Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 09, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Lipocine Inc. | ||
Entity Central Index Key | 1,535,955 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Accelerated Filer | ||
Entity Public Float | $ 145.6 | ||
Trading Symbol | LPCN | ||
Entity Common Stock, Shares Outstanding | 18,253,456 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 20,007,659 | $ 27,666,055 |
Marketable investment securities | 24,375,168 | 0 |
Accrued interest income | 144,536 | 0 |
Prepaid and other current assets | 350,160 | 229,912 |
Total current assets | 44,877,523 | 27,895,967 |
Property and equipment, net of accumulated depreciation of $1,060,750 and $1,034,029, respectively | 75,750 | 73,782 |
Long-term marketable investment securities | 400,252 | 0 |
Other assets | 23,753 | 23,753 |
Total assets | 45,377,278 | 27,993,502 |
Current liabilities: | ||
Accounts payable | 507,067 | 306,276 |
Accrued expenses | 2,884,794 | 1,327,256 |
Total current liabilities | 3,391,861 | 1,633,532 |
Total liabilities | $ 3,391,861 | $ 1,633,532 |
Commitments and contingencies (notes 7 and 10) | ||
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; 18,250,456 and 12,800,382 issued and 18,244,746 and 12,794,672 outstanding | 1,825 | 1,280 |
Additional paid-in capital | 128,502,659 | 94,636,479 |
Treasury stock at cost, 5,710 shares | (40,712) | (40,712) |
Accumulated other comprehensive loss | (32,900) | 0 |
Accumulated deficit | (86,445,455) | (68,237,077) |
Total stockholders' equity | 41,985,417 | 26,359,970 |
Total liabilities and stockholders' equity | $ 45,377,278 | $ 27,993,502 |
Consolidated Balance Sheets _Pa
Consolidated Balance Sheets [Parenthetical] - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment (in dollars) | $ 1,060,750 | $ 1,034,029 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
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) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 18,250,456 | 12,800,382 |
Common stock, shares outstanding | 18,244,746 | 12,794,672 |
Treasury Stock, Shares | 5,710 | 5,710 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Operating expenses: | ||
Research and development | $ 12,580,245 | $ 15,479,446 |
General and administrative | 5,801,823 | 5,001,368 |
Total operating expenses | 18,382,068 | 20,480,814 |
Operating loss | (18,382,068) | (20,480,814) |
Other income, net | 173,890 | 108,338 |
Loss before income tax expense | (18,208,178) | (20,372,476) |
Income tax expense | (200) | (200) |
Net loss | $ (18,208,378) | $ (20,372,676) |
Basic loss per share attributable to common stock (in dollars per share) | $ (1.11) | $ (1.6) |
Weighted average common shares outstanding, basic (in shares) | 16,470,814 | 12,766,295 |
Diluted loss per share attributable to common stock (in dollars per share) | $ (1.11) | $ (1.6) |
Weighted average common shares outstanding, diluted (in shares) | 16,470,814 | 12,766,295 |
Comprehensive loss: | ||
Net loss | $ (18,208,378) | $ (20,372,676) |
Unrealized net loss on available-for-sale securities | (32,900) | 0 |
Comprehensive loss | $ (18,241,278) | $ (20,372,676) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] |
Balances at Dec. 31, 2013 | $ 44,823,747 | $ 1,267 | $ 0 | $ 92,686,881 | $ 0 | $ (47,864,401) |
Balances in (shares) at Dec. 31, 2013 | 12,668,393 | |||||
Net loss | (20,372,676) | $ 0 | 0 | 0 | 0 | (20,372,676) |
Unrealized net loss on marketable investment securities | 0 | |||||
Stock-based compensation | 1,892,835 | 0 | 0 | 1,892,835 | 0 | 0 |
Option exercises | 56,776 | $ 2 | 0 | 56,774 | 0 | 0 |
Option exercises in (shares) | 20,205 | |||||
Vesting of restricted stock awards | 0 | $ 10 | 0 | (10) | 0 | 0 |
Vesting of restricted stock awards in (shares) | 96,784 | |||||
Vesting or restricted stock units | 0 | $ 1 | 0 | (1) | 0 | 0 |
Vesting or restricted stock units in (shares) | 15,000 | |||||
Purchase of treasury stock | (40,712) | $ 0 | $ (40,712) | 0 | 0 | 0 |
Purchase of treasury stock in (shares) | (5,710) | 5,710 | ||||
Balances at Dec. 31, 2014 | 26,359,970 | $ 1,280 | $ (40,712) | 94,636,479 | 0 | (68,237,077) |
Balances in (shares) at Dec. 31, 2014 | 12,794,672 | 5,710 | ||||
Net loss | (18,208,378) | $ 0 | $ 0 | 0 | 0 | (18,208,378) |
Unrealized net loss on marketable investment securities | (32,900) | 0 | 0 | 0 | (32,900) | 0 |
Stock-based compensation | 1,150,418 | 0 | 0 | 1,150,418 | 0 | 0 |
Option exercises | 276,994 | $ 10 | 0 | 276,984 | 0 | 0 |
Option exercises in (shares) | 98,574 | |||||
Vesting of restricted stock awards | 0 | $ 0 | 0 | 0 | 0 | 0 |
Vesting of restricted stock awards in (shares) | 4,000 | |||||
Issuance of common stock in offering | 32,439,313 | $ 535 | 0 | 32,438,778 | 0 | 0 |
Issuance of common stock in offering in (shares) | 5,347,500 | |||||
Balances at Dec. 31, 2015 | $ 41,985,417 | $ 1,825 | $ (40,712) | $ 128,502,659 | $ (32,900) | $ (86,445,455) |
Balances in (shares) at Dec. 31, 2015 | 18,244,746 | 5,710 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | ||
Net loss | $ (18,208,378) | $ (20,372,676) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Depreciation expense | 26,721 | 14,620 |
Stock-based compensation expense | 1,150,418 | 1,892,835 |
Accretion of premium on marketable investment securities | 181,390 | 0 |
Changes in operating assets and liabilities: | ||
Accrued interest income | (144,536) | 0 |
Prepaid and other current assets | (120,248) | 540,118 |
Accounts payable | 200,791 | (449,562) |
Accrued expenses | 1,557,538 | 1,070,502 |
Cash used in operating activities | (15,356,304) | (17,304,163) |
Cash flows from investing activities: | ||
Refund of long-term rental deposit | 0 | 21,247 |
Purchases of property and equipment | (28,689) | (59,608) |
Purchases of marketable investment securities | (25,789,710) | 0 |
Maturities of marketable investment securities | 800,000 | 0 |
Cash used in investing activities | (25,018,399) | (38,361) |
Cash flows from financing activities: | ||
Proceeds from stock option exercises | 276,994 | 16,064 |
Payment of accrued common stock offering costs | 0 | (271,183) |
Net proceeds from common stock offering | 32,439,313 | 0 |
Cash provided by (used in) financing activities | 32,716,307 | (255,119) |
Net decrease in cash and cash equivalents | (7,658,396) | (17,597,643) |
Cash and cash equivalents at beginning of period | 27,666,055 | 45,263,698 |
Cash and cash equivalents at end of period | 20,007,659 | 27,666,055 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Stock received as consideration for stock option exercises and recognized as treasury stock | 0 | 40,712 |
Unrealized net loss on marketable investment securities | $ (32,900) | $ 0 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | (1) Description of Business Lipocine Inc. (“Lipocine” or the “Company”) is engaged in research and development for the delivery of drugs using its proprietary delivery technology. The Company’s principal operation is to provide oral delivery solutions for existing drugs. Lipocine develops its own drug candidates or it develops drug candidates on behalf of or in collaboration with corporate partners. The Company has funded operating costs primarily through collaborative license, milestone and research arrangements, through federal grants and through the sale of equity securities. The Company is incorporated under the laws of the State of Delaware. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | (2) Summary of Significant Accounting Policies (a) 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 of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include those related to revenue recognition; stock-based compensation; valuation of deferred taxes; income tax uncertainties; and the useful lives of property and equipment. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities to the Company of three months or less to be cash equivalents. Although the Company may deposit its cash and cash equivalents with multiple financial institutions, its deposits, at times, may exceed federally insured limits. Cash equivalents were $ 128,000 Receivables Accounts receivable are recorded at the invoiced amount and do not bear interest. The Company maintains an allowance for doubtful accounts for estimated losses. In establishing the allowance, management considers historical losses adjusted to take into account current market conditions and their customers’ financial condition, the amount of receivables in dispute, and the current receivables aging and current payment patterns. The Company had no write-offs in 2015 and 2014 and the Company did not record an allowance for doubtful accounts as of December 31, 2015 and 2014 as there were no accounts receivable outstanding. The Company does not have any off-balance-sheet credit exposure related to its customers Revenue Recognition Revenue is recognized when there is persuasive evidence that an arrangement exists, delivery has occurred, the price is fixed or determinable, and collectability is reasonably assured. The Company recognizes up-front license fees as earned. Milestone payments are recognized upon successful completion of a performance milestone event. Contract revenues related to collaborative research and development agreements are recognized on a ratable basis as services are performed. Any amounts received in advance of performance are recorded as deferred revenue until earned. The Company enters into arrangements with collaboration partners that sometimes involve multiple deliverables. These arrangements may contain one or more of the following elements: license and other up-front fees, contract research and development services, milestone payments and royalties. Each deliverable in the arrangement is evaluated to determine whether it meets the criteria to be accounted for as a separate unit of accounting or whether it should be combined with other deliverables. When deliverables are separable, consideration is allocated to the separate units of accounting based upon the relative selling price method, and appropriate revenue recognition principles are applied to each unit. When the Company determines that the arrangement should be accounted for as a single unit of accounting, revenue is recognized over the period for which performance obligations will be performed. Up-front, nonrefundable fees and milestone payments received by the Company under license and collaboration arrangements that include future obligations, in whatever form, are recognized ratably over the expected performance period under each respective arrangement. Under these arrangements, the Company makes its best estimate of the period over which it expects to fulfill its performance obligations, which may include technology transfer assistance, research activities, clinical development activities, and manufacturing activities from development through the commercialization of the product. Given the uncertainties of these extended collaboration arrangements, significant judgment is required to determine the duration of the performance period. For license and collaboration arrangements where no future performance obligations exist, up-front, nonrefundable fees and milestone payments are recognized when received. Any amounts received in advance of performance are recorded as deferred revenue until recognized. The Company may provide research and development services under collaboration arrangements to advance the development of jointly owned products. The Company records the expenses incurred and reimbursed on a net basis. Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation. Maintenance and repairs that do not extend the life or improve the asset are expensed in the year incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which are five years for laboratory and office equipment, three years for computer equipment and software, and seven years for furniture and fixtures. (f) Accounting for Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets held and used is measured by a comparison of the carrying amount of an asset to future net cash flows (undiscounted) expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets held for sale are reported at the lower of the carrying amount, or fair value, less costs to sell. (g) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided against net deferred tax assets if, based upon the available evidence, it is more likely than not that some or all of the net deferred tax assets will not be realized. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50 percent likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits as a component of its income tax expense. 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 has granted 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 revaluation over their vesting terms. During November 2014, the Company modified 149,498 166,000 366,126 836,000 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. 1.2 1.9 Year Ended 2015 2014 Research and development $ 287,491 $ 579,711 General and administrative 862,927 1,313,124 $ 1,150,418 $ 1,892,835 301,500 337,689 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, 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 did not have sufficient trading history, the volatility factor was based on the average of similar public companies through August 2014. When selecting similar companies, the Company considered the industry, stage of life cycle, size, and financial leverage. Beginning in August 2014, the volatility factor was based on a combination of the Company's trading history since March 2014 and the average of similar public companies. 2015 2014 Expected term 5.75 years 5.87 years Risk-free interest rate 1.63 % 1.75 % Expected dividend yield Expected volatility 81.39 % 76.30 % Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 718, Stock Compensation As of December 31, 2015, there was $ 2.4 2.06 6.60 (i) Fair Value The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: • Level 1 Inputs: Quoted prices for identical instruments in active markets. • Level 2 Inputs: Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuation in which all significant inputs and significant value drivers are observable in active markets. • Level 3 Inputs: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. 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 December 31, 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). December 31, Fair value measurements at reporting date using 2015 Level 1 inputs Level 2 inputs Level 3 inputs Assets: Cash equivalents - money market funds $ 127,905 $ 127,905 $ - $ - Government notes 802,112 802,112 - - Corporate bonds and notes 23,973,308 - 23,973,308 - $ 24,903,325 $ 930,017 $ 23,973,308 $ - The following methods and assumptions were used to determine the fair value of each class of assets and liabilities 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. The fair values are based on quoted market prices in active markets with no valuation adjustment. Corporate bonds and notes: The Company uses a third-party pricing service to value these investments. The pricing service utilizes reportable trades, broker/dealer quotes, bids and offers, benchmark yields and credit spreads and other observable inputs. The Company’s accounting policy is to recognize transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. There were no transfers into or out of Level 1 or Level 2 for the years ended December 31, 2015 or 2014. (j) 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 year ended December 31, 2015 and 2014 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, and unvested restricted stock to the extent such shares are dilutive. Year Ended December 31, 2015 2014 Basic loss per share attributable to common stock: Numerator Net loss $ (18,208,378) $ (20,372,676) Denominator Weighted avg. common shares outstanding 16,470,814 12,766,295 Basic loss per share attributable to common stock $ (1.11) $ (1.60) Diluted loss per share attributable to common stock: Numerator Net loss $ (18,208,378) $ (20,372,676) Denominator Weighted avg. common shares outstanding 16,470,814 12,766,295 Diluted loss per share attributable to common stock $ (1.11) $ (1.60) December 31, 2015 2014 Stock options 1,722,552 1,528,737 Unvested restricted stock 3,000 7,000 Warrants - 20,467 (k) Segment Information The Company is a single reportable segment engaged in research and development for the delivery of drugs using its proprietary delivery technology. Operating segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation by the chief operating decision maker in making decisions regarding resource allocation and assessing performance. The chief operating decision maker made such decisions and assessed performance at the company level, as one segment. (l) Principles of Consolidation The consolidated financial statements include the accounts of the Company and all subsidiaries. The Company eliminates all intercompany accounts and transactions in consolidation. |
Marketable Investment Securitie
Marketable Investment Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | (3) Marketable Investment Securities The Company has classified its marketable investment securities as available-for-sale securities. These securities are carried at fair value with unrealized holding gains and losses, net of the related tax effect, included in accumulated other comprehensive loss in stockholders’ equity until realized. Gains and losses on investment security transactions are reported on the specific-identification method. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. The amortized cost, gross unrealized holding gains, gross unrealized holding losses, and fair value for available-for-sale securities by major security type and class of security at December 31, 2015 were as follows: Amortized Gross Gross Aggregate Government notes $ 802,862 $ - $ (750 ) $ 802,112 Corporate bonds and notes 24,005,458 594 (32,744 ) 23,973,308 $ 24,808,320 $ 594 $ (33,494 ) $ 24,775,420 There were no marketable investment securities held as of December 31, 2014. Maturities of debt securities classified as available-for-sale securities at December 31, 2015 are as follows: Amortized Aggregate fair Due within one year $ 24,407,539 $ 24,375,168 Due after one year through five years 400,781 400,252 Due after five years - - $ 24,808,320 $ 24,775,420 There were no sales of marketable investment securities during the year ended December 31, 2015 and therefore no realized gains or losses. Additionally, $800,000 of marketable investment securities matured during the year ended December 31, 2015. The Company determined there were no other-than-temporary impairments for the year ended December 31, 2015. |
Collaborative Agreements
Collaborative Agreements | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Collaborative Arrangement Disclosure [Text Block] | (4) Collaborative Agreements (a) Abbott Products, Inc. On March 29, 2012 All obligations under the prior license agreement have been completed except that Lipocine will owe Abbott a perpetual 1% royalty on net sales. 1.0 50 (b) 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 $ 10.0 12.9 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment and Intangible Assets [Text Block] | (5) Property and Equipment December 31, December 31, Computer equipment and software $ 43,361 $ 41,792 Lab and office equipment 1,041,735 1,014,615 Furniture and fixtures 51,404 51,404 1,136,500 1,107,811 Less accumulated depreciation (1,060,750) (1,034,029) $ 75,750 $ 73,782 Depreciation expense for the years ended December 31, 2015 and 2014 was $ 27,000 15,000 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | (6) Income Taxes (a) Income Tax Expense Current Deferred Total Year ended December 31, 2015: U.S. federal $ - $ - $ - State and local 200 200 $ 200 $ - $ 200 Year ended December 31, 2014: U.S. federal $ - $ - $ - State and local 200 - 200 $ 200 $ - $ 200 (b) Tax Rate Reconciliation 200 34 December 31, 2015 2014 Computed "expected" tax expense (benefit) $ (6,190,781) $ (6,926,642) Increase (reduction) in income taxes resulting from: Change in valuation allowance 6,691,992 7,748,579 Adjustment of tax attributes due to change in ownership - (127,572) State and local income taxes, net of federal income tax benefit 132 132 Stock expense 102,221 45,097 Research and development tax credits (452,609) (743,186) Orphan drug tax credit (155,452) - Other, net 4,697 3,792 $ 200 $ 200 (c) Significant Components of Deferred Taxes December 31, 2015 2014 Deferred tax assets: Stock-based compensation $ 1,713,608 $ 1,851,668 Net operating loss carryforwards 23,677,332 17,479,654 Employee benefits 59,472 41,568 Research and development tax credits 2,052,662 1,419,165 Orphan drug tax credits 485,789 - Other deductible tempory differences 215,638 97,656 Total gross deferred tax assets 28,204,501 20,889,711 Less valuation allowance (28,200,857) (20,886,811) Net deferred tax assets 3,644 2,900 Deferred tax liabilities: Plant and equipment (3,644) (2,900) Total gross deferred tax liabilities (3,644) (2,900) Net deferred tax liabilities $ - $ - On December 18, 2015, the Protecting Americans from Tax Hikes Act of 2015 was signed into law. The act made permanent the research and experimentation tax credit for amounts paid or incurred after December 31, 2014, with no substantive changes to the credit. The valuation allowance for deferred tax assets as of December 31, 2015 and 2014 was $ 28.2 20.9 7.3 9.2 During the year ended December 31, 2013, the Company experienced a change in ownership, as defined by the Internal Revenue Code, as amended (the “Code”) under Section 382. A change of ownership occurs when ownership of a company increases by more than 50 percentage points over a three-year testing period of certain stockholders. As a result of this ownership change we determined that our annual limitation on the utilization of our federal net operating loss (“NOL”) and credit carryforwards is approximately $ 1.1 20.2 5.5 1.2 As of December 31, 2015, we had NOL and research and development credit carryforwards for U.S. federal income tax reporting purposes of approximately $ 59.9 1.4 Approximately $10.2 million of the NOLs will begin to expire in 2023 with the balance expiring from 2024 through 2035 expire in 2033 through 2035 568,000 We also have state NOL and research and development credit carry-forwards of approximately $ 65.9 689,000 Approximately $12.4 million of the Company's state NOLs expire in 2018 with the remaining balance expiring from 2019 through 2030 expire in 2023 through 2029 486,000 The Company's federal and state income tax returns for December 31, 2012 through 2015 are open tax years. December 31 2015 2014 Balance, beginning of year $ - $ - Balance, end of year $ - $ - |
Leases
Leases | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | (7) Leases On August 6, 2004, the Company assumed a non-cancelable operating lease for office space and laboratory facilities in Salt Lake City, Utah. On May 6, 2014, the Company modified and extended the lease through February 28, 2018. Additionally, on December 28, 2015, the Company entered into an operating lease for office space in Lawrenceville, New Jersey through January 31, 2018. Operating leases Year ending December 31: 2016 371,373 2017 387,119 2018 58,903 Total minimum lease payments $ 817,395 The Company’s rent expense was $ 295,000 327,000 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders Equity Note [Abstract] | |
Stockholders Equity Note Disclosure [Text Block] | (8) Stockholders’ Equity (a) Issuance of Common Stock On April 29, 2015, the Company sold 5,347,500 32.4 2.3 (b) Rights Agreement On November 13, 2015, the Company and American Stock Transfer & Trust Company, LLC, as Rights Agent, entered into a Rights Agreement. Also on November 12, 2015, the Board of Directors of the Company authorized and the Company declared a dividend of one preferred stock purchase right (each a “Right” and collectively, the “Rights”) for each outstanding share of common stock of the Company. The dividend was payable to stockholders of record as of the close of business on November 30, 2015 and entitles the registered holder to purchase from the Company one one-thousandth of a fully paid non-assessable share of Series A Junior Participating Preferred Stock of the Company at a price of $ 63.96 In general, in the event a person becomes an Acquiring Person, then each Right not owned by such Acquiring Person will entitle its holder to purchase from the Company, at the Right’s then current exercise price, in lieu of shares of Series A Junior Participating Preferred Stock, common stock of the Company with a market value of twice the Purchase Price. In addition, if after any person has become an Acquiring Person, (a) the Company is acquired in a merger or other business combination, or (b) 50% or more of the Company’s assets, or assets accounting for 50% or more of its earning power, are sold, leased, exchanged or otherwise transferred (in one or more transactions), proper provision shall be made so that each holder of a Right (other than the Acquiring Person, its affiliates and associates and certain transferees thereof, whose Rights became void) shall thereafter have the right to purchase from the acquiring corporation, for the Purchase Price, that number of shares of common stock of the acquiring corporation which at the time of such transaction would have a market value of twice the Purchase Price. The Company will be entitled to redeem the Rights at $ 0.001 November 12, 2018 (c) 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 1,000,000 271,906 1,271,906 727,687 A summary of stock option activity is as follows: Outstanding stock options Number of Weighted average shares exercise price Balance at December 31, 2014 1,528,737 $ 4.20 Options granted 301,500 9.60 Options exercised (98,574) 2.81 Options forfeited (8,555) 6.29 Options cancelled (556) 18.34 Balance at December 31, 2015 1,722,552 5.21 Options exercisable at December 31, 2015 1,238,423 3.72 Options outstanding Options exercisable Number Weighted Weighted Aggregate intrinsic Number Weighted Weighted Aggregate 1,722,552 6.38 $ 5.21 $ 13,363,290 1,238,423 5.31 $ 3.72 $ 11,402,022 The intrinsic value for stock options is defined as the difference between the current market value and the exercise price. The total intrinsic value of stock options exercised during the years ended December 31, 2015 and 2014 was $ 658,000 87,000 98,574 20,205 (d) Restricted Common Stock Number of unvested restricted shares Balance at December 31, 2014 7,000 Granted - Vested (4,000) Cancelled - Balance at December 31, 2015 3,000 (e) Warrants For charitable purposes, on December 23, 2003, the Company granted warrants to a local university for 20,467 12.21 |
401(k) Plan
401(k) Plan | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | (9) 401(k) Plan On January 1, 2002, the Company adopted a tax qualified employee savings and retirement plan (the “401(k) Plan”) covering eligible employees. Pursuant to the 401(k) Plan, employees may elect to reduce current compensation by a percentage of eligible compensation, not to exceed legal limits, and contribute the amount of such reduction to the 401(k) Plan. Beginning April 1, 2014, the 401(k) Plan was amended to require matching contributions to the 401(k) Plan by the Company on behalf of the participants of 100 74,000 48,000 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | (10) Commitments and Contingencies Litigation The Company is involved in various lawsuits, claims and other legal matters from time to time that arise in the ordinary course of conducting business. The Company records a liability when a particular contingency is probable and estimable. The Company has not accrued for any contingency at December 31, 2015 as the Company does not consider any contingency to be probable nor estimable. While complete assurance cannot be given to the outcome of these proceedings, management does not currently believe that any of these matters, individually or in the aggregate, will have a material adverse effect on our financial condition, liquidity or results of operations. 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 |
Agreement with Spriaso, LLC
Agreement with Spriaso, LLC | 12 Months Ended |
Dec. 31, 2015 | |
Spriaso LLC [Abstract] | |
Spriaso LLC Disclosure [Text Block] | Agreement with Spriaso, LLC On July 23, 2013, the Company entered into an assignment/license and a services agreement with Spriaso, LLC (“Spriaso”), a related-party that is majority-owned by two current directors of Lipocine Inc. and two former directors of Lipocine Inc. 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 10 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 18 months 230 61,000 Spriaso filed its first NDA and as an affiliated entity of the Company it used 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 FASB Accounting Standards Codification ("ASC") Topic 810-10, Consolidations |
Accounting Pronouncements Issue
Accounting Pronouncements Issued Not Yet Adopted | 12 Months Ended |
Dec. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | (12) Accounting Pronouncements Issued Not Yet Adopted In February 2016, FASB issued Accounting Standards Update (“ASU”) 2016-02 Leases, The Company is currently evaluating the effect that ASU 2016-02 will have on our consolidated financial statements and related disclosures. In January 2016, FASB issued 016-01, Financial Instruments, Recognition and Measurement of Financial Assets and Financial Liabilities In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs In August 2014, FASB issued ASU No. 2014-15, Presentation of Financial Statements Going Concern In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | (a) 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 of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include those related to revenue recognition; stock-based compensation; valuation of deferred taxes; income tax uncertainties; and the useful lives of property and equipment. |
Cash and Cash Equivalents, Policy [Policy Text Block] | (b) Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities to the Company of three months or less to be cash equivalents. Although the Company may deposit its cash and cash equivalents with multiple financial institutions, its deposits, at times, may exceed federally insured limits. Cash equivalents were $128,000 and zero for December 31, 2015 and 2014. |
Receivables, Policy [Policy Text Block] | (c) Receivables Accounts receivable are recorded at the invoiced amount and do not bear interest. The Company maintains an allowance for doubtful accounts for estimated losses. In establishing the allowance, management considers historical losses adjusted to take into account current market conditions and their customers’ financial condition, the amount of receivables in dispute, and the current receivables aging and current payment patterns. The Company had no write-offs in 2015 and 2014 and the Company did not record an allowance for doubtful accounts as of December 31, 2015 and 2014 as there were no accounts receivable outstanding. The Company does not have any off-balance-sheet credit exposure related to its customers. |
Revenue Recognition, Policy [Policy Text Block] | (d) Revenue Recognition Revenue is recognized when there is persuasive evidence that an arrangement exists, delivery has occurred, the price is fixed or determinable, and collectability is reasonably assured. The Company recognizes up-front license fees as earned. Milestone payments are recognized upon successful completion of a performance milestone event. Contract revenues related to collaborative research and development agreements are recognized on a ratable basis as services are performed. Any amounts received in advance of performance are recorded as deferred revenue until earned. The Company enters into arrangements with collaboration partners that sometimes involve multiple deliverables. These arrangements may contain one or more of the following elements: license and other up-front fees, contract research and development services, milestone payments and royalties. Each deliverable in the arrangement is evaluated to determine whether it meets the criteria to be accounted for as a separate unit of accounting or whether it should be combined with other deliverables. When deliverables are separable, consideration is allocated to the separate units of accounting based upon the relative selling price method, and appropriate revenue recognition principles are applied to each unit. When the Company determines that the arrangement should be accounted for as a single unit of accounting, revenue is recognized over the period for which performance obligations will be performed. Up-front, nonrefundable fees and milestone payments received by the Company under license and collaboration arrangements that include future obligations, in whatever form, are recognized ratably over the expected performance period under each respective arrangement. Under these arrangements, the Company makes its best estimate of the period over which it expects to fulfill its performance obligations, which may include technology transfer assistance, research activities, clinical development activities, and manufacturing activities from development through the commercialization of the product. Given the uncertainties of these extended collaboration arrangements, significant judgment is required to determine the duration of the performance period. For license and collaboration arrangements where no future performance obligations exist, up-front, nonrefundable fees and milestone payments are recognized when received. Any amounts received in advance of performance are recorded as deferred revenue until recognized. The Company may provide research and development services under collaboration arrangements to advance the development of jointly owned products. The Company records the expenses incurred and reimbursed on a net basis. |
Property, Plant and Equipment, Policy [Policy Text Block] | (e) Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation. Maintenance and repairs that do not extend the life or improve the asset are expensed in the year incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which are five years for laboratory and office equipment, three years for computer equipment and software, and seven years for furniture and fixtures. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | (f) Accounting for Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets held and used is measured by a comparison of the carrying amount of an asset to future net cash flows (undiscounted) expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets held for sale are reported at the lower of the carrying amount, or fair value, less costs to sell. |
Income Tax, Policy [Policy Text Block] | (g) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided against net deferred tax assets if, based upon the available evidence, it is more likely than not that some or all of the net deferred tax assets will not be realized. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50 percent likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits as a component of its income tax expense. |
Compensation Related Costs, Policy [Policy Text Block] | (h) 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 has granted 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 revaluation over their vesting terms. During November 2014, the Company modified 149,498 existing time-vested options of two terminated executives by extending the exercise period to three years from the date of modification under the terms of the executive's respective employment and severance agreements. Compensation expense of $166,000 was recorded as a result of the modification. On January 6, 2014, we 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. 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 $1.2 million and $1.9 million for the years ended December 31, 2015 and 2014, allocated as follows: Year Ended December 31, 2015 2014 Research and development $ 287,491 $ 579,711 General and administrative 862,927 1,313,124 $ 1,150,418 $ 1,892,835 In 2015, the Company issued 301,500 stock options. In 2014, the Company issued 337,689 stock options. Key assumptions used in the determination of the fair value of stock options granted are as follows: Expected Term Share-Based Payment, Risk-Free Interest Rate Expected Dividend Expected Volatility For options granted in 2015 and 2014, the Company calculated the fair value of each option grant on the respective dates of grant using the following weighted average assumptions: 2015 2014 Expected term 5.75 years 5.87 years Risk-free interest rate 1.63 % 1.75 % Expected dividend yield Expected volatility 81.39 % 76.30 % Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 718, Stock Compensation As of December 31, 2015, there was $2.4 million of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Company’s stock option plan. That cost is expected to be recognized over a weighted average period of 2.06 years and will be adjusted for subsequent changes in estimated forfeitures. The weighted average fair value of share-based compensation awards granted during the year ended December 31, 2015 was approximately $6.60. |
Fair Value Measurement, Policy [Policy Text Block] | (i) Fair Value The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: • Level 1 Inputs: Quoted prices for identical instruments in active markets. • Level 2 Inputs: Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuation in which all significant inputs and significant value drivers are observable in active markets. • Level 3 Inputs: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. 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 December 31, 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). The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis at December 31, 2015: Fair value measurements at reporting date using December 31, Level 1 inputs Level 2 inputs Level 3 inputs Assets: Cash equivalents - money market funds $ 127,905 $ 127,905 $ - $ - Government notes 802,112 802,112 - - Corporate bonds and notes 23,973,308 - 23,973,308 - $ 24,903,325 $ 930,017 $ 23,973,308 $ - The following methods and assumptions were used to determine the fair value of each class of assets and liabilities 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. The fair values are based on quoted market prices in active markets with no valuation adjustment. Corporate bonds and notes: The Company uses a third-party pricing service to value these investments. The pricing service utilizes reportable trades, broker/dealer quotes, bids and offers, benchmark yields and credit spreads and other observable inputs. The Company’s accounting policy is to recognize transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. There were no transfers into or out of Level 1 or Level 2 for the years ended December 31, 2015 or 2014. |
Earnings Per Share, Policy [Policy Text Block] | (j) 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 year ended December 31, 2015 and 2014 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, 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 years ended December 31, 2015 and 2014. Year Ended December 31, 2015 2014 Basic loss per share attributable to common stock: Numerator Net loss $ (18,208,378 ) $ (20,372,676 ) Denominator Weighted avg. common shares outstanding 16,470,814 12,766,295 Basic loss per share attributable to common stock $ (1.11 ) $ (1.60 ) Diluted loss per share attributable to common stock: Numerator Net loss $ (18,208,378 ) $ (20,372,676 ) Denominator Weighted avg. common shares outstanding 16,470,814 12,766,295 Diluted loss per share attributable to common stock $ (1.11 ) $ (1.60 ) The computation of diluted earnings per share for the years ended December 31, 2015 and 2014 does not include the following unvested restricted stock awards, restricted stock units, stock options and warrants to purchase shares in the computation of diluted earnings per share because these instruments were antidilutive: December 31, 2015 2014 Stock options 1,722,552 1,528,737 Unvested restricted stock 3,000 7,000 Warrants - 20,467 |
Segment Reporting, Policy [Policy Text Block] | (k) Segment Information The Company is a single reportable segment engaged in research and development for the delivery of drugs using its proprietary delivery technology. Operating segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation by the chief operating decision maker in making decisions regarding resource allocation and assessing performance. The chief operating decision maker made such decisions and assessed performance at the company level, as one segment. |
Consolidation, Policy [Policy Text Block] | (l) Principles of Consolidation The consolidated financial statements include the accounts of the Company and all subsidiaries. The Company eliminates all intercompany accounts and transactions in consolidation. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [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 $ 1.2 1.9 Year Ended 2015 2014 Research and development $ 287,491 $ 579,711 General and administrative 862,927 1,313,124 $ 1,150,418 $ 1,892,835 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | For options granted in 2015 and 2014, the Company calculated the fair value of each option grant on the respective dates of grant using the following weighted average assumptions: 2015 2014 Expected term 5.75 years 5.87 years Risk-free interest rate 1.63 % 1.75 % Expected dividend yield Expected volatility 81.39 % 76.30 % |
Fair Value Measurements, Nonrecurring [Table Text Block] | The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis at December 31, 2015: December 31, Fair value measurements at reporting date using 2015 Level 1 inputs Level 2 inputs Level 3 inputs Assets: Cash equivalents - money market funds $ 127,905 $ 127,905 $ - $ - Government notes 802,112 802,112 - - Corporate bonds and notes 23,973,308 - 23,973,308 - $ 24,903,325 $ 930,017 $ 23,973,308 $ - |
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 years ended December 31, 2015 and 2014. Year Ended December 31, 2015 2014 Basic loss per share attributable to common stock: Numerator Net loss $ (18,208,378) $ (20,372,676) Denominator Weighted avg. common shares outstanding 16,470,814 12,766,295 Basic loss per share attributable to common stock $ (1.11) $ (1.60) Diluted loss per share attributable to common stock: Numerator Net loss $ (18,208,378) $ (20,372,676) Denominator Weighted avg. common shares outstanding 16,470,814 12,766,295 Diluted loss per share attributable to common stock $ (1.11) $ (1.60) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The computation of diluted earnings per share for the years ended December 31, 2015 and 2014 does not include the following unvested restricted stock awards, restricted stock units, stock options and warrants to purchase shares in the computation of diluted earnings per share because these instruments were antidilutive: December 31, 2015 2014 Stock options 1,722,552 1,528,737 Unvested restricted stock 3,000 7,000 Warrants - 20,467 |
Marketable Investment Securit21
Marketable Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale Securities [Table Text Block] | The amortized cost, gross unrealized holding gains, gross unrealized holding losses, and fair value for available-for-sale securities by major security type and class of security at December 31, 2015 were as follows: Gross Gross unrealized unrealized Amortized holding holding Aggregate Cost gains losses fair value Government notes $ 802,862 $ - $ (750) $ 802,112 Corporate bonds and notes 24,005,458 594 (32,744) 23,973,308 $ 24,808,320 $ 594 $ (33,494) $ 24,775,420 |
Schedule Of Available For Sale Securities Debt Maturities [Table Text Block] | There were no marketable investment securities held as of December 31, 2014. Maturities of debt securities classified as available-for-sale securities at December 31, 2015 are as follows: Amortized Aggregate fair Cost value Due within one year $ 24,407,539 $ 24,375,168 Due after one year through five years 400,781 400,252 Due after five years - - $ 24,808,320 $ 24,775,420 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property and equipment consisted of the following: December 31, December 31, Computer equipment and software $ 43,361 $ 41,792 Lab and office equipment 1,041,735 1,014,615 Furniture and fixtures 51,404 51,404 1,136,500 1,107,811 Less accumulated depreciation (1,060,750) (1,034,029) $ 75,750 $ 73,782 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Income tax expense consists of: Current Deferred Total Year ended December 31, 2015: U.S. federal $ - $ - $ - State and local 200 200 $ 200 $ - $ 200 Year ended December 31, 2014: U.S. federal $ - $ - $ - State and local 200 - 200 $ 200 $ - $ 200 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Income tax expense was $ 200 34 December 31, 2015 2014 Computed "expected" tax expense (benefit) $ (6,190,781) $ (6,926,642) Increase (reduction) in income taxes resulting from: Change in valuation allowance 6,691,992 7,748,579 Adjustment of tax attributes due to change in ownership - (127,572) State and local income taxes, net of federal income tax benefit 132 132 Stock expense 102,221 45,097 Research and development tax credits (452,609) (743,186) Orphan drug tax credit (155,452) - Other, net 4,697 3,792 $ 200 $ 200 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2015 and 2014 are presented below. December 31, 2015 2014 Deferred tax assets: Stock-based compensation $ 1,713,608 $ 1,851,668 Net operating loss carryforwards 23,677,332 17,479,654 Employee benefits 59,472 41,568 Research and development tax credits 2,052,662 1,419,165 Orphan drug tax credits 485,789 - Other deductible tempory differences 215,638 97,656 Total gross deferred tax assets 28,204,501 20,889,711 Less valuation allowance (28,200,857) (20,886,811) Net deferred tax assets 3,644 2,900 Deferred tax liabilities: Plant and equipment (3,644) (2,900) Total gross deferred tax liabilities (3,644) (2,900) Net deferred tax liabilities $ - $ - |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A reconciliation of the beginning and ending amount of total unrecognized tax contingencies, excluding interest and penalties, for the years ended December 31, 2015 and 2014 are as follows: December 31 2015 2014 Balance, beginning of year $ - $ - Balance, end of year $ - $ - |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum lease payments under the noncancelable operating leases as of December 31, 2015 are: Operating leases Year ending December 31: 2016 371,373 2017 387,119 2018 58,903 Total minimum lease payments $ 817,395 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders Equity Note [Abstract] | |
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, 2014 1,528,737 $ 4.20 Options granted 301,500 9.60 Options exercised (98,574) 2.81 Options forfeited (8,555) 6.29 Options cancelled (556) 18.34 Balance at December 31, 2015 1,722,552 5.21 Options exercisable at December 31, 2015 1,238,423 3.72 |
Schedule of Share-based Compensation, Activity [Table Text Block] | The following table summarizes information about stock options outstanding and exercisable at December 31, 2015: Options outstanding Options exercisable Number Weighted Weighted Aggregate intrinsic Number Weighted Weighted Aggregate 1,722,552 6.38 $ 5.21 $ 13,363,290 1,238,423 5.31 $ 3.72 $ 11,402,022 |
Restricted Stock [Member] | |
Stockholders Equity Note [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | A summary of restricted common stock activity is as follows: Number of unvested restricted shares Balance at December 31, 2014 7,000 Granted - Vested (4,000) Cancelled - Balance at December 31, 2015 3,000 |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Allocated Share-based Compensation Expense | $ 1,150,418 | $ 1,892,835 |
Research and Development Expense [Member] | ||
Allocated Share-based Compensation Expense | 287,491 | 579,711 |
General and Administrative Expense [Member] | ||
Allocated Share-based Compensation Expense | $ 862,927 | $ 1,313,124 |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Details 1) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Expected term | 5 years 9 months | 5 years 10 months 13 days |
Risk-free interest rate | 1.63% | 1.75% |
Expected dividend yield | 0.00% | 0.00% |
Expected volatility | 81.39% | 76.30% |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Details 2) | Dec. 31, 2015USD ($) |
Assets: | |
Marketable Investment Securities | $ 24,775,420 |
Assets, Fair Value | 24,903,325 |
Money Market Funds [Member] | |
Assets: | |
Cash equivalents-money market funds | 127,905 |
Government Notes [Member] | |
Assets: | |
Marketable Investment Securities | 802,112 |
Corporate Debt Securities [Member] | |
Assets: | |
Marketable Investment Securities | 23,973,308 |
Fair Value, Inputs, Level 1 [Member] | |
Assets: | |
Assets, Fair Value | 930,017 |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | |
Assets: | |
Cash equivalents-money market funds | 127,905 |
Fair Value, Inputs, Level 1 [Member] | Government Notes [Member] | |
Assets: | |
Marketable Investment Securities | 802,112 |
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | |
Assets: | |
Marketable Investment Securities | 0 |
Fair Value, Inputs, Level 2 [Member] | |
Assets: | |
Assets, Fair Value | 23,973,308 |
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | |
Assets: | |
Cash equivalents-money market funds | 0 |
Fair Value, Inputs, Level 2 [Member] | Government Notes [Member] | |
Assets: | |
Marketable Investment Securities | 0 |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | |
Assets: | |
Marketable Investment Securities | 23,973,308 |
Fair Value, Inputs, Level 3 [Member] | |
Assets: | |
Assets, Fair Value | 0 |
Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | |
Assets: | |
Cash equivalents-money market funds | 0 |
Fair Value, Inputs, Level 3 [Member] | Government Notes [Member] | |
Assets: | |
Marketable Investment Securities | 0 |
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | |
Assets: | |
Marketable Investment Securities | $ 0 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Details 3) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Basic loss per share attributable to common stock: Numerator | ||
Net loss | $ (18,208,378) | $ (20,372,676) |
Denominator | ||
Weighted avg. common shares outstanding | 16,470,814 | 12,766,295 |
Basic loss per share attributable to common stock (in dollars per share) | $ (1.11) | $ (1.6) |
Diluted loss per share attributable to common stock: Numerator | ||
Net loss | $ (18,208,378) | $ (20,372,676) |
Denominator | ||
Weighted avg. common shares outstanding | 16,470,814 | 12,766,295 |
Diluted loss per share attributable to common stock (in dollars per share) | $ (1.11) | $ (1.6) |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Details 4) - shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Unvested Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,000 | 7,000 |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,722,552 | 1,528,737 |
Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 20,467 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Details Textual) - USD ($) | Jan. 06, 2014 | Dec. 31, 2015 | Dec. 31, 2014 |
Allocated Share-based Compensation Expense | $ 1,150,418 | $ 1,892,835 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 2,400,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 22 days | ||
Cash Equivalents, at Carrying Value | $ 128,000 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 6.60 | ||
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 301,500 | 337,689 | |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 366,126 | 149,498 | |
Allocated Share-based Compensation Expense | $ 836,000 | $ 166,000 |
Marketable Investment Securit32
Marketable Investment Securities (Details) | Dec. 31, 2015USD ($) |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | $ 24,808,320 |
Gross unrealized holding gains | 594 |
Gross unrealized holding losses | (33,494) |
Aggregate fair value | 24,775,420 |
Government Notes [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | 802,862 |
Gross unrealized holding gains | 0 |
Gross unrealized holding losses | (750) |
Aggregate fair value | 802,112 |
Corporate Bonds and Notes [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | 24,005,458 |
Gross unrealized holding gains | 594 |
Gross unrealized holding losses | (32,744) |
Aggregate fair value | $ 23,973,308 |
Marketable Investment Securit33
Marketable Investment Securities (Details 1) | Dec. 31, 2015USD ($) |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost, Due within one year | $ 24,407,539 |
Amortized Cost, Due after one year through five years | 400,781 |
Amortized Cost, Due after five years | 0 |
Amortized Cost, Total | 24,808,320 |
Aggregate fair value, Due within one year | 24,375,168 |
Aggregate fair value, Due after one year through five years | 400,252 |
Aggregate fair value, Due after five years | 0 |
Aggregate fair value, Total | $ 24,775,420 |
Marketable Investment Securit34
Marketable Investment Securities (Details Textual) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Proceeds from Sale and Maturity of Marketable Securities, Total | $ 800,000 |
Collaborative Agreements (Detai
Collaborative Agreements (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Contract Research And Development [Member] | ||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||
Other Research and Development Expense | $ 10 | $ 12.9 |
Abbott Products, Inc. [Member] | Collaborative Arrangement [Member] | ||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||
Collaborative Arrangement, Termination Date | Mar. 29, 2012 | |
Collaborative Arrangement, Rights and Obligations | All obligations under the prior license agreement have been completed except that Lipocine will owe Abbott a perpetual 1% royalty on net sales. | |
Collaborative Arrangement, Royalties, Maximum Amount | $ 1 | |
Collaborative Arrangement, Royalties, Percentage of Reduction | 50.00% |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Computer equipment and software | $ 43,361 | $ 41,792 |
Lab and office equipment | 1,041,735 | 1,014,615 |
Furniture and fixtures | 51,404 | 51,404 |
Property, Plant and Equipment, Gross | 1,136,500 | 1,107,811 |
Less accumulated depreciation | (1,060,750) | (1,034,029) |
Property, Plant and Equipment, Net | $ 75,750 | $ 73,782 |
Property and Equipment (Detai37
Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation, Depletion and Amortization, Nonproduction, Total | $ 26,721 | $ 14,620 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Line Items] | ||
Income Tax Expenses Benefit Current, U.S. federal | $ 0 | $ 0 |
Income Tax Expenses Benefit Current, State and local | 200 | 200 |
Current Income Tax Expense (Benefit), Total | 200 | 200 |
Income Tax Expenses Benefit Deferred, U.S. federal | 0 | 0 |
Income Tax Expenses Benefit Deferred, State and local | 0 | |
Deferred Income Tax Expense (Benefit), Total | 0 | 0 |
Income Tax Expense (Benefit), U.S. federal | 0 | 0 |
Income Tax Expense (Benefit), State and local | 200 | 200 |
Income Tax Expense (Benefit) | $ 200 | $ 200 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Line Items] | ||
Computed "expected" tax expense (benefit) | $ (6,190,781) | $ (6,926,642) |
Increase (reduction) in income taxes resulting from: | ||
Change in valuation allowance | 6,691,992 | 7,748,579 |
Adjustment of tax attributes due to change in ownership | 0 | (127,572) |
State and local income taxes, net of federal income tax benefit | 132 | 132 |
Stock expense | 102,221 | 45,097 |
Research and development tax credits | (452,609) | (743,186) |
Orphan drug tax credit | (155,452) | 0 |
Other, net | 4,697 | 3,792 |
Income Tax Expense (Benefit) | $ 200 | $ 200 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Stock-based compensation | $ 1,713,608 | $ 1,851,668 |
Net operating loss carryforwards | 23,677,332 | 17,479,654 |
Employee benefits | 59,472 | 41,568 |
Research and development tax credits | 2,052,662 | 1,419,165 |
Orphan Drug Tax Credits | 485,789 | 0 |
Other deductible tempory differences | 215,638 | 97,656 |
Total gross deferred tax assets | 28,204,501 | 20,889,711 |
Less valuation allowance | (28,200,857) | (20,886,811) |
Net deferred tax assets | 3,644 | 2,900 |
Deferred tax liabilities: | ||
Plant and equipment | (3,644) | (2,900) |
Total gross deferred tax liabilities | (3,644) | (2,900) |
Net deferred tax liabilities | $ 0 | $ 0 |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Income Taxes [Line Items] | ||
Balance, beginning of year | $ 0 | $ 0 |
Balance, end of year | $ 0 | $ 0 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Line Items] | ||
Income Tax Expense (Benefit) | $ 200 | $ 200 |
Operating Loss Carryforwards | 59,900,000 | |
Tax Credit Carryforward, Amount | 1,400,000 | |
Deferred Tax Assets, Valuation Allowance | 28,200,857 | 20,886,811 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 7,300,000 | $ 9,200,000 |
Operating Loss Carry forwards Limitations On Use Amount | 1,100,000 | |
Operating Loss Carry forwards Preownership Change Amount | 20,200,000 | |
Operating Loss Forgive Pre ownership Change Amount | 5,500,000 | |
Tax Credit Carryforward Preownership Change Amount | 1,200,000 | |
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | 568,000 | |
Orphan Drug Credit [Member] | ||
Income Taxes [Line Items] | ||
Tax Credit Carryforward, Amount | $ 486,000 | |
U.S. Federal [Member] | ||
Income Taxes [Line Items] | ||
Operating Loss Carry forwards Expiration Date1 | Approximately $10.2 million of the NOLs will begin to expire in 2023 with the balance expiring from 2024 through 2035 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | |
U.S. Federal [Member] | Research and Development Expense [Member] | ||
Income Taxes [Line Items] | ||
Tax Credit Carryforward, Description | expire in 2033 through 2035 | |
State And Local [Member] | ||
Income Taxes [Line Items] | ||
Operating Loss Carryforwards | $ 65,900,000 | |
Operating Loss Carry forwards Expiration Date1 | Approximately $12.4 million of the Company's state NOLs expire in 2018 with the remaining balance expiring from 2019 through 2030 | |
State And Local [Member] | Research and Development Expense [Member] | ||
Income Taxes [Line Items] | ||
Tax Credit Carryforward, Amount | $ 689,000 | |
Tax Credit Carryforward, Description | expire in 2023 through 2029 |
Leases (Details)
Leases (Details) | Dec. 31, 2015USD ($) |
Year ending December 31: | |
2,016 | $ 371,373 |
2,017 | 387,119 |
2,018 | 58,903 |
Total minimum lease payments | $ 817,395 |
Leases (Details Textual)
Leases (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Leased Assets [Line Items] | ||
Operating Leases, Rent Expense | $ 295,000 | $ 327,000 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - Employee Stock Option [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Balance at beginning of the period (in shares) | 1,528,737 | |
Number of Shares, Options granted (in shares) | 301,500 | 337,689 |
Number of Shares, Options exercised (in shares) | (98,574) | |
Number of Shares, Options forfeited (in shares) | (8,555) | |
Number of Shares, Options cancelled (in shares) | (556) | |
Number of Shares, Balance at end of the period (in shares) | 1,722,552 | 1,528,737 |
Number of Shares, Options exercisable (in shares) | 1,238,423 | |
Weighted average exercise price, Balance at beginning of the period (in dollars per share) | $ 4.20 | |
Weighted average exercise price, Options granted (in dollars per share) | 9.60 | |
Weighted average exercise price, Options exercised (in dollars per share) | 2.81 | |
Weighted average exercise price, Options forfeited (in dollars per share) | 6.29 | |
Weighted average exercise price, Options cancelled (in dollars per share) | 18.34 | |
Weighted average exercise price, Balance at end of the period (in dollars per share) | 5.21 | $ 4.20 |
Weighted average exercise price, Options exercisable (in dollars per share) | $ 3.72 |
Stockholders' Equity (Details 1
Stockholders' Equity (Details 1) - Employee Stock Option [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options outstanding | 1,722,552 | 1,528,737 |
Options outstanding, Weighted average remaining contractual life (Years) | 6 years 4 months 17 days | |
Options outstanding, Weighted average exercise price (in dollars per share) | $ 5.21 | $ 4.20 |
Options outstanding, Aggregate intrinsic value | $ 13,363,290 | |
Number of options exerciseable | 1,238,423 | |
Options exercisable, Weighted average remaining contractual life (Years) | 5 years 3 months 22 days | |
Options exercisable, Weighted average exercise price (in dollars per share) | $ 3.72 | |
Options exercisable, Aggregate intrinsic value | $ 11,402,022 |
Stockholders' Equity (Details 2
Stockholders' Equity (Details 2) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2015shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares, Balance at beginning of the period | 7,000 |
Number of shares, Granted | 0 |
Number of shares, Vested | (4,000) |
Number of shares, Cancelled | 0 |
Number of shares, Balance at end of the period | 3,000 |
Stockholders' Equity (Details T
Stockholders' Equity (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Apr. 29, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 13, 2015 | Dec. 31, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 658,000 | $ 87,000 | |||
Proceeds from Issuance of Common Stock | 32,439,313 | 0 | |||
Payments of Stock Issuance Costs | $ 0 | $ 271,183 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 63.96 | ||||
Class of Warrant or Right, Redemption Price of Warrants or Rights | $ 0.001 | ||||
Class of Warrant or Right, Date from which Warrants or Rights Exercisable | Nov. 12, 2018 | ||||
Common Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 98,574 | 20,205 | |||
Stock Issued During Period, Shares, New Issues | 5,347,500 | 5,347,500 | |||
Accredited Investors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Proceeds from Issuance of Common Stock | $ 32,400,000 | ||||
Payments of Stock Issuance Costs | $ 2,300,000 | ||||
Warrant [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 12.21 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 20,467 | ||||
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 | 1,271,906 | 1,000,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 727,687 | ||||
2011 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 271,906 |
401(k) Plan (Details Textual)
401(k) Plan (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Contribution Plan, Cost Recognized | $ 74,000 | $ 48,000 |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% |
Agreement with Spriaso, LLC (De
Agreement with Spriaso, LLC (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended |
Jul. 23, 2013 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | ||
Percentage Of Fee To Be Received | 20.00% | |
Maximum Proceeds From Affiliates Under License Agreement | $ 10,000,000 | |
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 18 months | |
Service Fee | $ 230 | |
Proceeds From Reimbursement | $ 61,000 |