Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 09, 2017 | |
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 | 152,054,818 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 |
CONDENSED BALANCE SHEETS (Unaud
CONDENSED BALANCE SHEETS (Unaudited) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 48,003,315 | $ 56,959,485 |
Receivables | 102,129 | 183,703 |
Prepaid expenses and other current assets | 2,650,682 | 3,434,238 |
Total current assets | 50,756,126 | 60,577,426 |
Equipment and furnishings, net | 1,903,904 | 1,959,667 |
Goodwill | 183,780 | 183,780 |
Other assets | 43,264 | 48,911 |
Total assets | 52,887,074 | 62,769,784 |
Current liabilities: | ||
Accounts payable | 6,542,281 | 6,406,445 |
Accrued expenses and other current liabilities | 3,793,159 | 3,830,498 |
Warrant liabilities | 3,821,510 | 3,789,391 |
Term loan, net - current | 6,481,674 | 5,481,656 |
Total current liabilities | 20,638,624 | 19,507,990 |
Long term loan, net | 17,586,113 | 18,484,510 |
Total liabilities | 38,224,737 | 37,992,500 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, $0.001 par value, 250,000,000 shares authorized; 118,722,895 and 111,322,895 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively | 118,721 | 111,321 |
Additional paid-in capital | 441,453,715 | 437,423,958 |
Accumulated deficit | (426,910,099) | (415,865,995) |
Total stockholders' equity | 14,662,337 | 24,777,284 |
Total liabilities and stockholders' equity | 52,887,074 | 62,769,784 |
Series A Junior Participating Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred Stock | 0 | 0 |
Series B Convertible Preferred Shares [Member] | ||
Stockholders' equity: | ||
Preferred Stock | $ 0 | $ 3,108,000 |
CONDENSED BALANCE SHEETS (Unau3
CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
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 |
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) | 118,722,895 | 111,322,895 |
Common stock, shares outstanding (in shares) | 118,722,895 | 111,322,895 |
Series A Junior Participating Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred Stock, shares authorized (in shares) | 25,000 | 25,000 |
Series B Convertible Preferred Shares [Member] | ||
Stockholders' equity: | ||
Preferred Stock, stated value | $ 1,000 | $ 1,000 |
Preferred Stock, shares authorized (in shares) | 3,900 | 3,900 |
Preferred Stock, shares outstanding (in shares) | 0 | 3,108 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenue: | ||
License revenue | $ 0 | $ 0 |
Expenses: | ||
Research and development | 6,772,582 | 8,151,305 |
General and administrative | 2,979,057 | 3,958,434 |
Total expenses | 9,751,639 | 12,109,739 |
Loss before other income (expense) | (9,751,639) | (12,109,739) |
Other: | ||
Interest income | 60,543 | 61,738 |
Interest expense | (1,322,715) | (416,803) |
Other income, net | 1,826 | 5,964 |
Loss on warrant derivative liabilities | (32,119) | (184,272) |
Net loss | $ (11,044,104) | $ (12,643,112) |
Basic and diluted net loss per share (in dollars per share) | $ (0.10) | $ (0.19) |
Basic and diluted weighted-average shares outstanding (in shares) | 113,577,313 | 66,488,855 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (11,044,104) | $ (12,643,112) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 173,524 | 102,434 |
Stock-based compensation expense | 931,525 | 1,325,817 |
Fair value adjustment on warrant liabilities | 32,119 | 184,272 |
Amortization of loan cost and discount | 715,786 | 67,150 |
Loss on retirement of fixed assets | 0 | 387 |
Non-cash litigation settlement due in common stock | 0 | 700,000 |
Changes in assets and liabilities: | ||
Receivables | 81,574 | 3,592,636 |
Interest receivable | 0 | 28,130 |
Prepaid expenses and other current assets | 789,203 | (861,255) |
Accounts payable | 121,126 | (2,172,100) |
Accrued expenses and other current liabilities | (39,707) | (3,415,368) |
Net cash used in operating activities | (8,238,954) | (13,091,009) |
Cash flows from investing activities: | ||
Proceeds from the sale of short-term investments | 0 | 35,035,420 |
Purchases of equipment and furnishings | (103,051) | (238,107) |
Net cash (used) provided by investing activities | (103,051) | 34,797,313 |
Cash flows from financing activities: | ||
Proceeds from term loan, net of costs | 0 | 24,012,078 |
Payment of principal on term loan | (614,165) | 0 |
Net proceeds from exercise of stock options | 0 | 183,000 |
Net cash (used) provided by financing activities | (614,165) | 24,195,078 |
Net increase (decrease) in cash and cash equivalents | (8,956,170) | 45,901,382 |
Cash and cash equivalents at beginning of period | 56,959,485 | 22,261,372 |
Cash and cash equivalents at end of period | 48,003,315 | 68,162,754 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the period for interest | 609,944 | 145,139 |
Supplemental disclosure of non-cash investing activities: | ||
Preferred stock conversion | 7,400 | 0 |
Warrants issued in connection with term loan | 0 | 633,749 |
Equipment and furnishings purchased on credit | $ 14,710 | $ 73,474 |
Description of Company and Basi
Description of Company and Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
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 ("we," "us," "our," CytRx" or the "company") is a biopharmaceutical research and development company specializing in oncology. We currently are focused on the clinical development of aldoxorubicin, our modified version of the widely-used chemotherapeutic agent, doxorubicin. Aldoxorubicin combines the chemotherapeutic agent doxorubicin with a novel linker-molecule that binds specifically to albumin in the blood to allow for delivery of higher amounts of doxorubicin (3½ to 4 times) without several of the major dose-limiting toxicities seen with administration of doxorubicin alone. Aldoxorubicin has received Orphan Drug Designation (ODD) by the United States Food and Drug Administration (FDA) for the treatment of soft tissue sarcomas (STS). ODD provides several benefits, including seven years of market exclusivity after approval, certain research and development related tax credits, and protocol assistance by the FDA. The European Medicines Agency (EMA) also has granted aldoxorubicin Orphan designation for STS, which designation confers ten years of market exclusivity among other benefits. In July 2016, we announced the initial analysis of top-line data from our on-going global, randomized Phase 3 clinical trial of aldoxorubicin as a treatment for patients with relapsed or refractory STS. The trial enrolled 433 patients at 79 sites in 15 countries, including the U.S. and Canada. Aldoxorubicin performed better than investigator's choice for the entire study population and narrowly missed statistical significance (p=0.12; HR=0.82, 95% CI 0.64-1.06). All responses and progression-free survival (PFS) were determined by an independent, blinded central lab assessment of scans. In November 2016, we announced updated results from the Phase 3 clinical trial, which demonstrated a statistically significant improvement in PFS between aldoxorubicin and investigator's choice therapy in 246 patients with leiomyosarcoma and liposarcoma, (p=0.007). The hazard ratio (HR) was 0.62 (95% CI 0.44-0.88), representing a 38% reduction in the risk of tumor progression for patients receiving aldoxorubicin in comparison to investigator's choice. Leiomyosarcoma and liposarcoma are the two most common types of STS and accounted for 57% of the patients enrolled in the trial. Aldoxorubicin also demonstrated a statistically significant improvement in PFS over investigator's choice in 312 patients treated in North America plus Australia (p=0.028; HR=0.71, 95% CI 0.53-0.97), which represented 72% of the total trial population. Based upon the results of the Phase 3 trial, we were granted a Type C advice meeting with the FDA on March 22, 2017 to discuss the regulatory path forward for aldoxorubicin. On April 19, 2017, we announced that we intend to submit a rolling Section 505(b)(2) NDA in the last quarter of 2017. A Section 505(b)(2) NDA is for drugs for which one or more of the investigations relied on by the applicant for approval of the application were not conducted by or for the applicant and for which the applicant has not obtained a right of reference or use from the person by or for whom the investigations were conducted. The investigations must have been performed for a drug that had received FDA approval, which in our case is doxorubicin. Doxorubicin is considered to be a reference drug, since it is the active moiety in aldoxorubicin. A Section 502(b)(2) NDA differs from a typical Section 505(b)(1) NDA in that we can rely, in part, upon the FDA's findings of safety and/or effectiveness for the reference drug, doxorubicin, provided that bridging data establishing the comparability of aldoxorubicin to doxorubicin will be deemed acceptable by FDA. Since we intend to pursue the Section 502(b)(2) regulatory pathway, our former special protocol assessment, or SPA, with the FDA is no longer applicable. We do not believe the 505(b)(2) pathway will adversely impact our Orphan Drug Designation for STS or that additional clinical studies will need to be conducted to submit our NDA. Subject to FDA approval, the commercial launch of aldoxorubicin in the United States is projected for 2018. We also plan to discuss with the EMA a path to filing a Marketing Authorization Application, or MAA. The proposed aldoxorubicin product label would include "indicated for the treatment of STS." New data might allow for future use of aldoxorubicin in neoadjuvant (pre-surgery) settings, as well as a replacement for doxorubicin in combinations. We also are considering a market expansion strategy which could include other indications or formulations, including combinations of aldoxorubicin with other chemotherapeutics and immunotherapies. We are currently evaluating aldoxorubicin in a global Phase 2b clinical trial in second-line small cell lung cancer in which we currently expect to announce top-line data in the second quarter of 2017. We are also evaluating aldoxorubicin in a Phase 1b/2 trial in combination with ifosfamide in patients with STS. We previously completed Phase 2 clinical trials of aldoxorubicin in patients with late-stage glioblastoma (brain cancer) and HIV-related Kaposi's Sarcoma, a Phase 1b trial in combination with gemcitabine in subjects with metastatic solid tumors, a Phase 1b clinical trial of aldoxorubicin in combination with doxorubicin in patients with advanced solid tumors and a Phase 1b pharmacokinetics clinical trial of aldoxorubicin in patients with metastatic solid tumors. We also are engaged at our laboratory facility in Freiburg, Germany in preclinical development in a new class of oncology candidates utilizing our LADR technology to attach ultra-high potency drugs to albumin (10-1,000 times more potent than traditional chemotherapies; these drugs are attached only to antibodies as antibody-drug conjugates) to target tumors. The accompanying condensed financial statements at March 31, 2017 and for the three-month periods ended March 31, 2017 and 2016, 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, 2016 have been derived from our audited financial statements as of that date. The financial statements included herein have been prepared by us 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 our audited financial statements contained in its Annual Report on Form 10-K for the year ended December 31, 2016. Our operating results will fluctuate for the foreseeable future. Therefore, prior period results should not be relied upon as predictive of the results in future periods. |
Foreign Currency Remeasurement
Foreign Currency Remeasurement | 3 Months Ended |
Mar. 31, 2017 | |
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 our German laboratory facilty. 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). We recognized a gain of approximately $671 and $4,266 respectively, for the three-month periods ended March 31, 2017 and 2016. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2017 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | 3. Recent Accounting Pronouncements In January 2017, the FASB issued updated guidance to clarify the definition of a business within the context of business combinations. The updated guidance requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This updated guidance is expected to reduce the number of transactions that need to be further evaluated as business combinations. If further evaluation is necessary, the updated guidance will require that a business set include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output. The updated guidance will remove the evaluation of whether a market participant could replace missing elements. The new guidance is effective for annual and interim periods beginning after December 15, 2017 and is to be applied on a prospective basis. We are currently evaluating the new guidance. In January 2017, the FASB issued updated guidance which eliminated Step 2 from the goodwill impairment test. Step 2 is the process of measuring a goodwill impairment loss by comparing the implied fair value of a reporting unit's goodwill with the carrying amount of that goodwill. The new guidance requires entities to measure a goodwill impairment loss as the amount by which a reporting unit's carrying value exceeds its fair value, limited to the carrying amount of goodwill. The FASB also eliminated the requirements for entities that have reporting units with zero or negative carrying amounts to perform a qualitiative assessment for the goodwill impairment test. Instead, those entities would be required to disclose the amount of goodwill allocated to each reporting unit with a zero or negative carrying amount. The new guidance is effective for intrerim or annual goodwill impairment tests performed in fiscal years beginning after December 15, 2019, with early adoption permitted. We are currently evaluating the new guidance. In March 2016, the FASB issued Accounting Standards Update 2016-09, Compensation—Stock Compensation In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases In January 2016, the FASB issued Accounting Standards Update 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities |
Term Loan
Term Loan | 3 Months Ended |
Mar. 31, 2017 | |
Term Loan [Abstract] | |
Term Loan | 4. Term Loan On February 5, 2016, we entered into a loan and security agreement with Hercules Technology Growth Capital, Inc. ("HTGC"), as administrative agent and lender, and Hercules Technology III, L.P., as lender, pursuant to which the lenders made term loans to us on February 8, 2016 in the aggregate principal amount of $25 million. The term loans bear interest at the daily variable rate per annum equal to 6.0% plus the prime rate, or 10.0%, whichever is greater. We are required to make interest-only payments on the term loans through February 28, 2017, and beginning on March 1, 2017 blended equal monthly installments of principal amortization and accrued interest until the maturity date of the term loans on February 1, 2020. Under the terms of the loan, we are required to maintain a minimum cash balance equal to the greater of (i) $10 million or (ii) forward three months projected cash burn. As security under our obligations, we issued to the lenders warrants to purchase a total of 634,146 shares of our common stock at an exercise price of $2.05. These warrants are classified as equity warrants with a fair value of $633,749. All outstanding principal and accrued interest on the term loans will be due and payable in full on the maturity date of February 1, 2020. As security for our obligations under the loan and securities agreement, we granted HTGC, as administrative agent, a security interest in substantially all of our existing and after-acquired assets except for our intellectual property and certain other excluded assets. The loan and security agreement contains customary representations, warranties and covenants. March 31, 2017 December 31, 2016 Term Loan Principal – Current $ 7,545,597 $ 6,214,057 Issuance Cost/Loan Discount – Current (1,063,923 ) (732,401 ) Term Loan, Net – Current $ 6,481,674 $ 5,481,656 Long Term Loan Principal $ 16,840,238 $ 18,785,943 End Fee Payable 1,771,250 1,771,250 Long Term Loan Discount/Issuance Cost (1,025,375 ) (2,072,683 ) Long Term Loan, Net $ 17,586,113 $ 18,484,510 The interest expense on the Term loan for the three-month period ended March 31, 2017 was $1,322,715 and $416,803 for the 2016 comparative period. |
Basic and Diluted Net Loss Per
Basic and Diluted Net Loss Per Common Share | 3 Months Ended |
Mar. 31, 2017 | |
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 49.5 million shares for the three-month period ended March 31, 2017 as compared to 22.7 million shares for the three-month period ended March 31, 2016. |
Warrant Liabilities
Warrant Liabilities | 3 Months Ended |
Mar. 31, 2017 | |
Warrant Liabilities [Abstract] | |
Warrant Liabilities | 6. Warrant Liabilities Liabilities measured at market value on a recurring basis include warrant liabilities resulting from our past equity financings. In accordance with ASC 815-40 , Derivatives and Hedging – Contracts in Entity's Own Equity Equity-Based Payments to Non-Employees Three Months Ended March 31, 2017 2016 Risk-free interest rate 1.05 % 0.21 % Expected dividend yield 0 % 0 % Expected lives 0.98 0.34 Expected volatility 95.1 % 86.8 % Warrants classified as liabilities (in shares) 28,515,071 6,371,854 Loss on warrant liabilities $ (32,119 ) $ (184,272 ) Our 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 we have 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, 2017 | |
Stock Based Compensation [Abstract] | |
Stock Based Compensation | 7 . Stock Based Compensation We have a 2000 Long-Term Incentive Plan, which expired on August 6, 2010. As of March 31, 2017, there were approximately 0.5 million shares subject to outstanding stock options under this plan. No further shares are available for future grant under this plan. We also have a 2008 Stock Incentive Plan under which 30 million shares of common stock are reserved for issuance. As of March 31, 2017, there were 16.5 million shares subject to outstanding stock options and 2.3 million shares outstanding related to restricted stock grants issued from the 2008 Stock Plan and 12.7 million shares available for future grant under this plan. We follow ASC 718, Compensation-Stock Compensation, For stock options and stock warrants paid in consideration of services rendered by non-employees, we recognize 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, restricted stock and warrants included in our unaudited interim statements of operations: Three Months Ended March 31, 2017 2016 Research and development — employee $ 353,083 $ 480,811 General and administrative — employee 549,782 657,050 Total employee stock-based compensation $ 902,865 $ 1,137,861 Research and development — non-employee $ — $ — General and administrative — non-employee 28,660 187,956 Total non-employee stock-based compensation $ 28,660 $ 187,956 During the three-month period ended March 31, 2017, we granted no stock option or warrants, and during the corresponding 2016 period, we granted stock options to purchase 425,000 shares of our common stock and warrants to purchase 500,000 shares of our common stock at an average exercise price of $1.74. 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, 2017 Three Months Ended March 31, 2016 Risk-free interest rate — 1.47 % Expected volatility — 76.3 % Expected lives (years) — 5 - 10 Expected dividend yield — 0.00 % We compute expected volatility based on the historical daily volatility of our publicly traded stock. We use historical information to compute expected lives. In the three-month period ended March 31, 2016, the contractual term and the expected life of the options and warrants granted were five to ten years. The dividend yield assumption of zero is based upon the fact we have never paid cash dividends and presently have 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, 2016, we estimated an annualized forfeiture rate of 10% for options granted to our employees, 2% for options granted to senior management and 0% for warrants issued to non-employees. On January 1, 2017, the Company adopted ASU 2016-09 and made a policy election to recognize forfeitures as they occur. The adoption of ASU 2016-09 did not have a material impact to the Company's financial condition or results of operations. No amounts relating to stock-based compensation have been capitalized. As of March 31, 2017, there remained approximately $3.9 million of unrecognized compensation expense related to unvested stock options granted to current employees, which we expect will be recognized over a weighted-average period of 1.12 years. Presented below is our stock option activity: Three Months Ended March 31, 2017 Number of Options (Employees) Number of Options (Non-Employees) Total Number of Options Weighted-Average Exercise Price Outstanding at January 1, 2017 16,879,770 600,000 17,479,770 $ 2.37 Granted — — — $ — Exercised, forfeited or expired (360,000 ) — (360,000 ) $ 3.24 Outstanding at March 31, 2017 16,519,770 600,000 17,119,770 $ 2.35 Exercisable at March 31, 2017 11,108,079 600,000 11,708,079 $ 2.85 The following table summarizes significant ranges of outstanding stock options under our plans at March 31, 2017: 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 $ 0.43 - $1.50 4,432,500 9.70 $ 0.44 1,330,704 9.71 $ 0.44 $ 1.51 – $2.50 8,752,604 7.58 $ 2.26 6,469,375 7.26 $ 2.22 $ 2.51 – $4.00 960,670 6.88 $ 2.88 934,004 6.86 $ 2.87 $ 4.01 – $32.55 2,973,996 5.78 $ 5.32 2,973,996 5.78 $ 5.32 17,119,770 7.78 $ 2.35 11,708,079 7.13 $ 2.85 The aggregate intrinsic values of outstanding options and options vested as of March 31, 2017 were $40,825 and $11,340 respectively, which represents the excess of the aggregatve fair market value of the underlying common stock on March 31, 2017 of $0.44 per share over the aggregate price of the options. At March 31, 2017 and December 31, 2016, there were warrants outstanding to purchase 32,394,217 and 32,502,790 shares, respectively, at a weighted-average exercise price of $0.68 in each period. Restricted Stock In December 2016, the Company granted to Steven Kriegsman, Chief Executive Officer, 2,325,581 shares of restricted common stock, pursuant to the 2008 Plan. This restricted stock vests in equal annual instalments over three years. 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 stock on the grant date was $1,000,000. The Company recorded an employee stock-based compensation expense for restricted stock of $82,117 and $0 respectively, for the quarters ended March 31, 2017 and 2016. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
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 (In thousands) Level I Level II Level III Total Cash equivalents $ 46,336 $ — $ — $ 46,336 Warrant liability — — (3,822 ) (3,822 ) The following table summarizes fair value measurements by level at December 31, 2016 for assets and liabilities measured at fair value on a recurring basis: (In thousands) Level I Level II Level III Total Cash equivalents $ 56,276 $ — $ — $ 56,276 Warrant liability — — (3,789 ) (3,789 ) Liabilities measured at market value on a recurring basis include warrant liabilities resulting from recent debt and equity financings. 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 our 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 $32,000 recognized. The loss is presented in the Condensed Statement of Operations (see Note 6). We consider carrying amounts of accounts receivable, accounts payable and accrued expenses to approximate fair value due to the short-term nature of these financial instruments. Our 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. Our non-financial assets were not material at or March 31, . |
Liquidity and Capital Resources
Liquidity and Capital Resources | 3 Months Ended |
Mar. 31, 2017 | |
Liquidity and Capital Resources [Abstract] | |
Liquidity and Capital Resources | 9. Liquidity and Capital Resources At March 31, 2017, we had cash and cash equivalents of approximately $48.0 million. Management believes that our current cash and cash equivalents, along with the net proceeds of our equity financing subsequent to March 31, 2017 of $13.9 million net along with net proceeds of $1.9 million from the exercise of warrants (see Note 13), will be sufficient to fund its operations for the foreseeable future. , If we obtain marketing approval and successfully commercialize aldoxorubicin or other product candidates, we anticipate it could take several |
Equity Transactions
Equity Transactions | 3 Months Ended |
Mar. 31, 2017 | |
Equity Transactions [Abstract] | |
Equity Transactions | 10. Equity Transactions In the first quarter of 2017, we converted 3,108 shares of our Series B preferred shares stock in exchange for 7.4 million shares of our common stock. As of March 31, 2017, we have reserved approximately 12.7 million authorized but unissued shares of our common stock for future issuance to employees and consultants pursuant to our employee stock option plans. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | 11. Income Taxes At December 31, 2016, we had federal and state net operating loss carryforwards as of $339.0 million and $224.0 million, respectively, available to offset against future taxable income, which expire in 2017 through 2036, of which $152.0 million and $145 .0 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, 2017 | |
Commitments and contingencies [Abstract] | |
Commitments and contingencies | 12. Commitments and contingencies Commitments We have an agreement with KTB for the exclusive license of patent rights held by KTB for the worldwide development and commercialization of aldoxorubicin. Under the agreement, we must make payments to KTB in the aggregate of $6.0 million upon meeting clinical and regulatory milestones up to and including the product's second final marketing approval. We also have agreed to pay: · commercially reasonable royalties based on a percentage of net sales (as defined in the agreement); · a percentage of non-royalty sub-licensing income (as defined in the agreement); and · milestones of $1 million for each additional final marketing approval that we obtain. In the event that we must pay a third party in order to exercise our rights to the intellectual property under the agreement, we are entitled to deduct a percentage of those payments from the royalties due KTB, up to an agreed upon cap. Contingencies the disclosure provisions of ASC 460, Guarantees ("ASC 460") to its agreements that contain guarantees or indemnities by the Company. The Company provides (i) indemnifications of varying scope and size to certain investors and other parties for certain losses suffered or incurred by the indemnified party in connection with various types of third-party claims; and (ii) indemnifications of varying scope and size to officers and directors against third party claims arising from the services they provide to the Company. Shareholder Derivative Actions in Delaware Niedermeyer et al. v. Kriegsman et al. Taylor v. Kriegsman Niedermeyer et al. Class Action in California. Crihfield v. CytRx Corp., et al. Dorce v. CytRx Corp. In re: CytRx Corporation Securities Litigation The Company intends to vigorously defend against the foregoing complaints. CytRx has directors' and officers' liability insurance, which will be utilized in the defense of these matters. The liability insurance may not cover all of the future liabilities the Company may incur in connection with the foregoing matters. The Company records accruals for loss contingencies to the extent that the Company concludes that it is probable that a liability has been incurred and the amount of the related loss can be reasonably estimated. The Company has accrued $0.7 million of litigation settlement related to Shareholder Derivative actions. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Event [Abstract] | |
Subsequent Event | 13. Subsequent Event |
Term Loan (Tables)
Term Loan (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Term Loan [Abstract] | |
Schedule of Term Loan | The loan and security agreement contains customary representations, warranties and covenants. March 31, 2017 December 31, 2016 Term Loan Principal – Current $ 7,545,597 $ 6,214,057 Issuance Cost/Loan Discount – Current (1,063,923 ) (732,401 ) Term Loan, Net – Current $ 6,481,674 $ 5,481,656 Long Term Loan Principal $ 16,840,238 $ 18,785,943 End Fee Payable 1,771,250 1,771,250 Long Term Loan Discount/Issuance Cost (1,025,375 ) (2,072,683 ) Long Term Loan, Net $ 17,586,113 $ 18,484,510 |
Warrant Liabilities (Tables)
Warrant Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 2016 Risk-free interest rate 1.05 % 0.21 % Expected dividend yield 0 % 0 % Expected lives 0.98 0.34 Expected volatility 95.1 % 86.8 % Warrants classified as liabilities (in shares) 28,515,071 6,371,854 Loss on warrant liabilities $ (32,119 ) $ (184,272 ) |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, restricted stock and warrants included in our unaudited interim statements of operations: Three Months Ended March 31, 2017 2016 Research and development — employee $ 353,083 $ 480,811 General and administrative — employee 549,782 657,050 Total employee stock-based compensation $ 902,865 $ 1,137,861 Research and development — non-employee $ — $ — General and administrative — non-employee 28,660 187,956 Total non-employee stock-based compensation $ 28,660 $ 187,956 |
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, 2017 Three Months Ended March 31, 2016 Risk-free interest rate — 1.47 % Expected volatility — 76.3 % Expected lives (years) — 5 - 10 Expected dividend yield — 0.00 % |
Schedule of Share-based Compensation, Stock Options, Activity | Presented below is our stock option activity: Three Months Ended March 31, 2017 Number of Options (Employees) Number of Options (Non-Employees) Total Number of Options Weighted-Average Exercise Price Outstanding at January 1, 2017 16,879,770 600,000 17,479,770 $ 2.37 Granted — — — $ — Exercised, forfeited or expired (360,000 ) — (360,000 ) $ 3.24 Outstanding at March 31, 2017 16,519,770 600,000 17,119,770 $ 2.35 Exercisable at March 31, 2017 11,108,079 600,000 11,708,079 $ 2.85 |
Schedule of Share-based Compensation, Summarizes Significant Ranges of Outstanding Stock Options | The following table summarizes significant ranges of outstanding stock options under our plans at March 31, 2017: 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 $ 0.43 - $1.50 4,432,500 9.70 $ 0.44 1,330,704 9.71 $ 0.44 $ 1.51 – $2.50 8,752,604 7.58 $ 2.26 6,469,375 7.26 $ 2.22 $ 2.51 – $4.00 960,670 6.88 $ 2.88 934,004 6.86 $ 2.87 $ 4.01 – $32.55 2,973,996 5.78 $ 5.32 2,973,996 5.78 $ 5.32 17,119,770 7.78 $ 2.35 11,708,079 7.13 $ 2.85 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements by Level for Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following (In thousands) Level I Level II Level III Total Cash equivalents $ 46,336 $ — $ — $ 46,336 Warrant liability — — (3,822 ) (3,822 ) The following table summarizes fair value measurements by level at December 31, 2016 for assets and liabilities measured at fair value on a recurring basis: (In thousands) Level I Level II Level III Total Cash equivalents $ 56,276 $ — $ — $ 56,276 Warrant liability — — (3,789 ) (3,789 ) |
Description of Company and Ba23
Description of Company and Basis of Presentation (Details) | 1 Months Ended | 3 Months Ended | |
Nov. 30, 2016Patient | Jul. 31, 2016PatientClinicalSiteCountry | Mar. 31, 2017 | |
Description of Company and Basis of Presentation [Abstract] | |||
Number of years Orphan Drug Designation provides several benefits of market exclusivity after approval | 7 years | ||
Number of years soft tissue sarcomas confers market among other benefits | 10 years | ||
Number of patients enrolled | 433 | ||
Number of clinical sites | ClinicalSite | 79 | ||
Number of countries | Country | 15 | ||
Number of patients found to be statistically significant improvement in progression-free survival | 246 | ||
Hazard ratio | 0.62 | ||
Percentage of reduction in the risk of tumor progression | 38.00% | ||
Percentage of patients accounted to enrolled in the trial | 57.00% | ||
Number of patients treated | 312 | ||
Percentage of total trial population | 72.00% |
Foreign Currency Remeasurement
Foreign Currency Remeasurement (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Foreign Currency Remeasurement [Abstract] | ||
Gain on foreign currency translation adjustment | $ 671 | $ 4,266 |
Term Loan (Details)
Term Loan (Details) - USD ($) | Feb. 08, 2016 | Feb. 05, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 |
Debt Instrument [Line Items] | |||||
Amount received under initial loan agreement | $ 0 | $ 24,012,078 | |||
Term Loan, Net - Current | 6,481,674 | $ 5,481,656 | |||
Long Term Loan, Net | 17,586,113 | 18,484,510 | |||
Interest expense | $ 1,322,715 | $ 416,803 | |||
Warrants [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of warrants issued (in shares) | 0 | 500,000 | |||
Warrants exercise price (in dollars per share) | $ 1.74 | ||||
Hercules Technology Growth Capital, Inc. and Hercules Technology III, L.P. [Member] | |||||
Debt Instrument [Line Items] | |||||
Amount received under initial loan agreement | $ 25,000,000 | ||||
Debt instrument, interest rate | 10.00% | ||||
Debt instrument, minimum cash balance required to be maintained | $ 10,000,000 | ||||
Debt instrument, maturity date | Feb. 1, 2020 | ||||
Term Loan Principal - Current | $ 7,545,597 | 6,214,057 | |||
Issuance Cost/Loan Discount - Current | (1,063,923) | (732,401) | |||
Term Loan, Net - Current | 6,481,674 | 5,481,656 | |||
Long Term Loan Principal | 16,840,238 | 18,785,943 | |||
End Fee Payable | 1,771,250 | 1,771,250 | |||
Long Term Loan Discount/Issuance Cost | (1,025,375) | (2,072,683) | |||
Long Term Loan, Net | 17,586,113 | $ 18,484,510 | |||
Interest expense | 1,322,715 | $ 416,803 | |||
Hercules Technology Growth Capital, Inc. and Hercules Technology III, L.P. [Member] | Warrants [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of warrants issued (in shares) | 634,146 | ||||
Warrants exercise price (in dollars per share) | $ 2.05 | ||||
Fair value of warrants classified as equity warrants | $ 633,749 | ||||
Hercules Technology Growth Capital, Inc. and Hercules Technology III, L.P. [Member] | Prime Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 6.00% |
Basic and Diluted Net Loss Pe26
Basic and Diluted Net Loss Per Common Share (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Basic and Diluted Net Loss Per Common Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 49.5 | 22.7 |
Warrant Liabilities (Details)
Warrant Liabilities (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Derivative [Line Items] | ||
Loss on warrant liabilities | $ (32,119) | $ (184,272) |
Warrants [Member] | ||
Derivative [Line Items] | ||
Risk-free interest rate | 1.05% | 0.21% |
Expected dividend yield | 0.00% | 0.00% |
Expected lives | 11 months 23 days | 4 months 2 days |
Expected volatility | 95.10% | 86.80% |
Warrants classified as liabilities (in shares) | 28,515,071 | 6,371,854 |
Loss on warrant liabilities | $ (32,119) | $ (184,272) |
Stock Based Compensation (Detai
Stock Based Compensation (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Mar. 31, 2017 | |
Employees [Member] | ||||
Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Abstract] | ||||
Estimated annualized forfeiture rate | 10.00% | |||
Non-Employees [Member] | ||||
Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Abstract] | ||||
Estimated annualized forfeiture rate | 0.00% | |||
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 | $ 3,900,000 | |||
Unrecognized compensation cost, recognized as expense over a weighted-average period | 1 year 1 month 13 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% | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation, shares subject to stock options (in shares) | 17,479,770 | 17,479,770 | 17,119,770 | |
Number of Options (Employees and Non-Employees) [Abstract] | ||||
Outstanding at beginning of period (in shares) | 17,479,770 | |||
Granted (in shares) | 0 | 425,000 | ||
Exercised, forfeited or expired (in shares) | (360,000) | |||
Outstanding at end of period (in shares) | 17,119,770 | 17,479,770 | ||
Options exercisable at end of period (in shares) | 11,708,079 | |||
Weighted-Average Exercise Price Options [Abstract] | ||||
Outstanding at beginning of period (in dollars per share) | $ 2.37 | |||
Granted (in dollars per share) | 0 | |||
Exercised, forfeited or expired (in dollars per share) | 3.24 | |||
Outstanding at end of period (in dollars per share) | 2.35 | $ 2.37 | ||
Options exercisable at end of period (in dollars per share) | $ 2.85 | |||
Number of warrants issued (in shares) | 0 | |||
Stock Options [Member] | Minimum [Member] | ||||
Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Abstract] | ||||
Contractual term and expected life | 5 years | |||
Stock Options [Member] | Maximum [Member] | ||||
Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Abstract] | ||||
Contractual term and expected life | 10 years | |||
Stock Options [Member] | Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation, shares subject to stock options (in shares) | 16,879,770 | 16,879,770 | 16,519,770 | |
Number of Options (Employees and Non-Employees) [Abstract] | ||||
Outstanding at beginning of period (in shares) | 16,879,770 | |||
Granted (in shares) | 0 | |||
Exercised, forfeited or expired (in shares) | (360,000) | |||
Outstanding at end of period (in shares) | 16,519,770 | 16,879,770 | ||
Options exercisable at end of period (in shares) | 11,108,079 | |||
Stock Options [Member] | Non-Employees [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 | 600,000 | |
Number of Options (Employees and Non-Employees) [Abstract] | ||||
Outstanding at beginning of period (in shares) | 600,000 | |||
Granted (in shares) | 0 | |||
Exercised, forfeited or expired (in shares) | 0 | |||
Outstanding at end of period (in shares) | 600,000 | 600,000 | ||
Options exercisable at end of period (in shares) | 600,000 | |||
Stock Options and Warrants [Member] | ||||
Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Abstract] | ||||
Risk-free interest rate | 0.00% | 1.47% | ||
Expected volatility | 0.00% | 76.30% | ||
Expected lives | 0 years | |||
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 lives | 5 years | |||
Stock Options and Warrants [Member] | Maximum [Member] | ||||
Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Abstract] | ||||
Expected lives | 10 years | |||
Restricted Stock [Member] | ||||
Restricted Stock [Abstract] | ||||
Restricted stock expense | $ 82,117 | $ 0 | ||
Restricted Stock [Member] | Chief Executive Officer [Member] | ||||
Restricted Stock [Abstract] | ||||
Share based compensation arranged by share based payment award restricted stock granted (in shares) | 2,325,581 | |||
Vesting period | 3 years | |||
Share based compensation of fair value of the restricted stock on the grant | $ 1,000,000 | |||
Warrants [Member] | ||||
Number of Options (Employees and Non-Employees) [Abstract] | ||||
Granted (in shares) | 425,000 | |||
Weighted-Average Exercise Price Options [Abstract] | ||||
Number of warrants issued (in shares) | 500,000 | 0 | ||
Exercise price of warrants (in dollars per share) | $ 1.74 | |||
Warrants [Member] | Minimum [Member] | ||||
Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Abstract] | ||||
Contractual term and expected life | 5 years | |||
Warrants [Member] | Maximum [Member] | ||||
Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Abstract] | ||||
Contractual term and expected life | 10 years | |||
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) | 500,000 | 500,000 | ||
Expiration date | Aug. 6, 2010 | |||
Share-based compensation, shares available for future grant (in shares) | 0 | |||
Number of Options (Employees and Non-Employees) [Abstract] | ||||
Outstanding at end of period (in shares) | 500,000 | |||
2008 Stock Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock reserved for future issuance (in shares) | 30,000,000 | |||
Share-based compensation, shares subject to stock options (in shares) | 16,500,000 | 16,500,000 | ||
Share-based compensation, shares available for future grant (in shares) | 12,700,000 | |||
Number of Options (Employees and Non-Employees) [Abstract] | ||||
Outstanding at end of period (in shares) | 16,500,000 | |||
2008 Stock Incentive Plan [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation, outstanding stock options (in shares) | 2,300,000 |
Stock Based Compensation, Sched
Stock Based Compensation, Schedule of Employee and Non Employee Service Share Based Compensation (Details) - Stock Options and Warrants [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Employees [Member] | ||
Total stock-based compensation expense resulting from stock options and warrants [Abstract] | ||
Allocated employee and non-employee stock-based compensation expense, Total | $ 902,865 | $ 1,137,861 |
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 | 28,660 | 187,956 |
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 | 353,083 | 480,811 |
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 | 0 |
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 | 549,782 | 657,050 |
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 | $ 28,660 | $ 187,956 |
Stock Based Compensation, by Ex
Stock Based Compensation, by Exercise Price Range (Details) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016$ / sharesshares | |
Stock Options [Member] | ||
Share based compensation, shares authorized under significant ranges of outstanding stock option plans in period [Abstract] | ||
Number of Options (in shares) | shares | 17,119,770 | |
Weighted-Average Remaining Contractual Life | 7 years 9 months 11 days | |
Weighted-Average Exercise Price (in dollars per share) | $ 2.35 | |
Number of Options Exercisable (in shares) | shares | 11,708,079 | |
Weighted-Average Remaining Contractual Life | 7 years 1 month 17 days | |
Weighted-Average Exercise Price, Options Exercisable (in dollars per share) | $ 2.85 | |
Aggregate intrinsic value of outstanding options | $ | $ 40,825 | |
Aggregate intrinsic value of options vested | $ | $ 11,340 | |
Closing price of the common stock (in dollars per share) | $ 0.44 | |
Warrants [Member] | ||
Share based compensation, shares authorized under significant ranges of outstanding stock option plans in period [Abstract] | ||
Warrants outstanding (in shares) | shares | 32,394,217 | 32,502,790 |
Weighted-average exercise price of warrants outstanding (in dollars per share) | 0.68 | 0.68 |
Range $0.43 - $1.50 [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) | $ 0.43 | |
Range of Exercise Prices, Upper Range (in dollars per share) | $ 1.50 | |
Number of Options (in shares) | shares | 4,432,500 | |
Weighted-Average Remaining Contractual Life | 9 years 8 months 12 days | |
Weighted-Average Exercise Price (in dollars per share) | $ 0.44 | |
Number of Options Exercisable (in shares) | shares | 1,330,704 | |
Weighted-Average Remaining Contractual Life | 9 years 8 months 16 days | |
Weighted-Average Exercise Price, Options Exercisable (in dollars per share) | $ 0.44 | |
Range $1.51 - 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) | 1.51 | |
Range of Exercise Prices, Upper Range (in dollars per share) | $ 2.50 | |
Number of Options (in shares) | shares | 8,752,604 | |
Weighted-Average Remaining Contractual Life | 7 years 6 months 29 days | |
Weighted-Average Exercise Price (in dollars per share) | $ 2.26 | |
Number of Options Exercisable (in shares) | shares | 6,469,375 | |
Weighted-Average Remaining Contractual Life | 7 years 3 months 4 days | |
Weighted-Average Exercise Price, Options Exercisable (in dollars per share) | $ 2.22 | |
Range $2.51 - 4.00 [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) | 2.51 | |
Range of Exercise Prices, Upper Range (in dollars per share) | $ 4 | |
Number of Options (in shares) | shares | 960,670 | |
Weighted-Average Remaining Contractual Life | 6 years 10 months 17 days | |
Weighted-Average Exercise Price (in dollars per share) | $ 2.88 | |
Number of Options Exercisable (in shares) | shares | 934,004 | |
Weighted-Average Remaining Contractual Life | 6 years 10 months 10 days | |
Weighted-Average Exercise Price, Options Exercisable (in dollars per share) | $ 2.87 | |
Range $4.01 - 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) | 4.01 | |
Range of Exercise Prices, Upper Range (in dollars per share) | $ 32.55 | |
Number of Options (in shares) | shares | 2,973,996 | |
Weighted-Average Remaining Contractual Life | 5 years 9 months 11 days | |
Weighted-Average Exercise Price (in dollars per share) | $ 5.32 | |
Number of Options Exercisable (in shares) | shares | 2,973,996 | |
Weighted-Average Remaining Contractual Life | 5 years 9 months 11 days | |
Weighted-Average Exercise Price, Options Exercisable (in dollars per share) | $ 5.32 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Fair value measurements by level for assets and liabilities measured at fair value on a recurring basis [Abstract] | |||
Unrealized loss recognized | $ (32,119) | $ (184,272) | |
Recurring [Member] | |||
Fair value measurements by level for assets and liabilities measured at fair value on a recurring basis [Abstract] | |||
Cash equivalents | 46,336,000 | $ 56,276,000 | |
Warrant liability | (3,822,000) | (3,789,000) | |
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 | 46,336,000 | 56,276,000 | |
Warrant liability | 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 | |
Warrant liability | 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 | |
Warrant liability | $ (3,822,000) | $ (3,789,000) |
Liquidity and Capital Resourc32
Liquidity and Capital Resources (Details) - USD ($) | May 03, 2017 | Apr. 30, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 |
Estimated Projected Expenditure [Line Items] | ||||||
Cash and cash equivalents | $ 48,003,315 | $ 68,162,754 | $ 56,959,485 | $ 22,261,372 | ||
Proceeds from exercise of warrants | 0 | $ 183,000 | ||||
Currently projected expenditures for clinical programs | 40,500,000 | |||||
Milestone payment to licensor | 1,500,000 | |||||
Subsequent Event [Member] | ||||||
Estimated Projected Expenditure [Line Items] | ||||||
Proceeds from issuance common stock payment | $ 13,900,000 | |||||
Proceeds from exercise of warrants | $ 1,900,000 | |||||
Aldoxorubicin [Member] | ||||||
Estimated Projected Expenditure [Line Items] | ||||||
Currently projected expenditures for clinical programs | 13,000,000 | |||||
Other Programs [Member] | ||||||
Estimated Projected Expenditure [Line Items] | ||||||
Currently projected expenditures for clinical programs | 3,600,000 | |||||
General Operation [Member] | ||||||
Estimated Projected Expenditure [Line Items] | ||||||
Currently projected expenditures for clinical programs | 4,700,000 | |||||
Other General and Administrative Expenses [Member] | ||||||
Estimated Projected Expenditure [Line Items] | ||||||
Currently projected expenditures for clinical programs | 8,700,000 | |||||
Interest and Term Loan Payment [Member] | ||||||
Estimated Projected Expenditure [Line Items] | ||||||
Currently projected expenditures for clinical programs | $ 10,500,000 |
Equity Transactions (Details)
Equity Transactions (Details) | 3 Months Ended |
Mar. 31, 2017shares | |
Class of Stock [Line Items] | |
Authorized but unissued shares of common stock (in shares) | 12,700,000 |
Common Stock [Member] | |
Class of Stock [Line Items] | |
Number of preferred shares converted (in shares) | 7,400,000 |
Series B Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Number of preferred shares converted (in shares) | 3,108 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Earliest Tax Year [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Expiration date | Dec. 31, 2017 | |
Latest Tax Year [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Expiration date | Dec. 31, 2036 | |
Federal [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | $ 339 | |
Federal [Member] | Unrestricted [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 152 | |
State [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 224 | |
State [Member] | Unrestricted [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | $ 145 |
Commitments and contingencies (
Commitments and contingencies (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($)Complaint | |
Commitments and contingencies [Abstract] | |
Amount of milestone payment payable | $ 6 |
Potential future milestone payments on each additional final marketing approval | $ 1 |
Number of competing derivative complaints | Complaint | 2 |
Litigation settlement | $ 0.7 |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) shares in Millions | May 03, 2017 | Apr. 30, 2017 | Mar. 31, 2017 | Mar. 31, 2016 |
Subsequent Event [Line Items] | ||||
Proceeds from exercise of warrants | $ 0 | $ 183,000 | ||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Net proceeds received from the sale of common stock | $ 13,900,000 | |||
Issuance of common stock (in shares) | 30 | |||
Proceeds from exercise of warrants | $ 1,900,000 |