VBI Vaccines 10-Q 12 Nov 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 12, 2015
Entity Registrant Name	VBI VACCINES INC.
Entity Central Index Key	704,159
Trading Symbol	vbiv
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		23,530,260
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Investment Tax Credit Carryforward [Member]
CURRENT ASSETS
Investment tax credits receivable	$ 167,543	$ 133,696
Cash and Cash Equivalents, at Carrying Value	11,009,396	12,604,273
Prepaid expenses and deposits	557,920	400,827
Government receivables	71,529	33,590
Current assets	11,806,388	13,172,386
DEFERRED FINANCING COSTS, NET	251,784	395,184
PROPERTY AND EQUIPMENT, NET	130,527	106,500
INTANGIBLES, NET	388,346	380,148
Assets	12,577,045	14,054,218
CURRENT LIABILITIES
Accounts payable	1,076,618	650,142
Accrued liabilities	1,004,521	$ 568,535
Deferred revenue	7,485
Current portion of long-term debt	900,000	$ 375,000
Current liabilities	2,988,624	1,593,677
LONG-TERM DEBT, NET	1,419,950	1,770,374
Liabilities	4,408,574	3,364,051
STOCKHOLDERS' EQUITY
Common stock (authorized 200,000,000; issued 23,030,260; par value $0.0001) (2014 - issued 20,012,760)	2,304	2,002
Convertible preferred stock (authorized 30,000,000; issued 2,996,482; par value $0.0001) (2014 - issued 2,996,482)	299	299
Warrants	1,027,000	1,027,000
Additional paid-in capital	86,186,333	79,098,591
Accumulated other comprehensive income (loss)	27,575	67,513
Retained Earnings (Accumulated Deficit)	(79,075,040)	(69,505,238)
Stockholders' equity	8,168,471	10,690,167
Liabilities and stockholders' equity	$ 12,577,045	$ 14,054,218

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	23,030,260	20,012,760
Convertible preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized (in shares)	30,000,000	30,000,000
Convertible preferred stock, shares issued (in shares)	2,996,482	2,996,482

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Collaboration revenue	$ 137,515		$ 388,475
Operating expenses:
Research and development	2,503,115	$ 867,035	5,120,051	$ 1,898,728
General and administration	1,667,558	5,691,492	4,278,764	7,898,872
Total operating expenses	4,170,673	6,558,527	9,398,815	9,797,600
Loss from operations	(4,033,158)	(6,558,527)	(9,010,340)	(9,797,600)
Interest expense	(91,250)	(58,136)	(272,250)	(865,835)
Foreign exchange gain (loss)	19,718	(57,107)	36,358	(50,962)
Accretion of debt discount	(107,601)	(61,504)	(324,576)	(61,504)
Interest income	245	2,640	1,006	2,836
NET LOSS	(4,212,046)	(6,732,634)	(9,569,802)	(10,773,065)
Currency translation adjustment	56,899	5,401	39,938	(38,005)
COMPREHENSIVE LOSS	$ (4,155,147)	$ (6,727,233)	$ (9,529,864)	$ (10,811,070)
Loss per share of common stock, basic and diluted (in dollars per share)	$ (0.20)	$ (0.46)	$ (0.47)	$ (1.88)
Weighted-average number of common shares outstanding, basic and diluted (in shares)	21,599,244	14,703,833	20,541,588	5,745,478

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
OPERATING
Net loss	$ (9,569,802)	$ (10,773,065)
Adjustments to reconcile net loss to cash used in operating activities:
Amortization of property and equipment and intangibles	98,050	84,066
Amortization of deferred financing costs	143,401	165,909
Stock-based compensation expense	820,100	281,800
Accretion of debt discount	$ 324,576	61,504
Interest accrued on convertible notes		$ 812,832
Stock-based compensation for services	$ 44,800
Stock-based merger transaction costs		$ 3,321,537
Net change in operating working capital items	$ 633,583	129,451
Operating	$ (7,505,292)	(5,915,966)
INVESTING
Funds held in escrow		777,746
Acquisition of property and equipment	$ (75,400)	(64,168)
Acquisition of intangibles	(112,077)	$ (18,234)
Proceeds from the sale of property and equipment	1,124
Investing	$ (186,353)	$ 695,344
FINANCING
Proceeds from exercise of stock options		1
Proceeds from Issuance of Common Stock	$ 6,285,700	15,214,561
Proceeds from issuance of preferred shares		1,035,135
Share issue costs	$ (62,556)	(796,247)
Proceeds from convertible notes		1,500,000
Financing costs on notes converted to shares		(134,088)
Gross proceeds		3,000,000
Financing costs of long-term debt		$ (471,345)
Repayment of long-term debt	$ (150,000)
Financing	6,073,144	$ 19,348,017
Effect of exchange rate changes on cash and cash equivalents	23,624	45,802
CHANGE IN CASH AND CASH EQUIVALENTS FOR THE PERIOD	(1,594,877)	14,173,197
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	12,604,273	624,419
CASH AND CASH EQUIVALENTS, END OF PERIOD	11,009,396	14,797,616
Supplementary information:
Interest paid	$ 272,250	53,000
Non-cash investing and financing:
Issuance of common stock in connection with conversion of notes payable		20,765,988
Issuance of preferred stock in connection with conversion of notes payable		$ 520,572
Stock-based compensation for services	$ 44,800
Debt discount on long-term debt		$ 1,027,000

Note 1 - Nature of Business and

Note 1 - Nature of Business and Continuation of Business	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. NATURE OF BUSINESS AND CONTINUATION OF BUSINESS Nature of business The Company, VBI Vaccines Inc. (formerly Paulson Capital (Delaware) Corp. (“Paulson”)), a Delaware corporation (the “Company” or VBI”), is dedicated to the innovative formulation, development and delivery of safe and effective vaccines that expand and enhance vaccine protection in both established and emerging markets. VBI, its wholly-owned subsidiary, Variation Biotechnologies (US), Inc. (“VBI US”) and Variation Biotechnologies, Inc. (“VBI Cda”) a Canadian company and the wholly-owned subsidiary of VBI US, are collectively referred to as the “Company”. As further described in Note 9, Subsequent Events, on October 26, 2015, the Company, SciVac Therapeutics Inc., a corporation organized under the laws of British Columbia, Canada (“SciVac”), and Seniccav Acquisition Corporation, a Delaware corporation and wholly owned subsidiary of SciVac (the “Sub”), entered into an Agreement and Plan of Merger (the “SciVac Merger Agreement”), pursuant to which, subject to the satisfaction or waiver of certain conditions, the Sub will merge with and into the Company, with the Company surviving as a wholly owned subsidiary of SciVac (the “Proposed Merger”). The SciVac Merger Agreement also contemplates the closing of public or private equity financing with aggregate gross proceeds of at least $25 million contemporaneously with the SciVac Merger and includes various closing conditions standard to transactions of this nature. The transaction is expected to close during the first quarter of 2016 and is not expected to have a significant impact on the current research operations of the Company. Planned Principal Operations The Company is a pharmaceutical company developing novel technologies that seek to expand vaccine protection in large, underserved markets. The Company has developed an enveloped “Virus Like Particle” or “eVLP” vaccine platform that allows for the design of enveloped virus-like particle vaccines that closely mimic the target viruses. Using this proprietary technology platform, the Company has undertaken specific projects related to human cytomegalovirus (“CMV”) and other antigens. To date in 2015, the Company has prepared several batches of vaccine for a toxicology trial, for a proposed Phase I clinical trial and for other regulatory purposes. The Company expects to advance its first product candidate into Phase I clinical trials during the first half of 2016. On September 8, 2015, the Company announced that VBI Cda had been awarded up to $350,000 Canadian dollars (“CAD”) in grant funding by the National Research Council-Industrial Research Assistance Program (“NRC-IRAP”) to apply VBI’s eVLP platform in the development of a respiratory syncytial virus (“RSV”) vaccine candidate. In addition, on October 8, 2015 the Company announced that it has applied its eVLP platform in the development of a novel therapeutic vaccine candidate for glioblastoma multiforme (“Glioblastoma” or “GBM”) with Columbia University’s Brain Tumor Center. All costs incurred to-date by the Company have directly or indirectly contributed to the advancement of these projects. The Company has not deferred or capitalized any costs related to any of these projects. The Merger On May 8, 2014, Paulson and VBI Acquisition Corp., a special purpose wholly owned subsidiary of Paulson (the “Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which, subject to the satisfaction or waiver of certain conditions, the Merger Sub would merge with and into VBI US (the transaction referred to as the “Merger”), with VBI US surviving as a wholly owned subsidiary of Paulson. VBI US was incorporated on December 20, 2006 under the laws of the State of Delaware. On December 28, 2006, VBI US completed a private round of financing and contemporaneously acquired, through an exchange of shares, all of the outstanding common shares of VBI Cda, a Canadian company incorporated on August 24, 2001 under the Canada Business Corporations Act. On July 14, 2014, Paulson held a Special Meeting of Stockholders at which 67.4% of the outstanding shares of Paulson’s common stock were cast and more than 98% of the votes cast were voted in favor of each of a group of proposals related to the Merger. On July 25, 2014, the Merger closed and Paulson changed its name to VBI Vaccines Inc. Beginning on July 29, 2014, the Company’s stock began trading on The NASDAQ Capital Market under the symbol “VBIV” following the consummation of a 1 for 5 reverse split. The financial statements of VBI US are treated as the historical financial statements of the combined company, with the results of Paulson being included from July 25, 2014. The equity of VBI US has been retroactively restated to reflect the number of shares issued in the transaction. Continuation of business and liquidity The Company has not generated any product revenues and has incurred operating losses since inception. There is no assurance that profitable operations will ever be achieved, and if achieved, could be sustained on a continuing basis. In addition, development activities, clinical and preclinical testing, and commercialization of the Company’s product candidates will require significant additional financing. The Company’s accumulated deficit as of September 30, 2015 was $79.1 million and the Company expects to incur substantial losses in future periods. The Company plans to finance future operations with a combination of existing cash reserves, proceeds from the issuance of equity securities, the issuance of additional debt, and revenues from potential collaborations, if any. The Company has not generated positive cash flows from operations, and there is no assurance that it will be successful in obtaining an adequate level of financing for the development and commercialization of planned product candidates. As of September 30, 2015, the Company had approximately $11 million of cash and working capital of $8.9 million. The Company will require significant additional funds to conduct pre-clinical research for new vaccine candidates, conduct clinical and non-clinical trials, achieve regulatory approvals, and, subject to such approvals, commercially launch its products. The Company has funded its operations to date through the issuance of convertible preferred stock, the issuance of common stock, the issuance of secured convertible and other notes payable to certain stockholders and financial institutions, and funding received from government research and development grants. The Company’s long-term success and ability to continue as a going concern is dependent upon obtaining sufficient capital to fund the research and development of its products, to bring about their successful commercial release, to generate revenue and, ultimately, to attain profitable operations or alternatively advance the products and technology to such a point that an acquirer would find the Company attractive. The Company’s cash and cash equivalents balance as of September 30, 2015 are expected to be adequate to fund the Company’s operations into the second half of 2016, however, the Company intends to explore financing opportunities to provide additional working capital. The Company cannot be certain that additional financing will be available on terms acceptable to the Company or at all. To the extent funds are insufficient to support the Company’s operations and commercialize its technology, the Company may undertake additional offerings of securities, debt financing, selling or licensing developed intellectual or other property, or other alternatives. In that regard, the Company filed a Form S-3 shelf registration statement with the Securities and Exchange Commission (the “Commission”) on April 17, 2015. On July 8, 2015, the Company filed an amended registration statement on Form S-3 with the Commission covering the offering of up to an aggregate of $75 million of the Company’s common stock, preferred stock and warrants from time to time as market conditions permit (the “Shelf Registration Statement”). The Shelf Registration Statement was declared effective on July 10, 2015. This information does not constitute an offer of any securities for sale. On August 13, 2015, the Company entered into a securities purchase agreement by and among the Company and nineteen accredited investors (the “Purchasers”) pursuant to which the Company agreed to issue and sell up to 3,000,000 shares of the Company’s common stock to the Purchasers at a purchase price per share equal to 85% of the average of the volume weighted average prices of the common stock reported by Bloomberg LP for the ten trading days immediately prior to each closing (the “Private Placement”). Aggregate gross proceeds from the Private Placement amounted to $6,285,700.

Note 2 - Significant Accounting

Note 2 - Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The Company’s interim consolidated financial statements included herein as of September 30, 2015 and for the three-and nine-months ended September 30, 2015 and 2014 are unaudited. The financial information as of December 31, 2014 is derived from the audited consolidated financial statements included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2014, as filed with the Commission on March 20, 2015. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year. The unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and are the responsibility of the Company’s management. These financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all normal and recurring adjustments considered necessary for a fair presentation of such financial statements have been included. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the entire year. Use of estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and use assumptions that affect reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the balance sheet dates and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. Significant estimates reflected in these consolidated financial statements include the estimated fair values of the Company’s common shares used in the valuation of the stock-based compensation, warrants, the long-term debt, investment tax credits, certain accruals, useful lives of intangibles and the valuation allowance recognized on the deferred tax assets. Revenue Recognition Revenue is recognized when all of the following criteria are met: ● Persuasive evidence of an arrangement exists ● Delivery has occurred or services have been rendered and there are no future performance obligations ● The amount of revenue is fixed or determinable ● Collectability is reasonably assured Milestone payments are immediately recognized as revenue if the Company has no future performance obligations, collectability is reasonably assured and the contractually specified milestone is achieved. Otherwise, revenue is recognized over the term of the agreement or the performance period using a percentage of effort incurred. The level of effort is based on estimates of total expected time or duration to complete the work which is compared to the period of time incurred to date in order to arrive at an estimate of the percentage or revenue earned to date. Upfront payments in recognition of past research and development efforts are recognized as revenue upon execution of the licensing and collaboration agreements, as there are no future obligations and collections are reasonably assured. Collaboration revenue consists of non-refundable advance payments received in accordance with licensing and collaboration agreements. Collaboration revenue is deferred and recognized over the performance period which is the period over which the Company maintains substantive contractual obligations. Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the consolidated balance sheets. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue (a component of current liabilities). Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as long-term deferred revenue. The term over which advance payments are recognized is revised if the period over which the Company maintains substantive contractual obligations changes. Certain research and development activities are partially funded with government grants, which are netted against the research and development costs under such caption in the accompanying Consolidated Statements of Comprehensive Loss. Foreign currency translation Transactions in foreign currencies are translated at the rate of exchange in effect at the transaction date and transaction gains and losses are included in net loss in the statements of comprehensive loss. The functional currency of VBI Cda is the Canadian dollar. The accounts of VBI Cda are translated from its functional currency to U.S. dollars using the current rate method. Any gain or loss arising from translation is recorded to other comprehensive loss. The Company does not use derivative financial products for hedging or speculative purposes and, as a result, is exposed to currency fluctuations. The Company is subject to foreign currency exchange risk in the form of exposures to changes in currency exchange rates between the United States and Canada; however, it maintains cash in each home currency to minimize the exposure of these fluctuations. Recent accounting pronouncements Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board (“FASB’) issued Accounting Standards Update (“ASU”) 2014-9 “Revenue from Contracts with Customers (Topic 606).” This guidance requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance is effective for annual reporting periods beginning after December 15, 2017 and early adoption is not permitted. The Company will adopt this standard in the first quarter of 2018. This accounting guidance is not expected to have a material impact on the Company’s consolidated financial statements. Going Concern Assessment and Disclosure Requirements In May 2014, the FASB issued ASU 2014-15 to provide guidance in relation to management’s assessment of an entity’s ability to continue as a going concern and to provide disclosure requirements in certain circumstances. The amendment becomes effective for the Company in the first quarter of 2016. The Company is evaluating whether the adoption of this amendment will have a material impact on its consolidated financial statements. Hybrid Financial Instruments The FASB issued ASU 2014-16 that will require a company that issues or invests in a hybrid financial instrument to determine the nature of the host contract by considering the economic characteristics of the entire instrument, including the embedded derivative feature that is being evaluated for separate accounting. Concluding the host contract is debt-like (versus equity-like) may result in substantially different answers about whether certain features must be accounted for separately. The guidance provides a modified retrospective transition for all existing hybrid financial instruments in the form of a share, with the option for full retrospective application. The guidance is effective for public business entities in fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption, including adoption in an interim period, is permitted. The Company does not expect the adoption to have a material impact on its consolidated financial statements. Eliminating the Concept of Extraordinary Items The FASB issued ASU 2015-1 that eliminates the concept of extraordinary items from U.S. GAAP as part of its simplification initiative. The ASU eliminates the need for entities to evaluate whether transactions or events are both unusual in nature and infrequently occurring. Entities will continue to evaluate whether items are unusual in nature or infrequent in their occurrence for presentation and disclosure purposes and when estimating the annual effective tax rate for interim periods. The ASU applies to all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The Company does not expect the adoption to have a material impact on its consolidated financial statements. Consolidation The FASB issued ASU 2015-2 guidance to improve targeted areas of the consolidation guidance and reduce the number of consolidation models. The new consolidation standard changes the way reporting enterprises evaluate whether (a) they should consolidate limited partnerships and similar entities, (b) fees paid to a decision maker or service provider are variable interests in a variable interest entity (VIE), and (c) variable interests in a VIE held by related parties of the reporting enterprise require the reporting enterprise to consolidate the VIE. It also eliminates the VIE consolidation model based on majority exposure to variability that applied to certain investment companies and similar entities. The new guidance is effective in fiscal years beginning after December 15, 2015. Early adoption is allowed, including early adoption in an interim period. The Company does not expect the adoption to have a material impact on its consolidated financial statements. Presentation of debt issuance costs The FASB issued ASU 2015-03 guidance to simplify the presentation of debt issuance costs. Debt issuance costs related to a recognized debt liability will be presented on the balance sheet as a direct deduction for the debt liability as opposed to recorded as a separate asset, except when incurred before receipt of the funding from the associated debt liability. This is similar to the presentation of debt discounts or premiums. This ASU requires retrospective application which is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. As such, beginning with the interim period ended March 31, 2016, debt issuance costs, also referred to as deferred financing costs, will be presented in the consolidated balance sheets as a direct deduction from the carrying amount of the related debt.

Note 3 - Loss Per Share of Comm

Note 3 - Loss Per Share of Common Stock	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Earnings Per Share [Text Block]	3. LOSS PER SHARE OF COMMON STOCK Basic loss per share is computed by dividing net loss applicable to common stockholders by the weighted average number of shares of common stock outstanding during each period. Diluted loss per share includes the effect, if any, from the potential exercise or conversion of securities, such as convertible preferred stock, warrants and stock options, which would result in the issuance of incremental shares of common stock. In computing the basic and diluted net loss per share applicable to common stockholders, the weighted average number of shares remains the same for both calculations due to the fact that when a net loss exists, dilutive shares are not included in the calculation. These potentially dilutive securities are more fully described in Note 6, Stockholders’ Deficiency and Additional Paid-in Capital. The following potentially dilutive securities outstanding at September 30, 2015 and 2014 have been excluded from the computation of diluted weighted average shares outstanding, as they would be antidilutive: September 30, 2015 September 30, 2014 Convertible preferred stock 2,996,482 2,996,482 Warrants 699,281 699,281 Stock options 4,045,239 3,480,055 7,741,002 7,175,818

Note 4 - Fair Value Measurement

Note 4 - Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Fair Value Disclosures [Text Block]	4. FAIR VALUE MEASUREMENTS Accounting guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability (the exit price) in an orderly transaction between market participants at the measurement date. The accounting guidance outlines a valuation framework and creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures. In determining fair value, the Company uses quoted prices and observable inputs. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from independent sources. The fair value hierarchy is broken down into three levels based on the source of inputs as follows: Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 — Valuations based on observable inputs and quoted prices in active markets for similar assets and liabilities. Level 3 — Valuations based on inputs that are unobservable and models that are significant to the overall fair value measurement. Financial instruments recognized in the Consolidated Balance Sheet consist of cash and cash equivalents (including money market funds), investment tax credits receivables and government receivables, accounts payable, accrued liabilities and long-term debt. The Company believes that the carrying value of its current financial instruments approximates their fair values due to the short-term nature of these instruments. The Company does not hold any derivative financial instruments. Money market funds are highly liquid investments. The pricing information on these investment instruments is readily available and can be independently validated as of the measurement date. This approach results in the classification of these securities as Level 1 of the fair value hierarchy. The Company has not experienced any losses relating to such accounts and believes it is not exposed to a significant credit risk on its cash and cash equivalents. The carrying value of cash and cash equivalents approximates their fair value based on their short-term maturities. At September 30, 2015 and December 31, 2014, the fair value of the long-term debt is estimated to be $3,137,000 and $2,885,000, respectively. In determining the fair value of the long-term debt, which consists of level 3 inputs, as of September 30, 2015 and December 31, 2014, the Company used the following assumptions: September 30, 2015 December 31, 2014 Long-term debt: Interest rate 12.9% 15% Expected time to payment in months 23 32

Note 5 - Long-term Debt

Note 5 - Long-term Debt	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Long-term Debt [Text Block]	5. LONG-TERM DEBT September 30, 2015 December 31, 2014 Gross proceeds $ 3,000,000 $ 3,000,000 Less: Portion of gross proceeds attributable to detachable warrants (1,027,000 ) (1,027,000 ) Add: Accretion of discount, cumulative 496,950 172,374 Less: Principal repayments (150,000 ) - Less: Current portion (900,000 ) (375,000 ) $ 1,419,950 $ 1,770,374 During 2014, the Company executed a term loan facility (the “Facility”) in the amount of $6 million, with the initial advance of $3 million drawn down on August 8, 2014 and the balance becoming available once certain product development milestones have been achieved. The amounts drawn on the Facility accrue interest at an annual rate equal to the greater of (a) one-month LIBOR (subject to a 5.00% cap) or (b) 1.00%, plus the Applicable Margin. The Applicable Margin will be 11.00%. Upon the occurrence, and during the continuance, of an event of default, the Applicable Margin, defined above, will be increased by 4.00% per annum. The remaining principal payments and exit fee due under the Facility are as follows: Principal payments on long-term debt and exit fee 2015 $ 225,000 2016 900,000 2017 1,785,000 Total $ 2,910,000

Note 6 - Stockholders' Deficien

Note 6 - Stockholders' Deficiency and Additional Paid-in Capital	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	6. STOCKHOLDERS’ DEFICIENCY AND ADDITIONAL PAID-IN CAPITAL Common and Preferred Stock VBIV's authorized share capital consists of 200,000,000 voting common shares with a par value of $0.0001 and 30,000,000 preferred shares. The preferred shares have been designated Series 1 Convertible Preferred Shares. The Series 1 Convertible Preferred Shares are convertible to common shares at any time at the option of the holder on a one-to-one basis. On July 30, 2015, the Company issued an aggregate of 17,500 shares of the Company’s common stock pursuant to a consulting agreement as compensation for past services performed by the consultant. An amount of $44,800 was recorded as consulting services expense and included in the general and administration costs under such caption in the accompanying Consolidated Statements of Comprehensive Loss. The amount was based on the NASDAQ official closing price of $2.56 on July 30, 2015. On August 13, 2015, the Company entered into a securities purchase agreement by and among the Company and nineteen accredited investors (the “Purchasers”) pursuant to which the Company agreed to issue and sell up to 3,000,000 shares of the Company’s common stock to the Purchasers at a purchase price per share equal to 85% of the average of the volume weighted average prices of the common stock reported by Bloomberg LP for the ten trading days immediately prior to each closing (the “Private Placement”). On August 13, 2015, the Company completed the first closing of the Private Placement, whereby the Company sold 2,285,000 shares its of common stock to certain of the Purchasers at a per share price of $2.10 for gross proceeds equal to $4,798,500. On August 14, 2015, the Company completed the final closing of the Private Placement whereby the Company sold 715,000 shares of its common stock at a per share price of $2.08 for gross proceeds equal to $1,487,200. The Company raised aggregate gross proceeds equal to $6,285,700 and does not owe any commissions in connection with the Private Placement. The Company filed the Resale Registration Statement with the Commission on August 27, 2015 and it was declared effective by the Commission on September 2, 2015. On November 10, 2015, 500,000 shares of the Company's common stock were issued pursuant to the conversion of 500,000 shares of the Series 1 Convertible Preferred Shares. Stock Option Plans The Company’s stock option plans are approved by and administered by the Board and its Compensation Committee. The Board designates, in connection with recommendations from the Compensation Committee, eligible participants to be included under the plan, and designates the number of options, exercise price and vesting period of the new options. 1999 Stock Option Plan The Company’s 1999 Stock Option Plan expired in September 2009. On July 25, 2014 the remaining 36,000 shares of common stock were cancelled and as a result there are no longer any common shares reserved for potential future issuance pursuant to this plan. At September 30, 2015, there were no stock options outstanding. 2006 VBI US Stock Option Plan The 2006 VBI US Stock Option Plan (the “2006 Plan”), was approved by and was previously administered by the VBI US Board of Directors which designated eligible participants to be included under the 2006 Plan, and designated the number of options, exercise price and vesting period of the new options. At September 30, 2015, the maximum number of stock options issuable under the 2006 Plan was 2,724,909 of which 100,541 have been issued and exercised and 2,624,368 were assumed by the Company as part of the Merger described in Note 1 and remain outstanding. The 2006 Plan is now administered by the Company’s Board, in connection with recommendations from the Compensation Committee. On April 24, 2014, the Company granted 1,844,592 stock options to existing employees. The options began to vest on the closing of the Merger, which occurred on July 25, 2014. The options vest on a monthly basis over 48 months. The fair value of the options when granted from the 2006 Plan was estimated using the Black-Scholes option pricing model using the following assumptions: expected dividend 0%; risk-free interest rate of 1.81%; expected volatility of 87.77%; and an average remaining 5.75 year expected life. 2013 Stock Incentive Plan The 2013 Equity Incentive Plan (the “2013 Plan”) reserved 300,000 shares of common stock for issuance for equity and cash and equity-linked awards to certain management, consultants and others. On June 19, 2013, the Board granted 60,000 options to purchase shares of common stock at a purchase price equal to the closing price of stock on that date, subject to the adoption of the 2013 Plan by the Company’s shareholders. The 2013 Plan was approved by the shareholders on November 8, 2013. On March 19, 2014, the Board granted 204,000 common shares to officers and directors under the 2013 Plan, which was recorded as commissions and salaries expense based on the closing price of stock on that date. On April 10, 2014, the Board granted an additional 36,000 common shares to officers and directors under the same terms as the March 2014 grant. At September 30, 2015, there were 8,871 stock options outstanding under the 2013 Plan. 2014 Equity Incentive Plan On May 1, 2014, the Board adopted the VBI Vaccines Inc. 2014 Equity Incentive Plan (the “2014 Plan”), an omnibus equity incentive plan pursuant to which the Company may grant equity and cash and equity-linked awards to certain directors, management, consultants and others in order to promote the success of the Company following the Merger by providing a means to offer incentives and to attract, motivate, retain and reward persons eligible to participate in the 2014 Plan. The 2014 Plan was approved by the Company’s shareholders on July 14, 2014. The 2014 Plan initially reserved 815,688 shares of the Company’s common stock for issuance (the "Share Reserve"). On the first day of each fiscal year during the period beginning in fiscal year 2014, and ending on the second day of fiscal year 2024, the Share Reserve shall be increased by an amount equal to the lesser of (i) 1,200,000 shares of the Company’s common stock or the equivalent of such number of shares after the Administrator, in its sole discretion, has interpreted the effect of any stock split, stock dividend, combination, recapitalization or similar transaction; (ii) 5% of the number of outstanding shares of the Company’s common stock on such date; and (iii) an amount determined by the Board. On April 22, 2015, the Board ratified an increase in the Share Reserve by 1,000,638 shares of the Company’s common stock, which equaled 5% of the number of outstanding shares of the Company's common stock. There were 20,001 restricted common shares issued and 164,000 options granted from the 2014 Plan in 2014, 45,000 options were granted during the three months ended June 30, 2015 and an additional 1,203,000 options were granted during the three months ended September 30, 2015. The fair value of the options granted from the 2014 Plan during the three months ended September 30, 2015 was estimated using the Black-Scholes option pricing model using the following assumptions: expected dividend 0%; risk-free interest rate of 1.68%; expected volatility of 84.72%; and an average remaining 6.25 year expected life. The maximum number of options issuable under the option plans is summarized in the following table: Number of Options or Shares Options Outstanding Options Expired Shares Issued or Exercised Available for Future Grants Total 2006 VBI US Stock Option Plan 2,624,368 - 100,541 - 2,724,909 2013 Stock Incentive Plan 8,871 51,129 240,000 - 300,000 2014 Equity Incentive Plan 1,412,000 - 20,001 384,325 1,816,326 Total as at September 30, 2015 4,045,239 51,129 360,542 384,325 4,841,235 Unless another employee benefit plan is adopted, all future stock option or share grants will be from the 2014 Plan. As of September 30, 2015, no shares of common stock were available for issuance under the previously adopted 1999 Plan, 2006 Plan or the 2013 Plan (other than shares issuable upon the exercise of currently outstanding stock options). The fair value of the options expected to vest is recognized as an expense on a straight-line basis over the vesting period. The total stock-based compensation expense recorded in the three and nine months ended September 30, 2015 and 2014 was as follows: Three Months Ended September 30 Nine Months Ended September 30 2015 2014 2015 2014 Research and development $ 91,500 $ 45,000 $ 218,700 $ 63,200 General and administrative 250,000 212,000 601,400 218,600 Total stock-based compensation expense $ 341,500 $ 257,000 $ 820,100 $ 281,800 Warrants The warrants issued on July 25, 2014 as part of the Facility described in Note 5 entitle the holders to purchase 699,281 common shares. The exercise price for the warrants is $2.145. Assuming the funding of an additional $3 million advance under the Facility, which is contingent on the Company achieving certain operational milestones, the Company will issue to the lender warrants to purchase an additional 699,281 shares of common stock at an exercise price equal to the 10-day volume weighted average price of the common stock reported by Bloomberg LP for the 10 trading days preceding the date of the advance.

Note 7 - Contingencies

Note 7 - Contingencies	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Contingencies Disclosure [Text Block]	7. CONTINGENCIES The Company entered into two consulting agreements with non-affiliated parties on January 17 and 28, 2013, respectively, whereby the Company has agreed to pay each of the consultants performance bonuses ranging from $10,000 to $125,000 for the achievement of the following milestones for a novel vaccine: patent filing; regulatory approval of clinical testing; start of Phase II and III studies; regulatory approval; and reaching cumulative sales of $100 million. Furthermore, the Company is committed to grant each consultant stock or options equal to $100,000 upon successfully closing a Series B preferred stock financing. The Proposed Merger is expected to have no impact on the Company’s commitment. On July 18, 2011, VBI Cda acquired ePixis SA (“ePixis”) in order to obtain access to a technology platform. Given ePixis did not meet the definition of a business under the relevant accounting guidance, VBI Cda treated the acquisition as an asset acquisition due to the underlying circumstances of the transaction. In addition to the $450,000 initial payment for the technology and $75,000 in related transaction costs, there was a contingent payment of approximately $120,000. The contingent payment related to the first milestone described below which was achieved during the three-months ended June 30, 2015. The contingent consideration was not recognized as a liability in the prior financial statements as the probability of payment had been previously deemed remote. As part of the ePixis asset acquisition, the purchase agreement obliges VBI Cda to make the following milestone payments: ● €101,720 upon successful technology transfer to a contract manufacturing organization and the commencement of a toxicity study; ● €500,000 to €1,000,000 upon first approval by the United States Food and Drug Administration; ● €750,000 to €1,500,000 upon reaching Cumulative Net Sales, as defined in the Sale and Purchase Agreement, of €25,000,000; in the case of a sublicense the payments, are reduced by 50%; ● €1,000,000 to €2,000,000 upon reaching Cumulative Net Sales, as defined in the Sale and Purchase Agreement, of €50,000,000; in the case of a sublicense, the payments are reduced by 50%; and ● in the case of a sublicense only, €500,000 to €1,000,000 upon reaching Cumulative Net Sales, as defined in the Sale and Purchase Agreement, of €75,000,000 and €100,000,000 Except for the first milestone payment, the events obliging the Company to make the remaining payments above have not yet occurred and the probability of them occurring is not determinable; consequently, no amounts are accrued in respect of these contingencies.

Note 8 - Legal Proceedings

Note 8 - Legal Proceedings	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Legal Matters and Contingencies [Text Block]	8. LEGAL PROCEEDINGS On November 26, 2014, a putative class action complaint was filed in the United States District Court, Southern District of New York, Case No. 14-cv-9435, as amended on February 11, 2015 and March 25, 2015, on behalf of pre-Merger shareholders of Paulson Capital (Delaware) Corp. who held shares on October 11, 2013 and were entitled to vote at the 2013 Shareholder Meeting, against the Company and certain individuals who were directors as of the date of the vote, in a matter captioned Furlong et al. v. VBI Vaccines, Inc. et al., making claims arising under Section 20(a) and Section 14(a) of the Exchange Act and Rule 14a-9 promulgated thereunder by the SEC. The claims allege false and misleading information provided to investors in the Definitive Proxy Statement on Schedule 14A filed by the Company with the Commission on October 18, 2013 related to the solicitation of votes from shareholders to authorize the Board to pursue potential restructuring transactions. If the plaintiffs were able to prove their allegations in this matter and to establish the damages they assert, then an adverse ruling could have a material impact on the Company. However, the Company disputes the claims asserted in this putative class action case and is vigorously contesting the matter.

Note 9 - Subsequent Events

Note 9 - Subsequent Events	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Subsequent Events [Text Block]	9. SUBSEQUENT EVENTS On October 26, 2015, the Company, SciVac, and the Sub entered into the SciVac Merger Agreement, pursuant to which, subject to the satisfaction or waiver of certain conditions, the Sub will merge with and into the Company, with the Company surviving as a wholly owned subsidiary of SciVac (the “Proposed Merger”). At the effective time of the Proposed Merger (the “Effective Time”), each share of the Company’s common stock, par value $0.0001 per share (the “Company Common Stock”) (including shares of Company Common Stock issued prior to the Effective Time upon conversion of the Company’s Series 1 Convertible Preferred Stock, par value $0.0001 per share (the “Company Preferred Stock”)) will be converted into the right to receive common shares of SciVac, no par value per share (the “SciVac Common Shares”), in the ratio of 20.808356 SciVac Common Shares for each share of Company Common Stock (subject to proportionate adjustments for forward or reverse stock splits pursuant to the terms of the Merger Agreement) (the “Exchange Ratio”). In addition, at the Effective Time, (i) each outstanding warrant to purchase a share of Company Common Stock and (ii) each outstanding option to purchase a share of Company Common Stock, whether vested or unvested, and so long as such warrant or option has not, prior to the Effective Time, been exercised, cancelled, terminated or expired, will be deemed to constitute a warrant or an option, as applicable, to purchase, on the same terms and conditions, a number of SciVac Common Shares (rounded down to the nearest whole share) equal to the product of (i) the number of shares of Company Common Stock subject to such warrant or option multiplied by (ii) the Exchange Ratio, at an exercise price per SciVac Common Share equal to the quotient of (i) the exercise price per share of Company Common Stock (rounded up to the nearest cent) subject to such warrant or option (converted first into Canadian dollars as further described in the Merger Agreement) divided by (ii) the Exchange Ratio. The SciVac Merger Agreement also contemplates the closing of public or private equity financing with aggregate gross proceeds of at least $25 million contemporaneously with the SciVac Merger and includes various closing conditions standard to transactions of this nature. The transaction is expected to close during the first quarter of 2016 and is not expected to have a significant impact on the current research operations of the Company. On November 10, 2015, 500,000 shares of the Company's common stock were issued pursuant to the conversion of 500,000 shares of the Series 1 Convertible Preferred Shares.

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of presentation The Company’s interim consolidated financial statements included herein as of September 30, 2015 and for the three-and nine-months ended September 30, 2015 and 2014 are unaudited. The financial information as of December 31, 2014 is derived from the audited consolidated financial statements included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2014, as filed with the Commission on March 20, 2015. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year. The unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and are the responsibility of the Company’s management. These financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all normal and recurring adjustments considered necessary for a fair presentation of such financial statements have been included. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the entire year.
Use of Estimates, Policy [Policy Text Block]	Use of estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and use assumptions that affect reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the balance sheet dates and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. Significant estimates reflected in these consolidated financial statements include the estimated fair values of the Company’s common shares used in the valuation of the stock-based compensation, warrants, the long-term debt, investment tax credits, certain accruals, useful lives of intangibles and the valuation allowance recognized on the deferred tax assets.
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition Revenue is recognized when all of the following criteria are met: ? Persuasive evidence of an arrangement exists ? Delivery has occurred or services have been rendered and there are no future performance obligations ? The amount of revenue is fixed or determinable ? Collectability is reasonably assured Milestone payments are immediately recognized as revenue if the Company has no future performance obligations, collectability is reasonably assured and the contractually specified milestone is achieved. Otherwise, revenue is recognized over the term of the agreement or the performance period using a percentage of effort incurred. The level of effort is based on estimates of total expected time or duration to complete the work which is compared to the period of time incurred to date in order to arrive at an estimate of the percentage or revenue earned to date. Upfront payments in recognition of past research and development efforts are recognized as revenue upon execution of the licensing and collaboration agreements, as there are no future obligations and collections are reasonably assured. Collaboration revenue consists of non-refundable advance payments received in accordance with licensing and collaboration agreements. Collaboration revenue is deferred and recognized over the performance period which is the period over which the Company maintains substantive contractual obligations. Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the consolidated balance sheets. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue (a component of current liabilities). Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as long-term deferred revenue. The term over which advance payments are recognized is revised if the period over which the Company maintains substantive contractual obligations changes. Certain research and development activities are partially funded with government grants, which are netted against the research and development costs under such caption in the accompanying Consolidated Statements of Comprehensive Loss.
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign currency translation Transactions in foreign currencies are translated at the rate of exchange in effect at the transaction date and transaction gains and losses are included in net loss in the statements of comprehensive loss. The functional currency of VBI Cda is the Canadian dollar. The accounts of VBI Cda are translated from its functional currency to U.S. dollars using the current rate method. Any gain or loss arising from translation is recorded to other comprehensive loss. The Company does not use derivative financial products for hedging or speculative purposes and, as a result, is exposed to currency fluctuations. The Company is subject to foreign currency exchange risk in the form of exposures to changes in currency exchange rates between the United States and Canada; however, it maintains cash in each home currency to minimize the exposure of these fluctuations.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent accounting pronouncements Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board (“FASB’) issued Accounting Standards Update (“ASU”) 2014-9 “Revenue from Contracts with Customers (Topic 606).” This guidance requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance is effective for annual reporting periods beginning after December 15, 2017 and early adoption is not permitted. The Company will adopt this standard in the first quarter of 2018. This accounting guidance is not expected to have a material impact on the Company’s consolidated financial statements. Going Concern Assessment and Disclosure Requirements In May 2014, the FASB issued ASU 2014-15 to provide guidance in relation to management’s assessment of an entity’s ability to continue as a going concern and to provide disclosure requirements in certain circumstances. The amendment becomes effective for the Company in the first quarter of 2016. The Company is evaluating whether the adoption of this amendment will have a material impact on its consolidated financial statements. Hybrid Financial Instruments The FASB issued ASU 2014-16 that will require a company that issues or invests in a hybrid financial instrument to determine the nature of the host contract by considering the economic characteristics of the entire instrument, including the embedded derivative feature that is being evaluated for separate accounting. Concluding the host contract is debt-like (versus equity-like) may result in substantially different answers about whether certain features must be accounted for separately. The guidance provides a modified retrospective transition for all existing hybrid financial instruments in the form of a share, with the option for full retrospective application. The guidance is effective for public business entities in fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption, including adoption in an interim period, is permitted. The Company does not expect the adoption to have a material impact on its consolidated financial statements. Eliminating the Concept of Extraordinary Items The FASB issued ASU 2015-1 that eliminates the concept of extraordinary items from U.S. GAAP as part of its simplification initiative. The ASU eliminates the need for entities to evaluate whether transactions or events are both unusual in nature and infrequently occurring. Entities will continue to evaluate whether items are unusual in nature or infrequent in their occurrence for presentation and disclosure purposes and when estimating the annual effective tax rate for interim periods. The ASU applies to all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The Company does not expect the adoption to have a material impact on its consolidated financial statements. Consolidation The FASB issued ASU 2015-2 guidance to improve targeted areas of the consolidation guidance and reduce the number of consolidation models. The new consolidation standard changes the way reporting enterprises evaluate whether (a) they should consolidate limited partnerships and similar entities, (b) fees paid to a decision maker or service provider are variable interests in a variable interest entity (VIE), and (c) variable interests in a VIE held by related parties of the reporting enterprise require the reporting enterprise to consolidate the VIE. It also eliminates the VIE consolidation model based on majority exposure to variability that applied to certain investment companies and similar entities. The new guidance is effective in fiscal years beginning after December 15, 2015. Early adoption is allowed, including early adoption in an interim period. The Company does not expect the adoption to have a material impact on its consolidated financial statements. Presentation of debt issuance costs The FASB issued ASU 2015-03 guidance to simplify the presentation of debt issuance costs. Debt issuance costs related to a recognized debt liability will be presented on the balance sheet as a direct deduction for the debt liability as opposed to recorded as a separate asset, except when incurred before receipt of the funding from the associated debt liability. This is similar to the presentation of debt discounts or premiums. This ASU requires retrospective application which is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. As such, beginning with the interim period ended March 31, 2016, debt issuance costs, also referred to as deferred financing costs, will be presented in the consolidated balance sheets as a direct deduction from the carrying amount of the related debt.

Note 3 - Loss Per Share of Co16

Note 3 - Loss Per Share of Common Stock (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	September 30, 2015 September 30, 2014 Convertible preferred stock 2,996,482 2,996,482 Warrants 699,281 699,281 Stock options 4,045,239 3,480,055 7,741,002 7,175,818

Note 4 - Fair Value Measureme17

Note 4 - Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Assumptions for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Table Text Block]	September 30, 2015 December 31, 2014 Long-term debt: Interest rate 12.9% 15% Expected time to payment in months 23 32

Note 5 - Long-term Debt (Tables

Note 5 - Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	September 30, 2015 December 31, 2014 Gross proceeds $ 3,000,000 $ 3,000,000 Less: Portion of gross proceeds attributable to detachable warrants (1,027,000 ) (1,027,000 ) Add: Accretion of discount, cumulative 496,950 172,374 Less: Principal repayments (150,000 ) - Less: Current portion (900,000 ) (375,000 ) $ 1,419,950 $ 1,770,374
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]	Principal payments on long-term debt and exit fee 2015 $ 225,000 2016 900,000 2017 1,785,000 Total $ 2,910,000

Note 6 - Stockholders' Defici19

Note 6 - Stockholders' Deficiency and Additional Paid-in Capital (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Share-based Compensation, Activity [Table Text Block]	Number of Options or Shares Options Outstanding Options Expired Shares Issued or Exercised Available for Future Grants Total 2006 VBI US Stock Option Plan 2,624,368 - 100,541 - 2,724,909 2013 Stock Incentive Plan 8,871 51,129 240,000 - 300,000 2014 Equity Incentive Plan 1,412,000 - 20,001 384,325 1,816,326 Total as at September 30, 2015 4,045,239 51,129 360,542 384,325 4,841,235
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	Three Months Ended September 30 Nine Months Ended September 30 2015 2014 2015 2014 Research and development $ 91,500 $ 45,000 $ 218,700 $ 63,200 General and administrative 250,000 212,000 601,400 218,600 Total stock-based compensation expense $ 341,500 $ 257,000 $ 820,100 $ 281,800

Note 1 - Nature of Business a20

Note 1 - Nature of Business and Continuation of Business (Details Textual)	Oct. 26, 2015USD ($)	Oct. 26, 2015USD ($)Rate	Aug. 14, 2015USD ($)	Aug. 13, 2015USD ($)shares	Jul. 25, 2014	Sep. 30, 2015USD ($)shares	Sep. 30, 2014USD ($)	Sep. 08, 2015CAD	Jul. 10, 2015USD ($)	Dec. 31, 2014USD ($)shares	Dec. 31, 2013USD ($)
SciVac Merger Agreement [Member] | Subsequent Event [Member]
Business Combination, Expected Aggregate Gross Proceeds from Equity Financing	$ 25,000,000	$ 25,000,000
Stockholders' Equity Note, Stock Split, Conversion Ratio | Rate		2080.8356%
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio					5
Private Placement [Member]
Securities Purchase Agreement, Number of Investors				19
Common stock, shares issued (in shares) | shares				3,000,000
Shares Issued, Price per Share, Percentage of Volume Weighted Average Common Stock Price Reported by Bloomberg LP				85.00%
Proceeds from Issuance of Common Stock			$ 6,285,700	$ 6,285,700
Grant Funding Award | CAD								CAD 350,000
Retained Earnings (Accumulated Deficit)						$ (79,075,040)				$ (69,505,238)
Cash and Cash Equivalents, at Carrying Value						11,009,396	$ 14,797,616			$ 12,604,273	$ 624,419
Working Capital						$ 8,900,000
Stock Authorized, Value									$ 75,000,000
Common stock, shares issued (in shares) | shares						23,030,260				20,012,760
Proceeds from Issuance of Common Stock						$ 6,285,700	$ 15,214,561

Note 3 - Potentially Dilutive S

Note 3 - Potentially Dilutive Securities Outstanding (Details) - shares	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Convertible Debt Securities [Member]
Dilutive securities outstanding (in shares)	2,996,482	2,996,482
Warrant [Member]
Dilutive securities outstanding (in shares)	699,281	699,281
Employee Stock Option [Member]
Dilutive securities outstanding (in shares)	4,045,239	3,480,055
Dilutive securities outstanding (in shares)	7,741,002	7,175,818

Note 4 - Fair Value Measureme22

Note 4 - Fair Value Measurements (Details Textual) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Long-term Debt, Fair Value	$ 3,137,000	$ 2,885,000

Note 4 - Fair Value of Long-ter

Note 4 - Fair Value of Long-term Debt and Related Party Convertible (Details) - Fair Value, Inputs, Level 3 [Member] - Long-term Debt [Member]	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Long-term debt:
Interest rate	12.90%	15.00%
Expected time to payment in months	1 year 330 days	2 years 240 days

Note 5 - Long-term Debt (Detail

Note 5 - Long-term Debt (Details Textual) - Term Loan Facility [Member] - USD ($) $ in Millions	Aug. 08, 2014	Sep. 30, 2015	Dec. 31, 2014
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Interest Rate, Stated Percentage		5.00%
Applicable Margin [Member]
Debt Instrument, Basis Spread on Variable Rate		1.00%
Applicable Margin		11.00%
Debt Instrument, Interest Rate, Increase (Decrease)		4.00%
Line of Credit Facility, Maximum Borrowing Capacity			$ 6
Proceeds from Lines of Credit	$ 3

Note 5 - Summary of Long-term D

Note 5 - Summary of Long-term Debt (Details) - USD ($)	9 Months Ended	12 Months Ended	21 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2015
Gross proceeds		$ 3,000,000	$ 3,000,000
Less: Portion of gross proceeds attributable to detachable warrants	$ (1,027,000)	(1,027,000)	(1,027,000)
Add: Accretion of discount, cumulative	496,950	$ 172,374	496,950
Less: Principal repayments	(150,000)		(150,000)
Less: Current portion	(900,000)	$ (375,000)	(900,000)
Long-term debt, net	$ 1,419,950	$ 1,770,374	$ 1,419,950

Note 5 - Significant Contractua

Note 5 - Significant Contractual Obligations (Details) - Line of Credit [Member]	Sep. 30, 2015USD ($)
2,015	$ 225,000
2,016	900,000
2,017	1,785,000
Total	$ 2,910,000

Note 6 - Stockholders' Defici27

Note 6 - Stockholders' Deficiency and Additional Paid-in Capital (Details Textual)	Nov. 10, 2015shares	Aug. 14, 2015USD ($)$ / sharesshares	Aug. 13, 2015USD ($)$ / sharesshares	Jul. 30, 2015USD ($)$ / sharesshares	Apr. 22, 2015shares	Jul. 25, 2014$ / sharesshares	Apr. 24, 2014shares	Apr. 10, 2014shares	Mar. 19, 2014shares	Jun. 19, 2013shares	Sep. 30, 2015$ / sharesshares	Jun. 30, 2015shares	Sep. 30, 2015USD ($)$ / sharesshares	Sep. 30, 2014USD ($)	Dec. 31, 2014$ / sharesshares	May. 01, 2014shares
Stock Option Plan 1999 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number											0		0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period						36,000
VBI US Stock Option Plan 2006 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number											2,624,368	2,624,368	2,624,368
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period													100,541
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized											2,724,909		2,724,909
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period													100,541
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross							1,844,592
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period													4 years
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, Risk Free Interest Rate													1.81%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate													87.77%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term													5 years 273 days
Stock Option Plan 1999, VBI US Stock Option Plan 2006, Stock Incentive Plan 2013 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant											0		0
Stock Incentive Plan 2013 [Member] | Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period								36,000	204,000
Stock Incentive Plan 2013 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number											8,871		8,871
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period													51,129
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized										300,000	300,000		300,000
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period													240,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross										60,000
Equity Incentive Plan 2014 [Member] | Increase Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized													1,200,000
Equity Incentive Plan 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number											1,412,000		1,412,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant											384,325		384,325
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized											1,816,326		1,816,326			815,688
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period													20,001
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross											1,203,000	45,000			164,000
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, Risk Free Interest Rate													1.68%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate													84.72%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term													6 years 91 days
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized					1,000,638
Share-based Compensation Arrangement by Share-based Payment Award Percent of Additional Shares Authorized													5.00%
Stock Issued During Period, Shares, Restricted Stock Award, Gross															20,001
Series 1 Convertible Preferred Stock [Member] | Subsequent Event [Member]
Stock Issued During Period, Shares, Conversion of Convertible Securities	500,000
Conversion of Stock, Shares Converted	500,000
Series 1 Convertible Preferred Stock [Member]
Convertible preferred stock, shares authorized (in shares)											30,000,000		30,000,000
General and Administrative Expense [Member]
Consulting Services Expense | $				$ 44,800
Private Placement [Member]
Securities Purchase Agreement, Number of Investors			19
Common stock, shares issued (in shares)			3,000,000
Shares Issued, Price per Share, Percentage of Volume Weighted Average Common Stock Price Reported by Bloomberg LP			85.00%
Number of Trading Days Prior to Each Closing			10 days
Proceeds from Issuance of Common Stock | $		$ 6,285,700	$ 6,285,700
Private Placement, First Closing [Member]
Shares Issued, Price Per Share | $ / shares			$ 2.10
Common stock, shares issued (in shares)			2,285,000
Proceeds from Issuance of Common Stock | $			$ 4,798,500
Private Placement, Final Closing [Member]
Shares Issued, Price Per Share | $ / shares		$ 2.08
Common stock, shares issued (in shares)		715,000
Proceeds from Issuance of Common Stock | $		$ 1,487,200
Common Stock [Member] | Certain Operational Milestone [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights											699,281		699,281
Common Stock [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights						699,281
Warrant [Member] | Certain Operational Milestone [Member]
Proceeds from Other Equity | $													$ 3,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number											4,045,239		4,045,239
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant											384,325		384,325
Common stock, shares authorized (in shares)											200,000,000		200,000,000		200,000,000
Common stock, par value (in dollars per share) | $ / shares											$ 0.0001		$ 0.0001		$ 0.0001
Convertible preferred stock, shares authorized (in shares)											30,000,000		30,000,000		30,000,000
Stock Issued During Period, Shares, Issued for Services				17,500
Shares Issued, Price Per Share | $ / shares				$ 2.56
Common stock, shares issued (in shares)											23,030,260		23,030,260		20,012,760
Proceeds from Issuance of Common Stock | $													$ 6,285,700	$ 15,214,561
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period													51,129
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized											4,841,235		4,841,235
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period													360,542
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares						$ 2.145

Note 6 - Options Issuable under

Note 6 - Options Issuable under the Option Plans (Details) - shares	9 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	May. 01, 2014	Jun. 19, 2013
VBI US Stock Option Plan 2006 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	2,624,368	2,624,368
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	100,541
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	2,724,909
Stock Incentive Plan 2013 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	8,871
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period	51,129
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	240,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	300,000			300,000
Equity Incentive Plan 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	1,412,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	20,001
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	384,325
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	1,816,326		815,688
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	4,045,239
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period	51,129
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	360,542
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	384,325
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	4,841,235

Note 6 - Stock-based Compensati

Note 6 - Stock-based Compensation Expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Research and Development Expense [Member]
Stock-based compensation expense	$ 91,500	$ 45,000	$ 218,700	$ 63,200
General and Administrative Expense [Member]
Stock-based compensation expense	250,000	212,000	601,400	218,600
Stock-based compensation expense	$ 341,500	$ 257,000	$ 820,100	$ 281,800

Note 7 - Contingencies (Details

Note 7 - Contingencies (Details Textual)	Jul. 18, 2011CAD	Jul. 18, 2011USD ($)	Jan. 28, 2013USD ($)	Jun. 30, 2015USD ($)	Jul. 18, 2011USD ($)
Minimum [Member] | Performance Bonus [Member]
Other Commitment | $			$ 10,000
Minimum [Member] | Sale and Purchase Agreement [Member] | USFDA Approval [Member]
Other Commitment	CAD 500,000
Minimum [Member] | Sale and Purchase Agreement [Member] | Cumulative Net Sales 1 [Member]
Other Commitment	750,000
Minimum [Member] | Sale and Purchase Agreement [Member] | Cumulative Net Sales 2 [Member]
Other Commitment	1,000,000
Minimum [Member] | Sale and Purchase Agreement [Member] | Sublicense Only [Member]
Other Commitment	500,000
Future Cumulative Sales	75,000,000
Maximum [Member] | Performance Bonus [Member]
Other Commitment | $			125,000
Maximum [Member] | Sale and Purchase Agreement [Member] | USFDA Approval [Member]
Other Commitment	1,000,000
Maximum [Member] | Sale and Purchase Agreement [Member] | Cumulative Net Sales 1 [Member]
Other Commitment	1,500,000
Maximum [Member] | Sale and Purchase Agreement [Member] | Cumulative Net Sales 2 [Member]
Other Commitment	2,000,000
Maximum [Member] | Sale and Purchase Agreement [Member] | Sublicense Only [Member]
Other Commitment	1,000,000
Future Cumulative Sales	100,000,000
Closing Series B Financing [Member]
Other Commitment | $			100,000
Sale and Purchase Agreement [Member] | Technology Transfer [Member]
Other Commitment	101,720
Sale and Purchase Agreement [Member] | Cumulative Net Sales 1 [Member]
Future Cumulative Sales	CAD 25,000,000
Percent of Payment Reduced	50.00%	50.00%
Sale and Purchase Agreement [Member] | Cumulative Net Sales 2 [Member]
Future Cumulative Sales	CAD 50,000,000
Percent of Payment Reduced	50.00%	50.00%
Certain Operational Milestone [Member]
Future Cumulative Sales | $			$ 100,000,000
Technology Transfer [Member] | ePixis SA [Member]
Payments for Milestone Obligation | $				$ 120,000
ePixis SA [Member]
Payments to Acquire Businesses, Gross | $		$ 450,000
Business Acquisition, Transaction Costs | $					$ 75,000

Note 9 - Subsequent Events (Det

Note 9 - Subsequent Events (Details Textual) - USD ($)	Nov. 10, 2015	Oct. 26, 2015	Oct. 26, 2015	Sep. 30, 2015	Dec. 31, 2014
Subsequent Event [Member] | SciVac Merger Agreement [Member] | Series 1 Convertible Preferred Stock [Member]
Convertible preferred stock, par value (in dollars per share)		$ 0.0001	$ 0.0001
Subsequent Event [Member] | SciVac Merger Agreement [Member]
Common stock, par value (in dollars per share)		$ 0.0001	$ 0.0001
Stockholders' Equity Note, Stock Split, Conversion Ratio			2080.8356%
Business Combination, Expected Aggregate Gross Proceeds from Equity Financing		$ 25,000,000	$ 25,000,000
Subsequent Event [Member] | Series 1 Convertible Preferred Stock [Member]
Stock Issued During Period, Shares, Conversion of Convertible Securities	500,000
Conversion of Stock, Shares Converted	500,000
Common stock, par value (in dollars per share)				$ 0.0001	$ 0.0001
Convertible preferred stock, par value (in dollars per share)				$ 0.0001	$ 0.0001