Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 31, 2016 | Feb. 02, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | AntriaBio, Inc. | |
Entity Central Index Key | 1,509,261 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | ANTB | |
Entity Common Stock, Shares Outstanding | 40,952,450 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2016 | Jun. 30, 2016 |
Current assets | ||
Cash | $ 3,573,148 | $ 4,062,013 |
Other current assets | 213,441 | 430,094 |
Total current assets | 3,786,589 | 4,492,107 |
Non-current assets | ||
Fixed assets, net | 5,728,844 | 5,984,670 |
Intangibile assets, net | 47,968 | 51,614 |
Deposit | 375,000 | 375,000 |
Total non-current assets | 6,151,812 | 6,411,284 |
Total Assets | 9,938,401 | 10,903,391 |
Current liabilities: | ||
Accounts payable and accrued expenses | 1,530,763 | 1,500,650 |
Convertible notes payable | 10,000 | 60,000 |
Deferred lease liability, current portion | 125,214 | 119,688 |
Lease payable | 0 | 23,128 |
Interest payable | 2,762 | 15,079 |
Warrant derivative liability | 1,230 | 11,955 |
Total current liabilities | 1,669,969 | 1,730,500 |
Non-current liabilities: | ||
Deferred lease liability, less current portion | 335,588 | 400,038 |
Total non-current liabilities | 335,588 | 400,038 |
Total Liabilities | 2,005,557 | 2,130,538 |
Commitments and Contingencies (Note 11) | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value; 20,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock, $0.001 par value, 200,000,000 shares authorized; 40,952,450 and 35,110,916 shares issued and outstanding, December 31, 2016 and June 30, 2016 | 40,954 | 35,114 |
Additional paid-in capital | 60,640,517 | 52,782,569 |
Accumulated deficit | (52,748,627) | (44,044,830) |
Total stockholders' equity | 7,932,844 | 8,772,853 |
Total Liabilities and Stockholders' Equity | $ 9,938,401 | $ 10,903,391 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2016 | Jun. 30, 2016 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 40,952,450 | 35,110,916 |
Common stock, shares outstanding | 40,952,450 | 35,110,916 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Research and development | ||||
Compensation and benefits | $ 1,909,518 | $ 1,142,198 | $ 3,213,358 | $ 2,007,401 |
Consultants and outside costs | 194,783 | 340,289 | 466,258 | 604,280 |
Material manufacturing costs | 567,430 | 755,464 | 1,079,137 | 1,375,511 |
Facilities and other costs | 403,648 | 285,926 | 802,555 | 504,951 |
Research and development | 3,075,379 | 2,523,877 | 5,561,308 | 4,492,143 |
General and administrative | ||||
Compensation and benefits | 1,285,052 | 1,170,679 | 2,151,953 | 2,117,850 |
Professional fees | 139,865 | 116,112 | 286,016 | 238,173 |
Investor relations | 87,428 | 57,402 | 155,535 | 114,320 |
General and administrative | 301,520 | 198,466 | 558,115 | 403,649 |
General and administrative | 1,813,865 | 1,542,659 | 3,151,619 | 2,873,992 |
Total operating expenses | 4,889,244 | 4,066,536 | 8,712,927 | 7,366,135 |
Loss from operations | (4,889,244) | (4,066,536) | (8,712,927) | (7,366,135) |
Other income (expense) | ||||
Interest income | 0 | 193 | 0 | 964 |
Interest expense | 0 | (1,379) | (1,595) | (2,992) |
Derivative gains | 1,313 | 1,729 | 10,725 | 14,316 |
Total other income (expense) | 1,313 | 543 | 9,130 | 12,288 |
Net loss | $ (4,887,931) | $ (4,065,993) | $ (8,703,797) | $ (7,353,847) |
Net loss per common share - basic and diluted | $ (0.12) | $ (0.17) | $ (0.23) | $ (0.3) |
Weighted average number of common shares outstanding - basic and diluted | 40,788,241 | 24,338,219 | 38,091,406 | 24,338,219 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Balance at Jun. 30, 2015 | $ 9,053,807 | $ 24,341 | $ 38,138,754 | $ (29,109,288) |
Balance (in shares) at Jun. 30, 2015 | 24,338,219 | |||
Stock-based compensation | 3,761,837 | $ 0 | 3,761,837 | 0 |
Fair value of warrants issued | 5,523,706 | 0 | 5,523,706 | 0 |
Dividends on Series A Preferred Stock | (5,974,385) | 0 | (5,974,385) | 0 |
Conversion of Series A Preferred Stock into common stock | 5,307,909 | $ 5,897 | 5,302,012 | 0 |
Conversion of Series A Preferred Stock into common stock (in shares) | 5,897,677 | |||
Exchange on Series A Preferred Stock | 2,929,084 | $ 0 | 2,929,084 | 0 |
Issuance of common stock | 3,106,437 | $ 4,876 | 3,101,561 | 0 |
Issuance of common stock (in shares) | 4,875,020 | |||
Net loss | (14,935,542) | $ 0 | 0 | (14,935,542) |
Balance at Jun. 30, 2016 | 8,772,853 | $ 35,114 | 52,782,569 | (44,044,830) |
Balance (in shares) at Jun. 30, 2016 | 35,110,916 | |||
Stock-based compensation | 2,125,966 | $ 0 | 2,125,966 | 0 |
Fair value of warrants issued | 1,778,962 | 0 | 1,778,962 | 0 |
Issuance of common stock | 3,899,343 | $ 5,782 | 3,893,561 | 0 |
Issuance of common stock (in shares) | 5,783,184 | |||
Conversion of note payable into common stock | 59,517 | $ 58 | 59,459 | 0 |
Conversion of note payable into common stock (in shares) | 58,350 | |||
Net loss | (8,703,797) | $ 0 | 0 | (8,703,797) |
Balance at Dec. 31, 2016 | $ 7,932,844 | $ 40,954 | $ 60,640,517 | $ (52,748,627) |
Balance (in shares) at Dec. 31, 2016 | 40,952,450 |
Consolidated Statements of Sto6
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2016 | Jun. 30, 2016 | |
Common Stock [Member] | ||
Payments of stock issuance costs | $ 1,199,744 | $ 1,053,748 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (8,703,797) | $ (7,353,847) |
Amortization of intangible asset | 3,646 | 3,646 |
Depreciation expense | 546,429 | 220,537 |
Stock-based compensation expense | 2,125,966 | 1,965,993 |
Derivative gains | (10,725) | (14,316) |
Warrant expense | 0 | 21,092 |
Changes in operating assets and liabilities: | ||
Decrease in other assets | 29,153 | 65,739 |
Increase in accounts payable and accrued expenses | 12,097 | 295,965 |
(Decrease) increase in interest payable | (2,800) | 1,000 |
Decrease in deferred lease liability | (58,924) | (4,098) |
Net Cash Used In Operating Activities | (6,058,955) | (4,798,289) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of fixed assets | (272,587) | (1,257,542) |
Return of security deposit | 187,500 | 187,500 |
Decrease in restricted cash | 0 | 450,167 |
Net Cash Used In Investing Activities | (85,087) | (619,875) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payments on lease payable | (23,128) | (46,453) |
Proceeds from issuance of equity financing | 6,361,499 | 2,000,115 |
Payment of placement agent compensation and issuance costs | (683,194) | (105,715) |
Net Cash Provided by Financing Activities | 5,655,177 | 1,847,947 |
Net decrease in cash | (488,865) | (3,570,217) |
Cash - Beginning of Period | 4,062,013 | 5,278,706 |
Cash - End of Period | 3,573,148 | 1,708,489 |
Cash Paid During the Period for: | ||
Taxes | 0 | 0 |
Interest | 0 | 0 |
Non-Cash Transactions: | ||
Fixed assets acquired through accounts payable and accrued expenses | 18,016 | 511,563 |
Warrant value recorded as issuance costs | 516,550 | 90,852 |
Conversion of note payable into common stock | 50,000 | 0 |
Conversion of interest payable into common stock | $ 9,517 | $ 0 |
Nature of Operations
Nature of Operations | 6 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature Of Operation [Text Block] | Note 1 Nature of Operations These financial statements represent the consolidated financial statements of AntriaBio, Inc. (“AntriaBio”), and its wholly owned operating subsidiary, AntriaBio Delaware, Inc. (“Antria Delaware”). AntriaBio and Antria Delaware are collectively referred to herein as the “Company”. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Note 2 Summary of Significant Accounting Policies The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The unaudited interim financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K filed on September 28, 2016, which contains the audited financial statements and notes thereto, together with the Management’s Discussion and Analysis of Financial Condition and Results of Operations, for the year ended June 30, 2016. Certain information or footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted, pursuant to the rules and regulations of the Securities and Exchange Commission for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. It is management's opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation. The interim results for the period ended December 31, 2016 are not necessarily indicative of results for the full fiscal year. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts in the financial statements and the accompanying notes. Such estimates and assumptions impact, among others, the following: estimated useful lives and impairment of depreciable assets, the fair value of share-based payments and warrants, fair value of derivative instruments, estimates of the probability and potential magnitude of contingent liabilities and the valuation allowance for deferred tax assets due to continuing and expected future operating losses. Actual results could differ from those estimates. The Company's operations may be subject to significant risk and uncertainties including financial, operational, regulatory and other risks associated with a preclinical stage company, including the potential risk of business failure. See Note 3 regarding going concern matters. Fixed assets are carried at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives. Research and development costs are expensed as incurred and include salaries, benefits and other staff-related costs; consultants and outside costs; material manufacturing costs; and facilities and other costs. These costs relate to research and development costs without an allocation of general and administrative expenses. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The standard also expands disclosures about instruments measured at fair value and establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: · Level 1: Quoted prices for identical assets and liabilities in active markets; · Level 2: Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and · Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The carrying amounts of financial instruments including cash, accounts payable and accrued expenses, and convertible notes payable approximated fair value as of December 31, 2016 and June 30, 2016 due to the relatively short maturity of the respective instruments. The warrant derivative liability recorded as of December 31, 2016 and June 30, 2016 is recorded at an estimated fair value based on a Black-Scholes pricing model. The warrant derivative liability is a level 3 fair value measurement with the entire change in the balance recorded through earnings. See significant assumptions in Note 9. Balance as of June 30, 2016 $ (11,955) Total unrealized gains (losses): Included in earnings 10,725 Balance as of December 31, 2016 $ (1,230) In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern In January 2016, the FASB issued ASU 2016-01, Financial Instruments Overall Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In March 2016, the FASB issued ASU 2016-09. Compensation Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. |
Going Concern
Going Concern | 6 Months Ended |
Dec. 31, 2016 | |
Going Concern [Abstract] | |
Going Concern Disclosure [Text Block] | Note 3 Going Concern As reflected in the accompanying financial statements, the Company has a net loss of $ 8,703,797 6,058,955 2,116,620 7,932,844 52,748,627 The Company expects that its current cash resources as well as expected lack of operating cash flows will not be sufficient to sustain operations for a period greater than one year. The ability of the Company to continue its operations is dependent on Management's plans, which include continuing to raise capital through equity based financings. There can be no assurances that such capital will be available to us on acceptable terms or at all. The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern. |
Fixed Assets
Fixed Assets | 6 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Note 4 Fixed Assets The following is a summary of fixed assets and accumulated depreciation: Useful Life December 31, 2016 June 30, 2016 Furniture and fixtures 5 - 7 years $ 75,034 $ 62,730 Lab equipment 3 - 15 years 3,832,450 3,589,615 Leasehold Improvements 5 - 7 years 3,247,038 3,211,575 7,154,522 6,863,920 Less: accumulated depreciation and amortization (1,425,678) (879,250) $ 5,728,844 $ 5,984,670 Depreciation expense was $ 278,074 150,225 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 5 Related Party Transactions During the three and six months ended December 31, 2016, the Company incurred investor relations expenses of $ 31,050 67,275 |
Convertible Notes Payable
Convertible Notes Payable | 6 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Note 6 Convertible Notes Payable From 2010 to 2014, the Company issued several series of convertible promissory notes for which principal and interest were due between six months and two years after issuance. The convertible notes allowed investors to convert their shares into common stock at the time of certain qualifying events with some of the notes also issuing warrants at the time of conversion. On March 31, 2014, the Company closed on an equity transaction which qualified as a “qualified financing” as such the $ 2,703,000 2,186,838 4,275,172 3,111,126 During the six months ended December 31, 2016, one convertible note with a balance of $50,000 and accrued interest converted into 58,350 shares of common stock. As of December 31, 2016 and June 30, 2016, the convertible notes outstanding balance was $ 10,000 60,000 8 |
Series A Convertible Preferred
Series A Convertible Preferred Stock | 6 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Series A Convertible Preferred Stock [Text Block] | Note 7 Series A Convertible Preferred Stock On December 7, 2015, the Board of Directors authorized fifteen million shares of Series A Convertible Preferred Stock (“Series A Stock”). The Series A Stock had a conversion feature at the option of the holder that could be converted at any time at a conversion rate of $1.95, subject to adjustment, into common stock. The shares also had a mandatory conversion feature at the same conversion rate if one of the following events occurs: 1) Upon vote or consent of 2/3 of the then outstanding Series A Stock; 2) Upon the Company’s listing to NASDAQ Stockmarket or the NYSE MKT and the Company’s common stock trades for 30 days for at least 155% of the Series A Stock conversion price; or 3) the Company closes an underwritten public offering of at least $15 million in gross proceeds with an offering price of at least 155% of the Series A Stock conversion price. The Series A Stock’s conversion price was subject to weighted average anti-dilution protection, as defined, and was subject to adjustments for stock splits, dividends, and similar events 6 On December 10, 2015, the Company closed an initial offering of its Series A Stock with an offering price of $ 1.95 1,025,699 1,803,548 90,852 1.95 1,716,487 2,956,975 159,311 1.95 512,820 1,000,000 22,846 Through June 24, 2016, the Company declared and issued 71,708 On June 24, 2016, the Company and the stockholders of the Series A Preferred Stock consented to convert all of the shares of Series A Preferred Stock into common stock. The conversion occurred at a conversion price of $ 1.95 Series A stockholder to exchange the Conversion Shares into shares of common stock and related warrants equal to the Series A Preferred Stock purchase price plus accrued dividends at an exchange rate of $1.10 per Exchange Share and related Exchange Warrant. 3,326,714 5,897,677 5,811,700 2,929,084 |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders Equity Note Disclosure [Text Block] | Note 8 Shareholders’ Equity During 2016, the Company entered into a private placement transaction in which the Company issued 4,875,020 1.65 60 4.8 553,428 500,321 During the six months ended December 31, 2016, the Company closed additional private placement transactions in which the Company issued 5,783,184 1.65 60 5.2 683,194 516,550 The Company has not declared or paid any dividends or returned any capital to common stockholders as of December 31, 2016. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share Based Compensation [Text Block] | Note 9 Stock-Based Compensation Options - AntriaBio adopted individual stock option plans in January 2013 for four officers and/or directors of the Company. The stock option plans granted 1,500,000 4.50 8,334 4.50 On March 26, 2014, the Company adopted the AntriaBio, Inc. 2014 Stock and Incentive Plan which allows the Company to issue up to 3,750,000 3,295,000 1.29 3.44 On February 23, 2015, the Company adopted the AntriaBio, Inc. 2015 Non Qualified Stock Option Plan which allows the Company to issue up to 6,850,000 4,397,000 90,000 1.00 2.06 4 On October 31, 2016, the Company adopted the AntriaBio, Inc. 2016 Non Qualified Stock Option Plan which allows the Company to issue up to 35,000,000 28,210,000 4,360,000 1.20 The options vest monthly over 4 years, except for 12,190,000 of the options which do not begin to vest until specific events have occurred and then begin to vest monthly over 4 years. AntriaBio has computed the fair value of all options granted that have begun vesting using the Black-Scholes option pricing model. The options that require specific events before they begin to vest are not valued until the specific event has occurred. In order to calculate the fair value of the options, certain assumptions are made regarding components of the model, including the estimated fair value of the underlying common stock, risk-free interest rate, volatility, expected dividend yield and expected option life. Changes to the assumptions could cause significant adjustments to valuation. AntriaBio estimated a volatility factor utilizing comparable published volatility of several peer companies. Due to the small number of option holders and all options being to officers and/or directors, AntriaBio has estimated a forfeiture rate of zero as the value of each option holder is calculated individually. AntriaBio estimates the expected term based on the average of the vesting term and the contractual term of the options. The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of the grant for treasury securities of similar maturity. Expected volatility 74% - 79 % Risk free interest rate 1.46% - 2.32 % Expected term (years) 7 Dividend yield 0 % AntriaBio has computed the fair value of all options granted during the year ended June 30, 2016 using the following assumptions: Expected volatility 97% - 100 % Risk free interest rate 1.69% -1.91 % Expected term (years) 7 Dividend yield 0 % Weighted Weighted Average Number of Average Remaining Options Exercise Price Contractual Life Outstanding, June 30, 2015 8,702,418 $ 2.78 7.1 Granted 285,000 $ 1.07 Forfeited (40,000) $ 1.66 Outstanding, June 30, 2016 8,947,418 $ 2.73 6.2 Granted 23,940,000 $ 1.20 Outstanding, December 31, 2016 32,887,418 $ 1.62 8.8 Exercisable at December 31, 2016 5,857,271 $ 2.92 5.2 Stock-based compensation expense related to the fair value of stock options was included in the statement of operations as research and development compensation and benefits expense of $ 444,801 312,630 792,137 673,013 749,770 619,967 1,376,196 1,346,026 14,133,769 - Weighted Weighted Average Number of Average Remaining Warrants Exercise Price Contractual Life Outstanding, June 30, 2015 19,016,391 $ 2.33 3.0 Warrants issued in stock conversion 5,897,677 $ 1.65 Warrants issued in private placements 3,043,669 $ 1.65 Warrants issued to placement agents 933,639 $ 1.61 Warrants issued for investor relations 103,000 $ 1.60 Warrants cancelled (30,000) $ 3.44 Outstanding, June 30, 2016 28,964,376 $ 2.11 3.1 Warrants issued in private placements 3,248,184 $ 1.65 Warrants issued to placement agents 536,150 $ 1.65 Outstanding, December 31, 2016 32,748,710 $ 2.05 2.9 Year ended June 30, 2016: 5,897,677 1.65 3,043,669 1.65 184,490 2.34 327,046 1.32 87,500 2.50 519,093 1.65 9,000 1.38 24,000 1.34 60,000 1.85 10,000 0.96 For the Six Months Ended December 31, 2016: 3,248,184 1.65 536,150 1.65 The warrants exercisable for 66,667 50,365 30,000 1,230 11,955 The warrants exercisable for the 5,897,677 3,497,914 3,043,558 1,667,630 1,202,336 The warrants exercisable for 184,490 184,673 327,046 113,521 87,500 65,490 519,093 386,800 The warrants exercisable for the 9,000 11,407 24,000 20,943 60,000 34,122 10,000 6,500 The warrants exercisable for the 3,248,184 2,759,015 1,262,413 536,150 516,550 These warrants were valued using the Black-Scholes option pricing model on the date of issuance. In order to calculate the fair value of the warrants, certain assumptions were made regarding components of the model, including the closing price of the underlying common stock, risk-free interest rate, volatility, expected dividend yield, and warrant term. Changes to the assumptions could cause significant adjustments to valuation. AntriaBio estimated a volatility factor utilizing comparable published volatilities of several peer companies. The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of the grant for treasury securities of similar maturity. The Black-Scholes valuation methodology was used because that model embodies all of the relevant assumptions that address the features underlying these instruments. Expected volatility 54% - 111 % Risk free interest rate 0.45% - 1.56 % Warrant term (years) 0 - 7 Dividend yield 0 % Significant assumptions for the warrants issued for the year ended June 30, 2016 were as follows: Expected volatility 87 - 151 % Risk free interest rate 0.45% - 2.03 % Warrant term (years) 1 - 7.5 Dividend yield 0 % On January 31, 2017, the Company closed an offer to amend certain warrants. The amendment would set the exercise price at $ 1.65 January 30, 2020 , 189 15.4 |
Income Taxes
Income Taxes | 6 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 10 Income Taxes Income tax expense during interim periods is based on applying an estimated annual effective income tax rate to year-to-date income, plus any significant unusual or infrequently occurring items which are recorded in the interim period. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income earned and taxed in various jurisdictions, permanent and temporary differences, and the likelihood of recovering deferred tax assets generated in the current year. The accounting estimates used to compute the provision for income taxes may change as new events occur, more experience is obtained, additional information becomes known or as the tax environment changes. In the six months ended December 31, 2016, the Company did not record any income tax provision due to expected future losses and full valuation allowance on its deferred tax assets. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 11 Commitments and Contingencies Lease Commitments In May 2014, the Company entered into a lease of approximately 27,000 28,939 3 34,381 750,000 375,000 Year Ending June 30, 2017 186,047 2018 381,360 2019 392,855 2020 335,747 $ 1,296,009 Legal Matters |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis Of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The unaudited interim financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K filed on September 28, 2016, which contains the audited financial statements and notes thereto, together with the Management’s Discussion and Analysis of Financial Condition and Results of Operations, for the year ended June 30, 2016. Certain information or footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted, pursuant to the rules and regulations of the Securities and Exchange Commission for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. It is management's opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation. The interim results for the period ended December 31, 2016 are not necessarily indicative of results for the full fiscal year. |
Use Of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts in the financial statements and the accompanying notes. Such estimates and assumptions impact, among others, the following: estimated useful lives and impairment of depreciable assets, the fair value of share-based payments and warrants, fair value of derivative instruments, estimates of the probability and potential magnitude of contingent liabilities and the valuation allowance for deferred tax assets due to continuing and expected future operating losses. Actual results could differ from those estimates. |
Risks and Uncertainties [Policy Text Block] | Risks and Uncertainties The Company's operations may be subject to significant risk and uncertainties including financial, operational, regulatory and other risks associated with a preclinical stage company, including the potential risk of business failure. See Note 3 regarding going concern matters. |
Property, Plant and Equipment, Policy [Policy Text Block] | Fixed Assets Fixed assets are carried at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs Research and development costs are expensed as incurred and include salaries, benefits and other staff-related costs; consultants and outside costs; material manufacturing costs; and facilities and other costs. These costs relate to research and development costs without an allocation of general and administrative expenses. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The standard also expands disclosures about instruments measured at fair value and establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: · Level 1: Quoted prices for identical assets and liabilities in active markets; · Level 2: Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and · Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The carrying amounts of financial instruments including cash, accounts payable and accrued expenses, and convertible notes payable approximated fair value as of December 31, 2016 and June 30, 2016 due to the relatively short maturity of the respective instruments. The warrant derivative liability recorded as of December 31, 2016 and June 30, 2016 is recorded at an estimated fair value based on a Black-Scholes pricing model. The warrant derivative liability is a level 3 fair value measurement with the entire change in the balance recorded through earnings. See significant assumptions in Note 9. Balance as of June 30, 2016 $ (11,955) Total unrealized gains (losses): Included in earnings 10,725 Balance as of December 31, 2016 $ (1,230) |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern In January 2016, the FASB issued ASU 2016-01, Financial Instruments Overall Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In March 2016, the FASB issued ASU 2016-09. Compensation Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Fair Value, Instruments Classified in Shareholders Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table sets forth a reconciliation of changes in the fair value of financial instruments classified as level 3 in the fair value hierarchy: Balance as of June 30, 2016 $ (11,955) Total unrealized gains (losses): Included in earnings 10,725 Balance as of December 31, 2016 $ (1,230) |
Fixed Assets (Tables)
Fixed Assets (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | The following is a summary of fixed assets and accumulated depreciation: Useful Life December 31, 2016 June 30, 2016 Furniture and fixtures 5 - 7 years $ 75,034 $ 62,730 Lab equipment 3 - 15 years 3,832,450 3,589,615 Leasehold Improvements 5 - 7 years 3,247,038 3,211,575 7,154,522 6,863,920 Less: accumulated depreciation and amortization (1,425,678) (879,250) $ 5,728,844 $ 5,984,670 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | AntriaBio has computed the fair value of all options granted during the six months ended December 31, 2016 using the following assumptions: Expected volatility 74% - 79 % Risk free interest rate 1.46% - 2.32 % Expected term (years) 7 Dividend yield 0 % AntriaBio has computed the fair value of all options granted during the year ended June 30, 2016 using the following assumptions: Expected volatility 97% - 100 % Risk free interest rate 1.69% -1.91 % Expected term (years) 7 Dividend yield 0 % |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Stock option activity is as follows: Weighted Weighted Average Number of Average Remaining Options Exercise Price Contractual Life Outstanding, June 30, 2015 8,702,418 $ 2.78 7.1 Granted 285,000 $ 1.07 Forfeited (40,000) $ 1.66 Outstanding, June 30, 2016 8,947,418 $ 2.73 6.2 Granted 23,940,000 $ 1.20 Outstanding, December 31, 2016 32,887,418 $ 1.62 8.8 Exercisable at December 31, 2016 5,857,271 $ 2.92 5.2 |
Schedule Of Warrants Issued To Agents Activity [Table Text Block] | Warrants - Weighted Weighted Average Number of Average Remaining Warrants Exercise Price Contractual Life Outstanding, June 30, 2015 19,016,391 $ 2.33 3.0 Warrants issued in stock conversion 5,897,677 $ 1.65 Warrants issued in private placements 3,043,669 $ 1.65 Warrants issued to placement agents 933,639 $ 1.61 Warrants issued for investor relations 103,000 $ 1.60 Warrants cancelled (30,000) $ 3.44 Outstanding, June 30, 2016 28,964,376 $ 2.11 3.1 Warrants issued in private placements 3,248,184 $ 1.65 Warrants issued to placement agents 536,150 $ 1.65 Outstanding, December 31, 2016 32,748,710 $ 2.05 2.9 |
Black Scholes Pricing Model | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of Share Based Payment Award Stock Warrants Valuation Assumptions [Table Text Block] | Significant assumptions for the warrants issued for the six months ended December 31, 2016 were as follows: Expected volatility 54% - 111 % Risk free interest rate 0.45% - 1.56 % Warrant term (years) 0 - 7 Dividend yield 0 % Significant assumptions for the warrants issued for the year ended June 30, 2016 were as follows: Expected volatility 87 - 151 % Risk free interest rate 0.45% - 2.03 % Warrant term (years) 1 - 7.5 Dividend yield 0 % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | As of December 31, 2016, the minimum rental commitment under the lease is as follows: Year Ending June 30, 2017 186,047 2018 381,360 2019 392,855 2020 335,747 $ 1,296,009 |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Details) | 6 Months Ended |
Dec. 31, 2016USD ($) | |
Summary of Significant Accounting Policies [Line Items] | |
Balance as of June 30, 2016 | $ (11,955) |
Total unrealized gains (losses): | |
Included in earnings | 10,725 |
Balance as of December 31, 2016 | $ (1,230) |
Going Concern (Details Textual)
Going Concern (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Going Concern [Line Items] | ||||||
Net Loss | $ (4,887,931) | $ (4,065,993) | $ (8,703,797) | $ (7,353,847) | $ (14,935,542) | |
Net Cash Used In Operating Activities | (6,058,955) | $ (4,798,289) | ||||
Total Stockholders' Equity | 7,932,844 | 7,932,844 | 8,772,853 | $ 9,053,807 | ||
Accumulated deficit | (52,748,627) | (52,748,627) | $ (44,044,830) | |||
Working Capital Deficit | $ 2,116,620 | $ 2,116,620 |
Fixed Assets (Details)
Fixed Assets (Details) - USD ($) | 6 Months Ended | |
Dec. 31, 2016 | Jun. 30, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 7,154,522 | $ 6,863,920 |
Less: accumulated depreciation and amortization | (1,425,678) | (879,250) |
Property, Plant and Equipment, Net | 5,728,844 | 5,984,670 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 75,034 | 62,730 |
Furniture and fixtures [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Furniture and fixtures [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 7 years | |
Lab equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 3,832,450 | 3,589,615 |
Lab equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Lab equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 15 years | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 3,247,038 | $ 3,211,575 |
Leasehold Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Leasehold Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 7 years |
Fixed Assets (Details Textual)
Fixed Assets (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation | $ 278,074 | $ 150,225 | $ 546,429 | $ 220,537 |
Related Party Transactions (Det
Related Party Transactions (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | ||||
Investor Relations Expense | $ 31,050 | $ 67,275 | ||
General and Administrative Expense | 1,813,865 | $ 1,542,659 | 3,151,619 | $ 2,873,992 |
Related Parties | ||||
Related Party Transaction [Line Items] | ||||
General and Administrative Expense | $ 13,829 | $ 13,829 |
Convertible Notes Payable (Deta
Convertible Notes Payable (Details Textual) - USD ($) | 1 Months Ended | 6 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2016 | Jun. 30, 2016 | |
Convertible Notes Payable [Line Items] | |||
Debt conversion, converted instrument, amount | $ 4,275,172 | ||
Debt Instrument, Face Amount | $ 50,000 | ||
Convertible Notes Payable | |||
Convertible Notes Payable [Line Items] | |||
Debt instrument, interest rate, stated percentage | 8.00% | ||
Debt instrument convertible number of common stock | 3,111,126 | 58,350 | |
Debt Instrument, Face Amount | $ 10,000 | $ 60,000 | |
2013 Notes | |||
Convertible Notes Payable [Line Items] | |||
Debt conversion, converted instrument, amount | $ 2,703,000 | ||
Debt instrument convertible number of common stock | 2,186,838 |
Series A Convertible Preferre30
Series A Convertible Preferred Stock (Details Textual) - USD ($) | Apr. 12, 2016 | Dec. 10, 2015 | Dec. 07, 2015 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2016 | Mar. 02, 2016 |
Series A Convertible Preferred Stock [Line Items] | ||||||||
Preferred Stock, Conversion Basis | The Series A Stock had a conversion feature at the option of the holder that could be converted at any time at a conversion rate of $1.95, subject to adjustment, into common stock. The shares also had a mandatory conversion feature at the same conversion rate if one of the following events occurs: 1) Upon vote or consent of 2/3 of the then outstanding Series A Stock; 2) Upon the Companys listing to NASDAQ Stockmarket or the NYSE MKT and the Companys common stock trades for 30 days for at least 155% of the Series A Stock conversion price; or 3) the Company closes an underwritten public offering of at least $15 million in gross proceeds with an offering price of at least 155% of the Series A Stock conversion price. The Series A Stocks conversion price was subject to weighted average anti-dilution protection, as defined, and was subject to adjustments for stock splits, dividends, and similar events | |||||||
Preferred Stock, Redemption Price Per Share | $ 1.95 | |||||||
Preferred Stock Shares Issued | 512,820 | 0 | 0 | |||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 1,000,000 | |||||||
Warrant value recorded as issuance cost | $ 516,550 | $ 90,852 | ||||||
Private Placement [Member] | ||||||||
Series A Convertible Preferred Stock [Line Items] | ||||||||
Payments of Stock Issuance Costs | $ 683,194 | $ 553,428 | ||||||
Series A Convertible Preferred Stock [Member] | ||||||||
Series A Convertible Preferred Stock [Line Items] | ||||||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | |||||||
Preferred Stock, Redemption Price Per Share | $ 1.95 | $ 1.95 | ||||||
Preferred Stock Shares Issued | 1,025,699 | 1,716,487 | ||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 1,803,548 | $ 2,956,975 | ||||||
Preferred Stock, Accretion of Redemption Discount | $ 22,846 | |||||||
Dividends Preferred Stock, Shares | 71,708 | |||||||
Conversion of Stock, Shares Converted | 3,326,714 | |||||||
Conversion Of Stock, Conversion Price | $ 1.95 | |||||||
Conversion Of Stock, Exchange Shares And Exchange Warrants Issued | 5,897,677 | |||||||
Conversion Of Stock, Excess Fair Value Of Securities | $ 5,811,700 | |||||||
Conversion Of Stock, Gain On Conversion Of Stock | $ 2,929,084 | |||||||
Convertible Preferred Stock, Terms of Conversion | Series A stockholder to exchange the Conversion Shares into shares of common stock and related warrants equal to the Series A Preferred Stock purchase price plus accrued dividends at an exchange rate of $1.10 per Exchange Share and related Exchange Warrant. | |||||||
Warrant value recorded as issuance cost | 90,852 | 159,311 | ||||||
Series A Convertible Preferred Stock [Member] | Private Placement [Member] | ||||||||
Series A Convertible Preferred Stock [Line Items] | ||||||||
Payments of Stock Issuance Costs | $ 105,715 | $ 231,214 |
Shareholders' Equity (Details T
Shareholders' Equity (Details Textual) - USD ($) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2016 | Jun. 30, 2016 | |
Class of Stock [Line Items] | ||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 1,778,962 | $ 5,523,706 |
Warrant | ||
Class of Stock [Line Items] | ||
Adjustments to Additional Paid in Capital, Warrant Issued | 516,550 | 500,321 |
Private Placement | ||
Class of Stock [Line Items] | ||
Payments of stock issuance costs | $ 683,194 | $ 553,428 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.65 | $ 1.65 |
Class Of Warrant Or Right Of Warrants Or Rights Expiring Period | 60 months | 60 months |
Issuance Of Common Stock Shares | 5,783,184 | 4,875,020 |
Proceeds from Issuance of Private Placement | $ 5,200,000 | $ 4,800,000 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2016 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (years) | 7 years | 7 years |
Dividend yield | 0.00% | 0.00% |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 74.00% | 97.00% |
Risk free interest rate | 1.46% | 1.69% |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 79.00% | 100.00% |
Risk free interest rate | 2.32% | 1.91% |
Stock-Based Compensation (Det33
Stock-Based Compensation (Details 1) - Stock Option - $ / shares | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | |
Number of Options | |||
Outstanding | 8,947,418 | 8,702,418 | |
Granted | 23,940,000 | 285,000 | |
Forfeited | (40,000) | ||
Outstanding | 32,887,418 | 8,947,418 | 8,702,418 |
Exercisable | 5,857,271 | ||
Weighted Average Exercise Price | |||
Outstanding | $ 2.73 | $ 2.78 | |
Granted | 1.20 | 1.07 | |
Forfeited | 1.66 | ||
Outstanding | 1.62 | $ 2.73 | $ 2.78 |
Exercisable | $ 2.92 | ||
Weighted Average Remaining Contractual Life | |||
Outstanding | 8 years 9 months 18 days | 6 years 2 months 12 days | 7 years 1 month 6 days |
Exercisable | 5 years 2 months 12 days |
Stock-Based Compensation (Det34
Stock-Based Compensation (Details 2) - Warrant - $ / shares | 1 Months Ended | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | |
Number of Warrants - Outstanding | 28,964,376 | 19,016,391 | ||
Number of Warrants - Warrants issued in stock conversion | 5,897,677 | |||
Number of Warrants - Warrants issued in private placements | 3,248,184 | 3,043,669 | ||
Number of Warrants - Warrants issued to placement agents | 536,150 | 933,639 | ||
Number of Warrants - Warrants issued for investor relations | 103,000 | |||
Number of Warrants - Warrants cancelled | (30,000) | (30,000) | ||
Number of Warrants - Outstanding | 32,748,710 | 28,964,376 | 19,016,391 | |
Weighted Average Exercise Price - Outstanding | $ 2.11 | $ 2.33 | ||
Weighted Average Exercise Price - Warrants issued in stock conversion | 1.65 | |||
Weighted Average Exercise Price - Warrants issued in private placements | 1.65 | 1.65 | ||
Weighted Average Exercise Price - Warrants issued to placement agents | 1.65 | 1.61 | ||
Weighted Average Exercise Price - Warrants issued for investor relations | 1.60 | |||
Weighted Average Exercise Price - Warrants cancelled | 3.44 | |||
Weighted Average Exercise Price - Outstanding | $ 2.05 | $ 2.11 | $ 2.33 | |
Weighted Average Remaining Contractual Life - Outstanding | 2 years 10 months 24 days | 3 years 1 month 6 days | 3 years |
Stock-Based Compensation (Det35
Stock-Based Compensation (Details 3) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2016 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrant term (years) | 7 years | 7 years |
Dividend yield | 0.00% | 0.00% |
Black Scholes Pricing Model | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 74.00% | 97.00% |
Risk free interest rate | 1.46% | 1.69% |
Minimum | Black Scholes Pricing Model | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 54.00% | 87.00% |
Risk free interest rate | 0.45% | 0.45% |
Warrant term (years) | 0 years | 1 year |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 79.00% | 100.00% |
Risk free interest rate | 2.32% | 1.91% |
Maximum | Black Scholes Pricing Model | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 111.00% | 151.00% |
Risk free interest rate | 1.56% | 2.03% |
Warrant term (years) | 7 years | 7 years 6 months |
Stock-Based Compensation (Det36
Stock-Based Compensation (Details Textual) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Jan. 31, 2017$ / sharesshares | Oct. 31, 2016$ / sharesshares | Dec. 31, 2015shares | Feb. 23, 2015$ / sharesshares | Jan. 31, 2013$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($) | Jun. 30, 2016USD ($)$ / sharesshares | Jun. 30, 2015$ / sharesshares | Mar. 26, 2014shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Stock-based compensation | $ | $ 2,125,966 | $ 1,965,993 | ||||||||||
Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized, stock options | $ | $ 14,133,769 | 14,133,769 | ||||||||||
Fair value of warrants | $ | 1,230 | $ 11,955 | ||||||||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ | 1,778,962 | $ 5,523,706 | ||||||||||
Subsequent Event [Member] | Warrants Amendment [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.65 | |||||||||||
Class Of Warrant Or Right Exercise Date Of Warrants Or Rights | Jan. 30, 2020 | |||||||||||
Number Of Investors Elected To Amend Warrants | 189 | |||||||||||
Class of Warrant or Right, Outstanding | 15,400,000 | |||||||||||
2014 Stock and Incentive Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 3,750,000 | |||||||||||
Non Qualified Stock option plan [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 28,210,000 | |||||||||||
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $ / shares | $ 1.20 | |||||||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 35,000,000 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 4,360,000 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | The options vest monthly over 4 years, except for 12,190,000 of the options which do not begin to vest until specific events have occurred and then begin to vest monthly over 4 years. | |||||||||||
Two Consultants | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 8,334 | |||||||||||
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $ / shares | $ 4.50 | |||||||||||
Employees and Directors | General and Administrative Expense [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Stock-based compensation | $ | 792,137 | $ 673,013 | 1,376,196 | 1,346,026 | ||||||||
Employees and Directors | Research and Development Expense [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Stock-based compensation | $ | $ 444,801 | $ 312,630 | $ 749,770 | $ 619,967 | ||||||||
Employees and Directors | 2014 Stock and Incentive Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 90,000 | |||||||||||
Share based compensation arrangement by share based payment award options shares purchased vested monthly term | 4 years | |||||||||||
Employees and Directors | 2014 Stock and Incentive Plan | Minimum | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $ / shares | $ 1.29 | |||||||||||
Employees and Directors | 2014 Stock and Incentive Plan | Maximum | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $ / shares | $ 3.44 | |||||||||||
Employee Stock Option | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 23,940,000 | 285,000 | ||||||||||
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $ / shares | $ 1.20 | $ 1.07 | ||||||||||
Employee Stock Option | Employees and Directors | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 4,397,000 | 1,500,000 | 3,295,000 | |||||||||
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $ / shares | $ 4.50 | |||||||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 6,850,000 | |||||||||||
Employee Stock Option | Employees and Directors | Minimum | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $ / shares | $ 1 | |||||||||||
Employee Stock Option | Employees and Directors | Maximum | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $ / shares | $ 2.06 | |||||||||||
Warrant | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ | $ 516,550 | $ 500,321 | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Warrants cancelled In Period | 30,000 | 30,000 | ||||||||||
Warrant One | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 5,897,677 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.65 | |||||||||||
Class of warrant exercisable warrants or rights | 5,897,677 | |||||||||||
Warrants to purchase common stock value | $ | $ 3,497,914 | |||||||||||
Warrant Two | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 536,150 | 536,150 | 3,043,669 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.65 | $ 1.65 | $ 1.65 | |||||||||
Class of warrant exercisable warrants or rights | 3,043,558 | |||||||||||
Warrants to purchase common stock value | $ | $ 1,667,630 | |||||||||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ | $ 1,202,336 | |||||||||||
Warrant Three | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 184,490 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 2.34 | |||||||||||
Class of warrant exercisable warrants or rights | 184,490 | |||||||||||
Warrants to purchase common stock value | $ | $ 184,673 | |||||||||||
Warrant Four | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 327,046 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.32 | |||||||||||
Class of warrant exercisable warrants or rights | 327,046 | |||||||||||
Warrants to purchase common stock value | $ | $ 113,521 | |||||||||||
Warrant Five | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 87,500 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 2.50 | |||||||||||
Class of warrant exercisable warrants or rights | 87,500 | |||||||||||
Warrants to purchase common stock value | $ | $ 65,490 | |||||||||||
Warrant Six | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 519,093 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.65 | |||||||||||
Class of warrant exercisable warrants or rights | 519,093 | |||||||||||
Warrants to purchase common stock value | $ | $ 386,800 | |||||||||||
Warrant Seven | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 9,000 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.38 | |||||||||||
Class of warrant exercisable warrants or rights | 9,000 | |||||||||||
Warrants to purchase common stock value | $ | $ 11,407 | |||||||||||
Warrant Eight | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 24,000 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.34 | |||||||||||
Class of warrant exercisable warrants or rights | 24,000 | |||||||||||
Warrants to purchase common stock value | $ | $ 20,943 | |||||||||||
Warrant Nine | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 60,000 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.85 | |||||||||||
Class of warrant exercisable warrants or rights | 60,000 | |||||||||||
Warrants to purchase common stock value | $ | $ 34,122 | |||||||||||
Warrant Ten | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 10,000 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.96 | |||||||||||
Class of warrant exercisable warrants or rights | 10,000 | |||||||||||
Warrants to purchase common stock value | $ | $ 6,500 | |||||||||||
Warrant Eleven | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 3,248,184 | 3,248,184 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.65 | $ 1.65 | ||||||||||
Class of warrant exercisable warrants or rights | 3,248,184 | 3,248,184 | ||||||||||
Warrants to purchase common stock value | $ | $ 2,759,015 | $ 2,759,015 | ||||||||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ | $ 1,262,413 | |||||||||||
Warrant Twelve | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Class of warrant or right, number of securities called by warrants or rights | 536,150 | 536,150 | ||||||||||
Warrants to purchase common stock value | $ | $ 516,550 | $ 516,550 | ||||||||||
Warrant Thirteen | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Class of warrant exercisable warrants or rights | 66,667 | 66,667 | ||||||||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ | $ 50,365 |
Commitments and Contingencies37
Commitments and Contingencies (Details) | Dec. 31, 2016USD ($) |
Operating Leased Assets [Line Items] | |
2,017 | $ 186,047 |
2,018 | 381,360 |
2,019 | 392,855 |
2,020 | 335,747 |
Operating Leases, Future Minimum Payments Due | $ 1,296,009 |
Commitments and Contingencies38
Commitments and Contingencies (Details Textual) | 1 Months Ended | 6 Months Ended |
May 31, 2014USD ($)ft² | Dec. 31, 2016USD ($) | |
Commitments And Contingencies [Line Items] | ||
Operating Leases, Rent Expense | $ 28,939 | |
Payments Of Monthly Lease Adjusted Annually Percentage | 3.00% | |
Adjusted Triple Net Expense Of Lease Payments | $ 34,381 | |
Area of Land | ft² | 27,000 | |
Security Deposit | $ 750,000 | |
Proceeds from Other Deposits | $ 375,000 |