Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 30, 2018 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | IOVANCE BIOTHERAPEUTICS, INC. | |
Entity Central Index Key | 1,425,205 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | IOVA | |
Entity Common Stock, Shares Outstanding | 89,642,915 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Current Assets | ||
Cash and cash equivalents | $ 297,082 | $ 145,373 |
Prepaid expenses and other assets | 5,644 | 3,917 |
Total Current Assets | 302,726 | 149,290 |
Property and equipment, net | 2,247 | 2,450 |
Long-term assets | 2,275 | 3,633 |
Total Assets | 307,248 | 155,373 |
Current Liabilities | ||
Accounts payable | 6,576 | 1,232 |
Accrued expenses | 8,114 | 8,660 |
Total Current Liabilities | 14,690 | 9,892 |
Commitments and contingencies (Note 9) | ||
Stockholders' Equity | ||
Common stock, $0.000041666 par value; 150,000,000 shares authorized, 89,615,417 and 73,164,914 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively | 3 | 3 |
Additional paid-in capital | 568,243 | 394,651 |
Accumulated deficit | (275,695) | (249,180) |
Total Stockholders’ Equity | 292,558 | 145,481 |
Total Liabilities and Stockholders’ Equity | 307,248 | 155,373 |
Series A Convertible Preferred stock [Member] | ||
Stockholders' Equity | ||
Preferred stock, Value | 0 | 0 |
Series B Convertible Preferred stock [Member] | ||
Stockholders' Equity | ||
Preferred stock, Value | $ 7 | $ 7 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Common Stock, Par or Stated Value Per Share | $ 0.000041666 | $ 0.000041666 |
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 |
Common Stock, Shares, Issued | 89,615,417 | 73,164,914 |
Common Stock, Shares, Outstanding | 89,615,417 | 73,164,914 |
Series A Convertible Preferred Stock [Member] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 17,000 | 17,000 |
Preferred Stock, Shares Issued | 1,694 | 1,694 |
Preferred Stock, Shares Outstanding | 1,694 | 1,694 |
Preferred Stock, Redemption Amount | $ 1,694 | $ 1,694 |
Series B Convertible Preferred Stock [Member] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 11,500,000 | 11,500,000 |
Preferred Stock, Shares Issued | 7,378,241 | 7,378,241 |
Preferred Stock, Shares Outstanding | 7,378,241 | 7,378,241 |
Preferred Stock, Redemption Amount | $ 35,047 | $ 35,047 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues | $ 0 | $ 0 |
Costs and expenses | ||
Research and development expenses | 19,912 | 15,593 |
General and administrative expenses | 6,965 | 5,289 |
Total costs and expenses | 26,877 | 20,882 |
Loss from operations | (26,877) | (20,882) |
Other income | ||
Interest income | 362 | 198 |
Net Loss | $ (26,515) | $ (20,684) |
Net Loss Per Common Share, Basic and Diluted | $ (0.31) | $ (0.33) |
Weighted-Average Common Shares Outstanding, Basic and Diluted | 84,350 | 62,286 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net Loss | $ (26,515) | $ (20,684) |
Other comprehensive loss: | ||
Unrealized loss on short-term investments | 0 | (27) |
Comprehensive Loss | $ (26,515) | $ (20,711) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash Flows From Operating Activities | ||
Net loss | $ (26,515) | $ (20,684) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 228 | 221 |
Loss on disposal of assets | 9 | 0 |
Amortization of discount on investments | 0 | 28 |
Stock-based compensation expense | 4,104 | 3,296 |
Changes in assets and liabilities: | ||
Prepaid expenses and other assets | (368) | (2,354) |
Accounts payable | 5,239 | 1,466 |
Accrued expenses | (546) | (776) |
Net cash used in operating activities | (17,849) | (18,803) |
Cash Flows From Investing Activities | ||
Maturities of short- term investments | 0 | 19,600 |
Purchase of property and equipment | (22) | (798) |
Net cash (used in) provided by investing activities | (22) | 18,802 |
Cash Flows From Financing Activities | ||
Tax payments related to shares withheld for vested restricted stock awards | (62) | (4) |
Proceeds from the issuance of common stock upon exercise of warrants | 1,826 | 156 |
Proceeds from the issuance of common stock upon exercise of options | 5,630 | 231 |
Proceeds from the issuance of common stock, net | 162,186 | 0 |
Net cash provided by financing activities | 169,580 | 383 |
Net increase in cash and cash equivalents | 151,709 | 382 |
Cash and Cash Equivalents, Beginning of Period | 145,373 | 106,717 |
Cash and Cash Equivalents, End of Period | 297,082 | 107,099 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Unrealized loss on short-term investments | 0 | (27) |
Acquisitions of property and equipment under accounts payable | (12) | (155) |
Offering costs included in accounts payable | $ (93) | $ 0 |
GENERAL ORGANIZATION AND BUSINE
GENERAL ORGANIZATION AND BUSINESS | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL ORGANIZATION AND BUSINESS | NOTE 1. GENERAL ORGANIZATION AND BUSINESS Iovance Biotherapeutics, Inc. (the “Company,” “we,” “us” or “our”) is a 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 product candidate, LN-144 for metastatic melanoma, is an autologous adoptive cell therapy utilizing tumor-infiltrating lymphocytes, or TIL, which are T cells derived from patients’ tumors. TIL therapy is a platform technology that has already been studied for the treatment of metastatic melanoma and metastatic cervical cancer by the National Cancer Institute, or NCI. We are investigating the effectiveness and safety of TIL therapy for the treatment of metastatic melanoma, squamous cell carcinoma of the head and neck, cervical carcinoma, and metastatic non-small cell lung cancer, as well as other oncology indications. On June 1, 2017, the Company reincorporated to become a Company governed by Delaware corporation laws. On June 27, 2017, we changed our name to Iovance Biotherapeutics, Inc from Lion Biotechnologies, Inc. Basis of Presentation of Unaudited Condensed Consolidated Financial Information The unaudited condensed consolidated financial statements of the Company for the three months ended March 31, 2018 and 2017 have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) 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 GAAP 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, 2017, was derived from the audited financial statements included in the Company's financial statements as of and for the year ended December 31, 2017 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 12, 2018. These financial statements should be read in conjunction with that report. Liquidity The Company is currently engaged in the development of therapeutics to fight cancer, specifically solid tumors. The Company does not have any commercial products and has not yet generated any revenues from its business. The Company currently does not anticipate that it will generate any revenues from the sale or licensing of any of its product candidates during the 12 months from the date these financial statements are issued. The Company has incurred a net loss of $ 26.5 17.8 297.1 15,000,000 11.50 1,956,521 172.5 162.0 The Company expects to further increase its research and development activities, which will increase the amount of cash used during the remainder of 2018 and beyond. Specifically, the Company expects continued spending on clinical trials, continued and expansion of manufacturing activities, higher payroll expenses as the Company increases its professional and scientific staff and research and development activities. Based on the funds the Company has available as of the date these financial statements are issued, the Company believes that it has sufficient capital to fund its anticipated operating expenses for at least 24 months from the date that these financial statements are issued. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company's short-term investments are classified as “available-for-sale”. The Company includes these investments in current assets and carries them at fair value. Unrealized gains and losses on available-for-sale securities are included in accumulated other comprehensive income. The amortized cost of debt securities is adjusted for the amortization of premiums and accretion of discounts to maturity. Such amortization is included in interest income. Gains and losses on securities sold are recorded based on the specific identification method and are included in interest income in the statement of operations. We have not incurred any realized gains or losses from sales of securities to date. At March 31, 2018 and December 31, 2017, the Company held no short-term investments. Basic net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the sum of the weighted average number of shares of common stock outstanding and the dilutive common stock equivalent shares outstanding during the period. The Company’s potentially dilutive common stock equivalent shares, which include incremental common shares issuable upon i) the exercise of outstanding stock options and warrants (ii) vesting of restricted stock units and restricted stock awards, and (iii) conversion of preferred stock, are only included in the calculation of diluted net loss per share when their effect is dilutive. March 31, 2018 2017 Stock options 6,951,067 6,748,302 Warrants 5,570,835 6,503,716 Series A Convertible Preferred* 847,000 847,000 Series B Convertible Preferred* 7,378,241 7,946,673 Restricted stock awards - 5,000 Restricted stock units 103,123 550,000 20,850,266 22,600,691 * on an as-converted basis The dilutive effect of potentially dilutive securities is reflected in diluted earnings per common share by application of the treasury stock method. Under the treasury stock method, an increase in the fair market value of the Company's common stock can result in a greater dilutive effect from potentially dilutive securities. Under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures, fair value is defined as the price at which an asset could be exchanged or a liability transferred in a transaction between knowledgeable, willing parties in the principal or most advantageous market for the asset or liability. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or parameters are not available, valuation models are applied. 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 Company does not have fair valued assets classified under Level 1. 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 held and have held are generally assessed under Level 2 were 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. The Company does not have fair valued assets classified under Level 2. 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. The Company does not have fair valued assets classified under Level 3. As of March 31, 2018, and December 31, 2017, there were no financial assets measured at fair value on a recurring basis. The preparation of financial statements in conformity with GAAP 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 valuation of short-term investments (which we did not hold at quarter end), the useful lives of property and equipment, accounting for potential liabilities, the valuation allowance associated with the Company’s deferred tax assets, and the assumptions made in valuing stock instruments issued for services. The accompanying condensed consolidated financial statements include the accounts of Iovance Biotherapeutics, Inc. and its wholly-owned subsidiary, Iovance Biotherapeutics GmbH (formerly Lion Biotechnologies GmbH). All intercompany accounts and transactions have been eliminated. The U.S. dollar is the functional currency for all the Company's consolidated operations. 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 FASB 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 FASB 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. The Company has in the past issued restricted shares of its common stock for share-based compensation programs. The Company measures the compensation cost with respect to restricted shares issued to employees based upon the estimated fair value of the equity instruments at the date of the grant, and is recognized as expense over the period which an employee is required to provide services in exchange for the award. The fair value of restricted stock units is based on the closing price of the Company’s common stock on the grant date. Three Months Ended 2018 2017 Research and development $ 2,000 $ 1,250 General and administrative 2,104 2,046 Total stock-based compensation expense $ 4,104 $ 3,296 Three Months Ended 2018 2017 Stock option expense $ 4,037 $ 2,654 Restricted stock award expense - 13 Restricted stock unit expense 67 629 Total stock-based compensation expense $ 4,104 $ 3,296 The Company applies the accounting standards for distinguishing liabilities from equity when determining the classification and measurement of its preferred stock. Preferred shares subject to mandatory redemption are classified as liability instruments and are measured at fair value. Conditionally redeemable preferred shares (including preferred shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, preferred shares are classified as stockholders’ equity. The Company applies the accounting standards for derivatives and hedging and for distinguishing liabilities from equity when accounting for hybrid contracts that feature conversion options. The accounting standards require companies to bifurcate conversion options from their host instruments and account for them as free-standing derivative financial instruments per certain criteria. The criteria includes circumstances in which (i) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (ii) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur and (iii) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. The derivative is subsequently marked to market at each reporting date based on current fair value, with the changes in fair value reported in results of operations. Conversion options that contain variable settlement features such as provisions to adjust the conversion price upon subsequent issuances of equity or equity linked securities at exercise prices more favorable than that featured in the hybrid contract generally result in their bifurcation from the host instrument. The Company also records, when necessary, deemed dividends for the intrinsic value of the conversion options embedded in preferred stock based upon the difference between the fair value of the underlying common stock at the commitment date of the transaction and the effective conversion price embedded in the preferred stock. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which establishes a new lease accounting model for lessees. The updated guidance requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. The amended guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. The Company plans to adopt this ASU on January 1, 2019. The Company is currently evaluating the impact of the adoption of this standard on its financial statements. However, the Company expects the adoption of this accounting guidance to result in an increase in lease assets and a corresponding increase in lease liabilities on its balance sheets. Management evaluates events that have occurred after the balance sheet date but before the financial statements are issued. Based upon the evaluation, the Company did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure in the condensed consolidated financial statements. Certain amounts within the statements of operations for the prior periods have been reclassified to conform with the current period presentation. These reclassifications had no impact on the Company's previously reported financial position or cash flows for any of the periods presented. |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 3 Months Ended |
Mar. 31, 2018 | |
Cash, Cash Equivalents, and Short-term Investments [Abstract] | |
CASH AND CASH EQUIVALENTS | NOTE 3. CASH AND CASH EQUIVALENTS March 31, December 31, 2018 2017 Cash - Demand deposits $ 205,562 $ 54,092 Cash equivalents - Money market funds 91,520 91,281 Cash and cash equivalents total $ 297,082 $ 145,373 Gross Gross Unrealized Unrealized As of March 31, 2018 Cost Gains Losses Fair Value Money market funds $ 91,520 $ - $ - $ 91,520 Gross Gross Unrealized Unrealized As of December 31, 2017 Cost Gains Losses Fair Value Money market funds $ 91,281 $ - $ - $ 91,281 At March 31, 2018 and December 31, 2017, the Company did not have any short-term investments. |
BALANCE SHEET COMPONENTS
BALANCE SHEET COMPONENTS | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BALANCE SHEET COMPONENTS | NOTE 4. BALANCE SHEET COMPONENTS March 31, December 31, 2018 2017 Accrued payroll and employee related expenses $ 1,655 $ 2,613 Legal and related services 926 935 Clinical related 4,031 3,310 Manufacturing related 626 876 Deferred rent 398 430 Accrued other 478 496 $ 8,114 $ 8,660 |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 3 Months Ended |
Mar. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 5. STOCKHOLDERS’ EQUITY Public Offering In January 2018, the Company closed an underwritten public offering of 15,000,000 11.50 1,956,521 172.5 162.0 Preferred stock The Company’s certificate of incorporation authorizes the issuance of up to 50,000,000 17,000 11,500,000 Series A Preferred Stock A total of 17,000 1,000 2.00 The Series A Preferred Stock may, at the option of each investor, be converted into fully paid and non-assessable shares of common stock. The holders of shares of Series A Preferred Stock do not have the right to vote on matters that come before stockholders. In the event of any dissolution or winding up of the Company, proceeds shall be paid pari passu among the holders of the shares of common stock and preferred stock, pro rata based on the number of shares held by each holder. The Company may not declare, pay or set aside any dividends on shares of capital stock of the Company (other than dividends on shares of common stock payable in shares of common stock) unless the holders of the Series A Preferred Stock shall first receive an equal dividend on each outstanding share of Series A Preferred Stock. The common shares issued were determined on a formula basis of 500 During the three months ended March 31, 2018, no shares of Series A Preferred stock were converted into common stock. At March 31, 2018, 1,694 Series B Preferred Stock A total of 11,500,000 4.75 4.75 Holders of the Series B Preferred Stock are entitled to dividends on an as-if-converted basis in the same form as any dividends actually paid on shares of the Company’s Series A Preferred Stock or the Company’s common stock. So long as any Series B Preferred Stock remains outstanding, the Company may not redeem, purchase or otherwise acquire any material amount of our Series A Preferred Stock or any securities junior to the Series B Preferred Stock. During the three months ended March 31, 2018 and 2017, no Series B Preferred Stock was converted into common stock. At March 31, 2018, 7,378,241 Warrants Weighted Weighted Shares Average Average Aggregate Under Exercise Remaining Intrinsic Warrants Price Life Value Outstanding at January 1, 2018 6,301,216 $ 2.51 Issued - - Exercised (730,381) $ 2.50 Expired/Cancelled - - Outstanding at March 31, 2018 5,570,835 $ 2.51 0.6 years $ 80,220,024 The aggregate intrinsic value in the table reflects the total pretax intrinsic value (the difference between the Company’s closing stock price on the last day of the quarter ended March 31, 2018 and the exercise price of the warrants, multiplied by the number of in-the-money warrants) that would have been received by the warrant holders had all warrant holders exercised their warrants on March 31, 2018. The intrinsic value of the Company’s warrants changes based on the closing price of the Company’s common stock. |
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK BASED COMPENSATION | NOTE 6. STOCK BASED COMPENSATION Stock Plans As of October 14, 2011, the Company adopted the 2011 Equity Incentive Plan (the “2011 Plan”). Employees, directors, consultants and advisors of the Company are eligible to participate in the 2011 Plan. The 2011 Plan initially had 180,000 180,000 1,700,000 an amendment to increase the number options or other awards that can be granted to any one person during a twelve (12) month period from 50,000 shares to 300,000 shares. 1,700,000 1,900,000 542,490 On September 19, 2014, the Company’s Board of Directors (the “Board”) adopted the Iovance Biotherapeutics, Inc. 2014 Equity Incentive Plan (the “2014 Plan”). The 2014 Plan was approved by the Company’s stockholders at the annual meeting of stockholders held in November 2014. The 2014 Plan as approved by the stockholders authorized the issuance up to an aggregate of 2,350,000 4,000,000 On August 16, 2016, the Company’s stockholders approved the increase of the total number of shares that can be issued under the 2014 Plan from 4,000,000 9,000,000 985,222 Restricted Stock Units On June 1, 2016, the Company entered into a restricted stock unit agreement with the Company’s Chief Executive Officer, Maria Fardis, Ph.D., pursuant to which the Company granted Dr. Fardis 550,000 5.87 137,500 275,000 36 103,123 Stock-based compensation expense for restricted stock units is measured based on the closing fair market value of the Company's common stock on the date of grant. The stock based compensation expense relating to restricted stock units was $ 0.1 0.6 As of March 31, 2018, there is $ 0.6 2.17 Stock Options Weighted Weighted Number Average Average Aggregate of Exercise Remaining Intrinsic Options Price Contract Life Value Outstanding at January 1, 2018 6,072,368 $ 7.42 Granted 1,637,020 $ 15.83 Exercised (703,071) $ 8.01 Expired/Forfeited (55,250) $ 7.97 Outstanding at March 31, 2018 6,951,067 $ 9.34 8.73 $ 54,934,273 Options exercisable at March 31, 2018 2,556,831 $ 7.81 5.14 $ 24,088,155 The Company recorded stock-based compensation costs related to options of $ 4.1 2.7 40.7 2.3 The weighted-average grant date fair value per share of options granted under the 2011 and 2014 Plan was $ 15.52 7.36 Options for 703,071 40,257 6.3 0.1 The aggregate intrinsic value in the table reflects the total pretax intrinsic value (the difference between the Company’s closing stock price on the last trading day of the quarter ended March 31, 2018 and the exercise price of the options, multiplied by the number of in-the-money stock options) that would have been received by the option holders had all option holders exercised their options on March 31, 2018. The intrinsic value of the Company’s stock options changes based on the closing price of the Company’s common stock. Three months ended March 31, Assumptions: 2018 2017 Expected term (years) 5.13 6.50 5.44 6.50 Expected volatility 170.85 200.28 190.46 206.08 Risk-free interest rate 2.27 2.77 1.96 2.34 Expected dividend yield 0 0 |
LICENSES AND AGREEMENTS
LICENSES AND AGREEMENTS | 3 Months Ended |
Mar. 31, 2018 | |
Licenses And Agreements [Abstract] | |
LICENSES AND AGREEMENTS | NOTE 7. LICENSES AND AGREEMENTS National Institutes of Health (NIH) and the National Cancer Institute (NCI) Cooperative Research and Development Agreement (CRADA) In August 2011, the Company signed a five-year CRADA with the NCI to work with Dr. Steven Rosenberg on developing adoptive cell immunotherapies that are designed to destroy metastatic melanoma cells using a patient’s tumor infiltrating lymphocytes. In January 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 included the development of TIL therapy for the treatment of patients with bladder, lung, triple-negative breast, and Human Papilloma Virus (“HPV”)-associated cancers. In August 2016, the NCI and the Company entered a second amendment to the CRADA. The principal changes effected by the second amendment included (i) extending the term of the CRADA by another five years to August 2021, and (ii) modifying the focus on the development of unmodified TIL as a stand-alone therapy or in combination with U.S. Food and Drug Administration (“FDA”) licensed products and commercially available reagents routinely used for adoptive cell therapy. The parties will continue the development of improved methods for the generation and selection of TIL with anti-tumor reactivity in metastatic melanoma, bladder, lung, breast, and HPV-associated cancers. Pursuant to the terms of the CRADA, we are currently required to make quarterly payments of $ 0.5 0.5 Patent License Agreement Related to the Development and Manufacture of TIL Effective October 5, 2011, the Company entered into a Patent License Agreement (the “Patent 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), which Patent License Agreement was subsequently amended on February 9, 2015 and October 2, 2015. Pursuant to the Patent License Agreement as amended, the NIH granted the Company licenses, including exclusive, co-exclusive, and non-exclusive licenses, to certain technologies relating to autologous tumor infiltrating lymphocyte adoptive cell therapy products for the treatment of metastatic melanoma, lung, breast, bladder and HPV-positive cancers. The Patent License Agreement requires the Company to pay 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 royalty payments on the achievement of certain clinical and regulatory milestones for each of the various indications and other direct costs incurred by the NIH pursuant to the agreement. Exclusive Patent License Agreement Related to TIL Selection On February 10, 2015, the Company entered into an Exclusive Patent License Agreement (the “Exclusive Patent License Agreement”) with the NIH under which the Company received an exclusive license to the NIH’s rights to patent-pending technologies related to methods for improving adoptive cell therapy through 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. Under the Exclusive Patent License Agreement, the Company agreed to pay customary royalties based on a percentage of net sales of a licensed product (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 clinical studies involving licensed technologies, 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. H. Lee Moffitt Cancer Center Research Collaboration and Clinical Grant Agreements with Moffitt In December 2016, the Company entered into a new three-year Sponsored Research Agreement with H. Lee Moffitt Cancer Center (“Moffitt”). At the same time, the Company entered into a clinical grant agreement with Moffitt to support an ongoing clinical trial at Moffitt that combines TIL therapy with nivolumab for the treatment of patients with metastatic melanoma. In June 2017, the Company entered into a second clinical grant agreement with Moffitt to support a new clinical trial at Moffitt that combines TIL therapy with nivolumab for the treatment of patients with non-small cell lung cancer. Exclusive License Agreement with Moffitt The Company entered into a license agreement with Moffitt (the “Moffitt License”), effective as of June 28, 2014, under which the Company received a world-wide license to Moffitt’s rights to patent-pending technologies related to methods for improving TIL for adoptive cell therapy. Unless earlier terminated, the term of the license extends until the earlier of the expiration of the last issued patent related to the licensed technology or 20 0.6 0.6 Pursuant to the Moffitt License, the Company paid an upfront licensing fee in the amount of $ 0.1 PolyBioCept and Karolinska University Hospital PolyBioCept Exclusive and Co-Exclusive License Agreement On September 14, 2016, the Company entered into an exclusive and co-exclusive license agreement (the “PolyBioCept Agreement”) with PolyBioCept AB, a corporation organized under the laws of Sweden (“PolyBioCept”). PolyBioCept has filed two patent applications with claims related to a cytokine cocktail for use in expansion of lymphocytes, one of which has been abandoned. Under the PolyBioCept Agreement, the Company received the exclusive right and license to PolyBioCept’s intellectual property to develop, manufacture, market and genetically engineer TIL produced by expansion, selection and enrichment using a proprietary cytokine cocktail. The Company also received a co-exclusive license (with PolyBioCept) to develop, manufacture and market genetically engineered TIL under the same intellectual property. The licenses are for the use in all cancers and are worldwide in scope, with the exception that the uses in melanoma are not included for certain countries of the former Soviet Union. The Company paid PolyBioCept a total of $ 2.5 8.7 2,219,376 0.2 0.1 0.2 30 0.2 Karolinska University Hospital and Karolinska Institute Agreements In connection with the execution of the PolyBioCept Agreement, the Company also (i) entered into a clinical trials agreement with the Karolinska University Hospital to conduct clinical trials in glioblastoma and pancreatic cancer at the Karolinska University Hospital, and (ii) agreed to enter into a sponsored research agreement with the Karolinska Institute for the research of the cytokine cocktail in additional indications. The Company agreed to enter into the sponsored research agreement within 90 days after the date of the PolyBioCept Agreement, which date has been extended by amendments to the PolyBioCept Agreement. Failure to enter into the sponsored research agreement or further amend the PolyBioCept Agreement will give PolyBioCept the right to terminate the PolyBioCept Agreement, while the Company will have the right to recoup $ 2.2 2.6 1.6 1.2 M.D. Anderson Cancer Center Strategic Alliance Agreement On April 17, 2017, the Company entered into a Strategic Alliance Agreement (the “SAA”) with M.D. Anderson Cancer Center (“M.D. Anderson”) under which the Company and M.D. Anderson agreed to conduct clinical and preclinical research studies. The Company agreed in the SAA to provide total funding not to exceed approximately $ 14.2 1.4 MedImmune In December 2015, the Company entered into a collaboration agreement (the “MedImmune Agreement”) with MedImmune, the global biologics research and development arm of AstraZeneca (“MedImmune”), to conduct clinical and preclinical research in immuno-oncology. Under the MedImmune Agreement, the Company will fund and conduct at least one clinical trial combining MedImmune's PD-L1 inhibitor, durvalumab, with TIL for the treatment of patients. MedImmune will supply durvalumab for the clinical trials. The purpose of the studies is to establish a dosing regimen for this combination therapy and assess its safety and efficacy. The Company has not recorded any expense associated with the MedImmune Agreement for the three months ended March 31, 2018 and 2017. WuXi Apptech, Inc. (“WuXi”) In November 2016, the Company entered into a three-year manufacturing and services agreement (“MSA”) with WuXi pursuant to which WuXi agreed to provide manufacturing and other services. Under the agreement, the Company entered into two statements of work for two cGMP manufacturing suites to be established and operated by WuXi for the Company, one of the suites is expected to be capable of being used for the commercial manufacture of our products. The statements of work for each facility include a fixed component to reserve a dedicated suite and a variable component, mainly labor and materials used during the manufacturing process. The fee payable under the first statement of work for the use of one of the manufacturing suites during the first year of the agreement, including the fees for the necessary personnel, was $ 2.5 5.85 2.8 4.2 |
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS | 3 Months Ended |
Mar. 31, 2018 | |
Loss Contingency [Abstract] | |
LEGAL PROCEEDINGS | NOTE 8. LEGAL PROCEEDINGS Class Action Lawsuit and Derivative Lawsuits In the Matter of Certain Stock Promotion Leonard DeSilvio v. Lion Biotechnologies, Inc., et al., (Amra Kuc vs. Lion Biotechnologies, Inc., et al., In the Matter of Certain Stock Promotions Kuc Kuc Jay Rabkin v. Lion Biotechnologies, Inc., et al., In the Matter of Certain Stock Promotions On December 15, 2017, a purported stockholder derivative complaint was filed by plaintiff Kevin Fong on behalf of the Company, against the Company, as nominal defendant, and certain of the Company’s current and former officers and directors, and others, as defendants, in the U.S. District Court for the District of Delaware (case no. 1:17-cv-1806). The complaint alleges breaches of fiduciary duties, unjust enrichment, and violations of Section 14(a) of the Securities Exchange Act of 1934 and Rule 14a-9 promulgated thereunder arising from the SEC’s investigation in the In the Matter of Certain Stock Promotions On March 28, 2018, a purported stockholder derivative complaint was filed by plaintiff Nazeer Khaleeluddin on behalf of the Company, against the Company, as nominal defendant, and certain of the Company’s current and former officers and directors, and others, as defendants, in the U.S. District Court for the District of Delaware (case no. 1:18-cv-00469). The complaint alleges, among other things, violations of securities law, breach of fiduciary duty, aiding and abetting, waste of corporate assets, and unjust enrichment. The complaint is based on claims arising from the SEC’s investigation in the In the Matter of Certain Stock Promotions We intend to vigorously defend against the foregoing complaints. Based on the very early stage of the litigation, it is not possible to estimate the amount or range of possible loss that might result from an adverse judgment or a settlement of these matters. Solomon Capital, LLC. Solomon Capital, LLC, Solomon Capital 401(K) Trust, Solomon Sharbat and Shelhav Raff v. Lion Biotechnologies, Inc. 0.1 0.2 0.2 111,425 1.5 On June 3, 2016, the Company filed an answer and counterclaims in the lawsuit. In its counterclaims, the Company alleges that the plaintiffs misrepresented their qualifications to assist it in fundraising and that they failed to disclose that they were under investigation for securities laws violations. The Company is seeking damages in an amount exceeding $ 0.5 On April 19, 2017, the court granted plaintiffs’ counsel’s motion to withdraw from the case. On May 25, 2017, plaintiffs filed a notice that they had hired new counsel. On June 7, 2017, the judge presiding over the case recused herself because of a conflict of interest arising from her relationship with plaintiffs’ new attorneys, and the case was subsequently assigned to a new judge. On April 20, 2018, the court held a hearing regarding plaintiff’s motion to dismiss certain counterclaims by the Company. The Company intends to vigorously defend the complaint and pursue its counterclaims. Litigation Involving Dr. Steven Fischkoff. Steven Fischkoff v. Lion Biotechnologies, Inc. and Maria Fardis 300,000 150,000 We intend to vigorously defend against Dr. Fischkoff’s lawsuit and pursue the Company’s counterclaims. Based on the very early stage of the litigation, it is not possible to estimate the amount or range of (i) a possible loss that might result from an adverse judgment or settlement of this action, or (ii) the potential recovery that might result from a favorable judgment or a settlement of this action. Other Matters. 128,500 128,500 128,500 The Company may be involved, from time to time, in legal proceedings and claims arising in the ordinary course of its business. Such matters are subject to many uncertainties and outcomes are not predictable with assurance. The Company accrues amounts, to the extent they can be reasonably estimated, that it believes are adequate to address any liabilities related to legal proceedings and other loss contingencies that the Company believes will result in a probable loss. While there can be no assurances as to the ultimate outcome of any legal proceeding or other loss contingency involving the Company, management does not believe any pending matter will be resolved in a manner that would have a material adverse effect on the Company’s financial position, results of operations or cash flows. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 9. COMMITMENTS AND CONTINGENCIES Facilities Leases Tampa Lease In December 2014, the Company commenced a five-year non-cancellable operating lease with the University of South Florida Research Foundation for a 5,115 In April 2015, the Company amended the original lease agreement to increase the rentable space to 6,043 8,673 20,000 San Carlos Lease On August 4, 2016, the Company entered into an agreement to lease 8,733 54 38,000 On April 28, 2017, the Company entered into a sublease agreement with Teradata US, Inc., pursuant to which the Company agreed to sublease certain office space located adjacent to the Company's headquarters in San Carlos, California. The space consists of approximately 11,449 26,000 New York Lease The Company leased office space in New York for a monthly rental of approximately $ 18,000 9,000 Year Operating 2018 (remaining nine months) $ 746 2019 700 2020 495 2021 169 $ 2,110 Rent expense was $ 0.3 0.2 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 10. RELATED PARTY TRANSACTIONS Sanford J. Hillsberg, one of the Company’s directors, is an attorney at TroyGould PC. TroyGould PC rendered and continues to render legal services to the Company. The Company paid TroyGould PC $ 0.1 0.2 0.1 On September 14, 2017, the Company entered into a three-year consulting agreement with Iain Dukes, D. Phil, the Chairman of the Company’s Board of Directors. As compensation for his consulting services, the Company granted Dr. Dukes a stock option to purchase up to 150,000 7.30 The granted stock options vest in 12 quarterly installments (with 1/12th of the option shares having vested on the date of grant). 0.4 |
SUMMARY OF SIGNIFICANT ACCOUN17
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Short-term Investments | Short-term Investments The Company's short-term investments are classified as “available-for-sale”. The Company includes these investments in current assets and carries them at fair value. Unrealized gains and losses on available-for-sale securities are included in accumulated other comprehensive income. The amortized cost of debt securities is adjusted for the amortization of premiums and accretion of discounts to maturity. Such amortization is included in interest income. Gains and losses on securities sold are recorded based on the specific identification method and are included in interest income in the statement of operations. We have not incurred any realized gains or losses from sales of securities to date. At March 31, 2018 and December 31, 2017, the Company held no short-term investments. |
Loss per Share | Loss per Share Basic net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the sum of the weighted average number of shares of common stock outstanding and the dilutive common stock equivalent shares outstanding during the period. The Company’s potentially dilutive common stock equivalent shares, which include incremental common shares issuable upon i) the exercise of outstanding stock options and warrants (ii) vesting of restricted stock units and restricted stock awards, and (iii) conversion of preferred stock, are only included in the calculation of diluted net loss per share when their effect is dilutive. March 31, 2018 2017 Stock options 6,951,067 6,748,302 Warrants 5,570,835 6,503,716 Series A Convertible Preferred* 847,000 847,000 Series B Convertible Preferred* 7,378,241 7,946,673 Restricted stock awards - 5,000 Restricted stock units 103,123 550,000 20,850,266 22,600,691 * on an as-converted basis The dilutive effect of potentially dilutive securities is reflected in diluted earnings per common share by application of the treasury stock method. Under the treasury stock method, an increase in the fair market value of the Company's common stock can result in a greater dilutive effect from potentially dilutive securities. |
Fair Value Measurements | Under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures, fair value is defined as the price at which an asset could be exchanged or a liability transferred in a transaction between knowledgeable, willing parties in the principal or most advantageous market for the asset or liability. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or parameters are not available, valuation models are applied. 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 Company does not have fair valued assets classified under Level 1. 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 held and have held are generally assessed under Level 2 were 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. The Company does not have fair valued assets classified under Level 2. 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. The Company does not have fair valued assets classified under Level 3. As of March 31, 2018, and December 31, 2017, there were no financial assets measured at fair value on a recurring basis. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP 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 valuation of short-term investments (which we did not hold at quarter end), the useful lives of property and equipment, accounting for potential liabilities, the valuation allowance associated with the Company’s deferred tax assets, and the assumptions made in valuing stock instruments issued for services. |
Principles of Consolidation | The accompanying condensed consolidated financial statements include the accounts of Iovance Biotherapeutics, Inc. and its wholly-owned subsidiary, Iovance Biotherapeutics GmbH (formerly Lion Biotechnologies GmbH). All intercompany accounts and transactions have been eliminated. The U.S. dollar is the functional currency for all the Company's consolidated operations. |
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 FASB 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 FASB 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. The Company has in the past issued restricted shares of its common stock for share-based compensation programs. The Company measures the compensation cost with respect to restricted shares issued to employees based upon the estimated fair value of the equity instruments at the date of the grant, and is recognized as expense over the period which an employee is required to provide services in exchange for the award. The fair value of restricted stock units is based on the closing price of the Company’s common stock on the grant date. Three Months Ended 2018 2017 Research and development $ 2,000 $ 1,250 General and administrative 2,104 2,046 Total stock-based compensation expense $ 4,104 $ 3,296 Three Months Ended 2018 2017 Stock option expense $ 4,037 $ 2,654 Restricted stock award expense - 13 Restricted stock unit expense 67 629 Total stock-based compensation expense $ 4,104 $ 3,296 |
Preferred Stock | Preferred Stock The Company applies the accounting standards for distinguishing liabilities from equity when determining the classification and measurement of its preferred stock. Preferred shares subject to mandatory redemption are classified as liability instruments and are measured at fair value. Conditionally redeemable preferred shares (including preferred shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, preferred shares are classified as stockholders’ equity. |
Convertible Instruments | Convertible Instruments The Company applies the accounting standards for derivatives and hedging and for distinguishing liabilities from equity when accounting for hybrid contracts that feature conversion options. The accounting standards require companies to bifurcate conversion options from their host instruments and account for them as free-standing derivative financial instruments per certain criteria. The criteria includes circumstances in which (i) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (ii) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur and (iii) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. The derivative is subsequently marked to market at each reporting date based on current fair value, with the changes in fair value reported in results of operations. Conversion options that contain variable settlement features such as provisions to adjust the conversion price upon subsequent issuances of equity or equity linked securities at exercise prices more favorable than that featured in the hybrid contract generally result in their bifurcation from the host instrument. The Company also records, when necessary, deemed dividends for the intrinsic value of the conversion options embedded in preferred stock based upon the difference between the fair value of the underlying common stock at the commitment date of the transaction and the effective conversion price embedded in the preferred stock. |
Recent Accounting Standards | Recent Accounting Standards In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which establishes a new lease accounting model for lessees. The updated guidance requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. The amended guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. The Company plans to adopt this ASU on January 1, 2019. The Company is currently evaluating the impact of the adoption of this standard on its financial statements. However, the Company expects the adoption of this accounting guidance to result in an increase in lease assets and a corresponding increase in lease liabilities on its balance sheets. |
Subsequent Events | Subsequent Events Management evaluates events that have occurred after the balance sheet date but before the financial statements are issued. Based upon the evaluation, the Company did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure in the condensed consolidated financial statements. |
Reclassifications | Reclassifications Certain amounts within the statements of operations for the prior periods have been reclassified to conform with the current period presentation. These reclassifications had no impact on the Company's previously reported financial position or cash flows for any of the periods presented. |
SUMMARY OF SIGNIFICANT ACCOUN18
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | At March 31, 2018 and 2017, the following outstanding common stock equivalents have been excluded from the calculation of net loss per share because their impact would be anti-dilutive. March 31, 2018 2017 Stock options 6,951,067 6,748,302 Warrants 5,570,835 6,503,716 Series A Convertible Preferred* 847,000 847,000 Series B Convertible Preferred* 7,378,241 7,946,673 Restricted stock awards - 5,000 Restricted stock units 103,123 550,000 20,850,266 22,600,691 * on an as-converted basis |
Schedule of Stock-Based Compensation | Total stock-based compensation expense related to all our stock-based awards was recorded on the statements of operations as follows (in thousands): Three Months Ended 2018 2017 Research and development $ 2,000 $ 1,250 General and administrative 2,104 2,046 Total stock-based compensation expense $ 4,104 $ 3,296 |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | Total stock-based compensation broken down based on each individual instrument was as follows (in thousands): Three Months Ended 2018 2017 Stock option expense $ 4,037 $ 2,654 Restricted stock award expense - 13 Restricted stock unit expense 67 629 Total stock-based compensation expense $ 4,104 $ 3,296 |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Cash, Cash Equivalents, and Short-term Investments [Abstract] | |
Schedule of Cash, Money Market Funds and Short-Term Investments | Cash and cash equivalents consist of the following (in thousands): March 31, December 31, 2018 2017 Cash - Demand deposits $ 205,562 $ 54,092 Cash equivalents - Money market funds 91,520 91,281 Cash and cash equivalents total $ 297,082 $ 145,373 |
Schedule of Unrealized Gains and Losses | The amortized cost and fair value of cash equivalents at March 31, 2018 and December 31, 2017 were as follows (in thousands): Gross Gross Unrealized Unrealized As of March 31, 2018 Cost Gains Losses Fair Value Money market funds $ 91,520 $ - $ - $ 91,520 Gross Gross Unrealized Unrealized As of December 31, 2017 Cost Gains Losses Fair Value Money market funds $ 91,281 $ - $ - $ 91,281 |
BALANCE SHEET COMPONENTS (Table
BALANCE SHEET COMPONENTS (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following (in thousands): March 31, December 31, 2018 2017 Accrued payroll and employee related expenses $ 1,655 $ 2,613 Legal and related services 926 935 Clinical related 4,031 3,310 Manufacturing related 626 876 Deferred rent 398 430 Accrued other 478 496 $ 8,114 $ 8,660 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders' Equity Note, Warrants or Rights | The following table summarizes the Company’s stock warrant activity for the three months ended March 31, 2018: Weighted Weighted Shares Average Average Aggregate Under Exercise Remaining Intrinsic Warrants Price Life Value Outstanding at January 1, 2018 6,301,216 $ 2.51 Issued - - Exercised (730,381) $ 2.50 Expired/Cancelled - - Outstanding at March 31, 2018 5,570,835 $ 2.51 0.6 years $ 80,220,024 |
STOCK BASED COMPENSATION (Table
STOCK BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Status of Stock Options | The following table summarizes the Company’s stock options activity for the three months ended March 31, 2018: Weighted Weighted Number Average Average Aggregate of Exercise Remaining Intrinsic Options Price Contract Life Value Outstanding at January 1, 2018 6,072,368 $ 7.42 Granted 1,637,020 $ 15.83 Exercised (703,071) $ 8.01 Expired/Forfeited (55,250) $ 7.97 Outstanding at March 31, 2018 6,951,067 $ 9.34 8.73 $ 54,934,273 Options exercisable at March 31, 2018 2,556,831 $ 7.81 5.14 $ 24,088,155 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of each option issued during the three months ended March 31, 2018 and 2017 was estimated at the date of grant using the Black-Scholes valuation model. The weighted average assumptions used in the Black-Scholes calculation are presented below: Three months ended March 31, Assumptions: 2018 2017 Expected term (years) 5.13 6.50 5.44 6.50 Expected volatility 170.85 200.28 190.46 206.08 Risk-free interest rate 2.27 2.77 1.96 2.34 Expected dividend yield 0 0 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | As of March 31, 2018, the Company's future minimum lease payments under non-cancelable operating leases are as follows (in thousands): Year Operating 2018 (remaining nine months) $ 746 2019 700 2020 495 2021 169 $ 2,110 |
GENERAL ORGANIZATION AND BUSI24
GENERAL ORGANIZATION AND BUSINESS (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |
Jan. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | |
Net Income (Loss) Attributable to Parent, Total | $ (26,515) | $ (20,684) | |
Net Cash Provided by (Used in) Operating Activities | (17,849) | (18,803) | |
Cash, Cash Equivalents, and Short-term Investments, Total | 297,100 | ||
Proceeds from Issuance of Common Stock | $ 162,186 | $ 0 | |
IPO [Member] | |||
Stock Issued During Period, Shares, New Issues | 15,000,000 | ||
Proceeds from Issuance of Common Stock | $ 162,000 | ||
Shares Issued, Price Per Share | $ 11.50 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 1,956,521 | ||
Stock Issued During Period, Value, New Issues | $ 172,500 |
SUMMARY OF SIGNIFICANT ACCOUN25
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - shares | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 20,850,266 | 22,600,691 | |
Employee Stock Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6,951,067 | 6,748,302 | |
Warrant [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5,570,835 | 6,503,716 | |
Restricted Stock Awards [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 5,000 | |
Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 103,123 | 550,000 | |
Series A Preferred Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | [1] | 847,000 | 847,000 |
Series B Preferred Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | [1] | 7,378,241 | 7,946,673 |
[1] | on an as-converted basis |
SUMMARY OF SIGNIFICANT ACCOUN26
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost, Total | $ 4,104 | $ 3,296 |
Research and Development Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost, Total | 2,000 | 1,250 |
General and Administrative Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost, Total | $ 2,104 | $ 2,046 |
SUMMARY OF SIGNIFICANT ACCOUN27
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost, Total | $ 4,104 | $ 3,296 |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost, Total | 4,037 | 2,654 |
Restricted Stock Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost, Total | 0 | 13 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost, Total | $ 67 | $ 629 |
CASH AND CASH EQUIVALENTS (Deta
CASH AND CASH EQUIVALENTS (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Cash and Cash Equivalents, at Carrying Value | $ 297,082 | $ 145,373 | $ 107,099 | $ 106,717 |
Demand Deposits [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | 205,562 | 54,092 | ||
Money Market Funds [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | $ 91,520 | $ 91,281 |
CASH AND CASH EQUIVALENTS (De29
CASH AND CASH EQUIVALENTS (Details 1) - Money Market Funds [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Amortized Cost | $ 91,520 | $ 91,281 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 91,520 | $ 91,281 |
BALANCE SHEET COMPONENTS (Detai
BALANCE SHEET COMPONENTS (Details 1) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Accrued payroll and employee related expenses | $ 1,655 | $ 2,613 |
Legal and related services | 926 | 935 |
Clinical related | 4,031 | 3,310 |
Manufacturing related | 626 | 876 |
Deferred rent | 398 | 430 |
Accrued other | 478 | 496 |
Accrued liabilities | $ 8,114 | $ 8,660 |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - Warrant [Member] | 3 Months Ended |
Mar. 31, 2018USD ($)$ / sharesshares | |
Shares Under Warrants | |
Outstanding, beginning balance | shares | 6,301,216 |
Issued | shares | 0 |
Exercised | shares | (730,381) |
Expired/Cancelled | shares | 0 |
Outstanding, ending balance | shares | 5,570,835 |
Weighted Average Exercise Price | |
Outstanding, beginning balance | $ / shares | $ 2.51 |
Granted | $ / shares | 0 |
Exercised | $ / shares | 2.50 |
Expired/Cancelled | $ / shares | 0 |
Outstanding, ending balance | $ / shares | $ 2.51 |
Weighted Average Remaining Contractual Life | |
Outstanding | 7 months 6 days |
Aggregate Intrinsic Value | |
Outstanding, ending balance | $ | $ 80,220,024 |
STOCKHOLDERS' EQUITY (Details T
STOCKHOLDERS' EQUITY (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Jan. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Class of Stock [Line Items] | ||||
Proceeds from Issuance of Common Stock | $ 162,186,000 | $ 0 | ||
IPO [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 15,000,000 | |||
Proceeds from Issuance of Common Stock | $ 162,000,000 | |||
Shares Issued, Price Per Share | $ 11.50 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 1,956,521 | |||
Proceeds From Issuance Of Common Stock, Gross | $ 172,500,000 | |||
Series A Convertible Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Conversion of Stock, Shares Issued | 500 | |||
Preferred Stock, Shares Authorized | 17,000 | |||
Series A Convertible Preferred Stock [Member] | Private Placement [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 17,000 | |||
Sale of Stock, Price Per Share | $ 2 | |||
Preferred Stock, Par or Stated Value Per Share | $ 1,000 | |||
Series B Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred Stock, Shares Authorized | 11,500,000 | 11,500,000 | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||
Preferred Stock, Shares Outstanding | 7,378,241 | 7,378,241 | ||
Preferred Stock, Redemption Amount | $ 35,047 | $ 35,047 | ||
Series B Convertible Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred Stock, Shares Authorized | 11,500,000 | 11,500,000 | ||
Preferred Stock, Par or Stated Value Per Share | $ 4.75 | |||
Convertible Price Per Shares | $ 4.75 | |||
Blank Check [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred Stock, Shares Authorized | 50,000,000 | |||
Series A Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred Stock, Shares Authorized | 17,000 | 17,000 | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||
Preferred Stock, Shares Outstanding | 1,694 | 1,694 | ||
Preferred Stock, Redemption Amount | $ 1,694 | $ 1,694 |
STOCK BASED COMPENSATION (Detai
STOCK BASED COMPENSATION (Details) - Employee Stock Option [Member] | 3 Months Ended |
Mar. 31, 2018USD ($)$ / sharesshares | |
Number of Options | |
Outstanding, beginning balance | shares | 6,072,368 |
Granted | shares | 1,637,020 |
Exercised | shares | (703,071) |
Expired/Forfeited | shares | (55,250) |
Outstanding, ending balance | shares | 6,951,067 |
Exercisable | shares | 2,556,831 |
Weighted Average Exercise Price | |
Outstanding, beginning balance | $ / shares | $ 7.42 |
Granted | $ / shares | 15.83 |
Exercised | $ / shares | 8.01 |
Expired/Forfeited | $ / shares | 7.97 |
Outstanding, ending balance | $ / shares | 9.34 |
Exercisable | $ / shares | $ 7.81 |
Weighted Average Remaining Contractual Life | |
Outstanding | 8 years 8 months 23 days |
Exercisable | 5 years 1 month 20 days |
Aggregate Intrinsic Value | |
Outstanding, ending balance | $ | $ 54,934,273 |
Exercisable | $ | $ 24,088,155 |
STOCK BASED COMPENSATION (Det34
STOCK BASED COMPENSATION (Details 1) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Expected dividend yield | 0.00% | 0.00% |
Maximum [Member] | ||
Expected term (in years) | 6 years 6 months | 6 years 6 months |
Expected volatility | 200.28% | 206.08% |
Risk-free interest rate | 2.77% | 2.34% |
Minimum [Member] | ||
Expected term (in years) | 5 years 1 month 17 days | 5 years 5 months 8 days |
Expected volatility | 170.85% | 190.46% |
Risk-free interest rate | 2.27% | 1.96% |
STOCK BASED COMPENSATION (Det35
STOCK BASED COMPENSATION (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |||||||||
Jun. 30, 2016 | Aug. 31, 2013 | Mar. 31, 2018 | Mar. 31, 2017 | Aug. 16, 2016 | Apr. 10, 2015 | Nov. 30, 2014 | Aug. 20, 2014 | Aug. 01, 2014 | Aug. 02, 2013 | Oct. 14, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 40,700 | ||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 3 months 18 days | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 6,300 | $ 100 | |||||||||
Share-based Compensation | $ 4,104 | $ 3,296 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 15.52 | $ 7.36 | |||||||||
Restricted Common Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Allocated Share-based Compensation Expense | $ 100 | $ 600 | |||||||||
Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Allocated Share-based Compensation Expense | $ 600 | ||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 2 months 1 day | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 103,123 | ||||||||||
Restricted Stock [Member] | Chief Executive Officer [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 550,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 5.87 | ||||||||||
First Anniversary [Member] | Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 36 months | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 137,500 | ||||||||||
Satisfaction Of Clinical Trial Milestones [Member] | Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 275,000 | ||||||||||
2014 Equity Incentive Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,000,000 | 2,350,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 985,222 | ||||||||||
2014 Equity Incentive Plan [Member] | Maximum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 9,000,000 | ||||||||||
2014 Equity Incentive Plan [Member] | Minimum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,000,000 | ||||||||||
2011 Equity Incentive Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 542,490 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Description | an amendment to increase the number options or other awards that can be granted to any one person during a twelve (12) month period from 50,000 shares to 300,000 shares. | ||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 1,700,000 | 1,900,000 | 1,700,000 | 180,000 | 180,000 | ||||||
Employee Stock Option [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 703,071 | 40,257 |
LICENSES AND AGREEMENTS (Detail
LICENSES AND AGREEMENTS (Details Textual) - USD ($) $ in Thousands | Sep. 14, 2016 | Apr. 17, 2017 | Nov. 30, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2016 | May 31, 2017 |
Research and Development Expense, Total | $ 19,912 | $ 15,593 | |||||
Research and Development Arrangement [Member] | |||||||
Prepaid Expense, Current | $ 1,400 | ||||||
Maximum [Member] | Research and Development Arrangement [Member] | |||||||
Research and Development Arrangement, Contract to Perform for Others, Costs Incurred, Gross | $ 14,200 | ||||||
KarolinskaUniversityHospital [Member] | |||||||
Payments For Clinical Trials Agreement | $ 1,600 | ||||||
Repayments To Be Made For Termination Of Licence Agreement | $ 2,200 | ||||||
Payments To Be Made For Other Related Agreements | 2,600 | ||||||
Prepaid Expense, Current | 1,200 | ||||||
National Cancer Institute [Member] | |||||||
Research and Development Expense, Total | 500 | ||||||
Moffitt License Agreement [Member] | |||||||
Research and Development Expense, Total | 600 | 600 | |||||
Payments For Upfront Licensing Fee | $ 100 | ||||||
Agreement Term | 20 years | ||||||
Cooperative Research and Development Agreement [Member] | |||||||
Research and Development Expense, Total | $ 500 | 500 | |||||
PolyBioCept, AB - Exclusive and Co-Exclusive License Agreement [Member] | |||||||
Research and Development Expense, Total | 0 | 200 | |||||
Payment For Upfront Exclusive License | 2,500 | ||||||
Additional Milesone Payable | $ 8,700 | ||||||
Number Of Unregistered Common Stock To Be Issued | 2,219,376 | ||||||
ReimbursementIn Relation To Transfer Of Knowhow | $ 200 | ||||||
Clinical Trials Management Fees Payable | 100 | ||||||
Consulting Fees Receivable | $ 200 | ||||||
Initial Term Of Licence Agreement | 30 years | ||||||
WuXi Apptech, Inc - Manufacturing and Services Agreement [Member] | |||||||
Research and Development Expense, Total | $ 2,800 | $ 4,200 | |||||
Agreement Term | 3 years | ||||||
WuXi Apptech, Inc - Manufacturing and Services Agreement [Member] | Manufacturing Suites [Member] | |||||||
Manufacturing and Services Agreement, Amount Payable | $ 2,500 | ||||||
WuXi Apptech, Inc - Manufacturing and Services Agreement [Member] | Commercial Manufacturing cGMP Suite [Member] | |||||||
Manufacturing and Services Agreement, Amount Payable | $ 5,850 |
LEGAL PROCEEDINGS (Details Text
LEGAL PROCEEDINGS (Details Textual) | Jun. 13, 2017USD ($)shares | Jun. 03, 2016USD ($) | Nov. 30, 2012USD ($) | Jun. 30, 2012USD ($) | Mar. 31, 2018USD ($)shares | Sep. 30, 2016shares | Apr. 08, 2016USD ($) |
Loss Contingency, Damages Sought, Value | $ 500,000 | ||||||
Common Stock Registered For Resale | shares | 128,500 | ||||||
Number of share options or share units exercised during the current period. | shares | 128,500 | ||||||
Dr. Steven Fischkoff [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 150,000 | ||||||
Severance Pay And Retention Bonus | $ 300,000 | ||||||
Warrant [Member] | |||||||
Shares Sold Under Ineffective Registration | shares | 128,500 | ||||||
Minimum [Member] | |||||||
Loss Contingency, Estimate of Possible Loss | $ 1,500,000 | ||||||
Solomon Capital, LLC [Member] | |||||||
Proceeds from Related Party Debt | $ 200,000 | $ 100,000 | |||||
Debt Instrument, Convertible, Number of Equity Instruments | 111,425 | ||||||
Solomon Capital, LLC [Member] | Commercial Paper [Member] | |||||||
Debt Instrument, Face Amount | $ 200,000 |
COMMITMENTS AND CONTINGENCIES38
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands | Mar. 31, 2018USD ($) |
2018 (remaining nine months) | $ 746 |
2,019 | 700 |
2,020 | 495 |
2,021 | 169 |
Total | $ 2,110 |
COMMITMENTS AND CONTINGENCIES39
COMMITMENTS AND CONTINGENCIES (Details Textual) | Aug. 04, 2016USD ($)ft² | Apr. 28, 2017USD ($)ft² | Sep. 30, 2016USD ($)ft² | Apr. 30, 2015USD ($)ft² | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Jun. 05, 2017USD ($) | Dec. 31, 2014a |
License And Commitments [Line Items] | ||||||||
Operating Leases, Rent Expense | $ 300,000 | $ 200,000 | ||||||
Operating Leases, Future Minimum Payments Due | 2,110,000 | |||||||
Tampa Lease [Member] | ||||||||
License And Commitments [Line Items] | ||||||||
Area of Land | 8,673 | 6,043 | 5,115 | |||||
Operating Leases, Rent Expense, Minimum Rentals | $ 20,000 | $ 20,000 | ||||||
New York Lease [Member] | ||||||||
License And Commitments [Line Items] | ||||||||
Operating Leases, Future Minimum Payments Due | $ 9,000 | |||||||
Operating Leases, Rent Expense, Minimum Rentals | $ 18,000 | |||||||
San Carlos Lease [Member] | ||||||||
License And Commitments [Line Items] | ||||||||
Area of Land | ft² | 8,733 | |||||||
Lease Expiration Term | 54 months | |||||||
Operating Leases, Future Minimum Payments Due | $ 38,000 | |||||||
Operating Leases, Rent Expense, Sublease Rentals | $ 26,000 | |||||||
Teradata US, Inc [Member] | ||||||||
License And Commitments [Line Items] | ||||||||
Area of Land | ft² | 11,449 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Sep. 14, 2017 | Mar. 31, 2018 | Mar. 31, 2017 |
Payments for Legal Services | $ 100 | $ 200 | |
Due to Related Parties, Current | 100 | ||
Share-based Compensation | 4,104 | $ 3,296 | |
Consulting Agreement [Member] | |||
Share-based Compensation | $ 400 | ||
Board of Directors Chairman [Member] | |||
Consulting Agreement,Term | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 150,000 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 7.30 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | The granted stock options vest in 12 quarterly installments (with 1/12th of the option shares having vested on the date of grant). |