Lipocine (LPCN) 10-K 12 Mar 18 2017 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Mar. 09, 2018	Jun. 30, 2017
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
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	Accelerated Filer
Entity Public Float			$ 78
Trading Symbol	LPCN
Entity Common Stock, Shares Outstanding		21,264,539

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 3,210,749	$ 5,560,716
Marketable investment securities	18,257,321	21,279,570
Accrued interest income	23,067	38,943
Litigation insurance recovery	3,319,927	0
Prepaid and other current assets	408,227	329,548
Total current assets	25,219,291	27,208,777
Property and equipment, net of accumulated depreciation of $1,121,080 and $1,092,710, respectively	75,070	103,440
Other assets	30,753	30,753
Total assets	25,325,114	27,342,970
Current liabilities:
Accounts payable	598,070	245,915
Litigation settlement payable	4,250,000	0
Accrued expenses	1,497,056	1,080,254
Total current liabilities	6,345,126	1,326,169
Total liabilities	6,345,126	1,326,169
Commitments and contingencies (notes 8 and 11)
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; 21,270,249 and 18,462,325 issued and 21,264,539 and 18,456,615 outstanding	2,127	1,846
Additional paid-in capital	145,423,012	131,481,123
Treasury stock at cost, 5,710 shares	(40,712)	(40,712)
Accumulated other comprehensive loss	(4,616)	(8,493)
Accumulated deficit	(126,399,823)	(105,416,963)
Total stockholders' equity	18,979,988	26,016,801
Total liabilities and stockholders' equity	$ 25,325,114	$ 27,342,970

Consolidated Balance Sheets _Pa

Consolidated Balance Sheets [Parenthetical] - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment (in dollars)	$ 1,121,080	$ 1,092,710
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	21,270,249	18,462,325
Common stock, shares outstanding	21,264,539	18,456,615
Treasury Stock, Shares	5,710	5,710

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating expenses:
Research and development	$ 11,004,281	$ 8,076,053	$ 12,580,245
General and administrative	10,213,695	10,382,146	5,801,823
Restructuring costs	0	728,635	0
Total operating expenses	21,217,976	19,186,834	18,382,068
Operating loss	(21,217,976)	(19,186,834)	(18,382,068)
Other income, net	235,816	216,078	173,890
Loss before income tax expense	(20,982,160)	(18,970,756)	(18,208,178)
Income tax expense	(700)	(752)	(200)
Net loss	$ (20,982,860)	$ (18,971,508)	$ (18,208,378)
Basic loss per share attributable to common stock (in dollars per share)	$ (1.05)	$ (1.04)	$ (1.11)
Weighted average common shares outstanding, basic (in shares)	20,051,934	18,258,149	16,470,814
Diluted loss per share attributable to common stock (in dollars per share)	$ (1.05)	$ (1.04)	$ (1.11)
Weighted average common shares outstanding, diluted (in shares)	20,051,934	18,258,149	16,470,814
Comprehensive loss:
Net loss	$ (20,982,860)	$ (18,971,508)	$ (18,208,378)
Unrealized net gain (loss) on available-for-sale securities	3,877	24,407	(32,900)
Comprehensive loss	$ (20,978,983)	$ (18,947,101)	$ (18,241,278)

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]	Accumulated Deficit [Member]
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 gain 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
Net loss	(18,971,508)	$ 0	$ 0	0	0	(18,971,508)
Unrealized net gain on marketable investment securities	24,407	0	0	0	24,407	0
Stock-based compensation	2,372,615	0	0	2,372,615	0	0
Option exercises	605,870	$ 21	0	605,849	0	0
Option exercises in (shares)		208,869
Vesting of restricted stock awards	0	$ 0	0	0	0	0
Vesting of restricted stock awards in (shares)		3,000
Balances at Dec. 31, 2016	26,016,801	$ 1,846	$ (40,712)	131,481,123	(8,493)	(105,416,963)
Balances in (shares) at Dec. 31, 2016		18,456,615	5,710
Net loss	(20,982,860)	$ 0	$ 0	0	0	(20,982,860)
Unrealized net gain on marketable investment securities	3,877	0	0	0	3,877	0
Stock-based compensation	2,716,142	0	0	2,716,142	0	0
Option exercises	581,145	$ 21	0	581,124	0	0
Option exercises in (shares)		206,813
Vesting of restricted stock units	0	$ 8	0	(8)	0	0
Vesting of restricted stock units in (shares)		83,002
Common stock sold through ATM offering	10,644,883	$ 252	0	10,644,631	0	0
Common stock sold through ATM offering in (shares)		2,518,109
Balances at Dec. 31, 2017	$ 18,979,988	$ 2,127	$ (40,712)	$ 145,423,012	$ (4,616)	$ (126,399,823)
Balances in (shares) at Dec. 31, 2017		21,264,539	5,710

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net loss	$ (20,982,860)	$ (18,971,508)	$ (18,208,378)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation expense	28,370	31,960	26,721
Stock-based compensation expense	2,716,142	2,372,615	1,150,418
Accretion (amortization) of premium/discount on marketable investment securities	(99,894)	224,482	181,390
Changes in operating assets and liabilities:
Accrued interest income	15,876	105,593	(144,536)
Litigation insurance recovery	(3,319,927)	0	0
Prepaid and other current assets	(78,679)	20,612	(120,248)
Accounts payable	352,155	(261,152)	200,791
Litigation settlement payable	4,250,000	0	0
Accrued expenses	416,802	(1,804,540)	1,557,538
Cash used in operating activities	(16,702,015)	(18,281,938)	(15,356,304)
Cash flows from investing activities:
Payment of rental deposit	0	(7,000)	0
Purchases of property and equipment	0	(59,650)	(28,689)
Purchases of marketable investment securities	(33,055,980)	(25,272,225)	(25,789,710)
Maturities of marketable investment securities	36,182,000	28,568,000	800,000
Cash provided by (used in) investing activities	3,126,020	3,229,125	(25,018,399)
Cash flows from financing activities:
Proceeds from stock option exercises	581,145	605,870	276,994
Net proceeds from sale of common stock through ATM	10,644,883	0	0
Net proceeds from common stock offering	0	0	32,439,313
Cash provided by financing activities	11,226,028	605,870	32,716,307
Net decrease in cash and cash equivalents	(2,349,967)	(14,446,943)	(7,658,396)
Cash and cash equivalents at beginning of period	5,560,716	20,007,659	27,666,055
Cash and cash equivalents at end of period	3,210,749	5,560,716	20,007,659
Supplemental disclosure of cash flow information:
Unrealized net gain (loss) on marketable investment securities	3,877	24,407	(32,900)
Cash paid for income taxes	$ 700	$ 752	$ 200

Description of Business

Description of Business	12 Months Ended
	Dec. 31, 2017
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, 2017
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 stock-based compensation; income tax uncertainties; and the useful lives of property and equipment (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 $ 2.2 2.9 (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 2017, 2016 and 2015 and the Company did not record an allowance for doubtful accounts as of December 31, 2017 and 2016 as there were no accounts receivable outstanding. The Company does not have any off-balance-sheet credit exposure related to its customers. (d) Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) . (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. (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. (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 July 2017, the Company modified 11,250 46,000 61,487 51,000 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. 2.7 2.4 1.2 Year Ended 2017 2016 2015 Research and development $ 794,367 $ 629,400 $ 287,491 General and administrative 1,921,775 1,691,949 862,927 Restructuring costs - 51,266 - $ 2,716,142 $ 2,372,615 $ 1,150,418 The Company issued 543,000 990,000 301,500 287,000 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 Beginning in July 2017, the volatility factor is based solely on the Company’s trading history since March 2014. 2017 2016 2015 Expected term 5.85 years 5.84 years 5.75 years Risk-free interest rate 2.13 % 1.76 % 1.63 % Expected dividend yield — — — Expected volatility 80.54 % 84.26 % 81.39 % FASB Stock Compensation, As of December 31, 2017, there was $ 2.8 2.04 2.45 6.06 6.60 736,000 (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. All of the Company’s financial instruments are valued using quoted prices in active markets or based on other observable inputs. For accrued interest income, prepaid and other current assets, accounts payable, and accrued expenses, the carrying amounts approximate fair value because of the short maturity of these instruments. Fair value measurements at reporting date using December 31, Level 1 inputs Level 2 inputs Level 3 inputs Assets: Cash equivalents - money market funds $ 2,171,814 $ 2,171,814 $ - $ - Government bonds and notes 4,741,690 4,741,690 - - Corporate bonds, notes and commercial paper 13,515,631 - 13,515,631 - $ 20,429,135 $ 6,913,504 $ 13,515,631 $ - Fair value measurements at reporting date using December 31, Level 1 inputs Level 2 inputs Level 3 inputs Assets: Cash equivalents - money market funds $ 2,920,577 $ 2,920,577 $ - $ - Government bonds and notes 7,471,054 3,752,350 3,718,704 - Corporate bonds, notes and commercial paper 13,808,516 - 13,808,516 - $ 24,200,147 $ 6,672,927 $ 17,527,220 $ - 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 and commercial paper with original maturities to the Company of three months or less and are purchased daily at par value with specified yield rates. Cash equivalents related to money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices or broker or dealer quotations for similar assets. Cash equivalents related to commercial paper are classified within Level 2 of the fair value hierarchy because they are valued using broker/dealer quotes, bids and offers, benchmark yields and credit spreads and other observable inputs. Government bonds and notes: The Company uses a third-party pricing service to value these investments. United States Treasury bonds and notes are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets for identical assets and reportable trades. Other United States government agency bonds are classified within Level 2 of the fair value hierarchy because they are valued using broker/dealer quotes, bids and offers, benchmark yields and credit spreads and other observable inputs. Corporate bonds, notes, and commercial paper: The Company uses a third-party pricing service to value these investments. The pricing service utilizes 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, 2017 and 2016. (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, 2017, 2016 and 2015 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, 2017 2016 2015 Basic loss per share attributable to common stock: Numerator Net loss $ (20,982,860) $ (18,971,508) $ (18,208,378) Denominator Weighted avg. common shares outstanding 20,051,934 18,258,149 16,470,814 Basic loss per share attributable to common stock $ (1.05) $ (1.04) $ (1.11) Diluted loss per share attributable to common stock: Numerator Net loss $ (20,982,860) $ (18,971,508) $ (18,208,378) Denominator Weighted avg. common shares outstanding 20,051,934 18,258,149 16,470,814 Diluted loss per share attributable to common stock $ (1.05) $ (1.04) $ (1.11) December 31, 2017 2016 2015 Stock options 2,374,449 2,225,850 1,722,552 Unvested restricted stock awards - - 3,000 Unvested restricted stock units 203,998 - - (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, 2017
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. December 31, 2017 Amortized Gross Gross Aggregate Government bonds and notes $ 4,744,566 $ - $ (2,876) $ 4,741,690 Corporate bonds, notes and commercial paper 13,517,371 - (1,740) 13,515,631 $ 18,261,937 $ - $ (4,616) $ 18,257,321 December 31, 2016 Amortized Gross Gross Aggregate Government bonds and notes $ 7,473,273 $ - $ (2,219) $ 7,471,054 Corporate bonds, notes and commercial paper 13,814,790 - (6,274) 13,808,516 $ 21,288,063 $ - $ (8,493) $ 21,279,570 Amortized Aggregate Due within one year $ 18,261,937 $ 18,257,321 $ 18,261,937 $ 18,257,321 There were no sales of marketable investment securities during the years ended December 31, 2017, 2016 and 2015 and therefore no realized gains or losses. Additionally, $ 36.2 28.6 800,000

Contractual Agreements

Contractual Agreements	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Contractual Arrangements for Prepaid Health Care Service Providers [Text Block]	(4) Contractual 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 $ 8.5 5.5 10.0

Restructuring Charges

Restructuring Charges	12 Months Ended
	Dec. 31, 2017
Restructuring and Related Activities [Abstract]
Restructuring and Related Activities Disclosure [Text Block]	(5) Restructuring Charges Restructuring charges relate to our initiative to restructure operations which was approved by the board of directors on July 13, 2016. Under the July 2016 restructuring, the Company reduced its workforce by eight positions, constituting 33 The charge related to the 2016 Restructuring Plan during the year ended December 31, 2016 was $ 729,000 678,000 51,000 December 31, 2017 Accrued restructuring charges payable at January 1, 2017 $ 239,573 Restructuring expenses during 2017 - Restructuring payments during 2017 (239,573) Accrued restructuring charges payable at December 31, 2017 $ -

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Property, Plant, and Equipment and Intangible Assets [Text Block]	(6) Property and Equipment December 31, December 31, Computer equipment and software $ 43,361 $ 43,361 Lab and office equipment 1,048,932 1,048,932 Furniture and fixtures 103,857 103,857 1,196,150 1,196,150 Less accumulated depreciation (1,121,080) (1,092,710) $ 75,070 $ 103,440 Depreciation expense for the years ended December 31, 2017 and 2016 was $ 28,000 32,000

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	(7) Income Taxes (a) Income Tax Expense Income tax expense consists of: December 31, 2017 2016 2015 U.S. federal $ - $ - $ - State and local 700 752 200 Deferred - - - Total $ 700 $ 752 $ 200 (b) Tax Rate Reconciliation 700 752 200 34 December 31, 2017 2016 2015 Computed "expected" tax expense (benefit) $ (7,133,934) $ (6,450,075) $ (6,190,781) Increase (reduction) in income taxes resulting from: Change in valuation allowance (6,173,708) 6,709,591 6,691,992 Difference associated with federal rate change 13,240,342 - - State and local income taxes, net of federal income tax benefit 462 496 132 Stock expense 684,854 200,002 102,221 Research and development tax credits (394,470) (337,968) (452,609) Orphan drug tax credit (227,109) (127,641) (155,452) Other, net 4,263 6,347 4,697 $ 700 $ 752 $ 200 Significant Components of Deferred Taxes December 31, 2017 2016 Deferred tax assets: Stock-based compensation $ 1,330,706 $ 1,924,260 Net operating loss carryforwards 25,395,518 30,700,358 Employee benefits 54,729 69,112 Research and development tax credits 3,012,081 2,465,893 Orphan drug tax credits 1,023,290 679,185 Other deductible tempory differences 104 70,231 Total gross deferred tax assets 30,816,428 35,909,039 Less valuation allowance (30,813,270) (35,904,927) Net deferred tax assets 3,158 4,112 Deferred tax liabilities: Plant and equipment (3,158) (4,112) Total gross deferred tax liabilities (3,158) (4,112) Net deferred tax liabilities $ - $ - On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (“Tax Act”) was signed into law. The new law includes, among other items, a permanent reduction to the U.S. corporate income tax rate from 34 21 13.2 a corresponding change in The valuation allowance for deferred tax assets as of December 31, 2017 and 2016 was $ 30.8 35.9 5.1 7.7 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, 2017, we had NOL and research and development credit carryforwards for U.S. federal income tax reporting purposes of approximately $ 96.5 2.0 Approximately $25.7 million of the NOL will expire between 2023 and 2033 and $70.8 million of the NOL will expire 2034 through 2037. The research and development credits will begin to expire in 2033 through 2037. expire in 2033 through 2037. We also have state NOL and research and development credit carry-forwards of approximately $ 102.5 971,000 Approximately $12.4 million of the Company's state NOL expires in 2018, $37.7 million expires between 2019 and 2029, and $52.4 million will expire in 2030 through 2033. expire in 2023 through 2030. The Company's federal and state income tax returns for December 31, 2014 through 2017 are open tax years. December 31, 2017 2016 Balance, beginning of year $ - $ - Balance, end of year $ - $ -

Leases

Leases	12 Months Ended
	Dec. 31, 2017
Leases [Abstract]
Leases of Lessee Disclosure [Text Block]	(8) 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. On February 8, 2018, the Company extended the lease through February 28, 2019. Operating leases Year ending December 31: 2018 58,903 Total minimum lease payments $ 58,903 The Company’s rent expense was $ 379,000 374,000 295,000

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2017
Stockholders Equity Note [Abstract]
Stockholders Equity Note Disclosure [Text Block]	(9) Stockholders’ Equity (a) Issuance of Common Stock In March 2017, the Company entered into a Controlled Equity Offering Sales Agreement (the “Sales Agreement”) with Cantor Fitzgerald &; Co. (“Cantor”), to sell shares of our common stock, with aggregate gross sales proceeds of up to $ 20.0 2,518,109 4.40 11.1 10.6 On October 13, 2017, the Company filed a Form S-3 (File No. 333-220942) (the “New Form S-3”) to replace the Existing Form S-3. The New Form S-3 registered the sale of up to $ 150 25 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 2,471,906 2,471,906 573,108 Outstanding stock options Number of Weighted average exercise price Balance at December 31, 2016 2,225,850 $ 6.12 Options granted 543,000 3.55 Options exercised (206,813) 2.81 Options forfeited - - Options cancelled (187,588) 8.47 Balance at December 31, 2017 2,374,449 5.64 Options exercisable at December 31, 2017 1,462,333 6.12 Options outstanding Options exercisable Number outstanding Weighted average remaining Weighted average exercise Aggregate intrinsic value Number exerciseable Weighted average remaining Weighted average exercise Aggregate intrinsic value 2,374,449 7.45 $ 5.64 $ 381,294 1,462,333 6.26 $ 6.12 $ 381,294 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, 2017, 2016 and 2015 was $ 223,000 216,000 658,000 206,813 208,869 98,574 (d) Restricted Common Stock Number of unvested restricted stock units Balance at December 31, 2016 - Granted 287,000 Vested (83,002) Cancelled - Balance at December 31, 2017 203,998 (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, 2017
Compensation and Retirement Disclosure [Abstract]
Compensation and Employee Benefit Plans [Text Block]	(10) 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 82,000 128,000 74,000

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	(11) 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. On February 15, 2018, the Company and the other defendants entered into a memorandum of understanding to settle the purported securities class action litigation captioned In re Lipocine Inc. Securities Litigation, 2:17CV00182 DB (D. Utah) Beyond In re Lipocine Inc. Securities Litigation, 2:17CV00182 DB (D. Utah) 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, 2017
Agreement With Spriaso LLC [Abstract]
Agreement With Spriaso LLC [Text Block]	Agreement with 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 a third-party. In exchange, the Company will receive a royalty of 20 10.0 Under the service agreement, the Company provided facilities and up to 10 percent of the services of certain employees to Spriaso for a period of 18 months which expired 230 31,000 3,000 61,000 Consolidations

Accounting Pronouncements Issue

Accounting Pronouncements Issued Not Yet Adopted	12 Months Ended
	Dec. 31, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	(13) Accounting Pronouncements Issued Not Yet Adopted In February 2018, the FASB issued ASU No. 2018-02 “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” Compensation-Stock Compensation (Topic 718): Scope Modification Accounting In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses In February 2016, FASB issued ASU 2016-02 , Leases, which provides new guidance for lease accounting including recognizing most leases on-balance sheet. The standard becomes effective for annual and interim periods in fiscal years beginning after December 15, 2018. ASU 2016-02 mandates a modified retrospective transition method for all entities. The Company does not have any lease that extends beyond December 31, 2018 other that its facility lease that was extended in February 2018 for a period of one-year until February 28, 2019. The Company plans to adopt this pronouncement effective January 1, 2019 and does not believe it will have a material effect on the Company's financial position or results of operations. In January 2016, FASB issued 016-01, Financial Instruments, Recognition and Measurement of Financial Assets and Financial Liabilities

Selected Quarterly Financial In

Selected Quarterly Financial Information (Unaudited)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information [Text Block]	(14) Selected Quarterly Financial Information (Unaudited) 2017 First Second Third Fourth Operating loss $ (4,908,915) $ (6,140,618) $ (4,766,059) $ (5,402,384) Net loss (4,861,260) (6,089,766) (4,700,248) (5,331,586) Basic loss per share attributable to common stock (0.26) (0.31) (0.22) (0.25) Diluted loss per share attributable to common stock (0.26) (0.31) (0.22) (0.25) 2016 First Second Third Fourth Operating loss $ (7,070,404) $ (5,815,120) $ (3,286,220) $ (3,015,090) Net loss (7,009,445) (5,760,111) (3,235,485) (2,966,467) Basic loss per share attributable to common stock (0.38) (0.32) (0.18) (0.16) Diluted loss per share attributable to common stock (0.38) (0.32) (0.18) (0.16)

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events [Text Block]	(15) Subsequent Events On January 5, 2018, the Company entered into a Loan and Security Agreement (the “Loan and Security Agreement”) with Silicon Valley Bank (“SVB”) pursuant to which SVB has agreed to lend the Company $ 10.0 Prime Rate plus December 1, 2021 TM 650,000 5.0

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
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 stock-based compensation; 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 $ 2.2 2.9
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 2017, 2016 and 2015 and the Company did not record an allowance for doubtful accounts as of December 31, 2017 and 2016 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 In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) .
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 July 2017, the Company modified 11,250 46,000 61,487 51,000 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. 2.7 2.4 1.2 Year Ended 2017 2016 2015 Research and development $ 794,367 $ 629,400 $ 287,491 General and administrative 1,921,775 1,691,949 862,927 Restructuring costs - 51,266 - $ 2,716,142 $ 2,372,615 $ 1,150,418 The Company issued 543,000 990,000 301,500 287,000 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 Beginning in July 2017, the volatility factor is based solely on the Company’s trading history since March 2014. 2017 2016 2015 Expected term 5.85 years 5.84 years 5.75 years Risk-free interest rate 2.13 % 1.76 % 1.63 % Expected dividend yield — — — Expected volatility 80.54 % 84.26 % 81.39 % FASB Stock Compensation, As of December 31, 2017, there was $ 2.8 2.04 2.45 6.06 6.60 736,000
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. All of the Company’s financial instruments are valued using quoted prices in active markets or based on other observable inputs. For accrued interest income, prepaid and other current assets, accounts payable, and accrued expenses, the carrying amounts approximate fair value because of the short maturity of these instruments. Fair value measurements at reporting date using December 31, Level 1 inputs Level 2 inputs Level 3 inputs Assets: Cash equivalents - money market funds $ 2,171,814 $ 2,171,814 $ - $ - Government bonds and notes 4,741,690 4,741,690 - - Corporate bonds, notes and commercial paper 13,515,631 - 13,515,631 - $ 20,429,135 $ 6,913,504 $ 13,515,631 $ - Fair value measurements at reporting date using December 31, Level 1 inputs Level 2 inputs Level 3 inputs Assets: Cash equivalents - money market funds $ 2,920,577 $ 2,920,577 $ - $ - Government bonds and notes 7,471,054 3,752,350 3,718,704 - Corporate bonds, notes and commercial paper 13,808,516 - 13,808,516 - $ 24,200,147 $ 6,672,927 $ 17,527,220 $ - 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 and commercial paper with original maturities to the Company of three months or less and are purchased daily at par value with specified yield rates. Cash equivalents related to money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices or broker or dealer quotations for similar assets. Cash equivalents related to commercial paper are classified within Level 2 of the fair value hierarchy because they are valued using broker/dealer quotes, bids and offers, benchmark yields and credit spreads and other observable inputs. Government bonds and notes: The Company uses a third-party pricing service to value these investments. United States Treasury bonds and notes are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets for identical assets and reportable trades. Other United States government agency bonds are classified within Level 2 of the fair value hierarchy because they are valued using broker/dealer quotes, bids and offers, benchmark yields and credit spreads and other observable inputs. Corporate bonds, notes, and commercial paper: The Company uses a third-party pricing service to value these investments. The pricing service utilizes 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, 2017 and 2016.
Earnings Per Share, Policy [Policy Text Block]	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, 2017, 2016 and 2015 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. Year Ended December 31, 2017 2016 2015 Basic loss per share attributable to common stock: Numerator Net loss $ (20,982,860) $ (18,971,508) $ (18,208,378) Denominator Weighted avg. common shares outstanding 20,051,934 18,258,149 16,470,814 Basic loss per share attributable to common stock $ (1.05) $ (1.04) $ (1.11) Diluted loss per share attributable to common stock: Numerator Net loss $ (20,982,860) $ (18,971,508) $ (18,208,378) Denominator Weighted avg. common shares outstanding 20,051,934 18,258,149 16,470,814 Diluted loss per share attributable to common stock $ (1.05) $ (1.04) $ (1.11) December 31, 2017 2016 2015 Stock options 2,374,449 2,225,850 1,722,552 Unvested restricted stock awards - - 3,000 Unvested restricted stock units 203,998 - -
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 Accoun23

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2017
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 $ 2.7 2.4 1.2 Year Ended 2017 2016 2015 Research and development $ 794,367 $ 629,400 $ 287,491 General and administrative 1,921,775 1,691,949 862,927 Restructuring costs - 51,266 - $ 2,716,142 $ 2,372,615 $ 1,150,418
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	For options granted in 2017, 2016 and 2015, the Company calculated the fair value of each option grant on the respective dates of grant using the following weighted average assumptions: 2017 2016 2015 Expected term 5.85 years 5.84 years 5.75 years Risk-free interest rate 2.13 % 1.76 % 1.63 % Expected dividend yield — — — Expected volatility 80.54 % 84.26 % 81.39 %
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	Fair value measurements at reporting date using December 31, Level 1 inputs Level 2 inputs Level 3 inputs Assets: Cash equivalents - money market funds $ 2,171,814 $ 2,171,814 $ - $ - Government bonds and notes 4,741,690 4,741,690 - - Corporate bonds, notes and commercial paper 13,515,631 - 13,515,631 - $ 20,429,135 $ 6,913,504 $ 13,515,631 $ - Fair value measurements at reporting date using December 31, Level 1 inputs Level 2 inputs Level 3 inputs Assets: Cash equivalents - money market funds $ 2,920,577 $ 2,920,577 $ - $ - Government bonds and notes 7,471,054 3,752,350 3,718,704 - Corporate bonds, notes and commercial paper 13,808,516 - 13,808,516 - $ 24,200,147 $ 6,672,927 $ 17,527,220 $ -
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, 2017, 2016 and 2015. Year Ended December 31, 2017 2016 2015 Basic loss per share attributable to common stock: Numerator Net loss $ (20,982,860) $ (18,971,508) $ (18,208,378) Denominator Weighted avg. common shares outstanding 20,051,934 18,258,149 16,470,814 Basic loss per share attributable to common stock $ (1.05) $ (1.04) $ (1.11) Diluted loss per share attributable to common stock: Numerator Net loss $ (20,982,860) $ (18,971,508) $ (18,208,378) Denominator Weighted avg. common shares outstanding 20,051,934 18,258,149 16,470,814 Diluted loss per share attributable to common stock $ (1.05) $ (1.04) $ (1.11)
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, 2017, 2016 and 2015 does not include stock options, unvested restricted stock awards and warrants to purchase shares in the computation of diluted earnings per share because these instruments were antidilutive: December 31, 2017 2016 2015 Stock options 2,374,449 2,225,850 1,722,552 Unvested restricted stock awards - - 3,000 Unvested restricted stock units 203,998 - -

Marketable Investment Securit24

Marketable Investment Securities (Tables)	12 Months Ended
	Dec. 31, 2017
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, 2017 and 2016 were as follows: December 31, 2017 Amortized Gross Gross Aggregate Government bonds and notes $ 4,744,566 $ - $ (2,876) $ 4,741,690 Corporate bonds, notes and commercial paper 13,517,371 - (1,740) 13,515,631 $ 18,261,937 $ - $ (4,616) $ 18,257,321 December 31, 2016 Amortized Gross Gross Aggregate Government bonds and notes $ 7,473,273 $ - $ (2,219) $ 7,471,054 Corporate bonds, notes and commercial paper 13,814,790 - (6,274) 13,808,516 $ 21,288,063 $ - $ (8,493) $ 21,279,570
Schedule Of Available For Sale Securities Debt Maturities [Table Text Block]	Amortized Aggregate Due within one year $ 18,261,937 $ 18,257,321 $ 18,261,937 $ 18,257,321

Restructuring Charges (Tables)

Restructuring Charges (Tables)	12 Months Ended
	Dec. 31, 2017
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Reserve by Type of Cost [Table Text Block]	The activity for the year ended December 31, 2017 for restructuring charges is as follows: December 31, 2017 Accrued restructuring charges payable at January 1, 2017 $ 239,573 Restructuring expenses during 2017 - Restructuring payments during 2017 (239,573) Accrued restructuring charges payable at December 31, 2017 $ -

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2017
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 $ 43,361 Lab and office equipment 1,048,932 1,048,932 Furniture and fixtures 103,857 103,857 1,196,150 1,196,150 Less accumulated depreciation (1,121,080) (1,092,710) $ 75,070 $ 103,440

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Income tax expense consists of: December 31, 2017 2016 2015 U.S. federal $ - $ - $ - State and local 700 752 200 Deferred - - - Total $ 700 $ 752 $ 200
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Income tax expense was $ 700 752 200 34 December 31, 2017 2016 2015 Computed "expected" tax expense (benefit) $ (7,133,934) $ (6,450,075) $ (6,190,781) Increase (reduction) in income taxes resulting from: Change in valuation allowance (6,173,708) 6,709,591 6,691,992 Difference associated with federal rate change 13,240,342 - - State and local income taxes, net of federal income tax benefit 462 496 132 Stock expense 684,854 200,002 102,221 Research and development tax credits (394,470) (337,968) (452,609) Orphan drug tax credit (227,109) (127,641) (155,452) Other, net 4,263 6,347 4,697 $ 700 $ 752 $ 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, 2017 and 2016 are presented below. December 31, 2017 2016 Deferred tax assets: Stock-based compensation $ 1,330,706 $ 1,924,260 Net operating loss carryforwards 25,395,518 30,700,358 Employee benefits 54,729 69,112 Research and development tax credits 3,012,081 2,465,893 Orphan drug tax credits 1,023,290 679,185 Other deductible tempory differences 104 70,231 Total gross deferred tax assets 30,816,428 35,909,039 Less valuation allowance (30,813,270) (35,904,927) Net deferred tax assets 3,158 4,112 Deferred tax liabilities: Plant and equipment (3,158) (4,112) Total gross deferred tax liabilities (3,158) (4,112) 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, 2017 and 2016 are as follows: December 31, 2017 2016 Balance, beginning of year $ - $ - Balance, end of year $ - $ -

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2017
Leases [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Future minimum lease payments under the non-cancelable operating leases as of December 31, 2017 are: Operating leases Year ending December 31: 2018 58,903 Total minimum lease payments $ 58,903

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2017
Stockholders Equity Note [Abstract]
Schedule of Stock Options Roll Forward [Table Text Block]	A summary of stock option activity is as follows: Outstanding stock options Number of Weighted average Balance at December 31, 2016 2,225,850 $ 6.12 Options granted 543,000 3.55 Options exercised (206,813) 2.81 Options forfeited - - Options cancelled (187,588) 8.47 Balance at December 31, 2017 2,374,449 5.64 Options exercisable at December 31, 2017 1,462,333 6.12
Schedule of Stock Options Outstanding and Exercisable [Table Text Block]	The following table summarizes information about stock options outstanding and exercisable at December 31, 2017: Options outstanding Options exercisable Number Weighted Weighted Aggregate intrinsic Number Weighted Weighted Aggregate 2,374,449 7.45 $ 5.64 $ 381,294 1,462,333 6.26 $ 6.12 $ 381,294
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	A summary of restricted common stock activity is as follows: Number of Balance at December 31, 2016 - Granted 287,000 Vested (83,002) Cancelled - Balance at December 31, 2017 203,998

Selected Quarterly Financial 30

Selected Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information [Table Text Block]	The following table provides a summary of selected financial results of operations by quarter for the years ended December 31, 2017 and 2016: 2017 First Second Third Fourth Operating loss $ (4,908,915) $ (6,140,618) $ (4,766,059) $ (5,402,384) Net loss (4,861,260) (6,089,766) (4,700,248) (5,331,586) Basic loss per share attributable to common stock (0.26) (0.31) (0.22) (0.25) Diluted loss per share attributable to common stock (0.26) (0.31) (0.22) (0.25) 2016 First Second Third Fourth Operating loss $ (7,070,404) $ (5,815,120) $ (3,286,220) $ (3,015,090) Net loss (7,009,445) (5,760,111) (3,235,485) (2,966,467) Basic loss per share attributable to common stock (0.38) (0.32) (0.18) (0.16) Diluted loss per share attributable to common stock (0.38) (0.32) (0.18) (0.16)

Summary of Significant Accoun31

Summary of Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Allocated Share-based Compensation Expense	$ 2,716,142	$ 2,372,615	$ 1,150,418
Research and Development Expense [Member]
Allocated Share-based Compensation Expense	794,367	629,400	287,491
General and Administrative Expense [Member]
Allocated Share-based Compensation Expense	1,921,775	1,691,949	862,927
Restructuring Costs [Member]
Allocated Share-based Compensation Expense	$ 0	$ 51,266	$ 0

Summary of Significant Accoun32

Summary of Significant Accounting Policies (Details 1)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Expected term	5 years 10 months 6 days	5 years 10 months 2 days	5 years 9 months
Risk-free interest rate	2.13%	1.76%	1.63%
Expected dividend yield	0.00%	0.00%	0.00%
Expected volatility	80.54%	84.26%	81.39%

Summary of Significant Accoun33

Summary of Significant Accounting Policies (Details 2) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Assets:
Marketable Investment Securities	$ 18,257,321	$ 21,279,570
Assets, Fair Value	20,429,135	24,200,147
Money Market Funds [Member]
Assets:
Cash equivalents - money market funds	2,171,814	2,920,577
Government Bonds and Notes [Member]
Assets:
Marketable Investment Securities	4,741,690	7,471,054
Corporate Bonds, Notes and Commercial Paper [Member]
Assets:
Marketable Investment Securities	13,515,631	13,808,516
Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, Fair Value	6,913,504	6,672,927
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member]
Assets:
Cash equivalents - money market funds	2,171,814	2,920,577
Fair Value, Inputs, Level 1 [Member] | Government Bonds and Notes [Member]
Assets:
Marketable Investment Securities	4,741,690	3,752,350
Fair Value, Inputs, Level 1 [Member] | Corporate Bonds, Notes and Commercial Paper [Member]
Assets:
Marketable Investment Securities	0	0
Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, Fair Value	13,515,631	17,527,220
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member]
Assets:
Cash equivalents - money market funds	0	0
Fair Value, Inputs, Level 2 [Member] | Government Bonds and Notes [Member]
Assets:
Marketable Investment Securities	0	3,718,704
Fair Value, Inputs, Level 2 [Member] | Corporate Bonds, Notes and Commercial Paper [Member]
Assets:
Marketable Investment Securities	13,515,631	13,808,516
Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, Fair Value	0	0
Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member]
Assets:
Cash equivalents - money market funds	0	0
Fair Value, Inputs, Level 3 [Member] | Government Bonds and Notes [Member]
Assets:
Marketable Investment Securities	0	0
Fair Value, Inputs, Level 3 [Member] | Corporate Bonds, Notes and Commercial Paper [Member]
Assets:
Marketable Investment Securities	$ 0	$ 0

Summary of Significant Accoun34

Summary of Significant Accounting Policies (Details 3) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Basic loss per share attributable to common stock: Numerator
Net loss									$ (20,982,860)	$ (18,971,508)	$ (18,208,378)
Denominator
Weighted avg. common shares outstanding									20,051,934	18,258,149	16,470,814
Basic loss per share attributable to common stock (in dollars per share)	$ (0.25)	$ (0.22)	$ (0.31)	$ (0.26)	$ (0.16)	$ (0.18)	$ (0.32)	$ (0.38)	$ (1.05)	$ (1.04)	$ (1.11)
Diluted loss per share attributable to common stock: Numerator
Net loss									$ (20,982,860)	$ (18,971,508)	$ (18,208,378)
Denominator
Weighted avg. common shares outstanding									20,051,934	18,258,149	16,470,814
Diluted loss per share attributable to common stock (in dollars per share)	$ (0.25)	$ (0.22)	$ (0.31)	$ (0.26)	$ (0.16)	$ (0.18)	$ (0.32)	$ (0.38)	$ (1.05)	$ (1.04)	$ (1.11)

Summary of Significant Accoun35

Summary of Significant Accounting Policies (Details 4) - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Unvested Restricted Stock Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	0	3,000
Unvested Resticted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	203,998	0	0
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,374,449	2,225,850	1,722,552

Summary of Significant Accoun36

Summary of Significant Accounting Policies (Details Textual) - USD ($)	1 Months Ended		12 Months Ended
	Jul. 31, 2017	Aug. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Allocated Share-based Compensation Expense			$ 2,716,142	$ 2,372,615	$ 1,150,418
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized			$ 2,800,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			2 years 14 days
Cash Equivalents, at Carrying Value			$ 2,200,000	$ 2,900,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 2.45	$ 6.06	$ 6.60
2016 Restructuring Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares		61,487
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost		$ 51,000
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			543,000	990,000	301,500
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares	11,250
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost	$ 46,000
Stock Issued During Period, Shares, Restricted Stock Award, Gross			287,000
Unvested restricted stock units [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized			$ 736,000

Marketable Investment Securit37

Marketable Investment Securities (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 18,261,937	$ 21,288,063
Gross unrealized holding gains	0	0
Gross unrealized holding losses	(4,616)	(8,493)
Aggregate fair value	18,257,321	21,279,570
Government bonds and notes [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	4,744,566	7,473,273
Gross unrealized holding gains	0	0
Gross unrealized holding losses	(2,876)	(2,219)
Aggregate fair value	4,741,690	7,471,054
Corporate bonds, notes and commercial paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	13,517,371	13,814,790
Gross unrealized holding gains	0	0
Gross unrealized holding losses	(1,740)	(6,274)
Aggregate fair value	$ 13,515,631	$ 13,808,516

Marketable Investment Securit38

Marketable Investment Securities (Details 1)	Dec. 31, 2017USD ($)
Amortized Cost
Due within one year	$ 18,261,937
Amortized Cost, Total	18,261,937
Aggregate fair value
Due within one year	18,257,321
Aggregate fair value, Total	$ 18,257,321

Marketable Investment Securit39

Marketable Investment Securities (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Proceeds from Sale and Maturity of Marketable Securities, Total	$ 36,200,000	$ 28,600,000	$ 800,000

Contractual Agreements (Details

Contractual Agreements (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Contract Research And Development [Member]
Schedule of Contractual Agreements [Line Items]
Other Research and Development Expense	$ 8.5	$ 5.5	$ 10
Abbott Products, Inc. [Member] | Collaborative Arrangement [Member]
Schedule of Contractual Agreements [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%

Restructuring Charges (Details)

Restructuring Charges (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restructuring Cost and Reserve [Line Items]
Accrued restructuring charges payable at January 1, 2017	$ 239,573
Restructuring expenses during 2017	0	$ 728,635	$ 0
Restructuring payments during 2017	(239,573)
Accrued restructuring charges payable at December 31, 2017	$ 0	$ 239,573

Restructuring Charges (Details

Restructuring Charges (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 0	$ 728,635	$ 0
2016 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		729,000
Severance Costs		678,000
Non Cash Cost Extend Exercise Period Vested Options		$ 51,000
Restructuring and Related Cost, Number of Positions Eliminated, Period Percent		33.00%

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Computer equipment and software	$ 43,361	$ 43,361
Lab and office equipment	1,048,932	1,048,932
Furniture and fixtures	103,857	103,857
Property, Plant and Equipment, Gross	1,196,150	1,196,150
Less accumulated depreciation	(1,121,080)	(1,092,710)
Property, Plant and Equipment, Net	$ 75,070	$ 103,440

Property and Equipment (Detai44

Property and Equipment (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Depreciation, Depletion and Amortization, Nonproduction, Total	$ 28,370	$ 31,960	$ 26,721

Income Taxes (Details)

Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Taxes [Line Items]
U.S. federal	$ 0	$ 0	$ 0
State and local	700	752	200
Deferred	0	0	0
Total	$ 700	$ 752	$ 200

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Taxes [Line Items]
Computed "expected" tax expense (benefit)	$ (7,133,934)	$ (6,450,075)	$ (6,190,781)
Increase (reduction) in income taxes resulting from:
Change in valuation allowance	(6,173,708)	6,709,591	6,691,992
Difference associated with federal rate change	13,240,342	0	0
State and local income taxes, net of federal income tax benefit	462	496	132
Stock expense	684,854	200,002	102,221
Research and development tax credits	(394,470)	(337,968)	(452,609)
Orphan drug tax credit	(227,109)	(127,641)	(155,452)
Other, net	4,263	6,347	4,697
Income Tax Expense (Benefit)	$ 700	$ 752	$ 200

Income Taxes (Details 2)

Income Taxes (Details 2) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Deferred tax assets:
Stock-based compensation	$ 1,330,706	$ 1,924,260
Net operating loss carryforwards	25,395,518	30,700,358
Employee benefits	54,729	69,112
Research and development tax credits	3,012,081	2,465,893
Orphan drug tax credits	1,023,290	679,185
Other deductible tempory differences	104	70,231
Total gross deferred tax assets	30,816,428	35,909,039
Less valuation allowance	(30,813,270)	(35,904,927)
Net deferred tax assets	3,158	4,112
Deferred tax liabilities:
Plant and equipment	(3,158)	(4,112)
Total gross deferred tax liabilities	(3,158)	(4,112)
Net deferred tax liabilities	$ 0	$ 0

Income Taxes (Details 3)

Income Taxes (Details 3) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
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, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Taxes [Line Items]
Income Tax Expense (Benefit)		$ 700	$ 752	$ 200
Operating Loss Carryforwards		96,500,000
Tax Credit Carryforward, Amount		$ 2,000,000
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent		34.00%
Deferred Tax Assets, Valuation Allowance		$ 30,813,270	35,904,927
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount		5,100,000	7,700,000
Operating Loss Carry forwards Limitations On Use Amount		1,100,000
Operating Loss Carry forwards Pre-ownership Change Amount		20,200,000
Operating Loss Forgive Pre-ownership Change Amount		5,500,000
Tax Credit Carryforward Pre-ownership Change Amount		1,200,000
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount		$ 13,240,342	$ 0	$ 0
Scenario, Plan [Member]
Income Taxes [Line Items]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%
U.S. Federal [Member]
Income Taxes [Line Items]
Operating Loss Carry forwards Expiration Date1		Approximately $25.7 million of the NOL will expire between 2023 and 2033 and $70.8 million of the NOL will expire 2034 through 2037. The research and development credits will begin to expire in 2033 through 2037.
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 2037.
State And Local [Member]
Income Taxes [Line Items]
Operating Loss Carryforwards		$ 102,500,000
Operating Loss Carry forwards Expiration Date1		Approximately $12.4 million of the Company's state NOL expires in 2018, $37.7 million expires between 2019 and 2029, and $52.4 million will expire in 2030 through 2033.
State And Local [Member] | Research and Development Expense [Member]
Income Taxes [Line Items]
Tax Credit Carryforward, Amount		$ 971,000
Tax Credit Carryforward, Description		expire in 2023 through 2030.

Leases (Details)

Leases (Details)	Dec. 31, 2017USD ($)
Year ending December 31:
2,018	$ 58,903
Total minimum lease payments	$ 58,903

Leases (Details Textual)

Leases (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating Leased Assets [Line Items]
Operating Leases, Rent Expense	$ 379,000	$ 374,000	$ 295,000

Stockholders' Equity (Details)

Stockholders' Equity (Details) - Employee Stock Option [Member] - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, Balance at beginning of the period (in shares)	2,225,850
Number of shares, Options granted (in shares)	543,000	990,000	301,500
Number of shares, Options exercised (in shares)	(206,813)
Number of shares, Options forfeited (in shares)	0
Number of shares, Options cancelled (in shares)	(187,588)
Number of shares, Balance at end of the period (in shares)	2,374,449	2,225,850
Number of shares, Options exercisable (in shares)	1,462,333
Weighted average exercise price, Balance at beginning of the period (in dollars per share)	$ 6.12
Weighted average exercise price, Options granted (in dollars per share)	3.55
Weighted average exercise price, Options exercised (in dollars per share)	2.81
Weighted average exercise price, Options forfeited (in dollars per share)	0
Weighted average exercise price, Options cancelled (in dollars per share)	8.47
Weighted average exercise price, Balance at end of the period (in dollars per share)	5.64	$ 6.12
Weighted average exercise price, Options exercisable (in dollars per share)	$ 6.12

Stockholders' Equity (Details 1

Stockholders' Equity (Details 1) - Employee Stock Option [Member] - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options outstanding	2,374,449	2,225,850
Options outstanding, Weighted average remaining contractual life (Years)	7 years 5 months 12 days
Options outstanding, Weighted average exercise price (in dollars per share)	$ 5.64	$ 6.12
Options outstanding, Aggregate intrinsic value	$ 381,294
Number of options exerciseable	1,462,333
Options exercisable, Weighted average remaining contractual life (Years)	6 years 3 months 4 days
Options exercisable, Weighted average exercise price (in dollars per share)	$ 6.12
Options exercisable, Aggregate intrinsic value	$ 381,294

Stockholders' Equity (Details 2

Stockholders' Equity (Details 2) - Restricted Stock [Member]	12 Months Ended
	Dec. 31, 2017shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, Balance at beginning of the period	0
Number of shares, Granted	287,000
Number of shares, Vested	(83,002)
Number of shares, Cancelled	0
Number of shares, Balance at end of the period	203,998

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual) - USD ($)	1 Months Ended	12 Months Ended
	Apr. 29, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Oct. 13, 2017	Mar. 31, 2017	Jun. 30, 2016	Nov. 13, 2015	Apr. 30, 2014	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		$ 223,000	$ 216,000	$ 658,000
Proceeds from Issuance of Common Stock		$ 0	$ 0	32,439,313
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
Stock Issued During Period, Value, New Issues				$ 32,439,313
Common Stock Preferred Stock Debt Securities Warrants And Units To Be Sold Amount Maximum					$ 150,000,000
Common Stock Additional Amount Authorized					$ 25,000,000
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		206,813	208,869	98,574
Stock Issued During Period, Shares, New Issues	5,347,500			5,347,500
Stock Issued During Period, Value, New Issues				$ 535
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
At Market Offering [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, New Issues		2,518,109
Proceeds from Issuance of Common Stock		$ 10,600,000
Controlled Equity Offering Sales Agreement Maximum Amount Authorized						$ 20,000,000
Shares Issued, Price Per Share		$ 4.40
Stock Issued During Period, Value, New Issues		$ 11,100,000
Plan 2014 [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		2,471,906
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									1,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		573,108
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 Authorized							271,906
Maximum [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							2,471,906
Minimum [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							1,271,906

401(k) Plan (Details Textual)

401(k) Plan (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Contribution Plan, Cost Recognized	$ 82,000	$ 128,000	$ 74,000
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	100.00%

Commitments and Contingencies (

Commitments and Contingencies (Details Textual) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Estimated Litigation Liability, Current	$ 4,250,000	$ 0
Insurance Settlements Receivable, Current	$ 3,319,927	$ 0

Agreement with Spriaso, LLC (De

Agreement with Spriaso, LLC (Details Textual) - USD ($)	1 Months Ended	12 Months Ended
	Jul. 23, 2013	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jan. 23, 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 provided facilities and up to 10 percent of the services of certain employees to Spriaso for a period of 18 months which expired
Service Fee					$ 230
Proceeds From Reimbursement		$ 31,000	$ 3,000	$ 61,000

Selected Quarterly Financial 59

Selected Quarterly Financial Information (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating loss	$ (5,402,384)	$ (4,766,059)	$ (6,140,618)	$ (4,908,915)	$ (3,015,090)	$ (3,286,220)	$ (5,815,120)	$ (7,070,404)	$ (21,217,976)	$ (19,186,834)	$ (18,382,068)
Net loss	$ (5,331,586)	$ (4,700,248)	$ (6,089,766)	$ (4,861,260)	$ (2,966,467)	$ (3,235,485)	$ (5,760,111)	$ (7,009,445)	$ (20,982,860)	$ (18,971,508)	$ (18,208,378)
Basic loss per share attributable to common stock (in dollars per share)	$ (0.25)	$ (0.22)	$ (0.31)	$ (0.26)	$ (0.16)	$ (0.18)	$ (0.32)	$ (0.38)	$ (1.05)	$ (1.04)	$ (1.11)
Diluted loss per share attributable to common stock (in dollars per share)	$ (0.25)	$ (0.22)	$ (0.31)	$ (0.26)	$ (0.16)	$ (0.18)	$ (0.32)	$ (0.38)	$ (1.05)	$ (1.04)	$ (1.11)

Subsequent Events (Details Text

Subsequent Events (Details Textual) - Subsequent Event [Member]	Jan. 05, 2018USD ($)
Subsequent Event [Line Items]
Debt Instrument, Face Amount	$ 10,000,000
Debt Instrument, Maturity Date	Dec. 1, 2021
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid	$ 650,000
Debt Instrument, Collateral Amount	$ 5,000,000
Prime Rate [Member]
Subsequent Event [Line Items]
Debt Instrument, Description of Variable Rate Basis	Prime Rate plus one percent
Debt Instrument, Basis Spread on Variable Rate	1.00%