Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 11-May-15 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Entity Registrant Name | HEAT BIOLOGICS, INC. | |
Entity Central Index Key | 1476963 | |
Current Fiscal Year End Date | -19 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 8,404,456 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Current Assets | ||
Cash and cash equivalents | $10,270,810 | $3,714,304 |
Investments, held to maturity (net) | 10,781,058 | 10,698,982 |
Prepaid expenses and other current assets | 1,099,666 | 863,227 |
Total Current Assets | 22,151,534 | 15,276,513 |
Property and Equipment, net | 428,202 | 445,534 |
Other Assets | ||
Restricted cash | 101,136 | 101,129 |
Deposits | 69,798 | 19,798 |
Related party receivable | 58,017 | 48,642 |
Deferred financing costs, net | 22,589 | 24,554 |
Total Other Assets | 251,540 | 194,123 |
Total Assets | 22,831,276 | 15,916,170 |
Current Liabilities | ||
Accounts payable | 819,934 | 1,367,426 |
Accrued expenses and other payables | 724,510 | 805,968 |
Current portion of long term debt | 703,341 | 397,465 |
Total Current Liabilities | 2,247,785 | 2,570,859 |
Long Term Liabilities | ||
Long term debt, net of discount and current portion | 2,031,321 | 2,314,124 |
Total Liabilities | 4,279,106 | 4,884,983 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Common stock, $.0002 par value; 50,000,000 shares authorized, 8,394,456 and 6,492,622 shares issued and outstanding at March 31, 2015 (unaudited) and December 31, 2014, respectively | 1,361 | 982 |
Accumulated other comprehensive loss | -20,865 | |
Additional paid in capital | 47,463,159 | 35,894,823 |
Accumulated deficit | -28,044,645 | -24,135,447 |
Total Stockholders' Equity- Less Non-Controlling Interest | 19,399,010 | 11,760,358 |
Non-Controlling Interest | -846,840 | -729,171 |
Total Stockholders' Equity | 18,552,170 | 11,031,187 |
Total Liabilities and Stockholders' Equity | $22,831,276 | $15,916,170 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Common stock, par value per share | $0.00 | $0.00 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 8,394,456 | 6,492,622 |
Common stock, shares outstanding | 8,394,456 | 6,492,622 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Loss (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Operating expenses: | ||
Research and development | $503,551 | $533,628 |
Clinical and regulatory | 2,169,473 | 846,384 |
General and administrative | 1,309,156 | 1,014,870 |
Total operating expenses | 3,982,180 | 2,394,882 |
Loss from operations | -3,982,180 | -2,394,882 |
Interest income | 9,126 | 10,975 |
Other expense | -3,420 | -39,059 |
Interest expense | -50,393 | |
Total non-operating expenses | -44,687 | -28,084 |
Net loss | -4,026,867 | -2,422,966 |
Net loss - non-controlling interest | -117,669 | -92,369 |
Net loss attributable to Heat Biologics, Inc. | -3,909,198 | -2,330,597 |
Net loss per share attributable to Heat Biologics, Inc.-basic and diluted | ($0.57) | ($0.36) |
Weighted-average number of common shares used in net loss per share attributable to common stockholders - basic and diluted | 6,814,863 | 6,412,504 |
Other comprehensive loss: | ||
Net loss | -4,026,867 | -2,422,966 |
Unrealized loss on foreign currency translation | -20,865 | |
Total other comprehensive loss | -4,047,732 | -2,422,966 |
Comprehensive loss attributable to non-controlling interest | -117,669 | -92,369 |
Comprehensive loss | ($3,930,063) | ($2,330,597) |
Consolidated_Statement_of_Stoc
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] | Accumulated Other Comprehensive Loss [Member] | Non-Controlling Interest [Member] |
Balance at Dec. 31, 2014 | $11,031,187 | $982 | $35,894,823 | ($24,135,447) | ($729,171) | ||||
March 2015 public offering, 1,886,000 shares net of underwriters discounts | 11,400,870 | 377 | 11,400,493 | ||||||
Cashless exercise of options, 5,834 shares | |||||||||
Vesting of restricted stock, 10,000 shares | 2 | -2 | |||||||
Stock based compensation | 438,751 | 438,751 | |||||||
Stock issuance costs | -270,906 | -270,906 | |||||||
Accumulated other comprehensive loss | -20,865 | -20,865 | |||||||
Net loss | -4,026,867 | -3,909,198 | -117,669 | ||||||
Balance at Mar. 31, 2015 | $18,552,170 | $1,361 | $47,463,159 | ($28,044,645) | ($20,865) | ($846,840) |
Consolidated_Statement_of_Stoc1
Consolidated Statement of Stockholders' Equity (Parenthetical) | 3 Months Ended |
Mar. 31, 2015 | |
Common Stock [Member] | |
Equity Issuance [Line Items] | |
March 2015 public offering, shares | 1,886,000 |
Cashless exercise of options, shares | 5,834 |
Vesting of restricted stock, shares | 10,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cash Flows from Operating Activities | ||
Net loss | ($4,026,867) | ($2,422,966) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 25,612 | 2,170 |
Amortization of debt issuance costs | 25,038 | |
Amortization of bond premium | 23,828 | 64,935 |
Re-measurement of fair value of stock warrants liability | 20,600 | |
Stock based compensation | 438,751 | 169,112 |
Increase (decrease) in cash arising from changes in assets and liabilities: | ||
Related party receivable | -9,375 | -5,146 |
Prepaid expenses, restricted cash and other current assets | -252,380 | 203,756 |
Deposits | -50,000 | |
Accounts payable | -555,631 | -273,518 |
Accrued expenses and other payables | -81,367 | -124,579 |
Accrued interest | -25,364 | |
Net Cash Used by Operating Activities | -4,462,391 | -2,391,000 |
Cash Flows from Investing Activities | ||
Proceeds from maturities of short term investments | 7,811,198 | 482,687 |
Purchases of short term investments | -7,917,102 | |
Purchase of property and equipment | -8,280 | -5,155 |
Net Cash (Used in) Provided by Investing Activities | -114,184 | 477,532 |
Cash Flows from Financing Activities | ||
Proceeds from March 2015 public offering, net of underwriting discounts | 11,400,870 | |
Proceeds from the exercise of stock options | 36,727 | |
Stock issuance costs | -270,906 | |
Net Cash Provided by Financing Activities | 11,129,964 | 36,727 |
Effect of exchange rate changes on cash and cash equivalents | 3,117 | |
Net Increase (Decrease) in Cash and Cash Equivalents | 6,556,506 | -1,876,741 |
Cash and Cash Equivalents - Beginning of Period | 3,714,304 | 4,566,992 |
Cash and Cash Equivalents - End of Period | 10,270,810 | 2,690,251 |
Supplemental Disclosure for Cash Flow Information | ||
Interest paid | $50,393 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
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 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 consolidated financial 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 months ended March 31, 2015 are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2015. | |
The consolidated financial statements as of and for the three months ended March 31, 2015 and 2014 included in this Quarterly Report on Form 10-Q are unaudited. The balance sheet as of December 31, 2014 is derived from the audited consolidated financial statements as of that date. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated 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, 2014 filed with the SEC on March 27, 2015 (the “2014 Annual Report”). | |
The accompanying consolidated financial statements as of and for the three months ended March 31, 2015 and 2014 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. The functional currency of the entities located outside the United States is the applicable local currency (the foreign entities). Assets and liabilities of the foreign entities are translated at period-end exchange rates. Statement of operations accounts are translated at the average exchange rate during the period. The effects of foreign currency translation adjustments are included in other comprehensive loss, which is a component of accumulated other comprehensive loss in stockholders equity. All significant intercompany accounts and transactions have been eliminated in consolidation. At December 31, 2014 and March 31, 2015, Heat held a 92.5% controlling interest in Heat I and accounts for its less than 100% interest in the consolidated financial statements in accordance with U.S. GAAP. Accordingly, the Company presents non-controlling interests as a component of stockholders' equity on its consolidated balance sheets and reports non-controlling interest net loss under the heading “net loss – non-controlling interest” in the consolidated statements of operations and comprehensive loss. | |
In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 revises Subtopic 835-30 to require that debt issuance costs be reported in the balance sheet as a direct deduction from the face amount of the related liability, consistent with the presentation of debt discounts. Prior to the amendments, debt issuance costs were presented as a deferred charge (i.e., an asset) on the balance sheet. The ASU provides examples illustrating the balance sheet presentation of notes net of their related discounts and debt issuance costs. Further, the amendments require the amortization of debt issuance costs to be reported as interest expense. Similarly, debt issuance costs and any discount or premium are considered in the aggregate when determining the effective interest rate on the debt. The amendments are effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The amendments are effective for all other entities for fiscal years beginning after December 15, 2015, and interim periods within fiscal years beginning after December 15, 2016. The amendments must be applied retrospectively. All entities have the option of adopting the new requirements as of an earlier date for financial statements that have not been previously issued. The Company does not expect this ASU to have a material impact on its consolidated financial statements. | |
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern (“ASU 2014-15”). The amendments in ASU 2014-15 are intended to define management's responsibility to evaluate whether there is substantial doubt about an organization's ability to continue as a going concern and to provide related footnote disclosures. Under GAAP, financial statements are prepared under the presumption that the reporting organization will continue to operate as a going concern, except in limited circumstances. The going concern basis of accounting is critical to financial reporting because it establishes the fundamental basis for measuring and classifying assets and liabilities. Currently, GAAP lacks guidance about management's responsibility to evaluate whether there is substantial doubt about the organization's ability to continue as a going concern or to provide related footnote disclosures. This ASU provides guidance to an organization's management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in the financial statement footnotes. This update is effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early application is permitted for annual or interim reporting periods for which the financial statements have not previously been issued. The Company does not expect this ASU to have an impact on its consolidated financial statements. | |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2015 | |
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. The carrying value of debt approximates fair value because the interest rate under the obligation approximates 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. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the entire fair value measurement requires management to make judgments and consider factors specific to the asset or liability. All of the Company's cash equivalents, which consist of money market funds, are classified within Level I of the fair value hierarchy because they are valued using quoted market prices. | |
Investments
Investments | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Investments [Abstract] | |||||||||||||
Investments | 3. 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 March 31, 2015 and December 31, 2014. 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, tri-party repurchase agreement (“repo”) collateralized by U.S. Treasuries and agencies, 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 March 31, 2015: | |||||||||||||
Amortized | Gross | Estimated | |||||||||||
Cost | Unrealized | Fair Value | |||||||||||
(Losses) | |||||||||||||
Certificates of deposit, tri-party repurchase agreement, corporate notes and bonds | $ | 10,781,058 | $ | (483 | ) | $ | 10,780,575 | ||||||
As of March 31, 2015, 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 March 31, 2015 were as follows: | |||||||||||||
Less than | Total | ||||||||||||
1 Year | |||||||||||||
Certificates of deposit, tri-party repurchase agreement, corporate notes and bonds | $ | 10,781,058 | $ | 10,781,058 | |||||||||
Property_and_Equipment
Property and Equipment | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Property and Equipment [Abstract] | ||||||||||
Property and Equipment | 4. 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: | ||||||||||
March 31, | December 31, | |||||||||
2015 | 2014 | |||||||||
Furniture and fixtures | $ | 53,342 | $ | 50,391 | ||||||
Computers | 28,342 | 24,174 | ||||||||
Lab equipment | 448,584 | 447,423 | ||||||||
Total | 530,268 | 521,988 | ||||||||
Accumulated depreciation | (102,066 | ) | (76,454 | ) | ||||||
Property and equipment, net | $ | 428,202 | $ | 445,534 | ||||||
Depreciation expense was $25,612 and $2,170 for the three months ended March 31, 2015 and 2014, respectively. | ||||||||||
Accrued_Expenses_and_other_pay
Accrued Expenses and other payables | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Accrued Expenses and other payables [Abstract] | ||||||||||
Accrued Expenses and other payables | 5. Accrued Expenses and other payables | |||||||||
Accrued expenses consist of the following: | ||||||||||
March 31, | December 31, | |||||||||
2015 | 2014 | |||||||||
Compensation and related benefits | $ | 208,462 | $ | 519,092 | ||||||
Patent fees | 45,000 | 40,000 | ||||||||
Deferred rent | 57,643 | 51,155 | ||||||||
Accrued professional services fees | 60,183 | — | ||||||||
Accrued clinical trial expense | 353,222 | 195,721 | ||||||||
$ | 724,510 | $ | 805,968 |
Debt_Issuance_Costs
Debt Issuance Costs | 3 Months Ended |
Mar. 31, 2015 | |
Debt Issuance Costs [Abstract] | |
Debt Issuance Costs | 6. Debt Issuance Costs |
During 2014, the Company recorded $323,021 to debt discount for the initial fair value of the warrant to purchase common stock and $27,500 to deferred financing costs related to third party fees paid in connection to the Square 1 Bank loan, which are amortized straight-line over the 42 months term of the loan which approximates the effective interest method. | |
Total amortization expense for the debt issuance costs was $25,038 and $0 during the three months ended March 31, 2015 and 2014, respectively. | |
Notes_Payable
Notes Payable | 3 Months Ended |
Mar. 31, 2015 | |
Notes Payable [Abstract] | |
Notes Payable | 7. Notes Payable |
Square 1 Bank Loan | |
In August 2014, the Company entered into a secured loan with Square 1 Bank (“Loan”). The Loan provides the Company with a term loan in the aggregate principal amount not to exceed $7,500,000 to be used to supplement working capital. The Loan is available to the Company in four tranches: $1,500,000 was made available to the Company on August 22, 2014 (“Tranche 1 Loan”), $1,500,000 was made available to the Company upon its enrollment of its first patient in its the Phase 2 clinical trial for HS-110 (“Tranche 2 Loan ”), $2,250,000 will be available to the Company upon Square 1 Bank's receipt or before June 30, 2015 of evidence satisfactory to it of the initiation and continuation of the ImPACT™ cell line for a third indication (“Tranche 3 Loan”) and $2,250,000 will be available to the Company upon Square 1 Bank's receipt or before October 31, 2015 of evidence satisfactory to it of the full enrollment of our Phase 1/2 clinical trial for HS -410 (“Tranche 4 Loan”). As of March 31, 2015, the Company had drawn down $1,500,000 each under the Tranche 1 Loan and Tranche 2 Loan, totaling $3,000,000. | |
The Loan accrues interest monthly at an interest rate of 3.05% plus prime or 6.30 % per annum whichever is greater. The Tranche 1 Loan is payable as interest-only until June 30, 2015 and thereafter interest is payable in monthly installments of principal plus accrued interest until February 22, 2018. The Tranche 2 Loan is payable as interest-only prior to June 30, 2015 (unless the Company achieves the Tranche 3 milestone at which time the interest only period will be extended until October 31, 2015) and thereafter is payable in monthly installments of principal plus accrued interest until February 22, 2018. The Tranche 3 Loan is available until June 30, 2015 and is payable as interest-only prior to October 31, 2015 and thereafter is payable in monthly installments of principal plus accrued interest until February 22, 2018. The Tranche 4 Loan is available until October 31, 2015 and is payable in monthly installments of principal plus accrued interest until February 22, 2018. The Company has made $0 in principal payments and $50,393 and $24,150 in interest payments on the outstanding loan for the periods ending March 31, 2015 and December 31, 2014. The agreement with Square 1 Bank sets forth various affirmative and negative covenants. The failure of the Company to comply with the covenants constitutes a default under the Loan. The covenants include the Company having at least two ongoing clinical trials at all times, the attainment of the funding conditions set forth in the agreement and covenants regarding financial reporting, limits on the Company's cash burn, incurrence of indebtedness, permitted investments, encumbrances, distributions, investments and mergers and acquisitions. The Loan is also secured by a security interest in all of the Company's personal property, excluding its intellectual property. The Company is in compliance with the covenants of the Loan. | |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | 8. Stock-Based Compensation | ||||||||||||||||||||||||||||||||||||||
Restricted Stock | |||||||||||||||||||||||||||||||||||||||
On March 3, 2015 the Company issued 10,000 restricted shares to a third party in exchange for services. During the three month period ended March 31, 2015, the Company recognized $66,300 stock-based compensation related to issuance of restricted stock to non-employees in exchange for services. There was no stock-based compensation expense for restricted stock for non-employees during the three month period ended March 31, 2014. | |||||||||||||||||||||||||||||||||||||||
Common Stock Warrants | |||||||||||||||||||||||||||||||||||||||
On March 10, 2011, the Company issued warrants to purchase 32,610 shares of common stock to third parties in consideration for a private equity placement transaction. The warrants have an exercise price of $0.48 per share and expire 10 years from the issuance date. In connection with our initial public offering, the Company issued warrants to the underwriters for 125,000 shares of common stock issuable at $12.50 per share upon exercise. The warrants have a five-year life and expire on July 23, 2018. These warrants do not meet the criteria required to be classified as liability awards and therefore they are treated as equity awards. As of March 31, 2015, we have warrants to purchase 17,392 shares of common stock issuable at $0.48 per share and warrants to purchase 125,000 shares of common stock issuable at $12.50 per share. | |||||||||||||||||||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||||||||||||||||
The following is a summary of the stock option activity for the three months ended March 31, 2015: | |||||||||||||||||||||||||||||||||||||||
Shares | Weighted | ||||||||||||||||||||||||||||||||||||||
Average | |||||||||||||||||||||||||||||||||||||||
Exercise | |||||||||||||||||||||||||||||||||||||||
Price | |||||||||||||||||||||||||||||||||||||||
Outstanding, December 31, 2014 | 1,018,590 | $ | 5.04 | ||||||||||||||||||||||||||||||||||||
Granted | 200,000 | $ | 6.23 | ||||||||||||||||||||||||||||||||||||
Exercised | (6,522 | ) | $ | 0.48 | |||||||||||||||||||||||||||||||||||
Forfeited | (157,762 | ) | $ | 6.36 | |||||||||||||||||||||||||||||||||||
Outstanding, March 31, 2015 | 1,054,306 | $ | 5.1 | ||||||||||||||||||||||||||||||||||||
The weighted average grant-date fair value of stock options granted during the three months ended March 31, 2015 was $4.56. The fair value of each stock option is estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions for stock options granted during the three months ended March 31, 2015: | |||||||||||||||||||||||||||||||||||||||
Dividend yield | 0 | % | |||||||||||||||||||||||||||||||||||||
Expected volatility | 89.6 | % | |||||||||||||||||||||||||||||||||||||
Risk-free interest rate | 1.68 | % | |||||||||||||||||||||||||||||||||||||
Expected lives (years) | 6.1 | ||||||||||||||||||||||||||||||||||||||
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 estimate the expected term. 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 as the options vest on a monthly basis. | |||||||||||||||||||||||||||||||||||||||
The Company recognized $372,451 and $169,112 in stock-based compensation expense for the three months ended March 31, 2015 and 2014, respectively for the Company's stock option awards. | |||||||||||||||||||||||||||||||||||||||
The following table summarizes information about stock options outstanding at March 31, 2015: | |||||||||||||||||||||||||||||||||||||||
Options Outstanding | Options Vested and Exercisable | ||||||||||||||||||||||||||||||||||||||
Balance | Weighted | Weighted | Balance | Weighted | Weighted | ||||||||||||||||||||||||||||||||||
as of | Average | ||||||||||||||||||||||||||||||||||||||
3/31/15 | Remaining | Average | as of | Average | Average | ||||||||||||||||||||||||||||||||||
Contractual | |||||||||||||||||||||||||||||||||||||||
Life | Exercise | 3/31/15 | Remaining | Exercise | |||||||||||||||||||||||||||||||||||
(Years) | |||||||||||||||||||||||||||||||||||||||
Price | Contractual | Price | |||||||||||||||||||||||||||||||||||||
Life | |||||||||||||||||||||||||||||||||||||||
(Years) | |||||||||||||||||||||||||||||||||||||||
1,054,306 | 7.7 | $5.10 | 558,679 | 6.2 | $3.58 | ||||||||||||||||||||||||||||||||||
As of March 31, 2015, the unrecognized stock-based compensation expense related to unvested stock options was $3,378,681 which is expected to be recognized over a weighted average period of approximately 16.6 months. | |||||||||||||||||||||||||||||||||||||||
Financing
Financing | 3 Months Ended |
Mar. 31, 2015 | |
Financing [Abstract] | |
Financing | 9. Financing |
Public Offering | |
On March 10, 2015, the Company entered into an Underwriting Agreement (the “Underwriting Agreement”) with Aegis Capital Corp. (“Aegis”), as representative of the several underwriters named therein (the “Underwriters”), providing for the offer and sale in a firm commitment underwritten public offering (the “Offering”) of 1,640,000 shares of the Company's common stock, and 246,000 additional shares of the common stock to cover over-allotments at an offering price of $6.50 per share. The net proceeds to the Company from the Offering were approximately $11.1 million, after deducting underwriting discounts, commissions, and other third party offering expenses. The Underwriting Agreement contains customary representations, warranties, and agreements by the Company, customary conditions to closing, indemnification obligations of the Company and the Underwriters, including for liabilities under the Securities Act of 1933, as amended (the “Securities Act”), other obligations of the parties and termination provisions. | |
Net_Loss_Per_Share
Net Loss Per Share | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Net Loss Per Share [Abstract] | ||||||||||
Net Loss Per Share | 10. Net Loss Per Share | |||||||||
Basic and diluted net loss per common share is calculated by dividing net loss applicable to Heat Biologics, Inc. 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 outstanding stock options, and warrants 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 attributable to Heat Biologics, Inc.: | ||||||||||
Three Months Ended | ||||||||||
March 31, | ||||||||||
2015 | 2014 | |||||||||
Net loss | $ | (4,026,867 | ) | $ | (2,422,966 | ) | ||||
Net loss: Non-controlling interest | (117,669 | ) | (92,369 | ) | ||||||
Net loss attributable to Heat Biologics, Inc. | $ | (3,909,198 | ) | $ | (2,330,597 | ) | ||||
Weighted-average number of common shares used in net loss per share attributable to Heat Biologics, Inc.—basic and diluted | 6,814,863 | 6,412,504 | ||||||||
Net loss per share attributable to Heat Biologics, Inc.—basic and diluted | $ | (0.57 | ) | $ | (0.36 | ) | ||||
The following potentially dilutive securities were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: | ||||||||||
For the Three Months Ended | ||||||||||
March 31, | ||||||||||
2015 | 2014 | |||||||||
Outstanding stock options | 1,054,306 | 599,486 | ||||||||
Common stock warrants | 17,392 | 17,392 | ||||||||
Underwriters warrants | 125,000 | 125,000 | ||||||||
Income_Tax
Income Tax | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax [Abstract] | |
Income Tax | 11. 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 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 March 31, 2015 and December 31, 2014, 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 operations and comprehensive loss. As of March 31, 2015 and December 31, 2014, the Company had no such accruals. | |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of presentation | The accompanying unaudited 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 consolidated financial 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 months ended March 31, 2015 are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2015. |
The consolidated financial statements as of and for the three months ended March 31, 2015 and 2014 included in this Quarterly Report on Form 10-Q are unaudited. The balance sheet as of December 31, 2014 is derived from the audited consolidated financial statements as of that date. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated 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, 2014 filed with the SEC on March 27, 2015 (the “2014 Annual Report”). | |
Principles of Consolidation | The accompanying consolidated financial statements as of and for the three months ended March 31, 2015 and 2014 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. The functional currency of the entities located outside the United States is the applicable local currency (the foreign entities). Assets and liabilities of the foreign entities are translated at period-end exchange rates. Statement of operations accounts are translated at the average exchange rate during the period. The effects of foreign currency translation adjustments are included in other comprehensive loss, which is a component of accumulated other comprehensive loss in stockholders equity. All significant intercompany accounts and transactions have been eliminated in consolidation. At December 31, 2014 and March 31, 2015, Heat held a 92.5% controlling interest in Heat I and accounts for its less than 100% interest in the consolidated financial statements in accordance with U.S. GAAP. Accordingly, the Company presents non-controlling interests as a component of stockholders' equity on its consolidated balance sheets and reports non-controlling interest net loss under the heading “net loss – non-controlling interest” in the consolidated statements of operations and comprehensive loss. |
In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 revises Subtopic 835-30 to require that debt issuance costs be reported in the balance sheet as a direct deduction from the face amount of the related liability, consistent with the presentation of debt discounts. Prior to the amendments, debt issuance costs were presented as a deferred charge (i.e., an asset) on the balance sheet. The ASU provides examples illustrating the balance sheet presentation of notes net of their related discounts and debt issuance costs. Further, the amendments require the amortization of debt issuance costs to be reported as interest expense. Similarly, debt issuance costs and any discount or premium are considered in the aggregate when determining the effective interest rate on the debt. The amendments are effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The amendments are effective for all other entities for fiscal years beginning after December 15, 2015, and interim periods within fiscal years beginning after December 15, 2016. The amendments must be applied retrospectively. All entities have the option of adopting the new requirements as of an earlier date for financial statements that have not been previously issued. The Company does not expect this ASU to have a material impact on its consolidated financial statements. | |
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern (“ASU 2014-15”). The amendments in ASU 2014-15 are intended to define management's responsibility to evaluate whether there is substantial doubt about an organization's ability to continue as a going concern and to provide related footnote disclosures. Under GAAP, financial statements are prepared under the presumption that the reporting organization will continue to operate as a going concern, except in limited circumstances. The going concern basis of accounting is critical to financial reporting because it establishes the fundamental basis for measuring and classifying assets and liabilities. Currently, GAAP lacks guidance about management's responsibility to evaluate whether there is substantial doubt about the organization's ability to continue as a going concern or to provide related footnote disclosures. This ASU provides guidance to an organization's management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in the financial statement footnotes. This update is effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early application is permitted for annual or interim reporting periods for which the financial statements have not previously been issued. The Company does not expect this ASU to have an impact on its consolidated financial statements. | |
Investments_Tables
Investments (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Investments [Abstract] | |||||||||||||
Schedule of Held-To-Maturity Investments Estimated Fair Value of Investments | |||||||||||||
Amortized | Gross | Estimated | |||||||||||
Cost | Unrealized | Fair Value | |||||||||||
(Losses) | |||||||||||||
Certificates of deposit, tri-party repurchase agreement, corporate notes and bonds | $ | 10,781,058 | $ | (483 | ) | $ | 10,780,575 | ||||||
Schedule of Maturities of Held-To-Maturity Investments | |||||||||||||
Less than | Total | ||||||||||||
1 Year | |||||||||||||
Certificates of deposit, tri-party repurchase agreement, corporate notes and bonds | $ | 10,781,058 | $ | 10,781,058 |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Property and Equipment [Abstract] | ||||||||||
Schedule of Property and Equipment | March 31, | December 31, | ||||||||
2015 | 2014 | |||||||||
Furniture and fixtures | $ | 53,342 | $ | 50,391 | ||||||
Computers | 28,342 | 24,174 | ||||||||
Lab equipment | 448,584 | 447,423 | ||||||||
Total | 530,268 | 521,988 | ||||||||
Accumulated depreciation | (102,066 | ) | (76,454 | ) | ||||||
Property and equipment, net | $ | 428,202 | $ | 445,534 |
Accrued_Expenses_and_other_pay1
Accrued Expenses and other payables (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Accrued Expenses and other payables [Abstract] | ||||||||||
Schedule of Accrued Expenses | March 31, | December 31, | ||||||||
2015 | 2014 | |||||||||
Compensation and related benefits | $ | 208,462 | $ | 519,092 | ||||||
Patent fees | 45,000 | 40,000 | ||||||||
Deferred rent | 57,643 | 51,155 | ||||||||
Accrued professional services fees | 60,183 | — | ||||||||
Accrued clinical trial expense | 353,222 | 195,721 | ||||||||
$ | 724,510 | $ | 805,968 |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||
Schedule of Stock Option Activity | |||||||||||||||||||||||||||||||||||||||
Shares | Weighted | ||||||||||||||||||||||||||||||||||||||
Average | |||||||||||||||||||||||||||||||||||||||
Exercise | |||||||||||||||||||||||||||||||||||||||
Price | |||||||||||||||||||||||||||||||||||||||
Outstanding, December 31, 2014 | 1,018,590 | $ | 5.04 | ||||||||||||||||||||||||||||||||||||
Granted | 200,000 | $ | 6.23 | ||||||||||||||||||||||||||||||||||||
Exercised | (6,522 | ) | $ | 0.48 | |||||||||||||||||||||||||||||||||||
Forfeited | (157,762 | ) | $ | 6.36 | |||||||||||||||||||||||||||||||||||
Outstanding, March 31, 2015 | 1,054,306 | $ | 5.1 | ||||||||||||||||||||||||||||||||||||
Schedule of Stock Option Valuation Assumptions | |||||||||||||||||||||||||||||||||||||||
Dividend yield | 0 | % | |||||||||||||||||||||||||||||||||||||
Expected volatility | 89.6 | % | |||||||||||||||||||||||||||||||||||||
Risk-free interest rate | 1.68 | % | |||||||||||||||||||||||||||||||||||||
Expected lives (years) | 6.1 | ||||||||||||||||||||||||||||||||||||||
Schedule of Options Outstanding, Vested and Exercisable | Options Outstanding | Options Vested and Exercisable | |||||||||||||||||||||||||||||||||||||
Balance | Weighted | Weighted | Balance | Weighted | Weighted | ||||||||||||||||||||||||||||||||||
as of | Average | ||||||||||||||||||||||||||||||||||||||
3/31/15 | Remaining | Average | as of | Average | Average | ||||||||||||||||||||||||||||||||||
Contractual | |||||||||||||||||||||||||||||||||||||||
Life | Exercise | 3/31/15 | Remaining | Exercise | |||||||||||||||||||||||||||||||||||
(Years) | |||||||||||||||||||||||||||||||||||||||
Price | Contractual | Price | |||||||||||||||||||||||||||||||||||||
Life | |||||||||||||||||||||||||||||||||||||||
(Years) | |||||||||||||||||||||||||||||||||||||||
1,054,306 | 7.7 | $5.10 | 558,679 | 6.2 | $3.58 |
Net_Loss_Per_Share_Tables
Net Loss Per Share (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Net Loss Per Share [Abstract] | ||||||||||
Schedule of Net Loss Per Share | Three Months Ended | |||||||||
March 31, | ||||||||||
2015 | 2014 | |||||||||
Net loss | $ | (4,026,867 | ) | $ | (2,422,966 | ) | ||||
Net loss: Non-controlling interest | (117,669 | ) | (92,369 | ) | ||||||
Net loss attributable to Heat Biologics, Inc. | $ | (3,909,198 | ) | $ | (2,330,597 | ) | ||||
Weighted-average number of common shares used in net loss per share attributable to Heat Biologics, Inc.—basic and diluted | 6,814,863 | 6,412,504 | ||||||||
Net loss per share attributable to Heat Biologics, Inc.—basic and diluted | $ | (0.57 | ) | $ | (0.36 | ) | ||||
Schedule of Potentially Dilutive Securities | For the Three Months Ended | |||||||||
March 31, | ||||||||||
2015 | 2014 | |||||||||
Outstanding stock options | 1,054,306 | 599,486 | ||||||||
Common stock warrants | 17,392 | 17,392 | ||||||||
Underwriters warrants | 125,000 | 125,000 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (Heat Biologics I, Inc. [Member]) | Mar. 31, 2015 | Dec. 31, 2014 |
Heat Biologics I, Inc. [Member] | ||
Noncontrolling Interest [Line Items] | ||
Ownership interest in subsidiary | 92.50% | 92.50% |
Investments_Schedule_of_HeldTo
Investments (Schedule of Held-To-Maturity Investments) (Details) (Certificates of deposit, tri-party repurchase agreement, corporate notes and bonds [Member], USD $) | Mar. 31, 2015 |
Certificates of deposit, tri-party repurchase agreement, corporate notes and bonds [Member] | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Amortized Cost | $10,781,058 |
Gross Unrealized (Losses) | -483 |
Estimated Fair Value | 10,780,575 |
Less than 1 year | 10,781,058 |
Total | $10,781,058 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Total | $530,268 | $521,988 | |
Accumulated depreciation | -102,066 | -76,454 | |
Property and equipment, net | 428,202 | 445,534 | |
Depreciation expense | 25,612 | 2,170 | |
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 | 53,342 | 50,391 | |
Computers [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total | 28,342 | 24,174 | |
Lab equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total | $448,584 | $447,423 |
Accrued_Expenses_and_other_pay2
Accrued Expenses and other payables (Schedule of Accrued Expenses) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Accrued Expenses and other payables [Abstract] | ||
Compensation and related benefits | $208,462 | $519,092 |
Patent fees | 45,000 | 40,000 |
Deferred rent | 57,643 | 51,155 |
Accrued professional services fees | 60,183 | |
Accrued clinical trial expense | 353,222 | 195,721 |
Accrued expenses | $724,510 | $805,968 |
Debt_Issuance_Costs_Narrative_
Debt Issuance Costs (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Amortization of debt issuance costs | $25,038 | ||
Secured Loan - Square 1 Bank [Member] | |||
Debt Instrument [Line Items] | |||
Deferred financing cost | 27,500 | ||
Debt Instrument, Term | 42 months | ||
Secured Loan - Square 1 Bank [Member] | Warrant [Member] | |||
Debt Instrument [Line Items] | |||
Debt discount | $323,021 |
Notes_Payable_Square_1_Bank_Lo
Notes Payable (Square 1 Bank Loan) (Details) (Secured Loan - Square 1 Bank [Member], USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | Aug. 31, 2014 | |
Debt Instrument [Line Items] | |||
Debt instrument, amount outstanding | $3,000,000 | ||
Debt instrument, minimum interest rate | 3.05% | ||
Debt instrument, maximum interest rate | 6.30% | ||
Repayment of principal made during period | 0 | ||
Interest paid during period | 50,393 | 24,150 | |
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | 7,500,000 | ||
Tranche 1 Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | 1,500,000 | ||
Debt instrument, amount outstanding | 1,500,000 | ||
Tranche 2 Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | 1,500,000 | ||
Debt instrument, amount outstanding | 1,500,000 | ||
Tranche 3 Loan [Member] | Scenario, Forecast [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | 2,250,000 | ||
Tranche 4 Loan [Member] | Scenario, Forecast [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $2,250,000 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation | $438,751 | $169,112 | |||
Granted | 200,000 | ||||
Shares outstanding | 1,054,306 | 1,018,590 | |||
Warrants to purchase shares of common stock issuable at $0.48 per share [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Exercise price of warrants | $0.48 | ||||
Warrants to purchase shares of common stock | 17,392 | ||||
Warrants to purchase shares of common stock issuable at $12.50 per share [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Exercise price of warrants | $12.50 | ||||
Warrants to purchase shares of common stock | 125,000 | ||||
Common stock warrants [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Warrants issued | 125,000 | 32,610 | |||
Exercise price of warrants | $12.50 | $0.48 | |||
Expiration term | 5 years | 10 years | |||
Stock Option Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation | 372,451 | 169,112 | |||
Non-employees [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted shares issued to a third party in exchange for services | 10,000 | ||||
Stock based compensation | $66,300 |
StockBased_Compensation_Schedu
Stock-Based Compensation (Schedule of Stock Option Activity) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Shares | |
Outstanding, beginning balance | 1,018,590 |
Granted | 200,000 |
Exercised | -6,522 |
Forfeited | -157,762 |
Outstanding, ending balance | 1,054,306 |
Weighted Average Exercise Price | |
Outstanding, beginning balance | $5.04 |
Granted | $6.23 |
Exercised | $0.48 |
Forfeited | $6.36 |
Outstanding, ending balance | $5.10 |
Weighted average grant-date fair value of stock options granted | $4.56 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 7 years 8 months 12 days |
Options Exercisable, shares | 558,679 |
Options Exercisable, Weighted Average Remaining Contractual Life | 6 years 2 months 12 days |
Options Exercisable, Weighted Average Exercise Price | $3.58 |
Options Vested, shares | 558,679 |
Options Vested, Weighted Average Remaining Contractual Life | 6 years 2 months 12 days |
Options Vested, Weighted Average Exercise Price | $3.58 |
Unrecognized compensation expense related to stock options | $3,378,681 |
Weighted average recognition period | 16 months 18 days |
StockBased_Compensation_Schedu1
Stock-Based Compensation (Schedule of Stock Option Valuation Assumptions) (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Dividend yield | 0.00% |
Expected volatility | 89.60% |
Risk-free interest rate | 1.68% |
Expected lives | 6 years 1 month 6 days |
Financing_Details
Financing (Details) (USD $) | 0 Months Ended | 3 Months Ended | |
Mar. 10, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | |
Common stock issued | 1,640,000 | ||
Offering price | $6.50 | ||
Net proceeds from offering, , after deducting underwriting discounts, commissions, and other third party offering expenses | $11,100,000 | $11,400,870 | |
Over-allotments [Member] | |||
Common stock issued | 246,000 |
Net_Loss_Per_Share_Schedule_of
Net Loss Per Share (Schedule of Reconciliation of Net Loss to Net Loss Attributable to Heat Biologics, Inc.) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Net Loss Per Share [Abstract] | ||
Net loss | ($4,026,867) | ($2,422,966) |
Net loss: Non-controlling interest | -117,669 | -92,369 |
Net loss attributable to Heat Biologics, Inc. | ($3,909,198) | ($2,330,597) |
Weighted-average number of common shares used in net loss per share attributable to common stockholders - basic and diluted | 6,814,863 | 6,412,504 |
Net loss per share attributable to Heat Biologics, Inc. - basic and diluted | ($0.57) | ($0.36) |
Net_Loss_Per_Share_Schedule_of1
Net Loss Per Share (Schedule of Antidilutive Securities) (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Outstanding stock options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities | 1,054,306 | 599,486 |
Common stock warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities | 17,392 | 17,392 |
Underwriters warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities | 125,000 | 125,000 |