |||
Conversion of Stock, Shares Converted | 2,000 | |||
Granted | ||||
Share-based compensation | 1,017,308 | 901,650 | ||
Restricted Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Granted | 782,500 | |||
Vesting period | 3 years | |||
Nonvested, fair value | 4,851,590 | 4,851,590 | ||
Share-based compensation | 1,256,985 | |||
Vested, fair value | 450,445 | |||
Unrecognized compensation cost | $3,144,160 | |||
Series A Convertible Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Conversion of Stock, Shares Converted | 500 |
STOCKHOLDERS_EQUITY_Schedule_o
STOCKHOLDER'S EQUITY (Schedule of Restricted Stock Activity) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Number of Shares | |
Non-vested shares, January 1, 2015 | 579,764 |
Granted | |
Vested | -72,651 |
Forfeited | |
Non-vested shares, March 31, 2015 | 507,113 |
Weighted Average Grant Date Fair Value | |
Non-vested shares, January 1, 2015 | $6.20 |
Granted | |
Vested | $6.20 |
Forfeited | |
Non-vested shares, March 31, 2015 | $6.20 |
STOCK_OPTIONS_AND_WARRANTS_Nar
STOCK OPTIONS AND WARRANTS (Narrative) (Details) (USD $) | 3 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 29, 2010 | Apr. 10, 2015 | Nov. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation | $1,017,308 | $901,650 | |||
Unrecognized compensation cost | 8,665,475 | ||||
Proceeds from warrant exercises | 2,304,250 | ||||
Warrant [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Purchase of common stock | 921,700 | ||||
2010 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized | 35,000 | ||||
2014 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized | 4,000,000 | 2,350,000 | |||
Number of additional shares authorized | 1,650,000 | ||||
Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost, period for recognition | 9 months | ||||
Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost, period for recognition | 5 years | ||||
Director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted | 50,000 | ||||
Granted, exercise price | $7.45 | ||||
Fair value of options | $369,000 | ||||
Expected volatility | 213.00% | ||||
Discount rate | 1.37% | ||||
Expected dividend yield | 0.00% | ||||
Expected life | 6 years | ||||
Director [Member] | Vesting First [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted | 12,500 |
STOCK_OPTIONS_AND_WARRANTS_Sch
STOCK OPTIONS AND WARRANTS (Schedule of Status of Stock Options) (Details) (Employee Stock Option [Member], USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Employee Stock Option [Member] | ||
Shares Under Option | ||
Outstanding beginning balance | 1,857,877 | |
Granted | 50,000 | |
Exercised | ||
Expired/Forfeited | ||
Outstanding ending balance | 1,907,877 | 1,857,877 |
Exercisable ending balance | 405,412 | |
Weighted Average Exercise Price | ||
Outstanding beginning balance | $7.31 | |
Granted | $7.45 | |
Outstanding ending balance | $7.47 | $7.31 |
Exercisable ending balance | $10.48 | |
Weighted Average Remaining Contractual Life | ||
Outstanding | 8 years 3 months | 8 years 6 months |
Granted | 10 years | |
Aggregate Intrinsic Value | ||
Outstanding beginning balance | $2,874,378 | |
Granted | 233,000 | |
Outstanding ending balance | 10,687,637 | 2,874,378 |
Exercisable Balance | $4,708,718 |
STOCK_OPTIONS_AND_WARRANTS_Sch1
STOCK OPTIONS AND WARRANTS (Schedule of Status of Stock Warrants) (Details) (Warrant [Member], USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Warrant [Member] | ||
Shares Under Warrants | ||
Outstanding beginning balance | 11,084,426 | |
Issued | ||
Exercised | -921,700 | |
Outstanding ending balance | 10,162,726 | 11,084,426 |
Exercisable ending balance | 10,162,726 | |
Weighted Average Exercise Price | ||
Outstanding beginning balance | $2.51 | |
Exercised | $2.50 | |
Outstanding ending balance | $2.51 | $2.51 |
Exercisable ending balance | $2.51 | |
Weighted Average Remaining Contractual Life | ||
Outstanding | 3 years 6 months 29 days | 3 years 10 months 6 days |
Exercisable ending balance | 3 years 6 months 29 days | |
Aggregate Intrinsic Value | ||
Outstanding beginning balance | $59,517,998 | |
Outstanding ending balance | $97,654,187 | $59,517,998 |
LICENSE_AND_COMMITMENTS_Detail
LICENSE AND COMMITMENTS (Details) (USD $) | 3 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Feb. 28, 2015 | |
License And Commitments [Line Items] | |||||
Accrued liabilities | $717,847 | $327,847 | |||
Research and development expense | 2,011,033 | 302,662 | |||
Estimated benchmark payments | 36,300,000 | ||||
Ovarian Cancer [Member] | |||||
License And Commitments [Line Items] | |||||
Estimated benchmark payments | 6,050,000 | ||||
Breast Cancer [Member] | |||||
License And Commitments [Line Items] | |||||
Estimated benchmark payments | 12,100,000 | ||||
Colorectal Cancer [Member] | |||||
License And Commitments [Line Items] | |||||
Estimated benchmark payments | 12,100,000 | ||||
Melanoma [Member] | |||||
License And Commitments [Line Items] | |||||
Estimated benchmark payments | 6,050,000 | ||||
Moffitt License Agreement | |||||
License And Commitments [Line Items] | |||||
Purchase commitment | 1,432,797 | ||||
Research and development expense | 358,199 | 25,000 | |||
Manufacturing Service Agreement [Member] | |||||
License And Commitments [Line Items] | |||||
Purchase commitment | 738,000 | ||||
Research and development expense | 298,071 | 890,684 | |||
Upfront license fee | 100,000 | ||||
Crada [Member] | |||||
License And Commitments [Line Items] | |||||
Accrued liabilities | 250,000 | ||||
Research and development expense | 541,667 | 250,000 | 500,000 | ||
Crada [Member] | Per Quarter [Member] | |||||
License And Commitments [Line Items] | |||||
Purchase commitment | 250,000 | ||||
Crada [Member] | Per Year [Member] | |||||
License And Commitments [Line Items] | |||||
Purchase commitment | 1,000,000 | ||||
NCI [Member] | Per Quarter [Member] | |||||
License And Commitments [Line Items] | |||||
Purchase commitment | 500,000 | ||||
NCI [Member] | Per Year [Member] | |||||
License And Commitments [Line Items] | |||||
Purchase commitment | 2,000,000 | 1,000,000 | |||
NIH [Member] | |||||
License And Commitments [Line Items] | |||||
Percentage of royalty on sales | 6.00% | ||||
Research and development expense | 40,000 | ||||
Upfront license fee | $350,000 |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | 11-May-15 | 6-May-15 | |
Subsequent Event [Line Items] | ||||
Proceeds from warrant exercises | $2,304,250 | |||
Shares issued during period | 9,200,000 | 6,000,000 | ||
Warrant [Member] | ||||
Subsequent Event [Line Items] | ||||
Purchase of common stock | 921,700 | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Proceeds from warrant exercises | $394,510 | |||
Shares issued during period | 4,750,000 | |||
Price per share | $10 | |||
Subsequent Event [Member] | Warrant [Member] | ||||
Subsequent Event [Line Items] | ||||
Purchase of common stock | 157,804 |