Abeona Therapeutics (ABEO) 10-Q 10 May 18 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 10, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Entity Registrant Name	ABEONA THERAPEUTICS INC.
Entity Central Index Key	318,306
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	ABEO
Entity Common Stock, Shares Outstanding		47,305,285

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 131,995,000	$ 137,750,000
Receivables	64,000	107,000
Prepaid expenses and other current assets	2,092,000	2,735,000
Total current assets	134,151,000	140,592,000
Property and equipment, net	4,789,000	1,374,000
Licensed technology, net	3,890,000	3,977,000
Goodwill	32,466,000	32,466,000
Other assets and restricted cash	357,000	357,000
Total assets	175,653,000	178,766,000
Current liabilities
Accounts payable	5,910,000	2,393,000
Current portion of deferred revenue	544,000	3,214,000
Total current liabilities	6,454,000	5,607,000
Deferred revenue, net of current portion	0	3,061,000
Total liabilities	6,454,000	8,668,000
Commitments and contingencies
Stockholders' equity
Common stock - $.01 par value; authorized 200,000,000 shares; issued, 47,232,940 at March 31, 2018 and 46,888,108 at December 31, 2017	472,000	469,000
Additional paid-in capital	533,319,000	529,421,000
Accumulated deficit	(364,592,000)	(359,792,000)
Total stockholders' equity	169,199,000	170,098,000
Total liabilities and stockholders' equity	$ 175,653,000	$ 178,766,000

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares, Issued	47,232,940	46,888,108

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues
Foundation grants	$ 2,548,000	$ 0
Royalties	50,000	35,000
License revenues	0	151,000
Total revenues	2,598,000	186,000
Expenses
Research and development	8,162,000	2,198,000
General and administrative	2,878,000	3,022,000
Depreciation and amortization	174,000	250,000
Total expenses	11,214,000	5,470,000
Loss from operations	(8,616,000)	(5,284,000)
Interest and miscellaneous income	156,000	39,000
Interest and other expense	(3,000)	(2,000)
Total non operating income (expense)	153,000	37,000
Net loss	$ (8,463,000)	$ (5,247,000)
Basic and diluted loss per common share (in dollars per share)	$ (0.18)	$ (0.13)
Weighted average number of common shares outstanding (in shares)	47,060,523	40,254,679

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Stockholders' Equity - 3 months ended Mar. 31, 2018 - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated deficit [Member]
Balance at Dec. 31, 2017	$ 170,098,000	$ 469,000	$ 529,421,000	$ (359,792,000)
Balance (in shares) at Dec. 31, 2017		46,888,108
Cumulative effect adjustment of ASC 606 on January 1, 2018	3,663,000	$ 0	0	3,663,000
Stock based compensation expense	1,900,000	0	1,900,000	0
Vesting of restricted common stock issued to employees	172,000	0	172,000	0
Common stock issued for cash exercise of options	1,685,000	$ 3,000	1,682,000	0
Common stock issued for cash exercise of options (in shares)		267,196
Exercise of $5.00 warrants	144,000	$ 0	144,000	0
Exercise of $5.00 warrants (in shares)		28,874
Cashless warrant exercises	0	$ 0	0	0
Cashless warrant exercises (in shares)		48,762
Net loss	(8,463,000)	$ 0	0	(8,463,000)
Balance at Mar. 31, 2018	$ 169,199,000	$ 472,000	$ 533,319,000	$ (364,592,000)
Balance (in shares) at Mar. 31, 2018		47,232,940

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	Mar. 31, 2018	Mar. 31, 2017
Dollar Five Warrant [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 5	$ 5

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net loss	$ (8,463,000)	$ (5,247,000)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	174,000	250,000
Stock option compensation expense	1,900,000	1,492,000
Restricted common stock issued to directors and employees	172,000	362,000
Change in operating assets and liabilities:
Receivables	43,000	(24,000)
Prepaid expenses and other current assets	643,000	(308,000)
Accounts payable and accrued expenses	3,517,000	(2,231,000)
Deferred revenue	(2,068,000)	(151,000)
Net cash used in operating activities	(4,082,000)	(5,857,000)
Cash flows from investing activities:
Capital expenditures	(3,502,000)	(74,000)
Net cash used in investing activities	(3,502,000)	(74,000)
Cash flows from financing activities:
Proceeds from exercise of stock options	1,685,000	0
Net cash provided by financing activities	1,829,000	1,000
Net decrease in cash, cash equivalents and restricted cash	(5,755,000)	(5,930,000)
Cash, cash equivalents and restricted cash at beginning of period	138,030,000	69,142,000
Cash, cash equivalents and restricted cash at end of period	132,275,000	63,212,000
Supplemental cash flow disclosures:
Cash and cash equivalents	131,995,000	63,212,000
Restricted cash	280,000	0
Total cash, cash equivalents and restricted cash	132,275,000	63,212,000
Cash paid for interest	3,000	2,000
Dollar Five Warrant [Member]
Cash flows from financing activities:
Proceeds from Warrant Exercises	$ 144,000	$ 1,000

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Cash Flows (Parenthetical) - $ / shares	Mar. 31, 2018	Mar. 31, 2017
Dollar Five Warrant [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 5	$ 5

Interim Financial Statements

Interim Financial Statements	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interim Financial Statements	(1) Interim Financial Statements The condensed consolidated balance sheet as of March 31, 2018, the condensed consolidated statements of operations for the three months ended March 31, 2018 and 2017, the condensed consolidated statements of stockholders’ equity for the three months ended March 31, 2018, and the condensed consolidated statements of cash flows for the three months ended March 31, 2018 and 2017, were prepared by management without audit. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, except as otherwise disclosed, necessary for the fair presentation of the financial position, results of operations, and changes in financial position for such periods, have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these interim financial statements be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2017. The results of operations for the period ended March 31, 2018 are not necessarily indicative of the operating results which may be expected for a full year. The condensed consolidated balance sheet as of December 31, 2017 contains financial information taken from the audited Abeona consolidated financial statements as of that date. As of March 31, 2018, we had 5,807,531 2,838,576

New Accounting Standards Implem

New Accounting Standards Implemented	3 Months Ended
	Mar. 31, 2018
Accounting Changes and Error Corrections [Abstract]
New Accounting Standards Implemented	(2) New Accounting Standards Implemented Revenue Recognition Effective January 1, 2018, we adopted Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers 3.7 Revenue Recognition December 31, 2017, January 1, 2018 Balance Sheet As Reported Under Adjustments Due As Adjusted (in thousands) ASC 605 to ASC 606 Under ASC 606 Liabilities Current liabilities Current portion of deferred revenue $ 3,214 $ (602) $ 2,612 Total current liabilities 3,214 (602) 2,612 Deferred revenue, net of current portion 3,061 (3,061) - Total liabilities 8,668 (3,663) 5,005 Stockholders’ Equity Accumulated deficit (359,792) 3,663 (356,129) Total equity $ 170,098 $ - $ 170,098 First Quarter Ended March 31, 2018 STATEMENT OF OPERATIONS Under Effect of As Reported (in thousands except per share amounts) ASC 605 ASC 606 Under ASC 606 Revenues License revenues $ 151 $ (151) $ - Total revenues BS 2,749 (151) 2,598 Loss from operations $ (8,465) $ (151) $ (8,616) Net loss $ (8,312) $ (151) $ (8,463) Basic and diluted loss per common share $ (0.18) $ 0.00 $ (0.18) March 31, 2018 Balance Sheet Under Effect of As Reported (in thousands) ASC 605 ASC 606 Under ASC 606 Liabilities and Stockholders’ Equity Current liabilities Current portion of deferred revenue $ 1,146 $ (602) $ 544 Total current liabilities 7,056 (602) 6,454 Deferred revenue, net of current portion 2,910 (2,910) - Total liabilities 9,966 (3,512) 6,454 Stockholders’ Equity Accumulated deficit (368,255) (3,663) (364,592) Total stockholders’ equity $ 165,536 $ 3,663 $ 169,199 We received upfront cash payments for licenses of our technology in years 2008-2014. The revenue was recognized straight-line over the life of the patent. Our obligation was performed at the time the license was granted. Following the revenue recognition policies in accordance with ASC 606, we decreased the accumulated deficit by $ 3,663,000 Royalty revenues will continue to be recognized in the period of sales. Royalties recognized in the first quarter of 2018 are $ 50,000 . 2,548,000 2,548,000 We recorded revenue for Foundation Grants of $2,548,000 for first quarter of 2018 and no revenues for the same period of 2017, an increase of $2,548,000. We record revenue to match expenses for the advancement of the Company’s clinical stage gene therapies for Sanfilippo Syndrome Type A (MPS IIIA) and Sanfilippo Syndrome Type B (MPS IIIB). Restricted cash disclosure In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows, Restricted Cash

Licensed Technology

Licensed Technology	3 Months Ended
	Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Licensed Technology	(3) Licensed Technology On May 15, 2015, we acquired Abeona Therapeutics LLC which had a an exclusive license through Nationwide Children’s Hospital to the AB-101 and AB-102 patent portfolios for developing treatments for patients with Sanfilippo Syndrome Type A and Type B. The license is amortized over the life of the license of 20 On August 3, 2016, we announced we entered into an agreement (the “EB Agreement”) with EB Research Partnership (“EBRP”) and Epidermolysis Bullosa Medical Research Foundation (“EBMRF”) to collaborate on gene therapy treatments for EB. We also entered into a license with Stanford for the AAV-based gene therapy EB-201 (AAV DJ COL7A1) technology, and we shall perform preclinical development and perform clinical trials of a gene therapy treatment for EB based upon such in-licensed technology. EB-201 (AAV DJ COL7A1) is a pre-clinical candidate targeting a novel, AAV-mediated gene editing and delivery approach (known as homologous recombination) to correct gene mutations in skin cells (keratinocytes) for patients with recessive dystrophic epidermolysis bullosa (RDEB). The licenses are amortized over the life of the license of 20 years. March 31, December 31, 2018 2017 Licensed technology $ 4,608,000 $ 4,608,000 Less accumulated amortization 718,000 631,000 Licensed technology, net $ 3,890,000 $ 3,977,000 March 31, 2018 December 31, 2017 Gross Accumulated Gross Accumulated Amortizable intangible assets Licensed technology $ 4,608 $ 718 $ 4,608 $ 631 87,000 203,000 2018 $ 259 2019 346 2020 346 2021 346 2022 346 over 5 years 2,247 Total $ 3,890

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	(4) Fair Value Measurements We calculate the fair value of our assets and liabilities which qualify as financial instruments and include additional information in the notes to the consolidated financial statements when the fair value is different than the carrying value of these financial instruments. The estimated fair value of receivables, prepaids and other and accounts payable approximate their carrying amounts due to the relatively short maturity of these instruments. U.S. GAAP defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. This guidance establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: · Level 1 – Quoted prices in active markets for identical assets or liabilities. · Level 2 – Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. · Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar valuation techniques that use significant unobservable inputs. The guidance requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. We have segregated all financial assets and liabilities that are measured at fair value on a recurring basis (at least annually) into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the table below. (in thousands) As of March 31, Total Gains Description 2018 Level 1 Level 2 Level 3 (Losses) Non-recurring Assets: Licensed technology (net) $ 3,890 $ - $ - $ 3,890 $ 87 Goodwill 32,466 - - 32,466 - (in thousands) As of December 31, Total Gains Description 2017 Level 1 Level 2 Level 3 (Losses) Non-recurring Assets: Licensed technology (net) $ 3,977 $ - $ - $ 3,977 $ 127 Goodwill 32,466 - - 32,466 - Recurring Liabilities: Contingent consideration $ - $ - $ - $ - $ 1,391

Stock Based Option Compensation

Stock Based Option Compensation and Restricted Stock Compensation	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Based Option Compensation and Restricted Stock Compensation	(5) Stock Based Option Compensation and Restricted Stock Compensation For the three months ended March 31, 2018, we recognized stock-based compensation expense of $ 1,900,000 1,492,000 Three months ended March 31, 2018 2017 Research and development $ 1,056,000 $ 356,000 General and administrative 844,000 1,136,000 Stock-based compensation expense included in operating expense $ 1,900,000 $ 1,492,000 For the three months ended March 31, 2018, we granted 645,000 For the three months ended March 31, 2018, the fair value of options was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: dividend yield of 0 5.0 For the three months ended March 31, 2018, we recognized restricted common stock compensation expense of $ 172,000 362,000 Three months ended March 31, 2018 2017 Research and development $ - $ - General and administrative 172,000 362,000 Stock-based compensation expense included in operating expense $ 172,000 $ 362,000 For the three months ended March 31, 2018 and 2017, no stock was granted.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	(6) Commitments and Contingencies We are not currently subject to any material pending legal proceeding. At March 31, 2018, we had construction in-progress to build out manufacturing facilities at our Cleveland location. We had a remaining construction commitment of $ 1,456,000

New Accounting Standards Impl15

New Accounting Standards Implemented (Tables)	3 Months Ended
	Mar. 31, 2018
Accounting Changes and Error Corrections [Abstract]
Balance Sheet Due to the Adoption of ASC 606	December 31, 2017, January 1, 2018 Balance Sheet As Reported Under Adjustments Due As Adjusted (in thousands) ASC 605 to ASC 606 Under ASC 606 Liabilities Current liabilities Current portion of deferred revenue $ 3,214 $ (602) $ 2,612 Total current liabilities 3,214 (602) 2,612 Deferred revenue, net of current portion 3,061 (3,061) - Total liabilities 8,668 (3,663) 5,005 Stockholders’ Equity Accumulated deficit (359,792) 3,663 (356,129) Total equity $ 170,098 $ - $ 170,098 The table below presents the impact of the adoption of ASC 606 on our balance sheet. March 31, 2018 Balance Sheet Under Effect of As Reported (in thousands) ASC 605 ASC 606 Under ASC 606 Liabilities and Stockholders’ Equity Current liabilities Current portion of deferred revenue $ 1,146 $ (602) $ 544 Total current liabilities 7,056 (602) 6,454 Deferred revenue, net of current portion 2,910 (2,910) - Total liabilities 9,966 (3,512) 6,454 Stockholders’ Equity Accumulated deficit (368,255) (3,663) (364,592) Total stockholders’ equity $ 165,536 $ 3,663 $ 169,199
Adoption of ASC 606 on Our Statement of Operations	The table below presents the impact of the adoption of ASC 606 on our statement of operations. First Quarter Ended March 31, 2018 STATEMENT OF OPERATIONS Under Effect of As Reported (in thousands except per share amounts) ASC 605 ASC 606 Under ASC 606 Revenues License revenues $ 151 $ (151) $ - Total revenues BS 2,749 (151) 2,598 Loss from operations $ (8,465) $ (151) $ (8,616) Net loss $ (8,312) $ (151) $ (8,463) Basic and diluted loss per common share $ (0.18) $ 0.00 $ (0.18)

Licensed Technology (Tables)

Licensed Technology (Tables)	3 Months Ended
	Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Licensed technology consists of the following: March 31, December 31, 2018 2017 Licensed technology $ 4,608,000 $ 4,608,000 Less accumulated amortization 718,000 631,000 Licensed technology, net $ 3,890,000 $ 3,977,000 Intangible assets consist of the following (in thousands): March 31, 2018 December 31, 2017 Gross Accumulated Gross Accumulated Amortizable intangible assets Licensed technology $ 4,608 $ 718 $ 4,608 $ 631
Schedule of Finite-lived Intangible Assets Amortization Expense	Amortization expense related to intangible assets totaled $ 87,000 203,000 2018 $ 259 2019 346 2020 346 2021 346 2022 346 over 5 years 2,247 Total $ 3,890

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Financial assets and liabilities measured at fair value on recurring basis	Financial assets and liabilities measured at fair value on a non-recurring and recurring basis as of March 31, 2018 and December 31, 2017 are summarized below: (in thousands) As of March 31, Total Gains Description 2018 Level 1 Level 2 Level 3 (Losses) Non-recurring Assets: Licensed technology (net) $ 3,890 $ - $ - $ 3,890 $ 87 Goodwill 32,466 - - 32,466 - (in thousands) As of December 31, Total Gains Description 2017 Level 1 Level 2 Level 3 (Losses) Non-recurring Assets: Licensed technology (net) $ 3,977 $ - $ - $ 3,977 $ 127 Goodwill 32,466 - - 32,466 - Recurring Liabilities: Contingent consideration $ - $ - $ - $ - $ 1,391

Stock Based Option Compensati18

Stock Based Option Compensation and Restricted Stock Compensation (Tables)	3 Months Ended
	Mar. 31, 2018
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Summarization of stock-based compensation	The following table summarizes stock-based compensation for the three months ended March 31, 2018 and 2017: Three months ended March 31, 2018 2017 Research and development $ 1,056,000 $ 356,000 General and administrative 844,000 1,136,000 Stock-based compensation expense included in operating expense $ 1,900,000 $ 1,492,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Summarization of stock-based compensation	The following table summarizes restricted common stock compensation expense for the three months ended March 31, 2018 and 2017: Three months ended March 31, 2018 2017 Research and development $ - $ - General and administrative 172,000 362,000 Stock-based compensation expense included in operating expense $ 172,000 $ 362,000

Interim Financial Statements (D

Interim Financial Statements (Details Textual)	3 Months Ended
	Mar. 31, 2018shares
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	5,807,531
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,838,576

New Accounting Standards Impl20

New Accounting Standards Implemented (Details) - USD ($)	Mar. 31, 2018	Jan. 02, 2018	Dec. 31, 2017
Liabilities
Current portion of deferred revenue	$ 544,000	$ 2,612,000	$ 3,214,000
Total current liabilities	6,454,000	2,612,000	5,607,000
Deferred revenue, net of current portion	0	0	3,061,000
Total liabilities	6,454,000	5,005,000	8,668,000
Stockholders’ Equity
Accumulated deficit	(364,592,000)	(356,129,000)	(359,792,000)
Total stockholders' equity	169,199,000	$ 170,098,000	170,098,000
As Reported Under ASC 605
Liabilities
Current portion of deferred revenue	1,146,000		3,214,000
Total current liabilities	7,056,000		3,214,000
Deferred revenue, net of current portion	2,910,000		3,061,000
Total liabilities	9,966,000		8,668,000
Stockholders’ Equity
Accumulated deficit	(368,255,000)		(359,792,000)
Total stockholders' equity	165,536,000		170,098,000
Adjustments Due to ASC 606
Liabilities
Current portion of deferred revenue	(602,000)		(602,000)
Total current liabilities	(602,000)		(602,000)
Deferred revenue, net of current portion	(2,910,000)		(3,061,000)
Total liabilities	(3,512,000)		(3,663,000)
Stockholders’ Equity
Accumulated deficit	(3,663,000)		3,663,000
Total stockholders' equity	$ 3,663,000		$ 0

New Accounting Standards Impl21

New Accounting Standards Implemented (Details 1) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues
Licenses Revenue	$ 0	$ 151,000
Total revenues BS	2,598,000	186,000
Expenses
Loss from operations	(8,616,000)	(5,284,000)
Net loss	$ 8,463,000	$ 5,247,000
Basic and diluted loss per common share	$ (0.18)	$ (0.13)
As Reported Under ASC 605
Revenues
Licenses Revenue	$ 151,000
Total revenues BS	2,749,000
Expenses
Loss from operations	(8,465,000)
Net loss	$ (8,312,000)
Basic and diluted loss per common share	$ (0.18)
Adjustments Due to ASC 606
Revenues
Licenses Revenue	$ (151,000)
Total revenues BS	(151,000)
Expenses
Loss from operations	(151,000)
Net loss	$ (151,000)
Basic and diluted loss per common share	$ 0

New Accounting Standards Impl22

New Accounting Standards Implemented (Details Textual) - USD ($)	1 Months Ended	3 Months Ended
	Jan. 02, 2018	Mar. 31, 2018	Dec. 31, 2017	Oct. 16, 2017	Mar. 31, 2017
Revenue from Grants		$ 2,548,000			$ 0
Cumulative Effect on Retained Earnings, Net of Tax		3,663,000
Royalty Revenue		50,000			35,000
Restricted Cash and Cash Equivalents		280,000	$ 0		$ 0
Grants Receivable		13,850,000
Deferred Revenue, Revenue Recognized		2,600,000
Deferred Revenue, Current	$ 2,612,000	544,000	3,214,000
Proceeds From Grant Received		$ 500,000	$ 2,600,000	$ 3,100,000
Accounting Standards Update 2014-09 [Member]
Stockholders' Equity, Period Increase (Decrease)	$ 3,700,000

Licensed Technology (Details)

Licensed Technology (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Licensed technology, net	$ 3,890,000	$ 3,977,000
Licensed Technology [Member]
Licensed technology	4,608,000	4,608,000
Less accumulated amortization	718,000	631,000
Licensed technology, net	$ 3,890,000	$ 3,977,000

Licensed Technology (Details 1)

Licensed Technology (Details 1) - Licensed Technology [Member] - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Amortizable intangible assets [Abstract]
Gross carrying value	$ 4,608,000	$ 4,608,000
Accumulated amortization	$ 718,000	$ 631,000

Licensed Technology (Details 2)

Licensed Technology (Details 2) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
2,018	$ 259,000
2,019	346,000
2,020	346,000
2,021	346,000
2,022	346,000
over 5 years	2,247,000
Total	$ 3,890,000	$ 3,977,000

Licensed Technology (Details Te

Licensed Technology (Details Textual) - USD ($)	May 15, 2015	Mar. 31, 2018	Mar. 31, 2017
Amortization of Intangible Assets		$ 87,000	$ 203,000
License Agreement Terms [Member]
Finite-Lived Intangible Asset, Useful Life	20 years

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Nonrecurring [Member]
Assets
Licensed technology (net)	$ 3,890	$ 3,977
Goodwill	32,466	32,466
Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member]
Assets
Licensed technology (net)	0	0
Goodwill	0	0
Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member]
Assets
Licensed technology (net)	0	0
Goodwill	0	0
Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]
Assets
Licensed technology (net)	3,890	3,977
Goodwill	32,466	32,466
Nonrecurring [Member] | Licensed technology [Member]
Liabilites
Total gains (losses)	87	127
Nonrecurring [Member] | Goodwill [Member]
Liabilites
Total gains (losses)	$ 0	0
Recurring [Member]
Liabilites
Contingent consideration		0
Recurring [Member] | Contingent Consideration [Member]
Liabilites
Total gains (losses)		1,391
Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Liabilites
Contingent consideration		0
Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Liabilites
Contingent consideration		0
Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Liabilites
Contingent consideration		$ 0

Stock Based Option Compensati28

Stock Based Option Compensation and Restricted Stock Compensation (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share-based and Restricted Stock Compensation Expense [Abstract]
Stock-based compensation expense included in operating expense	$ 1,900,000	$ 1,492,000
Stock Options [Member]
Share-based and Restricted Stock Compensation Expense [Abstract]
Stock-based compensation expense included in operating expense	1,900,000	1,492,000
Stock Options [Member] | Research and Development Expense [Member]
Share-based and Restricted Stock Compensation Expense [Abstract]
Stock-based compensation expense included in operating expense	1,056,000	356,000
Stock Options [Member] | General and Administrative [Member]
Share-based and Restricted Stock Compensation Expense [Abstract]
Stock-based compensation expense included in operating expense	844,000	1,136,000
Restricted Stock [Member]
Share-based and Restricted Stock Compensation Expense [Abstract]
Stock-based compensation expense included in operating expense	172,000	362,000
Restricted Stock [Member] | Research and Development Expense [Member]
Share-based and Restricted Stock Compensation Expense [Abstract]
Stock-based compensation expense included in operating expense	0	0
Restricted Stock [Member] | General and Administrative [Member]
Share-based and Restricted Stock Compensation Expense [Abstract]
Stock-based compensation expense included in operating expense	$ 172,000	$ 362,000

Stock Based Option Compensati29

Stock Based Option Compensation and Restricted Stock Compensation (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share-based and Restricted Stock Compensation Expense [Abstract]
Stock-based compensation expense included in operating expense	$ 1,900,000	$ 1,492,000
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate	0.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	1.09%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	2.37%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	5 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 10.83
Share-based Compensation Arrangement by Share-based Payment Award, Option Grants in Period Weighted Average Grant Date Fair Value	$ 10.83
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price	$ 13.72
Stock Options [Member]
Share-based and Restricted Stock Compensation Expense [Abstract]
Stock options granted (in shares)	645,000	0
Stock-based compensation expense included in operating expense	$ 1,900,000	$ 1,492,000
Restricted Stock [Member]
Share-based and Restricted Stock Compensation Expense [Abstract]
Stock-based compensation expense included in operating expense	$ 172,000	$ 362,000

Commitments and Contingencies (

Commitments and Contingencies (Details Textual)	Mar. 31, 2018USD ($)
Other Commitment	$ 1,456,000