RegeneRx Biopharmaceuticals (RGRX) 10-Q 21 Aug 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 17, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Entity Registrant Name	REGENERX BIOPHARMACEUTICALS INC
Entity Central Index Key	707,511
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	RGRX
Entity Common Stock, Shares Outstanding		106,882,759

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 243,159	$ 769,495
Prepaid expenses and other current assets	35,926	79,936
Total current assets	279,085	849,431
Property and equipment, net of accumulated depreciation of $93,656 and $92,120	5,683	7,219
Other assets	5,752	5,752
Total assets	290,520	862,402
Current liabilities
Accounts payable	63,149	75,695
Unearned revenue	50,822	50,822
Accrued expenses	285,265	233,239
Convertible promissory note	300,000	300,000
Total current liabilities	699,236	659,756
Long-term liabilities
Unearned revenue	1,504,933	1,530,345
Convertible promisory notes, net of derivative liability	572,933	512,022
Fair value of derivative liabilities	3,222,670	4,226,837
Total liabilities	5,999,772	6,928,960
Commitments and contingencies
Stockholders' deficit
Preferred stock, $.001 par value per share, 1,000,000 shares authorized; no shares issued	0	0
Common stock, par value $.001 per share, 200,000,000 shares authorized, 106,882,759 and 106,787,151 issued and outstanding	106,883	106,787
Additional paid-in capital	98,801,861	98,672,368
Accumulated deficit	(104,617,996)	(104,845,713)
Total stockholders' deficit	(5,709,252)	(6,066,558)
Total liabilities and stockholders' deficit	$ 290,520	$ 862,402

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Property and equipment, accumulated depreciation (in dollars)	$ 93,656	$ 92,120
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	106,882,759	106,787,151
Common stock, shares, outstanding	106,882,759	106,787,151

Condensed Statements of Operati

Condensed Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues	$ 12,706	$ 12,706	$ 25,412	$ 67,896
Operating expenses
Research and development	33,781	60,424	68,697	163,325
General and administrative	281,946	449,931	647,435	854,639
Total operating expenses	315,727	510,355	716,132	1,017,964
Loss from operations	(303,021)	(497,649)	(690,720)	(950,068)
Interest expense	(43,100)	(43,101)	(85,730)	(86,202)
Change in fair value of derivative liabilities	464,500	2,865,000	1,004,167	(18,334)
Net income (loss)	$ 118,379	$ 2,324,250	$ 227,717	$ (1,054,604)
Basic net income (loss) per common share (in dollars per share)	$ 0	$ 0.02	$ 0	$ (0.01)
Diluted net income (loss) per common share (in dollars per share)	$ 0	$ 0.02	$ 0	$ (0.01)
Weighted average number of common shares outstanding - basic (in Shares)	106,860,292	101,753,214	106,823,924	101,696,653
Weighted average number of common shares outstanding - diluted (in Shares)	125,442,588	122,412,538	125,406,220	101,696,653

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Operating activities:
Net income (loss)	$ 227,717	$ (1,054,604)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	1,536	1,662
Non-cash share-based compensation	114,292	222,862
Offering costs allocated to derivative liabilites	0	214,229
Non-cash interest expense	60,911	61,246
Change in fair value of derivative liabilities	(1,004,167)	18,334
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	44,010	(1,263)
Accounts payable	(12,546)	18,809
Accrued expenses	52,026	62,864
Unearned revenue	(25,412)	227,192
Net cash used in operating activities	(541,633)	(228,669)
Financing activities:
Proceeds from sale of common stock and issuance of warrants net of offering proceeds	0	1,520,000
Proceeds from exercise of common stock options	15,297	0
Cash provided by financing activities	15,297	1,520,000
Net (decrease) increase in cash and cash equivalents	(526,336)	1,291,331
Cash and cash equivalents at beginning of period	769,495	317,627
Cash and cash equivalents at end of period	$ 243,159	$ 1,608,958

ORGANIZATION, BUSINESS OVERVIEW

ORGANIZATION, BUSINESS OVERVIEW AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. Organization, Business Overview and Basis of Presentation Organization and Nature of Operations. RegeneRx Biopharmaceuticals, Inc. (“RegeneRx”, the “Company”, “We”, “Us”, “Our”), a Delaware corporation, was incorporated in 1982. We are focused on the discovery and development of novel molecules to accelerate tissue and organ repair. Our operations are confined to one business segment: the development and marketing of product candidates based on Thymosin Beta 4 (“Tß4”), an amino acid peptide. Management Plans to Address Operating Conditions. Several years ago we adopted a strategy aimed at being capital efficient while leveraging our portfolio of clinical assets by seeking strategic relationships with organizations with clinical development capabilities including development capital. Currently, we have active partnerships in three major territories: the U.S., China and Pan Asia. Our partners have been moving forward and making progress in each territory. In each case, the cost of development is being borne by our partners with no financial obligation for RegeneRx. We still have significant clinical assets to develop, primarily RGN-352 (injectable formulation of Tß4 for cardiac and CNS disorders) in the U.S., Pan Asia, and Europe, and RGN-259 in the EU. Our goal is to wait until the results are obtained from the current ophthalmic clinical trials before moving into the EU with RGN-259. If successful, this should allow us to obtain a higher value for the asset at that time. However, we intend to continue to develop RGN-352, our injectable systemic product candidate for cardiac and central nervous system indications, either by obtaining grants to fund a Phase 2a clinical trial in the cardiovascular or central nervous system fields or finding a suitable partner with the resources and capabilities to develop it as we have with RGN-259. In 2004, we entered into a strategic partnership for development and marketing of RGN-137 and RGN-352 for specified fields of use in Europe and other contiguous countries with Sigma-Tau Group, which was subsequently acquired by Alfa Wassermann S.p.A., both Italian pharmaceutical companies. Pursuant to the terms of the license, we notified Alfa Wassermann that the license expired by its terms and we, therefore, reacquired rights to our Tß4-based products in the licensed territory. We are currently engaged in discussions to license certain of these assets in the dermatology field (RGN-137). Further, we now control the cardiovascular and neurovascular assets (RGN-352) in the EU and are able to consolidate them with similar assets in the U.S. and other territories in Asia to create a worldwide portfolio that we believe will be more attractive to multi-national pharmaceutical companies. Since inception, and through June 30, 2017, we have an accumulated deficit of $ 105 243,159 These factors raise substantial doubt about our ability to continue as a going concern. The accompanying financial statements have been prepared assuming that we will continue as a going concern. This basis of accounting contemplates the recovery of our assets and the satisfaction of our liabilities in the normal course of business. Although we intend to continue to seek additional financing or additional strategic partners, we may not be able to complete a financing or corporate transaction, either on favorable terms or at all. If we are unable to complete a financing or strategic transaction, we may not be able to continue as a going concern after our funds have been exhausted, and we could be required to significantly curtail or cease operations, file for bankruptcy or liquidate and dissolve. There can be no assurance that we will be able to obtain any sources of funding. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should we be forced to take any such actions. In addition to our current operational requirements, we continually refine our operating strategy and evaluate alternative clinical uses of Tß4. However, substantial additional resources will be needed before we will be able to achieve sustained profitability. Consequently, we continually evaluate alternative sources of financing such as the sharing of development costs through strategic collaboration agreements. There can be no assurance that our financing efforts will be successful and, if we are not able to obtain sufficient levels of financing, we would delay certain clinical and/or research activities and our financial condition would be materially and adversely affected. Even if we are able to obtain sufficient funding, other factors including competition, dependence on third parties, uncertainty regarding patents, protection of proprietary rights, manufacturing of peptides, and technology obsolescence could have a significant impact on us and our operations. To achieve profitability, we, and/or a partner, must successfully conduct pre-clinical studies and clinical trials, obtain required regulatory approvals and successfully manufacture and market those pharmaceuticals we wish to commercialize. The time required to reach profitability is highly uncertain, and there can be no assurance that we will be able to achieve sustained profitability, if at all. The accompanying unaudited interim financial statements reflect, in the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of our financial position, results of operations and cash flows for each period presented. These statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and with the rules and regulations of the SEC, for interim financial statements. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP. The accounting policies underlying our unaudited interim financial statements are consistent with those underlying our audited annual financial statements,but do not include all disclosures including notes required by U.S. GAAP for complete financial statements. These unaudited interim financial statements should be read in conjunction with the audited annual financial statements as of and for the year ended December 31, 2016, and related notes thereto, included in our Annual Report on Form 10-K for the year ended December 31, 2016 (the “Annual Report”). The accompanying December 31, 2016 financial information was derived from our audited financial statements included in the Annual Report. Operating results for the three and six month periods ended June 30, 2017 are not necessarily indicative of the results to be expected for the year ending December 31, 2017 or any other future period. References in this Quarterly Report on Form 10-Q to “authoritative guidance” are to the Accounting Standards Codification issued by the Financial Accounting Standards Board (“FASB”). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Critical accounting policies involved in applying our accounting policies are those that require management to make assumptions about matters that are highly uncertain at the time the accounting estimate was made and those for which different estimates reasonably could have been used for the current period. Critical accounting estimates are also those which are reasonably likely to change from period to period, and would have a material impact on the presentation of our financial condition, changes in financial condition or results of operations. Our most critical accounting estimates relate to accounting policies for fair value measurements in connection with derivative liabilities, and share-based arrangements. Management bases its estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances. Actual results could differ from those estimates. In accordance with Accounting Standards Codification (“ASC”) 470-20, Debt with Conversion and Other Options Derivative financial instruments consist of financial instruments or other contracts that contain a notional amount and one or more underlying variables (e.g. interest rate, security price or other variable), which require no initial net investment and permit net settlement. Derivative financial instruments may be free-standing or embedded in other financial instruments. Further, derivative financial instruments are initially, and subsequently, measured at fair value and recorded as liabilities or, in rare instances, assets. The Company does not use derivative financial instruments to hedge exposures to cash-flow, market or foreign-currency risks. However, the Company has issued financial instruments including warrants that are either (i) not afforded equity classification, (ii) embody risks not clearly and closely related to host contracts, or (iii) may be net-cash settled by the counterparty. In certain instances, these instruments are required to be carried as derivative liabilities, at fair value, in the Company’s financial statements. In other instances these instruments are classified as equity instruments in the Company’s financial statements. The Company estimates the fair value of its derivative financial instrument using the Black-Scholes option pricing model because it embodies all of the requisite assumptions (including trading volatility, estimated terms and risk free rates) necessary to fairly value these instruments. Estimating the fair value of derivative financial instruments requires the development of significant and subjective estimates that may, and are likely to, change over the duration of the instrument with related changes in internal and external market factors. In addition, option-based techniques are highly volatile and sensitive to changes in the trading market price of the Company’s common stock, which has a high-historical volatility. Since derivative financial instruments are initially and subsequently carried at fair value, the Company’s operating results reflect the volatility in these estimate and assumption changes in each reporting period. We recognize revenue in accordance with the authoritative guidance for revenue recognition. We recognize revenue when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) delivery (or passage of title) has occurred or services have been rendered, (iii) the seller's price to the buyer is fixed or determinable, and (iv) collectability is reasonably assured. We also comply with the authoritative guidance for revenue recognition regarding arrangements with multiple deliverables. Multiple-element arrangements are analyzed to determine whether the deliverables, which may include a license together with performance obligations such as providing a clinical supply of product and steering committee services, can be separated or whether they must be accounted for as a single unit of accounting. Revenue associated with licensing agreements consists of non-refundable upfront license fees and milestone payments. Non-refundable upfront license fees received under license agreements, whereby continued performance or future obligations are considered inconsequential to the relevant license technology, are recognized as revenue upon delivery of the technology. Whenever we determine that an arrangement should be accounted for as a single unit of accounting, we must determine the period over which the performance obligations will be performed and revenue will be recognized. Revenue will be recognized using either a relative performance or straight-line method. We recognize revenue using the relative performance method provided that the we can reasonably estimate the level of effort required to complete our performance obligations under an arrangement and such performance obligations are provided on a best-efforts basis. Revenue recognized is limited to the lesser of the cumulative amount of payments received or the cumulative amount of revenue earned, as determined using the relative performance method, as of each reporting period. If we cannot reasonably estimate the level of effort required to complete our performance obligations under an arrangement, the performance obligations are provided on a best-efforts basis and we can reasonably estimate when the performance obligation ceases or the remaining obligations become inconsequential and perfunctory, then the total payments under the arrangement, excluding royalties and payments contingent upon achievement of substantive milestones, would be recognized as revenue on a straight-line basis over the period we expect to complete our performance obligations. Revenue is limited to the lesser of the cumulative amount of payments received or the cumulative amount of revenue earned, as determined using the straight-line basis, as of the period ending date. If we cannot reasonably estimate when our performance obligation either ceases or becomes inconsequential and perfunctory, then revenue is deferred until we can reasonably estimate when the performance obligation ceases or becomes inconsequential. Revenue is then recognized over the remaining estimated period of performance. We recognize consideration that is contingent upon the achievement of a milestone in its entirety as revenue in the period in which the milestone is achieved only if the milestone is substantive in its entirety. A milestone is considered substantive when it meets all of the following criteria: · The consideration is commensurate with either the entity's performance to achieve the milestone or the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the entity's performance to achieve the milestone; · The consideration relates solely to past performance; and · The consideration is reasonable relative to all of the deliverables and payment terms within the arrangement A milestone is defined as an event (i) that can only be achieved based in whole or in part on either the entity's performance or on the occurrence of a specific outcome resulting from the entity's performance, (ii) for which there is substantive uncertainty at the date the arrangement is entered into that the event will be achieved and (iii) that would result in additional payments being due to us. Amounts received prior to satisfying the above revenue recognition criteria are recorded as deferred revenue in our accompanying balance sheets. The Company accounts for the Joint Venture (see Note 7) as a “variable interest entity” and that its equity stake in the Joint Venture is a variable interest, since the total equity investment at risk is not sufficient to permit the Joint Venture to finance its activities without additional subordinated financial support. Further, because of GtreeBNT Co. Ltd’s, a Korean pharmaceutical company (“GtreeBNT”) and a shareholder of the Company, majority equity stake in the Joint Venture, voting control, control of the board of directors, and substantive management rights, and given that the Company does not have the power to direct the Joint Venture’s activities that most significantly impact its economic performance, the Company determined that it is not the primary beneficiary of the Joint Venture and therefore is not required to consolidate the Joint Venture. The Company reports its equity stake in the Joint Venture using the equity method of accounting because, while it does not control the Joint Venture, the Company can exert significant influence over the Joint Venture’s activities by virtue of its large equity stake and its board representation. Because the Company is not obligated to fund the Joint Venture, and has not provided any financial support to the Joint Venture, the carrying value of its investment in the Joint Venture is zero. As a result, the Company is not recognizing its share ( 42 Research and development (“R&D”) costs are expensed as incurred and include all of the wholly-allocable costs associated with our various clinical programs passed through to us by our outsourced vendors. Those costs include: manufacturing Tβ4; formulation of Tβ4 into the various product candidates; stability for both Tβ4 and the various formulations; pre-clinical toxicology; safety and pharmacokinetic studies; clinical trial management; medical oversight; laboratory evaluations; statistical data analysis; regulatory compliance; quality assurance; and other related activities. R&D includes cash and non-cash compensation, payroll taxes, travel and other miscellaneous costs of our internal R&D personnel, part-time hourly employees and external consultants dedicated to R&D efforts. R&D also includes a pro-ration of our common infrastructure costs for office space and communications. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers, In November 2015, the FASB issued new guidance on the balance sheet classification of deferred taxes. To simplify presentation, the new guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. The accounting standard became effective for public business entities for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. The adoption of this guidance did not have an impact on our financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases Leases Leases In March 2016, the FASB issued ASU 2016-07, Equity Method and Joint Ventures, In March 2016, the FASB issued an accounting standard update which simplified several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The standard is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those annual reporting periods. The adoption of this standard did not have an impact on our financial statements.

NET INCOME (LOSS) PER COMMON SH

NET INCOME (LOSS) PER COMMON SHARE	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	2. Net Income (Loss) per Common Share Basic net income (loss) per common share for the three and six month periods ended June 30, 2017 and 2016, is based on the weighted-average number of shares of common stock outstanding during the periods. Diluted loss per share is based on the weighted-average number of shares of common stock outstanding during each period in which a loss is incurred. Potentially dilutive shares are excluded because the effect is antidilutive. In periods where there is net income, diluted income per share is based on the weighted-average number of shares of common stock outstanding plus dilutive securities with a purchase or conversion price below the per share price of our common stock on the last day of the reporting period. The potentially dilutive securities include 18,582,297 20,659,324 18,582,297

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Stock-Based Compensation We measure stock-based compensation expense based on the grant date fair value of the awards, which is then recognized over the period which service is required to be provided. We estimate the value of our stock option awards on the date of grant using the Black-Scholes option pricing model (“Black-Scholes”) and amortize that cost over the expected term of the grant. We recognized $ 47,934 51,294 114,292 222,862 273,912 0.84 940,000 2016 Dividend yield 0.0% Risk-free rate of return 1.41% Expected life in years 4.5 - 7 Volatility 87-95% Forfeiture rate 2.6%

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	Income Taxes As of June 30, 2017, there have been no material changes to our uncertain tax positions disclosures as provided in Note 9 of the Annual Report. The tax returns for all years in the Company’s major tax jurisdictions are not settled as of January 1, 2017; no changes in settled tax years have occurred through June 30, 2017. Due to the existence of tax attribute carryforwards (which are currently offset by a full valuation allowance), the Company treats all years’ tax positions as unsettled due to the taxing authorities’ ability to modify these attributes.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	Fair Value Measurements The authoritative guidance for fair value measurements 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 the most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, (iii) able to transact, and (iv) willing to transact. The guidance describes a fair value hierarchy based on the levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following: • Level 1 — Quoted prices in active markets for identical assets and liabilities. • Level 2 — Observable inputs other than quoted prices in active markets for identical assets and liabilities. • Level 3 — Unobservable inputs. As of June 30, 2017 and December 31, 2016, our only qualifying assets that required measurement under the foregoing fair value hierarchy were money market funds included in Cash and Cash Equivalents valued at $ 243,000 769,000 2016 Offering 2016 Offering March 2013 July 2013 Sept 2013 Jan 2014 Warrants Shares Dividend yield 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % Risk-free rate of return 1.24 % 1.24 % 1.24 % 1.55 % 1.89 % 1.89 % Expected life in years 0.75 1 1.2 1.5 4.5 0.09 Volatility 18.9 % 35.6 % 70.2 % 86.8 % 80.0 % 80.0 % Given the conditions surrounding the trading of the Company’s equity securities, the Company values its derivative instruments related to embedded conversion features from the issuance of convertible debentures in accordance with the Level 3 guidelines. Balance at Balance at March 31, New Change in June 30, 2017 Issuances Fair Values 2017 Level 3 - Derivative liabilities from: Conversion features March 2013 $ 862,500 $ - $ (75,000) $ 787,500 July 2013 383,334 - (33,334) 350,000 September 2013 1,230,500 - (107,000) 1,123,500 January 2014 210,836 - (9,166) 201,670 Anti-dilution Protection 2016 Offering shares 200,000 - (150,000) 50,000 2016 Offering warrants 800,000 - (90,000) 710,000 Derivative instruments $ 3,687,170 $ - $ (464,500) $ 3,222,670

CONVERTIBLE NOTES

CONVERTIBLE NOTES	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Convertible Notes 2012 Convertible Notes On October 19, 2012 we completed a private placement of convertible notes (the “2012 Notes”) raising an aggregate of $ 300,000 5 0.15 2,000,000 At any time prior to maturity of the 2012 Notes, with the consent of the holders of a majority in interest of the 2012 Notes, we may prepay the outstanding principal amount of the 2012 Notes plus unpaid accrued interest without penalty. The outstanding principal and all accrued interest on the 2012 Notes will accelerate and automatically become immediately due and payable upon the occurrence of certain events of default. In connection with the issuance of the 2012 Notes we also issued warrants to each Investor. The warrants are exercisable for an aggregate of 400,000 0.15 27,097 0.07 5 74.36 0.77 27,097 Investor Note Principal Warrants Sinaf S.A. $ 200,000 266,667 Joseph C. McNay $ 50,000 66,667 Allan L. Goldstein $ 35,000 46,666 J.J. Finkelstein $ 15,000 20,000 Sinaf S. A. has historically been affiliated with our largest stockholder. The other Investors are members of our Board of Directors including Mr. Finkelstein who serves as our CEO and also the Chairman of our Board of Directors and Dr. Goldstein who also serves as our Chief Scientific Advisor. During 2014, the Company amended the existing October 2012 convertible debt agreement with the lenders, solely to extend the due date of the principal and accrued unpaid until interest October 19, 2017. No other terms of the original debt were amended or modified, and the lenders did not reduce the borrowed amount or change the interest rate of the debt. The Company considered the restructuring a troubled debt restructuring as a result of the Company’s financial condition (see Note 1 discussion of “going concern”). At the date of the amendment, all existing debt discounts and deferred financing fees were fully amortized and the amendment did not involve any additional fees paid to the lender or third parties; as such there was no gain recognized as a result of the amendment. 2013 Convertible Notes On March 29, 2013, we completed a private placement of convertible notes (the “March 2013 Notes”) raising an aggregate of $ 225,000 5 0.06 3,750,000 At any time prior to maturity of the March 2013 Notes, with the consent of the holders of a majority in interest of the March 2013 Notes, we may prepay the outstanding principal amount of the March 2013 Notes plus unpaid accrued interest without penalty. The outstanding principal and all accrued interest on the March 2013 Notes will accelerate and automatically become immediately due and payable upon the occurrence of certain events of default. Investor Note Principal Joseph C. McNay $ 50,000 Allan L. Goldstein $ 25,000 The March 2013 Notes contain a down round provision under which the conversion price could be decreased as a result of future equity offerings, as defined in the March 2013 Notes. The adjustment would reduce the conversion price of the March 2013 Notes to be equivalent to that of the newly issued stock or stock-related instruments. As a result, the Company concluded that the conversion feature represented an embedded conversion feature for accounting purposes and should be recognized as a derivative liability, requiring a mark-to-market adjustment at the end of each reporting period until the related March 2013 Notes have been settled. The bifurcated liability of $ 225,000 0 On July 5, 2013, we completed a private placement of convertible notes (the “July 2013 Notes”) raising an aggregate of $ 100,000 5 0.06 1,666,667 At any time prior to maturity of the July 2013 Notes, with the consent of the holders of a majority in interest of the July 2013 Notes, we may prepay the outstanding principal amount of the July 2013 Notes plus unpaid accrued interest without penalty. The outstanding principal and all accrued interest on the July 2013 Notes will accelerate and automatically become immediately due and payable upon the occurrence of certain events of default. Investor Note Principal Joseph C. McNay $ 50,000 Allan L. Goldstein $ 10,000 J.J. Finkelstein $ 5,000 L. Thompson Bowles $ 5,000 The July 2013 Notes contain a down round provision under which the conversion price could be decreased as a result of future equity offerings, as defined in the July 2013 Notes. The adjustment would reduce the conversion price of the July 2013 Notes to be equivalent to that of the newly issued stock or stock-related instruments. As a result, the Company concluded that the conversion feature represented an embedded conversion feature for accounting purposes and should be recognized as a derivative liability, requiring a mark-to-market adjustment at the end of each reporting period until the related July 2013 Notes have been settled. The bifurcated liability of $ 66,667 33,333 On September 11, 2013, we completed a private placement of convertible notes raising an aggregate of $ 321,000 5 0.06 5,350,000 At any time prior to maturity of the September 2013 Notes, with the consent of the holders of a majority in interest of the September 2013 Notes, we may prepay the outstanding principal amount of the September 2013 Notes plus unpaid accrued interest without penalty. The outstanding principal and all accrued interest on the September 2013 Notes will accelerate and automatically become immediately due and payable upon the occurrence of certain events of default. Investor Note Principal SINAF S.A. $ 150,000 Joseph C. McNay $ 100,000 Allan L. Goldstein $ 11,000 L. Thompson Bowles $ 5,000 R. Don Elsey $ 5,000 The September 2013 Notes contain a down round provision under which the conversion price could be decreased as a result of future equity offerings, as defined in the September 2013 Notes. The adjustment would reduce the conversion price of the September 2013 Notes to be equivalent to that of the newly issued stock or stock-related instruments. As a result, the Company concluded that the conversion feature represented an embedded conversion feature for accounting purposes and should be recognized as a derivative liability, requiring a mark-to-market adjustment at the end of each reporting period until the related September 2013 Notes have been settled. The bifurcated liability of $ 267,500 53,500 2014 Convertible Notes On January 7, 2014, we completed a private placement of convertible notes raising an aggregate of $ 55,000 5 0.06 916,667 At any time prior to maturity of the January 2014 Notes, with the consent of the holders of a majority in interest of the January 2014 Notes, we may prepay the outstanding principal amount of the January 2014 Notes plus unpaid accrued interest without penalty. The outstanding principal and all accrued interest on the January 2014 Notes will accelerate and automatically become immediately due and payable upon the occurrence of certain events of default. Investor Note Principal Joseph C. McNay $ 25,000 Allan L. Goldstein $ 10,000 L. Thompson Bowles $ 5,000 The January 2014 Notes contain a down round provision under which the conversion price could be decreased as a result of future equity offerings, as defined in the January 2014 Notes. The adjustment would reduce the conversion price of the January 2014 Notes to be equivalent to that of the newly issued stock or stock-related instruments. As a result, the Company concluded that the conversion feature represented an embedded conversion feature for accounting purposes and should be recognized as a derivative liability, requiring a mark-to-market adjustment at the end of each reporting period until the related January 2014 Notes have been settled. The bifurcated liability of $ 55,000 0 For the three months ended For the six months ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 2012 Notes $ 3,737 $ 3,738 $ 7,435 $ 7,476 March 2013 Notes 14,024 14,024 27,894 28,048 July 2013 Notes 4,571 4,571 9,093 9,142 September 2013 Notes 17,340 17,340 34,490 34,680 January 2014 Notes 3,428 3,428 6,818 6,856 Total $ 43,100 $ 43,101 $ 85,730 $ 86,202 June 30, 2017 December 31, 2016 March 2013 Notes $ 787,500 $ 975,000 July 2013 Notes 350,000 433,334 September 2013 Notes 1,123,500 1,391,000 January 2014 Notes 201,670 247,503 Warrant liability 710,000 990,000 Rights liability 50,000 190,000 Total fair value of derivative liability $ 3,222,670 $ 4,226,837 For the three months ended For the six months ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 March 2013 Notes $ (75,000) $ (900,000) $ (187,500) $ - July 2013 Notes (33,334) (416,667) (83,333) - September 2013 Notes (107,000) (1,337,500) (267,500) - January 2014 Notes (9,166) (210,833) (45,834) 18,334 Warrant liability (90,000) - (280,000) - Rights liability (150,000) - (140,000) - Total change in fair value of derivative $ (464,500) $ (2,865,000) $ (1,004,167) $ 18,334

LICENSE AGREEMENT

LICENSE AGREEMENT	6 Months Ended
	Jun. 30, 2017
License Agreement [Abstract]
License Agreement [Text Block]	License agreement Joint Venture Agreement - ReGenTree On January 28, 2015, the Company entered into the Joint Venture Agreement with GtreeBNT, a stockholder in the Company. The Joint Venture Agreement provides for the creation of the Joint Venture, jointly owned by the Company and GtreeBNT, which is commercializing RGN-259 for treatment of dry eye and neurotrophic keratopathy in the United States and Canada. GtreeBNT is solely responsible for funding all the product development and commercialization efforts of the Joint Venture. GtreeBNT made an initial contribution of $ 3 51 The Joint Venture is responsible for executing all development and commercialization activities under the License Agreement, which activities will be directed by a joint development committee comprised of representatives of the Company and GtreeBNT. The License Agreement has a term that extends to the later of the expiration of the last patent covered by the License Agreement or 25 years from the first commercial sale under the License Agreement. The License Agreement may be earlier terminated if the Joint Venture fails to meet certain commercialization milestones, if either party breaches the License Agreement and fails to cure such breach, as a result of government action that limits the ability of the Joint Venture to commercialize the product, as a result of a challenge to a licensed patent, following termination of the license between the Company and certain agencies of the United States federal government, or upon the bankruptcy of either party. Under the License Agreement, the Company received $ 1.0 250,000

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2017
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	Stockholders’ Equity On June 27, 2016, we entered into a Securities Purchase Agreement (“SPA”) with Sabby Healthcare Master Fund, Ltd., and Sabby Volatility Warrant Master Fund, Ltd. (collectively, “Sabby”) pursuant to which we issued an aggregate of 5,147,059 5,147,059 The Company issued 95,608

COMMITMENTS

COMMITMENTS	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Commitments In February 2017, we amended our office lease agreement and the term was extended through July 2020. During the extended term our rental payments will average approximately $ 4,000

ORGANIZATION, BUSINESS OVERVI15

ORGANIZATION, BUSINESS OVERVIEW AND BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation. The accompanying unaudited interim financial statements reflect, in the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of our financial position, results of operations and cash flows for each period presented. These statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and with the rules and regulations of the SEC, for interim financial statements. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP. The accounting policies underlying our unaudited interim financial statements are consistent with those underlying our audited annual financial statements,but do not include all disclosures including notes required by U.S. GAAP for complete financial statements. These unaudited interim financial statements should be read in conjunction with the audited annual financial statements as of and for the year ended December 31, 2016, and related notes thereto, included in our Annual Report on Form 10-K for the year ended December 31, 2016 (the “Annual Report”). The accompanying December 31, 2016 financial information was derived from our audited financial statements included in the Annual Report. Operating results for the three and six month periods ended June 30, 2017 are not necessarily indicative of the results to be expected for the year ending December 31, 2017 or any other future period. References in this Quarterly Report on Form 10-Q to “authoritative guidance” are to the Accounting Standards Codification issued by the Financial Accounting Standards Board (“FASB”).
Use of Estimates, Policy [Policy Text Block]	Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Critical accounting policies involved in applying our accounting policies are those that require management to make assumptions about matters that are highly uncertain at the time the accounting estimate was made and those for which different estimates reasonably could have been used for the current period. Critical accounting estimates are also those which are reasonably likely to change from period to period, and would have a material impact on the presentation of our financial condition, changes in financial condition or results of operations. Our most critical accounting estimates relate to accounting policies for fair value measurements in connection with derivative liabilities, and share-based arrangements. Management bases its estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances. Actual results could differ from those estimates.
Convertible Notes with Detachable Warrants [Policy Text Block]	Convertible Notes with Detachable Warrants. In accordance with Accounting Standards Codification (“ASC”) 470-20, Debt with Conversion and Other Options
Derivatives, Reporting of Derivative Activity [Policy Text Block]	Derivative Financial Instruments. Derivative financial instruments consist of financial instruments or other contracts that contain a notional amount and one or more underlying variables (e.g. interest rate, security price or other variable), which require no initial net investment and permit net settlement. Derivative financial instruments may be free-standing or embedded in other financial instruments. Further, derivative financial instruments are initially, and subsequently, measured at fair value and recorded as liabilities or, in rare instances, assets. The Company does not use derivative financial instruments to hedge exposures to cash-flow, market or foreign-currency risks. However, the Company has issued financial instruments including warrants that are either (i) not afforded equity classification, (ii) embody risks not clearly and closely related to host contracts, or (iii) may be net-cash settled by the counterparty. In certain instances, these instruments are required to be carried as derivative liabilities, at fair value, in the Company’s financial statements. In other instances these instruments are classified as equity instruments in the Company’s financial statements. The Company estimates the fair value of its derivative financial instrument using the Black-Scholes option pricing model because it embodies all of the requisite assumptions (including trading volatility, estimated terms and risk free rates) necessary to fairly value these instruments. Estimating the fair value of derivative financial instruments requires the development of significant and subjective estimates that may, and are likely to, change over the duration of the instrument with related changes in internal and external market factors. In addition, option-based techniques are highly volatile and sensitive to changes in the trading market price of the Company’s common stock, which has a high-historical volatility. Since derivative financial instruments are initially and subsequently carried at fair value, the Company’s operating results reflect the volatility in these estimate and assumption changes in each reporting period.
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition. We recognize revenue in accordance with the authoritative guidance for revenue recognition. We recognize revenue when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) delivery (or passage of title) has occurred or services have been rendered, (iii) the seller's price to the buyer is fixed or determinable, and (iv) collectability is reasonably assured. We also comply with the authoritative guidance for revenue recognition regarding arrangements with multiple deliverables. Multiple-element arrangements are analyzed to determine whether the deliverables, which may include a license together with performance obligations such as providing a clinical supply of product and steering committee services, can be separated or whether they must be accounted for as a single unit of accounting. Revenue associated with licensing agreements consists of non-refundable upfront license fees and milestone payments. Non-refundable upfront license fees received under license agreements, whereby continued performance or future obligations are considered inconsequential to the relevant license technology, are recognized as revenue upon delivery of the technology. Whenever we determine that an arrangement should be accounted for as a single unit of accounting, we must determine the period over which the performance obligations will be performed and revenue will be recognized. Revenue will be recognized using either a relative performance or straight-line method. We recognize revenue using the relative performance method provided that the we can reasonably estimate the level of effort required to complete our performance obligations under an arrangement and such performance obligations are provided on a best-efforts basis. Revenue recognized is limited to the lesser of the cumulative amount of payments received or the cumulative amount of revenue earned, as determined using the relative performance method, as of each reporting period. If we cannot reasonably estimate the level of effort required to complete our performance obligations under an arrangement, the performance obligations are provided on a best-efforts basis and we can reasonably estimate when the performance obligation ceases or the remaining obligations become inconsequential and perfunctory, then the total payments under the arrangement, excluding royalties and payments contingent upon achievement of substantive milestones, would be recognized as revenue on a straight-line basis over the period we expect to complete our performance obligations. Revenue is limited to the lesser of the cumulative amount of payments received or the cumulative amount of revenue earned, as determined using the straight-line basis, as of the period ending date. If we cannot reasonably estimate when our performance obligation either ceases or becomes inconsequential and perfunctory, then revenue is deferred until we can reasonably estimate when the performance obligation ceases or becomes inconsequential. Revenue is then recognized over the remaining estimated period of performance. We recognize consideration that is contingent upon the achievement of a milestone in its entirety as revenue in the period in which the milestone is achieved only if the milestone is substantive in its entirety. A milestone is considered substantive when it meets all of the following criteria: · The consideration is commensurate with either the entity's performance to achieve the milestone or the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the entity's performance to achieve the milestone; · The consideration relates solely to past performance; and · The consideration is reasonable relative to all of the deliverables and payment terms within the arrangement A milestone is defined as an event (i) that can only be achieved based in whole or in part on either the entity's performance or on the occurrence of a specific outcome resulting from the entity's performance, (ii) for which there is substantive uncertainty at the date the arrangement is entered into that the event will be achieved and (iii) that would result in additional payments being due to us. Amounts received prior to satisfying the above revenue recognition criteria are recorded as deferred revenue in our accompanying balance sheets.
Consolidation, Variable Interest Entity, Policy [Policy Text Block]	Variable Interest Entities. The Company accounts for the Joint Venture (see Note 7) as a “variable interest entity” and that its equity stake in the Joint Venture is a variable interest, since the total equity investment at risk is not sufficient to permit the Joint Venture to finance its activities without additional subordinated financial support. Further, because of GtreeBNT Co. Ltd’s, a Korean pharmaceutical company (“GtreeBNT”) and a shareholder of the Company, majority equity stake in the Joint Venture, voting control, control of the board of directors, and substantive management rights, and given that the Company does not have the power to direct the Joint Venture’s activities that most significantly impact its economic performance, the Company determined that it is not the primary beneficiary of the Joint Venture and therefore is not required to consolidate the Joint Venture. The Company reports its equity stake in the Joint Venture using the equity method of accounting because, while it does not control the Joint Venture, the Company can exert significant influence over the Joint Venture’s activities by virtue of its large equity stake and its board representation. Because the Company is not obligated to fund the Joint Venture, and has not provided any financial support to the Joint Venture, the carrying value of its investment in the Joint Venture is zero. As a result, the Company is not recognizing its share ( 42
Research and Development Expense, Policy [Policy Text Block]	Research and Development Research and development (“R&D”) costs are expensed as incurred and include all of the wholly-allocable costs associated with our various clinical programs passed through to us by our outsourced vendors. Those costs include: manufacturing Tβ4; formulation of Tβ4 into the various product candidates; stability for both Tβ4 and the various formulations; pre-clinical toxicology; safety and pharmacokinetic studies; clinical trial management; medical oversight; laboratory evaluations; statistical data analysis; regulatory compliance; quality assurance; and other related activities. R&D includes cash and non-cash compensation, payroll taxes, travel and other miscellaneous costs of our internal R&D personnel, part-time hourly employees and external consultants dedicated to R&D efforts. R&D also includes a pro-ration of our common infrastructure costs for office space and communications.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers, In November 2015, the FASB issued new guidance on the balance sheet classification of deferred taxes. To simplify presentation, the new guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. The accounting standard became effective for public business entities for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. The adoption of this guidance did not have an impact on our financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases Leases Leases In March 2016, the FASB issued ASU 2016-07, Equity Method and Joint Ventures, In March 2016, the FASB issued an accounting standard update which simplified several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The standard is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those annual reporting periods. The adoption of this standard did not have an impact on our financial statements.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	We used the following forward-looking range of assumptions to value the 940,000 2016 Dividend yield 0.0% Risk-free rate of return 1.41% Expected life in years 4.5 - 7 Volatility 87-95% Forfeiture rate 2.6%

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]	We evaluated the derivative liability embedded in the series of convertible notes using the Black Scholes model to determine if an adjustment to the carrying value of the liability was required at June 30, 2017 using the following assumptions: 2016 Offering 2016 Offering March 2013 July 2013 Sept 2013 Jan 2014 Warrants Shares Dividend yield 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % Risk-free rate of return 1.24 % 1.24 % 1.24 % 1.55 % 1.89 % 1.89 % Expected life in years 0.75 1 1.2 1.5 4.5 0.09 Volatility 18.9 % 35.6 % 70.2 % 86.8 % 80.0 % 80.0 %
Fair Value Measurement Derivative Liabilities Disclosure [Table Text Block]	For the three months ended June 30, 2017, the following table reconciles the beginning and ending balances for financial instruments that are recognized at fair value in these financial statements. Balance at Balance at March 31, New Change in June 30, 2017 Issuances Fair Values 2017 Level 3 - Derivative liabilities from: Conversion features March 2013 $ 862,500 $ - $ (75,000) $ 787,500 July 2013 383,334 - (33,334) 350,000 September 2013 1,230,500 - (107,000) 1,123,500 January 2014 210,836 - (9,166) 201,670 Anti-dilution Protection 2016 Offering shares 200,000 - (150,000) 50,000 2016 Offering warrants 800,000 - (90,000) 710,000 Derivative instruments $ 3,687,170 $ - $ (464,500) $ 3,222,670

CONVERTIBLE NOTES (Tables)

CONVERTIBLE NOTES (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Convertible Debt [Table Text Block]	Investor Note Principal Warrants Sinaf S.A. $ 200,000 266,667 Joseph C. McNay $ 50,000 66,667 Allan L. Goldstein $ 35,000 46,666 J.J. Finkelstein $ 15,000 20,000 The investors in the offering included two directors of the Company, Dr. Goldstein and Joseph C. McNay, an outside director. The principal amounts of their respective March 2013 Notes are as set forth below: Investor Note Principal Joseph C. McNay $ 50,000 Allan L. Goldstein $ 25,000 The investors in the offering included four directors of the Company, Mr. Finkelstein, Dr. Goldstein, Mr. McNay and L. Thompson Bowles, a former outside director. The principal amounts of their respective July 2013 Notes are as set forth below: Investor Note Principal Joseph C. McNay $ 50,000 Allan L. Goldstein $ 10,000 J.J. Finkelstein $ 5,000 L. Thompson Bowles $ 5,000 The investors in the offering included an affiliate and four directors of the Company. The principal amounts of the affiliate and directors respective September 2013 Notes are as set forth below: Investor Note Principal SINAF S.A. $ 150,000 Joseph C. McNay $ 100,000 Allan L. Goldstein $ 11,000 L. Thompson Bowles $ 5,000 R. Don Elsey $ 5,000 The Investors in the offering included three directors of the Company. The principal amounts of their respective Notes are as set forth below: Investor Note Principal Joseph C. McNay $ 25,000 Allan L. Goldstein $ 10,000 L. Thompson Bowles $ 5,000
Interest Income and Interest Expense Disclosure [Table Text Block]	For the three months ended For the six months ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 2012 Notes $ 3,737 $ 3,738 $ 7,435 $ 7,476 March 2013 Notes 14,024 14,024 27,894 28,048 July 2013 Notes 4,571 4,571 9,093 9,142 September 2013 Notes 17,340 17,340 34,490 34,680 January 2014 Notes 3,428 3,428 6,818 6,856 Total $ 43,100 $ 43,101 $ 85,730 $ 86,202
Schedule of Derivative Liabilities at Fair Value [Table Text Block]	June 30, 2017 December 31, 2016 March 2013 Notes $ 787,500 $ 975,000 July 2013 Notes 350,000 433,334 September 2013 Notes 1,123,500 1,391,000 January 2014 Notes 201,670 247,503 Warrant liability 710,000 990,000 Rights liability 50,000 190,000 Total fair value of derivative liability $ 3,222,670 $ 4,226,837
Schedule Of Change In Fair Value Of The Derivative Liability [Table Text Block]	For the three months ended For the six months ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 March 2013 Notes $ (75,000) $ (900,000) $ (187,500) $ - July 2013 Notes (33,334) (416,667) (83,333) - September 2013 Notes (107,000) (1,337,500) (267,500) - January 2014 Notes (9,166) (210,833) (45,834) 18,334 Warrant liability (90,000) - (280,000) - Rights liability (150,000) - (140,000) - Total change in fair value of derivative $ (464,500) $ (2,865,000) $ (1,004,167) $ 18,334

ORGANIZATION, BUSINESS OVERVI19

ORGANIZATION, BUSINESS OVERVIEW AND BASIS OF PRESENTATION (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
ORGANIZATION AND BUSINESS [Line Items]
Cash and Cash Equivalents, at Carrying Value, Total	$ 243,159	$ 769,495	$ 1,608,958	$ 317,627
Retained Earnings (Accumulated Deficit), Total	$ (104,617,996)	$ (104,845,713)
Percentage Of Joint Venture Operating Loss Used In Share Calculation	42.00%

NET INCOME (LOSS) PER COMMON 20

NET INCOME (LOSS) PER COMMON SHARE (Details Textual) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	18,582,297	20,659,324
Weighted Average Number Diluted Shares Outstanding Adjustment			18,582,297

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details)	6 Months Ended
	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.00%
Risk-free rate of return	1.41%
Forfeiture rate	2.60%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life in years	7 years
Volatility	95.00%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life in years	4 years 6 months
Volatility	87.00%

STOCK-BASED COMPENSATION (Det22

STOCK-BASED COMPENSATION (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense, Total	$ 47,934	$ 51,294	$ 114,292	$ 222,862
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 273,912		$ 273,912
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			10 months 2 days
Employees Consultants And Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				940,000

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details)	6 Months Ended
	Jun. 30, 2017
Offering Warrants 2016 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Dividend yield	0.00%
Risk-free rate of return	1.89%
Expected life in years	4 years 6 months
Volatility	80.00%
Offering shares 2016 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Dividend yield	0.00%
Risk-free rate of return	1.89%
Expected life in years	1 month 2 days
Volatility	80.00%
March 2013 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Dividend yield	0.00%
Risk-free rate of return	1.24%
Expected life in years	9 months
Volatility	18.90%
July 2013 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Dividend yield	0.00%
Risk-free rate of return	1.24%
Expected life in years	1 year
Volatility	35.60%
September 2013 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Dividend yield	0.00%
Risk-free rate of return	1.24%
Expected life in years	1 year 2 months 12 days
Volatility	70.20%
January 2014 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Dividend yield	0.00%
Risk-free rate of return	1.55%
Expected life in years	1 year 6 months
Volatility	86.80%

FAIR VALUE MEASUREMENTS (Deta24

FAIR VALUE MEASUREMENTS (Details 1)	3 Months Ended
	Jun. 30, 2017USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities, Ending Balance	$ 3,222,670
Conversion Features [Member] | Fair Value, Inputs, Level 3 [Member] | March 2013 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities, Beginning Balance	862,500
Derivative liabilities, New Issuances	0
Derivative liabilities, Change in Fair Values	(75,000)
Derivative liabilities, Ending Balance	787,500
Conversion Features [Member] | Fair Value, Inputs, Level 3 [Member] | July 2013 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities, Beginning Balance	383,334
Derivative liabilities, New Issuances	0
Derivative liabilities, Change in Fair Values	(33,334)
Derivative liabilities, Ending Balance	350,000
Conversion Features [Member] | Fair Value, Inputs, Level 3 [Member] | September 2013 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities, Beginning Balance	1,230,500
Derivative liabilities, New Issuances	0
Derivative liabilities, Change in Fair Values	(107,000)
Derivative liabilities, Ending Balance	1,123,500
Conversion Features [Member] | Fair Value, Inputs, Level 3 [Member] | January 2014 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities, Beginning Balance	210,836
Derivative liabilities, New Issuances	0
Derivative liabilities, Change in Fair Values	(9,166)
Derivative liabilities, Ending Balance	201,670
Derivative Instruments [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities, Beginning Balance	3,687,170
Derivative liabilities, New Issuances	0
Derivative liabilities, Change in Fair Values	(464,500)
Derivative liabilities, Ending Balance	3,222,670
Anti-dilution Protection [Member] | Fair Value, Inputs, Level 3 [Member] | Offering Warrants 2016 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities, Beginning Balance	800,000
Derivative liabilities, New Issuances	0
Derivative liabilities, Change in Fair Values	(90,000)
Derivative liabilities, Ending Balance	710,000
Anti-dilution Protection [Member] | Fair Value, Inputs, Level 3 [Member] | Offering shares 2016 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities, Beginning Balance	200,000
Derivative liabilities, New Issuances	0
Derivative liabilities, Change in Fair Values	(150,000)
Derivative liabilities, Ending Balance	$ 50,000

FAIR VALUE MEASUREMENTS (Deta25

FAIR VALUE MEASUREMENTS (Details Textual) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	$ 243,000	$ 769,000

CONVERTIBLE NOTES (Details)

CONVERTIBLE NOTES (Details)	Jun. 30, 2017USD ($)shares
Sinaf S.A. [Member] | September 2013 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 150,000
Sinaf S.A. [Member] | Notes 2012 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 200,000
Class of Warrant or Right, Outstanding | shares	266,667
Joseph C. McNay [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 25,000
Joseph C. McNay [Member] | March 2013 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	50,000
Joseph C. McNay [Member] | July 2013 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	50,000
Joseph C. McNay [Member] | September 2013 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	100,000
Joseph C. McNay [Member] | Notes 2012 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 50,000
Class of Warrant or Right, Outstanding | shares	66,667
Allan L. Goldstein [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 10,000
Allan L. Goldstein [Member] | March 2013 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	25,000
Allan L. Goldstein [Member] | July 2013 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	10,000
Allan L. Goldstein [Member] | September 2013 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	11,000
Allan L. Goldstein [Member] | Notes 2012 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 35,000
Class of Warrant or Right, Outstanding | shares	46,666
J.J. Finkelstein [Member] | July 2013 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 5,000
J.J. Finkelstein [Member] | Notes 2012 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 15,000
Class of Warrant or Right, Outstanding | shares	20,000
L. Thompson Bowles [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 5,000
L. Thompson Bowles [Member] | July 2013 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	5,000
L. Thompson Bowles [Member] | September 2013 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	5,000
R. Don Elsey [Member] | September 2013 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 5,000

CONVERTIBLE NOTES (Details 1)

CONVERTIBLE NOTES (Details 1) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Debt Instrument [Line Items]
Total interest expense	$ 43,100	$ 43,101	$ 85,730	$ 86,202
2012 Notes [Member]
Debt Instrument [Line Items]
Total interest expense	3,737	3,738	7,435	7,476
March 2013 Notes [Member]
Debt Instrument [Line Items]
Total interest expense	14,024	14,024	27,894	28,048
July 2013 Notes [Member]
Debt Instrument [Line Items]
Total interest expense	4,571	4,571	9,093	9,142
September 2013 Notes [Member]
Debt Instrument [Line Items]
Total interest expense	17,340	17,340	34,490	34,680
January 2014 Notes [Member]
Debt Instrument [Line Items]
Total interest expense	$ 3,428	$ 3,428	$ 6,818	$ 6,856

CONVERTIBLE NOTES (Details 2)

CONVERTIBLE NOTES (Details 2) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Total Fair value of derivative liability	$ 3,222,670	$ 4,226,837
Warrant [Member]
Debt Instrument [Line Items]
Total Fair value of derivative liability	710,000	990,000
Rights [Member]
Debt Instrument [Line Items]
Total Fair value of derivative liability	50,000	190,000
March 2013 Notes [Member]
Debt Instrument [Line Items]
Total Fair value of derivative liability	787,500	975,000
July 2013 Notes [Member]
Debt Instrument [Line Items]
Total Fair value of derivative liability	350,000	433,334
September 2013 Notes [Member]
Debt Instrument [Line Items]
Total Fair value of derivative liability	1,123,500	1,391,000
January 2014 Notes [Member]
Debt Instrument [Line Items]
Total Fair value of derivative liability	$ 201,670	$ 247,503

CONVERTIBLE NOTES (Details 3)

CONVERTIBLE NOTES (Details 3) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Debt Instrument [Line Items]
Change in fair value of derivative	$ (464,500)	$ (2,865,000)	$ (1,004,167)	$ 18,334
Warrant [Member]
Debt Instrument [Line Items]
Change in fair value of derivative	(90,000)	0	(280,000)	0
Rights [Member]
Debt Instrument [Line Items]
Change in fair value of derivative	(150,000)	0	(140,000)	0
March 2013 Notes [Member]
Debt Instrument [Line Items]
Change in fair value of derivative	(75,000)	(900,000)	(187,500)	0
July 2013 Notes [Member]
Debt Instrument [Line Items]
Change in fair value of derivative	(33,334)	(416,667)	(83,333)	0
September 2013 Notes [Member]
Debt Instrument [Line Items]
Change in fair value of derivative	(107,000)	(1,337,500)	(267,500)	0
January 2014 Notes [Member]
Debt Instrument [Line Items]
Change in fair value of derivative	$ (9,166)	$ (210,833)	$ (45,834)	$ 18,334

CONVERTIBLE NOTES (Details Text

CONVERTIBLE NOTES (Details Textual) - USD ($)	Jan. 07, 2014	Sep. 11, 2013	Jul. 05, 2013	Mar. 29, 2013	Oct. 19, 2012	Jun. 30, 2016	Dec. 31, 2012	Jun. 30, 2017
Convertible Note Principal And Exercise Of Warrant [Line Items]
Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate						1.41%
Convertible Notes [Member]
Convertible Note Principal And Exercise Of Warrant [Line Items]
Proceeds from Convertible Debt	$ 55,000		$ 100,000	$ 225,000	$ 300,000
Debt Instrument, Interest Rate, Stated Percentage	5.00%		5.00%	5.00%	5.00%
Debt Instrument, Convertible, Conversion Price	$ 0.06		$ 0.06	$ 0.06	$ 0.15
Debt Conversion, Converted Instrument, Shares Issued	916,667		1,666,667	3,750,000	2,000,000
Convertible Notes [Member] | March 2013 [Member]
Convertible Note Principal And Exercise Of Warrant [Line Items]
Bifurcated Liability								$ 225,000
Residual Debt Value								0
Convertible Notes [Member] | July 2013 [Member]
Convertible Note Principal And Exercise Of Warrant [Line Items]
Bifurcated Liability								66,667
Residual Debt Value								33,333
Convertible Notes [Member] | September 2013 [Member]
Convertible Note Principal And Exercise Of Warrant [Line Items]
Proceeds from Convertible Debt		$ 321,000
Debt Instrument, Interest Rate, Stated Percentage		5.00%
Debt Instrument, Convertible, Conversion Price		$ 0.06
Debt Conversion, Converted Instrument, Shares Issued		5,350,000
Bifurcated Liability								267,500
Residual Debt Value								53,500
Convertible Notes [Member] | January 2014 [Member]
Convertible Note Principal And Exercise Of Warrant [Line Items]
Bifurcated Liability								55,000
Residual Debt Value								$ 0
Warrant [Member]
Convertible Note Principal And Exercise Of Warrant [Line Items]
Debt Conversion, Converted Instrument, Warrants or Options Issued							400,000
Class of Warrant or Right, Exercise Price of Warrants or Rights							$ 0.15
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants							$ 27,097
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price							$ 0.07
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, Fair Value Assumptions, Expected Volatility Rate							74.36%
Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate							0.77%
Adjustments to Additional Paid in Capital, Warrant Issued							$ 27,097

LICENSE AGREEMENT (Details Text

LICENSE AGREEMENT (Details Textual) - USD ($)	Apr. 06, 2016	Jun. 30, 2017
License Agreement [Line Items]
Initial Contribution Received In Related To Joint Venture		$ 3,000,000
Initial Equity Stake		51.00%
Additional Proceeds From License Fees Received		$ 1,000,000
Description of Equity Ownership Interest		RegeneRx’s ownership interest in ReGenTree was reduced to 42% when the Clinical Study Report was filed for the Phase 2/3 dry eye clinical trial. Based on when, and if, certain additional development milestones are achieved in the U.S. with RGN-259, our equity ownership may be incrementally reduced to between 42% and 25%, with 25% being the final equity ownership upon approval of an NDA for DES in the U.S. In addition to our equity ownership, RegeneRx retains a royalty on net sales that varies between single and low double digits, depending on whether commercial sales are made by ReGenTree or a licensee. In the event ReGenTree is acquired or there is a change of control that occurs following achievement of an NDA, RegeneRx shall be entitled to a minimum of 40% of all proceeds paid or payable and will forgo any future royalties.
ReGen Tree [Member]
License Agreement [Line Items]
Proceeds from Royalties Received	$ 250,000

STOCKHOLDERS' EQUITY (Details T

STOCKHOLDERS' EQUITY (Details Textual) - shares	1 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		95,608
Sale Of Stock 2016 Offering [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, New Issues	5,147,059
Warrants To Purchase Common Stock Shares	5,147,059

COMMITMENTS (Details Textual)

COMMITMENTS (Details Textual) - USD ($)	1 Months Ended	6 Months Ended
	Feb. 28, 2017	Jun. 30, 2017
Operating Leased Assets [Line Items]
Lease Expiration Term	July 2,020
Commitments [Member]
Operating Leased Assets [Line Items]
Operating Leases, Rent Expense, Net		$ 4,000