Imunon (IMNN) 10-Q 10 Nov 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 09, 2016
Document Information [Line Items]
Entity Registrant Name	Celsion Corp
Entity Central Index Key	749,647
Trading Symbol	clsn
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)		26,078,814
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
In Process Research and Development [Member]
Other assets:
In-process research and development	$ 25,801,728	$ 25,801,728
Cash and cash equivalents	4,184,222	9,265,144
Investment securities – available for sale, at fair value	4,515,479	10,799,890
Accrued interest receivable on investment securities	4,524	26,729
Advances, deposits and other current assets	326,424	189,553
Subtotal current assets	9,030,649	20,281,316
Property and equipment (at cost, less accumulated depreciation and amortization of $2,418,483 and $2,058,483, respectively)	543,800	854,872
Goodwill	1,976,101	1,976,101
Security deposit on letter of credit	100,000	100,000
Patent licensing fees and other assets, net	8,761	14,386
Subtotal other assets	27,886,590	27,892,215
Total assets	37,461,039	49,028,403
Current liabilities:
Accounts payable - trade	3,025,943	2,830,227
Other accrued liabilities	2,645,429	1,919,769
Notes payable - current portion	3,593,112	4,073,716
Deferred revenue – current portion	500,000	500,000
Total current liabilities	9,764,484	9,323,712
Notes payable – non-current portion		2,350,018
Earn-out milestone liability	14,477,794	13,921,412
Deferred revenue – non-current portion	2,625,000	3,000,000
Other liabilities – non-current	21,616	47,597
Total liabilities	26,888,894	28,642,739
Commitments and contingencies
Stockholders’ equity:
Preferred Stock - $0.01 par value (100,000 shares authorized and no shares issued or outstanding at September 30, 2016 and December 31, 2015, respectively)	0	0
Common stock - $0.01 par value (112,500,000 shares authorized; 26,083,493 and 23,395,211 shares issued at September 30, 2016 and December 31, 2015, respectively and 26,060,573 and 23,319,287 shares outstanding at September 30, 2016 and December 31, 2015, respectively)	260,835	233,952
Additional paid-in capital	246,401,410	239,668,235
Accumulated other comprehensive income (loss)	464	(3,858)
Accumulated deficit	(235,673,273)	(218,130,360)
Subtotal	10,989,436	21,767,969
Treasury stock, at cost (22,920 and 75,924 shares at September 30, 2016 and December 31, 2015, respectively)	(417,291)	(1,382,305)
Total stockholders’ equity	10,572,145	20,385,664
Total liabilities and stockholders’ equity	$ 37,461,039	$ 49,028,403

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Accumulated depreciation	$ 2,418,483	$ 2,058,483
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000	100,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	112,500,000	112,500,000
Common stock, shares issued (in shares)	26,083,493	23,395,211
Common stock, shares outstanding (in shares)	26,060,573	23,319,287
Treasury stock, shares (in shares)	22,920	75,924

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Licensing revenue	$ 125,000	$ 125,000	$ 375,000	$ 375,000
Operating expenses:
Research and development	4,225,132	2,883,453	11,002,675	10,957,560
General and administrative	1,496,471	1,483,661	4,888,301	5,317,344
Total operating expenses	5,721,603	4,367,114	15,890,976	16,274,904
Loss from operations	(5,596,603)	(4,242,114)	(15,515,976)	(15,899,904)
Other (expense) income:
(Loss) gain from change in valuation of earn-out milestone liability	(662,410)	282,950	(556,382)	41,422
Loss from change in valuation of common stock warrant liability				(61,246)
Investment income, net	8,133	15,500	21,832	48,745
Interest expense	(161,025)	(322,696)	(608,576)	(1,075,258)
Other income (expense)	2,218	(1,053)	1,965	(985)
Total other (expense) income, net	(813,084)	(25,299)	(1,141,161)	(1,047,322)
Net loss	$ (6,409,687)	$ (4,267,413)	$ (16,657,137)	$ (16,947,226)
Basic and diluted (in dollars per share)	$ (0.23)	$ (0.19)	$ (0.66)	$ (0.79)
Weighted average shares outstanding
Basic and diluted (in shares)	27,905,261	23,023,402	25,146,573	21,335,228

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Realized loss reclassified from other accumulated comprehensive loss		$ (106)	$ 3,858	$ 104
Unrealized gain reclassified to other accumulated income	464	3,387	464	14,894
Other comprehensive gain	464	3,281	4,322	14,998
Net loss	(6,409,687)	(4,267,413)	(16,657,137)	(16,947,226)
Comprehensive loss	$ (6,409,223)	$ (4,264,132)	$ (16,652,815)	$ (16,932,228)

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net loss	$ (16,657,137)	$ (16,947,226)
Depreciation and amortization	365,625	329,625
Change in fair value of common stock warrant liability		61,246
Change in fair value of earn-out milestone liability	556,382	(41,422)
Deferred revenue	(375,000)	(375,000)
Stock-based compensation costs	1,331,094	1,616,864
Shares issued out of treasury	79,238	73,886
Amortization of deferred finance charges and debt discount associated with notes payable	198,806	349,090
Change in deferred rent liability	(25,981)	(21,904)
Loss realized on sale of investment securities	3,858	104
Accrued interest on short term investments	22,205	185,411
Advances, deposits and other current assets	(136,871)	31,604
Accounts payable	(195,716)	1,185,710
Accrued liabilities	725,660	(1,008,084)
Net cash (used in) operating activities:	(13,716,405)	(16,931,516)
Cash flows from investing activities:
Purchases of investment securities	(4,515,125)	(21,078,733)
Proceeds from sale and maturity of investment securities	10,800,000	28,494,325
Refund of security deposit on letter of credit		50,000
Purchases of property and equipment	(48,928)	(108,191)
Net cash provided by investing activities	6,235,947	7,357,401
Cash flows from financing activities:
Proceeds from sale of common stock equity, net of issuance costs	5,428,965	7,163,068
Principal payments on notes payable	(3,029,429)	(2,700,959)
Net cash provided by financing activities	2,399,536	4,462,109
Decrease in cash and cash equivalents	(5,080,922)	(5,112,006)
Cash and cash equivalents at beginning of period	9,265,144	12,686,881
Cash and cash equivalents at end of period	4,184,222	7,574,875
Supplemental disclosures of cash flow information:
Interest paid	$ 409,770	$ 726,167

Note 1 - Business Description

Note 1 - Business Description	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Nature of Operations [Text Block]	Note 1. Business Description Celsion Corporation, a Delaware corporation based in Lawrenceville, New Jersey, its wholly-owned subsidiaries CLSN Laboratories, Inc., also a Delaware corporation, and Celsion GmbH, a limited liability company in Zug Switzerland, referred to herein as “Celsion”, “we”, or “the Company,” as the context requires, is a fully-integrated oncology drug development company focused on developing a portfolio of innovative cancer treatments, including directed chemotherapies, immunotherapies and RNA- or DNA-based therapies. Our lead program is ThermoDox® , a proprietary heat-activated liposomal encapsulation of doxorubicin, currently in Phase III development for the treatment of primary liver cancer. Our pipeline also includes GEN-1, a DNA-based immunotherapy for the localized treatment of ovarian and brain cancers. We have three platform technologies for the development of treatments for those suffering with difficult-to-treat forms of cancer, novel nucleic acid-based immunotherapies and other anti-cancer DNA or RNA therapies, including TheraPlas™ and TheraSilence™. We are working to develop and commercialize more efficient, effective and targeted oncology therapies based on our technologies, with the goal to develop novel therapeutics that maximize efficacy while minimizing side effects common to cancer treatments.

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Basis of Accounting [Text Block]	Note 2. Basis of Presentation The accompanying unaudited condensed consolidated financial statements, which include the accounts of Celsion Corporation, CLSN Laboratories, Inc. and Celsion GmbH, have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. All intercompany balances and transactions have been eliminated. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments, consisting only of normal recurring accruals considered necessary for a fair presentation, have been included in the accompanying unaudited condensed consolidated financial statements. Operating results for the three and nine month periods ended September 30, 2016 are not necessarily indicative of the results that may be expected for any other interim period(s) or for any full year. For further information, refer to the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K and Form 10K/A for the fiscal year ended December 31, 2015 filed with the Securities and Exchange Commission (SEC) on March 30, 2016 and April 29, 2016, respectively. The preparation of financial statements in conformity with GAAP requires management to make judgments, estimates, and assumptions that affect the amount reported in the Company’s financial statements and accompanying notes. Actual results could differ materially from those estimates. Events and conditions arising subsequent to the most recent balance sheet date have been evaluated for their possible impact on the financial statements and accompanying notes. No events and conditions would give rise to any information that required accounting recognition or disclosure in the financial statements other than those arising in the ordinary course of business.

Note 3 - Management's Plan

Note 3 - Management's Plan	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Substantial Doubt about Going Concern [Text Block]	Note 3. Management’s Plan The Company has incurred an accumulated deficit of $236 million through September 30, 2016. In addition, the Company has incurred negative cash flow from operations since it started the business. The Company has spent, and expects to continue to spend, substantial amounts in connection with implementing its business strategy, including the planned product development efforts, clinical trials, and research and discovery efforts. The actual amount of funds the Company will need to operate is subject to many factors, some of which are beyond the Company’s control. These factors include the following: ● the progress of research activities; ● the number and scope of research programs; ● the progress of preclinical and clinical development activities; ● the progress of the development efforts of parties with whom the Company has entered into research and development agreements; ● the costs associated with additional clinical trials of product candidates; ● the ability to maintain current research and development licensing arrangements and to establish new research and development and licensing arrangements; ● the ability to achieve milestones under licensing arrangements; ● the costs involved in prosecuting and enforcing patent claims and other intellectual property rights; and ● the costs and timing of regulatory approvals. The Company has based its estimate on assumptions that may prove to be wrong. The Company may need to obtain additional funds sooner or in greater amounts than it currently anticipates. Potential sources of financing include strategic relationships, public or private sales of the Company’s shares or debt and other sources. If the Company raises funds by selling additional shares of common stock or other securities convertible into common stock, the ownership interest of existing stockholders may be diluted. The Company will be required to obtain additional funding in order to continue the development of its current product candidates within the anticipated time periods, if at all, and to continue to fund operations. As more fully discussed in Note 11, the Company has $7.5 million available under a controlled equity offering facility it has with Cantor Fitzgerald & Co. Besides this equity facility, the Company does not have any committed sources of financing at this time, and there is substantial uncertainty whether additional funding will be available when needed on terms that will be acceptable to it, or at all. If the Company is not able to obtain financing when needed, there would be substantial doubt as to the Company's ability to continue as a going concern. As a result, the Company may have to significantly limit its operations and its business, financial condition and results of operations would be materially harmed.

Note 4 - New Accounting Pronoun

Note 4 - New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	Note 4. New Accounting Pronouncements From time to time, new accounting pronouncements are issued by Financial Accounting Standards Board (FASB) and are adopted by us as of the specified effective date. Unless otherwise discussed, we believe that the impact of recently issued accounting pronouncements will not have a material impact on the Company’s consolidated financial position, results of operations, and cash flows, or do not apply to our operations. In May 2014, the FASB issued Accounting Standards Update No. 2014-09 Revenue from Contracts with Customers In August 2014, the FASB issued Accounting Standards Update No. 2014-15. This standard provides guidance which defines management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. This guidance is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early adoption is permitted. Management is currently evaluating the impact of the adoption of this standard on its condensed consolidated financial statements. In April 2015, the FASB issued Accounting Standards Update No. 2015-03 Interest – Imputation of Interest (ASU Subtopic 835-30). The new standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU Subtopic 835-30 became effective for the Company beginning January 1, 2016 and was applied retrospectively. This adoption resulted in the reclassification of unamortized deferred financing fees related to the Company’s notes payable from other assets totaling $6,151 and $26,131 as of September 30, 2016 and December 31, 2015, respectively. In January 2016, the FASB issued Accounting Standards Update No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, which requires that most equity investments be measured at fair value, with subsequent changes in fair value recognized in net income (other than those accounted for under equity method of accounting). This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The Company is currently assessing the impact of the adoption of this guidance on its consolidated financial statements and disclosures. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842), which requires lessees recognize assets and liabilities for leases with lease terms greater than twelve months in the statement of financial position. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. This update also requires improved disclosures to help users of financial statements better understand the amount, timing and uncertainty of cash flows arising from leases. The update is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within that reporting period. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this guidance will have on its consolidated financial statements and disclosures. In March 2016, the FASB issued Accounting Standards Update No 2016-09, Compensation – Stock Compensation (Topic 718). The new standard simplifies 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 new standard is effective for public companies for annual reporting periods beginning after December 15, 2016, including interim periods within those annual reporting periods; however, early adoption is allowed. The Company is currently evaluating the impact of the pending adoption of the new standard on the Company’s consolidated financial statements.

Note 5 - Net Loss Per Common Sh

Note 5 - Net Loss Per Common Share	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 5. Net Loss per Common Share Basic earnings per share is calculated based upon the net income (loss) available to common shareholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated after adjusting the denominator of the basic earnings per share computation for the effects of all dilutive potential common shares outstanding during the period. The dilutive effects of preferred stock, options and warrants and their equivalents are computed using the treasury stock method. For the three and nine month periods ended September 30, 2016, the total number of shares of common stock issuable upon exercise of warrants and equity awards was 18,946,371. The Pre-funded Series B Warrants (as more fully described in Note 11 of these financial statements) convertible into shares of the Company’s common stock totaling 1,850,000 are considered issued in calculating basic loss per share. For the three and nine month periods ended September 30, 2016, diluted loss per common share was the same as basic loss per common share as the other 17,096,371 warrants and equity awards that were convertible into shares of the Company’s common stock were excluded from the calculation of diluted earnings per common share as their effect would have been anti-dilutive. The total number of shares of common stock issuable upon exercise of warrants and equity awards were 8,110,136 for the three and nine month periods ended September 30, 2015. For the three and nine month periods ended September 30, 2015, diluted loss per common share was the same as basic loss per common share as all options and all warrants that were convertible into shares of the Company’s common stock were excluded from the calculation of diluted earnings attributable to common shareholders per common share as their effect would have been anti-dilutive.

Note 6 - Investment Securities

Note 6 - Investment Securities - Available for Sale	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	Note 6. Investment Securities - Available For Sale Short term investments available for sale of $4,515,479 and $10,799,890 as of September 30, 2016 and December 31, 2015, respectively, consist of certificates of deposit and corporate debt securities. They are valued at estimated fair value, with unrealized gains and losses reported as a separate component of stockholders’ equity in Accumulated Other Comprehensive Income. Securities available for sale are evaluated periodically to determine whether a decline in their value is other than temporary. The term “other than temporary” is not intended to indicate a permanent decline in value. Rather, it means that the prospects for near term recovery of value are not necessarily favorable, or that there is a lack of evidence to support fair values equal to, or greater than, the carrying value of the security. Management reviews criteria such as the magnitude and duration of the decline, as well as the reasons for the decline, to predict whether the loss in value is other than temporary. Once a decline in value is determined to be other than temporary, the value of the security is reduced and a corresponding charge to earnings is recognized. A summary of the cost, fair value and maturities of the Company’s short-term investments is as follows: September 30, 2016 December 31, 2015 Cost Fair Value Cost Fair Value Short-term investments Certificate of deposit $ 4,515,000 $ 4,515,479 $ 4,800,000 $ 4,798,810 Corporate debt securities – – 6,003,748 6,001,080 Total $ 4,515,000 $ 4,515,479 $ 10,803,748 $ 10,799,890 September 30, 2016 December 31, 2015 Cost Fair Value Cost Fair Value Short-term investment maturities Within 3 months $ 2,835,000 $ 2,835,251 $ 10,803,748 $ 10,799,890 Between 3-12 months 1,680,000 1,680,228 – – Total $ 4,515,000 $ 4,515,479 $ 10,803,748 $ 10,799,890 Investment income, which includes net realized losses on sales of available for sale securities and investment income interest and dividends, is summarized as follows: Three Months Ended September 30, Description of Securities 2016 2015 Interest and dividends accrued and paid $ 8,133 $ 29,610 Accretion of investment premium - (14,216 ) Realized gains - 106 Investment income, net $ 8,133 $ 15,500 Nine Months Ended September 30, Description of Securities 2016 2015 Interest and dividends accrued and paid $ 31,478 $ 161,584 Accretion of investment premium (5,788 ) (112,735 ) Realized losses (3,858 ) (104 ) Investment income, net $ 21,832 $ 48,745 The following table shows the Company’s investment securities gross unrealized losses and fair value by investment category and length of time that individual securities have been in a continuous unrealized gain or loss position at September 30, 2016. The Company has reviewed individual securities to determine whether a decline in fair value below the amortizable cost basis is other than temporary. September 30, 2016 December 31, 2015 Description of Securities Fair Value Unrealized Holding Gains (Losses) Fair Value Unrealized Holding Gains (Losses) Available for Sale (all unrealized holding gains and losses are less than 12 months at date of measurement) Short-term investments with unrealized gains $ 4,515,479 $ 479 $ 240,024 $ 24 Short-term investments with unrealized losses – – 10,559,866 (3,882 ) Total $ 4,515,479 $ 479 $ 10,799,890 $ (3,858 ) The following table presents the change, by component, in accumulated other comprehensive loss for the first nine months of 2016. Accumulated Other Comprehensive Loss Balance at January 1, 2016 $ (3,858 ) Unrealized gain reclassified to other accumulated income 464 Realized loss reclassified from other accumulated comprehensive loss 3,858 Other comprehensive gain, net 4,322 Balance at September 30, 2016 $ 464

Note 7 - Fair Value of Measurem

Note 7 - Fair Value of Measurements	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Fair Value Disclosures [Text Block]	Note 7. Fair Value of Measurements FASB Accounting Standards Codification (ASC) Section 820 “ Fair Value Measurements and Disclosures,” Level 1 Level 2 Level 3 The fair values of securities available for sale are determined by obtaining quoted prices on nationally recognized exchanges (Level 1 inputs) or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). Cash and cash equivalents, other current assets, accounts payable and other accrued liabilities are reflected in the balance sheet at their estimated fair values primarily due to their short-term nature. There were no transfers of assets of liabilities between Level 1 and Level 2 and no transfers in or out of Level 3 during the nine months ended September 30, 2016 except for the change in the earn-out milestone liability included in earnings (Note 13). Assets and liabilities measured at fair value are summarized below: Total Fair Value on the Balance Sheet Quoted Prices In Active Markets For Identical Assets /Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Recurring items as of September 30, 2016 Short-term investments available for sale $ 4,515,479 $ 4,515,479 - - Recurring items as of December 31, 2015 Short-term investments available for sale $ 10,799,890 $ 10,799,890 - - Liabilities: Recurring items as of September 30, 2016 Earn-out milestone liability (Note 13) $ 14,477,794 - - $ 14,477,794 Recurring items as of December 31, 2015 Earn-out milestone liability (Note 13) $ 13,921,412 - - $ 13,921,412

Note 8 - Acquisition of EGEN, I

Note 8 - Acquisition of EGEN, Inc.	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Business Combination Disclosure [Text Block]	Note 8. Acquisition of EGEN, Inc. On June 20, 2014, we completed the acquisition of substantially all of the assets of EGEN, Inc., an Alabama Corporation (EGEN) pursuant to an Asset Purchase Agreement (EGEN Purchase Agreement). We acquired all of EGEN’s right, title and interest in and to substantially all of the assets of EGEN, including cash and cash equivalents, patents, trademarks and other intellectual property rights, clinical data, certain contracts, licenses and permits, equipment, furniture, office equipment, furnishings, supplies and other tangible personal property. In addition, we assumed certain specified liabilities of EGEN, including the liabilities arising out of the acquired contracts and other assets relating to periods after the closing date. The total aggregate purchase price for the acquisition is up to $44.4 million, which includes potential future payments of up to $30.4 million contingent upon achievement of certain milestones set forth in the EGEN Purchase Agreement (Earn-out Payments). At the closing, we paid approximately $3.0 million in cash after expense adjustment and issued 2,712,188 shares of its common stock to EGEN. In addition, 670,070 shares of common stock are currently issuable to EGEN pending satisfactory resolution of any post-closing adjustments of expenses and EGEN’s indemnification obligations under the EGEN Purchase Agreement (Holdback Shares). The Earn-out payments of up to $30.4 million will become payable, in cash, shares of Celsion common stock or a combination thereof, at Celsion’s option, as follows: ● $12.4 million will become payable upon achieving certain specified development milestones relating to an ovarian cancer study of GEN-1 to be conducted by the Company or its subsidiary; ● $12.0 million will become payable upon achieving certain specified development milestones relating to a GEN-1 glioblastoma multiforme brain cancer study to be conducted by us or our subsidiary; and ● up to $6.0 million will become payable upon achieving certain specified milestones relating to the TheraSilence TM technology acquired from EGEN in the acquisition. The acquisition of EGEN was accounted for under the acquisition method of accounting which required the Company to perform an allocation of the purchase price to the assets acquired and liabilities assumed. The fair value of the consideration transferred for the acquisition was approximately $27.6 million. Under the acquisition method of accounting, the total purchase price was allocated to EGEN’s net tangible and intangible assets and liabilities based on their estimated fair values as of the acquisition date. The following table summarizes the fair values of these assets acquired and liabilities assumed related to the acquisition. Property and equipment, net $ 35,000 In-process research and development 25,802,000 Goodwill 1,976,000 Total assets: 27,813,000 Accounts payable and accrued liabilities (235,000 ) Net assets acquired $ 27,578,000 Acquired In-Process Research and Development (IPR&D) consists of EGEN's drug technology platforms: TheraPlas™ and TheraSilence™. The fair value of the IPR&D drug technology platforms was estimated to be $25.8 million as of the acquisition date. As of the closing of the acquisition, the IPR&D is considered indefinite lived intangible assets and will not be amortized. IPR&D is reviewed for impairment at least annually as of our third quarter ended September 30, and whenever events or changes in circumstances indicate that the carrying value of the assets might not be recoverable. As of September 30, 2016, after our assessment of the totality of the events that could impair IPR&D, it is the Company’s conclusion “it is not more likely than not” that the indefinite-lived intangible assets are impaired. Therefore, the Company is not required to calculate the fair value of the intangible assets and perform a quantitative impairment test. The purchase price exceeded the estimated fair value of the net assets acquired by approximately $2.0 million which was recorded as Goodwill. Goodwill represents the difference between the total purchase price for the net assets purchased from EGEN and the aggregate fair values of tangible and intangible assets acquired, less liabilities assumed. Goodwill is reviewed for impairment at least annually as of our third quarter ended September 30 or sooner if we believe indicators of impairment exist. As of September 30, 2016, after our assessment of the totality of the events that could impair Goodwill, it is the Company’s conclusion “it is not more likely than not” that the Goodwill is impaired. Therefore, the Company is not required to conduct a two-step quantitative goodwill impairment test.

Note 9 - Accrued Liabilities

Note 9 - Accrued Liabilities	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	Note 9. Accrued Liabilities Other accrued liabilities at September 30, 2016 and December 31, 2015 include the following: September 30, 2016 December 31, 2015 Amounts due to contract research organizations and other contractual agreements $ 1,287,749 $ 571,615 Accrued payroll and related benefits 1,061,708 947,078 Accrued professional fees 244,450 319,200 Accrued interest on notes payable 31,782 62,136 Other 19,740 19,740 Total $ 2,645,429 $ 1,919,769

Note 10 - Note Payable

Note 10 - Note Payable	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 10. Note Payable In November 2013, the Company entered into a loan agreement with Hercules Technology Growth Capital, Inc. (Hercules) which permits up to $20 million in capital to be distributed in multiple tranches (the Hercules Credit Agreement). The Company drew the first tranche of $5 million upon closing of the Hercules Credit Agreement in November 2013 and used approximately $4 million of the proceeds to repay the outstanding obligations under its loan agreement with Oxford Finance LLC and Horizon Technology Finance Corporation as discussed further below. On June 10, 2014, the Company closed the second $5 million tranche under the Hercules Credit Agreement. The proceeds were used to fund the $3.0 million upfront cash payment associated with Celsion's acquisition of EGEN, as well as the Company’s transaction costs associated with the EGEN acquisition. Upon the closing of this second tranche, the Company has drawn down a total of $10 million under the Hercules Credit Agreement. The obligations under the Hercules Credit Agreement are in the form of secured indebtedness bearing interest at a calculated prime-based variable rate (11.25% per annum since inception through December 17, 2015 and 11.50% since). Payments under the loan agreement were interest only for the first twelve months after loan closing, followed by a 30-month amortization period of principal and interest through the scheduled maturity date of June 1, 2017. In connection with the Hercules Credit Agreement, the Company incurred cash expenses of $122,378 which were recorded as deferred financing fees. These deferred financing fees are being amortized as interest expense using the effective interest method over the life of the loan. In connection with adoption of ASU Subtopic 835-30 during the first quarter of 2016, unamortized deferred financing fees of $6,151 and $26,131 as of September 30, 2016 and December 31, 2015, respectively, have been classified as a direct deduction from the debt liability consistent with the presentation of a debt discount. Also in connection with the Hercules Credit Facility, the Company paid loan origination fees of $230,000 which has been classified as debt discount. This amount is being amortized as interest expense using the effective interest method over the life of the loan. As a fee in connection with the Hercules Credit Agreement, the Company issued Hercules a warrant for a total of 97,493 shares of the Company’s common stock (the Hercules Warrant) at a per share exercise price of $3.59, exercisable for cash or by net exercise from November 25, 2013. Upon the closing of the second tranche on June 10, 2014, this warrant became exercisable for an additional 97,493 shares of the Company’s common stock. The Hercules Warrant will expire November 25, 2018. Hercules has certain rights to register the common stock underlying the Hercules Warrant pursuant to a Registration Rights Agreement with the Company dated November 25, 2013. The registration rights expire on the date when such stock may be sold under Rule 144 without restriction or upon the first year anniversary of the registration statement for such stock, whichever is earlier. The common stock issuable pursuant to the Hercules Warrant was filed pursuant to Rule 415 under the Securities Act of 1933 on the Prospectus for Registration Statement No. 333-193936 and was declared effective on September 30, 2014. The Company valued the Hercules Warrant issued at the inception of the loan using the Black-Scholes option pricing model and recorded $521,763 in 2013 as deferred financing fees. In calculating the value of the warrants, the Company assumed a volatility rate of 102%, risk free interest rate of 1.37%, an expected life of 5 years, a stock price of $3.55 (closing price on date of the Hercules Warrant) and no expected forfeitures nor dividends. In the second quarter of 2014, the Company reassessed the classification of the warrants and concluded the original amount should be reclassified from deferred financing fees and equity. Therefore, other assets and additional paid in capital were both reduced by the $521,763. The Company then valued the warrant for the initial 97,493 shares of the Company’s common stock as of the inception of the loan and recorded $260,928 as a debt discount to be amortized as interest expense using the effective interest method over the life of the loan and recognized a warrant liability for this amount. In connection with the closing of the second $5 million tranche on June 9, 2014, the Company then valued the warrant for the additional 97,493 shares of the Company’s common stock which became available and exercisable as of the date and recorded $215,333 as a debt discount to be amortized as interest expense using the effective interest method over the life of the loan and recognized a warrant liability for this amount. In calculating the value of the warrant for the additional shares of the Company’s common stock on June 10, 2014, the Company assumed a volatility rate of 104%, risk free interest rate of 1.69%, an expected remaining life of 4.5 years, a stock price of $3.07 (closing price June 9, 2014) and no expected forfeitures nor dividends. In 2014, the warrant liability was fair valued at the end of each quarter and the resulting change in fair value will be recognized in net income. In the second quarter of 2015, the Company concluded the warrant provision which provided for the exercise price to be adjusted downward as described above had expired. Therefore, the Company valued the warrant at $336,254 immediately prior to this event and recorded non-cash charges to net income of $18,018 and $61,246 in the second quarter and year to date periods of 2015, respectively. The Company also reduced the liability to zero and increased equity by $336,254 at that time. Also in connection with each of the $5.0 million tranches, the Company will be required to pay an end of term charge equal to 3.5% of each original loan amount at time of maturity. Therefore, these amounts totaling $350,000 are being amortized as interest expense using the effective interest method over the life of the loan. For the three month periods ended September 30, 2016 and 2015, the Company incurred $107,805 and $218,836 in interest expense, respectively, and amortized $53,220 and $103,860, respectively as interest expense for deferred fees, debt discount and end of term charges in connection with the Hercules Credit Agreement. For the nine month periods ended September 30, 2016 and 2015, the Company incurred $409,770 and $726,167 in interest expense, respectively, and amortized $198,806 and $349,090, respectively, as interest expense for deferred fees, debt discount and end of term charges in connection with the Hercules Credit Agreement. The Hercules Credit Agreement contains customary covenants, including covenants that limit or restrict the Company’s ability to grant liens, incur indebtedness, make certain restricted payments, merge or consolidate and make dispositions of assets. Upon the occurrence of an event of default under the Hercules Credit Agreement, the lenders may cease making loans, terminate the Hercules Credit Agreement, declare all amounts outstanding to be immediately due and payable and foreclose on or liquidate the Company’s assets that comprise the lenders’ collateral. The Hercules Credit Agreement specifies a number of events of default (some of which are subject to applicable grace or cure periods), including, among other things, non-payment defaults, covenant defaults, a material adverse effect on the Company or its assets, cross-defaults to other material indebtedness, bankruptcy and insolvency defaults and material judgment defaults. The Company has maintained compliance with these covenants. Total notes payable associated with the Hercules Credit Agreement consisted of the following at: September 30, December 31, 2016 2015 Principal amount $ 3,316,341 $ 6,345,769 Amortized end of term charges net of amortized debt discounts 282,922 265,859 Unamortized debt issuance costs (6,151 ) (187,894 ) Total convertible notes payable $ 3,593,112 $ 6,423,734 Following is a schedule of future principle payments before debt discount and end of term charges due on the Hercules Credit Agreement: During the year ending September 30, 2017 $ 3,316,341 2018 and thereafter – Total $ 3,316,341

Note 11 - Stockholders' Equity

Note 11 - Stockholders' Equity	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	Note 11. Stockholders’ Equity In September 2015, the Company filed with the SEC a $75 million shelf registration statement on Form S-3 (File No. 333-206789) that allows the Company to issue any combination of common stock, preferred stock or warrants to purchase common stock or preferred stock (the 2015 Registration Statement). This shelf registration was declared effective on September 25, 2015. On June 13, 2016, the Company entered into a Securities Purchase Agreement (the June 2016 Purchase Agreement) with an investor, pursuant to which the Company issued and sold, in a registered direct offering (the June 2016 Offering), an aggregate of 2,311,764 shares of common stock, par value $0.01 per share, of the Company at an offering price of $1.36 per share. In addition, the Company sold Pre-Funded Series B Warrants (the Pre-Funded Series B Warrants) to purchase 2,100,000 shares of common stock (and the shares of common stock issuable upon exercise of the Pre-Funded Series B Warrants), in lieu of shares of common stock to the extent that the purchase of common stock would cause the beneficial ownership of the Purchaser, together with its affiliates and certain related parties, to exceed 9.99% of our common stock. The Company offered these shares and warrants under the June 2016 Purchase Agreement pursuant to the 2015 Registration Statement. The Company received gross proceeds of approximately $6.0 million before the deduction of the placement agent fee and offering expenses in the June 2016 Offering. During the third quarter of 2016, 250,000 shares of common stock were issued in connection with the exercise of some of the Pre-Funded Series B Warrants. As of September 30, 2016, 1,850,000 of the Series B Pre-Funded warrants remain outstanding. In a concurrent private placement (the June 2016 Private Placement), the Company issued to the investor Series A warrants (the June 2016 Series A Warrants), each to purchase 0.5 share of common stock, Series C warrants (the June 2016 Series C Warrants), each to purchase one share of common stock, and Series D warrants (the June 2016 Series D Warrants), each to purchase 0.5 share of common stock (collectively the June 2016 Warrants). The June 2016 Series A Warrants are initially exercisable six months following issuance and terminate five and one-half years following issuance. The June 2016 Series C Warrants are initially exercisable six months following issuance and terminate one year following issuance. The June 2016 Series D Warrants only become exercisable ratably upon the exercise of the June 2016 Series C Warrants, are initially exercisable six months following issuance, and terminate five and one-half years following issuance. The June 2016 Warrants have an exercise price of $1.40 per share and are exercisable to purchase an aggregate of 8,823,528 shares of common stock. Subject to limited exceptions, a holder of a June 2016 Warrant will not have the right to exercise any portion of its warrants if the holder, together with its affiliates, would beneficially own in excess of 4.99% of the number of shares of common stock outstanding immediately after giving effect to such exercise (the “Beneficial Ownership Limitation”); provided, however, that upon 61 days’ prior notice to the Company, the holder may increase or decrease the Beneficial Ownership Limitation, provided that in no event shall the Beneficial Ownership Limitation exceed 9.99%. The June 2016 Warrants and the shares of our common stock issuable upon the exercise of the June 2016 Warrants are not being registered under the Securities Act of 1933, as amended (the “Securities Act”), are not being offered pursuant to the Registration Statement and are being offered pursuant to the exemption provided in Section 4(a)(2) under the Securities Act and Rule 506(b) promulgated thereunder. On October 31, 2016 we filed a registration statement on Form S-1 to provide for the resale of the shares of common stock issuable upon the exercise of the June 2016 Warrants and will be obligated to use our commercially reasonable efforts to keep such registration statement effective until the earliest of (i) the date on which all of the shares of commons stock issuable upon the exercise of the June 2016 Warrants have been sold under the registration statement or Rule 144 under the Securities Act, (ii) the date on which the shares of common stock issuable upon the exercise of the June 2016 Warrants may be sold without volume or manner-of-sale restrictions pursuant to Rule 144 under the Securities Act and (iii) the termination of the June 2016 Warrants. Under the June 2016 Purchase Agreement, the Company is prohibited, for a period of six months after the closing, from effecting or entering into an agreement to issue common stock or any other securities that are at any time convertible into, or exercisable or exchangeable for, or otherwise entitle the holder thereof to receive, common stock to the extent such issuance or sale involves certain variable conversion, exercise or exchange prices or such agreement provides for sale of securities at a price to be determined in the future. May 2015 Common Stock Offering On May 27, 2015, the Company entered into a Securities Purchase Agreement with certain investors, pursuant to which the Company sold and issued on June 1, 2015, in a registered direct offering (the May 2015 Offering), an aggregate of 3,000,000 shares of common stock at an offering price of $2.675 per share for gross proceeds of $8.0 million before the deduction of the placement agent fee and offering expenses. The Shares were offered by the Company pursuant to a registration statement on Form S-3 (File No. 333-183286), which was initially filed with the SEC on August 13, 2012, as amended on August 20, 2012, and was declared effective by the SEC on September 14, 2012 (the Shelf Registration Statement). In a concurrent private placement closed on June 1, 2015, the Company issued to the investors in the May 2015 Offering certain warrants (the May 2015 Warrants) at an exercise price of $2.60 per share. The May 2015 Warrants are exercisable to purchase 0.65 share of common stock for each share of common stock purchased in the May 2015 Offering for an aggregate of 1,950,000 shares of common stock. Each May 2015 Warrant will be exercisable on the date of its issuance until the five-year anniversary of the date of issuance. On July 10, 2015, the Company filed a registration statement for the resale of any shares of common stock issuable upon the exercise of the May 2015 Warrants on Form S-3 (File No. 333-205608) which was declared effective by the SEC on July 30, 2015. Under this purchase agreement, the Company was prohibited, for the period from the date of closing and ending September 1, 2015, from effecting or entering into an agreement to issue common stock or, for a period of five months after the closing, any other securities that are at any time convertible into, or exercisable or exchangeable for, or otherwise entitle the holder thereof to receive, common stock to the extent such issuance or sale involves certain variable conversion, exercise or exchange prices or such agreement provides for sale of securities at a price to be determined in the future. Controlled Equity Offering On February 1, 2013, the Company entered into a Controlled Equity Offering SM Sales Agreement (the “ATM Agreement”) with Cantor Fitzgerald & Co., as sales agent (“Cantor”), pursuant to which Celsion may offer and sell, from time to time, through Cantor, shares of our common stock having an aggregate offering price of up to $25.0 million (the “ATM Shares”) pursuant to the Company’s previously filed and effective Registration Statement on Form S-3. Under the ATM Agreement, Cantor may sell ATM Shares by any method deemed to be an “at-the-market” offering as defined in Rule 415 promulgated under the Securities Act of 1933, as amended, including sales made directly on The NASDAQ Capital Market, on any other existing trading market for the our common stock or to or through a market maker. From February 1, 2013 through September 30, 2016, the Company sold and issued an aggregate of 1,479,535 shares of common stock under the ATM Agreement, receiving approximately $7.4 million in net proceeds. The Company is not obligated to sell any ATM Shares under the ATM Agreement. Subject to the terms and conditions of the ATM Agreement, Cantor will use commercially reasonable efforts, consistent with its normal trading and sales practices and applicable state and federal law, rules and regulations and the rules of The NASDAQ Capital Market, to sell ATM Shares from time to time based upon the Company’s instructions, including any price, time or size limits or other customary parameters or conditions the Company may impose. In addition, pursuant to the terms and conditions of the ATM Agreement and subject to the instructions of the Company, Cantor may sell ATM Shares by any other method permitted by law, including in privately negotiated transactions. The ATM Agreement will terminate upon the earlier of (i) the sale of ATM Shares under the ATM Agreement having an aggregate offering price of $25 million and (ii) the termination of the ATM Agreement by Cantor or the Company. The ATM Agreement may be terminated by Cantor or the Company at any time upon 10 days' notice to the other party, or by Cantor at any time in certain circumstances, including the occurrence of a material adverse change in the Company. The Company pays Cantor a commission of 3.0% of the aggregate gross proceeds from each sale of ATM Shares and has agreed to provide Cantor with customary indemnification and contribution rights. The Company also reimbursed Cantor for legal fees and disbursements of $50,000 in connection with entering into the ATM Agreement. On October 2, 2015, we filed a prospectus supplement to the base prospectus that forms a part of the Shelf Registration Statement, filed on September 4, 2015 and declared effective by the SEC on September 25, 2015, pursuant to which we may offer and sell up to $7,500,000 of common stock from time to time under the ATM Agreement. The Company currently has approximately $17.4 million remaining under the ATM Agreement.

Note 12 - Stock-based Compensat

Note 12 - Stock-based Compensation	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Note 12. Stock-Based Compensation Stock Options Plans The Company has long-term compensation plans that permit the granting of incentive awards in the form of stock options. Generally, the terms of these plans require that the exercise price of the options may not be less than the fair market value of Celsion’s common stock on the date the options are granted. Options granted generally vest over various time frames or upon milestone accomplishments. The Company’s options generally expire ten years from the date of the grant. In 2007, the Company adopted the Celsion Corporation 2007 Stock Incentive Plan (the 2007 Plan) under which 222,222 shares were authorized for issuance. The purpose of the 2007 Plan is to promote the long-term growth and profitability of the Company by providing incentives to improve stockholder value and enable the Company to attract, retain and reward the best available persons for positions of substantial responsibility. The 2007 Plan permits the granting of equity awards in the form of incentive stock options, nonqualified stock options, restricted stock, restricted stock units, stock appreciation rights, phantom stock, and performance awards, or in any combination of the foregoing. At the Annual Meetings of Stockholders of Celsion held on June 25, 2010, June 7, 2012 and June 20, 2014, the stockholders approved amendments to the Plan. The only material difference between the original Plan and the amended Plan was the number of shares of common stock available for issuance under the amended Plan which was increased by 222,222 to a total of 444,444 shares in 2010, by 500,000 to a total of 944,444 shares in 2012 and by 2,500,000 to a total of 3,444,444 shares in 2014. Prior to the adoption of the 2007 Plan, the Company adopted two stock plans for directors, officers and employees (one in 2001 and another in 2004) under which 148,148 shares were reserved for future issuance under each of these plans. As these plans have been superseded by the 2007 Plan, any options previously granted which expire, forfeit, or cancel under these plans will be rolled into the 2007 Plan. A summary of the Company’s stock option and restricted stock awards for the nine months ended September 30, 2016 is as follows: Stock Options Restricted Stock Awards Weighted Average Equity Awards Options Outstanding Weighted Average Exercise Price Non-vested Restricted Stock Outstanding Weighted Average Grant Date Fair Value Contractual Terms of Equity Awards (in years) Equity awards outstanding at December 31, 2015 2,139,822 $ 5.64 81,518 $ 2.64 Equity awards granted 841,283 $ 1.29 110,000 $ 1.63 Equity awards exercised – – (126,518 ) $ 1.72 Equity awards forfeited, cancelled or expired (48,278 ) $ 10.68 – – Equity awards outstanding at September 30, 2016 2,932,827 $ 4.31 65,000 $ 2.72 7.5 Aggregate intrinsic value of outstanding awards at September 30, 2016 $ – $ 79,300 Equity awards exercisable at September 30, 2016 2,186,830 $ 5.10 7.1 Aggregate intrinsic value of awards exercisable at September 30, 2016 $ – The fair values of stock options granted were estimated at the date of grant using the Black-Scholes option pricing model. The Black-Scholes model was originally developed for use in estimating the fair value of traded options, which have different characteristics from Celsion’s stock options. The model is also sensitive to changes in assumptions, which can materially affect the fair value estimate. The Company used the following assumptions for determining the fair value of options granted under the Black-Scholes option pricing model: Nine Months Ended September 30 , 2016 2015 Risk-free interest rate 1.55 - 1.87% 2.06 - 2.93% Expected volatility 87.4 - 89.1% 92.9 - 93.0% Expected life (in years) 10.00 10.00 Expected forfeiture rate 10.0% 5.0% Expected dividend yield 0.0% 0.0% Expected volatilities utilized in the model are based on historical volatility of the Company’s stock price. The risk free interest rate is derived from values assigned to U.S. Treasury bonds with terms that approximate the expected option lives in effect at the time of grant. The model incorporates exercise, pre-vesting and post-vesting forfeiture assumptions based on analysis of historical data. The expiration of each option granted in fiscal 2016 and 2015 was used as the expected life. Total compensation cost related to employee stock options and restricted stock awards totaled $432,573 and $289,683 for the three months ended September 30, 2016 and 2015, respectively. Total compensation cost related to employee stock options and restricted stock awards totaled $1,331,094 and $1,616,864 for the nine months ended September 30, 2016 and 2015, respectively. No compensation cost related to stock-based payment arrangements was capitalized as part of the cost of any asset as of September 30, 2016 and 2015. As of September 30, 2016, there was $0.5 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements. That cost is expected to be recognized over a weighted-average period of 0.9 years. The weighted average grant-date fair value was $1.16 and $2.15 per share for the options granted during the nine months ended September 30, 2016 and 2015, respectively. The weighted average grant-date fair value was $1.63 and $3.29 for the restricted stock awards granted during the nine months ended September 30, 2016 and 2015, respectively. Collectively, for all of the Company’s stock option plans there were a total of 535,925 equity awards available for future issuance as of September 30, 2016.

Note 13 - Earn-out Milestone Li

Note 13 - Earn-out Milestone Liability	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Earn-out Milestone Liability Disclosure [Text Block]	Note 13. Earn-out Milestone Liability The total aggregate purchase price for the EGEN Acquisition included potential future Earn-out Payments contingent upon achievement of certain milestones. The difference between the aggregate $30.4 million in future Earn-out Payments and the $13.9 million included in the fair value of the acquisition consideration at June 20, 2014 was based on the Company's risk-adjusted assessment of each milestone (10% to 67%) and utilizing a discount rate based on the estimated time to achieve the milestone (1.5 to 2.5 years). The earn-out milestone liability will be fair valued at the end of each quarter and any change in their value will be recognized in the financial statements. As of September 30, 2016, June 30, 2016, and December 31, 2015, the Company fair valued these milestones at $14.5 million, $13.8 million and $13.9 million, respectively, and recognized a non-cash charge of $662,410 and $556,382 during the three and nine month periods ended September 30, 2016, respectively, as a result of the change in the fair value of these milestones from the beginning of each period respectively. As of September 30 2015, June 30, 2015, and December 31, 2014, the Company fair valued these milestones at $13.6 million, $13.9 million and $13.7 million, respectively, and recognized a non-cash benefit of $282,950 and $41,422 during the three and nine month periods ended September 30, 2015, respectively, as a result of the change in the fair value of these milestones from the beginning of each period respectively. The following is a summary of the changes in the earn-out milestone liability for 2016: Balance at January 1, 2016 $ 13,921,412 Non-cash charge from the adjustment for the change in fair value included in net loss (556,382 ) Balance at September 30, 2016 $ 14,477,794 The following is a schedule of the Company’s risk-adjustment assessment of each milestone: Date Risk-adjustment Assessment of each Milestone Discount Rate Estimated Time to Achieve (years) September 30, 2016 10% to 75% 9 % 0.05 to 1.75 June 30, 2016 10% to 75% 9 % 0.05 to 2.00 December 31, 2015 10% to 75% 9 % 0.05 to 2.50 September 30, 2015 10% to 75% 9 % 0.75 to 2.75 June 30, 2015 10% to 75% 9 % 0.92 to 3.00 December 31, 2014 10% to 75% 9 % 1.25 to 6.50

Note 14 - Warrants

Note 14 - Warrants	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Warrants [Text Block]	Note 14. Warrants Common Stock Warrants Following is a summary of all warrant activity for the nine months ended September 30, 2016: Warrants Number of Warrants Issued Weighted Average Exercise Price Warrants outstanding at December 31, 2015 5,894,675 $ 6.37 Warrants issued during the nine months ended September 30, 2016 (see Note 11) 10,923,528 1.13 Warrants exercised during the nine months ended September 30, 2016 (see Note 11) (250,000 ) 0.01 Warrants expired during the nine months ended September 30, 2016 (619,659 ) 16.76 Warrants outstanding at September 30, 2016 15,948,544 $ 2.48 Aggregate intrinsic value of outstanding warrants at September 30, 2016 $ 2,236,000 Weighted average remaining contractual terms at September 30, 2016 (in years) 2.80 Does not include the Pre-Funded Warrants issued in the June 2016 Offering as these warrants have no expiration date.

Note 15 - Contingent Liabilitie

Note 15 - Contingent Liabilities and Commitments	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 15. Contingent Liabilities and Commitments In July 2011, the Company executed a lease (the “Lease”) with Brandywine Operating Partnership, L.P. (Brandywine), a Delaware limited partnership for a 10,870 square foot premises located in Lawrenceville, New Jersey. In October 2011, the Company relocated its offices to Lawrenceville, New Jersey from Columbia, Maryland. The lease has a term of 66 months and provides for 6 months of rent free, with the first monthly rent payment of approximately $23,000 due and paid in April 2012. Also, as required by the Lease, the Company provided Brandywine with an irrevocable and unconditional standby letter of credit for $250,000, which the Company secured with an escrow deposit at its banking institution of this same amount. The standby letter of credit will be reduced by $50,000 on each of the 19th, 31st and 43rd months from the initial term, with the remaining $100,000 amount remaining until the Lease Term has expired. In connection with three $50,000 reductions of the standby letter of credit in April 2013 and 2014 and 2015, the Company reduced the escrow deposit by $50,000 each time. This lease has a remaining term of 7 months with rent payments of approximately $24,900 per month. In connection with the EGEN Asset Purchase agreement in June 2014, the Company assumed the existing lease with another landlord for an 11,500 square foot premises located in Huntsville Alabama. This lease has a remaining term of 16 months with rent payments of approximately $23,200 per month.

Note 16 - Technology Developmen

Note 16 - Technology Development and Licensing Agreements	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Licensing Transaction [Text Block]	Note 16. Technology Development and Licensing Agreements On May 7, 2012 the Company entered into a long term commercial supply agreement with Zhejiang Hisun Pharmaceutical Co. Ltd. (Hisun) for the production of ThermoDox® in the China territory. In accordance with the terms of the agreement, Hisun will be responsible for providing all of the technical and regulatory support services, including the costs of all technical transfer, registration and bioequivalence studies, technical transfer costs, Celsion consultative support costs and the purchase of any necessary equipment and additional facility costs necessary to support capacity requirements for the manufacture of ThermoDox®. Celsion will repay Hisun for the aggregate amount of these development costs and fees commencing on the successful completion of three registration batches of ThermoDox®. Hisun is also obligated to certain performance requirements under the agreement. The agreement will initially be limited to a percentage of the production requirements of ThermoDox® in the China territory with Hisun retaining an option for additional global supply after local regulatory approval in the China territory. In addition, Hisun will collaborate with Celsion around the regulatory approval activities for ThermoDox® with the China State Food and Drug Administration (CHINA FDA). During the first quarter of 2015, Hisun completed the successful manufacture of three registration batches of ThermoDox® and the Company accrued $685,787 for the aggregate development costs and fees associated with these batches in March 2015. This amount was paid in April 2015. On January 18, 2013, we entered into a technology development contract with Hisun, pursuant to which Hisun paid us a non-refundable research and development fee of $5 million to support our development of ThermoDox ® in mainland China, Hong Kong and Macau (the China territory). Following our announcement on January 31, 2013 that the HEAT Study failed to meet its primary endpoint, Celsion and Hisun have agreed that the Technology Development Contract entered into on January 18, 2013 will remain in effect while the parties continue to collaborate and are evaluating the next steps in relation to ThermoDox®, which include the sub-group analysis of patients in the Phase III HEAT Study for the hepatocellular carcinoma clinical indication and other activities to further the development of ThermoDox ® for the Greater China market. The $5.0 million received as a non-refundable payment from Hisun in the first quarter 2013 has been recorded to deferred revenue and will continue to be amortized over the 10 year term of the agreement, until such time as the parties find a mutually acceptable path forward on the development of ThermoDox ® based on findings of the ongoing post-study analysis of the HEAT Study data. On July 19, 2013, the Company and Hisun entered into a Memorandum of Understanding to pursue ongoing collaborations for the continued clinical development of ThermoDox® as well as the technology transfer relating to the commercial manufacture of ThermoDox® for the China territory. This expanded collaboration includes development of the next generation liposomal formulation with the goal of creating safer, more efficacious versions of marketed cancer chemotherapeutics. Among the key provisions of the Celsion-Hisun Memorandum of Understanding are: ● Hisun will provide the Company with non-dilutive financing and the investment necessary to complete the technology transfer of its proprietary manufacturing process and the production of registration batches for the China territory; ● Hisun will collaborate with the Company around the clinical and regulatory approval activities for ThermoDox® as well as other liposomal formations with the CHINA FDA; and ● Hisun will be granted a right of first offer for a commercial license to ThermoDox® for the sale and distribution of ThermoDox® in the China territory. On August 9, 2016, we signed a long-term Technology Transfer, Manufacturing and Commercial Supply Agreement (the GEN-1 Agreement) with Hisun to pursue an expanded partnership for the technology transfer relating to the clinical and commercial manufacture and supply of GEN-1, Celsion’s proprietary gene mediated, IL-12 immunotherapy, for the greater China territory, with the option to expand into other countries in the rest of the world after all necessary regulatory approvals are in effect. The GEN-1 Agreement will help to support supply for both ongoing and planned clinical studies in the United States, and for potential future studies of GEN-1 in China. GEN-1 is currently being evaluated by Celsion in first line ovarian cancer patients. Key provisions of the GEN-1 Agreement are as follows: ● the GEN-1 Agreement has targeted unit costs for clinical supplies of GEN-1 that are substantially competitive with the Company’s current suppliers; ● once approved, the cost structure for GEN-1 will support rapid market adoption and significant gross margins across global markets; ● Celsion will provide Hisun a certain percentage of China’s commercial unit demand, and separately of global commercial unit demand, subject to regulatory approval; ● Hisun and Celsion will commence technology transfer activities relating to the manufacture of GEN-1, including all studies required by CFDA for site approval; and ● Hisun will collaborate with Celsion around the regulatory approval activities for GEN-1 with the CFDA. A local China partner affords Celsion access to accelerated CFDA review and potential regulatory exclusivity for the approved indication.

Note 6 - Investment Securitie23

Note 6 - Investment Securities - Available for Sale (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Available-for-sale Securities [Table Text Block]	September 30, 2016 December 31, 2015 Cost Fair Value Cost Fair Value Short-term investments Certificate of deposit $ 4,515,000 $ 4,515,479 $ 4,800,000 $ 4,798,810 Corporate debt securities – – 6,003,748 6,001,080 Total $ 4,515,000 $ 4,515,479 $ 10,803,748 $ 10,799,890 September 30, 2016 December 31, 2015 Cost Fair Value Cost Fair Value Short-term investment maturities Within 3 months $ 2,835,000 $ 2,835,251 $ 10,803,748 $ 10,799,890 Between 3-12 months 1,680,000 1,680,228 – – Total $ 4,515,000 $ 4,515,479 $ 10,803,748 $ 10,799,890
Investment Income [Table Text Block]	Three Months Ended September 30, Description of Securities 2016 2015 Interest and dividends accrued and paid $ 8,133 $ 29,610 Accretion of investment premium - (14,216 ) Realized gains - 106 Investment income, net $ 8,133 $ 15,500 Nine Months Ended September 30, Description of Securities 2016 2015 Interest and dividends accrued and paid $ 31,478 $ 161,584 Accretion of investment premium (5,788 ) (112,735 ) Realized losses (3,858 ) (104 ) Investment income, net $ 21,832 $ 48,745
Schedule of Unrealized Loss on Investments [Table Text Block]	September 30, 2016 December 31, 2015 Description of Securities Fair Value Unrealized Holding Gains (Losses) Fair Value Unrealized Holding Gains (Losses) Available for Sale (all unrealized holding gains and losses are less than 12 months at date of measurement) Short-term investments with unrealized gains $ 4,515,479 $ 479 $ 240,024 $ 24 Short-term investments with unrealized losses – – 10,559,866 (3,882 ) Total $ 4,515,479 $ 479 $ 10,799,890 $ (3,858 )
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Accumulated Other Comprehensive Loss Balance at January 1, 2016 $ (3,858 ) Unrealized gain reclassified to other accumulated income 464 Realized loss reclassified from other accumulated comprehensive loss 3,858 Other comprehensive gain, net 4,322 Balance at September 30, 2016 $ 464

Note 7 - Fair Value of Measur24

Note 7 - Fair Value of Measurements (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Total Fair Value on the Balance Sheet Quoted Prices In Active Markets For Identical Assets /Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Recurring items as of September 30, 2016 Short-term investments available for sale $ 4,515,479 $ 4,515,479 - - Recurring items as of December 31, 2015 Short-term investments available for sale $ 10,799,890 $ 10,799,890 - - Liabilities: Recurring items as of September 30, 2016 Earn-out milestone liability (Note 13) $ 14,477,794 - - $ 14,477,794 Recurring items as of December 31, 2015 Earn-out milestone liability (Note 13) $ 13,921,412 - - $ 13,921,412

Note 8 - Acquisition of EGEN,25

Note 8 - Acquisition of EGEN, Inc. (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Property and equipment, net $ 35,000 In-process research and development 25,802,000 Goodwill 1,976,000 Total assets: 27,813,000 Accounts payable and accrued liabilities (235,000 ) Net assets acquired $ 27,578,000

Note 9 - Accrued Liabilities (T

Note 9 - Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	September 30, 2016 December 31, 2015 Amounts due to contract research organizations and other contractual agreements $ 1,287,749 $ 571,615 Accrued payroll and related benefits 1,061,708 947,078 Accrued professional fees 244,450 319,200 Accrued interest on notes payable 31,782 62,136 Other 19,740 19,740 Total $ 2,645,429 $ 1,919,769

Note 10 - Note Payable (Tables)

Note 10 - Note Payable (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Convertible Debt [Table Text Block]	September 30, December 31, 2016 2015 Principal amount $ 3,316,341 $ 6,345,769 Amortized end of term charges net of amortized debt discounts 282,922 265,859 Unamortized debt issuance costs (6,151 ) (187,894 ) Total convertible notes payable $ 3,593,112 $ 6,423,734
Schedule of Maturities of Long-term Debt [Table Text Block]	During the year ending September 30, 2017 $ 3,316,341 2018 and thereafter – Total $ 3,316,341

Note 12 - Stock-based Compens28

Note 12 - Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Share-based Compensation Stock Options and Restricted Stock Awards Activity [Table Text Block]	Stock Options Restricted Stock Awards Weighted Average Equity Awards Options Outstanding Weighted Average Exercise Price Non-vested Restricted Stock Outstanding Weighted Average Grant Date Fair Value Contractual Terms of Equity Awards (in years) Equity awards outstanding at December 31, 2015 2,139,822 $ 5.64 81,518 $ 2.64 Equity awards granted 841,283 $ 1.29 110,000 $ 1.63 Equity awards exercised – – (126,518 ) $ 1.72 Equity awards forfeited, cancelled or expired (48,278 ) $ 10.68 – – Equity awards outstanding at September 30, 2016 2,932,827 $ 4.31 65,000 $ 2.72 7.5 Aggregate intrinsic value of outstanding awards at September 30, 2016 $ – $ 79,300 Equity awards exercisable at September 30, 2016 2,186,830 $ 5.10 7.1 Aggregate intrinsic value of awards exercisable at September 30, 2016 $ –
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Nine Months Ended September 30 , 2016 2015 Risk-free interest rate 1.55 - 1.87% 2.06 - 2.93% Expected volatility 87.4 - 89.1% 92.9 - 93.0% Expected life (in years) 10.00 10.00 Expected forfeiture rate 10.0% 5.0% Expected dividend yield 0.0% 0.0%

Note 13 - Earn-out Milestone 29

Note 13 - Earn-out Milestone Liability (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Changes in Earn out Milestone Liabilities [Table Text Block]	Balance at January 1, 2016 $ 13,921,412 Non-cash charge from the adjustment for the change in fair value included in net loss (556,382 ) Balance at September 30, 2016 $ 14,477,794
Schedule of Milestone Risk Adjustment Assessment [Table Text Block]	Date Risk-adjustment Assessment of each Milestone Discount Rate Estimated Time to Achieve (years) September 30, 2016 10% to 75% 9 % 0.05 to 1.75 June 30, 2016 10% to 75% 9 % 0.05 to 2.00 December 31, 2015 10% to 75% 9 % 0.05 to 2.50 September 30, 2015 10% to 75% 9 % 0.75 to 2.75 June 30, 2015 10% to 75% 9 % 0.92 to 3.00 December 31, 2014 10% to 75% 9 % 1.25 to 6.50

Note 14 - Warrants (Tables)

Note 14 - Warrants (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Warrant Activity [Table Text Block]	Warrants Number of Warrants Issued Weighted Average Exercise Price Warrants outstanding at December 31, 2015 5,894,675 $ 6.37 Warrants issued during the nine months ended September 30, 2016 (see Note 11) 10,923,528 1.13 Warrants exercised during the nine months ended September 30, 2016 (see Note 11) (250,000 ) 0.01 Warrants expired during the nine months ended September 30, 2016 (619,659 ) 16.76 Warrants outstanding at September 30, 2016 15,948,544 $ 2.48 Aggregate intrinsic value of outstanding warrants at September 30, 2016 $ 2,236,000 Weighted average remaining contractual terms at September 30, 2016 (in years) 2.80

Note 3 - Management's Plan (Det

Note 3 - Management's Plan (Details Textual) - USD ($)	1 Months Ended
	Sep. 30, 2015	Sep. 30, 2016	Dec. 31, 2015
Retained Earnings (Accumulated Deficit)		$ (235,673,273)	$ (218,130,360)
Aggregate Offering Price, Additions	$ 7,500,000

Note 4 - New Accounting Prono32

Note 4 - New Accounting Pronouncements (Details Textual) - Reclassification from Deferred Financing Fees to Deduction from Debt Liability [Member]	9 Months Ended
	Sep. 30, 2016USD ($)
December 31, 2015 [Member]
Prior Period Reclassification Adjustment	$ 26,131
Current Period Reclassification Adjustment	$ 6,151

Note 5 - Net Loss Per Common 33

Note 5 - Net Loss Per Common Share (Details Textual) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Series B Warrant [Member]
Weighted Average Number of Shares, Contingently Issuable			1,850,000
Number of Shares of Common Stock Issuable Upon Exercise of Warrants and Equity Awards	18,946,371	8,110,136	18,946,371	8,110,136
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	17,096,371	8,110,136	17,096,371	8,110,136

Note 6 - Investment Securitie34

Note 6 - Investment Securities - Available for Sale (Details Textual) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Short Term Investments Available for Sale [Member]
Short-term Investments	$ 4,515,479	$ 10,799,890
Short-term Investments	$ 4,515,479	$ 10,799,890

Note 6 - Investment Securitie35

Note 6 - Investment Securities - Available for Sale - Short-term Investment by Bond Maturities (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Certificate of Deposit [Member]
Short-term investments, cost	$ 4,515,000	$ 4,800,000
Short-term investments, fair value	4,515,479	4,798,810
Investment Maturing Within Three Months [Member]
Short-term investments maturities	2,835,000	10,803,748
Short-term investments maturities	2,835,251	10,799,890
Corporate Debt Securities [Member]
Short-term investments, cost		6,003,748
Short-term investments, fair value		6,001,080
Investment Maturing Between 3 and 12 Months [Member]
Short-term investments maturities	1,680,000
Short-term investments maturities	1,680,228
Short-term investments, cost	4,515,000	10,803,748
Short-term investments, fair value	4,515,479	10,799,890
Short-term investments maturities	4,515,000	10,803,748
Short-term investments maturities	$ 4,515,479	$ 10,799,890

Note 6 - Investment Securitie36

Note 6 - Investment Securities - Available for Sale - Investment Income (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Interest and dividends accrued and paid	$ 8,133	$ 29,610	$ 31,478	$ 161,584
Accretion of investment premium		(14,216)	(5,788)	(112,735)
Realized gains		106	(3,858)	(104)
Investment income, net	$ 8,133	$ 15,500	$ 21,832	$ 48,745

Note 6 - Investment Securitie37

Note 6 - Investment Securities - Available for Sale - Investment Securities Gross Unrealized Losses and Fair Value by Investment Category (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Corporate Debt Securities [Member]
Available for Sale (all unrealized holding gains and losses are less than 12 months at date of measurement)
Short-term investments with unrealized gains	$ 4,515,479	$ 240,024
Short-term investments with unrealized gains	479	24
Short-term investments with unrealized losses		10,559,866
Short-term investments with unrealized losses		(3,882)
Investment securities – available for sale, at fair value	4,515,479	10,799,890
Total	479	3,858
Total	$ (479)	$ (3,858)

Note 6 - Investment Securitie38

Note 6 - Investment Securities - Available for Sale - Component of Accumulated Other Comprehensive Loss (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Balance at January 1, 2016			$ (3,858)
Unrealized gain reclassified to other accumulated income	$ 464	$ 3,387	464	$ 14,894
Realized loss reclassified from other accumulated comprehensive loss		(106)	3,858	104
Other comprehensive gain, net	464	$ 3,281	4,322	$ 14,998
Balance at September 30, 2016	$ 464		$ 464

Note 7 - Fair Value of Measur39

Note 7 - Fair Value of Measurements - Assets and Liabilities at Fair Value on a Recurring Basis (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Short-term investments, fair value	$ 4,515,479	$ 10,799,890
Earn-out milestone liability
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Short-term investments, fair value
Earn-out milestone liability
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Short-term investments, fair value
Earn-out milestone liability	14,477,794	13,921,412
Fair Value, Measurements, Recurring [Member]
Short-term investments, fair value	4,515,479	10,799,890
Earn-out milestone liability	14,477,794	13,921,412
Short-term investments, fair value	4,515,479	10,799,890
Earn-out milestone liability	$ 14,477,794	$ 13,921,412

Note 8 - Acquisition of EGEN,40

Note 8 - Acquisition of EGEN, Inc. (Details Textual) - EGEN Inc [Member] - USD ($)	Jun. 20, 2014	Sep. 30, 2016	Aug. 02, 2016
Maximum [Member]
Business Combination, Consideration Transferred	$ 44,400,000
Ovarian Cancer Study Milestone [Member]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High			$ 12,400,000
Glioblastoma Multiforme Brain Cancer Study Milestone [Member]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High			12,000,000
TheraSilence Technology Milestone [Member]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High			$ 6,000,000
In Process Research and Development [Member]
Finite-lived Intangible Assets Acquired	25,800,000
Business Combination, Consideration Transferred	27,600,000
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	30,400,000	$ 30,400,000
Payments to Acquire Businesses, Gross	$ 3,000,000
Stock Issued During Period, Shares, Acquisitions	2,712,188
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares		670,070
Goodwill, Acquired During Period	$ 2,000,000

Note 8 - Aquisition of Egen, In

Note 8 - Aquisition of Egen, Inc. - Summary of Estimated Fair Values of Acquired Assets and Liabilities (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015	Jun. 20, 2014
EGEN Inc [Member]
Property and equipment, net			$ 35,000
In-process research and development			25,802,000
Goodwill			1,976,000
Total assets:			27,813,000
Accounts payable and accrued liabilities			(235,000)
Net assets acquired			$ 27,578,000
Goodwill	$ 1,976,101	$ 1,976,101

Note 9 - Accrued Liabilities -

Note 9 - Accrued Liabilities - Accrued Liabilities (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Amounts due to contract research organizations and other contractual agreements	$ 1,287,749	$ 571,615
Accrued payroll and related benefits	1,061,708	947,078
Accrued professional fees	244,450	319,200
Accrued interest on notes payable	31,782	62,136
Other	19,740	19,740
Total	$ 2,645,429	$ 1,919,769

Note 10 - Note Payable (Details

Note 10 - Note Payable (Details Textual) - USD ($)

Jun. 20, 2014

Jun. 10, 2014

Jun. 10, 2014

Nov. 25, 2013

Nov. 30, 2013

Sep. 30, 2016

Sep. 30, 2015

Jun. 30, 2015

Jun. 30, 2014

Jun. 10, 2014

Sep. 30, 2016

Sep. 30, 2016

Sep. 30, 2015

Dec. 31, 2015

Dec. 17, 2015

Jun. 09, 2014

Dec. 31, 2013

Hercules [Member] | Hercules Credit Agreement [Member] | Reclassification from Deferred Financing Fees to Deduction from Debt Liability [Member] | December 31, 2015 [Member]

Prior Period Reclassification Adjustment

$ 26,131

Hercules [Member] | Hercules Credit Agreement [Member] | Reclassification from Deferred Financing Fees to Deduction from Debt Liability [Member]

Current Period Reclassification Adjustment

6,151

Hercules [Member] | Hercules Credit Agreement [Member]

Line of Credit Facility, Maximum Borrowing Capacity

$ 20,000,000

Proceeds from Lines of Credit

$ 5,000,000

$ 10,000,000

Debt Instrument, Basis Spread on Variable Rate

11.25%

Interest Only Payments Period

1 year

Amortization Period for Principal and Interest

2 years 180 days

Debt Issuance Costs, Net

$ 122,378

Debt Instrument, Unamortized Discount

230,000

Hercules [Member]

Repayments of Lines of Credit

$ 5,000,000

Hercules Credit Agreement [Member] | EGEN Inc [Member]

Payments to Acquire Businesses, Gross

$ 3,000,000

Hercules Credit Agreement [Member] | Hercules Warrant [Member] | First Fifty Percent [Member]

Class of Warrant or Right, Number of Securities Called by Each Warrant or Right

97,493

Hercules Credit Agreement [Member] | Hercules Warrant [Member] | Second Fifty Percent [Member]

Class of Warrant or Right, Number of Securities Called by Each Warrant or Right

97,493

97,493

97,493

Hercules Credit Agreement [Member] | Hercules Warrant [Member]

Class of Warrant or Right, Exercise Price of Warrants or Rights

$ 3.59

Fair Value Assumptions, Expected Volatility Rate

102.00%

Fair Value Assumptions, Risk Free Interest Rate

1.37%

Fair Value Assumptions, Expected Term

5 years

Share Price

$ 3.55

Line of Credit Facility Original Loan Fee Percent

3.50%

Debt Issuance Costs, Gross

$ 350,000

Hercules Credit Agreement [Member]

Repayments of Lines of Credit

$ 4,000,000

Debt Issuance Costs, Net

$ 6,151

6,151

$ 6,151

$ 187,894

Interest Expense, Debt

107,805

$ 218,836

409,770

$ 726,167

Amortization of Debt Issuance Costs

53,220

103,860

198,806

349,090

EGEN Inc [Member]

Payments to Acquire Businesses, Gross

$ 3,000,000

Reclassification from Deferred Financing Fees to Deduction from Debt Liability [Member] | December 31, 2015 [Member]

Prior Period Reclassification Adjustment

26,131

Reclassification from Deferred Financing Fees to Deduction from Debt Liability [Member]

Current Period Reclassification Adjustment

6,151

Hercules Warrant [Member] | First Fifty Percent [Member]

Debt Instrument, Unamortized Discount

$ 260,928

Class of Warrant or Right, Number of Securities Called by Each Warrant or Right

97,493

Hercules Warrant [Member] | Second Fifty Percent [Member]

Debt Instrument, Unamortized Discount

$ 215,333

Class of Warrant or Right, Number of Securities Called by Each Warrant or Right

97,493

Hercules Warrant [Member]

Debt Issuance Costs, Net

$ 521,763

Fair Value Assumptions, Expected Volatility Rate

104.00%

Fair Value Assumptions, Risk Free Interest Rate

1.69%

Fair Value Assumptions, Expected Term

4 years 182 days

Share Price

$ 3.07

Increase (Decrease) in Other Operating Assets

$ (521,763)

Gain (Loss) From Change In Valuation Of Common Stock Warrant Liability

(18,018)

$ (61,246)

Common Stock Warrant Liability

0

Classification of Warrants to (from) Common Stock Warrant Liability Net

$ (336,254)

Debt Instrument, Basis Spread on Variable Rate

11.50%

Increase (Decrease) in Other Operating Assets

(556,382)

41,422

Gain (Loss) From Change In Valuation Of Common Stock Warrant Liability

$ (61,246)

Note 10 - Note Payable - Notes

Note 10 - Note Payable - Notes Payable with Hercules Credit Agreement (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Hercules Credit Agreement [Member]
Principal amount	$ 3,316,341	$ 6,345,769
Unamortized debt issuance costs	(6,151)	(187,894)
Total convertible notes payable	3,593,112	6,423,734
Amortized end of term charges net of amortized debt discounts	$ 282,922	$ 265,859

Note 10 - Note Payable - Future

Note 10 - Note Payable - Future Principal Payments Due on the Credit Agreement (Details)	Jun. 30, 2016USD ($)
Hercules Credit Agreement [Member]
Total	$ 3,316,341
2,017	3,316,341
2018 and thereafter

Note 11 - Stockholders' Equity

Note 11 - Stockholders' Equity (Details Textual) - USD ($)	Jun. 13, 2016	Oct. 02, 2015	May 27, 2015	Feb. 02, 2013	Sep. 30, 2015	Feb. 25, 2013	Sep. 30, 2016	Sep. 30, 2016	Sep. 30, 2016	Dec. 31, 2015
June 2016 Common Stock Offering [Member] | Series A Warrant [Member]
Warrants Exercisable Period	180 days
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right	0.5
Warrants Issued Expiration Period	5 years 182 days
June 2016 Common Stock Offering [Member] | Series D Warrant [Member]
Warrants Exercisable Period	180 days
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right	0.5
Warrants Issued Expiration Period	5 years 182 days
June 2016 Common Stock Offering [Member] | Series C Warrant [Member]
Warrants Exercisable Period	180 days
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right	1
Warrants Issued Expiration Period	1 year
June 2016 Common Stock Offering [Member] | Series B Warrant [Member] | Common Stock [Member]
Stock Issued During Period, Shares, Exercise of Warrants							250,000
June 2016 Common Stock Offering [Member] | Series B Warrant [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	2,100,000
Class of Warrant or Right, Outstanding							1,850,000	1,850,000	1,850,000
June 2016 Common Stock Offering [Member]
Stock Issued During Period, Shares, New Issues	2,311,764
Common Stock, Par or Stated Value Per Share	$ 0.01
Share Price	$ 1.36
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	8,823,528
Maximum Beneficial Ownership of the Purchaser	9.99%
Proceeds from Issuance of Common Stock Gross	$ 6,000,000
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 1.40
Ownership Percentage, Restriction Threshold for Warrant Exercise	4.99%
Number of Days Notice Requirement to Increase or Decrease Beneficial Ownership Limitation	61 days
May 2015 Common Stock Offering [Member]
Stock Issued During Period, Shares, New Issues			3,000,000
Share Price			$ 2.675
Class of Warrant or Right, Number of Securities Called by Warrants or Rights			1,950,000
Proceeds from Issuance of Common Stock Gross			$ 8,000,000
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right			0.65
Warrants Issued Expiration Period			5 years
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 2.60
Common Stock Offering PeriodOfRestriction			150 days
ATM Agreement [Member]
Stock Issued During Period, Shares, New Issues									1,479,535
Aggregate Offering Price				$ 25,000,000				$ 17,400,000
Proceeds from Issuance of Common Stock									$ 7,400,000
Commission on Proceeds from ATM Shares Percent						3.00%
Legal Fees						$ 50,000
Aggregate Offering Price, Additions		$ 7,500,000
Shelf Registration Statement Amount					$ 75,000,000
Common Stock, Par or Stated Value Per Share							$ 0.01	$ 0.01	$ 0.01	$ 0.01
Class of Warrant or Right, Outstanding							15,948,544	15,948,544	15,948,544	5,894,675
Aggregate Offering Price, Additions					$ 7,500,000

Note 12 - Stock-based Compens47

Note 12 - Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2014	Dec. 31, 2012	Dec. 31, 2010	Dec. 31, 2007	Dec. 31, 2006
Stock Incentive Plan 2007 [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 1.63	$ 3.29
Stock Incentive Plan 2007 [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount			$ 0	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized					3,444,444	944,444	444,444	222,222	148,148
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized					2,500,000	500,000	222,222
Allocated Share-based Compensation Expense	$ 432,573	$ 289,683	1,331,094	$ 1,616,864
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 500,000		$ 500,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			328 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 1.16	$ 2.15
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period			10 years
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	535,925		535,925

Note 12 - Stock Based Compensat

Note 12 - Stock Based Compensation - Stock Option and Restricted Stock Awards (Details)	9 Months Ended
	Sep. 30, 2016USD ($)$ / sharesshares
Restricted Stock [Member]
Equity awards outstanding, non-vested restricted stock (in shares) | shares	81,518
Equity awards outstanding, non-vested restricted stock weighted average grant date fair value (in dollars per share) | $ / shares	$ 2.64
Equity awards granted, non-vested restricted stock (in shares) | shares	110,000
Equity awards granted, non-vested restricted stock weighted average grant date fair value (in dollars per share) | $ / shares	$ 1.63
Equity awards exercised, non-vested restricted stock (in shares) | shares	(126,518)
Equity awards exercised, non-vested restricted stock weighted average grant date fair value (in dollars per share) | $ / shares	$ 1.72
Equity awards outstanding, non-vested restricted stock (in shares) | shares	65,000
Equity awards outstanding, non-vested restricted stock weighted average grant date fair value (in dollars per share) | $ / shares	$ 2.72
Aggregate intrinsic value of outstanding awards, options | $	$ 79,300
Aggregate intrinsic value of outstanding awards, non-vested restricted stock | $	$ 79,300
Equity awards outstanding, options (in shares) | shares	2,139,822
Equity awards outstanding, weighted average exercise price (in dollars per share) | $ / shares	$ 5.64
Equity awards granted, options (in shares) | shares	841,283
Equity awards granted, weighted average exercise price (in dollars per share) | $ / shares	$ 1.29
Equity awards forfeited, cancelled or expired, options (in shares) | shares	(48,278)
Equity awards forfeited, cancelled or expired, weighted average exercise price (in dollars per share) | $ / shares	$ 10.68
Equity awards outstanding, options (in shares) | shares	2,932,827
Equity awards outstanding, weighted average exercise price (in dollars per share) | $ / shares	$ 4.31
Equity awards outstanding, contractual term	7 years 182 days
Aggregate intrinsic value of outstanding awards, options | $
Aggregate intrinsic value of outstanding awards, non-vested restricted stock | $
Equity awards exercisable, options (in shares) | shares	2,186,830
Equity awards exercisable, weighted average exercise price (in dollars per share) | $ / shares	$ 5.10
Equity awards exercisable, contractual term	7 years 36 days
Aggregate intrinsic value of awards exercisable, options | $

Note 12 - Stock Based Compens49

Note 12 - Stock Based Compensation - Fair Value of Option Assumptions (Details)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Minimum [Member]
Risk-free interest rate	1.55%	2.06%
Expected volatility	87.40%	92.90%
Maximum [Member]
Risk-free interest rate	1.87%	2.93%
Expected volatility	89.10%	93.00%
Expected life (in years)	10 years	10 years
Expected forfeiture rate	10.00%	5.00%
Expected dividend yield	0.00%	0.00%

Note 13 - Earn-out Milestone 50

Note 13 - Earn-out Milestone Liability (Details Textual) - USD ($)	1 Months Ended	3 Months Ended				9 Months Ended		12 Months Ended
	Jun. 20, 2014	Sep. 30, 2016	Jun. 30, 2016	Sep. 30, 2015	Jun. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
EGEN Inc [Member] | Minimum [Member]
Risk Adjusted Assessment of Each Milestone	10.00%
Estimated Time to Achieve the Milestone	1 year 182 days
EGEN Inc [Member] | Maximum [Member]
Risk Adjusted Assessment of Each Milestone	67.00%
Estimated Time to Achieve the Milestone	2 years 182 days
EGEN Inc [Member]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	$ 30,400,000	$ 30,400,000				$ 30,400,000
Business Combination, Consideration Transferred, Liabilities Incurred	$ 13,900,000	14,500,000	$ 13,800,000					$ 13,900,000
Gain (Loss) from Change in Fair Value of Earn out Milestone Liability		$ 662,410				$ 556,382
Minimum [Member]
Risk Adjusted Assessment of Each Milestone		10.00%	10.00%	10.00%	10.00%	10.00%	10.00%	10.00%	10.00%
Estimated Time to Achieve the Milestone		18 days	18 days	273 days	335 days			18 days	1 year 91 days
Maximum [Member]
Risk Adjusted Assessment of Each Milestone		75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%
Estimated Time to Achieve the Milestone		1 year 273 days	2 years	2 years 273 days	3 years			2 years 182 days	6 years 182 days
Business Combination, Consideration Transferred, Liabilities Incurred				$ 13,600,000	$ 13,900,000				$ 13,700,000
Gain (Loss) from Change in Fair Value of Earn out Milestone Liability				$ 282,950		$ 556,382	$ 41,422

Note 13 - Earn-out Milestone 51

Note 13 - Earn-out Milestone Liability - Summary of the Changes in the Earn-out Milestone Liability (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Balance		$ 13,921,412
Non-cash charge from the adjustment for the change in fair value included in net loss	$ (282,950)	(556,382)	$ (41,422)
Balance		$ 14,477,794

Note 13 - Earn-out Milestone 52

Note 13 - Earn-out Milestone Liability - Schedule of Milestone Risk-Adjustment Assessment (Details)	3 Months Ended				12 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Minimum [Member]
Risk-adjustment Assessment	10.00%	10.00%	10.00%	10.00%	10.00%	10.00%
Estimated Time to Achieve	18 days	18 days	273 days	335 days	18 days	1 year 91 days
Maximum [Member]
Risk-adjustment Assessment	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%
Estimated Time to Achieve	1 year 273 days	2 years	2 years 273 days	3 years	2 years 182 days	6 years 182 days
Discount Rate	9.00%	9.00%	9.00%	9.00%	9.00%	9.00%

Note 14 - Warrants - Summary of

Note 14 - Warrants - Summary of Warrant Activity (Details)	9 Months Ended
	Sep. 30, 2016USD ($)shares
Warrants outstanding (in shares)	5,894,675
Warrants issued during the nine months ended September 30, 2016 (see Note 11) (in shares)	10,923,528
Warrants exercised during the nine months ended September 30, 2016 (see Note 11) (in shares)	(250,000)
Warrants expired during the nine months ended September 30, 2016 (in shares)	(619,659)
Warrants outstanding (in shares)	15,948,544
Aggregate intrinsic value of outstanding warrants | $	$ 2,236,000
Weighted average remaining contractual terms	2 years 292 days

Note 15 - Contingent Liabilit54

Note 15 - Contingent Liabilities and Commitments (Details Textual)	1 Months Ended
	Apr. 30, 2015USD ($)ft²	Jun. 30, 2014USD ($)	Apr. 30, 2014USD ($)	Apr. 30, 2013USD ($)	Apr. 30, 2012USD ($)	Jul. 31, 2011ft²	Sep. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Lawrenceville New Jersey [Member] | Standby Letters of Credit [Member]
Contractual Obligation					$ 250,000
Lawrenceville New Jersey [Member]
Escrow Deposit Related to Operating Lease					250,000
Reduction of Escrow Deposit	$ 50,000		$ 50,000	$ 50,000
Area of Real Estate Property | ft²	11,500					10,870
Lessee Leasing Arrangements, Operating Leases, Term of Contract	210 days					5 years 180 days
Number of Months in Which Free Rent Is Provided						180 days
Payments for Rent					23,000
Operating Leases Monthly Rent Payment	$ 24,900
Premises Located in Huntsville Alabama [Member]
Lessee Leasing Arrangements, Operating Leases, Term of Contract		1 year 120 days
Operating Leases Monthly Rent Payment		$ 23,200
Standby Letters of Credit [Member]
Contractual Obligation Reduction Thirty One Months from Initial Term					50,000
Contractual Obligation Reduction Nineteen Months from Initial Term					50,000
Contractual Obligation Reduction Forty Three Months from Initial Term					50,000
Contractual Obligation Remaining					$ 100,000
Contractual Obligation							$ 1,287,749	$ 571,615

Note 16 - Technology Developm55

Note 16 - Technology Development and Licensing Agreements (Details Textual) - USD ($)	Jan. 18, 2013	Mar. 31, 2013	Sep. 30, 2016	Dec. 31, 2015	Mar. 31, 2015
Hisun [Member]
Contractual Obligation					$ 685,787
Proceeds from License Fees Received	$ 5,000,000
Contractual Obligation			$ 1,287,749	$ 571,615
Deferred Revenue		$ 5,000,000
Deferred Revenue Amortization Period		10 years