Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 30, 2013 | |
Document and Entity Information [Abstract] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 30-Sep-13 |
Entity Registrant Name | 'HEAT BIOLOGICS, INC. |
Entity Central Index Key | '0001476963 |
Current Fiscal Year End Date | '--12-31 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'Q3 |
Entity Filer Category | 'Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 6,365,916 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Current Assets | ' | ' |
Cash and cash equivalents | $23,578,445 | $5,030 |
Related party receivable | 20,384 | 9,571 |
Prepaid expenses and other current assets | 800,465 | 58,436 |
Total Current Assets | 24,399,294 | 73,037 |
Property and Equipment, net | 13,099 | 10,782 |
Other Assets | ' | ' |
Restricted cash | 1,542 | 26,214 |
Debt issuance costs, net | ' | 28,229 |
Deposits | 9,320 | 9,320 |
Total Other Assets | 10,862 | 63,763 |
Total Assets | 24,423,255 | 147,582 |
Current Liabilities | ' | ' |
Accounts payable | 392,528 | 505,471 |
Accrued expenses and other payables | 157,279 | 129,208 |
Accrued interest | 22,150 | 13,763 |
Notes payable - current portion | ' | 66,806 |
Total Current Liabilities | 571,957 | 715,248 |
Long Term Liabilities | ' | ' |
Notes payable - less current portion | ' | 658,194 |
Convertible notes payable | ' | 197,099 |
Stock warrants liability | 214,352 | 92,150 |
Total Liabilities | 786,309 | 1,662,691 |
Stockholders' Equity (Deficit) | ' | ' |
Common stock, $.0002 par value; 50,000,000 shares authorized, 6,365,916 and 2,144,542 shares issued and 6,365,916 and 1,858,971 shares outstanding at September 30, 2013 and December 31, 2012, respectively | 959 | 405 |
Additional paid in capital | 34,139,398 | 4,495,832 |
Deficit accumulated during the development stage | -10,287,354 | -5,935,282 |
Total Stockholders' Equity (Deficit) - Less Non-Controlling Interest | 23,853,003 | -1,438,848 |
Non-Controlling Interest | -216,057 | -76,261 |
Total Stockholders' Equity (Deficit) | 23,636,946 | -1,515,109 |
Total Liabilities and Stockholders' (Deficit) Equity | 24,423,255 | 147,582 |
Series 1 Preferred Stock [Member] | ' | ' |
Stockholders' Equity (Deficit) | ' | ' |
Preferred stock | ' | 11 |
Series A Preferred Stock [Member] | ' | ' |
Stockholders' Equity (Deficit) | ' | ' |
Preferred stock | ' | 186 |
Series B-1 Preferred Stock [Member] | ' | ' |
Stockholders' Equity (Deficit) | ' | ' |
Preferred stock | ' | ' |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Common stock, par value per share | $0.00 | $0.00 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 6,365,916 | 2,144,542 |
Common stock, shares outstanding | 6,365,916 | 1,858,971 |
Series 1 Preferred Stock [Member] | ' | ' |
Preferred Stock, par value per share | $0.00 | $0.00 |
Preferred stock, shares authorized | 112,500 | 112,500 |
Preferred stock, shares issued | 0 | 112,500 |
Preferred stock, shares outstanding | 0 | 112,500 |
Series A Preferred Stock [Member] | ' | ' |
Preferred Stock, par value per share | $0.00 | $0.00 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 1,863,128 |
Preferred stock, shares outstanding | 0 | 1,863,128 |
Series B-1 Preferred Stock [Member] | ' | ' |
Preferred Stock, par value per share | $0.00 | $0.00 |
Preferred stock, shares authorized | 4,100,000 | 4,100,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | 64 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Condensed Consolidated Statements of Operations [Abstract] | ' | ' | ' | ' | ' |
Grant awards | ' | $3,110 | ' | $3,110 | $585,589 |
Operating expenses: | ' | ' | ' | ' | ' |
Research and development | 992,360 | 242,220 | 2,121,628 | 591,395 | 5,479,110 |
Clinical and regulatory | 230,924 | 52,861 | 747,915 | 199,980 | 1,175,758 |
General and administration | 737,540 | 227,209 | 1,443,856 | 813,660 | 3,739,382 |
Total operating expenses | 1,960,824 | 522,290 | 4,313,399 | 1,605,035 | 10,394,250 |
Loss from operations | -1,960,824 | -519,180 | -4,313,399 | -1,601,925 | -9,808,661 |
Interest income | 500 | ' | 502 | ' | 1,189 |
Other income (expense) | -28,229 | 246 | -78,191 | 774 | -86,974 |
Interest expense | -40,639 | -61,755 | -100,780 | -77,369 | -320,241 |
Total non-operating expenses | -68,368 | -61,509 | -178,469 | -76,595 | -406,026 |
Loss from continuing operations | -2,029,192 | -580,689 | -4,491,868 | -1,678,520 | -10,214,687 |
Loss from discontinued operations | ' | 1,750 | ' | -18,379 | -288,724 |
Net loss | -2,029,192 | -578,939 | -4,491,868 | -1,696,899 | -10,503,411 |
Net loss - non-controlling interest | -61,750 | -11,130 | -139,796 | -25,508 | -216,057 |
Beneficial conversion charge | ' | ' | -2,300,000 | ' | -2,300,000 |
Preferred Stock Dividend | -361,668 | ' | -361,668 | ' | -361,668 |
Net loss attributable to common stockholders | ($2,329,110) | ($567,809) | ($7,013,740) | ($1,671,391) | ($12,949,022) |
Net loss per share attributable to common stockholders-basic and diluted | ($0.48) | ($0.31) | ($2.45) | ($0.91) | ' |
Weighted-average number of common shares used in net loss per share attributable to common stockholders-basic and diluted | 4,835,582 | 1,832,766 | 2,863,310 | 1,830,593 | ' |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Stockholders Equity (Deficit) (USD $) | Total | Series 1 Preferred Stock [Member] | Series A Preferred Stock [Member] | Series B [Member] | Common Stock [Member] | APIC [Member] | Accumulated Deficit [Member] | Noncontrolling Interest [Member] |
Balance at Jun. 09, 2008 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of Common Stock | 423 | ' | ' | ' | 423 | ' | ' | ' |
Non-cash consideration for rent | 4,104 | ' | ' | ' | ' | 4,104 | ' | ' |
Net Loss | -281,971 | ' | ' | ' | ' | ' | -281,971 | ' |
Balance at Dec. 31, 2008 | -277,444 | ' | ' | ' | 423 | 4,104 | -281,971 | ' |
Issuance of Common Stock | 42 | ' | ' | ' | 42 | ' | ' | ' |
Cancellation of Stock | ' | ' | ' | ' | -65 | 65 | ' | ' |
Issuance of Series A Preferred Stock | 250,000 | ' | 11 | ' | ' | 249,989 | ' | ' |
Non-cash consideration for rent | 5,760 | ' | ' | ' | ' | 5,760 | ' | ' |
Stock based compensation | 13,364 | ' | ' | ' | ' | 13,364 | ' | ' |
Net Loss | -423,439 | ' | ' | ' | ' | ' | -416,789 | -6,650 |
Balance at Dec. 31, 2009 | -431,717 | ' | 11 | ' | 400 | 273,282 | -698,760 | -6,650 |
Non-cash consideration for rent | 5,760 | ' | ' | ' | ' | 5,760 | ' | ' |
Stock based compensation | 30,791 | ' | ' | ' | ' | 30,791 | ' | ' |
Stock issuance costs | -7,584 | ' | ' | ' | ' | -7,584 | ' | ' |
Net Loss | -721,844 | ' | ' | ' | ' | ' | -711,438 | -10,406 |
Balance at Dec. 31, 2010 | -1,124,594 | ' | 11 | ' | 400 | 302,249 | -1,410,198 | -17,056 |
Conversion of equity | 2,674,980 | ' | 127 | ' | ' | 2,674,853 | ' | ' |
Issuance of Series A Preferred Stock | 154,255 | ' | 7 | ' | ' | 154,248 | ' | ' |
Reclassification of Series A Preferred Stock to Series 1 Preferred Stock | ' | 11 | -11 | ' | ' | ' | ' | ' |
Stock based compensation | 91,984 | ' | ' | ' | ' | 91,984 | ' | ' |
Stock issuance costs | -17,581 | ' | ' | ' | ' | -17,581 | ' | ' |
Net Loss | -2,113,142 | ' | ' | ' | ' | ' | -2,104,884 | -8,258 |
Balance at Dec. 31, 2011 | -334,098 | 11 | 134 | ' | 400 | 3,205,753 | -3,515,082 | -25,314 |
Issuance of Common Stock | 11,325 | ' | ' | ' | 5 | 11,320 | ' | ' |
Issuance of Series A Preferred Stock | 1,083,334 | ' | 52 | ' | ' | 1,083,282 | ' | ' |
Stock based compensation | 217,896 | ' | ' | ' | ' | 217,896 | ' | ' |
Stock issuance costs | -22,419 | ' | ' | ' | ' | -22,419 | ' | ' |
Net Loss | -2,471,147 | ' | ' | ' | ' | ' | -2,420,200 | -50,947 |
Balance at Dec. 31, 2012 | -1,515,109 | 11 | 186 | ' | 405 | 4,495,832 | -5,935,282 | -76,261 |
Issuance of Series B-1 Preferred Stock - March 25, 2013 | 5,050,090 | ' | ' | 189 | ' | 5,049,901 | ' | ' |
Conversion of equity | ' | -11 | -186 | -189 | ' | 386 | ' | ' |
Issuance of Common Stock from initial public offering, net of underwriting discounts | 25,110,540 | ' | ' | ' | 540 | 25,110,000 | ' | ' |
Exercise of stock options | 47,957 | ' | ' | ' | 14 | 47,943 | ' | ' |
Stock based compensation | 377,388 | ' | ' | ' | ' | 377,388 | ' | ' |
Stock issuance costs | -942,052 | ' | ' | ' | ' | -942,052 | ' | ' |
Net Loss | -4,491,868 | ' | ' | ' | ' | ' | -4,352,072 | -139,796 |
Balance at Sep. 30, 2013 | $23,636,946 | ' | ' | ' | $959 | $34,139,398 | ($10,287,354) | ($216,057) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | 64 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Cash Flows from Operating Activities | ' | ' | ' |
Net Loss | ($4,491,868) | ($1,696,899) | ($10,503,411) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Depreciation | 2,877 | 2,332 | 6,088 |
Amortization of debt issuance costs | 28,229 | 56,327 | 126,742 |
Re-measurement of fair value of stock warrants liability | 122,202 | -4,240 | 126,782 |
Non-cash consideration for rent | ' | ' | 15,624 |
Stock based compensation | 377,388 | 80,980 | 731,423 |
Increase (decrease) in cash arising from changes in assets and liabilities: | ' | ' | ' |
Related party receivable | -10,813 | -6,241 | -20,384 |
Prepaid expenses and other current assets | -742,029 | -53,608 | -800,465 |
Restricted cash | 24,672 | -24,485 | -1,542 |
Deposits | ' | 200 | -9,320 |
Accounts payable | -112,943 | 24,982 | 392,528 |
Accrued expenses and other payables | 28,071 | 63,481 | 157,279 |
Accrued interest | 8,387 | 3,790 | 73,421 |
Net Cash Used by Operating Activities | -4,765,827 | -1,553,381 | -9,705,235 |
Cash Flows from Investing Activities | ' | ' | ' |
Purchase of property and equipment | -5,194 | -1,780 | -19,187 |
Net Cash Used in Investing Activities | -5,194 | -1,780 | -19,187 |
Cash Flows from Financing Activities | ' | ' | ' |
Proceeds from initial public offering, net of underwriting discounts | 25,110,000 | ' | 25,110,000 |
Borrowings on notes payable | ' | 650,000 | 950,000 |
Borrowings on line of credit | ' | 80,204 | 273,427 |
Payments on notes payable | -725,000 | -225,000 | -950,000 |
Payments on line of credit | ' | ' | -273,427 |
Issuance of convertible notes payable, net of issuance costs | -197,099 | ' | 2,584,537 |
Issuance of common stock | 540 | ' | 12,330 |
Exercise of stock options | 47,957 | ' | 47,957 |
Stock issuance costs | -942,052 | -700 | -989,636 |
Net Cash Provided by Financing Activities | 28,344,436 | 1,587,838 | 33,302,867 |
Net Increase in Cash and Cash Equivalents | 23,573,415 | 32,677 | 23,578,445 |
Cash and Cash Equivalents - Beginning of Period | 5,030 | 98,646 | ' |
Cash and Cash Equivalents - End of Period | 23,578,445 | 131,323 | 23,578,445 |
Supplemental Disclosure for Cash Flow Information | ' | ' | ' |
Interest paid | 51,575 | 16,773 | 126,259 |
Supplemental Schedule of Noncash Investing and Financing Activities | ' | ' | ' |
Beneficial conversion charge | 2,300,000 | ' | 2,300,000 |
Issuance of preferred stock warrants and debt issuance costs | ' | ' | 87,570 |
Notes payable converted to Series A preferred stock | ' | ' | 2,674,980 |
Conversion of convertible note payable to accounts payable | 197,099 | ' | 197,099 |
Cancellation of common stock | ' | ' | 65 |
Non-cash consideration for rent | ' | ' | 15,624 |
Non-cash conversion of preferred stock into common stock | 386 | ' | 386 |
Preferred stock dividend | 361,668 | ' | 361,668 |
Series A Preferred Stock [Member] | ' | ' | ' |
Cash Flows from Financing Activities | ' | ' | ' |
Issuance of preferred stock | ' | 1,083,334 | 1,487,589 |
Series B-1 Preferred Stock [Member] | ' | ' | ' |
Cash Flows from Financing Activities | ' | ' | ' |
Issuance of preferred stock | $5,050,090 | ' | $5,050,090 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Summary of Significant Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
1. Summary of Significant Accounting Policies | |
Basis of presentation | |
The accompanying unaudited condensed consolidated balance sheet as of September 30, 2013, condensed consolidated statements of operations for the three and nine month periods ended September 30, 2013 and 2012, the condensed consolidated statement of stockholders equity as of September 30, 2013, the condensed consolidated statements of cash flows for the nine month periods ended September 30, 2013 and 2012, and the cumulative period from inception (June 10, 2008) to September 30, 2013 of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial reporting and as required by Regulation S-X, Rule 10-01. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting only of normal and recurring adjustments, considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, the Company must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements. Actual results could differ from those estimated. Additionally, operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2013. For further information, refer to the financial statements and footnotes included in the Company's Prospectus as filed with the Securities and Exchange Commission ("SEC") under Rule 424(b) of the Securities Act of 1933 on July 24, 2013. | |
Principles of Consolidation | |
The condensed consolidated financial statements include the accounts of Heat Biologics, Inc. and its subsidiaries, Heat Biologics I, Inc. ("Heat I") and Heat Biologics II, Inc ("Heat II"), Heat Biologics III, Inc ("Heat III"), Heat Biologics IV, Inc. ("Heat IV") and Heat Biologics GmbH. All significant intercompany accounts and transactions have been eliminated in consolidation. At December 31, 2012 and September 30, 2013, Heat held a 92.5% controlling interest in Heat I and accounts for its less than 100% interest in the condensed consolidated financial statements in accordance with U.S. GAAP. Accordingly, the Company presents non-controlling interests as a component of stockholders' equity (deficit) on its condensed consolidated balance sheets, condensed statement of stockholders equity (deficit), and reports non-controlling interest net loss under the heading "net loss - non-controlling interest" in the condensed consolidated statements of operations. In June 2012, the Company sold its entire 92.5% interest in Heat II. The operations of Heat II through June 25, 2012, including fiscal year 2012 and inception to date, are presented in the accompanying condensed consolidated statements of operations as a loss from discontinued operations. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Fair Value of Financial Instruments [Abstract] | ' | |||||
Fair Value of Financial Instruments | ' | |||||
2. Fair Value of Financial Instruments | ||||||
The carrying amount of certain of the Company's financial instruments, including prepaid expenses and other current assets, deposits, accounts payable and accrued expenses and other payables approximate fair value due to their short maturities. The carrying value of the Company's notes payable and convertible notes payable at December 31, 2012 approximated fair value because the interest rates under those obligations approximate market rates of interest available to the Company for similar instruments. | ||||||
As a basis for determining the fair value of certain of the Company's financial instruments, the Company utilizes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows: | ||||||
Level I - Observable inputs such as quoted prices in active markets for identical assets or liabilities. | ||||||
Level II - Observable inputs, other than Level I prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||||
Level III - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||
This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. The Company's financial instruments that are measured at fair value on a recurring basis consist only of the preferred stock warrant liability at December 31, 2012 and the common stock liability at September 30, 2013. The preferred stock warrants were amended to common stock warrants at the time of the Company's initial public offering. They continue to be treated as a financial instrument based on ASC 480-10 and ASC 815-40-15 and accordingly the Company continues to remeasure the liability quarterly and record the change in fair value as other income (expense). The Company's preferred stock warrants liability as of December 31, 2012 was classified within Level III of the fair value hierarchy and as of September 30, 2013 the common stock warrants liability is classified within Level II of the fair value hierarchy. | ||||||
The change in the fair value of the Level II common stock warrant liability is summarized below: | ||||||
Fair value of preferred stock warrants liability at December 31, 2012 | $ | 92,150 | ||||
Issuances | - | |||||
Change in fair value during the period | 122,202 | |||||
Fair value of common stock warrants liability at September 30, 2013 | $ | 214,352 |
Income_Tax
Income Tax | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax [Abstract] | ' |
Income Tax | ' |
3. Income Tax | |
Income taxes are accounted for using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statements carrying amounts of assets and liabilities and their respective tax bases, operating loss carryforwards, and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |
In accordance with FASB ASC 740, Accounting for Income Taxes, the Company reflects in the financial statements the benefit of positions taken in a previously filed tax return or expected to be taken in a future tax return only when it is considered 'more-likely-than-not' that the position taken will be sustained by a taxing authority. As of September 30, 2013 and December 31, 2012, the Company had no unrecognized income tax benefits and correspondingly there is no impact on the Company's effective income tax rate associated with these items. The Company's policy for recording interest and penalties relating to uncertain income tax positions is to record them as a component of income tax expense in the accompanying statements of income. As of September 30, 2013 and December 31, 2012, the Company had no such accruals. |
Accrued_Expenses
Accrued Expenses | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Accrued Expenses [Abstract] | ' | |||||||
Accrued Expenses | ' | |||||||
4. Accrued Expenses | ||||||||
Accrued expenses consist of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Compensation and related benefits | $ | 122,279 | $ | 105,927 | ||||
Accrued patent fees | 35,000 | 20,000 | ||||||
Professional fees | - | 3,281 | ||||||
$ | 157,279 | $ | 129,208 |
Net_Loss_Per_Share
Net Loss Per Share | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Net Loss Per Share [Abstract] | ' | |||||||||||||
Net Loss Per Share | ' | |||||||||||||
5. Net Loss Per Share | ||||||||||||||
Basic and diluted net loss per common share is calculated by dividing net loss applicable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents. The Company's potentially dilutive shares, which include convertible preferred stock, outstanding stock options and unvested restricted stock are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive. The following table reconciles net loss to net loss applicable to common shareholders: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Net loss | $ | (2,029,192 | ) | $ | (578,939 | ) | $ | (4,491,868 | ) | $ | (1,696,899 | ) | ||
Net loss: Non-controlling interest | (61,750 | ) | (11,130 | ) | (139,796 | ) | (25,508 | ) | ||||||
Beneficial conversion charge | - | - | (2,300,000 | ) | - | |||||||||
Preferred Stock Dividend | (361,668 | ) | - | (361,668 | ) | - | ||||||||
Net loss applicable to common stockholders | $ | (2,329,110 | ) | $ | (567,809 | ) | $ | (7,013,740 | ) | $ | (1,671,391 | ) | ||
Weighted-average number of common shares used in net loss per share applicable to common stockholders-basic and diluted | 4,835,582 | 1,832,766 | 2,863,310 | 1,830,593 | ||||||||||
Net loss per share applicable to common stockholders-basic and diluted | $ | (0.48 | ) | $ | (0.31 | ) | $ | (2.45 | ) | $ | (0.91 | ) | ||
The following potentially dilutive securities were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Preferred stock (on an as converted basis) | - | 860,017 | - | 860,017 | ||||||||||
Preferred stock warrants | - | 20,549 | - | 20,549 | ||||||||||
Outstanding stock options | 575,762 | 537,854 | 575,762 | 537,854 | ||||||||||
Unvested restricted stock | - | 5,073 | - | 5,073 | ||||||||||
Common stock warrants | 53,159 | 32,610 | 53,159 | 32,610 | ||||||||||
Reverse Stock Split | ||||||||||||||
In May 2013, the Company's board of directors and stockholders approved a 1-for-2.3 reverse stock split of the Company's common stock. The reverse stock split became effective on May 29, 2013. All share and per share amounts in the financial statements have been retroactively adjusted for all periods presented to give effect to the reverse stock split, including reclassifying an amount equal to the increase in par value to additional paid-in capital. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||||||||||
6. Stock-Based Compensation | |||||||||||||||||||||||||
Restricted Stock | |||||||||||||||||||||||||
A summary of the Company's unvested restricted stock as of September 30, 2013 and changes during the nine months ended September 30, 2013 is as follows: | |||||||||||||||||||||||||
Shares | Weighted- | ||||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Grant Date | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Unvested at December 31, 2012 | 2,899 | $ | 2.23 | ||||||||||||||||||||||
Vested | (2,899 | ) | $ | 2.09 | |||||||||||||||||||||
Unvested at September 30, 2013 | - | $ | - | ||||||||||||||||||||||
As of September 30, 2013, all restricted stock has vested and accordingly all stock-based compensation expense related to vested restricted stock has been recognized. | |||||||||||||||||||||||||
In connection with our public offering we issued common stock warrants to the underwriters for 125,000 shares of common stock issuable at $12.50 per share upon exercise. The warrants have a ten year life and expire on July 29th 2023. | |||||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||
The following is a summary of the stock option activity for the nine months ended September 30, 2013: | |||||||||||||||||||||||||
Shares | Weighted | ||||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Exercise | |||||||||||||||||||||||||
Price | |||||||||||||||||||||||||
Outstanding, December 31, 2012 | 590,047 | $ | 0.72 | ||||||||||||||||||||||
Granted | 96,736 | $ | 9.81 | ||||||||||||||||||||||
Exercised | (71,197 | ) | $ | 0.68 | |||||||||||||||||||||
Expired | (15,409 | ) | $ | 0.6 | |||||||||||||||||||||
Forfeited | (24,415 | ) | $ | 3.29 | |||||||||||||||||||||
Outstanding, September 30, 2013 | 575,762 | $ | 2.14 | ||||||||||||||||||||||
The weighted average grant-date fair value of stock options granted during the nine months ended September 30, 2013 was $7.84. The total fair value of stock options that vested during the nine months ended September 30, 2013 was approximately $419,000. The fair value of each stock option is estimated on the date of grant using the Black-Scholes-Merton option pricing model with the following assumptions for stock options granted during the nine months ended September 30, 2013: | |||||||||||||||||||||||||
Dividend yield | 0 | % | |||||||||||||||||||||||
Expected volatility | 90 | % | |||||||||||||||||||||||
Risk-free interest rate | 1.39-1.5 | % | |||||||||||||||||||||||
Expected lives (years) | 5-6.5 | ||||||||||||||||||||||||
The risk-free interest rate is based on U.S. Treasury interest rates at the time of the grant whose term is consistent with the expected life of the stock options. The Company used an average historical stock price volatility based on an analysis of reported data for a peer group of comparable companies that have issued stock options with substantially similar terms, as the Company did not have any trading history for its common stock. Expected term represents the period that the Company's stock option grants are expected to be outstanding. The Company elected to utilize the "simplified" method to value stock option grants. Under this approach, the weighted-average expected life is presumed to be the average of the vesting term and the contractual term of the option. | |||||||||||||||||||||||||
Expected dividend yield was considered to be 0% in the option pricing formula since the Company had not paid any dividends and had no plans to do so in the future. The forfeiture rate was considered to be none insofar as the historical experience of the Company is very limited. As required by ASC 718, the Company will adjust the estimated forfeiture rate based upon actual experience. | |||||||||||||||||||||||||
The Company recognized $377,388 and $80,980 in stock-based compensation expense for the nine months ended September 30, 2013 and 2012, respectively for the Company's stock option awards. | |||||||||||||||||||||||||
The following table summarizes information about stock options outstanding at September 30, 2013: | |||||||||||||||||||||||||
Options Outstanding | Options Exercisable | Options Vested or Expected to Vest | |||||||||||||||||||||||
Balance | Weighted | Weighted | Balance | Weighted | Weighted | Balance | Weighted | Weighted | |||||||||||||||||
as of | Average | Average | as of | Average | Average | as of | Average | Average | |||||||||||||||||
9/30/13 | Remaining | Exercise | 9/30/13 | Remaining | Exercise | 9/30/13 | Remaining | Exercise | |||||||||||||||||
Contractual | Price | Contractual | Price | Contractual | Price | ||||||||||||||||||||
Life | Life | Life | |||||||||||||||||||||||
(Years) | (Years) | (Years) | |||||||||||||||||||||||
575,762 | 7.194 | $2.14 | 442,242 | 6.391 | $0.85 | 442,242 | 6.391 | $0.85 | |||||||||||||||||
As of September 30, 2013, the unrecognized stock-based compensation expense related to unvested stock options was approximately $958,972 which is expected to be recognized over a weighted average period of approximately 21.75 months. |
Financing
Financing | 9 Months Ended |
Sep. 30, 2013 | |
Financing [Abstract] | ' |
Financing | ' |
7. Financing | |
Series B Financing | |
In March 2013, the Company sold an aggregate of 1,891,419 shares of the Company's Series B-1 Preferred Stock for gross proceeds of approximately $5.0 million in our Series B Preferred Stock private placement. All shares of the Series B Preferred Stock, together with accrued dividends, automatically converted into shares of the Company's common stock upon the consummation of the Company's initial public offering on July 29th. In addition, the investors in our Series B-1 Preferred Stock were issued shares of the Company's common stock having a value based upon the initial public offering price of $361,668 and the Company's obligation to issue, and the investors, obligation to purchase, Series B-2 Preferred Stock and warrants upon fulfillment of certain conditions specified in the Company's stock purchase agreement dated as of March 25, 2013 entered into in connection with such private placement (the "Stock Purchase Agreement") terminated. The issuance of common stock to the Series B-1 Preferred stockholders totaling $361,668 has been accounted for as a preferred stock dividend, and as a result, has been included as an expense attributable to common stockholders in the Company's condensed consolidated statements of operations. | |
Initial Public Offering | |
On July 29, 2013, the Company sold 2,500,000 shares of common stock at a public offering price of $10.00 per share upon the closing of the Company's initial public offering ("IPO") with gross proceeds of $25 million and net proceeds of $22.4 million. On August 15, 2013, the Company sold an additional 100,000 shares of common stock at a public offering price of $10.00 per share pursuant to the partial exercise of the over-allotment option granted to the underwriters resulting in additional gross proceeds to the Company of $1,000,000 and additional net proceeds of $930,000. On September 6, 2013, the Company sold an additional 100,000 shares of common stock at a public offering price of $10.00 per share pursuant to the partial exercise of the over-allotment option granted to the underwriters resulting in additional gross proceeds to the Company of $1,000,000 and additional net proceeds of $930,000.The total gross proceeds raised from the offering and over-allotment option were $27,000,000, before underwriting discounts, commissions and other offering expenses payable by the Company. The total net proceeds from the offering were approximately $24.3 million. Upon the closing of the IPO, all shares of the Company's then-outstanding preferred stock automatically converted into an aggregate of 1,696,683 shares of common stock. In addition, upon the closing of the IPO, the Company issued an additional 36,167 shares of common stock to the Series B Preferred Stockholders as a Preferred Stock dividend. This transaction is discussed above under "Series B Financing". At that time, the Company's obligation to issue, and the Series B Preferred Stockholders, obligation to purchase Series B-2 Preferred Stock under the Stock Purchase Agreement terminated. | |
Repayment of Debt | |
On August 27, 2013 we repaid the entire outstanding balance on our note payable and term loan with Square 1 Bank in the total amount of $725,000 and the loan agreements with Square 1 Bank was terminated. As a result, the outstanding balance at September 30, 2013 was $0. | |
The Company reclassified the entire balance of the convertible note payable of $197,000 outstanding at December 31, 2012 to accounts payable during the 2013 Period and subsequently made payment on July 30, 2013. The balance of the convertible note payable was $0 at September 30, 2013. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Summary of Significant Accounting Policies [Abstract] | ' |
Basis of presentation | ' |
Basis of presentation | |
The accompanying unaudited condensed consolidated balance sheet as of September 30, 2013, condensed consolidated statements of operations for the three and nine month periods ended September 30, 2013 and 2012, the condensed consolidated statement of stockholders equity as of September 30, 2013, the condensed consolidated statements of cash flows for the nine month periods ended September 30, 2013 and 2012, and the cumulative period from inception (June 10, 2008) to September 30, 2013 of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial reporting and as required by Regulation S-X, Rule 10-01. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting only of normal and recurring adjustments, considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, the Company must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements. Actual results could differ from those estimated. Additionally, operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2013. For further information, refer to the financial statements and footnotes included in the Company's Prospectus as filed with the Securities and Exchange Commission ("SEC") under Rule 424(b) of the Securities Act of 1933 on July 24, 2013. | |
Principles of Consolidation | ' |
Principles of Consolidation | |
The condensed consolidated financial statements include the accounts of Heat Biologics, Inc. and its subsidiaries, Heat Biologics I, Inc. ("Heat I") and Heat Biologics II, Inc ("Heat II"), Heat Biologics III, Inc ("Heat III"), Heat Biologics IV, Inc. ("Heat IV") and Heat Biologics GmbH. All significant intercompany accounts and transactions have been eliminated in consolidation. At December 31, 2012 and September 30, 2013, Heat held a 92.5% controlling interest in Heat I and accounts for its less than 100% interest in the condensed consolidated financial statements in accordance with U.S. GAAP. Accordingly, the Company presents non-controlling interests as a component of stockholders' equity (deficit) on its condensed consolidated balance sheets, condensed statement of stockholders equity (deficit), and reports non-controlling interest net loss under the heading "net loss - non-controlling interest" in the condensed consolidated statements of operations. In June 2012, the Company sold its entire 92.5% interest in Heat II. The operations of Heat II through June 25, 2012, including fiscal year 2012 and inception to date, are presented in the accompanying condensed consolidated statements of operations as a loss from discontinued operations. |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Fair Value of Financial Instruments [Abstract] | ' | |||||
Schedule of Change in Fair Value of Level III Common Stock Warrant Liability | ' | |||||
The change in the fair value of the Level II common stock warrant liability is summarized below: | ||||||
Fair value of preferred stock warrants liability at December 31, 2012 | $ | 92,150 | ||||
Issuances | - | |||||
Change in fair value during the period | 122,202 | |||||
Fair value of common stock warrants liability at September 30, 2013 | $ | 214,352 |
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Accrued Expenses [Abstract] | ' | |||||||
Schedule of Accrued Expenses | ' | |||||||
Accrued expenses consist of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Compensation and related benefits | $ | 122,279 | $ | 105,927 | ||||
Accrued patent fees | 35,000 | 20,000 | ||||||
Professional fees | - | 3,281 | ||||||
$ | 157,279 | $ | 129,208 |
Net_Loss_Per_Share_Tables
Net Loss Per Share (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Net Loss Per Share [Abstract] | ' | |||||||||||||
Schedule of net loss per share | ' | |||||||||||||
The following table reconciles net loss to net loss applicable to common shareholders: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Net loss | $ | (2,029,192 | ) | $ | (578,939 | ) | $ | (4,491,868 | ) | $ | (1,696,899 | ) | ||
Net loss: Non-controlling interest | (61,750 | ) | (11,130 | ) | (139,796 | ) | (25,508 | ) | ||||||
Beneficial conversion charge | - | - | (2,300,000 | ) | - | |||||||||
Preferred Stock Dividend | (361,668 | ) | - | (361,668 | ) | - | ||||||||
Net loss applicable to common stockholders | $ | (2,329,110 | ) | $ | (567,809 | ) | $ | (7,013,740 | ) | $ | (1,671,391 | ) | ||
Weighted-average number of common shares used in net loss per share applicable to common stockholders-basic and diluted | 4,835,582 | 1,832,766 | 2,863,310 | 1,830,593 | ||||||||||
Net loss per share applicable to common stockholders-basic and diluted | $ | (0.48 | ) | $ | (0.31 | ) | $ | (2.45 | ) | $ | (0.91 | ) | ||
Schedule of antidilutive securities | ' | |||||||||||||
The following potentially dilutive securities were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Preferred stock (on an as converted basis) | - | 860,017 | - | 860,017 | ||||||||||
Preferred stock warrants | - | 20,549 | - | 20,549 | ||||||||||
Outstanding stock options | 575,762 | 537,854 | 575,762 | 537,854 | ||||||||||
Unvested restricted stock | - | 5,073 | - | 5,073 | ||||||||||
Common stock warrants | 53,159 | 32,610 | 53,159 | 32,610 |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Unvested Restricted Stock Activity | ' | ||||||||||||||||||||||||
A summary of the Company's unvested restricted stock as of September 30, 2013 and changes during the nine months ended September 30, 2013 is as follows: | |||||||||||||||||||||||||
Shares | Weighted- | ||||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Grant Date | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Unvested at December 31, 2012 | 2,899 | $ | 2.23 | ||||||||||||||||||||||
Vested | (2,899 | ) | $ | 2.09 | |||||||||||||||||||||
Unvested at September 30, 2013 | - | $ | - | ||||||||||||||||||||||
Schedule of Stock Option Activity | ' | ||||||||||||||||||||||||
The following is a summary of the stock option activity for the nine months ended September 30, 2013: | |||||||||||||||||||||||||
Shares | Weighted | ||||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Exercise | |||||||||||||||||||||||||
Price | |||||||||||||||||||||||||
Outstanding, December 31, 2012 | 590,047 | $ | 0.72 | ||||||||||||||||||||||
Granted | 96,736 | $ | 9.81 | ||||||||||||||||||||||
Exercised | (71,197 | ) | $ | 0.68 | |||||||||||||||||||||
Expired | (15,409 | ) | $ | 0.6 | |||||||||||||||||||||
Forfeited | (24,415 | ) | $ | 3.29 | |||||||||||||||||||||
Outstanding, September 30, 2013 | 575,762 | $ | 2.14 | ||||||||||||||||||||||
Schedule of Stock Option Valuation Assumptions | ' | ||||||||||||||||||||||||
The fair value of each stock option is estimated on the date of grant using the Black-Scholes-Merton option pricing model with the following assumptions for stock options granted during the nine months ended September 30, 2013: | |||||||||||||||||||||||||
Dividend yield | 0 | % | |||||||||||||||||||||||
Expected volatility | 90 | % | |||||||||||||||||||||||
Risk-free interest rate | 1.39-1.5 | % | |||||||||||||||||||||||
Expected lives (years) | 5-6.5 | ||||||||||||||||||||||||
Schedule of Options Outstanding, Exercisable, and Vested or Expected to Vest | ' | ||||||||||||||||||||||||
The following table summarizes information about stock options outstanding at September 30, 2013: | |||||||||||||||||||||||||
Options Outstanding | Options Exercisable | Options Vested or Expected to Vest | |||||||||||||||||||||||
Balance | Weighted | Weighted | Balance | Weighted | Weighted | Balance | Weighted | Weighted | |||||||||||||||||
as of | Average | Average | as of | Average | Average | as of | Average | Average | |||||||||||||||||
9/30/13 | Remaining | Exercise | 9/30/13 | Remaining | Exercise | 9/30/13 | Remaining | Exercise | |||||||||||||||||
Contractual | Price | Contractual | Price | Contractual | Price | ||||||||||||||||||||
Life | Life | Life | |||||||||||||||||||||||
(Years) | (Years) | (Years) | |||||||||||||||||||||||
575,762 | 7.194 | $2.14 | 442,242 | 6.391 | $0.85 | 442,242 | 6.391 | $0.85 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) | Sep. 30, 2013 |
Summary of Significant Accounting Policies [Abstract] | ' |
Ownership interest in subsidiary | 92.50% |
Sale of subsidiary, date | 25-Jun-12 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Schedule of Change in Fair Value) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Fair Value of Financial Instruments [Abstract] | ' |
Fair value of preferred stock warrants liability, beginning | $92,150 |
Issuances | ' |
Change in fair value during the period | 122,202 |
Fair value of common stock warrants liability, ending | $214,352 |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Accrued Expenses [Abstract] | ' | ' |
Compensation and related benefits | $122,279 | $105,927 |
Accrued patent fees | 35,000 | 20,000 |
Professional fees | ' | 3,281 |
Accrued expenses | $157,279 | $129,208 |
Net_Loss_Per_Share_Schedule_of
Net Loss Per Share (Schedule of Reconciliation of Net Loss Applicable to Common Shareholders) (Details) (USD $) | 3 Months Ended | 7 Months Ended | 9 Months Ended | 12 Months Ended | 64 Months Ended | |||||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2008 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Sep. 30, 2013 | |
Net Loss Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Loss | ($2,029,192) | ($578,939) | ($281,971) | ($4,491,868) | ($1,696,899) | ($2,471,147) | ($2,113,142) | ($721,844) | ($423,439) | ($10,503,411) |
Net loss - non-controlling interest | -61,750 | -11,130 | ' | -139,796 | -25,508 | ' | ' | ' | ' | -216,057 |
Beneficial conversion charge | ' | ' | ' | -2,300,000 | ' | ' | ' | ' | ' | -2,300,000 |
Preferred Stock Dividend | -361,668 | ' | ' | -361,668 | ' | ' | ' | ' | ' | -361,668 |
Net loss attributable to common stockholders | ($2,329,110) | ($567,809) | ' | ($7,013,740) | ($1,671,391) | ' | ' | ' | ' | ($12,949,022) |
Weighted-average number of common shares used in net loss per share attributable to common stockholders-basic and diluted | 4,835,582 | 1,832,766 | ' | 2,863,310 | 1,830,593 | ' | ' | ' | ' | ' |
Net loss per share attributable to common stockholders-basic and diluted | ($0.48) | ($0.31) | ' | ($2.45) | ($0.91) | ' | ' | ' | ' | ' |
Net_Loss_Per_Share_Schedule_of1
Net Loss Per Share (Schedule of Antidilutive Securities) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Preferred Stock [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | 860,017 | ' | 860,017 |
Preferred Stock Warrant [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | 20,549 | ' | 20,549 |
Outstanding stock options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 575,762 | 537,854 | 575,762 | 537,854 |
Unvested restricted stock [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | 5,073 | ' | 5,073 |
Common Stock Warrant [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 53,159 | 32,610 | 53,159 | 32,610 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Share-based Compensation [Abstract] | ' | ' |
Stock-based compensation expense related to stock options | $377,388 | $80,980 |
Unrecognized compensation expense related to stock options | $958,972 | ' |
Weighted average recognition period | '21 months 23 days | ' |
Number of shares of common stock issuable through warrants | 125,000 | ' |
Exercise price of warrants | 12.5 | ' |
Warrants issued, expiration date | 29-Jul-23 | ' |
StockBased_Compensation_Schedu
Stock-Based Compensation (Schedule of Restricted Stock Activity) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Shares | ' |
Unvested, beginning balance | 2,899 |
Vested | -2,899 |
Unvested, ending balance | ' |
Weighted- Average Grant Date Fair Value | ' |
Unvested, beginning balance | $2.23 |
Vested | $2.09 |
Unvested, ending balance | ' |
StockBased_Compensation_Schedu1
Stock-Based Compensation (Schedule of Stock Option Activity) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Shares | ' |
Outstanding, beginning balance | 590,047 |
Granted | 96,736 |
Exercised | -71,197 |
Expired | -15,409 |
Forfeited | -24,415 |
Outstanding, ending balance | 575,762 |
Weighted Average Exercise Price | ' |
Outstanding, beginning balance | $0.72 |
Granted | $9.81 |
Exercised | $0.68 |
Expired | $0.60 |
Forfeited | $3.29 |
Outstanding, ending balance | $2.14 |
Weighted average grant-date fair value of stock options granted | $7.84 |
Fair value of stock options vested | $419,000 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | '7 years 2 months 10 days |
Options Exercisable, shares | 442,242 |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | '6 years 4 months 21 days |
Options Exercisable, Weighted Average Exercise Price | $0.85 |
Options Vested and expected to vest, shares | 442,242 |
Options Vested and expected to vest, Weighted Average Remaining Contractual Life (Years) | '6 years 4 months 21 days |
Options Vested and expected, Weighted Average Exercise Price | $0.85 |
StockBased_Compensation_Schedu2
Stock-Based Compensation (Schedule of Stock Option Valuation Assumptions) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Risk-free interest rate, minimum | 1.39% |
Risk-free interest rate, maximum | 1.50% |
Dividend yield | 0.00% |
Expected volatility | 90.00% |
Minimum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Expected lives (years) | '5 years |
Maximum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Expected lives (years) | '6 years 6 months |
Financing_Initial_Public_Offer
Financing (Initial Public Offering) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 12 Months Ended | 64 Months Ended | |||||
Sep. 06, 2013 | Aug. 27, 2013 | Aug. 15, 2013 | Jul. 29, 2013 | Sep. 30, 2013 | Dec. 31, 2008 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2009 | Sep. 30, 2013 | |
Common shares issued during initial public offering, shares | 100,000 | ' | 100,000 | 2,500,000 | 36,167 | ' | ' | ' | ' | ' | ' |
Common shares issued during initial public offering | $930,000 | ' | $930,000 | $22,400,000 | $24,300,000 | $423 | ' | ' | $11,325 | $42 | ' |
Stock issued, price per share | $10 | ' | $10 | $10 | ' | ' | ' | ' | ' | ' | ' |
Gross proceeds from stock issuance, initial public offering | 1,000,000 | ' | 1,000,000 | 25,000,000 | 27,000,000 | ' | 25,110,000 | ' | ' | ' | 25,110,000 |
Common stock issued for conversion of preferred stock | ' | ' | ' | ' | 1,696,683 | ' | ' | ' | ' | ' | ' |
Repayment of notes payable | ' | 725,000 | ' | ' | ' | ' | 725,000 | 225,000 | ' | ' | 950,000 |
Conversion of convertible note payable to accounts payable | ' | ' | ' | ' | ' | ' | 197,099 | ' | ' | ' | 197,099 |
Convertible notes payable | ' | ' | ' | ' | ' | ' | ' | ' | $197,099 | ' | ' |
Financing_Series_B_Financing_D
Financing (Series B Financing) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 64 Months Ended | 1 Months Ended | 9 Months Ended | 64 Months Ended | 1 Months Ended | ||||
Sep. 06, 2013 | Aug. 15, 2013 | Jul. 29, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Mar. 31, 2013 | |
Series B-1 Preferred Stock [Member] | Series B-1 Preferred Stock [Member] | Series B-1 Preferred Stock [Member] | Series B-1 Preferred Stock [Member] | Series B-1 Preferred Stock [Member] | ||||||||
Scenario, Forecast [Member] | ||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | $5,050,090 | ' | $5,050,090 | ' |
Issuance of preferred stock, shares | 100,000 | 100,000 | 2,500,000 | 36,167 | ' | ' | ' | 1,891,419 | ' | ' | ' | ' |
Proceeds from issuance of common stock | ' | ' | ' | ' | $540 | ' | $12,330 | ' | ' | ' | ' | $361,668 |