Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 31, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'CYTRX CORP | ' |
Entity Central Index Key | '0000799698 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 55,750,450 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
CONDENSED_BALANCE_SHEETS_Unaud
CONDENSED BALANCE SHEETS (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Current assets: | ' | ' |
Cash and cash equivalents | $51,866,891 | $11,483,112 |
Short-term investments | 50,601,506 | 27,084,980 |
Receivables | 1,597,594 | 117,527 |
Interest receivable | 57,393 | 8,464 |
Prepaid expenses and other current assets | 913,949 | 2,329,742 |
Total current assets | 105,037,333 | 41,023,825 |
Equipment and furnishings, net | 238,835 | 175,452 |
Goodwill | 183,780 | 183,780 |
Other assets | 121,898 | 116,998 |
Total assets | 105,581,846 | 41,500,055 |
Current liabilities: | ' | ' |
Accounts payable | 3,801,005 | 3,853,531 |
Accrued expenses and other current liabilities | 6,750,958 | 2,802,833 |
Warrant liabilities | 11,948,023 | 24,182,324 |
Total current liabilities | 22,499,986 | 30,838,688 |
Commitments and contingencies | ' | ' |
Stockholders' equity | ' | ' |
Preferred Stock, $0.01 par value, 5,000,000 shares authorized, including 25,000 shares of Series A Junior Participating Preferred Stock; no shares issued and outstanding | 0 | 0 |
Common stock, $0.001 par value, 250,000,000 shares authorized; 55,920,319 shares issued and outstanding at June 30, 2014; 42,116,964 shares issued and outstanding at December 31, 2013 | 55,922 | 42,118 |
Additional paid-in capital | 373,003,698 | 289,426,100 |
Treasury stock, at cost (171,536 shares at June 30, 2014 and 143,796 shares at December 31, 2013) | -2,533,201 | -2,417,247 |
Accumulated deficit | -287,444,559 | -276,389,604 |
Total stockholders' equity | 83,081,860 | 10,661,367 |
Total liabilities and stockholders' equity | $105,581,846 | $41,500,055 |
CONDENSED_BALANCE_SHEETS_Unaud1
CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Stockholders' equity | ' | ' |
Preferred Stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred Stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Series A Junior Participating Preferred Stock, shares authorized (in shares) | 25,000 | 25,000 |
Preferred Stock, shares issued (in shares) | 0 | 0 |
Preferred Stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, shares issued (in shares) | 55,920,319 | 42,116,964 |
Common stock, shares outstanding (in shares) | 55,920,319 | 42,116,964 |
Treasury stock (in shares) | 171,536 | 143,796 |
CONDENSED_STATEMENTS_OF_OPERAT
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Revenue: | ' | ' | ' | ' |
License revenue | $0 | $200,000 | $0 | $200,000 |
Expenses: | ' | ' | ' | ' |
Research and development | 10,427,877 | 4,626,244 | 17,415,725 | 7,815,003 |
General and administrative | 2,909,127 | 1,970,930 | 6,040,201 | 3,788,255 |
Total Expenses | 13,337,004 | 6,597,174 | 23,455,926 | 11,603,258 |
Loss before other income (loss) | -13,337,004 | -6,397,174 | -23,455,926 | -11,403,258 |
Other income (loss): | ' | ' | ' | ' |
Interest income | 89,377 | 35,564 | 160,015 | 75,822 |
Other income (loss), net | -3,243 | 4,761 | 6,655 | 201,698 |
Gain (loss) on warrant derivative liability | -2,468,603 | 2,933,707 | 12,234,301 | 838,487 |
Net loss | ($15,719,473) | ($3,423,142) | ($11,054,955) | ($10,287,251) |
Basic and diluted net loss per share (in dollars per share) | ($0.28) | ($0.11) | ($0.21) | ($0.34) |
Basic and diluted weighted average shares outstanding (in shares) | 55,676,766 | 30,418,435 | 53,010,556 | 30,417,906 |
CONDENSED_STATEMENTS_OF_CASH_F
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Cash flows from operating activities: | ' | ' |
Net loss | ($11,054,955) | ($10,287,251) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 64,856 | 59,226 |
Stock compensation and warrant expense | 2,627,010 | 762,748 |
Fair value adjustment on warrant liabilities | -12,234,301 | -838,487 |
Net foreign exchange gain | -64 | -138,709 |
Changes in assets and liabilities: | ' | ' |
Receivables | -1,480,067 | -101,824 |
Interest receivable | -48,929 | -29,934 |
Prepaid expenses and other current assets | 1,410,893 | 631,137 |
Accounts payable | -160,032 | -278,151 |
Accrued expenses and other current liabilities | 3,832,235 | -139,290 |
Net cash used in operating activities | -17,043,354 | -10,360,535 |
Cash flows from investing activities: | ' | ' |
Purchase of short-term investments | -45,601,506 | 0 |
Proceeds from the sale of short-term investments | 22,084,980 | 7,000,000 |
Purchases of equipment and furnishings | -20,733 | -4,000 |
Net cash provided by (used in) investing activities | -23,537,259 | 6,996,000 |
Cash flows from financing activities: | ' | ' |
Net proceeds from public offering | 80,535,401 | 0 |
Proceeds from issuance of restricted stock to employee | 100 | 0 |
Net proceeds from exercise of warrants and stock options | 428,891 | 933 |
Net cash provided by financing activities | 80,964,392 | 933 |
Net increase (decrease) in cash and cash equivalents | 40,383,779 | -3,363,602 |
Cash and cash equivalents at beginning of period | 11,483,112 | 14,344,088 |
Cash and cash equivalents at end of period | 51,866,891 | 10,980,486 |
Supplemental disclosure of cash flow information: | ' | ' |
Equipment and furnishings purchased on credit | 107,506 | 1,529 |
Cashless warrant exercises | 133 | 0 |
Repurchase of stock for treasury | 115,954 | 56,580 |
Cash paid for income taxes | $59,431 | $5,600 |
Description_of_Company_and_Bas
Description of Company and Basis of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
Description of Company and Basis of Presentation [Abstract] | ' |
Description of Company and Basis of Presentation | ' |
1. Description of Company and Basis of Presentation | |
CytRx Corporation (“CytRx” or the “Company”) is a biopharmaceutical research and development company specializing in oncology. The Company currently is focused on the clinical development of aldoxorubicin (formerly known as INNO-206), its modified version of the widely-used chemotherapeutic agent, doxorubicin. CytRx has reported positive top-line results from its global Phase 2b clinical trial with aldoxorubicin as a treatment for soft tissue sarcoma, has completed a Phase 1b/2 clinical trial primarily in the same indication, a Phase 1b study of aldoxorubicin in combination with doxorubicin in patients with advanced solid tumors, and a Phase 1b pharmacokinetics clinical trial in patients with metastatic solid tumors. CytRx also has initiated under a Special Protocol Assessment, or “SPA,” granted by the U.S. Food and Drug Administration, or the “FDA,” a pivotal Phase 3 global trial of aldoxorubicin as a therapy for patients with soft tissue sarcoma whose tumors have progressed following treatment with chemotherapy. The Company also has initiated Phase 2 clinical trials with aldoxorubicin in patients with late-stage glioblastoma (brain cancer) and AIDS-related Kaposi’s sarcoma. CytRx is opening a research and development laboratory in Freiberg, Germany to expand its pipeline of oncology candidates based on a linker platform technology that can be utilized with multiple chemotherapeutic agents and may allow for greater concentration of drug at tumor sites. | |
The accompanying condensed financial statements at June 30, 2014 and for the three-month and six-month periods ended June 30, 2014 and 2013, respectively, are unaudited, but include all adjustments, consisting of normal recurring entries, that management believes to be necessary for a fair presentation of the periods presented. Prior period figures have been reclassified, wherever necessary, to conform to current presentation. Interim results are not necessarily indicative of results for a full year. Balance sheet amounts as of December 31, 2013 have been derived from the Company’s audited financial statements as of that date. | |
The financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. The financial statements should be read in conjunction with the Company’s audited financial statements contained in its Annual Report on Form 10-K for the year ended December 31, 2013. The Company’s operating results will fluctuate for the foreseeable future. Therefore, period-to-period comparisons should not be relied upon as predictive of the results in future periods. |
Foreign_Currency_Remeasurement
Foreign Currency Remeasurement | 6 Months Ended |
Jun. 30, 2014 | |
Foreign Currency Remeasurement [Abstract] | ' |
Foreign Currency Remeasurement | ' |
2. Foreign Currency Remeasurement | |
The U.S. dollar has been determined to be the functional currency for the net assets of the CytRx German Branch. The transactions are recorded in the local currencies and are remeasured at each reporting date using the historical rates for nonmonetary assets and liabilities and exchange rates for monetary assets and liabilities at the balance sheet date. Exchange gains and losses from the remeasurement of monetary assets and liabilities are recognized in other income (loss). The Company recognized a loss of approximately $4,900 for the three-month and six-month periods ended June 30, 2014 and zero for the comparative periods in 2013. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2014 | |
Recent Accounting Pronouncements [Abstract] | ' |
Recent Accounting Pronouncements | ' |
3. Recent Accounting Pronouncements | |
We have reviewed all of the recent accounting pronouncements and have determined that they have not or will not have a material impact on our financial statements, or simply do not apply to our operations. |
Shortterm_Investments
Short-term Investments | 6 Months Ended |
Jun. 30, 2014 | |
Short-term Investments [Abstract] | ' |
Short-term Investments | ' |
4. Short-term Investments | |
The Company held $50.6 million of short-term investments at June 30, 2014, as compared to $27.1 million at December 31, 2013. The Company has classified these investments as available for sale. These investments are federally insured certificates of deposit in the following amounts and maturities: $11.5 million with a maturity date of August 28, 2014; $5.0 million with a maturity date of October 30, 2014; $12.0 million with a maturity date of February 26, 2015; $10.0 million with a maturity date of April 23, 2015; and $12.1 million with a maturity date of April 30, 2015. |
Investment_in_Mast_Therapeutic
Investment in Mast Therapeutics, Inc | 6 Months Ended |
Jun. 30, 2014 | |
Investment in Mast Therapeutics, Inc. [Abstract] | ' |
Investment in Mast Therapeutics, Inc. | ' |
5. Investment in Mast Therapeutics, Inc. | |
On April 8, 2011, Mast Therapeutics, Inc. (formerly ADVENTRX Pharmaceuticals) completed its acquisition of SynthRx, Inc., in which the Company held a 19.1% interest. As a result of the transaction, the Company received approximately 126,000 shares of common stock of Mast Therapeutics, which it sold on October 11, 2011 for $112,200. In June 2012, the Company received an additional 38,196 shares of common stock of Mast Therapeutics that had been held in an escrow established in connection with the acquisition, which it sold on June 6, 2012 for $17,900. The Company received an additional 92,566 shares in January 2013 and an additional 47,745 shares in June 2013, all of which shares were sold in June 2013 for $60,566. If all of the development milestones under the acquisition agreement were to be achieved, the Company would be entitled to receive up to 2.8 million additional Mast Therapeutics shares. Our former interest in SynthRx had a zero carrying value. |
Basic_and_Diluted_Net_Income_L
Basic and Diluted Net Income (Loss) Per Common Share | 6 Months Ended |
Jun. 30, 2014 | |
Basic and Diluted Net Income (Loss) Per Common Share [Abstract] | ' |
Basic and Diluted Net Income (Loss) Per Common Share | ' |
6. Basic and Diluted Net Income (Loss) Per Common Share | |
Basic and diluted net loss per common share is computed based on the weighted-average number of common shares outstanding. Common share equivalents (which consist of options, warrants and restricted stock) are excluded from the computation of diluted net income (loss) per common share where the effect would be anti-dilutive. Common share equivalents that could potentially dilute net income (loss) per share in the future, and which were excluded from the computation of diluted loss per share, totaled 14.6 million shares for each of the three-month and six-month periods ended June 30, 2014, and 11.2 million shares for each of the three-month and six-month periods ended June 30, 2013. |
Warrant_Liabilities
Warrant Liabilities | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Warrant Liabilities [Abstract] | ' | ||||||||
Warrant Liabilities | ' | ||||||||
7. Warrant Liabilities | |||||||||
Liabilities measured at market value on a recurring basis include warrant liabilities resulting from the Company’s past equity financings. In accordance with ASC 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity (“ASC 815-40”), the warrant liabilities are being marked to market until they are completely settled. The warrants are valued using the Black-Scholes method, using assumptions consistent with our application of ASC 505-50, Equity-Based Payments to Non-Employees (“ASC 505-50”). The gain or loss resulting from the marked to market calculation is shown on the Condensed Statements of Operations as gain (loss) on warrant derivative liabilities. The Company recognized a gain (loss) of ($2.5) million and $2.9 million for the three-month periods ended June 30, 2014 and 2013, respectively, and a gain of $12.2 million and $0.8 million for the six-month periods ended June 30, 2014 and 2013, respectively. The following reflects the weighted-average assumptions for each of the six-month periods indicated: | |||||||||
Six Months Ended June 30, | |||||||||
2014 | 2013 | ||||||||
Risk-free interest rate | 0.44 | % | 0.63 | % | |||||
Expected dividend yield | 0 | % | 0 | % | |||||
Expected lives | 1.96 | 2.96 | |||||||
Expected volatility | 84.1 | % | 67.3 | % | |||||
Warrants classified as liabilities (in shares) | 6,984,716 | 6,984,716 | |||||||
Gain on warrant liabilities | $ | 12,234,301 | $ | 838,487 | |||||
The dividend yield assumption of zero is based upon the fact that the Company has never paid cash dividends and presently has no intention to do so. The risk-free interest rate used for each warrant classified as a derivative is equal to the U.S. Treasury rates in effect at June 30 of each year presented. The expected lives are based on the remaining contractual lives of the related warrants at the valuation date |
Stock_Based_Compensation
Stock Based Compensation | 6 Months Ended | ||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||
Stock Based Compensation [Abstract] | ' | ||||||||||||||||||||||||||
Stock Based Compensation | ' | ||||||||||||||||||||||||||
8. Stock Based Compensation | |||||||||||||||||||||||||||
The Company has a 2000 Long-Term Incentive Plan, which expired on August 6, 2010. As of June 30, 2014, there were approximately 0.8 million shares subject to outstanding stock options under this plan. No further shares are available for future grant under this plan. | |||||||||||||||||||||||||||
The Company also has a 2008 Stock Incentive Plan. As of June 30, 2014, there were 5.9 million shares subject to outstanding stock options and 4.1 million shares available for future grant under this plan. | |||||||||||||||||||||||||||
The Company follows ASC 718, Compensation-Stock Compensation, which requires the measurement and recognition of compensation expense for all stock-based awards made to employees. | |||||||||||||||||||||||||||
For stock options and stock warrants paid in consideration of services rendered by non-employees, the Company recognizes compensation expense in accordance with the requirements of ASC 505-50. | |||||||||||||||||||||||||||
Non-employee option grants that do not vest immediately upon grant are recorded as an expense over the vesting period. At the end of each financial reporting period, the value of these options, as calculated using the Black-Scholes option-pricing model, is determined, and compensation expense recognized or recovered during the period is adjusted accordingly. Since the fair market value of options granted to non-employees is subject to change in the future, the amount of the future compensation expense is subject to adjustment until the common stock options are fully vested. | |||||||||||||||||||||||||||
The following table sets forth the total stock-based compensation expense resulting from stock options and warrants included in the Company’s unaudited interim statements of operations: | |||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Research and development — employee | $ | 234,484 | $ | 53,583 | $ | 409,638 | $ | 103,755 | |||||||||||||||||||
General and administrative — employee | 325,379 | 202,589 | 637,339 | 387,229 | |||||||||||||||||||||||
Total employee stock-based compensation | $ | 559,863 | $ | 256,172 | $ | 1,046,977 | $ | 490,984 | |||||||||||||||||||
Research and development — non-employee | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
General and administrative — non-employee | 160,629 | 152,074 | 352,620 | 179,286 | |||||||||||||||||||||||
Total non-employee stock-based compensation | $ | 160,629 | $ | 152,074 | $ | 352,620 | $ | 179,286 | |||||||||||||||||||
During the six-month period ended June 30, 2014, the Company granted stock options to purchase 300,000 shares of its common stock and issued warrants to purchase 25,000 shares of its stock with an exercise of $5.60. The fair value of the stock options and warrants was estimated using the Black-Scholes option-pricing model, based on the following assumptions: | |||||||||||||||||||||||||||
Six Months Ended June 30, 2014 | Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||
Risk-free interest rate | 1.92 | % | 1.11 | % | |||||||||||||||||||||||
Expected volatility | 87.0% - 89.6 | % | 85.2% - 85.8 | % | |||||||||||||||||||||||
Expected lives (years) | 10-Jun | 6 | |||||||||||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||||||||||||
The Company’s computation of expected volatility is based on the historical daily volatility of its publicly traded stock. The Company uses historical information to compute expected lives. In the six-month period ended June 30, 2014, the contractual term of the options granted was ten years and the Company used six years as the expected life. The contractual term for the warrants issued was ten years. The dividend yield assumption of zero is based upon the fact the Company has never paid cash dividends and presently has no intention to do so. The risk-free interest rate used for each grant and issuance is equal to the U.S. Treasury rates in effect at the time of the grant and issuance for instruments with a similar expected life. Based on historical experience, for the six-month period ended June 30, 2014, the Company has estimated an annualized forfeiture rate of 12% for options granted to its employees, 2% for options granted to senior management and 0% for options granted to directors and non-employees and warrants issued to non-employees. For the comparative six-month period ended June 30, 2013, the Company has estimated an annualized forfeiture rate of 12% for options granted to its employees, 3% for options granted to senior management and 0% for options granted to directors and non-employees. No non-employee warrants were issued in the six-month period ended June 30, 2013. Compensation costs will be adjusted for future changes in estimated forfeitures. The Company will record additional expense if the actual forfeitures are lower than estimated and will record a recovery of prior expense if the actual forfeiture rates are higher than estimated. No amounts relating to stock-based compensation have been capitalized. | |||||||||||||||||||||||||||
As of June 30, 2014, there remained approximately $4.3 million of unrecognized compensation expense related to unvested stock options granted to current and former employees, directors, to be recognized as expense over a weighted-average period of 1.13 years. Presented below is the Company’s stock option activity: | |||||||||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||
Number of Options (Employees) | Number of Options (Non-Employees) | Total Number | Weighted-Average Exercise Price | ||||||||||||||||||||||||
of Options | |||||||||||||||||||||||||||
Outstanding at January 1, 2014 | 6,228,593 | 167,143 | 6,395,736 | $ | 3.11 | ||||||||||||||||||||||
Granted | 300,000 | — | 300,000 | $ | 5.31 | ||||||||||||||||||||||
Forfeited | (4,500 | ) | — | (4,500 | ) | $ | 2.35 | ||||||||||||||||||||
Outstanding at June 30, 2014 | 6,524,093 | 167,143 | 6,691,236 | $ | 3.21 | ||||||||||||||||||||||
Options exercisable at June 30, 2014 | 3,705,835 | 167,143 | 3,872,978 | $ | 3.64 | ||||||||||||||||||||||
A summary of the unvested stock options as of June 30, 2014, and changes during the six-month period then ended, are presented below: | |||||||||||||||||||||||||||
Number of Options (Employees) | Number of Options (Non-Employees) | Total Number of Options | Weighted-Average Grant Date Fair Value per Share | ||||||||||||||||||||||||
Non-vested at January 1, 2014 | 3,102,873 | — | 3,102,873 | $ | 1.66 | ||||||||||||||||||||||
Granted | 300,000 | — | 300,000 | $ | 3.92 | ||||||||||||||||||||||
Forfeited | (4,500 | ) | — | (4,500 | ) | $ | 1.69 | ||||||||||||||||||||
Vested | (580,115 | ) | — | (580,115 | ) | $ | 1.74 | ||||||||||||||||||||
Non-vested at June 30, 2014 | 2,818,258 | — | 2,818,258 | $ | 1.88 | ||||||||||||||||||||||
The following table summarizes significant ranges of outstanding stock options under the Company’s plans at June 30, 2014: | |||||||||||||||||||||||||||
Range of Exercise Prices | Number of Options | Weighted-Average Remaining Contractual Life (years) | Weighted-Average Exercise Price | Number of Options Exercisable | Weighted-Average Remaining Contractual Life (years) | Weighted-Average Exercise Price | |||||||||||||||||||||
$ | 1.83 - $2.50 | 5,126,723 | 8.96 | $ | 2.22 | 2,649,036 | 8.96 | $ | 2.16 | ||||||||||||||||||
$ | 2.51 – $3.50 | 194,482 | 6.46 | $ | 2.79 | 154,720 | 6.46 | $ | 2.69 | ||||||||||||||||||
$ | 3.51 – $8.00 | 991,534 | 6.54 | $ | 6.27 | 690,725 | 6.54 | $ | 6.7 | ||||||||||||||||||
$ | 8.01 – $32.55 | 378,497 | 2.63 | $ | 8.86 | 378,497 | 2.63 | $ | 8.86 | ||||||||||||||||||
6,691,236 | 8.17 | $ | 3.21 | 3,872,978 | 8.17 | $ | 3.64 | ||||||||||||||||||||
The aggregate intrinsic value of outstanding options as of June 30, 2014 was $12.62 million, which represents options whose exercise price was less than the closing fair market value of the Company’s common stock on June 30, 2014 of $4.18. | |||||||||||||||||||||||||||
There were 7,894,791 and 8,324,609 warrants outstanding at June 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||
Restricted Stock | |||||||||||||||||||||||||||
On January 1, 2014, the Company granted to Dr. Daniel Levitt, Executive Vice President and Chief Medical Officer, 100,000 shares of CytRx Corporation restricted stock pursuant to the 2008 Plan, of which 50,000 shares vested on June 30, 2014, and the remaining 50,000 shares will vest in equal monthly installments over the subsequent six months, provided that Dr. Levitt remains employed by the Company on each vesting date. The Company also granted to Dr. Levitt 100,000 shares of CytRx Corporation restricted stock pursuant to the 2008 Plan on December 31, 2012, which shares were fully vested as of June 30, 2014. The fair value of the restricted stock is based on the market price of the Company’s shares on the grant date less the par value received as consideration. The fair value of the restricted shares granted on January 1, 2014 was $627,000, and the fair value of the restricted shares granted on December 31, 2012 was $186,900. The stock-based compensation expense relating to restricted stock for the three-month and six-month periods ended June 30, 2014 was $156,296 and $310,874, respectively. The stock-based compensation expense relating to restricted stock for the three-month and six-month periods ended June 30, 2013 was $46,495 and $92,478, respectively. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
9. Fair Value Measurements | |||||||||||||||||
Assets and liabilities recorded at fair value on the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure the fair value. Level inputs are as follows: | |||||||||||||||||
Level 1 – quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||
Level 2 – other significant observable inputs for the assets or liabilities through corroboration with market data at the measurement date. | |||||||||||||||||
Level 3 – significant unobservable inputs that reflect management’s best estimate of what market participants would use to price the assets or liabilities at the measurement | |||||||||||||||||
date. | |||||||||||||||||
The following table summarizes fair value measurements by level at June 30, 2014 for assets and liabilities measured at fair value on a recurring basis: | |||||||||||||||||
(In thousands) | Level I | Level II | Level III | Total | |||||||||||||
Cash equivalents | $ | 49,281 | $ | — | $ | — | $ | 49,281 | |||||||||
Short-term investments | 50,602 | — | — | 50,602 | |||||||||||||
Warrant liabilities | — | — | (11,948 | ) | (11,948 | ) | |||||||||||
The following table summarizes fair value measurements by level at December 31, 2013 for assets and liabilities measured at fair value on a recurring basis: | |||||||||||||||||
(In thousands) | Level I | Level II | Level III | Total | |||||||||||||
Cash equivalents | $ | 10,281 | $ | — | $ | — | $ | 10,281 | |||||||||
Short-term investments | 27,085 | — | — | 27,085 | |||||||||||||
Warrant liabilities | — | — | (24,182 | ) | (24,182 | ) | |||||||||||
Liabilities measured at market value on a recurring basis include warrant liabilities resulting from the Company’s July 2009 and August 2011 equity financings. In accordance with ASC 815-40, the warrant liabilities are marked to market each quarter-end until they are completely settled. The warrants are valued using the Black-Scholes method, using assumptions consistent with the Company’s application of ASC 505-50. The change in the fair value of the liabilities classified in Level III is due to the unrealized gain of $12.2 million recognized and the gain is presented in the Condensed Statement of Operations (see Note 7). | |||||||||||||||||
The Company considers carrying amounts of accounts receivable, accounts payable and accrued expenses to approximate fair value due to the short-term nature of these financial instruments. | |||||||||||||||||
The Company’s non-financial assets are measured at fair value when there is an indicator of impairment and recorded at fair value only when an impairment charge is recognized. The Company’s non-financial assets were not material at June 30, 2014 or 2013. |
Liquidity_and_Capital_Resource
Liquidity and Capital Resources | 6 Months Ended |
Jun. 30, 2014 | |
Liquidity and Capital Resources [Abstract] | ' |
Liquidity and Capital Resources | ' |
10. Liquidity and Capital Resources | |
At June 30, 2014, the Company had cash and cash equivalents of approximately $51.9 million and short-term investments of approximately $50.6 million. Management believes that the Company’s current cash and cash equivalents and short-term investments will be sufficient to fund its operations for the foreseeable future. The estimate is based, in part, upon the Company’s currently projected expenditures for the remainder of 2014 and the first six months of 2015 of approximately $56.4 million, which includes approximately $42.5 million for its clinical programs for aldoxorubicin, approximately $2.1 million for pre-clinical development of new albumin-binding cancer drug candidates, approximately $3.9 million for general operation of its clinical programs, and approximately $7.9 million for other general and administrative expenses. These projected expenditures are also based upon numerous other assumptions and subject to many uncertainties, and our actual expenditures may be significantly different from these projections. | |
If the Company obtains marketing approval and successfully commercializes aldoxorubicin or other product candidates, the Company anticipates it will take several years, for it to generate significant recurring revenue. The Company will be dependent on future financing and possible strategic partnerships until such time, if ever, as it can generate significant recurring revenue. The Company has no commitments from third parties to provide any additional financing, and it may not be able to obtain future financing on favorable terms, or at all. If the Company fails to obtain sufficient funding when needed, it may be forced to delay, scale back or eliminate all or a portion of its development programs or clinical trials, seek to license to other companies its product candidates or technologies that it would prefer to develop and commercialize itself, or seek to sell some or all of its assets or merge with or be acquired by another company. |
Equity_Transactions
Equity Transactions | 6 Months Ended |
Jun. 30, 2014 | |
Equity Transactions [Abstract] | ' |
Equity Transactions | ' |
11. Equity Transactions | |
On January 1, 2014, the Company granted 100,000 shares of restricted stock to Dr. Daniel Levitt, Executive Vice President and Chief Medical Officer (see Note 8). | |
On February 5, 2014, the Company completed an $86.0 million underwritten public offering, in which it sold and issued 13.2 million shares of common stock at a price of $6.50 per share. Net of underwriting discounts, legal, accounting and other offering expenses, the Company received proceeds of approximately $80.5 million. | |
On March 15, 2014, the Company issued 200,000 common shares to KTB Tumorforschungs GmbH, or “KTB,” the licensor of aldoxorubicin, in connection with the establishment of our Freiburg, Germany research and development laboratory. The fair value of the shares was $0.8 million. | |
In the first quarter of 2014, we issued approximately 278,000 common shares for $0.4 million resulting from the exercise of warrants. | |
On October 15, 2013, the Company completed a $25.9 million underwritten public offering, in which it sold and issued 11.5 million shares of common stock at a price of $2.25 per share. Net of underwriting discounts, legal, accounting and other offering expenses, the Company received proceeds of approximately $24.1 million. |
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
12. Income Taxes | |
The Company has completed an analysis of changes in ownership and has concluded that the net operating loss carryforwards as of December 31, 2013 are not subject to limitation under Section 382 of the Internal Revenue Code. |
Commitments_and_contingencies
Commitments and contingencies | 6 Months Ended | |
Jun. 30, 2014 | ||
Commitments and contingencies [Abstract] | ' | |
Commitments and contingencies | ' | |
13. Commitments and contingencies | ||
Commitments | ||
We have an agreement with KTB for the exclusive license of patent rights held by KTB for the worldwide development and commercialization of aldoxorubicin. Under the agreement, we must make payments to KTB in the aggregate of $7.5 million upon meeting clinical and regulatory milestones up to and including the product’s second final marketing approval. In the six months ended June 30, 2014, we met two clinical milestones, resulting in total payments of $2.0 million to KTB. We also agreed to pay: | ||
· | commercially reasonable royalties based on a percentage of net sales (as defined in the agreement); | |
· | a percentage of non-royalty sub-licensing income (as defined in the agreement); and | |
· | milestones of $1 million for each additional final marketing approval that we obtain. | |
In the event that we must pay a third party in order to exercise our rights to the intellectual property under the agreement, we will deduct a percentage of those payments from the royalties due KTB, up to an agreed upon cap. | ||
Contingencies | ||
We are occasionally involved in legal proceedings and other matters arising from the normal course of business. There are currently two purported federal securities class actions pending in the United States District Court for the Central District of California. In addition, there are currently a derivative action pending in the United States District Court for the Central District of California and two derivative actions pending in the Court of Chancery of the State of Delaware. These actions are described more fully below. | ||
Chen v. CytRx Corporation, et al. | ||
On March 14, 2014, a purported securities class action lawsuit was filed against the Company and an officer, as well as DreamTeamGroup and MissionIR, two external investor and public relations firms unaffiliated with the Company, in the United States District Court for the Central District of California, captioned Chen vs. CytRx Corporation, et al., No. 2:14-cv-14-01956-GHK-(RTWx). The complaint purports to be brought on behalf of all shareholders who purchased the Company’s common stock between November 22, 2013 and March 13, 2014. The complaint alleges that defendants violated the federal securities laws in connection with various public statements purportedly issued by us or on our behalf. On May 29, 2014, the court dismissed DreamTeamGroup and MissionIR without prejudice from the action for plaintiff’s failure to serve those parties. The complaint seeks compensatory damages in an unspecified amount and attorney’s fees and costs. | ||
Perri v. CytRx Corporation, et al. | ||
On March 18, 2014, a purported securities class action lawsuit was filed against the Company and an officer, in the United States District Court for the Central District of California, captioned Perri v. CytRx Corporation, et al., No. 2:14-cv-02052-DDP-(JCGx). The complaint, which purports to be brought on behalf of all shareholders who purchased the Company’s common stock between November 20, 2013 and March 13, 2014, asserts claims substantially identical to those asserted in Chen v. CytRx Corporation, et al., No. 2:14-cv-14-01956-GHK-(RTWx), described above. The complaint seeks compensatory damages in an unspecified amount and attorney’s fees and costs. | ||
Kim v. CytRx Corporation, et al. | ||
On April 9, 2014, a purported securities class action lawsuit was filed against the Company and an officer, in the United States District Court for the Central District of California, captioned Kim v. CytRx Corporation, et al., No. 2:14-cv-02689-DMG-(AJWx). The complaint, which purports to be brought on behalf of all shareholders who purchased the Company’s common stock between November 22, 2013 and March 13, 2014, asserts claims substantially identical to those asserted in Chen v. CytRx Corporation, et al., No. 2:14-cv-14-01956-GHK-(RTWx), and Perri v. CytRx Corporation, et al., No. 2:14-cv-02052-DDP-(JCGx), described above. The complaint seeks compensatory damages in an unspecified amount and attorney’s fees and costs. | ||
On June 13, 2014, the court consolidated the Perri and Kim actions with the Chen action, appointed a lead plaintiff and lead counsel in the Chen action, and dismissed the Perri and Kim actions. | ||
Rajasekaran v. CytRx Corporation, et al. | ||
On April 3, 2014, a purported class action lawsuit was filed against the Company and certain officers and each director, as well as certain underwriters, in the Superior Court of California, County of Los Angeles, captioned Rajasekaran v. CytRx Corporation, et al., BC541426. The complaint purports to be brought on behalf of all shareholders who purchased or otherwise acquired the Company’s common stock pursuant and/or traceable to the Company’s secondary common stock offering, which closed on February 5, 2014. The complaint alleges that defendants violated the federal securities laws by making materially false and misleading statements in filings with the SEC. The complaint seeks compensatory damages in an unspecified amount, rescission, and attorney’s fees and costs. | ||
On May 2, 2014, CytRx and the named officers and directors, joined by the underwriter defendants, removed this action to the United States District Court for the Central District of California. Plaintiff filed a motion to remand the case to state court on June 11, 2014. CytRx and the named officers and directors, as well as the underwriter defendants, opposed that motion on July 14, 2014. | ||
Fishman v. Kriegsman, et al. | ||
On July 3, 2014, a purported verified shareholder derivative action was filed in the United States District Court for the Central District of California, captioned Fishman v. Kriegsman, et al., 2:14-cv-05169, against nominal defendant CytRx and certain officers and each director of the Company. The complaint alleges breach of fiduciary duty, corporate waste, gross mismanagement, and unjust enrichment in connection with the Company's alleged retention of DreamTeamGroup and MissionIR, two external investor and public relations firms unaffiliated with the Company. The complaint seeks damages, restitution, corporate governance reforms, and attorney’s fees and costs. | ||
Schwartz v. Ignarro, et al. | ||
On July 8, 2014, a purported verified shareholder derivative action was filed in the Court of Chancery of the State of Delaware, captioned Schwartz v. Ignarro, et al., Case No. 9864, against nominal defendant CytRx and certain officers and each director of the Company. The complaint alleges breach of fiduciary duty, corporate waste, and unjust enrichment in connection with the Company’s December 2013 grant of stock options to certain officers and directors of the Company. The complaint seeks damages, rescission, disgorgement, and attorney’s fees and costs. | ||
Johnson v. Ignarro, et al. | ||
On July 15, 2014, a purported verified shareholder derivative action was filed in the Court of Chancery of the State of Delaware, captioned Johnson v. Ignarro, et al., Case No. 9884, against nominal defendant CytRx and certain officers and each director of the Company. The complaint alleges breach of fiduciary duty, waste of corporate assets, and unjust enrichment in connection with the Company’s December 2013 grant of stock options to certain officers and directors of the Company. The complaint seeks damages, rescission, disgorgement, and attorney’s fees and costs. | ||
Silverberg v. Kriegsman, et al. | ||
On July 21, 2014, a purported verified shareholder derivative action was filed in the Court of Chancery of the State of Delaware, captioned Silverberg v. Kriegsman, et al., Case No. 9919, against nominal defendant CytRx and certain officers and each director of the Company. The complaint alleges breach of fiduciary duty, waste of corporate assets, and unjust enrichment in connection with the Company’s December 2013 grant of stock options to certain officers and directors as well as the Company’s alleged retention of DreamTeamGroup and MissionIR, two external investor and public relations firms unaffiliated with the Company. The complaint seeks damages, rescission, disgorgement, internal governance reforms, and attorney’s fees and costs. | ||
We intend to vigorously defend against the foregoing complaints. The Company has directors’ and officers’ liability insurance, which will be utilized in the defense of these matters. As at June 30, 2014, the Company has incurred legal expenses of $2.5 million, of which approximately $1.6 million will be submitted to its insurance carrier for reimbursement, which is included in the Receivables on the accompanying Condensed Balance Sheet. The Company expects to recover the receivable amount from its insurance carrier. The liability insurance may not cover all of the future liabilities the Company may incur in connection with the foregoing matters. We record accruals for loss contingencies to the extent that we conclude that it is probable that a liability has been incurred and the amount of the related loss can be reasonably estimated. Based on the very early stage of litigation, it is not possible to estimate the amount or range of possible loss that might result from an adverse judgment or a settlement of these matters. We evaluate developments in legal proceedings and other matters on a quarterly basis. |
Warrant_Liabilities_Tables
Warrant Liabilities (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Warrant Liabilities [Abstract] | ' | ||||||||
Schedule of weighted-average assumptions | ' | ||||||||
The following reflects the weighted-average assumptions for each of the six-month periods indicated: | |||||||||
Six Months Ended June 30, | |||||||||
2014 | 2013 | ||||||||
Risk-free interest rate | 0.44 | % | 0.63 | % | |||||
Expected dividend yield | 0 | % | 0 | % | |||||
Expected lives | 1.96 | 2.96 | |||||||
Expected volatility | 84.1 | % | 67.3 | % | |||||
Warrants classified as liabilities (in shares) | 6,984,716 | 6,984,716 | |||||||
Gain on warrant liabilities | $ | 12,234,301 | $ | 838,487 | |||||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 6 Months Ended | ||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||
Stock Based Compensation [Abstract] | ' | ||||||||||||||||||||||||||
Schedule of total stock-based compensation expense from stock options and warrants | ' | ||||||||||||||||||||||||||
The following table sets forth the total stock-based compensation expense resulting from stock options and warrants included in the Company’s unaudited interim statements of operations: | |||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Research and development — employee | $ | 234,484 | $ | 53,583 | $ | 409,638 | $ | 103,755 | |||||||||||||||||||
General and administrative — employee | 325,379 | 202,589 | 637,339 | 387,229 | |||||||||||||||||||||||
Total employee stock-based compensation | $ | 559,863 | $ | 256,172 | $ | 1,046,977 | $ | 490,984 | |||||||||||||||||||
Research and development — non-employee | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
General and administrative — non-employee | 160,629 | 152,074 | 352,620 | 179,286 | |||||||||||||||||||||||
Total non-employee stock-based compensation | $ | 160,629 | $ | 152,074 | $ | 352,620 | $ | 179,286 | |||||||||||||||||||
Schedule of share-based payment award, fair value of the stock options granted , assumptions | ' | ||||||||||||||||||||||||||
The fair value of the stock options and warrants was estimated using the Black-Scholes option-pricing model, based on the following assumptions: | |||||||||||||||||||||||||||
Six Months Ended June 30, 2014 | Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||
Risk-free interest rate | 1.92 | % | 1.11 | % | |||||||||||||||||||||||
Expected volatility | 87.0% - 89.6 | % | 85.2% - 85.8 | % | |||||||||||||||||||||||
Expected lives (years) | 10-Jun | 6 | |||||||||||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||||||||||||
Schedule of share-based compensation, stock options, activity | ' | ||||||||||||||||||||||||||
Presented below is the Company’s stock option activity: | |||||||||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||
Number of Options (Employees) | Number of Options (Non-Employees) | Total Number | Weighted-Average Exercise Price | ||||||||||||||||||||||||
of Options | |||||||||||||||||||||||||||
Outstanding at January 1, 2014 | 6,228,593 | 167,143 | 6,395,736 | $ | 3.11 | ||||||||||||||||||||||
Granted | 300,000 | — | 300,000 | $ | 5.31 | ||||||||||||||||||||||
Forfeited | (4,500 | ) | — | (4,500 | ) | $ | 2.35 | ||||||||||||||||||||
Outstanding at June 30, 2014 | 6,524,093 | 167,143 | 6,691,236 | $ | 3.21 | ||||||||||||||||||||||
Options exercisable at June 30, 2014 | 3,705,835 | 167,143 | 3,872,978 | $ | 3.64 | ||||||||||||||||||||||
Schedule of unvested stock options activity | ' | ||||||||||||||||||||||||||
A summary of the unvested stock options as of June 30, 2014, and changes during the six-month period then ended, are presented below: | |||||||||||||||||||||||||||
Number of Options (Employees) | Number of Options (Non-Employees) | Total Number of Options | Weighted-Average Grant Date Fair Value per Share | ||||||||||||||||||||||||
Non-vested at January 1, 2014 | 3,102,873 | — | 3,102,873 | $ | 1.66 | ||||||||||||||||||||||
Granted | 300,000 | — | 300,000 | $ | 3.92 | ||||||||||||||||||||||
Forfeited | (4,500 | ) | — | (4,500 | ) | $ | 1.69 | ||||||||||||||||||||
Vested | (580,115 | ) | — | (580,115 | ) | $ | 1.74 | ||||||||||||||||||||
Non-vested at June 30, 2014 | 2,818,258 | — | 2,818,258 | $ | 1.88 | ||||||||||||||||||||||
Schedule of share-based compensation, summarizes significant ranges of outstanding stock options | ' | ||||||||||||||||||||||||||
The following table summarizes significant ranges of outstanding stock options under the Company’s plans at June 30, 2014: | |||||||||||||||||||||||||||
Range of Exercise Prices | Number of Options | Weighted-Average Remaining Contractual Life (years) | Weighted-Average Exercise Price | Number of Options Exercisable | Weighted-Average Remaining Contractual Life (years) | Weighted-Average Exercise Price | |||||||||||||||||||||
$ | 1.83 - $2.50 | 5,126,723 | 8.96 | $ | 2.22 | 2,649,036 | 8.96 | $ | 2.16 | ||||||||||||||||||
$ | 2.51 – $3.50 | 194,482 | 6.46 | $ | 2.79 | 154,720 | 6.46 | $ | 2.69 | ||||||||||||||||||
$ | 3.51 – $8.00 | 991,534 | 6.54 | $ | 6.27 | 690,725 | 6.54 | $ | 6.7 | ||||||||||||||||||
$ | 8.01 – $32.55 | 378,497 | 2.63 | $ | 8.86 | 378,497 | 2.63 | $ | 8.86 | ||||||||||||||||||
6,691,236 | 8.17 | $ | 3.21 | 3,872,978 | 8.17 | $ | 3.64 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||
Fair value measurements by level for assets and liabilities measured at fair value on a recurring basis | ' | ||||||||||||||||
The following table summarizes fair value measurements by level at June 30, 2014 for assets and liabilities measured at fair value on a recurring basis: | |||||||||||||||||
(In thousands) | Level I | Level II | Level III | Total | |||||||||||||
Cash equivalents | $ | 49,281 | $ | — | $ | — | $ | 49,281 | |||||||||
Short-term investments | 50,602 | — | — | 50,602 | |||||||||||||
Warrant liabilities | — | — | (11,948 | ) | (11,948 | ) | |||||||||||
The following table summarizes fair value measurements by level at December 31, 2013 for assets and liabilities measured at fair value on a recurring basis: | |||||||||||||||||
(In thousands) | Level I | Level II | Level III | Total | |||||||||||||
Cash equivalents | $ | 10,281 | $ | — | $ | — | $ | 10,281 | |||||||||
Short-term investments | 27,085 | — | — | 27,085 | |||||||||||||
Warrant liabilities | — | — | (24,182 | ) | (24,182 | ) |
Description_of_Company_and_Bas1
Description of Company and Basis of Presentation (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Program | |
Description of Company and Basis of Presentation [Abstract] | ' |
Number of programs in clinical development for cancer indications | 2 |
Foreign_Currency_Remeasurement1
Foreign Currency Remeasurement (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Foreign Currency Remeasurement [Abstract] | ' | ' | ' | ' |
Loss on foreign currency translation adjustment | ($4,900) | $0 | ($4,900) | $0 |
Shortterm_Investments_Details
Short-term Investments (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Short-term investments | $50,601,506 | $27,084,980 |
Certificates of Deposit [Member] | Maturity date of August 28, 2014 [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Short-term investments | 11,500,000 | ' |
Certificates of Deposit [Member] | Maturity Date of October 30, 2014 [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Short-term investments | 5,000,000 | ' |
Certificates of Deposit [Member] | Maturity Date of February 26, 2015 [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Short-term investments | 12,000,000 | ' |
Certificates of Deposit [Member] | Maturity Date of April 23, 2015 [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Short-term investments | 10,000,000 | ' |
Certificates of Deposit [Member] | Maturity Date of April 30, 2015 [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Short-term investments | $12,100,000 | ' |
Investment_in_Mast_Therapeutic1
Investment in Mast Therapeutics, Inc (Details) (USD $) | Jun. 30, 2013 | Jan. 31, 2013 | Apr. 08, 2011 | Jun. 30, 2014 | Jun. 06, 2012 | Oct. 11, 2011 | Apr. 08, 2011 |
SynthRx, Inc. [Member] | Mast Therapeutics, Inc. [Member] | Mast Therapeutics, Inc. [Member] | Mast Therapeutics, Inc. [Member] | Mast Therapeutics, Inc. [Member] | |||
Schedule of Equity Method Investment [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Equity investment, ownership percentage (in hundredths) | ' | ' | 19.10% | ' | ' | ' | ' |
Common stock received in acquiring company upon acquisition of equity method investee (in shares) | ' | ' | ' | ' | ' | ' | 126,000 |
Proceeds from sale of common stock in acquiring entity | ' | ' | ' | ' | $17,900 | $112,200 | ' |
Additional shares of common stock held in an escrow potentially issuable (in shares) | ' | ' | ' | ' | 38,196 | ' | ' |
Additional number of shares received (in shares) | 47,745 | 92,566 | ' | ' | ' | ' | ' |
Investment in Mast Therapeutics, at market | $60,566 | ' | ' | ' | ' | ' | ' |
Additional shares of common stock potentially issuable from development milestones, maximum (in shares) | ' | ' | ' | 2,800,000 | ' | ' | ' |
Basic_and_Diluted_Net_Income_L1
Basic and Diluted Net Income (Loss) Per Common Share (Details) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Basic and Diluted Net Income (Loss) Per Common Share [Abstract] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 14.6 | 11.2 | 14.6 | 11.2 |
Warrant_Liabilities_Details
Warrant Liabilities (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Derivative [Line Items] | ' | ' | ' | ' |
Gain on warrant liabilities | ($2,468,603) | $2,933,707 | $12,234,301 | $838,487 |
Warrants [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Risk-free interest rate (in hundredths) | ' | ' | 0.44% | 0.63% |
Expected dividend yield (in hundredths) | ' | ' | 0.00% | 0.00% |
Expected lives | ' | ' | '1 year 11 months 16 days | '2 years 11 months 16 days |
Expected volatility (in hundredths) | ' | ' | 84.10% | 67.30% |
Warrants classified as liabilities (in shares) | 6,984,716 | 6,984,716 | 6,984,716 | 6,984,716 |
Gain on warrant liabilities | ($2,500,000) | $2,900,000 | $12,234,301 | $838,487 |
Stock_Based_Compensation_Detai
Stock Based Compensation (Details) (USD $) | Feb. 05, 2014 | Dec. 31, 2013 | Oct. 15, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2012 |
Employees [Member] | Employees [Member] | Employees and Directors [Member] | Senior management [Member] | Senior management [Member] | Directors and nonemployees [Member] | Directors and nonemployees [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options And Warrants [Member] | Stock Options And Warrants [Member] | Stock Options And Warrants [Member] | Stock Options And Warrants [Member] | Stock Options And Warrants [Member] | Stock Options And Warrants [Member] | Stock Options And Warrants [Member] | Stock Options And Warrants [Member] | Stock Options And Warrants [Member] | Stock Options And Warrants [Member] | Stock Options And Warrants [Member] | Stock Options And Warrants [Member] | Stock Options And Warrants [Member] | Stock Options And Warrants [Member] | Stock Options And Warrants [Member] | Stock Options And Warrants [Member] | Stock Options And Warrants [Member] | Stock Options And Warrants [Member] | Stock Options And Warrants [Member] | Stock Options And Warrants [Member] | Stock Options And Warrants [Member] | Stock Options And Warrants [Member] | Stock Options And Warrants [Member] | Stock Options And Warrants [Member] | Stock Options And Warrants [Member] | Stock Options And Warrants [Member] | Stock Options And Warrants [Member] | Stock Options And Warrants [Member] | Stock Options And Warrants [Member] | Stock Options And Warrants [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Warrants [Member] | Warrants [Member] | 2000 Long Term Incentive Plan [Member] | 2008 Stock Incentive Plan [Member] | 2008 Stock Incentive Plan [Member] | 2008 Stock Incentive Plan [Member] | ||||
Range $ 1.83 - 2.50 [Member] | Range $ 2.51 - 3.50 [Member] | Range $ 3.51 - 8.00 [Member] | Range $ 8.01 - 32.55 [Member] | Employees [Member] | Non employees [Member] | Employees [Member] | Employees [Member] | Employees [Member] | Employees [Member] | Non-Employees [Member] | Non-Employees [Member] | Non-Employees [Member] | Non-Employees [Member] | Research and Development Expense [Member] | Research and Development Expense [Member] | Research and Development Expense [Member] | Research and Development Expense [Member] | Research and Development Expense [Member] | Research and Development Expense [Member] | Research and Development Expense [Member] | Research and Development Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Restricted Stock [Member] | Restricted Stock [Member] | ||||||||||||||||||||||
Employees [Member] | Employees [Member] | Employees [Member] | Employees [Member] | Non-Employees [Member] | Non-Employees [Member] | Non-Employees [Member] | Non-Employees [Member] | Employees [Member] | Employees [Member] | Employees [Member] | Employees [Member] | Non-Employees [Member] | Non-Employees [Member] | Non-Employees [Member] | Non-Employees [Member] | Senior management [Member] | Senior management [Member] | ||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation, shares subject to stock options (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | 5,900,000 | ' | ' |
Expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6-Aug-10 | ' | ' | ' |
Share-based compensation, shares available for future grant (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 4,100,000 | ' | ' |
Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Black-Scholes option-pricing model | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk-free interest rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.92% | 1.11% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected volatility (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 87.00% | 85.20% | 89.60% | 85.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected lives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years | ' | ' | ' | ' | ' | ' | ' | '6 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected dividend yield (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractual term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' |
Estimated annualized forfeiture rate (in hundredths) | ' | ' | ' | 12.00% | 12.00% | ' | 2.00% | 3.00% | 0.00% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense related to unvested stock options, granted | ' | ' | ' | ' | ' | $4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost, recognized as expense over a weighted-average period | ' | ' | ' | ' | ' | '1 year 1 month 17 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Options (Employees and Non-Employees) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at beginning of period (in shares) | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | 6,395,736 | ' | ' | ' | ' | 6,228,593 | 167,143 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | 300,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,500 | ' | ' | ' | ' | -4,500 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at end of period (in shares) | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | 6,691,236 | ' | ' | ' | ' | 6,524,093 | 167,143 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercisable at end of period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,872,978 | ' | ' | ' | ' | 3,705,835 | 167,143 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-Average Exercise Price Options [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at beginning of period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.35 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at end of period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercisable at end of period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.64 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Unvested Stock Options (Employees and Non-Employees) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested at beginning of period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,102,873 | ' | ' | ' | ' | 3,102,873 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted, unvested stock options (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | 300,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -580,115 | ' | ' | ' | ' | -580,115 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,500 | ' | ' | ' | ' | -4,500 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested at end of period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,818,258 | ' | ' | ' | ' | 2,818,258 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average grant date fair value per share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested at beginning of period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.66 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted, unvested stock options (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.92 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.74 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.69 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested at end of period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.88 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation arrangement by share-based payment award, shares issued in period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 | ' | ' | ' | ' | ' |
Exercise price of warrants (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.60 | ' | ' | ' | ' | ' |
Restricted stock granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 100,000 |
Restricted stock vested (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' |
Expected to vest over subsequent period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' |
Value of restricted shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 627,000 | 186,900 |
Total stock-based compensation expense resulting from stock options and warrants [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated employee and non-employee stock-based compensation expense, Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 559,863 | 256,172 | 1,046,977 | 490,984 | 160,629 | 152,074 | 352,620 | 179,286 | 234,484 | 53,583 | 409,638 | 103,755 | 0 | 0 | 0 | 0 | 325,379 | 202,589 | 637,339 | 387,229 | 160,629 | 152,074 | 352,620 | 179,286 | ' | ' | ' | ' | 156,296 | 46,495 | 310,874 | 92,478 | ' | ' | ' | ' | ' | ' |
Share based compensation, shares authorized under significant ranges of outstanding stock option plans in period [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Range of Exercise Prices, Lower Range (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.83 | $2.51 | $3.51 | $8.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Range of Exercise Prices, Upper Range (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.50 | $3.50 | $8 | $32.55 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Options (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,691,236 | 5,126,723 | 194,482 | 991,534 | 378,497 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-Average Remaining Contractual Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '8 years 2 months 1 day | '8 years 11 months 16 days | '6 years 5 months 16 days | '6 years 6 months 14 days | '2 years 7 months 17 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-Average Exercise Price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.21 | $2.22 | $2.79 | $6.27 | $8.86 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Options Exercisable (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,872,978 | 2,649,036 | 154,720 | 690,725 | 378,497 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-Average Remaining Contractual Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '8 years 2 months 1 day | '8 years 11 months 16 days | '6 years 5 months 16 days | '6 years 6 months 14 days | '2 years 7 months 17 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-Average Exercise Price, Options Exercisable (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.64 | $2.16 | $2.69 | $6.70 | $8.86 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
The aggregate intrinsic value of outstanding options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12,620,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Closing price of the common stock (in dollars per share) | $6.50 | ' | $2.25 | ' | ' | ' | ' | ' | ' | ' | $4.18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,894,791 | 8,324,609 | ' | ' | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Recurring [Member], USD $) | 6 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
Fair value measurements by level for assets and liabilities measured at fair value on a recurring basis [Abstract] | ' | ' |
Cash equivalents | $49,281,000 | $10,281,000 |
Short-term investments | 50,602,000 | 27,085,000 |
Warrant liabilities | -11,948,000 | -24,182,000 |
Level I [Member] | ' | ' |
Fair value measurements by level for assets and liabilities measured at fair value on a recurring basis [Abstract] | ' | ' |
Cash equivalents | 49,281,000 | 10,281,000 |
Short-term investments | 50,602,000 | 27,085,000 |
Warrant liabilities | 0 | 0 |
Level II [Member] | ' | ' |
Fair value measurements by level for assets and liabilities measured at fair value on a recurring basis [Abstract] | ' | ' |
Cash equivalents | 0 | 0 |
Short-term investments | 0 | 0 |
Warrant liabilities | 0 | 0 |
Level III [Member] | ' | ' |
Fair value measurements by level for assets and liabilities measured at fair value on a recurring basis [Abstract] | ' | ' |
Cash equivalents | 0 | 0 |
Short-term investments | 0 | 0 |
Warrant liabilities | -11,948,000 | -24,182,000 |
Unrealized gain recognized | $12,200,000 | ' |
Liquidity_and_Capital_Resource1
Liquidity and Capital Resources (Details) (USD $) | 6 Months Ended | |||
Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | |
Estimated projected expenditure [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $51,866,891 | $11,483,112 | $10,980,486 | $14,344,088 |
Short-term investments | 50,601,506 | 27,084,980 | ' | ' |
Currently projected expenditures for clinical programs | 56,400,000 | ' | ' | ' |
Aldoxorubicin [Member] | ' | ' | ' | ' |
Estimated projected expenditure [Line Items] | ' | ' | ' | ' |
Currently projected expenditures for clinical programs | 42,500,000 | ' | ' | ' |
Other Programs [Member] | ' | ' | ' | ' |
Estimated projected expenditure [Line Items] | ' | ' | ' | ' |
Currently projected expenditures for clinical programs | 2,100,000 | ' | ' | ' |
General Operation [Member] | ' | ' | ' | ' |
Estimated projected expenditure [Line Items] | ' | ' | ' | ' |
Currently projected expenditures for clinical programs | 3,900,000 | ' | ' | ' |
Other General and Administrative Expenses [Member] | ' | ' | ' | ' |
Estimated projected expenditure [Line Items] | ' | ' | ' | ' |
Currently projected expenditures for clinical programs | $7,900,000 | ' | ' | ' |
Equity_Transactions_Details
Equity Transactions (Details) (USD $) | 0 Months Ended | 3 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Feb. 05, 2014 | Oct. 15, 2013 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 15, 2014 | Dec. 31, 2013 |
Equity Transactions [Abstract] | ' | ' | ' | ' | ' | ' |
Restricted shares granted (in shares) | ' | ' | ' | ' | ' | 100,000 |
Stock issued, underwritten public offering, value | $86 | $25.90 | ' | ' | ' | ' |
Stock issued, underwritten public offering, value (in shares) | 13,200,000 | 11,500,000 | ' | ' | ' | ' |
Common stock per share value (in dollars per share) | $6.50 | $2.25 | ' | ' | ' | ' |
Net proceeds from issuance of common stock | 80.5 | 24.1 | ' | ' | ' | ' |
Common stock, shares issued (in shares) | ' | ' | ' | 55,920,319 | 200,000 | 42,116,964 |
Common stock, fair value | ' | ' | ' | ' | 0.8 | ' |
Common shares issued from the exercise of warrants (in shares) | ' | ' | 278,000 | ' | ' | ' |
Proceeds from the issuance of warrants | ' | ' | $0.40 | ' | ' | ' |
Commitments_and_contingencies_
Commitments and contingencies (Details) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Firm | |
Commitments and contingencies [Abstract] | ' |
Potential future payments | $7.50 |
Number of clinical milestones | 2 |
Payments made on achievement of clinical milestones | 2 |
Potential future milestone payments on each additional final marketing approval | 1 |
Fishman v. Kriegsman [Member] | ' |
Loss Contingencies [Line Items] | ' |
Number of external investor and public relations firms unaffiliated with company | 2 |
Silverberg v. Kriegsman [Member] | ' |
Loss Contingencies [Line Items] | ' |
Number of external investor and public relations firms unaffiliated with company | 2 |
Legal fees | 2.5 |
Legal fees to be reimbursed by insurance carrier | $1.60 |