Lipocine (LPCN) 10-Q10 Nov 142014 Q3 Quarterly reportFinancial data

Company Profile

Document_And_Entity_Informatio

Document And Entity Information	9 Months Ended
Document And Entity Information	Sep. 30, 2014	Nov. 10, 2014
Document Information [Line Items]	'	'
Entity Registrant Name	'Lipocine Inc.	'
Entity Central Index Key	'0001535955	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Smaller Reporting Company	'
Trading Symbol	'LPCN	'
Entity Common Stock, Shares Outstanding	'	12,786,672
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-14	'
Document Fiscal Period Focus	'Q3	'
Document Fiscal Year Focus	'2014	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Sep. 30, 2014	Dec. 31, 2013
Current assets:	'	'
Cash and cash equivalents	$31,667,417	$45,263,698
Prepaid and other current assets	285,916	770,030
Total current assets	31,953,333	46,033,728
Property and equipment, net accumulated depreciation of $1,028,796 and $1,019,409, respectively	40,687	28,794
Other assets	23,753	45,000
Total assets	32,017,773	46,107,522
Current liabilities:	'	'
Accounts payable	399,113	1,027,021
Accrued expenses	1,657,788	256,754
Total current liabilities	2,056,901	1,283,775
Total liabilities	2,056,901	1,283,775
Commitments and contingencies (notes 7 and 9)	'	'
Stockholders' equity:	'	'
Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized; zero issued and outstanding	0	0
Common stock, par value $0.0001 per share, 100,000,000 shares authorized; 12,784,382 and 12,668,393 issued and 12,778,672 and 12,668,393 outstanding	1,278	1,267
Additional paid-in capital	94,197,543	92,686,881
Treasury stock at cost, 5,710 and zero shares	-40,712	0
Accumulated deficit	-64,197,237	-47,864,401
Total stockholders' equity	29,960,872	44,823,747
Total liabilities and stockholders' equity	$32,017,773	$46,107,522

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets [Parenthetical] (USD $)	Sep. 30, 2014	Dec. 31, 2013
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment (in dollars)	$1,028,796	$1,019,409
Preferred stock, par value (in dollars per share)	$0.00	$0.00
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	12,784,382	12,668,393
Common stock, shares outstanding	12,778,672	12,668,393
Treasury Stock, Shares	5,710	0

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations and Comprehensive Loss (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Operating expenses:	'	'	'	'
Research and development	$3,246,526	$1,568,969	$12,589,355	$2,657,936
General and administrative	871,825	1,181,894	3,831,181	2,601,557
Reverse merger costs	0	794,902	0	1,011,630
Total operating expenses	4,118,351	3,545,765	16,420,536	6,271,123
Operating loss	-4,118,351	-3,545,765	-16,420,536	-6,271,123
Other income, net	24,299	15,084	87,700	16,295
Loss before income tax expense	-4,094,052	-3,530,681	-16,332,836	-6,254,828
Income tax benefit	0	55,342	0	55,048
Net loss	-4,094,052	-3,475,339	-16,332,836	-6,199,780
Basic loss per share attributable to common stock (in dollars per share)	($0.32)	($0.39)	($1.28)	($1.04)
Weighted average common shares outstanding, basic (in shares)	12,775,324	8,914,666	12,757,144	5,958,415
Diluted loss per share attributable to common stock (in dollars per share)	($0.32)	($0.39)	($1.28)	($1.04)
Weighted average common shares outstanding, diluted (in shares)	12,775,324	8,914,666	12,757,144	5,958,415
Comprehensive loss	($4,094,052)	($3,475,339)	($16,332,836)	($6,199,780)

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Cash Flows (USD $)	9 Months Ended
Condensed Consolidated Statements of Cash Flows (USD $)	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities:	'	'
Net loss	($16,332,836)	($6,199,780)
Adjustments to reconcile net loss to cash used in operating activities:	'	'
Depreciation and amortization	9,387	15,725
Forgiveness of related party receivable	0	3,815
Stock-based compensation expense	1,453,897	758,767
Changes in operating assets and liabilities:	'	'
Prepaid and other current assets	484,114	-160,815
Accounts payable	-627,908	1,124,921
Accrued expenses	1,401,034	37,027
Income taxes payable	0	-55,048
Cash used in operating activities	-13,612,312	-4,475,388
Cash flows from investing activities:	'	'
Refund of long-term rental deposit	21,247	0
Purchases of property and equipment	-21,280	-1,206
Cash used in investing activities	-33	-1,206
Cash flows from financing activities:	'	'
Purchase of treasury stock	0	-53,100
Proceeds from stock option exercises	16,064	10,576
Net proceeds from common stock offering	0	35,981,030
Cash provided by financing activities	16,064	35,938,506
Net increase (decrease) in cash and cash equivalents	-13,596,281	31,461,912
Cash and cash equivalents at beginning of period	45,263,698	5,377,114
Cash and cash equivalents at end of period	31,667,417	36,839,026
Supplemental disclosure of non-cash financing activities:	'	'
Accrued common stock offering costs	0	271,386
Stock received as consideration for stock option exercises and recognized as treasury stock	$40,712	$0

Basis_of_Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Business Description and Basis of Presentation [Text Block]	'
		-1	Basis of Presentation

	The accompanying unaudited condensed consolidated financial statements included herein have been prepared by Lipocine Inc. (“Lipocine” or the “Company”) in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”). The unaudited condensed consolidated financial statements are comprised of the financial statements of Lipocine and its subsidiaries collectively referred to as the Company. In management's opinion, the interim financial data presented includes all adjustments (consisting solely of normal recurring items) necessary for fair presentation. All intercompany accounts and transactions have been eliminated. Certain information required by U.S. generally accepted accounting principles has been condensed or omitted in accordance with rules and regulations of the SEC. Operating results for the three and six months ended September 30, 2014 are not necessarily indicative of the results that may be expected for any future period or for the year ending December 31, 2014.

	These unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and the notes thereto for the year ended December 31, 2013.

	The preparation of the unaudited condensed consolidated financial statements requires management to make estimates and assumptions relating to reporting of the assets and liabilities and the disclosure of contingent assets and liabilities to prepare these condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period in conformity with U.S. generally accepted accounting principles. Actual results could differ from these estimates.

Merger_Agreement

Merger Agreement	9 Months Ended
	Sep. 30, 2014
Business Combinations [Abstract]	'
Business Combination Disclosure [Text Block]	'
	-2	Merger Agreement

	On July 24, 2013, Marathon Bar Corp. (“Marathon Bar”), a Delaware corporation and MBAR Acquisition Corp. (“Merger Sub”), a wholly owned subsidiary of Marathon Bar, and Lipocine Operating Inc. (“Lipocine Operating”), a privately held company incorporated in Delaware, executed an Agreement and Plan of Merger (“Merger Agreement”). Pursuant to the Merger Agreement, Merger Sub merged with and into Lipocine Operating and Lipocine Operating was the surviving entity. Additionally pursuant to the Merger Agreement, Marathon Bar changed its name to Lipocine Inc.

	The Merger is accounted for as a reverse-merger and recapitalization. Lipocine Operating is the acquirer for financial reporting purposes and Marathon Bar is the acquired company. Consequently, the assets and liabilities and the operations that are reflected in the historical financial statements prior to the Merger are those of Lipocine Operating and are recorded at the historical cost basis of Lipocine Operating, and the consolidated financial statements after completion of the Merger include the assets, liabilities and operations of Marathon Bar and Lipocine Operating (“Combined Company”), from the closing date of the Merger. Therefore, the historical equity accounts and awards of Lipocine, including par value per share, share and per share numbers included in the 2013 financial statements, have been adjusted to reflect the number of shares received in the Merger.

Earnings_Loss_per_Share

Earnings (Loss) per Share	9 Months Ended
Earnings (Loss) per Share	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Earnings Per Share [Text Block]	'
	-3	Earnings (Loss) per Share

	Basic earnings (loss) per share is calculated by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the period. Net income (loss) available to common shareholders for the three and nine months ended September 30, 2014 and 2013 was calculated using the two-class method, which is an earnings (loss) allocation method for computing earnings (loss) per share when an entity’s capital structure includes common stock and participating securities. The two-class method determines earnings (losses) per share based on dividends declared on common stock and participating securities (i.e., distributed earnings) and participation rights of participating securities in any undistributed earnings (loss). The application of the two-class method was required since the Company’s unvested restricted stock contains non-forfeitable rights to dividends or dividend equivalents. However, unvested restricted stock grants are not included in computing basic earnings (loss) per share for periods where the Company has losses as these securities are not contractually obligated to share in losses of the Company.

	Diluted earnings (loss) per share is based on the weighted average number of common shares outstanding plus, where applicable, the additional potential common shares that would have been outstanding related to dilutive options, warrants, unvested restricted stock units and unvested restricted stock to the extent such shares are dilutive.

	The following table sets forth the computation of basic and diluted earnings (loss) per share of common stock for the three and nine months ended September 30, 2014 and 2013.

			Three Months Ended September 30,				Nine Months Ended September 30,
			2014		2013		2014		2013
	Basic loss per share attributable to common stock:
	Numerator
	Net loss		$	-4,094,052	$	-3,475,339	$	-16,332,836	$	-6,199,780

	Denominator
	Weighted avg. common shares outstanding			12,775,324		8,914,666		12,757,144		5,958,415

	Basic loss per share attributable to common stock		$	-0.32	$	-0.39	$	-1.28	$	-1.04

	Diluted loss per share attributable to common stock:
	Numerator
	Net loss		$	-4,094,052	$	-3,475,339	$	-16,332,836	$	-6,199,780

	Denominator
	Weighted avg. common shares outstanding			12,775,324		8,914,666		12,757,144		5,958,415

	Diluted loss per share attributable to common stock		$	-0.32	$	-0.39	$	-1.28	$	-1.04

	The computation of diluted loss per share for the three and nine months ended September 30, 2014 and 2013 does not include the following stock options, unvested restricted stock, unvested restricted stock units and warrants to purchase shares in the computation of diluted loss per share because these instruments were antidilutive:

			September 30,
			2014		2013
	Stock options			1,571,096		1,214,749
	Unvested resticted stock			8,000		103,784
	Unvested resticted stock units			15,000		-
	Warrants			20,467		20,467

Fair_Value

Fair Value	9 Months Ended
Fair Value	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Disclosures [Text Block]	'
	-4	Fair Value

	For prepaid and other current assets, accounts payable, and accrued expenses, the carrying amounts approximate fair value because of the short maturity of these instruments. At September 30, 2014, the Company did not have any assets and liabilities that were measured at fair value on a recurring basis using quoted prices in active markets for identical instruments (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Assets and liabilities that are measured at fair value on a recurring basis using quoted prices in active markets for identical instruments (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3) consist of the following at December 31, 2013:

					Fair value measurements at reporting date using
			December 31,		Level 1 inputs		Level 2 inputs		Level 3 inputs
			2013		Level 1 inputs		Level 2 inputs		Level 3 inputs

	Assets:
	Cash equivalents-money market funds		$	1,933,480	$	1,933,480	$	-	$	-
			$	1,933,480	$	1,933,480	$	-	$	-

	The following methods and assumptions were used to determine the fair value of each class of assets recorded at fair value in the balance sheets:

	Cash equivalents: Cash equivalents primarily consist of highly rated money market funds with original maturities to the Company of three months or less, and are purchased daily at par value with specified yield rates. Due to the high ratings and short-term nature of the funds, the Company considers all cash equivalents as Level 1.

Income_Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2014
Income Tax Disclosure [Abstract]	'
Income Tax Disclosure [Text Block]	'
		-5	Income Taxes

	The tax provision for interim periods is determined using an estimate of the Company’s effective tax rate for the full year adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter the Company updates its estimate of the annual effective tax rate, and if the estimated tax rate changes, the Company makes a cumulative adjustment.

	At September 30, 2014 and December 31, 2013, the Company had a full valuation allowance against its deferred tax assets, net of expected reversals of existing deferred tax liabilities, as it believes it is more likely than not that these benefits will not be realized.

Collaborative_Agreements

Collaborative Agreements	9 Months Ended
	Sep. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Collaborative Arrangement Disclosure [Text Block]	'
		-6	Collaborative Agreements

		(a)	Abbott Products, Inc.

	On March 29, 2012, the Company terminated its collaborative agreement with Solvay Pharmaceuticals, Inc. (later acquired by Abbott Products, Inc.). As part of the termination, the Company reacquired the rights to the intellectual property from Abbott. All obligations under the prior license agreement have been completed except that Lipocine will owe Abbott a perpetual 1.5% royalty on net sales should Lipocine decide to use certain Solvay/Abbott formulations or a perpetual 1% royalty on net sales should Lipocine use data generated during the term of the Solvay/Abbott agreement in any regulatory filings for a product. Such royalties are limited to $1.0 million in the first two calendar years following product launch, after which period there is not a cap on royalties and no maximum aggregate amount. If generic versions of any such product are introduced, then royalties are reduced by 50%. The Company did not incur any royalties during the three and nine months ended September 30, 2014 and 2013.

		(b)	Nexgen Pharma, Inc.

	On May 21, 2011, the Company entered into a collaborative product development agreement with Nexgen Pharma, Inc. (“Nexgen”). Under the agreement, the parties agreed to jointly develop certain products for the treatment of coughs and colds and to share future revenues from those products. Nexgen agreed to reimburse the Company at cost for all future clinical costs incurred in the development of the products. The Company is responsible for certain new drug application (“NDA”) filing costs with the Food and Drug Administration (“FDA”) under terms of this contract and, additionally, will participate on a joint steering committee with Nexgen for the development, regulatory, and manufacturing strategy of product candidates. On July 23, 2013, the Company transferred all rights and obligations under this agreement to Spriaso, LLC ("Spriaso") (see note 10). As a result, the Company was not entitled to reimbursement for any amounts during the three and nine months ended September 30, 2014, while Nexgen reimbursed the Company for a total of zero and $468,000 during the three and nine months ended September 30, 2013 for related expenses under the agreement, which the Company recorded, net, as research and development expense.

		(c)	Contract Research and Development

	The Company has entered into agreements with various contract organizations that conduct preclinical, clinical, analytical and manufacturing development work on behalf of the Company as well as a number of independent contractors, primarily clinical researchers, who serve as advisors to the Company. The Company incurred expenses of $2.7 million and $940,000 for the three months ended September 30, 2014 and 2013, and $10.8 million and $1.5 million for the nine months ended September 30, 2014 and 2013 under these agreements.

Leases

Leases	9 Months Ended
Leases	Sep. 30, 2014
Leases [Abstract]	'
Leases of Lessee Disclosure [Text Block]	'
		-7	Leases

	The Company has a noncancelable operating lease for office space and laboratory facilities.

	Future minimum lease payments under noncancelable operating leases (with initial or remaining lease terms in excess of one year) as of September 30, 2014 are:

			Operating
			leases
	Year ending December 31:
	2014		$	71,260
	2015			285,756
	2016			294,373
	2017			303,119
	2018			51,903

	Total minimum lease payments		$	1,006,411

	The Company’s rent expense was $73,000 and $89,000 for the three months ended September 30, 2014 and 2013 and $251,000 and $267,000 for the nine months ended September 30, 2014 and 2013.

Stockholders_Equity

Stockholders' Equity

9 Months Ended

Sep. 30, 2014

Stockholders Equity Note [Abstract]

Stockholders Equity Note Disclosure [Text Block]

-8

Stockholders’ Equity

(a)

Share-Based Payments

The Company recognizes stock-based compensation expense for grants of stock option awards, restricted stock units and restricted stock under the Company’s Incentive Plan to employees and nonemployee members of the Company’s board of directors based on the grant-date fair value of those awards. The grant-date fair value of an award is generally recognized as compensation expense over the award’s requisite service period. In addition, the Company grants performance-based stock option awards and restricted stock grants, which vest based upon the Company satisfying certain performance conditions. Potential compensation cost, measured on the grant date, related to these performance options will be recognized only if, and when, the Company estimates that these options will vest, which is based on whether the Company considers the options’ performance conditions to be probable of attainment. The Company’s estimates of the number of performance-based options that will vest will be revised, if necessary, in subsequent periods. In addition, the Company grants stock options to nonemployee consultants from time to time in exchange for services performed for the Company. Equity instruments granted to nonemployees are subject to periodic measurement revaluation over their vesting terms.

On January 6, 2014, the Company modified 366,126 existing time-vested and performance options as well as restricted stock awards of two retiring board of directors by fully vesting all unvested equity awards and extending the exercise period to three years from the date of modification. Compensation expense of $836,000 was recorded as a result of the modification. Additionally on January 31, 2013, the Company modified 907,336 existing time-vested and performance stock options by lowering the exercise price to $2.81. Additionally, the Company modified the vesting terms for its unvested performance stock options and unvested restricted stock to vest on the earlier of the first dosing in the pivotal clinical study for its lead drug candidate, or 50% on January 31, 2014 and 50% on January 31, 2015. Compensation expense of $422,000 was recorded as a result of the modifications. In August 2013, the Company determined that it was probable that the performance milestone related to these unvested stock options and restricted stock awards would occur. As a result, the remaining compensation expense between the date the milestone became probable and the expected milestone date of February 2014 was recognized ratably over that period.

The Company uses the Black-Scholes model to compute the estimated fair value of stock option awards. Using this model, fair value is calculated based on assumptions with respect to (i) expected volatility of the Company’s common stock price, (ii) the periods of time over which employees and members of the board of directors are expected to hold their options prior to exercise (expected term), (iii) expected dividend yield on the Common Stock, and (iv) risk-free interest rates. Stock-based compensation expense also includes an estimate, which is made at the time of grant, of the number of awards that are expected to be forfeited. This estimate is revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Stock-based compensation cost that has been expensed in the statements of operations amounted to $240,000 and $160,000 for the three months ended September 30, 2014 and 2013 and $1.5 million and $759,000 for the nine months ended September 30, 2014 and 2013, allocated as follows:

Three Months Ended

Nine Months Ended

September 30,

2014

2013

2014

2013

Research and development

89,730

46,594

360,394

236,314

General and administrative

150,041

113,687

1,093,503

522,453

239,771

160,281

1,453,897

758,767

The Company issued 294,189 and 51,390 stock options during the three months ended September 30, 2014 and 2013 and 331,689 and 285,527 stock options during the nine months ended September 30, 2014 and 2013.

Key assumptions used in the determination of the fair value of stock options granted are as follows:

Expected Term: The expected term represents the period that the stock-based awards are expected to be outstanding. Due to limited historical experience of similar awards, the expected term was estimated using the simplified method in accordance with the provisions of Staff Accounting Bulletin (“SAB”) No. 107, Share-Based Payment, for awards with stated or implied service periods. The simplified method defines the expected term as the average of the contractual term and the vesting period of the stock option. For awards with performance conditions, and that have the contractual term to satisfy the performance condition, the contractual term was used.

Risk-Free Interest Rate: The risk-free interest rate used was based on the implied yield currently available on U.S. Treasury issues with an equivalent remaining term.

Expected Dividend: The expected dividend assumption is based on management’s current expectation about the Company’s anticipated dividend policy. The Company does not anticipate declaring dividends in the foreseeable future.

Expected Volatility: Since the Company does not have sufficient trading history, the volatility factor was based on a combination of the Company's volatility since being listed on the NASDAQ Capital Market and the average of eleven similar public companies. When selecting similar companies, the Company considered the industry, stage of life cycle, size, and financial leverage.

For options granted during the nine months ended September 30, 2014, the Company calculated the fair value of each option grant on the respective dates of grant using the following weighted average assumptions:

2014

Expected term

5.87 years

Risk-free interest rate

1.75

Expected dividend yield

—

Expected volatility

76.17

FASB ASC 718, Stock Compensation requires the Company to recognize compensation expense for the portion of options that are expected to vest. Therefore, the Company applied estimated forfeiture rates that were derived from historical employee termination behavior. If the actual number of forfeitures differs from those estimated by management, additional adjustments to compensation expense may be required in future periods.

As of September 30, 2014, there was approximately $2.1 million of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Company’s Incentive Plan. The cumulative amount of compensation expense recognized at any point in time is at least equal to the portion of the award that is vested at that date. The weighted average fair value of share-based compensation awards granted during the nine months ended September 30, 2014 and 2013, was approximately $5.48 and $2.06, respectively.

(b)

Stock Option Plan

In April 2014, the board of directors adopted the 2014 Stock and Incentive Plan ("2014 Plan") subject to shareholder approval which was received in June 2014. The 2014 Plan provides for the granting of nonqualified and incentive stock options, stock appreciation rights, restricted stock units, restricted stock and dividend equivalents. An aggregate of 1,000,000 shares are authorized for issuance under the 2014 Plan. Additionally, 271,906 remaining authorized shares under the 2011 Equity Incentive Plan ("2011 Plan") are issuable under the 2014 Plan. In January 2011, the board of directors adopted the 2011 Plan that provides for the granting of nonqualified and incentive stock options, restricted stock units and restricted stock. The 2011 Plan assumed all of the obligations, which existed under the previous 2000 Stock Option Plan. Under the 2011 Plan, the Company has granted nonqualified and incentive stock options for the purchase of common stock to directors, employees and nonemployees providing services to the Company. The board of directors, on an option-by-option basis, determines the number of shares, exercise price, term, and vesting period. Options granted generally have a ten-year contractual life. An aggregate of 1,271,906 shares are authorized for issuance under the 2014 Plan, with 977,717 shares remaining available for grant as of September 30, 2014.

A summary of stock option activity is as follows:

Outstanding stock options

Number of

Weighted average

exercise price

Balance at December 31, 2013

1,264,345

3.25

Options granted

331,689

8.3

Options exercised

-20,205

2.81

Options forfeited

-3,621

5.73

Options cancelled

-1,112

12.84

Balance at September 30, 2014

1,571,096

4.31

Options exercisable at September 30, 2014

1,073,897

2.88

The following table summarizes information about stock options outstanding and exercisable at September 30, 2014:

Options outstanding

Options exercisable

Number

Weighted

Aggregate intrinsic

Number

Weighted

Aggregate

outstanding

average

value

exerciseable

average

intrinsic

remaining

exercise

remaining

exercise

value

contractual

price

contractual

price

life

(Years)

1,571,096

7.39

4.31

3,695,692

1,073,897

6.42

2.88

3,475,891

The intrinsic value for stock options is defined as the difference between the current market value and the exercise price. There were 20,205 and 3,761 stock options exercised during the nine months ended September 30, 2014 and 2013, respectively.

(c)

Restricted Common Stock

In 2010, the Company issued 112,720 shares of restricted common stock to employees. Ten percent of the issued restricted common stock vested on December 31, 2011. The remaining ninety percent of the restricted shares were modified on January 31, 2013 to vest on the earlier of the first dosing in the pivotal clinical study for its lead drug candidate, or 50% on January 31, 2014 and 50% on January 31, 2015. All shares of restricted common stock related to this issuance became fully vested on February 10, 2014.

In June 2013, the Company accelerated the vesting and repurchased a combined total of 8,625 shares of restricted common stock from six employees at a price of $6.16 per share. The acceleration of the vesting resulted in the recognition of $16,437 in stock-based compensation expense. The repurchased shares were retired during the reverse merger and charged against additional paid-in-capital (see note 2).

In September 2013, the Company issued 12,000 shares of restricted common stock to an employee. These shares vest over time with one-third vesting on the one-year anniversary of award, with the balance vesting monthly on a pro-rata basis over the subsequent two years.

Additionally, restricted shares issued to two members of the board of directors were further modified upon their retirement on January 6, 2014 to fully vest unvested restricted shares. Compensation expense was recorded as a result of the modifications (see note 8(a)). The grant date fair value of these shares when issued was $5.75 per share.

The Company includes unvested restricted stock in outstanding shares for financial reporting purposes when the awards vest.

A summary of restricted common stock activity is as follows:

Number of

unvested restricted

Balance at December 31, 2013

103,784

Granted

Vested

-95,784

Cancelled

Balance at September 30, 2014

8,000

(d)

Restricted Stock Units

A summary of restricted stock unit activity is as follows:

Restricted

Stock Units

Balance at December 31, 2013

15,000

Granted

Vested

Cancelled

Balance at September 30, 2014

15,000

(e)

Warrants

For charitable purposes, on December 23, 2003, the Company granted warrants to a local university for 20,467 shares of common stock at a price of $12.21 per share with an original expiration date of December 31, 2010. In January 2011, the Company extended the term to December 31, 2015 at the same price. As of September 30, 2014, all warrants remain outstanding.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies Disclosure [Text Block]	'
	-9	Commitments and Contingencies

	Guarantees and Indemnifications
	In the ordinary course of business, the Company enters into agreements, such as lease agreements, licensing agreements, clinical trial agreements, and certain services agreements, containing standard guarantee and / or indemnifications provisions. Additionally, the Company has indemnified its directors and officers to the maximum extent permitted under the laws of the State of Delaware.

Spriaso_LLC

Spriaso, LLC	9 Months Ended
	Sep. 30, 2014
Agreement with Spriaso LLC [Abstract]	'
Agreement with Spriaso LLC Disclosure [Text Block]	'
	-10	Spriaso, LLC

	On July 23, 2013, the Company entered into an assignment/license and a services agreement with Spriaso, a related-party that is majority-owned by certain current and former directors of Lipocine Inc. and their affiliates. Under the license agreement, the Company assigned and transferred to Spriaso all of the Company’s rights, title and interest in its intellectual property to develop products for the cough and cold field. In addition, Spriaso received all rights and obligations under the Company’s product development agreement with Nexgen. In exchange, the Company will receive a royalty of 20 percent of the net proceeds received by Spriaso, up to a maximum of $10.0 million. Spriaso also granted back to the Company an exclusive license to such intellectual property to develop products outside of the cough and cold field. Under the service agreement, the Company will provide facilities and up to 10 percent of the services of certain employees to Spriaso for a period of up to 12 months with an ability to extend for another six months. On July 23, 2014, Spriaso notified the Company of its intention of extending the service agreement for another six months. The Company may provide additional services to be charged at cost to Spriaso. Spriaso may file its first NDA prior to the Company filing its first NDA and as an affiliated entity it will use up the one-time waiver for user fees for a small business submitting its first human drug application to the FDA. Spriaso is considered a variable interest entity under the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 810-10, Consolidations, however the Company is not the primary beneficiary and has therefore not consolidated Spriaso.

Accounting_Pronouncements_Not_

Accounting Pronouncements Not Yet Adopted	9 Months Ended
	Sep. 30, 2014
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]	'
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	'
	-11	Accounting Pronouncements Not Yet Adopted

	In May 2014, the FASB issued Accounting Standards Update ("ASU") 2014-09, Revenue from the Contracts with Customers. Under the new standard, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In order to do so, an entity would follow the five-step process for in-scope transactions: 1) identify the contract with a customer, 2) identify the separate performance obligations in the contract, 3) determine the transaction price, 4) allocate the transaction price to the separate performance obligations in the contract, and 5) recognize revenue when (or as) the entity satisfies a performance obligation. For public entities, the provisions of the new standard are effective for annual reporting periods beginning after December 15, 2016 and early adoption is not permitted. An entity can apply the new revenue standard retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the standard recognized at the date of initial application in retained earnings. The Company is in the process of determining our approach to the adoption of this new revenue recognition standard, as well as the anticipated impact to the Company’s financial position or results of operations.

	In August 2014, FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern. ASU 2014-15 provides guidance regarding management’s responsibility to evaluate whether there exists substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. The standard is effective for annual reporting periods beginning after December 15, 2016, and interim periods thereafter. The Company does not believe this pronouncement will have a material effect on the Company's financial position or results of operations.

Earnings_Loss_per_Share_Tables

Earnings (Loss) per Share (Tables)	9 Months Ended
Earnings (Loss) per Share (Tables)	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	'
	The following table sets forth the computation of basic and diluted earnings (loss) per share of common stock for the three and nine months ended September 30, 2014 and 2013.

		Three Months Ended September 30,				Nine Months Ended September 30,
		2014		2013		2014		2013
	Basic loss per share attributable to common stock:
	Numerator
	Net loss	$	-4,094,052	$	-3,475,339	$	-16,332,836	$	-6,199,780

	Denominator
	Weighted avg. common shares outstanding		12,775,324		8,914,666		12,757,144		5,958,415

	Basic loss per share attributable to common stock	$	-0.32	$	-0.39	$	-1.28	$	-1.04

	Diluted loss per share attributable to common stock:
	Numerator
	Net loss	$	-4,094,052	$	-3,475,339	$	-16,332,836	$	-6,199,780

	Denominator
	Weighted avg. common shares outstanding		12,775,324		8,914,666		12,757,144		5,958,415

	Diluted loss per share attributable to common stock	$	-0.32	$	-0.39	$	-1.28	$	-1.04

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	'
	The computation of diluted loss per share for the three and nine months ended September 30, 2014 and 2013 does not include the following stock options, unvested restricted stock, unvested restricted stock units and warrants to purchase shares in the computation of diluted loss per share because these instruments were antidilutive:

		September 30,
		2014		2013
	Stock options		1,571,096		1,214,749
	Unvested resticted stock		8,000		103,784
	Unvested resticted stock units		15,000		-
	Warrants		20,467		20,467

Fair_Value_Tables

Fair Value (Tables)	9 Months Ended
Fair Value (Tables)	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Measurements, Nonrecurring [Table Text Block]	'
	Assets and liabilities that are measured at fair value on a recurring basis using quoted prices in active markets for identical instruments (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3) consist of the following at December 31, 2013:

				Fair value measurements at reporting date using
		December 31,		Level 1 inputs		Level 2 inputs		Level 3 inputs
		2013		Level 1 inputs		Level 2 inputs		Level 3 inputs

	Assets:
	Cash equivalents-money market funds	$	1,933,480	$	1,933,480	$	-	$	-
		$	1,933,480	$	1,933,480	$	-	$	-

Leases_Tables

Leases (Tables)	9 Months Ended
Leases (Tables)	Sep. 30, 2014
Leases [Abstract]	'
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	'
	Future minimum lease payments under noncancelable operating leases (with initial or remaining lease terms in excess of one year) as of September 30, 2014 are:

		Operating
		leases
	Year ending December 31:
	2014	$	71,260
	2015		285,756
	2016		294,373
	2017		303,119
	2018		51,903

	Total minimum lease payments	$	1,006,411

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	9 Months Ended
Stockholders' Equity (Tables)	Sep. 30, 2014
Stockholders Equity Note [Abstract]	'
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	'
	Stock-based compensation cost that has been expensed in the statements of operations amounted to $240,000 and $160,000 for the three months ended September 30, 2014 and 2013 and $1.5 million and $759,000 for the nine months ended September 30, 2014 and 2013, allocated as follows:

			Three Months Ended						Nine Months Ended
			September 30,						September 30,
			2014			2013			2014			2013

	Research and development		$	89,730		$	46,594		$	360,394		$	236,314
	General and administrative			150,041			113,687			1,093,503			522,453
			$	239,771		$	160,281		$	1,453,897		$	758,767

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	'
	For options granted during the nine months ended September 30, 2014, the Company calculated the fair value of each option grant on the respective dates of grant using the following weighted average assumptions:

			2014
	Expected term			5.87 years
	Risk-free interest rate			1.75	%
	Expected dividend yield			—
	Expected volatility			76.17	%

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	'
	A summary of stock option activity is as follows:

			Outstanding stock options
			Number of			Weighted average
			shares			exercise price
	Balance at December 31, 2013			1,264,345		$	3.25
	Options granted			331,689			8.3
	Options exercised			-20,205			2.81
	Options forfeited			-3,621			5.73
	Options cancelled			-1,112			12.84
	Balance at September 30, 2014			1,571,096			4.31

	Options exercisable at September 30, 2014			1,073,897			2.88

Schedule of Share-based Compensation, Activity [Table Text Block]	'
	The following table summarizes information about stock options outstanding and exercisable at September 30, 2014:

	Options outstanding												Options exercisable
	Number			Weighted			Weighted			Aggregate intrinsic			Number		Weighted		Weighted		Aggregate
	outstanding			average			average			value			exerciseable		average		average		intrinsic
				remaining			exercise								remaining		exercise		value
				contractual			price								contractual		price
				life											life
				(Years)											(Years)

		1,571,096			7.39		$	4.31		$	3,695,692			1,073,897		6.42	$	2.88	$	3,475,891

Schedule of Share-based Compensation, Restricted Stock Activity [Table Text Block]	'
	A summary of restricted common stock activity is as follows:

			Number of
			unvested restricted
			shares

	Balance at December 31, 2013			103,784
	Granted			-
	Vested			-95,784
	Cancelled			-
	Balance at September 30, 2014			8,000

Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]	'
	A summary of restricted stock unit activity is as follows:

			Restricted
			Stock Units

	Balance at December 31, 2013			15,000
	Granted			-
	Vested			-
	Cancelled			-
	Balance at September 30, 2014			15,000

Earnings_Loss_per_Share_Detail

Earnings (Loss) per Share (Details) (USD $)	3 Months Ended		9 Months Ended
Earnings (Loss) per Share (Details) (USD $)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Basic loss per share attributable to common stock: Numerator	'	'	'	'
Net loss	($4,094,052)	($3,475,339)	($16,332,836)	($6,199,780)
Denominator	'	'	'	'
Weighted avg. common shares outstanding (in shares)	12,775,324	8,914,666	12,757,144	5,958,415
Basic loss per share attributable to common stock (in dollars per share)	($0.32)	($0.39)	($1.28)	($1.04)
Diluted loss per share attributable to common stock: Numerator	'	'	'	'
Net loss	($4,094,052)	($3,475,339)	($16,332,836)	($6,199,780)
Denominator	'	'	'	'
Weighted avg. common shares outstanding (in shares)	12,775,324	8,914,666	12,757,144	5,958,415
Diluted loss per share attributable to common stock (in dollars per share)	($0.32)	($0.39)	($1.28)	($1.04)

Earnings_Loss_per_Share_Detail1

Earnings (Loss) per Share (Details 1)	3 Months Ended		9 Months Ended
Earnings (Loss) per Share (Details 1)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Employee Stock Option [Member]	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,571,096	1,214,749	1,571,096	1,214,749
Unvested Restricted Stock [Member]	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	8,000	103,784	8,000	103,784
Unvested resticted stock units [Member]	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	15,000	0	15,000	0
Warrant [Member]	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	20,467	20,467	20,467	20,467

Fair_Value_Details

Fair Value (Details) (USD $)	Dec. 31, 2013
Assets:	'
Cash and Cash Equivalents, Fair Value Disclosure	$1,933,480
Fair Value, Inputs, Level 1 [Member]	'
Assets:	'
Cash and Cash Equivalents, Fair Value Disclosure	1,933,480
Fair Value, Inputs, Level 2 [Member]	'
Assets:	'
Cash and Cash Equivalents, Fair Value Disclosure	0
Fair Value, Inputs, Level 3 [Member]	'
Assets:	'
Cash and Cash Equivalents, Fair Value Disclosure	0
Money Market Funds [Member]	'
Assets:	'
Cash and Cash Equivalents, Fair Value Disclosure	1,933,480
Money Market Funds [Member] \| Fair Value, Inputs, Level 1 [Member]	'
Assets:	'
Cash and Cash Equivalents, Fair Value Disclosure	1,933,480
Money Market Funds [Member] \| Fair Value, Inputs, Level 2 [Member]	'
Assets:	'
Cash and Cash Equivalents, Fair Value Disclosure	0
Money Market Funds [Member] \| Fair Value, Inputs, Level 3 [Member]	'
Assets:	'
Cash and Cash Equivalents, Fair Value Disclosure	$0

Collaborative_Agreements_Detai

Collaborative Agreements (Details Textual) (USD $)	3 Months Ended		9 Months Ended
Collaborative Agreements (Details Textual) (USD $)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]	'	'	'	'
Research and Development Expense, Total	$3,246,526	$1,568,969	$12,589,355	$2,657,936
Other Companies [Member] \| Collaborative Arrangement [Member]	'	'	'	'
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]	'	'	'	'
Research and Development Expense, Total	2,700,000	940,000	10,800,000	1,500,000
Abbott Products, Inc. [Member] \| Collaborative Arrangement [Member]	'	'	'	'
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]	'	'	'	'
Collaborative Arrangement, Termination Date	'	'	29-Mar-12	'
Collaborative Arrangement, Rights and Obligations	'	'	'All obligations under the prior license agreement have been completed except that Lipocine will owe Abbott a perpetual 1.5% royalty on net sales should Lipocine decide to use certain Solvay/Abbott formulations or a perpetual 1% royalty on net sales should Lipocine use data generated during the term of the Solvay/Abbott agreement in any regulatory filings for a product.	'
Collaborative Arrangement, Royalties, Maximum Amount	'	'	1,000,000	'
Collaborative Arrangement, Royalties, Percentage of Reduction	'	'	50.00%	'
Collaborative Product Development Agreement With Nexgen Pharma, Inc. [Member] \| Research and Development Expense [Member]	'	'	'	'
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]	'	'	'	'
Reimbursement Revenue	'	$0	'	$468,000

Leases_Details

Leases (Details) (USD $)	Sep. 30, 2014
Year ending December 31:	'
2014	$71,260
2015	285,756
2016	294,373
2017	303,119
2018	51,903
Total minimum lease payments	$1,006,411

Leases_Details_Textual

Leases (Details Textual) (USD $)	3 Months Ended		9 Months Ended
Leases (Details Textual) (USD $)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Operating Leased Assets [Line Items]	'	'	'	'
Operating Leases, Rent Expense	$73,000	$89,000	$251,000	$267,000

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)	3 Months Ended		9 Months Ended
Stockholders' Equity (Details) (USD $)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Allocated Share-based Compensation Expense	$239,771	$160,281	$1,453,897	$758,767
Research and development [Member]	'	'	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Allocated Share-based Compensation Expense	89,730	46,594	360,394	236,314
General and administrative [Member]	'	'	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Allocated Share-based Compensation Expense	$150,041	$113,687	$1,093,503	$522,453

Stockholders_Equity_Details_1

Stockholders' Equity (Details 1)	9 Months Ended
Stockholders' Equity (Details 1)	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Expected term	'5 years 10 months 13 days
Risk-free interest rate	1.75%
Expected dividend yield	0.00%
Expected volatility	76.17%

Stockholders_Equity_Details_2

Stockholders' Equity (Details 2) (USD $)	9 Months Ended
Stockholders' Equity (Details 2) (USD $)	Sep. 30, 2014	Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Options, Balance at December 31, 2013 (in shares)	1,264,345	'
Options, granted (in shares)	331,689	'
Options, exercised (in shares)	-20,205	-3,761
Options, forfeited (in shares)	-3,621	'
Options, cancelled (in shares)	-1,112	'
Options, Balance at September 30, 2014 (in shares)	1,571,096	'
Options, Options exercisable at September 30, 2014 (in shares)	1,073,897	'
Options, Outstanding, Weighted Average Exercise Price, Balance at December 31, 2013 (in dollars per share)	$3.25	'
Options, Weighted Average Exercise Price, granted (in dollars per share)	$8.30	'
Options, Weighted Average Exercise Price, exercised (in dollars per share)	$2.81	'
Options, Weighted Average Exercise Price, forfeited (in dollars per share)	$5.73	'
Options, Weighted Average Exercise Price, cancelled (in dollars per share)	$12.84	'
Options, Outstanding, Weighted Average Exercise Price, Balance at September 30, 2014 (in dollars per share)	$4.31	'
Options, Weighted Average Exercise Price, Options exercisable at September 30, 2014 (in dollars per share)	$2.88	'

Stockholders_Equity_Details_3

Stockholders' Equity (Details 3) (USD $)	9 Months Ended
Stockholders' Equity (Details 3) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Number of options outstanding	1,571,096	1,264,345
Options outstanding, Weighted average remaining contractual life (Years)	'7 years 4 months 20 days	'
Options outstanding, Weighted average exercise price	$4.31	$3.25
Options outstanding, Aggregate Intrinsic Value	$3,695,692	'
Number of options exerciseable	1,073,897	'
Options exercisable, Weighted average remaining contractual life (Years)	'6 years 5 months 1 day	'
Options exercisable, Weighted average exercise price	$2.88	'
Options exercisable, Aggregate Intrinsic Value	$3,475,891	'

Stockholders_Equity_Details_4

Stockholders' Equity (Details 4)	9 Months Ended	12 Months Ended
Stockholders' Equity (Details 4)	Sep. 30, 2014	Dec. 31, 2010
Restricted Stock [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Number of shares, Balance at December 31, 2013	103,784	'
Number of shares, Granted	0	112,720
Number of shares, Vested	-95,784	'
Number of shares, Cancelled	0	'
Number of shares, Balance at September 30, 2014	8,000	'
Restricted Stock Units (RSUs) [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Number of shares, Balance at December 31, 2013	15,000	'
Number of shares, Granted	0	'
Number of shares, Vested	0	'
Number of shares, Cancelled	0	'
Number of shares, Balance at September 30, 2014	15,000	'

Stockholders_Equity_Details_Te

Stockholders' Equity (Details Textual) (USD $)

3 Months Ended

9 Months Ended

0 Months Ended

1 Months Ended

9 Months Ended

1 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Jan. 06, 2014

Jan. 31, 2013

Sep. 30, 2014

Dec. 23, 2003

Sep. 30, 2014

Jun. 30, 2013

Sep. 30, 2014

Dec. 31, 2010

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Employee [Member]

Performance Shares [Member]

Warrant [Member]

2014 Equity Incentive Plans [Member]

Restricted Stock [Member]

Restricted Stock Award [Member]

2011 Equity Incentive Plan [Member]

2014 Equity Incentive Plans [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized

1,000,000

271,906

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant

977,717

Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares

366,126

907,336

Allocated Share-based Compensation Expense

$239,771

$160,281

$1,453,897

$758,767

$836,000

$422,000

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights

'Ten percent of the issued restricted common stock vested on December 31, 2011. The remaining ninety percent of the restricted shares were modified on January 31, 2013 to vest on the earlier of the first dosing in the pivotal clinical study for its lead drug candidate, or 50% on January 31, 2014 and 50% on January 31, 2015

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value

$5.48

$2.06

$2.81

$12.21

$5.75

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

12,000

20,467

112,720

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross

331,689

294,189

51,390

331,689

285,527

Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total

2,100,000

Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date

31-Dec-15

Treasury Stock, Shares, Acquired

8,625

Treasury Stock Acquired, Average Cost Per Share

$6.16

Share-based Compensation, Total

$240,000

$160,000

$1,453,897

$758,767

$16,437

Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award

'the Company modified the vesting terms for its unvested performance stock options and unvested restricted stock to vest on the earlier of the first dosing in the pivotal clinical study for its lead drug candidate, or 50% on January 31, 2014 and 50% on January31, 2015.

Common Stock, Capital Shares Reserved for Future Issuance

1,271,906

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period

20,205

3,761

Spriaso_LLC_Details_Textual

Spriaso, LLC (Details Textual) (USD $)	1 Months Ended
In Millions, unless otherwise specified	Jul. 23, 2013
Related Party Transaction [Line Items]	'
Percentage Of Fee To Be Received	20.00%
Maximum Proceeds From Affiliates Under License Agreement	$10
Description Of Terms Of Service Agreement	'Under the service agreement, the Company will provide facilities and up to 10 percent of the services of certain employees to Spriaso for a period of up to 12 months with an ability to extend for another six months. On July 23, 2014, Spriaso notified the Company of its intention of extending the service agreement for another six months