Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 07, 2015 | |
Document Information [Line Items] | ||
Entity Registrant Name | Lion Biotechnologies, Inc. | |
Entity Central Index Key | 1,425,205 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 47,191,900 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,015 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Current Assets | ||
Cash and cash equivalents | $ 12,556,290 | $ 44,909,147 |
Money market funds | 7,476,855 | |
Short-term investments available for sale | 92,302,982 | |
Prepaid expenses and deposits | 378,409 | $ 66,134 |
Total Current Assets | 112,714,536 | 44,975,281 |
Property and equipment, net of accumulated depreciation of $529,866 and $104,223 | 2,025,056 | 1,531,566 |
Total Assets | 114,739,592 | 46,506,847 |
Current Liabilities | ||
Accounts payable | 1,156,922 | 1,248,413 |
Accrued expenses | 623,774 | 327,847 |
Accrued payable to officers and former directors | 85,500 | 85,500 |
Total Current Liabilities | $ 1,866,196 | $ 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, 47,140,195 and 33,750,188 shares issued and outstanding, respectively | 1,964 | 1,407 |
Common stock to be issued, 303,125 shares | 245,153 | $ 245,153 |
Accumulated other comprehensive income | 21,704 | |
Additional paid-in capital | 200,832,015 | $ 121,160,415 |
Accumulated deficit | (88,227,444) | (76,561,894) |
Total Stockholders' Equity | 112,873,396 | 44,845,087 |
Total Liabilities and Stockholders' Equity | $ 114,739,592 | $ 46,506,847 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Condensed Balance Sheets [Abstract] | ||
Property and equipment, accumulated depreciation | $ 529,866 | $ 104,223 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
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) | $ 0.000041666 | $ 0.000041666 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 47,140,195 | 33,750,188 |
Common stock, shares outstanding | 47,140,195 | 33,750,188 |
Common stock to be issued shares | 303,125 | 303,125 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Condensed Statements of Operations [Abstract] | |||||
Revenues | |||||
Costs and expenses | |||||
Operating expenses | [1] | $ 2,384,537 | $ 1,616,175 | $ 4,897,154 | $ 3,154,233 |
Research and development | [2] | 4,055,688 | 493,994 | 6,841,131 | 1,215,450 |
Total costs and expenses | 6,440,225 | 2,110,169 | 11,738,285 | 4,369,683 | |
Loss from operations | (6,440,225) | $ (2,110,169) | (11,738,285) | $ (4,369,683) | |
Other income (expense) | |||||
Interest income | 72,735 | 72,735 | |||
Net Loss | $ (6,367,490) | $ (2,110,169) | $ (11,665,550) | $ (4,369,683) | |
Net Loss Per Share, Basic and Diluted | $ (0.14) | $ (0.09) | $ (0.28) | $ (0.19) | |
Weighted-Average Common Shares Outstanding, Basic and Diluted | 45,082,176 | 24,137,782 | 41,413,501 | 22,502,761 | |
[1] | Includes $1,114,224, $460,884, $1,805,272, and $1,229,767, respectively, in stock-based compensation costs | ||||
[2] | Includes $809,486, $418,794, $1,583,895, and $551,561, respectively, in stock-based compensation costs |
Condensed Statements of Operat5
Condensed Statements of Operations (Parenthetical) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Operating Expense [Member] | ||||
Share-based Compensation | $ 1,114,224 | $ 460,884 | $ 1,805,272 | $ 1,229,767 |
Research and Development Expense [Member] | ||||
Share-based Compensation | $ 809,486 | $ 418,794 | $ 1,583,895 | $ 551,561 |
Condensed Statements of Compreh
Condensed Statements of Comprehensive Loss - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Loss | $ (6,367,490) | $ (2,110,169) | $ (11,665,550) | $ (4,369,683) |
Other comprehensive income: | ||||
Unrealized gain on short-term investments | 21,704 | 21,704 | ||
Comprehensive Loss | $ (6,345,786) | $ (2,110,169) | $ (11,643,846) | $ (4,369,683) |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity - 6 months ended Jun. 30, 2015 - USD ($) | Total | Preferred Stock [Member] | Common Stock [Member] | Common Stock To Be Issued [Member] | Additional Paid-In Capital [Member] | Comprehensive Income [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 | 2,301,297 | 2,301,297 | |||||
Common stock issued upon exercise of warrants | $ 7,975,150 | $ 132 | 7,975,018 | ||||
Common stock issued upon exercise of warrants (in shares) | 3,190,007 | ||||||
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 public offering, net of offering costs | $ 68,307,838 | $ 383 | 68,307,455 | ||||
Common stock sold in public offering, net of offering costs (in shares) | 9,200,000 | ||||||
Vesting of restricted shares issued for services | 1,087,870 | 1,087,870 | |||||
Unrealized gain on short-term investments | 21,704 | $ 21,704 | |||||
Net loss | (11,665,550) | (11,665,550) | |||||
Balance at Jun. 30, 2015 | $ 112,873,396 | $ 4 | $ 1,964 | $ 245,153 | $ 200,832,015 | $ 21,704 | $ (88,227,444) |
Balance (in shares) at Jun. 30, 2015 | 3,694 | 47,140,195 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash Flows From Operating Activities | ||
Net loss | $ (11,665,550) | $ (4,369,683) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 425,643 | 17,728 |
Fair value of vested stock options | 2,301,297 | 1,340,601 |
Vesting of restricted shares issued for services | 1,087,870 | 440,754 |
Changes in assets and liabilities: | ||
Prepaid expenses and deposits | (312,275) | 94,506 |
Accounts payable and accrued expenses | 204,436 | (1,113,460) |
Net cash used in operating activities | (7,958,579) | $ (3,589,554) |
Cash Flows From Investing Activities | ||
Increase in money market funds | (7,476,855) | |
Purchase of short-term investments | (96,281,278) | |
Maturities of short-term investments | 4,000,000 | |
Purchases of property and equipment | (919,133) | $ (5,742) |
Net cash used in investing activities | (100,677,266) | (5,742) |
Cash Flows From Financing Activities | ||
Proceeds from the issuance of common stock upon exercise of warrants | 7,975,150 | $ 2,363,480 |
Proceeds from the issuance of common stock, net | 68,307,838 | |
Net cash provided by financing activities | 76,282,988 | $ 2,363,480 |
Net Decrease In Cash And Cash Equivalents | (32,352,857) | (1,231,816) |
Cash and Cash Equivalents, Beginning of Period | 44,909,147 | 19,672,177 |
Cash and Cash Equivalents, End of Period | 12,556,290 | $ 18,440,361 |
Supplemental Disclosures of Cash Flow Information: | ||
Common stock issued upon conversion of preferred stock | $ 42 |
GENERAL ORGANIZATION AND BUSINE
GENERAL ORGANIZATION AND BUSINESS | 6 Months Ended |
Jun. 30, 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 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. Basis of Presentation of Unaudited Condensed Financial Information The unaudited condensed financial statements of the Company for the six month ended June 30, 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 $ 11,665,000 7,959,000 112,336,000 112,873,000 110,848,000 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 June 30, 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 8.00 68.3 6,000,000 5.75 32.2 23.3 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES | 6 Months Ended |
Jun. 30, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of 90 days or less when purchased to be cash equivalents. The carrying amounts reported in the Balance Sheets for cash and cash equivalents are valued at cost, which approximates their fair value. Short-term Investments The Company's short-term investments represent available for sale securities and are recorded at fair value and unrealized gains and losses are recorded within accumulated other comprehensive income (loss). The estimated fair value of the available for sale securities is determined based on quoted market prices or rates for similar instruments. In addition, the cost of debt securities in this category is adjusted for amortization of premium and accretion of discount to maturity. The Company evaluates securities with unrealized losses to determine whether such losses, if any, are other than 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 June 30, 2015 and 2014, basic and diluted net loss per share are the same, as the effect of potentially dilutive securities was antidilutive. At June 30, 2015, potentially dilutive securities include options to acquire 2,238,877 7,894,419 1,847,000 591,500 868,750 11,427,764 2,847,000 Fair Value Measurements Under FASB ASC 820, Fair Value Measurements and Disclosures Assets and liabilities recorded at fair value in our financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, are as follows: Level 1Inputs are unadjusted, quoted prices in active markets for identical assets at the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. The fair valued assets we hold that are generally included under this Level 1 are money market securities where fair value is based on publicly quoted prices. Level 2Are inputs, other than quoted prices included in Level 1, that are either directly or indirectly observable for the asset or liability through correlation with market data at the reporting date and for the duration of the instrument's anticipated life. The fair valued assets we hold that are generally assessed under Level 2 corporate bonds and commercial paper. We utilize third party pricing services in developing fair value measurements where fair value is based on valuation methodologies such as models using observable market inputs, including benchmark yields, reported trades, broker/dealer quotes, bids, offers and other reference data. We use quotes from external pricing service providers and other on-line quotation systems to verify the fair value of investments provided by our third party pricing service providers. We review independent auditor's reports from our third party pricing service providers particularly regarding the controls over pricing and valuation of financial instruments and ensure that our internal controls address certain control deficiencies, if any, and complementary user entity controls are in place. Level 3Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities and which reflect management's best estimate of what market participants would use in pricing the asset or liability at the reporting date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. We do not have fair valued assets classified under Level 3. Fair Value on a Recurring Basis Financial assets measured at fair value on a recurring basis are categorized in the tables below based upon the lowest level of significant input to the valuations: Assets at Fair Value as of June 30, 2015 Level 1 Level 2 Level 3 Total Money market funds $ 7,476,855 $ $ $ 7,476,855 Corporate debt securities 92,302,982 92,302,982 Total $ 7,476,855 $ 92,302,982 $ $ 99,779,837 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 and short-term investments. The Company maintains cash balances at more than one bank. As of June 30, 2015, the Company's cash balances were in excess of insured limits maintained at these banks. Management believes that the financial institutions that hold the Company's cash are financially sound and, accordingly, minimal credit risk exists. At June 30, 2015, the Company's short-term investments were invested in short-term fixed income debt securities of domestic and foreign high credit issuers and in money market funds. The Company's investment policy limits investments to certain types of instruments such as certificates of deposit, money market instruments, obligations issued by the U.S. government and U.S. government agencies as well as corporate debt securities, and places restrictions on maturities and concentration by type and issuer. At June 30, 2015, approximately 53 27 20 Comprehensive Income (Loss) Components of comprehensive income or loss, including net income or loss, are reported in the financial statements in the period in which they are recognized. Comprehensive income or loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources. Net income (loss) and other comprehensive income (loss) are reported net of any related tax effect to arrive at comprehensive income (loss). For the three and six months ended June 30, 2015, the Company recorded comprehensive income of $ 21,704 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, 2017. Early adoption is permitted in annual reporting periods beginning after December 15, 2016, and the interim periods within that year, 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 June 2014, the FASB issued Accounting Standards Update No. 2014-12, Compensation Stock Compensation (Topic 718). The pronouncement was issued to clarify the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The pronouncement is effective for reporting periods beginning after December 15, 2015. The adoption of ASU 2014-12 is not expected to have a significant impact on the Company's consolidated financial position or results of operations. In November 2014, the FASB issued Accounting Standards Update No. 2014-16, Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity. The amendments in ASU 2014-6 do not change the current criteria in U.S. GAAP for determining when separation of certain embedded derivative features in a hybrid financial instrument is required. The amendments clarify that an entity should consider all relevant terms and features, including the embedded derivative feature being evaluated for bifurcation, in evaluating the nature of the host contract. ASU 2014-6 applies to all entities that are issuers of, or investors in, hybrid financial instruments that are issued in the form of a share and is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company is currently evaluating the impact the adoption of ASU 2014-16 on the Company's financial statements and disclosures. 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 did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements. Reclassifications In presenting the Company's statement of operations for the three and six month periods ended June 30, 2014, the Company has reclassified $ 551,561 132,767 |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 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 8.00 68.3 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 10.00 Issuance of common stock upon conversion of preferred stock During the six month ended June 30, 2015, the Company issued 1,000,000 2,000 500 Common stock with vesting terms During 2014, the Company granted 782,500 three 5,080,090 1,256,985 1,087,870 2,948,985 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 Shares Weighted Average Grant Date Fair Value Non-vested shares, January 1, 2015 742,500 $ 6.98 Granted - - Vested (126,000 ) 6.55 Forfeited (25,000 ) 8.55 Non-vested shares, June 30, 2015 591,500 $ 6.90 |
STOCK OPTIONS AND WARRANTS
STOCK OPTIONS AND WARRANTS | 6 Months Ended |
Jun. 30, 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 June 30, 2015, and the changes during the six 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 8.2 $ 2,874,378 Granted 452,250 10.39 10.0 102,050 Exercised - - - - Expired/Forfeited (71,250 ) 7.26 9.20 27,125 Outstanding at June 30, 2015 2,238,877 $ 8.06 8.12 $ 5,052,068 Exercisable at June 30, 2015 760,725 $ 8.96 6.91 $ 2,107,877 During the six months ended June 30, 2015, the Company granted options to purchase 452,250 one three 4,701,113 218 1.57 zero 6 During the six months ended June 30, 2015 and 2014, the Company recorded compensation costs of $ 2,301,297 1,340,601 11,196,570 six three On March 29, 2010, the Company's Board of Directors adopted the Genesis Biopharma, Inc. 2010 35,000 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 qualified 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 1,650,000 4,000,000 Warrants A summary of the status of stock warrants at June 30, 2015, and the changes during the six month 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 $ 59,517,998 Issued - Exercised (3,190,007 ) $ 2.50 Expired - - Outstanding and exercisable at June 30, 2015 7,894,419 $ 2.51 3.33 $ 52,655,775 During the six months ended June 30, 2015, the Company received $ 7,975,150 3,190,007 |
LICENSE AND COMMITMENTS
LICENSE AND COMMITMENTS | 6 Months Ended |
Jun. 30, 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 $ 1,000,000 250,000 1 2 500,000 500,000 500,000 During the six months ended June 30, 2015 and 2014, the Company recognized $ 1,041,667 500,000 250,000 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 based on a percentage of net sales (which percentage is in the mid-single digits and 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. 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 During the six months ended June 30, 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 During the six months ended June 30, 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 During the six months ended June 30, 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 accordance with current Good Manufacturing Practices (cGMP). During 2015, we issued an additional statements of work (SOW) to Lonza under the Manufacturing Services Agreement. The total cost for services to be provided under the SOW is $ 1,361,095 1,107,453 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 $ 1,432,797 358,199 358,199 |
CASH, MONEY MARKET FUNDS, AND S
CASH, MONEY MARKET FUNDS, AND SHORT-TERM INVESTMENTS | 6 Months Ended |
Jun. 30, 2015 | |
CASH, MONEY MARKET FUNDS, AND SHORT-TERM INVESTMENTS [Abstract] | |
CASH, MONEY MARKET FUNDS, AND SHORT-TERM INVESTMENTS | NOTE 6. CASH, MONEY MARKET FUNDS, AND SHORT-TERM INVESTMENTS Cash, money market funds, and short-term investments consist of the following; June 30, (unaudited) December 31, Checking and savings accounts (reported as cash and cash equivalents) $ 12,556,290 $ 44,909,147 Money market funds 7,476,855 - Corporate debt securities (reported as short-term investments) 92,302,982 - $ 112,336,127 $ 44,909,147 Money market funds and short-term investments include the following securities with gross unrealized gains and losses: Gross Gross Amortized Unrealized Unrealized June 30, 2015 Cost Gains Losses Fair Value Money market funds $ 7,476,855 $ - $ - $ 7,476,855 Corporate debt securities 92,281,278 21,704 - 92,302,982 Total $ 99,758,133 $ 21,704 - $ 99,779,837 As of June 30, 2015, the contractual maturities of our money market funds and short-term investments were: Within One Year Money market funds $ 7,476,855 Corporate debt securities 92,302,982 $ 99,779,837 At June 30, 2015, the Company's short-term investments were invested in short-term fixed income debt securities and notes of domestic and foreign high credit issuers and in money market funds. The Company's investment policy limits investments to certain types of instruments such as certificates of deposit, money market instruments, obligations issued by the U.S. government and U.S. government agencies as well as corporate debt securities, and places restrictions on maturities and concentration by type and issuer. At June 30, 2015, the Company's short-term investments totaled $ 92.3 53 27 20 124 7.5 |
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS | 6 Months Ended |
Jun. 30, 2015 | |
LEGAL PROCEEDINGS [Abstract] | |
LEGAL PROCEEDINGS | NOTE 7. 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 The subpoena required 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 | 6 Months Ended |
Jun. 30, 2015 | |
SUBSEQUENT EVENTS [Abstract] | |
SUBSEQUENT EVENTS | NOTE 8. SUBSEQUENT EVENTS Share Issuances In the third quarter of 2015, the Company has received $ 129,263 51,705 |
SUMMARY OF SIGNIFICANT ACCOUN17
SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of 90 days or less when purchased to be cash equivalents. The carrying amounts reported in the Balance Sheets for cash and cash equivalents are valued at cost, which approximates their fair value. |
Short-term Investments | Short-term Investments The Company's short-term investments represent available for sale securities and are recorded at fair value and unrealized gains and losses are recorded within accumulated other comprehensive income (loss). The estimated fair value of the available for sale securities is determined based on quoted market prices or rates for similar instruments. In addition, the cost of debt securities in this category is adjusted for amortization of premium and accretion of discount to maturity. The Company evaluates securities with unrealized losses to determine whether such losses, if any, are other than |
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 June 30, 2015 and 2014, basic and diluted net loss per share are the same, as the effect of potentially dilutive securities was antidilutive. At June 30, 2015, potentially dilutive securities include options to acquire 2,238,877 7,894,419 1,847,000 591,500 868,750 11,427,764 2,847,000 |
Fair Value Measurements | Fair Value Measurements Under FASB ASC 820, Fair Value Measurements and Disclosures Assets and liabilities recorded at fair value in our financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, are as follows: Level 1Inputs are unadjusted, quoted prices in active markets for identical assets at the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. The fair valued assets we hold that are generally included under this Level 1 are money market securities where fair value is based on publicly quoted prices. Level 2Are inputs, other than quoted prices included in Level 1, that are either directly or indirectly observable for the asset or liability through correlation with market data at the reporting date and for the duration of the instrument's anticipated life. The fair valued assets we hold that are generally assessed under Level 2 corporate bonds and commercial paper. We utilize third party pricing services in developing fair value measurements where fair value is based on valuation methodologies such as models using observable market inputs, including benchmark yields, reported trades, broker/dealer quotes, bids, offers and other reference data. We use quotes from external pricing service providers and other on-line quotation systems to verify the fair value of investments provided by our third party pricing service providers. We review independent auditor's reports from our third party pricing service providers particularly regarding the controls over pricing and valuation of financial instruments and ensure that our internal controls address certain control deficiencies, if any, and complementary user entity controls are in place. Level 3Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities and which reflect management's best estimate of what market participants would use in pricing the asset or liability at the reporting date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. We do not have fair valued assets classified under Level 3. |
Fair Value on a Recurring Basis | Fair Value on a Recurring Basis Financial assets measured at fair value on a recurring basis are categorized in the tables below based upon the lowest level of significant input to the valuations: Assets at Fair Value as of June 30, 2015 Level 1 Level 2 Level 3 Total Money market funds $ 7,476,855 $ $ $ 7,476,855 Corporate debt securities 92,302,982 92,302,982 Total $ 7,476,855 $ 92,302,982 $ $ 99,779,837 |
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 and short-term investments. The Company maintains cash balances at more than one bank. As of June 30, 2015, the Company's cash balances were in excess of insured limits maintained at these banks. Management believes that the financial institutions that hold the Company's cash are financially sound and, accordingly, minimal credit risk exists. At June 30, 2015, the Company's short-term investments were invested in short-term fixed income debt securities of domestic and foreign high credit issuers and in money market funds. The Company's investment policy limits investments to certain types of instruments such as certificates of deposit, money market instruments, obligations issued by the U.S. government and U.S. government agencies as well as corporate debt securities, and places restrictions on maturities and concentration by type and issuer. At June 30, 2015, approximately 53 27 20 |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Components of comprehensive income or loss, including net income or loss, are reported in the financial statements in the period in which they are recognized. Comprehensive income or loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources. Net income (loss) and other comprehensive income (loss) are reported net of any related tax effect to arrive at comprehensive income (loss). For the three and six months ended June 30, 2015, the Company recorded comprehensive income of $ 21,704 |
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, 2017. Early adoption is permitted in annual reporting periods beginning after December 15, 2016, and the interim periods within that year, 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 June 2014, the FASB issued Accounting Standards Update No. 2014-12, Compensation Stock Compensation (Topic 718). The pronouncement was issued to clarify the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The pronouncement is effective for reporting periods beginning after December 15, 2015. The adoption of ASU 2014-12 is not expected to have a significant impact on the Company's consolidated financial position or results of operations. In November 2014, the FASB issued Accounting Standards Update No. 2014-16, Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity. The amendments in ASU 2014-6 do not change the current criteria in U.S. GAAP for determining when separation of certain embedded derivative features in a hybrid financial instrument is required. The amendments clarify that an entity should consider all relevant terms and features, including the embedded derivative feature being evaluated for bifurcation, in evaluating the nature of the host contract. ASU 2014-6 applies to all entities that are issuers of, or investors in, hybrid financial instruments that are issued in the form of a share and is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company is currently evaluating the impact the adoption of ASU 2014-16 on the Company's financial statements and disclosures. 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 did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements. |
Reclassifications | Reclassifications In presenting the Company's statement of operations for the three and six month periods ended June 30, 2014, the Company has reclassified $ 551,561 132,767 |
SUMMARY OF SIGNIFICANT ACCOUN18
SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES [Abstract] | |
Schedule of Assets Measured at Fair Value | Assets at Fair Value as of June 30, 2015 Level 1 Level 2 Level 3 Total Money market funds $ 7,476,855 $ $ $ 7,476,855 Corporate debt securities 92,302,982 92,302,982 Total $ 7,476,855 $ 92,302,982 $ $ 99,779,837 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
STOCKHOLDERS' EQUITY [Abstract] | |
Schedule of Restricted Stock Activity | Number of Shares Weighted Average Grant Date Fair Value Non-vested shares, January 1, 2015 742,500 $ 6.98 Granted - - Vested (126,000 ) 6.55 Forfeited (25,000 ) 8.55 Non-vested shares, June 30, 2015 591,500 $ 6.90 |
STOCK OPTIONS AND WARRANTS (Tab
STOCK OPTIONS AND WARRANTS (Tables) | 6 Months Ended |
Jun. 30, 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 8.2 $ 2,874,378 Granted 452,250 10.39 10.0 102,050 Exercised - - - - Expired/Forfeited (71,250 ) 7.26 9.20 27,125 Outstanding at June 30, 2015 2,238,877 $ 8.06 8.12 $ 5,052,068 Exercisable at June 30, 2015 760,725 $ 8.96 6.91 $ 2,107,877 |
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 $ 59,517,998 Issued - Exercised (3,190,007 ) $ 2.50 Expired - - Outstanding and exercisable at June 30, 2015 7,894,419 $ 2.51 3.33 $ 52,655,775 |
CASH, MONEY MARKET FUNDS, AND21
CASH, MONEY MARKET FUNDS, AND SHORT-TERM INVESTMENTS (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
CASH, MONEY MARKET FUNDS, AND SHORT-TERM INVESTMENTS [Abstract] | |
Schedule of Cash, Money Market Funds and Short-Term Investments | June 30, (unaudited) December 31, Checking and savings accounts (reported as cash and cash equivalents) $ 12,556,290 $ 44,909,147 Money market funds 7,476,855 - Corporate debt securities (reported as short-term investments) 92,302,982 - $ 112,336,127 $ 44,909,147 |
Schedule of Unrealized Gains and Losses | Gross Gross Amortized Unrealized Unrealized June 30, 2015 Cost Gains Losses Fair Value Money market funds $ 7,476,855 $ - $ - $ 7,476,855 Corporate debt securities 92,281,278 21,704 - 92,302,982 Total $ 99,758,133 $ 21,704 - $ 99,779,837 |
Schedule of Contractual Maturities | Within One Year Money market funds $ 7,476,855 Corporate debt securities 92,302,982 $ 99,779,837 |
GENERAL ORGANIZATION AND BUSI22
GENERAL ORGANIZATION AND BUSINESS (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
May. 06, 2015 | Mar. 03, 2015 | Dec. 22, 2014 | Nov. 05, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
GENERAL ORGANIZATION AND BUSINESS [Abstract] | |||||||||
Net loss | $ (6,367,490) | $ (2,110,169) | $ (11,665,550) | $ (4,369,683) | |||||
Net cash used in operating activities | (7,958,579) | $ (3,589,554) | |||||||
Cash, money market funds and short-term investments | 112,336,127 | 112,336,127 | $ 44,909,147 | ||||||
Stockholder's equity | 112,873,396 | 112,873,396 | $ 44,845,087 | ||||||
Working capital | $ 110,848,000 | 110,848,000 | |||||||
Shares issued during period | 4,750,000 | 9,200,000 | 6,000,000 | ||||||
Share price | $ 10 | $ 8 | $ 5.75 | ||||||
Proceeds from the issuance of common stock, net | $ 32,200,000 | $ 68,307,838 | |||||||
Proceeds from issuance of private placement | $ 23,300,000 |
SUMMARY OF SIGNIFICANT ACCOUN23
SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Concentration Risk [Line Items] | ||||
Unrealized gain on short-term investments | $ 21,704 | $ 21,704 | ||
Stock-based compensation cost reclassified | $ 551,561 | $ 132,767 | ||
Equity Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,238,877 | 868,750 | ||
Warrant [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 7,894,419 | 11,427,764 | ||
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 | 2,847,000 | ||
Restricted Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 591,500 | |||
Five Companies [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 53.00% | |||
Various Other Domestic Issuers [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 27.00% | |||
Foreign Issuer [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 20.00% |
SUMMARY OF SIGNIFICANT ACCOUN24
SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES (Schedule of Assets Measured at Fair Value) (Details) - Fair Value, Measurements, Recurring [Member] | Jun. 30, 2015USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, fair value | $ 99,779,837 |
Money Market Funds [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, fair value | 7,476,855 |
Corporate Debt Securities [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, fair value | 92,302,982 |
Fair Value, Inputs, Level 1 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, fair value | 7,476,855 |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, fair value | $ 7,476,855 |
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, fair value | |
Fair Value, Inputs, Level 2 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, fair value | $ 92,302,982 |
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, fair value | |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, fair value | $ 92,302,982 |
Fair Value, Inputs, Level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, fair value | |
Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, fair value | |
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, fair value |
STOCKHOLDERS' EQUITY (Narrative
STOCKHOLDERS' EQUITY (Narrative) (Details) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||
May. 06, 2015 | Mar. 03, 2015 | Dec. 22, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Class of Stock [Line Items] | ||||||
Shares issued during period | 4,750,000 | 9,200,000 | 6,000,000 | |||
Share price | $ 10 | $ 8 | $ 5.75 | |||
Proceeds from the issuance of common stock, net | $ 32,200,000 | $ 68,307,838 | ||||
Conversion of Stock, Shares Issued | 1,000,000 | |||||
Conversion of Stock, Shares Converted | 2,000 | |||||
Granted | ||||||
Share-based compensation | $ 2,301,297 | $ 1,340,601 | ||||
Restricted Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Granted | 782,500 | |||||
Vesting period | 3 years | |||||
Nonvested, fair value | $ 5,080,090 | |||||
Share-based compensation | $ 1,256,985 | |||||
Vested, fair value | 1,087,870 | |||||
Unrecognized compensation cost | $ 2,948,985 | |||||
Series A Convertible Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Conversion of Stock, Shares Converted | 500 |
STOCKHOLDER'S EQUITY (Schedule
STOCKHOLDER'S EQUITY (Schedule of Restricted Stock Activity) (Details) - $ / shares | 6 Months Ended |
Jun. 30, 2015 | |
Number of Shares | |
Non-vested shares, January 1, 2015 | 742,500 |
Granted | |
Vested | (126,000) |
Forfeited | (25,000) |
Non-vested shares, June 30, 2015 | 591,500 |
Weighted Average Grant Date Fair Value | |
Non-vested shares, January 1, 2015 | $ 6.98 |
Granted | |
Vested | $ 6.55 |
Forfeited | 8.55 |
Non-vested shares, June 30, 2015 | $ 6.90 |
STOCK OPTIONS AND WARRANTS (Nar
STOCK OPTIONS AND WARRANTS (Narrative) (Details) - USD ($) | 1 Months Ended | 6 Months Ended | |||
Apr. 10, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Nov. 30, 2014 | Mar. 29, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation | $ 2,301,297 | $ 1,340,601 | |||
Unrecognized compensation cost | 11,196,570 | ||||
Proceeds from warrant exercises | $ 7,975,150 | $ 2,363,480 | |||
Warrant [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Purchase of common stock | 3,190,007 | ||||
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 | 6 months | ||||
Vesting period | 1 year | ||||
Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost, period for recognition | 3 years | ||||
Vesting period | 3 years | ||||
Director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Fair value of options | $ 4,701,113 | ||||
Expected volatility | 218.00% | ||||
Discount rate | 1.57% | ||||
Expected dividend yield | 0.00% | ||||
Expected life | 6 years |
STOCK OPTIONS AND WARRANTS (Sch
STOCK OPTIONS AND WARRANTS (Schedule of Status of Stock Options) (Details) - Employee Stock Option [Member] - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Shares Under Option | ||
Outstanding, beginning balance | 1,857,877 | |
Granted | 452,250 | |
Exercised | ||
Expired/Forfeited | (71,250) | |
Outstanding, ending balance | 2,238,877 | 1,857,877 |
Exercisable | 760,725 | |
Weighted Average Exercise Price | ||
Outstanding, beginning balance | $ 7.31 | |
Granted | $ 10.39 | |
Exercised | ||
Expired/Forfeited | $ 7.26 | |
Outstanding, ending balance | 8.06 | $ 7.31 |
Exercisable | $ 8.96 | |
Weighted Average Remaining Contractual Life | ||
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 | 8 years 1 month 13 days | 8 years 2 months 12 days |
Granted | 10 years | |
Expired/Forfeited | 9 years 2 months 12 days | |
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 | 8 years 1 month 13 days | 8 years 2 months 12 days |
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1 | 6 years 10 months 28 days | |
Aggregate Intrinsic Value | ||
Outstanding, beginning balance | $ 2,874,378 | |
Granted | 102,050 | |
Expired/Forfeited | 27,125 | |
Outstanding, ending balance | 5,052,068 | $ 2,874,378 |
Exercisable | $ 2,107,877 |
STOCK OPTIONS AND WARRANTS (S29
STOCK OPTIONS AND WARRANTS (Schedule of Status of Stock Warrants) (Details) - Warrant [Member] - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Shares Under Warrants | ||
Outstanding, beginning balance | 11,084,426 | |
Issued | ||
Exercised | (3,190,007) | |
Expired | ||
Outstanding, ending balance | 7,894,419 | 11,084,426 |
Exercisable | 7,894,419 | |
Weighted Average Exercise Price | ||
Outstanding, beginning balance | $ 2.51 | |
Exercised | 2.50 | |
Outstanding, ending balance | 2.51 | $ 2.51 |
Exercisable | $ 2.51 | |
Weighted Average Remaining Contractual Life | ||
Outstanding | 3 years 3 months 29 days | 3 years 10 months 6 days |
Exercisable ending balance | 3 years 3 months 29 days | |
Aggregate Intrinsic Value | ||
Outstanding, beginning balance | $ 59,517,998 | |
Outstanding, ending balance | 52,655,775 | $ 59,517,998 |
Exercisable ending balance | $ 52,655,775 |
LICENSE AND COMMITMENTS (Detail
LICENSE AND COMMITMENTS (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | ||
License And Commitments [Line Items] | ||||||
Accrued liabilities | $ 623,774 | $ 623,774 | $ 327,847 | |||
Research and development expense | [1] | 4,055,688 | $ 493,994 | 6,841,131 | $ 1,215,450 | |
Moffitt License Agreement | ||||||
License And Commitments [Line Items] | ||||||
Research and development expense | 25,000 | |||||
Manufacturing Service Agreement [Member] | ||||||
License And Commitments [Line Items] | ||||||
Purchase commitment | 1,361,095 | |||||
Research and development expense | 1,107,453 | |||||
Research Collaboration Agreement [Member] | ||||||
License And Commitments [Line Items] | ||||||
Purchase commitment | 1,432,797 | |||||
Research and development expense | 358,199 | 358,199 | ||||
Exclusive Patent License Agreement [Member] | ||||||
License And Commitments [Line Items] | ||||||
Research and development expense | 40,000 | |||||
Crada [Member] | ||||||
License And Commitments [Line Items] | ||||||
Accrued liabilities | 250,000 | 250,000 | ||||
Research and development expense | 1,041,667 | $ 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] | ||||||
License And Commitments [Line Items] | ||||||
Accrued liabilities | $ 500,000 | 500,000 | ||||
Research and development expense | 500,000 | |||||
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] | ||||||
Research and development expense | $ 350,000 | |||||
[1] | Includes $809,486, $418,794, $1,583,895, and $551,561, respectively, in stock-based compensation costs |
CASH, MONEY MARKET FUNDS, AND31
CASH, MONEY MARKET FUNDS, AND SHORT-TERM INVESTMENTS (Schedule of Cash, Money Market Funds, and Short-Term Investments) (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
CASH, MONEY MARKET FUNDS, AND SHORT-TERM INVESTMENTS [Abstract] | ||||
Checking and savings accounts (reported as cash and cash equivalents) | $ 12,556,290 | $ 44,909,147 | $ 18,440,361 | $ 19,672,177 |
Money market funds | 7,476,855 | |||
Corporate debt securities (reported as short-term investments) | 92,302,982 | |||
Total | $ 112,336,127 | $ 44,909,147 |
CASH, MONEY MARKET FUNDS, AND32
CASH, MONEY MARKET FUNDS, AND SHORT-TERM INVESTMENTS (Schedule of Gross Unrealized Gains and Losses) (Details) - Jun. 30, 2015 - USD ($) | Total |
Schedule of Cost-method Investments [Line Items] | |
Amortized Cost | $ 99,758,133 |
Gross Unrealized Gains | $ 21,704 |
Gross Unrealized Losses | |
Fair Value | $ 99,779,837 |
Money Market Funds [Member] | |
Schedule of Cost-method Investments [Line Items] | |
Amortized Cost | $ 7,476,855 |
Gross Unrealized Gains | |
Gross Unrealized Losses | |
Fair Value | $ 7,476,855 |
Corporate Debt Securities [Member] | |
Schedule of Cost-method Investments [Line Items] | |
Amortized Cost | 92,281,278 |
Gross Unrealized Gains | $ 21,704 |
Gross Unrealized Losses | |
Fair Value | $ 92,302,982 |
CASH, MONEY MARKET FUNDS, AND33
CASH, MONEY MARKET FUNDS, AND SHORT-TERM INVESTMENTS (Schedule of Contractual Maturities) (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
CASH, MONEY MARKET FUNDS, AND SHORT-TERM INVESTMENTS [Abstract] | ||
Money market funds | $ 7,476,855 | |
Corporate debt securities | 92,302,982 | |
Total | $ 99,779,837 |
CASH, MONEY MARKET FUNDS, AND34
CASH, MONEY MARKET FUNDS, AND SHORT-TERM INVESTMENTS (Narrative) (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Concentration Risk [Line Items] | ||
Weighted-average time to maturity | 124 days | |
Short-term investments available for sale | $ 92,302,982 | |
Money market funds | $ 7,476,855 | |
Five Companies [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 53.00% | |
Various Other Domestic Issuers [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 27.00% | |
Foreign Issuer [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 20.00% |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) | 1 Months Ended | 6 Months Ended | |
Aug. 07, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | |
Subsequent Event [Line Items] | |||
Proceeds from warrant exercises | $ 7,975,150 | $ 2,363,480 | |
Warrant [Member] | |||
Subsequent Event [Line Items] | |||
Purchase of common stock | 3,190,007 | ||
Subsequent Event [Member] | Warrant [Member] | |||
Subsequent Event [Line Items] | |||
Proceeds from warrant exercises | $ 129,263 | ||
Purchase of common stock | 51,705 |