Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 04, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Entity Registrant Name | 'HEAT BIOLOGICS, INC. | ' |
Entity Central Index Key | '0001476963 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 6,464,088 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Current Assets | ' | ' |
Cash and cash equivalents | $5,983,377 | $4,566,992 |
Short-term investments | 10,864,832 | 17,297,165 |
Related party receivable | 36,392 | 24,946 |
Prepaid expenses and other current assets | 668,184 | 1,066,638 |
Total Current Assets | 17,552,785 | 22,955,741 |
Property and Equipment, net | 480,919 | 53,753 |
Other Assets | ' | ' |
Restricted cash | 1,252 | 1,252 |
Deposits | 19,798 | 9,320 |
Total Other Assets | 21,050 | 10,572 |
Total Assets | 18,054,754 | 23,020,066 |
Current Liabilities | ' | ' |
Accounts payable | 720,145 | 651,917 |
Accrued expenses and other payables | 320,106 | 503,050 |
Accrued interest | ' | 25,364 |
Total Current Liabilities | 1,040,251 | 1,180,331 |
Long Term Liabilities | ' | ' |
Stock warrants liability | ' | 122,590 |
Total Liabilities | 1,040,251 | 1,302,921 |
Stockholders' Equity | ' | ' |
Common stock, $.0002 par value; 50,000,000 shares authorized, 6,464,088 and 6,375,426 shares issued and outstanding at June 30, 2014 (unaudited) and December 31, 2013, respectively | 975 | 961 |
Additional paid in capital | 35,016,258 | 34,337,591 |
Accumulated deficit | -17,524,143 | -12,346,630 |
Total Stockholders' Equity- Less Non-Controlling Interest | 17,493,090 | 21,991,922 |
Non-Controlling Interest | -478,587 | -274,777 |
Total Stockholders' Equity | 17,014,503 | 21,717,145 |
Total Liabilities and Stockholders' Equity | $18,054,754 | $23,020,066 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Common stock, par value per share | $0.00 | $0.00 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 6,464,088 | 6,375,426 |
Common stock, shares outstanding | 6,464,088 | 6,375,426 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Operating expenses: | ' | ' | ' | ' |
Research and development | $849,359 | $688,979 | $1,382,987 | $1,129,268 |
Clinical and regulatory | 1,113,186 | 454,934 | 1,959,570 | 516,991 |
General and administrative | 1,014,888 | 438,180 | 2,029,758 | 706,316 |
Total operating expenses | 2,977,433 | 1,582,093 | 5,372,315 | 2,352,575 |
Loss from operations | -2,977,433 | -1,582,093 | -5,372,315 | -2,352,575 |
Interest income | 6,546 | 1 | 17,521 | 2 |
Other income (expense) | 12,530 | -60,324 | -26,529 | -49,962 |
Interest expense | ' | -31,799 | ' | -60,141 |
Total non-operating income (expenses) | 19,076 | -92,122 | -9,008 | -110,101 |
Net loss | -2,958,357 | -1,674,215 | -5,381,323 | -2,462,676 |
Net loss - non-controlling interest | -111,442 | -53,441 | -203,810 | -78,046 |
Beneficial conversion charge | ' | ' | ' | -2,300,000 |
Net loss attributable to common stockholders | ($2,846,915) | ($1,620,774) | ($5,177,513) | ($4,684,630) |
Net loss per share attributable to common stockholders - basic and diluted | ($0.44) | ($0.92) | ($0.80) | ($2.55) |
Weighted-average number of common shares used in net loss per share attributable to common stockholders - basic and diluted | 6,452,986 | 1,761,962 | 6,432,857 | 1,840,048 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Stockholders' Equity (USD $) | Total | Series 1 Preferred Stock [Member] | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Common Stock [Member] | APIC [Member] | Accumulated Deficit [Member] | Non-Controlling Interest [Member] |
Balance at Dec. 31, 2013 | $21,717,145 | ' | ' | ' | $961 | $34,337,591 | ($12,346,630) | ($274,777) |
Exercise of stock options | 37,719 | ' | ' | ' | 12 | 37,707 | ' | ' |
Cashless exercise of options | ' | ' | ' | ' | ' | ' | ' | ' |
Cashless exercise of warrants | 143,190 | ' | ' | ' | 2 | 143,188 | ' | ' |
Stock based compensation | 497,772 | ' | ' | ' | ' | 497,772 | ' | ' |
Net loss | -5,381,323 | ' | ' | ' | ' | ' | -5,177,513 | -203,810 |
Balance at Jun. 30, 2014 | $17,014,503 | ' | ' | ' | $975 | $35,016,258 | ($17,524,143) | ($478,587) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Stockholders' Equity (Parenthetical) (Common Stock [Member]) | 6 Months Ended |
Jun. 30, 2014 | |
Common Stock [Member] | ' |
Equity Issuance [Line Items] | ' |
Exercise of stock options, shares | 55,837 |
Cashless exercise of options, shares | 10,442 |
Cashless exercise of warrants, shares | 22,383 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Cash Flows from Operating Activities | ' | ' |
Net loss | ($5,381,323) | ($2,462,676) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation | 21,068 | 944 |
Amortization of debt issuance costs | ' | 3,640 |
Amortization of bond premium | 106,762 | ' |
Re-measurement of fair value of stock warrants liability | 20,600 | 100,970 |
Stock based compensation | 497,772 | 183,575 |
Increase (decrease) in cash arising from changes in assets and liabilities: | ' | ' |
Related party receivable | -11,446 | -6,875 |
Prepaid expenses and other current assets | 398,454 | -441,940 |
Restricted cash | ' | -152 |
Deposits | -10,478 | ' |
Accounts payable | 68,228 | 616,466 |
Accrued expenses and other payables | -182,944 | 82,430 |
Accrued interest | -25,364 | 29,746 |
Net Cash Used in Operating Activities | -4,498,671 | -1,893,872 |
Cash Flows from Investing Activities | ' | ' |
Proceeds from maturities of short term investments | 9,631,543 | ' |
Purchases of short term investments | -3,305,972 | ' |
Purchase of property and equipment | -448,234 | ' |
Net Cash Provided by Investing Activities | 5,877,337 | ' |
Cash Flows from Financing Activities | ' | ' |
Proceeds from the exercise of stock options | 37,719 | ' |
Stock issuance costs | ' | -145,510 |
Net Cash Provided by Financing Activities | 37,719 | 4,904,580 |
Net Increase in Cash and Cash Equivalents | 1,416,385 | 3,010,708 |
Cash and Cash Equivalents - Beginning of Period | 4,566,992 | 5,030 |
Cash and Cash Equivalents - End of Period | 5,983,377 | 3,015,738 |
Supplemental Disclosure for Cash Flow Information | ' | ' |
Interest paid | ' | 17,445 |
Supplemental Schedule of Noncash Investing and Financing Activities | ' | ' |
Beneficial conversion charge | ' | 2,300,000 |
Conversion of convertible note payable to accounts payable | ' | 197,099 |
Cashless exercise of stock warrants | 143,190 | ' |
Series B-1 Preferred Stock [Member] | ' | ' |
Cash Flows from Financing Activities | ' | ' |
Issuance of preferred stock | ' | $5,050,090 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2014 | |
Summary of Significant Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
1. Summary of Significant Accounting Policies | |
Basis of presentation and Principles of Consolidation | |
The accompanying unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial reporting. However, certain information or footnote disclosures normally included in complete financial statements prepared in accordance with U.S. GAAP have been condensed, or omitted, pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). In the opinion of the Company's management, the unaudited statements in this Quarterly Report on Form 10-Q include all normal and recurring adjustments necessary for the fair statement of the results for the interim periods presented. The results for the three and six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2014. | |
The condensed consolidated financial statements as of and for the three and six months ended June 30, 2014 and 2013 included in this Quarterly Report on Form 10-Q are unaudited. The balance sheet as of December 31, 2013 is derived from the audited financial statements as of that date. The accompanying statements should be read in conjunction with the audited financial statements and related notes, together with Management's Discussion and Analysis of Financial Condition and Results of Operations, contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2013 filed with the SEC on March 31, 2014 (the "2013 Annual Report"). | |
The accompanying condensed consolidated financial statements as of and for the three and six months ended June 30, 2014 and 2013 include the accounts of Heat Biologics, Inc. and its subsidiaries, Heat Biologics I, Inc. ("Heat I"), Heat Biologics III, Inc. ("Heat III"), Heat Biologics IV, Inc. ("Heat IV"), Heat Biologics GmbH and Heat Biologics Australia Pty Ltd. All significant intercompany accounts and transactions have been eliminated in consolidation. At December 31, 2013 and June 30, 2014, Heat held a 92.5% controlling interest in Heat I and accounts for its less than 100% interest in the unaudited condensed consolidated financial statements in accordance with U.S. GAAP. Accordingly, the Company presents non-controlling interests as a component of stockholders' equity on its condensed consolidated balance sheets, condensed statement of stockholders equity, and reports non-controlling interest net loss under the heading "net loss - non-controlling interest" in the condensed consolidated statements of operations. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
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 cash and cash equivalents, prepaid expenses and other current assets, deposits, accounts payable and accrued expenses and other payables approximate fair value due to their short maturities. | ||||||||||||||
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 stock warrants liability at June 30, 2014 and December 31, 2013. Prior to exercise, the stock warrant liability was recorded at fair value and the carrying value was remeasured every quarter with the adjustment recognized in earnings. Upon the cashless exercise of these warrants in January and February 2014, the sum of the fair value of the exercised warrants were credited to additional paid in capital and the liability was eliminated. | ||||||||||||||
The change in the fair value of the Level III stock warrants liability is summarized below: | ||||||||||||||
Fair value of stock warrant liability at December 31, 2013 | $ | 122,590 | ||||||||||||
Change in fair value during the period | 20,600 | |||||||||||||
Cashless exercises during the period | (143,190 | ) | ||||||||||||
Fair value of stock warrant liability at June 30, 2014 | $ | - | ||||||||||||
There were no assets or liabilities measured at fair value on a recurring basis as of June 30, 2014. | ||||||||||||||
The following are the major categories of assets and liabilities measured at fair value on a recurring basis as of December 31, 2013: | ||||||||||||||
31-Dec-13 | ||||||||||||||
Identical | Observable | Unobservable | Total | |||||||||||
Assets | Inputs | Inputs | December 31, | |||||||||||
Description | (Level 1) | (Level 2) | (Level 3) | 2013 | ||||||||||
Liabilities measured at fair value | ||||||||||||||
Stock warrants liability | $ | - | $ | - | $ | (122,590 | ) | $ | (122,590 | ) | ||||
Total Liabilities measured at fair value | $ | - | $ | - | $ | (122,590 | ) | $ | (122,590 | ) |
Income_Tax
Income Tax | 6 Months Ended |
Jun. 30, 2014 | |
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 Financial Accounting Standards Board Accounting Standards Codification 740, Accounting for Income Taxes, the Company reflects in the accompanying unaudited condensed consolidated 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 June 30, 2014 and December 31, 2013, 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 June 30, 2014 and December 31, 2013, the Company had no such accruals. |
Investments
Investments | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Investments [Abstract] | ' | ||||||||||||
Investments | ' | ||||||||||||
4. Investments | |||||||||||||
Investments - Investments in certain securities may be classified into three categories: | |||||||||||||
· | |||||||||||||
Held-to-maturity - Debt securities that the Company has the positive intent and ability to hold to maturity are reported at amortized cost. | |||||||||||||
· | |||||||||||||
Trading securities - Debt and equity securities that are bought and held principally for the purpose of selling in the near term are reported at fair value with unrealized gains and losses included in earnings. | |||||||||||||
· | |||||||||||||
Available-for-sale - Debt and equity securities not classified as either securities held-to-maturity or trading securities are reported at fair value with unrealized gains or losses excluded from earnings and reported as a separate component of stockholders' equity. | |||||||||||||
The Company reassesses the appropriateness of the classification of its investments at the end of each reporting period. The Company has determined that its debt securities should be classified as held-to-maturity as of June 30, 2014 and December 31, 2013. This classification was based upon management's determination that it has the positive intent and ability to hold the securities until their maturity dates, as the underlying cash invested in these securities is not required for current operations. Investments consist of short-term FDIC insured certificates of deposit, commercial paper rated A1/P1 or above and corporate notes and bonds rated A and above carried at amortized cost using the effective interest method. | |||||||||||||
The following table summarizes information about short term investments at June 30, 2014: | |||||||||||||
Amortized | Gross | Estimated | |||||||||||
Cost | Unrealized | Fair Value | |||||||||||
(Losses) | |||||||||||||
Certificates of deposit, commercial paper, corporate notes and bonds | $ | 10,864,832 | $ | (2,945 | ) | $ | 10,861,887 | ||||||
As of June 30, 2014, the estimated fair value of the investments was less than the amortized cost. Because management has the positive intention and ability to hold the investments until their maturity dates, these unrealized losses were not recorded in the accompanying unaudited condensed consolidated financial statements. | |||||||||||||
The maturities of held-to-maturity investments at June 30, 2014 were as follows: | |||||||||||||
Less than | Total | ||||||||||||
1 Year | |||||||||||||
Certificates of deposit, commercial paper, corporate notes and bonds | $ | 10,864,832 | $ | 10,864,832 |
Property_and_Equipment
Property and Equipment | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Property and Equipment [Abstract] | ' | |||||||
Property and Equipment | ' | |||||||
5 | ||||||||
Property and Equipment | ||||||||
Property and equipment are recorded at cost and depreciated using the straight-line method, over estimated useful lives, ranging generally from five to seven years. Expenditures for maintenance and repairs are charged to expense as incurred. | ||||||||
Property and equipment consisted of the following: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Furniture and fixtures | $ | 45,793 | $ | 10,780 | ||||
Computers | 15,934 | 13,175 | ||||||
Lab equipment | 447,423 | 39,357 | ||||||
Total | 509,150 | 63,312 | ||||||
Accumulated depreciation | (28,231 | ) | (9,559 | ) | ||||
Property and equipment, net | $ | 480,919 | $ | 53,753 | ||||
Depreciation expense was $18,898 and $130 for the three months ended June 30, 2014 and 2013, respectively. Depreciation expense was $21,068 and $944 for six months ended June 30, 2014 and 2013, respectively. |
Accrued_Expenses_and_other_pay
Accrued Expenses and other payables | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Accrued Expenses and other payables [Abstract] | ' | |||||||
Accrued Expenses and other payables | ' | |||||||
6. Accrued Expenses and other payables | ||||||||
Accrued expenses consist of the following: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Accrued compensation and related benefits | $ | 199,176 | $ | 356,588 | ||||
Accrued patent fees | 30,000 | 40,000 | ||||||
Accrued rent | 10,262 | - | ||||||
Accrued professional fees | 80,668 | 106,462 | ||||||
$ | 320,106 | $ | 503,050 |
Net_Loss_Per_Share
Net Loss Per Share | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Net Loss Per Share [Abstract] | ' | |||||||||||||
Net Loss Per Share | ' | |||||||||||||
7. 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, warrants 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, | Six Months Ended | |||||||||||||
30-Jun | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Net loss | $ | (2,958,357 | ) | $ | (1,674,215 | ) | $ | (5,381,323 | ) | $ | (2,462,676 | ) | ||
Net loss: Non-controlling interest | (111,442 | ) | (53,441 | ) | (203,810 | ) | (78,046 | ) | ||||||
Beneficial conversion charge | - | - | - | (2,300,000 | ) | |||||||||
Net loss applicable to common stockholders | $ | (2,846,915 | ) | (1,620,774 | ) | $ | (5,177,513 | ) | $ | (4,684,630 | ) | |||
Weighted-average number of common shares used in net loss per share attributable to common stockholders-basic and diluted | 6,452,986 | 1,761,962 | 6,432,857 | 1,840,048 | ||||||||||
Net loss per share attributable to common stockholders-basic and diluted | $ | (0.44 | ) | $ | -0.92 | $ | (0.80 | ) | $ | (2.55 | ) | |||
The following potentially dilutive securities were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: | ||||||||||||||
For the Six Months Ended | ||||||||||||||
June 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
Preferred stock (on an as converted basis) | - | 1,682,379 | ||||||||||||
Preferred stock warrants | - | 20,549 | ||||||||||||
Outstanding stock options | 837,139 | 644,280 | ||||||||||||
Common stock warrants | 17,392 | 32,610 | ||||||||||||
Underwriters warrants | 125,000 | - | ||||||||||||
The preferred stock warrants converted into warrants to purchase common stock upon the completion of the initial public offering in July 2013. In January and February 2014, all 20,549 warrants were exercised in cashless transactions that resulted in the issuance of 8,065 shares of common stock. | ||||||||||||||
The remaining common stock warrants are held by third parties in connection with prior private placements of our equity securities. In February 2014, 15,218 warrants were exercised in cashless transactions that resulted in the issuance of 14,318 shares of common stock. | ||||||||||||||
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 29, 2023. | ||||||||||||||
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 accompanying condensed consolidated 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 | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||||||||||
8. Stock-Based Compensation | |||||||||||||||||||||||||
2014 Stock Incentive Plan | |||||||||||||||||||||||||
In June 2014, the shareholders approved the 2014 Stock Option Plan of Heat Biologics, Inc. (the "2014 Plan"), under which the Company is authorized to grant 500,000 awards in the form of both incentive and non-qualified stock options, restricted stock, stock appreciation rights and other stock based awards on terms established by the Compensation Committee of the Board of Directors which has been appointed by the Board of Directors to administer the 2014 Plan. Persons eligible to participate in the 2014 Plan include employees, directors, and consultants. Stock options granted under the 2014 Plan generally have terms of 10 years and have various vesting schedules. As of June 30, 2014, 250,915 awards had been granted under the 2014 Plan and there were 249,085 shares of common stock available for grant under the plan. | |||||||||||||||||||||||||
The 2014 Plan supplements the Company's 2009 Stock Incentive Plan (the "2009 Plan") under which the Company is authorized to grant 869,565 awards in the form of options, restricted stock, restricted stock units and other stock based awards. As of June 30, 2014, 951,176 awards had been granted under the 2009 Plan and there were 12,108 shares of common stock available for grant under the plan. | |||||||||||||||||||||||||
Restricted Stock | |||||||||||||||||||||||||
As of June 30, 2014, all restricted stock has vested and accordingly all stock-based compensation expense related to vested restricted stock has been recognized. | |||||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||
The following is a summary of the stock option activity for the six months ended June 30, 2014: | |||||||||||||||||||||||||
Shares | Weighted | ||||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Exercise | |||||||||||||||||||||||||
Price | |||||||||||||||||||||||||
Outstanding, December 31, 2013 | 633,482 | $ | 3.36 | ||||||||||||||||||||||
Granted | 293,879 | $ | 6.43 | ||||||||||||||||||||||
Exercised | (67,794 | ) | $ | 0.69 | |||||||||||||||||||||
Forfeited | (22,428 | ) | $ | 0.93 | |||||||||||||||||||||
Outstanding, June 30, 2014 | 837,139 | $ | 4.72 | ||||||||||||||||||||||
The weighted average grant-date fair value of stock options granted during the six months ended June 30, 2014 was $4.09. 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 six months ended June 30, 2014: | |||||||||||||||||||||||||
Dividend yield | 0 | % | |||||||||||||||||||||||
Expected volatility | 109 | % | |||||||||||||||||||||||
Risk-free interest rate | 2.23 | % | |||||||||||||||||||||||
Expected lives (years) | 5.9 | ||||||||||||||||||||||||
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 sufficient 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 has not paid any dividends and has 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 stock-based compensation expense of $328,660 and $156,782 for the three months ended June 30, 2014 and 2013, respectively and $497,772 and $183,575 for the six months ended June 30, 2014 and 2013, respectively for the Company's stock option awards. | |||||||||||||||||||||||||
The following table summarizes information about stock options outstanding at June 30, 2014: | |||||||||||||||||||||||||
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 | |||||||||||||||||
6/30/14 | Remaining | Exercise | 6/30/14 | Remaining | Exercise | 6/30/14 | Remaining | Exercise | |||||||||||||||||
Contractual | Price | Contractual | Price | Contractual | Price | ||||||||||||||||||||
Life | Life | Life | |||||||||||||||||||||||
(Years) | (Years) | (Years) | |||||||||||||||||||||||
837,139 | 7.8 | $4.72 | 404,672 | 6 | $2.03 | 404,672 | 6 | $2.03 | |||||||||||||||||
As of June 30, 2014, the unrecognized stock-based compensation expense related to unvested stock options was $2,693,074 which is expected to be recognized over a weighted average period of approximately 17 months. |
Financing
Financing | 6 Months Ended |
Jun. 30, 2014 | |
Financing [Abstract] | ' |
Financing | ' |
9. Financing | |
Preferred Stock | |
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 the 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 29, 2013. In addition, the investors in the 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. | |
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 million, 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. 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. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Summary of Significant Accounting Policies [Abstract] | ' |
Basis of presentation | ' |
Basis of presentation | |
The accompanying unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial reporting. However, certain information or footnote disclosures normally included in complete financial statements prepared in accordance with U.S. GAAP have been condensed, or omitted, pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). In the opinion of the Company's management, the unaudited statements in this Quarterly Report on Form 10-Q include all normal and recurring adjustments necessary for the fair statement of the results for the interim periods presented. The results for the three and six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2014. | |
The condensed consolidated financial statements as of and for the three and six months ended June 30, 2014 and 2013 included in this Quarterly Report on Form 10-Q are unaudited. The balance sheet as of December 31, 2013 is derived from the audited financial statements as of that date. The accompanying statements should be read in conjunction with the audited financial statements and related notes, together with Management's Discussion and Analysis of Financial Condition and Results of Operations, contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2013 filed with the SEC on March 31, 2014 (the "2013 Annual Report"). | |
Principles of Consolidation | ' |
Principles of Consolidation | |
The accompanying condensed consolidated financial statements as of and for the three and six months ended June 30, 2014 and 2013 include the accounts of Heat Biologics, Inc. and its subsidiaries, Heat Biologics I, Inc. ("Heat I"), Heat Biologics III, Inc. ("Heat III"), Heat Biologics IV, Inc. ("Heat IV"), Heat Biologics GmbH and Heat Biologics Australia Pty Ltd. All significant intercompany accounts and transactions have been eliminated in consolidation. At December 31, 2013 and June 30, 2014, Heat held a 92.5% controlling interest in Heat I and accounts for its less than 100% interest in the unaudited condensed consolidated financial statements in accordance with U.S. GAAP. Accordingly, the Company presents non-controlling interests as a component of stockholders' equity on its condensed consolidated balance sheets, condensed statement of stockholders equity, and reports non-controlling interest net loss under the heading "net loss - non-controlling interest" in the condensed consolidated statements of operations. |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Fair Value of Financial Instruments [Abstract] | ' | |||||||||||||
Schedule of Change in Fair Value of Level III Stock Warrants Liability | ' | |||||||||||||
The change in the fair value of the Level III stock warrants liability is summarized below: | ||||||||||||||
Fair value of stock warrant liability at December 31, 2013 | $ | 122,590 | ||||||||||||
Change in fair value during the period | 20,600 | |||||||||||||
Cashless exercises during the period | (143,190 | ) | ||||||||||||
Fair value of stock warrant liability at June 30, 2014 | $ | - | ||||||||||||
Schedule of Major Categories of Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | |||||||||||||
The following are the major categories of assets and liabilities measured at fair value on a recurring basis as of December 31, 2013: | ||||||||||||||
31-Dec-13 | ||||||||||||||
Identical | Observable | Unobservable | Total | |||||||||||
Assets | Inputs | Inputs | December 31, | |||||||||||
Description | (Level 1) | (Level 2) | (Level 3) | 2013 | ||||||||||
Liabilities measured at fair value | ||||||||||||||
Stock warrants liability | $ | - | $ | - | $ | (122,590 | ) | $ | (122,590 | ) | ||||
Total Liabilities measured at fair value | $ | - | $ | - | $ | (122,590 | ) | $ | (122,590 | ) |
Investments_Tables
Investments (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Investments [Abstract] | ' | ||||||||||||
Schedule of Held-To-Maturity Investments Estimated Fair Value of Investments | ' | ||||||||||||
The following table summarizes information about short term investments at June 30, 2014: | |||||||||||||
Amortized | Gross | Estimated | |||||||||||
Cost | Unrealized | Fair Value | |||||||||||
(Losses) | |||||||||||||
Certificates of deposit, commercial paper, corporate notes and bonds | $ | 10,864,832 | $ | (2,945 | ) | $ | 10,861,887 | ||||||
Schedule of Maturities of Held-To-Maturity Investments | ' | ||||||||||||
The maturities of held-to-maturity investments at June 30, 2014 were as follows: | |||||||||||||
Less than | Total | ||||||||||||
1 Year | |||||||||||||
Certificates of deposit, commercial paper, corporate notes and bonds | $ | 10,864,832 | $ | 10,864,832 |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Property and Equipment [Abstract] | ' | |||||||
Schedule of Property and Equipment | ' | |||||||
Property and equipment consisted of the following: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Furniture and fixtures | $ | 45,793 | $ | 10,780 | ||||
Computers | 15,934 | 13,175 | ||||||
Lab equipment | 447,423 | 39,357 | ||||||
Total | 509,150 | 63,312 | ||||||
Accumulated depreciation | (28,231 | ) | (9,559 | ) | ||||
Property and equipment, net | $ | 480,919 | $ | 53,753 |
Accrued_Expenses_and_other_pay1
Accrued Expenses and other payables (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Accrued Expenses and other payables [Abstract] | ' | |||||||
Schedule of Accrued Expenses | ' | |||||||
Accrued expenses consist of the following: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Accrued compensation and related benefits | $ | 199,176 | $ | 356,588 | ||||
Accrued patent fees | 30,000 | 40,000 | ||||||
Accrued rent | 10,262 | - | ||||||
Accrued professional fees | 80,668 | 106,462 | ||||||
$ | 320,106 | $ | 503,050 |
Net_Loss_Per_Share_Tables
Net Loss Per Share (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
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, | Six Months Ended | |||||||||||||
30-Jun | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Net loss | $ | (2,958,357 | ) | $ | (1,674,215 | ) | $ | (5,381,323 | ) | $ | (2,462,676 | ) | ||
Net loss: Non-controlling interest | (111,442 | ) | (53,441 | ) | (203,810 | ) | (78,046 | ) | ||||||
Beneficial conversion charge | - | - | - | (2,300,000 | ) | |||||||||
Net loss applicable to common stockholders | $ | (2,846,915 | ) | (1,620,774 | ) | $ | (5,177,513 | ) | $ | (4,684,630 | ) | |||
Weighted-average number of common shares used in net loss per share attributable to common stockholders-basic and diluted | 6,452,986 | 1,761,962 | 6,432,857 | 1,840,048 | ||||||||||
Net loss per share attributable to common stockholders-basic and diluted | $ | (0.44 | ) | $ | -0.92 | $ | (0.80 | ) | $ | (2.55 | ) | |||
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: | ||||||||||||||
For the Six Months Ended | ||||||||||||||
June 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
Preferred stock (on an as converted basis) | - | 1,682,379 | ||||||||||||
Preferred stock warrants | - | 20,549 | ||||||||||||
Outstanding stock options | 837,139 | 644,280 | ||||||||||||
Common stock warrants | 17,392 | 32,610 | ||||||||||||
Underwriters warrants | 125,000 | - |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Stock Option Activity | ' | ||||||||||||||||||||||||
The following is a summary of the stock option activity for the six months ended June 30, 2014: | |||||||||||||||||||||||||
Shares | Weighted | ||||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Exercise | |||||||||||||||||||||||||
Price | |||||||||||||||||||||||||
Outstanding, December 31, 2013 | 633,482 | $ | 3.36 | ||||||||||||||||||||||
Granted | 293,879 | $ | 6.43 | ||||||||||||||||||||||
Exercised | (67,794 | ) | $ | 0.69 | |||||||||||||||||||||
Forfeited | (22,428 | ) | $ | 0.93 | |||||||||||||||||||||
Outstanding, June 30, 2014 | 837,139 | $ | 4.72 | ||||||||||||||||||||||
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 six months ended June 30, 2014: | |||||||||||||||||||||||||
Dividend yield | 0 | % | |||||||||||||||||||||||
Expected volatility | 109 | % | |||||||||||||||||||||||
Risk-free interest rate | 2.23 | % | |||||||||||||||||||||||
Expected lives (years) | 5.9 | ||||||||||||||||||||||||
Schedule of Options Outstanding, Exercisable, and Vested or Expected to Vest | ' | ||||||||||||||||||||||||
The following table summarizes information about stock options outstanding at June 30, 2014: | |||||||||||||||||||||||||
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 | |||||||||||||||||
6/30/14 | Remaining | Exercise | 6/30/14 | Remaining | Exercise | 6/30/14 | Remaining | Exercise | |||||||||||||||||
Contractual | Price | Contractual | Price | Contractual | Price | ||||||||||||||||||||
Life | Life | Life | |||||||||||||||||||||||
(Years) | (Years) | (Years) | |||||||||||||||||||||||
837,139 | 7.8 | $4.72 | 404,672 | 6 | $2.03 | 404,672 | 6 | $2.03 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (Heat Biologics I, Inc. [Member]) | Jun. 30, 2014 | Dec. 31, 2013 |
Heat Biologics I, Inc. [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Ownership interest in subsidiary | 92.50% | 92.50% |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Schedule of Change in Fair Value of the Level III Stock Warrants Liability) (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Fair Value of Financial Instruments [Abstract] | ' |
Fair value of stock warrant liability, beginning | $122,590 |
Change in fair value during the period | 20,600 |
Cashless exercises during the period | -143,190 |
Fair value of stock warrant liability, ending | ' |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments (Schedule of Major Categories of Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Stock warrants liability | ' | ($122,590) |
Total Liabilities measured at fair value | ' | -122,590 |
Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Stock warrants liability | ' | ' |
Total Liabilities measured at fair value | ' | ' |
Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Stock warrants liability | ' | ' |
Total Liabilities measured at fair value | ' | ' |
Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Stock warrants liability | ' | -122,590 |
Total Liabilities measured at fair value | ' | ($122,590) |
Investments_Schedule_of_HeldTo
Investments (Schedule of Held-To-Maturity Investments) (Details) (Certificates of deposit, commercial paper [Member], USD $) | Jun. 30, 2014 |
Certificates of deposit, commercial paper [Member] | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' |
Amortized Cost | $10,864,832 |
Gross Unrealized (Losses) | -2,945 |
Estimated Fair Value | 10,861,887 |
Less than 1 year | 10,864,832 |
Total | $10,864,832 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Total | $509,150 | ' | $509,150 | ' | $63,312 |
Accumulated depreciation | -28,231 | ' | -28,231 | ' | -9,559 |
Property and equipment, net | 480,919 | ' | 480,919 | ' | 53,753 |
Depreciation expense | 18,898 | 130 | 21,068 | 944 | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Estimated useful lives | ' | ' | '5 years | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Estimated useful lives | ' | ' | '7 years | ' | ' |
Furniture and fixtures [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Total | 45,793 | ' | 45,793 | ' | 10,780 |
Computers [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Total | 15,934 | ' | 15,934 | ' | 13,175 |
Lab equipment [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Total | $447,423 | ' | $447,423 | ' | $39,357 |
Accrued_Expenses_and_other_pay2
Accrued Expenses and other payables (Schedule of Accrued Expenses) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Accrued Expenses and other payables [Abstract] | ' | ' |
Accrued compensation and related benefits | $199,176 | $356,588 |
Accrued patent fees | 30,000 | 40,000 |
Accrued rent | 10,262 | ' |
Accrued professional fees | 80,668 | 106,462 |
Accrued expenses | $320,106 | $503,050 |
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 | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Net Loss Per Share [Abstract] | ' | ' | ' | ' |
Net loss | ($2,958,357) | ($1,674,215) | ($5,381,323) | ($2,462,676) |
Net loss: Non-controlling interest | -111,442 | -53,441 | -203,810 | -78,046 |
Beneficial conversion charge | ' | ' | ' | -2,300,000 |
Net loss attributable to common stockholders | ($2,846,915) | ($1,620,774) | ($5,177,513) | ($4,684,630) |
Weighted-average number of common shares used in net loss per share attributable to common stockholders - basic and diluted | 6,452,986 | 1,761,962 | 6,432,857 | 1,840,048 |
Net loss per share applicable to common stockholders - basic and diluted | ($0.44) | ($0.92) | ($0.80) | ($2.55) |
Net_Loss_Per_Share_Schedule_of1
Net Loss Per Share (Schedule of Antidilutive Securities) (Details) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Preferred stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Potentially dilutive securities | ' | 1,682,379 |
Preferred stock warrants [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Potentially dilutive securities | ' | 20,549 |
Outstanding stock options [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Potentially dilutive securities | 837,139 | 644,280 |
Common stock warrants [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Potentially dilutive securities | 17,392 | 32,610 |
Underwriters warrants | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Potentially dilutive securities | 125,000 | ' |
Net_Loss_Per_Share_Narrative_D
Net Loss Per Share (Narrative) (Details) (USD $) | 1 Months Ended | 2 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | |
31-May-13 | Feb. 28, 2014 | Feb. 28, 2014 | Jun. 30, 2014 | Feb. 28, 2014 | Jun. 30, 2014 | |
Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Warrant [Member] | Warrant [Member] | ||
Equity Issuance [Line Items] | ' | ' | ' | ' | ' | ' |
Cashless exercise of warrants, shares | ' | 14,318 | 8,065 | 22,383 | ' | ' |
Warrants exercised, shares | ' | ' | ' | ' | 15,218 | ' |
Common stock, price per share | ' | ' | ' | $12.50 | ' | ' |
Warrant term | ' | ' | ' | ' | ' | '10 years |
Warrant expiration date | ' | ' | ' | ' | ' | 29-Jul-23 |
Reverse Stock Split, Conversion Ratio | 0.4348 | ' | ' | ' | ' | ' |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Granted | ' | ' | 293,879 | ' |
Stock based compensation | $328,660 | $156,782 | $497,772 | $183,575 |
2014 Stock Option Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares authorized to grant | 500,000 | ' | 500,000 | ' |
Expiration term | ' | ' | '10 years | ' |
Granted | ' | ' | 250,915 | ' |
Common shares available for grant | 249,085 | ' | 249,085 | ' |
2009 Stock Incentive Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares authorized to grant | 869,565 | ' | 869,565 | ' |
Granted | ' | ' | 951,176 | ' |
Common shares available for grant | 12,108 | ' | 12,108 | ' |
StockBased_Compensation_Schedu
Stock-Based Compensation (Schedule of Stock Option Activity) (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Shares | ' |
Outstanding, beginning balance | 633,482 |
Granted | 293,879 |
Exercised | -67,794 |
Forfeited | -22,428 |
Outstanding, ending balance | 837,139 |
Weighted Average Exercise Price | ' |
Outstanding, beginning balance | $3.36 |
Granted | $6.43 |
Exercised | $0.69 |
Forfeited | $0.93 |
Outstanding, ending balance | $4.72 |
Weighted average grant-date fair value of stock options granted | $4.09 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | '7 years 9 months 18 days |
Options Exercisable, shares | 404,672 |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | '6 years |
Options Exercisable, Weighted Average Exercise Price | $2.03 |
Options Vested and expected to vest, shares | 404,672 |
Options Vested and expected to vest, Weighted Average Remaining Contractual Life (Years) | '6 years |
Options Vested and expected, Weighted Average Exercise Price | $2.03 |
Unrecognized compensation expense related to stock options | $2,693,074 |
Weighted average recognition period | '17 months |
StockBased_Compensation_Schedu1
Stock-Based Compensation (Schedule of Stock Option Valuation Assumptions) (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Dividend yield | 0.00% |
Expected volatility | 109.00% |
Risk-free interest rate | 2.23% |
Expected lives (years) | '5 years 10 months 24 days |
Financing_Preferred_Stock_Deta
Financing (Preferred Stock) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 1 Months Ended | |||
Sep. 30, 2013 | Aug. 31, 2013 | Jul. 31, 2013 | Sep. 30, 2013 | Jul. 31, 2013 | Mar. 31, 2013 | |
Series B-1 Preferred Stock [Member] | Series B-1 Preferred Stock [Member] | |||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of preferred stock | ' | ' | ' | ' | ' | $5,000,000 |
Initial public offering price | $1,000,000 | $1,000,000 | $25,000,000 | $27,000,000 | $361,668 | ' |
Issuance of preferred stock, shares | 100,000 | 100,000 | 2,500,000 | 36,167 | ' | 1,891,419 |
Financing_Initial_Public_Offer
Financing (Initial Public Offering) (Details) (USD $) | 1 Months Ended | 3 Months Ended | ||
Sep. 30, 2013 | Aug. 31, 2013 | Jul. 31, 2013 | 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 |
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 |
Common stock issued for conversion of preferred stock | ' | ' | ' | 1,696,683 |