Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 1-May-15 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | CYTRX CORP | |
Entity Central Index Key | 799698 | |
Current Fiscal Year End Date | -19 | |
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 | 55,722,711 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 |
CONDENSED_BALANCE_SHEETS_Unaud
CONDENSED BALANCE SHEETS (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $28,052,543 | $32,218,905 |
Short-term investments | 37,101,506 | 45,621,593 |
Receivables | 5,153,127 | 2,019,293 |
Interest receivable | 76,254 | 104,627 |
Prepaid expenses and other current assets | 930,277 | 3,250,355 |
Total current assets | 71,313,707 | 83,214,773 |
Equipment and furnishings, net | 949,305 | 970,873 |
Goodwill | 183,780 | 183,780 |
Other assets | 1,319,505 | 1,323,156 |
Total assets | 73,766,297 | 85,692,582 |
Current liabilities: | ||
Accounts payable | 4,637,623 | 6,655,962 |
Accrued expenses and other current liabilities | 10,354,489 | 5,994,072 |
Warrant liability | 7,002,379 | 5,131,085 |
Total current liabilities | 21,994,491 | 17,781,119 |
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; 55,921,986 shares issued and outstanding at March 31, 2015 and December 31, 2014 | 55,924 | 55,924 |
Additional paid-in capital | 378,360,877 | 376,975,984 |
Treasury stock, at cost (199,275 shares at March 31, 2015 and December 31, 2014) | -2,612,861 | -2,612,861 |
Accumulated deficit | -324,032,134 | -306,507,584 |
Total stockholders' equity | 51,771,806 | 67,911,463 |
Total liabilities and stockholders' equity | $73,766,297 | $85,692,582 |
CONDENSED_BALANCE_SHEETS_Unaud1
CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
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) | 55,921,986 | 55,921,986 |
Common stock, shares outstanding (in shares) | 55,921,986 | 55,921,986 |
Treasury stock (in shares) | 199,275 | 199,275 |
CONDENSED_STATEMENTS_OF_OPERAT
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Revenue: | ||
License revenue | $0 | $0 |
Expenses: | ||
Research and development | 12,563,745 | 6,987,848 |
General and administrative | 3,130,232 | 3,131,074 |
Total Expenses | 15,693,977 | 10,118,922 |
Loss before other income (loss) | -15,693,977 | -10,118,922 |
Other income (loss): | ||
Interest income | 56,574 | 70,638 |
Other income (loss), net | -15,853 | 9,898 |
Gain (loss) on warrant derivative liability | -1,871,294 | 14,702,904 |
Net income (loss) | ($17,524,550) | $4,664,518 |
Basic net income (loss) per share (in dollars per share) | ($0.31) | $0.09 |
Basic weighted-average shares outstanding (in shares) | 55,722,710 | 50,314,719 |
Diluted net income (loss) per share (in dollars per share) | ($0.31) | $0.08 |
Diluted weighted-average shares outstanding (in shares) | 55,722,710 | 55,727,056 |
CONDENSED_STATEMENTS_OF_CASH_F
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cash flows from operating activities: | ||
Net income (loss) | ($17,524,550) | $4,664,518 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization | 88,490 | 32,659 |
Stock-based compensation expense | 1,384,893 | 1,750,222 |
Fair value adjustment on warrant liability | 1,871,294 | -14,702,904 |
Net foreign exchange gain (loss) | -47 | 177 |
Changes in assets and liabilities: | ||
Receivables | -3,133,834 | 85,760 |
Interest receivable | 28,373 | -19,311 |
Prepaid expenses and other current assets | 2,323,729 | 621,839 |
Accounts payable | -2,025,513 | 410,109 |
Accrued expenses and other current liabilities | 4,360,417 | 244,378 |
Net cash used in operating activities | -12,626,748 | -6,912,553 |
Cash flows from investing activities: | ||
Purchase of short-term investments | -15,000,000 | -23,500,000 |
Proceeds from the sale of short-term investments | 23,520,087 | 0 |
Purchases of equipment and furnishings | -59,701 | -6,623 |
Net cash provided by (used in) investing activities | 8,460,386 | -23,506,623 |
Cash flows from financing activities: | ||
Net proceeds from public offering | 0 | 80,535,401 |
Proceeds from issuance of restricted stock to employee | 0 | 100 |
Net proceeds from exercise of warrants and stock options | 0 | 428,891 |
Net cash provided by financing activities | 0 | 80,964,392 |
Net increase (decrease) in cash and cash equivalents | -4,166,362 | 50,545,216 |
Cash and cash equivalents at beginning of period | 32,218,905 | 11,483,112 |
Cash and cash equivalents at end of period | 28,052,543 | 62,028,328 |
Supplemental disclosure of cash flow information: | ||
Equipment and furnishings purchased on credit | 7,221 | 7,542 |
Cashless warrant exercises | 0 | 133 |
Cash paid for income taxes | $800 | $3,151 |
Description_of_Company_and_Bas
Description of Company and Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
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 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 with aldoxorubicin as a therapy for patients with soft tissue sarcomas whose tumors have progressed following treatment with chemotherapy, and has announced that it has received approval from the FDA to continue dosing patients with aldoxorubicin until disease progression in that clinical trial. CytRx is currently evaluating aldoxorubicin in a global Phase 2b clinical trial in small cell lung cancer, a Phase 2 clinical trial in HIV-related Kaposi's sarcoma, a Phase 2 clinical trial in patients with late-stage glioblastoma (brain cancer), a Phase 1b trial in combination with ifosfamide in patients with soft tissue sarcoma, and a Phase 1b trial in combination with gemcitabine in subjects with metastatic solid tumors. CytRx has completed a global Phase 2b clinical trial with aldoxorubicin as a first-line therapy for soft tissue sarcomas, a Phase 1b/2 clinical trial primarily in the same indication, a Phase 1b clinical trial 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 plans to expand its pipeline of oncology candidates at its laboratory facilities in Freiburg, Germany, based on novel linker technologies 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 March 31, 2015 and for the three-month periods ended March 31, 2015 and 2014, 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. Interim results are not necessarily indicative of results for a full year. Balance sheet amounts as of December 31, 2014 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, 2014. 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 | 3 Months Ended |
Mar. 31, 2015 | |
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 current 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 $16,528 for the three-month period ended March 31, 2015, and zero for the comparative period in 2014. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
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 the Company's financial statements, or simply do not apply to the Company's operations. |
Shortterm_Investments
Short-term Investments | 3 Months Ended |
Mar. 31, 2015 | |
Short-term Investments [Abstract] | |
Short-term Investments | 4. Short-term Investments |
The Company held $37.1 million of short-term investments at March 31, 2015, as compared to $45.6 million at December 31, 2014. The Company has classified these investments as available for sale. These investments are federally insured certificates of deposit in the following amounts and maturities: $15.0 million with a maturity date of August 27, 2015; $12.1 million with a maturity date of April 30, 2015; and $10.0 million with a maturity date of April 23, 2015. |
Basic_and_Diluted_Net_Income_L
Basic and Diluted Net Income (Loss) Per Common Share | 3 Months Ended |
Mar. 31, 2015 | |
Basic and Diluted Net Income (Loss) Per Common Share [Abstract] | |
Basic and Diluted Net Income (Loss) Per Common Share | 5. 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 17.5 million shares for the three-month period ended March 31, 2015, and 9.2 million shares for the three-month period ended March 31, 2014. |
Warrant_Liabilities
Warrant Liabilities | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Warrant Liabilities [Abstract] | |||||||||
Warrant Liabilities | 6. 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 the Company's 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 liability. The Company recognized a loss of $1.9 million and a gain of $14.7 million for the three-month periods ended March 31, 2015 and 2014, respectively. The following reflects the weighted-average assumptions for each of the three-month periods indicated: | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Risk-free interest rate | 0.41 | % | 0.63 | % | |||||
Expected dividend yield | 0 | % | 0 | % | |||||
Expected lives | 1.34 | 2.21 | |||||||
Expected volatility | 92.4 | % | 85.7 | % | |||||
Warrants classified as liabilities (in shares) | 6,371,854 | 6,984,716 | |||||||
Gain (loss) on warrant liability | $ | (1,871,294 | ) | $ | 14,702,904 | ||||
The Company's computation of expected volatility is based on the historical daily volatility of its publicly traded stock. 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 March 31 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 | 3 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||
Stock Based Compensation [Abstract] | |||||||||||||||||||||||||||
Stock Based Compensation | 7. Stock Based Compensation | ||||||||||||||||||||||||||
The Company has a 2000 Long-Term Incentive Plan, which expired on August 6, 2010. As of March 31, 2015, there were approximately 0.7 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 March 31, 2015, there were 9.5 million shares subject to outstanding stock options and 0.5 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 March 31, | |||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||
Research and development — employee | $ | 335,938 | $ | 175,153 | |||||||||||||||||||||||
General and administrative — employee | 955,404 | 311,960 | |||||||||||||||||||||||||
Total employee stock-based compensation | $ | 1,291,342 | $ | 487,113 | |||||||||||||||||||||||
Research and development — non-employee | $ | — | $ | 86,539 | |||||||||||||||||||||||
General and administrative — non-employee | 93,551 | 191,992 | |||||||||||||||||||||||||
Total non-employee stock-based compensation | $ | 93,551 | $ | 278,531 | |||||||||||||||||||||||
During the three-month period ended March 31, 2015, the Company granted stock options to purchase 180,000 shares of its common stock, and during the corresponding 2014 period, the Company granted stock options to purchase 270,000 shares of its common stock and warrants to purchase 25,000 shares of its common stock at an exercise price 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: | |||||||||||||||||||||||||||
Three months Ended March 31, 2015 | Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||
Risk-free interest rate | 2.2 | % | 1.98 | % | |||||||||||||||||||||||
Expected volatility | 84.3 | % | 87.8% - 89.6 | % | |||||||||||||||||||||||
Expected lives (years) | 10 | 10-Jun | |||||||||||||||||||||||||
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 three-month period ended March 31, 2015, the contractual term and the expected life of the options granted 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 three-month period ended March 31, 2015, the Company has estimated an annualized forfeiture rate of 10% 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 three-month period ended March 31, 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. 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 March 31, 2015, there remained approximately $5.6 million of unrecognized compensation expense related to unvested stock options granted to current and former employees and directors, which expect will be recognized over a weighted-average period of 1.14 years. Presented below is the Company's stock option activity: | |||||||||||||||||||||||||||
Three months Ended March 31, 2015 | |||||||||||||||||||||||||||
Number of Options (Employees) | Number of Options (Non-Employees) | Total Number of Options | Weighted-Average Exercise Price | ||||||||||||||||||||||||
Outstanding at January 1, 2015 | 9,348,592 | 692,143 | 10,040,735 | $ | 2.87 | ||||||||||||||||||||||
Granted | 180,000 | — | 180,000 | $ | 3.15 | ||||||||||||||||||||||
Exercised, forfeited or expired | — | (56,429 | ) | (56,429 | ) | $ | 8.54 | ||||||||||||||||||||
Outstanding at March 31, 2015 | 9,528,592 | 635,714 | 10,164,306 | $ | 2.84 | ||||||||||||||||||||||
Options exercisable at March 31, 2015 | 5,528,887 | 635,714 | 6,164,601 | $ | 3.14 | ||||||||||||||||||||||
The following table summarizes significant ranges of outstanding stock options under the Company's plans at March 31, 2015: | |||||||||||||||||||||||||||
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 | 7,932,556 | 8.74 | $ | 2.19 | 4,212,622 | 8.33 | $ | 2.17 | ||||||||||||||||||
$ | 2.51 – $3.50 | 954,482 | 8.89 | $ | 2.85 | 873,054 | 8.87 | $ | 2.83 | ||||||||||||||||||
$ | 3.51 – $8.00 | 989,201 | 5.79 | $ | 6.27 | 790,858 | 5.01 | $ | 6.5 | ||||||||||||||||||
$ | 8.01 – $32.55 | 288,067 | 2.56 | $ | 9 | 288,067 | 2.56 | $ | 9 | ||||||||||||||||||
10,164,306 | 8.29 | $ | 2.84 | 6,164,601 | 7.71 | $ | 3.14 | ||||||||||||||||||||
The aggregate intrinsic value of outstanding options and options vested as of March 31, 2015 were $9.8 million and $5.5 million respectively, which represents the exercise price of the options below the fair market value of the Company's common stock on March 31, 2015 of $3.37 per share. | |||||||||||||||||||||||||||
There were 7,292,617 and 7,349,760 warrants outstanding at March 31, 2015 and December 31, 2014, respectively at a weighted-average price of $4.29 and $4.27, respectively. | |||||||||||||||||||||||||||
Restricted Stock | |||||||||||||||||||||||||||
On January 1, 2014, the Company granted to Dr. Daniel Levitt, Executive Vice President and Chief Medical Officer, 100,000 CytRx Corporation restricted shares of common stock of the Company pursuant to the 2008 Plan, which shares have now fully vested. The fair value of the restricted stock is based on the market price of the Company's common stock 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. The stock-based compensation expense relating to restricted stock included in the company's unaudited statements of operations for the three-month period ended March 31, 2014 was $154,578. No restricted shares of common stock of the Company were granted in the first period of 2015. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Measurements [Abstract] | |||||||||||||||||
Fair Value Measurements | 8. 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 March 31, 2015 for assets and liabilities measured at fair value on a recurring basis: | |||||||||||||||||
(In thousands) | Level I | Level II | Level III | Total | |||||||||||||
Cash equivalents | $ | 27,429 | $ | — | $ | — | $ | 27,429 | |||||||||
Short-term investments | 37,102 | — | — | 37,102 | |||||||||||||
Warrant liability | — | — | (7,002 | ) | (7,002 | ) | |||||||||||
The following table summarizes fair value measurements by level at December 31, 2014 for assets and liabilities measured at fair value on a recurring basis: | |||||||||||||||||
(In thousands) | Level I | Level II | Level III | Total | |||||||||||||
Cash equivalents | $ | 31,159 | $ | — | $ | — | $ | 31,159 | |||||||||
Short-term investments | 45,622 | — | — | 45,622 | |||||||||||||
Warrant liability | — | — | (5,131 | ) | (5,131 | ) | |||||||||||
Liabilities measured at market value on a recurring basis include warrant liability resulting from the Company's August 2011 equity financing. In accordance with ASC 815-40, the warrant liability 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 loss of $1.9 million recognized and the gain is presented in the Condensed Statement of Operations (see Note 6). | |||||||||||||||||
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 March 31, 2015 or 2014. |
Liquidity_and_Capital_Resource
Liquidity and Capital Resources | 3 Months Ended |
Mar. 31, 2015 | |
Liquidity and Capital Resources [Abstract] | |
Liquidity and Capital Resources | 9. Liquidity and Capital Resources |
At March 31, 2015, the Company had cash and cash equivalents of approximately $28.1 million and short-term investments of approximately $37.1 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 2015 and the first three months of 2016 of approximately $56.3 million, which includes approximately $41.7 million for its clinical programs for aldoxorubicin, approximately $2.0 million for pre-clinical development of new albumin-binding cancer drug candidates, approximately $3.7 million for general operation of its clinical programs, and approximately $8.9 million for other general and administrative expenses. These projected expenditures are also based upon numerous other assumptions and subject to many uncertainties, and the Company's 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 could 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 | 3 Months Ended |
Mar. 31, 2015 | |
Equity Transactions [Abstract] | |
Equity Transactions | 10. 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 7), which resulted in non-cash expense of $0.6 million. | |
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 and warrants to purchase 25,000 common shares to KTB Tumorforschungs GmbH, or "KTB," the licensor of aldoxorubicin, in connection with the establishment of the Company's Freiburg, Germany research and development laboratory. The fair value of the newly-issued shares was $0.8 million. | |
In the first quarter of 2014, the Company issued approximately 278,000 common shares for $0.4 million resulting from the exercise of warrants. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 11. Income Taxes |
At December 31, 2014, the Company had federal and state net operating loss carryforwards as of $227.5 million and $157.5 million, respectively, available to offset against future taxable income, which expire in 2015 through 2034, of which $165.2 million and $157.5 million, respectively, are not subject to limitation under Section 382 of the Internal Revenue Code. |
Commitments_and_contingencies
Commitments and contingencies | 3 Months Ended | |
Mar. 31, 2015 | ||
Commitments and contingencies [Abstract] | ||
Commitments and contingencies | 12. Commitments and contingencies | |
Commitments | ||
The Company has 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, the Company 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 three months ended March 31, 2014, the Company met two clinical milestones, resulting in total payments of $2.0 million to KTB. The Company also has 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 the Company obtains. | |
Contingencies | ||
As previously reported, on June 13, 2014, three purported securities class action lawsuits pending in the United States District Court for the Central District of California, were consolidated in the matter of In re CytRx Corporation Securities Litigation, 2:14-CV-01956-GHK (PJWx), and lead plaintiff and lead counsel were appointed. On October 1, 2014, plaintiffs filed a consolidated amended complaint on behalf of all persons who purchased or otherwise acquired the publicly traded securities of CytRx between November 20, 2013 and March 13, 2014, against CytRx, certain Company officers and directors, a freelance writer, and certain underwriters. The complaint alleges that certain of the defendants violated the Securities Exchange Act of 1934 by making materially false and misleading statements in press releases, promotional articles, SEC filings and other public statements. The complaint further alleges that certain of the defendants violated the Securities Act of 1933 by making materially misleading statements and omitting material information in the shelf Registration Statement on Form S-3 filed with the SEC on December 6, 2012 and Prospectus Supplement on Form 424(b)(2) filed with the SEC on January 31, 2014. These allegations arise out of the Company's alleged retention of The DreamTeam Group and MissionIR, external investor and public relations firms unaffiliated with the Company, as well as the Company's December 9, 2013 grant of stock options to certain board members and officers. The consolidated amended complaint seeks damages, including interest, in an unspecified amount, reasonable costs and attorneys' fees, and any equitable, injunctive, or other relief that the court may deem just and proper. On December 5, 2014, CytRx and the individual defendants filed a motion to dismiss the complaint. The Court was scheduled to hear argument on this motion on March 2, 2015. On February 25, 2015, the Court took this motion under submission and took the hearing off calendar. | ||
Also, on April 3, 2014, as previously reported, 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 October 14, 2014, the court granted the parties' joint ex parte motion to stay this proceeding pending resolution of motions to dismiss in the related federal action, In re CytRx Corporation Securities Litigation, 2:14-CV-01956-GHK (PJWx). | ||
As previously reported, on July 3, 2014, a shareholder derivative lawsuit 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 duties, 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. On September 3, 2014, plaintiff filed a notice to voluntarily dismiss this action against all parties without prejudice, which the court granted on September 9, 2014. On June 13, 2014, the Delaware Court of Chancery consolidated Schwartz v. Ignarro, et al., Case No. 9864, Johnson v. Ignarro, et al., Case No. 9884, and Silverberg v. Kriegsman, et al., Case No. 9919, three shareholder derivative lawsuits described in our Quarterly Report filed with the SEC on August 6, 2014. The allegations in the Schwartz and Johnson complaints relate to the Company's December 9, 2013 grant of stock options to certain board members and officers. The allegations in the Silverberg complaint relate to the Company's December 9, 2013 grant of stock options to certain board members and officers as well as the Company's alleged retention of DreamTeamGroup and MissionIR, two external investor and public relations firms unaffiliated with the Company. A consolidated complaint was filed on October 9, 2014. On November 10, 2014, CytRx and the individual defendants filed a motion to dismiss the complaint or, in the alternative, to stay the action. The Delaware Court of Chancery heard argument on the motions on January 8, 2015. The Court denied the motion to dismiss and granted in part and denied in part the motion to stay. On August 14, 2014, a shareholder derivative lawsuit, captioned Pankratz v. Kriegsman, et al., 2:14-cv-06414-PA-JPR, was filed in the United States District Court for the Central District of California against CytRx, as nominal defendant, and certain officers and each director. The complaint alleges breach of fiduciary duties, unjust enrichment, gross mismanagement, abuse of control, insider selling and misappropriation of information in connection with the Company's alleged retention of DreamTeamGroup and MissionIR, two external investor and public relations firms unaffiliated with the Company, as well as the Company's December 9, 2013 grant of stock options to certain board members and officers. The complaint seeks unspecified damages, corporate governance and internal procedures reforms, restitution, disgorgement of all profits, benefits, and other compensation obtained by the individual defendants, and the costs and disbursements of the action. On August 15, 2014, a shareholder derivative complaint, captioned Taylor v. Kriegsman, et al., 2:14-cv-06451, was filed in the United States District Court for the Central District of California against CytRx, as nominal defendant, and certain officers and each director. The complaint alleges breach of fiduciary duties, unjust enrichment, gross mismanagement, abuse of control, unjust enrichment, insider selling and misappropriation of information in connection with the Company's alleged retention of DreamTeamGroup and MissionIR, two external investor and public relations firms unaffiliated with the Company, as well as the Company's December 9, 2013 grant of stock options to certain board members and officers. The complaint seeks unspecified damages, corporate governance and internal procedures reforms, restitution, disgorgement of all profits, benefits, and other compensation obtained by the individual defendants, and the costs and disbursements of the action. On February 27, 2015, the Pankratz and Taylor plaintiffs filed a motion to vacate the stay. The Court took the matter under advisement and has not yet ruled on the motion.On October 8, 2014, the court in Pankratz and Taylor consolidated the cases and appointed lead plaintiffs and co-lead counsel. On October 20, 2014, the Company and the individual defendants filed motions to dismiss the consolidated Pankratz and Taylor cases or, in the alternative, to stay the cases. On January 9, 2015, the Court stayed the action pending the resolution of the consolidated Delaware derivative action. On February 27, 2015, the Pankratz and Taylor plaintiffs filed a motion to vacate the stay. The Court took the matter under advisement and has not yet ruled on the motion. | ||
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 of March 31, 2015, the Company has submitted $8.6 million of expenses to its insurance carrier for reimbursement, of which $5.1 million remains in the Receivables on the accompanying Condensed Balance Sheet. The Company expects to recover this 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) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Warrant Liabilities [Abstract] | |||||||||
Schedule of weighted-average assumptions | The following reflects the weighted-average assumptions for each of the three-month periods indicated: | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Risk-free interest rate | 0.41 | % | 0.63 | % | |||||
Expected dividend yield | 0 | % | 0 | % | |||||
Expected lives | 1.34 | 2.21 | |||||||
Expected volatility | 92.4 | % | 85.7 | % | |||||
Warrants classified as liabilities (in shares) | 6,371,854 | 6,984,716 | |||||||
Gain (loss) on warrant liability | $ | (1,871,294 | ) | $ | 14,702,904 |
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||
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 March 31, | |||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||
Research and development — employee | $ | 335,938 | $ | 175,153 | |||||||||||||||||||||||
General and administrative — employee | 955,404 | 311,960 | |||||||||||||||||||||||||
Total employee stock-based compensation | $ | 1,291,342 | $ | 487,113 | |||||||||||||||||||||||
Research and development — non-employee | $ | — | $ | 86,539 | |||||||||||||||||||||||
General and administrative — non-employee | 93,551 | 191,992 | |||||||||||||||||||||||||
Total non-employee stock-based compensation | $ | 93,551 | $ | 278,531 | |||||||||||||||||||||||
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: | ||||||||||||||||||||||||||
Three months Ended March 31, 2015 | Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||
Risk-free interest rate | 2.2 | % | 1.98 | % | |||||||||||||||||||||||
Expected volatility | 84.3 | % | 87.8% - 89.6 | % | |||||||||||||||||||||||
Expected lives (years) | 10 | 10-Jun | |||||||||||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||||||||||||
Schedule of share-based compensation, stock options, activity | Presented below is the Company's stock option activity: | ||||||||||||||||||||||||||
Three months Ended March 31, 2015 | |||||||||||||||||||||||||||
Number of Options (Employees) | Number of Options (Non-Employees) | Total Number of Options | Weighted-Average Exercise Price | ||||||||||||||||||||||||
Outstanding at January 1, 2015 | 9,348,592 | 692,143 | 10,040,735 | $ | 2.87 | ||||||||||||||||||||||
Granted | 180,000 | — | 180,000 | $ | 3.15 | ||||||||||||||||||||||
Exercised, forfeited or expired | — | (56,429 | ) | (56,429 | ) | $ | 8.54 | ||||||||||||||||||||
Outstanding at March 31, 2015 | 9,528,592 | 635,714 | 10,164,306 | $ | 2.84 | ||||||||||||||||||||||
Options exercisable at March 31, 2015 | 5,528,887 | 635,714 | 6,164,601 | $ | 3.14 | ||||||||||||||||||||||
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 March 31, 2015: | ||||||||||||||||||||||||||
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 | 7,932,556 | 8.74 | $ | 2.19 | 4,212,622 | 8.33 | $ | 2.17 | ||||||||||||||||||
$ | 2.51 – $3.50 | 954,482 | 8.89 | $ | 2.85 | 873,054 | 8.87 | $ | 2.83 | ||||||||||||||||||
$ | 3.51 – $8.00 | 989,201 | 5.79 | $ | 6.27 | 790,858 | 5.01 | $ | 6.5 | ||||||||||||||||||
$ | 8.01 – $32.55 | 288,067 | 2.56 | $ | 9 | 288,067 | 2.56 | $ | 9 | ||||||||||||||||||
10,164,306 | 8.29 | $ | 2.84 | 6,164,601 | 7.71 | $ | 3.14 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 March 31, 2015 for assets and liabilities measured at fair value on a recurring basis: | ||||||||||||||||
(In thousands) | Level I | Level II | Level III | Total | |||||||||||||
Cash equivalents | $ | 27,429 | $ | — | $ | — | $ | 27,429 | |||||||||
Short-term investments | 37,102 | — | — | 37,102 | |||||||||||||
Warrant liability | — | — | (7,002 | ) | (7,002 | ) | |||||||||||
The following table summarizes fair value measurements by level at December 31, 2014 for assets and liabilities measured at fair value on a recurring basis: | |||||||||||||||||
(In thousands) | Level I | Level II | Level III | Total | |||||||||||||
Cash equivalents | $ | 31,159 | $ | — | $ | — | $ | 31,159 | |||||||||
Short-term investments | 45,622 | — | — | 45,622 | |||||||||||||
Warrant liability | — | — | (5,131 | ) | (5,131 | ) |
Description_of_Company_and_Bas1
Description of Company and Basis of Presentation (Details) | 3 Months Ended |
Mar. 31, 2015 | |
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 | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Foreign Currency Remeasurement [Abstract] | ||
Loss on foreign currency translation adjustment | ($16,528) | $0 |
Shortterm_Investments_Details
Short-term Investments (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Short-term investments | $37,101,506 | $45,621,593 |
Certificates of Deposit [Member] | Maturity date of August 27, 2015 [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Short-term investments | 15,000,000 | |
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 | |
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 |
Basic_and_Diluted_Net_Income_L1
Basic and Diluted Net Income (Loss) Per Common Share (Details) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Basic and Diluted Net Income (Loss) Per Common Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 17.5 | 9.2 |
Warrant_Liabilities_Details
Warrant Liabilities (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Derivative [Line Items] | ||
Gain (loss) on warrant liability | ($1,871,294) | $14,702,904 |
Warrants [Member] | ||
Derivative [Line Items] | ||
Risk-free interest rate (in hundredths) | 0.41% | 0.63% |
Expected dividend yield (in hundredths) | 0.00% | 0.00% |
Expected lives | 1 year 4 months 2 days | 2 years 2 months 16 days |
Expected volatility (in hundredths) | 92.40% | 85.70% |
Warrants classified as liabilities (in shares) | 6,371,854 | 6,984,716 |
Gain (loss) on warrant liability | ($1,871,294) | $14,702,904 |
Stock_Based_Compensation_Detai
Stock Based Compensation (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Feb. 05, 2014 | |
Number of Options (Employees and Non-Employees) [Abstract] | ||||
Outstanding at beginning of period (in shares) | 100,000 | |||
Outstanding at end of period (in shares) | 100,000 | |||
Share based compensation, shares authorized under significant ranges of outstanding stock option plans in period [Abstract] | ||||
Closing price of the common stock (in dollars per share) | $6.50 | |||
Employees [Member] | ||||
Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Abstract] | ||||
Estimated annualized forfeiture rate (in hundredths) | 10.00% | 12.00% | ||
Employees and Directors [Member] | ||||
Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Abstract] | ||||
Unrecognized compensation expense related to unvested stock options, granted | 5,600,000 | |||
Unrecognized compensation cost, recognized as expense over a weighted-average period | 1 year 1 month 20 days | |||
Senior management [Member] | ||||
Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Abstract] | ||||
Estimated annualized forfeiture rate (in hundredths) | 2.00% | 2.00% | ||
Directors and nonemployees [Member] | ||||
Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Abstract] | ||||
Estimated annualized forfeiture rate (in hundredths) | 0.00% | 0.00% | ||
Stock Options [Member] | ||||
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 | |||
Contractual term | 10 years | |||
Number of Options (Employees and Non-Employees) [Abstract] | ||||
Outstanding at beginning of period (in shares) | 10,040,735 | |||
Granted (in shares) | 180,000 | 270,000 | ||
Exercised, forfeitures or expired (in shares) | -56,429 | |||
Outstanding at end of period (in shares) | 10,164,306 | |||
Options exercisable at end of period (in shares) | 6,164,601 | |||
Weighted-Average Exercise Price Options [Abstract] | ||||
Outstanding at beginning of period (in dollars per share) | 2.87 | |||
Granted (in dollars per share) | 3.15 | |||
Exercised, forfeitures or expired (in dollars per share) | 8.54 | |||
Outstanding at end of period (in dollars per share) | 2.84 | |||
Options exercisable at end of period (in dollars per share) | 3.14 | |||
Share based compensation, shares authorized under significant ranges of outstanding stock option plans in period [Abstract] | ||||
Number of Options (in shares) | 10,164,306 | |||
Weighted-Average Remaining Contractual Life | 8 years 3 months 14 days | |||
Weighted-Average Exercise Price (in dollars per share) | 2.84 | |||
Number of Options Exercisable (in shares) | 6,164,601 | |||
Weighted-Average Remaining Contractual Life | 7 years 8 months 16 days | |||
Weighted-Average Exercise Price, Options Exercisable (in dollars per share) | 3.14 | |||
The aggregate intrinsic value of outstanding options | 9,800,000 | |||
Aggregate intrinsic value of options vested | 5,500,000 | |||
Closing price of the common stock (in dollars per share) | 3.37 | |||
Stock Options [Member] | Range $ 1.83 - 2.50 [Member] | ||||
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 | |||
Range of Exercise Prices, Upper Range (in dollars per share) | 2.5 | |||
Number of Options (in shares) | 7,932,556 | |||
Weighted-Average Remaining Contractual Life | 8 years 8 months 26 days | |||
Weighted-Average Exercise Price (in dollars per share) | 2.19 | |||
Number of Options Exercisable (in shares) | 4,212,622 | |||
Weighted-Average Remaining Contractual Life | 8 years 3 months 29 days | |||
Weighted-Average Exercise Price, Options Exercisable (in dollars per share) | 2.17 | |||
Stock Options [Member] | Range $ 2.51 - 3.50 [Member] | ||||
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) | 2.51 | |||
Range of Exercise Prices, Upper Range (in dollars per share) | 3.5 | |||
Number of Options (in shares) | 954,482 | |||
Weighted-Average Remaining Contractual Life | 8 years 10 months 20 days | |||
Weighted-Average Exercise Price (in dollars per share) | 2.85 | |||
Number of Options Exercisable (in shares) | 873,054 | |||
Weighted-Average Remaining Contractual Life | 8 years 10 months 13 days | |||
Weighted-Average Exercise Price, Options Exercisable (in dollars per share) | 2.83 | |||
Stock Options [Member] | Range $ 3.51 - 8.00 [Member] | ||||
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) | 3.51 | |||
Range of Exercise Prices, Upper Range (in dollars per share) | 8 | |||
Number of Options (in shares) | 989,201 | |||
Weighted-Average Remaining Contractual Life | 5 years 9 months 14 days | |||
Weighted-Average Exercise Price (in dollars per share) | 6.27 | |||
Number of Options Exercisable (in shares) | 790,858 | |||
Weighted-Average Remaining Contractual Life | 5 years 0 months 4 days | |||
Weighted-Average Exercise Price, Options Exercisable (in dollars per share) | 6.5 | |||
Stock Options [Member] | Range $ 8.01 - 32.55 [Member] | ||||
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) | 8.01 | |||
Range of Exercise Prices, Upper Range (in dollars per share) | 32.55 | |||
Number of Options (in shares) | 288,067 | |||
Weighted-Average Remaining Contractual Life | 2 years 6 months 22 days | |||
Weighted-Average Exercise Price (in dollars per share) | 9 | |||
Number of Options Exercisable (in shares) | 288,067 | |||
Weighted-Average Remaining Contractual Life | 2 years 6 months 22 days | |||
Weighted-Average Exercise Price, Options Exercisable (in dollars per share) | 9 | |||
Stock Options [Member] | Employees [Member] | ||||
Number of Options (Employees and Non-Employees) [Abstract] | ||||
Outstanding at beginning of period (in shares) | 9,348,592 | |||
Granted (in shares) | 180,000 | |||
Exercised, forfeitures or expired (in shares) | 0 | |||
Outstanding at end of period (in shares) | 9,528,592 | |||
Options exercisable at end of period (in shares) | 5,528,887 | |||
Stock Options [Member] | Non employees [Member] | ||||
Number of Options (Employees and Non-Employees) [Abstract] | ||||
Outstanding at beginning of period (in shares) | 692,143 | |||
Granted (in shares) | 0 | |||
Exercised, forfeitures or expired (in shares) | -56,429 | |||
Outstanding at end of period (in shares) | 635,714 | |||
Options exercisable at end of period (in shares) | 635,714 | |||
Stock Options And Warrants [Member] | ||||
Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Abstract] | ||||
Risk-free interest rate (in hundredths) | 2.20% | 1.98% | ||
Expected volatility (in hundredths) | 84.30% | |||
Expected lives | 10 years | |||
Expected dividend yield (in hundredths) | 0.00% | 0.00% | ||
Stock Options And Warrants [Member] | Employees [Member] | ||||
Total stock-based compensation expense resulting from stock options and warrants [Abstract] | ||||
Allocated employee and non-employee stock-based compensation expense, Total | 1,291,342 | 487,113 | ||
Stock Options And Warrants [Member] | Non-Employees [Member] | ||||
Total stock-based compensation expense resulting from stock options and warrants [Abstract] | ||||
Allocated employee and non-employee stock-based compensation expense, Total | 93,551 | 278,531 | ||
Stock Options And Warrants [Member] | Research and Development Expense [Member] | Employees [Member] | ||||
Total stock-based compensation expense resulting from stock options and warrants [Abstract] | ||||
Allocated employee and non-employee stock-based compensation expense, Total | 335,938 | 175,153 | ||
Stock Options And Warrants [Member] | Research and Development Expense [Member] | Non-Employees [Member] | ||||
Total stock-based compensation expense resulting from stock options and warrants [Abstract] | ||||
Allocated employee and non-employee stock-based compensation expense, Total | 0 | 86,539 | ||
Stock Options And Warrants [Member] | General and Administrative Expense [Member] | Employees [Member] | ||||
Total stock-based compensation expense resulting from stock options and warrants [Abstract] | ||||
Allocated employee and non-employee stock-based compensation expense, Total | 955,404 | 311,960 | ||
Stock Options And Warrants [Member] | General and Administrative Expense [Member] | Non-Employees [Member] | ||||
Total stock-based compensation expense resulting from stock options and warrants [Abstract] | ||||
Allocated employee and non-employee stock-based compensation expense, Total | 93,551 | 191,992 | ||
Stock Options And Warrants [Member] | Minimum [Member] | ||||
Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Abstract] | ||||
Expected volatility (in hundredths) | 87.80% | |||
Expected lives | 6 years | |||
Stock Options And Warrants [Member] | Maximum [Member] | ||||
Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Abstract] | ||||
Expected volatility (in hundredths) | 89.60% | |||
Expected lives | 10 years | |||
Restricted Stock [Member] | ||||
Total stock-based compensation expense resulting from stock options and warrants [Abstract] | ||||
Allocated employee and non-employee stock-based compensation expense, Total | 0 | 154,578 | ||
Warrants [Member] | ||||
Weighted-Average Exercise Price Options [Abstract] | ||||
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) | 5.6 | |||
Share based compensation, shares authorized under significant ranges of outstanding stock option plans in period [Abstract] | ||||
Warrants outstanding (in shares) | 7,292,617 | 7,349,760 | ||
Weighted-average price of warrants outstanding (in dollars per share) | 4.29 | 4.27 | ||
2000 Long Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation, shares subject to stock options (in shares) | 700,000 | |||
Expiration date | 6-Aug-10 | |||
Share-based compensation, shares available for future grant (in shares) | 0 | |||
2008 Stock Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation, shares subject to stock options (in shares) | 9,500,000 | |||
Share-based compensation, shares available for future grant (in shares) | 500,000 | |||
2008 Stock Incentive Plan [Member] | Restricted Stock [Member] | Senior management [Member] | ||||
Weighted-Average Exercise Price Options [Abstract] | ||||
Restricted stock granted (in shares) | 100,000 | |||
Value of restricted shares issued | 627,000 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Recurring [Member], USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Fair value measurements by level for assets and liabilities measured at fair value on a recurring basis [Abstract] | ||
Cash equivalents | $27,429,000 | $31,159,000 |
Short-term investments | 37,102,000 | 45,622,000 |
Warrant liability | -7,002,000 | -5,131,000 |
Level I [Member] | ||
Fair value measurements by level for assets and liabilities measured at fair value on a recurring basis [Abstract] | ||
Cash equivalents | 27,429,000 | 31,159,000 |
Short-term investments | 37,102,000 | 45,622,000 |
Warrant liability | 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 liability | 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 liability | -7,002,000 | -5,131,000 |
Unrealized loss recognized | ($1,900,000) |
Liquidity_and_Capital_Resource1
Liquidity and Capital Resources (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
Estimated projected expenditure [Line Items] | ||||
Cash and cash equivalents | $28,052,543 | $32,218,905 | $62,028,328 | $11,483,112 |
Short-term investments | 37,101,506 | 45,621,593 | ||
Currently projected expenditures for clinical programs | 56,300,000 | |||
Aldoxorubicin [Member] | ||||
Estimated projected expenditure [Line Items] | ||||
Currently projected expenditures for clinical programs | 41,700,000 | |||
Other Programs [Member] | ||||
Estimated projected expenditure [Line Items] | ||||
Currently projected expenditures for clinical programs | 2,000,000 | |||
General Operation [Member] | ||||
Estimated projected expenditure [Line Items] | ||||
Currently projected expenditures for clinical programs | 3,700,000 | |||
Other General and Administrative Expenses [Member] | ||||
Estimated projected expenditure [Line Items] | ||||
Currently projected expenditures for clinical programs | $8,900,000 |
Equity_Transactions_Details
Equity Transactions (Details) (USD $) | 0 Months Ended | 3 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Feb. 05, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Mar. 15, 2014 | Feb. 05, 2014 |
Equity Transactions [Abstract] | ||||||
Restricted shares granted (in shares) | 100,000 | |||||
Non-cash expense of shares issued | $0.60 | |||||
Stock issued, underwritten public offering, value | 86 | |||||
Stock issued, underwritten public offering, value (in shares) | 13,200,000 | |||||
Common stock per share value (in dollars per share) | $6.50 | |||||
Net proceeds from issuance of common stock | 80.5 | |||||
Common stock, shares issued (in shares) | 55,921,986 | 55,921,986 | 200,000 | |||
Warrants issued, rights (in shares) | 25,000 | |||||
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 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Minimum [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards, expiration date | 31-Dec-15 |
Maximum [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards, expiration date | 31-Dec-34 |
Federal [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 227.5 |
Operating loss carryforwards, unrestricted | 165.2 |
State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 157.5 |
Operating loss carryforwards, unrestricted | 157.5 |
Commitments_and_contingencies_
Commitments and contingencies (Details) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | ClinicalMilestone |
Lawsuit | |
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 |
Loss Contingencies [Line Items] | |
Number of shareholders lawsuits | 3 |
Legal fees to be reimbursed by insurance carrier | 8.6 |
Receivables carried to balance sheet | $5.10 |
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 |
Pankratz v. Kriegsman [Member] | |
Loss Contingencies [Line Items] | |
Number of external investor and public relations firms unaffiliated with company | 2 |
Taylor v. Kriegsman [Member] | |
Loss Contingencies [Line Items] | |
Number of external investor and public relations firms unaffiliated with company | 2 |