Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 02, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | CYTRX CORP | |
Entity Central Index Key | 799,698 | |
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 | 66,480,065 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 |
CONDENSED BALANCE SHEETS (Unaud
CONDENSED BALANCE SHEETS (Unaudited) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 55,779,620 | $ 32,218,905 |
Short-term investments | 15,022,454 | 45,621,593 |
Receivables | 1,667,905 | 2,019,293 |
Interest receivable | 6,754 | 104,627 |
Prepaid expenses and other current assets | 1,462,014 | 3,250,355 |
Total current assets | 73,938,747 | 83,214,773 |
Equipment and furnishings, net | 1,057,988 | 970,873 |
Goodwill | 183,780 | 183,780 |
Other assets | 1,565,542 | 1,323,156 |
Total assets | 76,746,057 | 85,692,582 |
Current liabilities: | ||
Accounts payable | 6,210,567 | 6,655,962 |
Accrued expenses and other current liabilities | 5,967,309 | 5,994,072 |
Warrant liability | 1,051,337 | 5,131,085 |
Total current liabilities | $ 13,229,213 | $ 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; 66,679,340 shares issued and outstanding at September 30, 2015; 55,921,986 shares issued and outstanding at December 31, 2014 | 66,679 | 55,924 |
Additional paid-in capital | 408,855,605 | 376,975,984 |
Treasury stock, at cost (199,275 shares) | (2,612,861) | (2,612,861) |
Accumulated deficit | (342,792,579) | (306,507,584) |
Total stockholders' equity | 63,516,844 | 67,911,463 |
Total liabilities and stockholders' equity | $ 76,746,057 | $ 85,692,582 |
CONDENSED BALANCE SHEETS (Unau3
CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 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) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, shares issued (in shares) | 66,679,340 | 55,921,986 |
Common stock, shares outstanding (in shares) | 66,679,340 | 55,921,986 |
Treasury stock (in shares) | 199,275 | 199,275 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenue: | ||||
License revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Expenses: | ||||
Research and development | 8,470,592 | 10,637,963 | 31,043,741 | 28,054,935 |
General and administrative | 2,188,656 | 2,412,848 | 9,510,657 | 8,453,048 |
Total expenses | 10,659,248 | 13,050,811 | 40,554,398 | 36,507,983 |
Loss before other income | (10,659,248) | (13,050,811) | (40,554,398) | (36,507,983) |
Other income: | ||||
Interest income | 68,678 | 78,735 | 171,707 | 238,750 |
Other income, net | 2,040 | 20,779 | 17,948 | 28,680 |
Gain on warrant derivative liability | 3,515,178 | 7,326,049 | 4,079,748 | 19,560,350 |
Net loss | $ (7,073,352) | $ (5,625,248) | $ (36,284,995) | $ (16,680,203) |
Basic and diluted net loss per share (in dollars per share) | $ (0.11) | $ (0.10) | $ (0.62) | $ (0.31) |
Basic and diluted weighted-average shares outstanding (in shares) | 63,848,208 | 55,703,715 | 58,462,214 | 53,918,141 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | ||
Net loss | $ (36,284,995) | $ (16,680,203) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 240,391 | 95,834 |
Loss on retirement of fixed assets | 0 | 975 |
Stock-based compensation expense | 4,520,307 | 3,402,706 |
Fair value adjustment on warrant liability | (4,079,748) | (19,560,350) |
Net foreign exchange loss | 0 | (29,131) |
Changes in assets and liabilities: | ||
Receivables | 351,388 | (3,377,135) |
Interest receivable | 97,873 | (67,079) |
Prepaid expenses and other current assets | 1,545,955 | 251,075 |
Accounts payable | (447,430) | 1,409,926 |
Accrued expenses and other current liabilities | (26,763) | 5,788,188 |
Net cash used in operating activities | (34,083,022) | (28,765,194) |
Cash flows from investing activities: | ||
Purchase of short-term investments | (32,982,710) | (57,121,593) |
Proceeds from the sale of short-term investments | 63,581,849 | 33,584,980 |
Purchases of equipment and furnishings | (325,471) | (590,077) |
Net cash provided by (used in) investing activities | 30,273,668 | (24,126,690) |
Cash flows from financing activities: | ||
Net proceeds from public offering | 26,780,068 | 80,535,401 |
Proceeds from issuance of restricted stock to employee | 0 | 100 |
Repurchase of common stock for treasury | 0 | (146,374) |
Net proceeds from exercise of warrants and stock options | 590,001 | 431,941 |
Net cash provided by financing activities | 27,370,069 | 80,821,068 |
Net increase in cash and cash equivalents | 23,560,715 | 27,929,184 |
Cash and cash equivalents at beginning of period | 32,218,905 | 11,483,112 |
Cash and cash equivalents at end of period | 55,779,620 | 39,412,296 |
Supplemental disclosure of cash flow information: | ||
Equipment and furnishings purchased on credit | 2,035 | 155,771 |
Cashless warrant exercises | 3 | 133 |
Repurchase of Company's own stock for treasury | 0 | 11,743 |
Cash paid for income taxes | $ 800 | $ 77,071 |
Description of Company and Basi
Description of Company and Basis of Presentation | 9 Months Ended |
Sep. 30, 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 is currently focused on the clinical development of aldoxorubicin (formerly known as INNO-206), its modified version of the widely-used chemotherapeutic agent, doxorubicin. CytRx previously reported positive top-line efficacy results (median progression-free survival, or PFS, PFS at nine months, overall response rates, hazard ratios and overall survival) from its completed, global Phase 2b clinical trial with aldoxorubicin as a treatment for soft tissue sarcoma, or STS. Hazard ratios, or the likelihood that the study endpoint (in this case tumor progression) will be reached during a given period, are an important measure of the reliability and uniformity of the absolute data for PFS. The trial investigated the efficacy and safety of aldoxorubicin compared with doxorubicin in subjects with first-line metastatic, locally advanced or unresectable STS. Aldoxorubicin combines the chemotherapeutic agent doxorubicin with a novel linker-molecule that binds specifically to albumin in the blood and is designed to allow for delivery of higher amounts of doxorubicin (3½ to 4 times) without the major dose-limiting toxicities seen with the administration of doxorubicin alone. In the first quarter of 2014, the Company initiated a pivotal Phase 3 trial of aldoxorubicin as a therapy for patients with STS whose tumors have progressed following treatment with chemotherapy. The Phase 3 trial is being conducted under a Special Protocol Assessment, or SPA, granted by the FDA. The SPA means that the FDA agrees that the design and analyses proposed in the Phase 3 trial protocol are acceptable to support regulatory approval of the product candidate with respect to effectiveness of the indication studied, and will not change its perspective on these matters, except in limited circumstances such as where a sponsor fails to follow a protocol agreed to with the FDA or where previously unrecognized health concerns occur. Thus, if the Phase 3 study demonstrates an acceptable benefit-risk profile as determined by the FDA, it will support registration of aldoxorubicin for this indication. If approved for marketing, the Company’s current plan would be to commercially launch aldoxorubicin in late 2017. 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 clinical trial in combination with ifosfamide in patients with STS and a Phase 1b clinical trial in combination with gemcitabine in patients with metastatic solid tumors. The Company has completed a global Phase 2b clinical trial with aldoxorubicin as a 1st-line therapy for STS, 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 also plans to expand its pipeline of oncology candidates through its drug-development activities at its laboratory facility in Freiburg, Germany, based on its Linker Activated Drug Release, or LADR™, technology that can be utilized with multiple chemotherapeutic agents and may allow for greater drug concentration at tumor sites. The accompanying condensed financial statements at September 30, 2015 and for the three-month and nine-month periods ended September 30, 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. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2015 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | 2. Recent Accounting Pronouncements The Company has reviewed all of the recent accounting pronouncements and has determined that they have not had and will not have a material impact on the Company’s financial statements, or simply do not apply to the Company’s operations. |
Foreign Currency Remeasurement
Foreign Currency Remeasurement | 9 Months Ended |
Sep. 30, 2015 | |
Foreign Currency Remeasurement [Abstract] | |
Foreign Currency Remeasurement | 3. Foreign Currency Remeasurement The Company considers the U.S. dollar to be the functional currency for the net assets of the Company’s laboratory facility in Germany. 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 gain of approximately $1,000 and a loss of approximately $10,000 due to foreign currency remeasurement for the three-month and nine-month periods ended September 30, 2015, respectively, and a gain of approximately $9,501 and $13,110 for the three and nine-month periods ended September 30, 2014, respectively. |
Short-term Investments
Short-term Investments | 9 Months Ended |
Sep. 30, 2015 | |
Short-term Investments [Abstract] | |
Short-term Investments | 4 Short-term Investments The Company held $15.0 million of short-term investments at September 30, 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 with $3 million maturing on November 27, 2015 and $12.0 million maturing on February 25, 2016. |
Basic and Diluted Net Loss Per
Basic and Diluted Net Loss Per Common Share | 9 Months Ended |
Sep. 30, 2015 | |
Basic and Diluted Net Loss Per Common Share [Abstract] | |
Basic and Diluted Net Loss Per Common Share | 5. Basic and Diluted Net 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 loss per common share where the effect would be anti-dilutive. Common share equivalents that could potentially dilute net loss per share in the future, and which were excluded from the computation of diluted loss per share, totaled 17.4 million shares for each of the three-month and nine-month periods ended September 30, 2015, and 14.6 million shares for each of the three-month and nine-month periods ended September 30, 2014. |
Warrant Liabilities
Warrant Liabilities | 9 Months Ended |
Sep. 30, 2015 | |
Warrant Liabilities [Abstract] | |
Warrant Liabilities | 6. Warrant Liabilities Liabilities measured at fair value on a recurring basis include warrant liabilities resulting from the Company’s outstanding warrants potentially settleable in cash. In accordance with ASC 815-40 , Derivatives and Hedging – Contracts in Entity’s Own Equity Equity-Based Payments to Non-Employees Nine Months Ended September 30, 2015 2014 Risk-free interest rate 0.21 % 0.54 % Expected dividend yield 0 % 0 % Expected lives 0.84 1.71 Expected volatility 69.1 % 81.9 % Warrants classified as liabilities (in shares) 6,371,854 6,984,716 The Company’s computation of expected volatility is based on the historical daily volatility of its publicly traded common 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 September 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 | 9 Months Ended |
Sep. 30, 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 September 30, 2015, there were approximately 0.6 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 September 30, 2015, there were 9.6 million shares subject to outstanding stock options and 10.2 million shares available for future grant under this plan. The Company follows ASC 718, Compensation-Stock Compensation, 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. As a result, 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 Condensed Statements of Operations: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Research and development — employee $ 402,292 $ 213,180 $ 1,131,072 $ 622,818 General and administrative — employee 482,954 380,274 3,182,798 1,017,613 Total employee stock-based compensation $ 885,246 $ 593,454 $ 4,313,870 $ 1,640,431 Research and development — non-employee $ — $ — $ — $ 86,539 General and administrative — non-employee (27,647 ) 24,228 206,437 376,849 Total non-employee stock-based compensation $ (27,647 ) $ 24,228 $ 206,437 $ 463,388 During the nine-month period ended September 30, 2015, the Company granted stock options to purchase 550,000 shares of its common stock. During the nine-month period ended September 30, 2014, the Company granted stock options to purchase 362,500 shares of common stock and issued warrants to purchase 25,000 shares of common stock with an exercise of $5.60. The fair value of the stock options was estimated using the Black-Scholes option-pricing model, based on the following assumptions: Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Risk-free interest rate 2.21 % 1.98 % Expected volatility 78.2% - 84.4 % 83.9% - 89.6 % Expected lives (years) 6 - 10 6 - 10 Expected dividend yield 0.00 % 0.00 % The Company’s computation of expected volatility is based on the historical daily volatility of its publicly traded common stock. The Company uses historical information to compute expected lives. In the nine-month period ended September 30, 2015, the contractual term 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 nine-month period ended September 30, 2015, the Company estimated annualized forfeiture rates 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 for warrants issued to non-employees. For the nine-month period ended September 30, 2014, the Company estimated annualized forfeiture rates 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. As of September 30, 2015, there remained approximately $4.2 million of unrecognized compensation expense related to unvested stock options granted to current and former employees and directors, to be recognized as expense over a weighted-average period of 0.91 years. Presented below is the Company’s stock option activity: Nine Months Ended September 30, 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 550,000 — 550,000 $ 3.86 Exercised (287,143 ) — (287,143 ) $ 2.05 Expired (77,587 ) (56,429 ) ( ) $ 6.82 Outstanding at September 30, 2015 9,533,862 635,714 10,169,576 $ 3.36 Options exercisable at September 30, 2015 6,454,764 635,714 7,090,478 $ 3.61 The following table summarizes significant ranges of outstanding stock options under the Company’s plans at September 30, 2015: Range of Exercise Prices Total Number of Options Weighted-Average Remaining Contractual Life (years) Weighted-Average Exercise Price Total Number of Options Exercisable Weighted-Average Remaining Contractual Life (years) Weighted-Average Exercise Price $ 1.83 - $2.50 5,557,558 8.24 $ 2.13 3,242,079 7.75 $ 2.09 $ 2.51 – $3.50 947,339 8.41 $ 2.85 897,340 8.39 $ 2.84 $ 3.51 – $8.00 3,376,614 7.70 $ 5.06 2,662,994 7.55 $ 5.13 $ 8.01 – $32.55 288,065 2.06 $ 9.00 288,065 2.06 $ 9.00 10,169,576 7.90 $ 3.36 7,090,478 7.56 $ 3.61 The aggregate intrinsic value of all outstanding options and vested options as of September 30, 2015 was $1.4 million and $0.9 million, respectively, representing options with exercise prices of less than the price of the Company’s common stock on The NASDAQ Capital Market on September 30, 2015 of $2.37 per share. There were 7,225,472 and 7,349,760 warrants outstanding at September 30, 2015 and December 31, 2014, respectively at a weighted-average exercise price of $4.28 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 shares of CytRx Corporation restricted stock 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 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. The stock-based compensation expense relating to restricted stock included in the Company’s unaudited Condesned Statements of Operations for the three-month and nine-month periods ended September 30, 2014 was $158,013 and $468,887, respectively. No restricted shares of common stock of the Company were granted in the comparable periods in 2015. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 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: The following table summarizes fair value measurements by level at September 30, 2015 for assets and liabilities measured at fair value on a recurring basis: (In thousands) Level I Level II Level III Total Cash equivalents $ 55,045 $ — $ — $ 55,045 Short-term investments 15,022 — — 15,022 Warrant liabilities — — (1,051 ) (1,051 ) 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 ) The changes in carrying amounts of the warrant liability for the period ended September 30, 2015 was as follows: (In thousands) 2015 Beginning balance 5,131 Net changes in valuation (4,080) Ending balance 1,051 Liabilities measured at market value on a recurring basis include warrant liability associated with outstanding warrants potentially settleable in cash. In accordance with ASC 815-40, the warrant liability is marked to market each quarter-end until it is completely settled. The warrant liability is 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 liability classified in Level III is due to the unrealized gain of $4.1 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 indication of impairment and recorded at air value only when an impairment charge is recognized. The Company’s non-financial assets were not material at September 30, 2015 or 2014. |
Liquidity and Capital Resources
Liquidity and Capital Resources | 9 Months Ended |
Sep. 30, 2015 | |
Liquidity and Capital Resources [Abstract] | |
Liquidity and Capital Resources | 9 Liquidity and Capital Resources At September 30, 2015, the Company had cash and cash equivalents of approximately $55.8 million and short-term investments of approximately $15.0 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 nine months of 2016 of approximately $56.6 million , If the Company obtains marketing approval and successfully commercializes aldoxorubicin or other product candidates, the Company anticipates it could take several |
Equity Transactions
Equity Transactions | 9 Months Ended |
Sep. 30, 2015 | |
Equity Transactions [Abstract] | |
Equity Transactions | 10. Equity Transactions On July 24, 2015, the Company completed a $28.7 million underwritten public offering, in which it sold and issued approximately10.5 million shares of common stock at a price of $2.75 per share. Net of underwriting discounts, legal, accounting and other offering expenses, the Company received proceeds of approximately $26.8 million. On July 6, 2015, the Company issued 287,143 common shares pursuant to stock option exercises, resulting in a cash inflow of $0.6 million. On April 27, 2015, the Company issued 5,211 common shares pursant to a net exercise of warrants to purchase 10,000 shares. 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 in the first quarter of 2014. On February 5, 2014, the Company completed an $86.0 million underwritten public offering, in which it sold and issued approximately 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 shares was $0.8 million. In the first quarter of 2014, the Company issued approximately 278,000 common shares for $0.4 million pursuant to the exercise of warrants. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 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, and which begin to expire in 2015 through 2034. Of such loss carryforwards, $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 | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and contingencies [Abstract] | |
Commitments and contingencies | 12. Commitments and contingencies Commitments The Company has an agreement with KTB for the Company’s 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 nine months ended September 30, 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. In the event that the Company must pay a third party in order to exercise its rights to the intellectual property under the agreement, the Company will deduct a percentage of those payments from the royalties due KTB, up to an agreed upon cap. Contingencies 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 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. On July 13, 2015, the Court issued an order granting in part and denying in part the motions to dismiss filed by the Company, the individual defendants and the underwriters. On August 7, 2015, the plaintiffs filed a First Amended Consolidated Complaint. On September 8, 2015, the Company and the individual defendants filed a motion to dismiss the claims alleged under Section 12(a)(2) of the Securities Act of 1933, and under Section 15 thereunder, to the extent they are predicated on claims under Section 12(a)(2). On September 8, 2015, the plaintiffs filed a motion for reconsideration of the part of the Court’s July 13, 2015 order dismissing Rule 10b-5(b) claims against the Company, Kriegsman and Haen. The Court was scheduled to hear argument on the defendants’ motion to dismiss and the plaintiff’s motion for reconsideration on October 26, 2015, but took both motions under submission and the hearing off calendar on October 23, 2015. On April 3, 2014, a purported class action lawsuit was filed against the Company and certain of its officers and each of its directors, as well as certain underwriters, in the Superior Court of California, County of Los Angeles, captioned Rajasekaran v. CytRx Corporation, et al. In re CytRx Corporation Securities Litigation 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. On September 10, 2014, the Delaware Court of Chancery consolidated Schwartz v. Ignarr , et al. Johnson v. Ignarro, et al. Silverberg v. Kriegsman, et al. In re CytRx Corp. Stockholder Derivative Litigation, On August 14, 2014, a shareholder derivative lawsuit, captioned Pankratz v. Kriegsman, et al. On August 15, 2014, a shareholder derivative complaint, captioned Taylor v. Kriegsman, et al. On October 8, 2014, the Court in Pankratz Taylor Pankratz Taylor Pankratz Taylor forum non conveniens forum non conveniens forum non conveniens The Company intends 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. The Company has incurred legal expenses in defending these complaints and as of September 30, 2015, the Company has an outstanding receivable from its insurance carrier of $1.7 million related to these expenses. The Company’s liability insurance may not be sufficient to cover all of the expesnes and liabilities the Company may incur in connection with the foregoing matters. The Company evaluates developments in legal proceedings and other matters on a quarterly basis. If an unfavorable outcome becomes probable and reasonably estimable, the Company could incur charges that could have a material adverse impact on the Company’s financial condition and results of operations for the period in which the outcome becomes probable and reasonably estimable. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Events On October 5, 2015, the Company retired all 199,275 shares of its treasury stock and returned that stock to the status of authorized but unissued shares of common stock. |
Warrant Liabilities (Tables)
Warrant Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Warrant Liabilities [Abstract] | |
Schedule of weighted-average assumptions | The following reflects the weighted-average assumptions for each of the nine-month periods indicated: Nine Months Ended September 30, 2015 2014 Risk-free interest rate 0.21 % 0.54 % Expected dividend yield 0 % 0 % Expected lives 0.84 1.71 Expected volatility 69.1 % 81.9 % Warrants classified as liabilities (in shares) 6,371,854 6,984,716 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 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 Condensed Statements of Operations: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Research and development — employee $ 402,292 $ 213,180 $ 1,131,072 $ 622,818 General and administrative — employee 482,954 380,274 3,182,798 1,017,613 Total employee stock-based compensation $ 885,246 $ 593,454 $ 4,313,870 $ 1,640,431 Research and development — non-employee $ — $ — $ — $ 86,539 General and administrative — non-employee (27,647 ) 24,228 206,437 376,849 Total non-employee stock-based compensation $ (27,647 ) $ 24,228 $ 206,437 $ 463,388 |
Schedule of share-based payment award, fair value of the stock options granted , assumptions | The fair value of the stock options was estimated using the Black-Scholes option-pricing model, based on the following assumptions: Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Risk-free interest rate 2.21 % 1.98 % Expected volatility 78.2% - 84.4 % 83.9% - 89.6 % Expected lives (years) 6 - 10 6 - 10 Expected dividend yield 0.00 % 0.00 % |
Schedule of share-based compensation, stock options, activity | Presented below is the Company’s stock option activity: Nine Months Ended September 30, 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 550,000 — 550,000 $ 3.86 Exercised (287,143 ) — (287,143 ) $ 2.05 Expired (77,587 ) (56,429 ) ( ) $ 6.82 Outstanding at September 30, 2015 9,533,862 635,714 10,169,576 $ 3.36 Options exercisable at September 30, 2015 6,454,764 635,714 7,090,478 $ 3.61 |
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 September 30, 2015: Range of Exercise Prices Total Number of Options Weighted-Average Remaining Contractual Life (years) Weighted-Average Exercise Price Total Number of Options Exercisable Weighted-Average Remaining Contractual Life (years) Weighted-Average Exercise Price $ 1.83 - $2.50 5,557,558 8.24 $ 2.13 3,242,079 7.75 $ 2.09 $ 2.51 – $3.50 947,339 8.41 $ 2.85 897,340 8.39 $ 2.84 $ 3.51 – $8.00 3,376,614 7.70 $ 5.06 2,662,994 7.55 $ 5.13 $ 8.01 – $32.55 288,065 2.06 $ 9.00 288,065 2.06 $ 9.00 10,169,576 7.90 $ 3.36 7,090,478 7.56 $ 3.61 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2015 for assets and liabilities measured at fair value on a recurring basis: (In thousands) Level I Level II Level III Total Cash equivalents $ 55,045 $ — $ — $ 55,045 Short-term investments 15,022 — — 15,022 Warrant liabilities — — (1,051 ) (1,051 ) 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 ) |
Changes in carrying amounts of the warrant liability | The changes in carrying amounts of the warrant liability for the period ended September 30, 2015 was as follows: (In thousands) 2015 Beginning balance 5,131 Net changes in valuation (4,080) Ending balance 1,051 |
Description of Company and Ba22
Description of Company and Basis of Presentation (Details) | 9 Months Ended |
Sep. 30, 2015Program | |
Description of Company and Basis of Presentation [Abstract] | |
Number of programs in clinical development for cancer indications | 2 |
Foreign Currency Remeasurement
Foreign Currency Remeasurement (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Foreign Currency Remeasurement [Abstract] | ||||
(Gain) loss on foreign currency translation adjustment | $ 1,000 | $ 9,501 | $ (10,000) | $ 13,110 |
Short-term Investments (Details
Short-term Investments (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Short-term investments | $ 15,022,454 | $ 45,621,593 |
Certificates of Deposit [Member] | Maturing on November 27, 2015 [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Short-term investments | 3,000,000 | |
Certificates of Deposit [Member] | Maturing on February 25, 2016 [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Short-term investments | $ 12,000,000 |
Basic and Diluted Net Loss Pe25
Basic and Diluted Net Loss Per Common Share (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Basic and Diluted Net Loss Per Common Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 17.4 | 14.6 | 17.4 | 14.6 |
Warrant Liabilities (Details)
Warrant Liabilities (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Derivative [Line Items] | ||||
Gain on warrant liability | $ 3,515,178 | $ 7,326,049 | $ 4,079,748 | $ 19,560,350 |
Warrants [Member] | ||||
Derivative [Line Items] | ||||
Risk-free interest rate | 0.21% | 0.54% | ||
Expected dividend yield | 0.00% | 0.00% | ||
Expected lives | 10 months 2 days | 1 year 8 months 16 days | ||
Expected volatility | 69.10% | 81.90% | ||
Warrants classified as liabilities (in shares) | 6,371,854 | 6,984,716 | 6,371,854 | 6,984,716 |
Gain on warrant liability | $ 3,515,178 | $ 7,326,049 | $ 4,079,748 | $ 19,560,350 |
Stock Based Compensation (Detai
Stock Based Compensation (Details) | Jul. 06, 2015shares | Dec. 20, 2013$ / shares | Dec. 10, 2013$ / shares | Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2014USD ($)$ / shares | Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2014USD ($)$ / sharesshares | Jul. 24, 2015$ / shares | Dec. 31, 2014$ / sharesshares | Feb. 05, 2014$ / shares |
Weighted-Average Exercise Price Options [Abstract] | ||||||||||
Exercised (in dollars per share) | $ / shares | $ 4.66 | $ 2.39 | ||||||||
Share-based compensation arrangement by share-based payment award, shares issued in period (in shares) | 287,143 | |||||||||
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) | $ / shares | $ 2.75 | $ 6.50 | ||||||||
Employees [Member] | ||||||||||
Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Abstract] | ||||||||||
Estimated annualized forfeiture rate | 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 | $ | $ 4,200,000 | $ 4,200,000 | ||||||||
Unrecognized compensation cost, recognized as expense over a weighted-average period | 10 months 28 days | |||||||||
Senior Management [Member] | ||||||||||
Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Abstract] | ||||||||||
Estimated annualized forfeiture rate | 2.00% | 2.00% | ||||||||
Directors and Non-employees [Member] | ||||||||||
Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Abstract] | ||||||||||
Estimated annualized forfeiture rate | 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) | 550,000 | 362,500 | ||||||||
Exercised (in shares) | (287,143) | |||||||||
Expired (in shares) | (134,016) | |||||||||
Outstanding at end of period (in shares) | 10,169,576 | 10,169,576 | ||||||||
Options exercisable at end of period (in shares) | 7,090,478 | 7,090,478 | ||||||||
Weighted-Average Exercise Price Options [Abstract] | ||||||||||
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 2.87 | |||||||||
Granted (in dollars per share) | $ / shares | 3.86 | |||||||||
Exercised (in dollars per share) | $ / shares | 2.05 | |||||||||
Expired (in dollars per share) | $ / shares | 6.82 | |||||||||
Outstanding at end of period (in dollars per share) | $ / shares | $ 3.36 | 3.36 | ||||||||
Options exercisable at end of period (in dollars per share) | $ / shares | $ 3.61 | $ 3.61 | ||||||||
Share based compensation, shares authorized under significant ranges of outstanding stock option plans in period [Abstract] | ||||||||||
Total Number of Options (in shares) | 10,169,576 | 10,169,576 | ||||||||
Weighted-Average Remaining Contractual Life | 7 years 10 months 24 days | |||||||||
Weighted-Average Exercise Price (in dollars per share) | $ / shares | $ 3.36 | $ 3.36 | ||||||||
Total Number of Options Exercisable (in shares) | 7,090,478 | 7,090,478 | ||||||||
Weighted-Average Remaining Contractual Life | 7 years 6 months 22 days | |||||||||
Weighted-Average Exercise Price, Options Exercisable (in dollars per share) | $ / shares | $ 3.61 | $ 3.61 | ||||||||
The aggregate intrinsic value of outstanding options | $ | $ 1,400,000 | $ 1,400,000 | ||||||||
Aggregate intrinsic value of options vested | $ | $ 900,000 | |||||||||
Closing price of the common stock (in dollars per share) | $ / shares | $ 2.37 | $ 2.37 | ||||||||
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) | 550,000 | |||||||||
Exercised (in shares) | (287,143) | |||||||||
Expired (in shares) | (77,587) | |||||||||
Outstanding at end of period (in shares) | 9,533,862 | 9,533,862 | ||||||||
Options exercisable at end of period (in shares) | 6,454,764 | 6,454,764 | ||||||||
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 (in shares) | 0 | |||||||||
Expired (in shares) | (56,429) | |||||||||
Outstanding at end of period (in shares) | 635,714 | 635,714 | ||||||||
Options exercisable at end of period (in shares) | 635,714 | 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 | 2.21% | 1.98% | ||||||||
Expected dividend yield | 0.00% | 0.00% | ||||||||
Stock Options and Warrants [Member] | Minimum [Member] | ||||||||||
Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Abstract] | ||||||||||
Expected volatility | 78.20% | 83.90% | ||||||||
Expected lives | 6 years | 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 | 84.40% | 89.60% | ||||||||
Expected lives | 10 years | 10 years | ||||||||
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 | $ | $ 885,246 | $ 593,454 | $ 4,313,870 | $ 1,640,431 | ||||||
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 | $ | (27,647) | 24,228 | 206,437 | 463,388 | ||||||
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 | $ 158,013 | $ 0 | $ 468,887 | ||||||
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) | $ / shares | $ 5.60 | $ 5.60 | ||||||||
Share based compensation, shares authorized under significant ranges of outstanding stock option plans in period [Abstract] | ||||||||||
Warrants outstanding (in shares) | 7,225,472 | 7,225,472 | 7,349,760 | |||||||
Weighted-average exercise price of warrants outstanding (in dollars per share) | $ / shares | 4.28 | 4.28 | 4.27 | |||||||
Range $1.83 - 2.50 [Member] | Stock Options [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) | $ / shares | $ 1.83 | |||||||||
Range of Exercise Prices, Upper Range (in dollars per share) | $ / shares | $ 2.50 | |||||||||
Total Number of Options (in shares) | 5,557,558 | 5,557,558 | ||||||||
Weighted-Average Remaining Contractual Life | 8 years 2 months 26 days | |||||||||
Weighted-Average Exercise Price (in dollars per share) | $ / shares | $ 2.13 | $ 2.13 | ||||||||
Total Number of Options Exercisable (in shares) | 3,242,079 | 3,242,079 | ||||||||
Weighted-Average Remaining Contractual Life | 7 years 9 months | |||||||||
Weighted-Average Exercise Price, Options Exercisable (in dollars per share) | $ / shares | $ 2.09 | $ 2.09 | ||||||||
Range $2.51 - 3.50 [Member] | Stock Options [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) | $ / shares | 2.51 | |||||||||
Range of Exercise Prices, Upper Range (in dollars per share) | $ / shares | $ 3.50 | |||||||||
Total Number of Options (in shares) | 947,339 | 947,339 | ||||||||
Weighted-Average Remaining Contractual Life | 8 years 4 months 28 days | |||||||||
Weighted-Average Exercise Price (in dollars per share) | $ / shares | $ 2.85 | $ 2.85 | ||||||||
Total Number of Options Exercisable (in shares) | 897,340 | 897,340 | ||||||||
Weighted-Average Remaining Contractual Life | 8 years 4 months 20 days | |||||||||
Weighted-Average Exercise Price, Options Exercisable (in dollars per share) | $ / shares | $ 2.84 | $ 2.84 | ||||||||
Range $3.51 - 8.00 [Member] | Stock Options [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) | $ / shares | 3.51 | |||||||||
Range of Exercise Prices, Upper Range (in dollars per share) | $ / shares | $ 8 | |||||||||
Total Number of Options (in shares) | 3,376,614 | 3,376,614 | ||||||||
Weighted-Average Remaining Contractual Life | 7 years 8 months 12 days | |||||||||
Weighted-Average Exercise Price (in dollars per share) | $ / shares | $ 5.06 | $ 5.06 | ||||||||
Total Number of Options Exercisable (in shares) | 2,662,994 | 2,662,994 | ||||||||
Weighted-Average Remaining Contractual Life | 7 years 6 months 18 days | |||||||||
Weighted-Average Exercise Price, Options Exercisable (in dollars per share) | $ / shares | $ 5.13 | $ 5.13 | ||||||||
Range $8.01 - 32.55 [Member] | Stock Options [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) | $ / shares | 8.01 | |||||||||
Range of Exercise Prices, Upper Range (in dollars per share) | $ / shares | $ 32.55 | |||||||||
Total Number of Options (in shares) | 288,065 | 288,065 | ||||||||
Weighted-Average Remaining Contractual Life | 2 years 22 days | |||||||||
Weighted-Average Exercise Price (in dollars per share) | $ / shares | $ 9 | $ 9 | ||||||||
Total Number of Options Exercisable (in shares) | 288,065 | 288,065 | ||||||||
Weighted-Average Remaining Contractual Life | 2 years 22 days | |||||||||
Weighted-Average Exercise Price, Options Exercisable (in dollars per share) | $ / shares | $ 9 | $ 9 | ||||||||
Research and Development Expense [Member] | 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 | $ | $ 402,292 | $ 213,180 | $ 1,131,072 | $ 622,818 | ||||||
Research and Development Expense [Member] | 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 | $ | 0 | 0 | 0 | 86,539 | ||||||
General and Administrative Expense [Member] | 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 | $ | 482,954 | 380,274 | 3,182,798 | 1,017,613 | ||||||
General and Administrative Expense [Member] | 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 | $ | $ (27,647) | $ 24,228 | $ 206,437 | $ 376,849 | ||||||
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) | 600,000 | 600,000 | ||||||||
Expiration date | Aug. 6, 2010 | |||||||||
Share-based compensation, shares available for future grant (in shares) | 0 | 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) | 9,600,000 | 9,600,000 | ||||||||
Share-based compensation, shares available for future grant (in shares) | 10,200,000 | 10,200,000 | ||||||||
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 | $ 627,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Changes in carrying amounts of the warrant liability | ||
Beginning balance | $ 5,131 | |
Net changes in valuation | (4,080) | |
Ending balance | 1,051 | |
Recurring [Member] | ||
Fair value measurements by level for assets and liabilities measured at fair value on a recurring basis [Abstract] | ||
Cash equivalents | 55,045 | $ 31,159 |
Short-term investments | 15,022 | 45,622 |
Warrant liabilities | (1,051) | (5,131) |
Level I [Member] | Recurring [Member] | ||
Fair value measurements by level for assets and liabilities measured at fair value on a recurring basis [Abstract] | ||
Cash equivalents | 55,045 | 31,159 |
Short-term investments | 15,022 | 45,622 |
Warrant liabilities | 0 | 0 |
Level II [Member] | Recurring [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] | Recurring [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 | (1,051) | $ (5,131) |
Changes in carrying amounts of the warrant liability | ||
Unrealized gain recognized | $ 4,100 |
Liquidity and Capital Resourc29
Liquidity and Capital Resources (Details) - USD ($) | 9 Months Ended | |||
Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
Estimated projected expenditure [Line Items] | ||||
Cash and cash equivalents | $ 55,779,620 | $ 32,218,905 | $ 39,412,296 | $ 11,483,112 |
Short-term investments | 15,022,454 | $ 45,621,593 | ||
Currently projected expenditures for clinical programs | 56,600,000 | |||
Aldoxorubicin [Member] | ||||
Estimated projected expenditure [Line Items] | ||||
Currently projected expenditures for clinical programs | 36,900,000 | |||
Other Programs [Member] | ||||
Estimated projected expenditure [Line Items] | ||||
Currently projected expenditures for clinical programs | 3,700,000 | |||
General Operation [Member] | ||||
Estimated projected expenditure [Line Items] | ||||
Currently projected expenditures for clinical programs | 4,000,000 | |||
Other General and Administrative Expenses [Member] | ||||
Estimated projected expenditure [Line Items] | ||||
Currently projected expenditures for clinical programs | $ 12,000,000 |
Equity Transactions (Details)
Equity Transactions (Details) - USD ($) $ / shares in Units, $ in Millions | Jul. 24, 2015 | Jul. 06, 2015 | Apr. 27, 2015 | Feb. 05, 2014 | Jan. 01, 2014 | Mar. 31, 2014 | Sep. 30, 2015 | Dec. 31, 2014 | Mar. 15, 2014 |
Equity Transactions [Abstract] | |||||||||
Common shares issued from the exercise of warrants (in shares) | 5,211 | 278,000 | |||||||
Restricted shares granted (in shares) | 100,000 | ||||||||
Non-cash expense of shares issued | $ 0.6 | ||||||||
Stock issued, underwritten public offering, value | $ 28.7 | $ 86 | |||||||
Stock issued, underwritten public offering, value (in shares) | 10,500,000 | 13,200,000 | |||||||
Common stock per share value (in dollars per share) | $ 2.75 | $ 6.50 | |||||||
Net proceeds from issuance of common stock | $ 26.8 | $ 0.6 | $ 80.5 | ||||||
Common shares issued from the exercise of stock options (in shares) | 287,143 | ||||||||
Common stock, shares issued (in shares) | 66,679,340 | 55,921,986 | 200,000 | ||||||
Warrants issued, rights (in shares) | 10,000 | 25,000 | |||||||
Common stock, fair value | $ 0.8 | ||||||||
Proceeds from the issuance of warrants | $ 0.4 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Minimum [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards, expiration date | Dec. 31, 2015 | |
Maximum [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards, expiration date | Dec. 31, 2034 | |
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) | Jun. 02, 2015USD ($) | Dec. 20, 2013$ / shares | Dec. 10, 2013$ / shares | Sep. 30, 2015USD ($)ClinicalMilestoneLawsuitd | Dec. 31, 2014USD ($) |
Commitments and contingencies [Abstract] | |||||
Potential future payments | $ 7,500,000 | ||||
Number of clinical milestones | ClinicalMilestone | 2 | ||||
Payments made on achievement of clinical milestones | $ 2,000,000 | ||||
Potential future milestone payments on each additional final marketing approval | $ 1,000,000 | ||||
Number of shareholders lawsuits | Lawsuit | 3 | ||||
Number of day's court afforded the plaintiffs to amend their complaint | d | 30 | ||||
Exercise price (in dollars per share) | $ / shares | $ 4.66 | $ 2.39 | |||
Fees and expenses related to settlement | $ 1,100,000 | ||||
Outstanding Receivable | $ 1,667,905 | $ 2,019,293 |
Subsequent Events (Details)
Subsequent Events (Details) | Oct. 05, 2015shares |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Retired treasury stock (in shares) | 199,275 |