ImmunoCellular Therapeutics (IMUC) 10-Q 7 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	IMUC
Entity Registrant Name	ImmunoCellular Therapeutics, Ltd.
Entity Central Index Key	822,411
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		90,254,823

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 30,907,953	$ 23,222,296
Other assets	1,302,579	1,219,873
Total current assets	32,210,532	24,442,169
Property and equipment, net	40,523	47,365
Deferred financing costs		105,563
Other assets	904,102	583,464
Total assets	33,155,157	25,178,561
Current liabilities:
Accounts payable	452,201	322,002
Accrued compensation and benefits	290,740	334,527
Accrued liabilities	78,625	632,670
Total current liabilities	821,566	1,289,199
Warrant Liability	$ 2,894,871	$ 597,719
Commitments and contingencies (Note 5)
Shareholders’ equity:
Common stock, $0.0001 par value; 149,000,000 shares authorized; 90,254,823 and 63,604,823 shares issued and outstanding as of June 30, 2015 and December 31, 2014, respectively	$ 9,025	$ 6,360
Additional paid-in capital	95,356,197	84,632,209
Accumulated deficit	(65,926,502)	(61,346,926)
Total shareholders’ equity	29,438,720	23,291,643
Total liabilities and shareholders’ equity	$ 33,155,157	$ 25,178,561

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	149,000,000	149,000,000
Common stock, shares issued	90,254,823	63,604,823
Common stock, shares outstanding	90,254,823	63,604,823

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Expenses:
Research and development	$ 2,236,817	$ 1,460,044	$ 4,235,436	$ 3,159,804
Stock based compensation	224,135	128,548	429,964	312,650
General and administrative	926,637	838,232	1,823,309	1,703,634
Total expenses	3,387,589	2,426,824	6,488,709	5,176,088
Loss before other income (expense) and income taxes	(3,387,589)	(2,426,824)	(6,488,709)	(5,176,088)
Interest income	5,653	3,150	8,910	6,504
Financing expense		(24,600)	(88,939)	(24,600)
Change in fair value of warrant liability	227,206	249,134	1,989,162	(166,933)
Loss before income taxes	(3,154,730)	(2,199,140)	(4,579,576)	(5,361,117)
Net loss	$ (3,154,730)	$ (2,199,140)	$ (4,579,576)	$ (5,361,117)
Net loss per share, basic and diluted:	$ (0.03)	$ (0.04)	$ (0.05)	$ (0.09)
Weighted average number of shares basic and diluted:	90,254,823	58,535,936	84,070,845	58,047,016

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Shareholders' Equity (Deficit) (Unaudited) - 6 months ended Jun. 30, 2015 - USD ($)	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning Balance at Dec. 31, 2014	$ 23,291,643	$ 6,360	$ 84,632,209	$ (61,346,926)
Balance, shares at Dec. 31, 2014		63,604,823
Common stock and warrants issued for cash, net of offering costs	10,296,689	$ 2,665	10,294,024
Common stock and warrants issued for cash, net of offering costs, shares		26,650,000
Stock based compensation	429,964		429,964
Net loss	(4,579,576)			(4,579,576)
Ending Balance at Jun. 30, 2015	$ 29,438,720	$ 9,025	$ 95,356,197	$ (65,926,502)
Ending Balance, shares at Jun. 30, 2015		90,254,823

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Shareholders' Equity (Deficit) (Parenthetical)	1 Months Ended
	Feb. 28, 2015$ / shares
Common stock and warrants issued for cash per share	$ 0.60
Common Stock and Warrants Issued for Cash 0.6 Per Share
Common stock and warrants issued for cash per share	$ 0.60

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net loss	$ (4,579,576)	$ (5,361,117)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	13,285	23,917
(Gain) loss on disposal of assets		(4)
Change in fair value of warrant liability	(1,989,162)	166,933
Financing expense	88,939	24,600
Stock-based compensation	429,964	312,650
Changes in assets and liabilities:
Other assets	(403,344)	(203,265)
Accounts payable	130,199	(239,131)
Accrued liabilities	(597,832)	(40,955)
Net cash used in operating activities	(6,907,527)	(5,316,372)
Cash flows from investing activities:
Purchase of property and equipment	(6,443)	(3,600)
Proceeds from sale of property and equipment		400
Net cash used in investing activities	(6,443)	(3,200)
Cash flows from financing activities:
Proceeds from exercise of stock options		1,045,000
Proceeds from issuance of common stock and warrants net of offering costs	14,599,627	2,289,316
Net cash provided by financing activities	14,599,627	3,334,316
Increase (decrease) in cash and cash equivalents	7,685,657	(1,985,256)
Cash and cash equivalents, beginning of period	23,222,296	27,646,351
Cash and cash equivalents, end of period	$ 30,907,953	$ 25,661,095

Nature of Organization (Planned

Nature of Organization (Planned Principal Operations Have Not Commenced)	6 Months Ended
	Jun. 30, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of Organization (Planned Principal Operations Have Not Commenced)	1. Nature of Organization (Planned Principal Operations Have Not Commenced) ImmunoCellular Therapeutics, Ltd. (the Company) is seeking to develop and commercialize new therapeutics to fight cancer using the immune system. These condensed consolidated financial statements include the Company’s wholly owned subsidiaries, ImmunoCellular Bermuda, Ltd. in Bermuda and ImmunoCellular Therapeutics (Ireland) Limited and ImmunoCellular Therapeutics (Europe) Limited in Ireland, which were formed during 2014. The Company has been primarily engaged in the acquisition of certain intellectual property, together with development of its immunotherapy product candidates and the recent clinical testing activities for one of its immunotherapy product candidates, and has not generated any recurring revenues. The Company’s lead product candidate, ICT-107, has recently begun start-up and planning activities for its Phase 3 trial. The Company has two other product candidates, ICT-140 and ICT-121, both with investigational new drug (IND) applications active at the US Food and Drug Administration (FDA). Currently, the Company has suspended development of ICT-140 until the Company has secured a partner or sufficient financial resources to commence the ICT-107 Phase 3 program. Additionally, the Company has acquired the rights to technology for the development of certain stem cell immunotherapies for the treatment of cancer. The Company has incurred operating losses and, as of June 30, 2015, the Company had an accumulated deficit of $65,926,502. The Company expects to incur significant research, development and administrative expenses before any of its products can be launched and recurring revenues generated. The Company's activities are subject to significant risks and uncertainties, including the failure of any of the Company's product candidates to achieve clinical success or to obtain regulatory approval. Additionally, it is possible that other companies with competing products and technology might obtain regulatory approval ahead of the Company. The Company will need significant amounts of additional funding in order to complete the development of any of its product candidates and the availability and terms of such funding cannot be assured. Interim Results The accompanying condensed consolidated financial statements as of June 30, 2015 and for the three and six month periods ended June 30, 2015 and 2014 are unaudited, but include all adjustments, consisting of normal recurring entries, which the Company’s 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 included in its Form 10-K for the year ended December 31, 2014 filed with the Securities and Exchange Commission (SEC) on March 10, 2015. The condensed consolidated financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the U.S. (GAAP) have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements in its 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Liquidity – As of June 30, 2015, the Company had working capital of $31,388,966, compared to working capital of $23,152,970 as of December 31, 2014. The estimated cost of completing the development of any of our current immunotherapy product candidates, including our stem cell immunotherapies, and of obtaining all required regulatory approvals to market any of those product candidates is substantially greater than the amount of funds we currently have available. However, we believe that our existing cash balances are sufficient for our currently planned level of operations for at least the next twelve months, although there is no assurance that such balances will be sufficient for this purpose. Principles of Consolidation - The condensed consolidated balance sheets include the accounts of the Company and its subsidiaries. The consolidated statements of operations include the Company’s accounts and the accounts of its subsidiaries from the date of acquisition. All intercompany transactions and balances have been eliminated in consolidation. Cash and cash equivalents – The Company considers all highly liquid instruments with an original maturity of 90 days or less at acquisition to be cash equivalents. As of June 30, 2015 and December 31, 2014, the Company had $29,436,720 and $10,427,810, respectively, of certificates of deposit. The Company places its cash and cash equivalents with various banks in order to maintain FDIC insurance on all of its investments. Property and Equipment – Property and equipment are stated at cost and depreciated using the straight-line method based on the estimated useful lives (generally three to five years) of the related assets. Computer and computer equipment are depreciated over three years. Management continuously monitors and evaluates the realizability of recorded long-lived assets to determine whether their carrying values have been impaired. The Company records impairment losses on long-lived assets used in operations when events and circumstances indicate that the assets might be impaired and the nondiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. Any impairment loss is measured by comparing the fair value of the asset to its carrying amount. Repairs and maintenance costs are expensed as incurred. Research and Development Costs – Research and development expenses consist of costs incurred for direct research and development and are expensed as incurred. Stock Based Compensation – The Company has in effect an equity incentive plan under which stock options and awards have been granted to employees, key consultants and non-employee members of the Board of Directors. The Company is required to estimate the fair value of share-based awards on the date of grant. The value of the award is principally recognized as expense ratably over the requisite service periods. The Company has estimated the fair value of stock options as of the date of grant using the Black-Scholes option pricing model. The Black-Scholes model considers, among other factors, the expected life of the award and the expected volatility of our stock price. The Company evaluates the assumptions used to value stock options on a quarterly basis. The fair values generated by the Black-Scholes model may not be indicative of the actual fair values of our equity awards, as they do not consider other factors important to those awards to employees, such as continued employment and periodic vesting. Fair value was estimated at the date of grant using the following weighted average assumptions: Six months Six months Risk-free interest rate 1.81 % 2.18 % Expected dividend yield None None Expected life 6.6 Years 5.5Years Expected volatility 94.2 % 95.3 % Expected forfeitures 0 % 0 % The risk-free interest rate used is based on the implied yield currently available in U.S. Treasury securities at maturity with an equivalent term. The Company has not declared or paid any dividends and does not currently expect to do so in the future. The expected term of options represents the period that our stock-based awards are expected to be outstanding and was determined based on projected holding periods for the remaining unexercised shares. Consideration was given to the contractual terms of our stock-based awards, vesting schedules and expectations of future employee behavior. For the six months ended June 30, 2015 and 2014, the expected volatility is based upon the historical volatility of the Company’s common stock. Forfeitures have been estimated to be zero. The Company’s stock price volatility and option lives involve management’s best estimates, both of which impact the fair value of the option calculated and, ultimately, the expense that will be recognized over the life of the option. When options are exercised, our policy is to issue reserved but previously unissued shares of common stock to satisfy share option exercises. As of June 30, 2015, the Company had 12,020,536 shares of authorized and unreserved common stock. No tax benefits were attributed to the stock-based compensation expense because a valuation allowance was maintained for all net deferred tax assets. Income Taxes – The Company accounts for federal and state income taxes under the liability method, with a deferred tax asset or liability determined based on the difference between the financial statement and tax basis of assets and liabilities, as measured by the enacted tax rates. The Company’s provision for income taxes represents the amount of taxes currently payable, if any, plus the change in the amount of net deferred tax assets or liabilities. A valuation allowance is provided against net deferred tax assets if recoverability is uncertain on a more likely than not basis. As of June 30, 2015 and December 31, 2014, the Company fully reserved its deferred tax assets. The Company recognizes in its financial statements the impact of an uncertain tax position if the position will more likely than not be sustained upon examination by a taxing authority, based on the technical merits of the position. The Company’s policy is to recognize interest related to unrecognized tax benefits as interest expense and penalties as operating expenses. As of June 30, 2015, the Company had no unrecognized tax benefits and as such, no liability, interest or penalties were required to be recorded. The Company does not expect this to change significantly in the next twelve months. The Company has determined that its main taxing jurisdictions are the United States of America and the State of California. The Company is not currently under examination by any taxing authority nor has it been notified of a pending examination. The Company’s tax returns are generally no longer subject to examination for the years before December 31, 2010 for the state and December 31, 2011 for the federal taxing authority. During 2014, the Company licensed the non-U.S. rights to a significant portion of its intellectual property to its Bermuda-based subsidiary for approximately $11.0 million. The fair value of the intellectual property rights was determined by an independent third party. The proceeds from this sale represented a gain for U.S. tax purposes and were offset by current year losses and net operating loss carryforwards. However, the Internal Revenue Service, or the IRS, or the California Franchise Tax Board, or the CFTB, could challenge the valuation of the intellectual property rights and assess a greater valuation, which would require the Company to utilize a larger portion, or all, of its available net operating losses. If an IRS or a CFTB valuation exceeds the available net operating losses, the Company would incur additional income taxes. The Company’s ability to use its net operating losses is subject to the limitations of IRS Section 382, as well as expiration of federal and state net operating loss carryforwards . Fair Value of Financial Instruments – The carrying amounts reported in the balance sheets for cash, cash equivalents, and accounts payable approximate their fair values due to their quick turnover. The fair value of warrant derivative liability is estimated using the Binomial Lattice option valuation model. Fair value for financial reporting is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value are as follows: Level 1—quoted prices in active markets for identical assets or liabilities Level 2—quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3—inputs that are unobservable (for example cash flow modeling inputs based on assumptions) Warrant liabilities represent the only financial assets or liabilities recorded at fair value by the Company. The fair value of warrant liabilities are determined based on Level 3 inputs. Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make certain estimates and assumptions about the future outcome of current transactions which may affect the reporting and disclosure of these transactions. Accordingly, actual results could differ from those estimates used in the preparation of these financial statements. The following critical accounting policies affect the Company’s more significant judgments and estimates used in the preparation of these financial statements: Stock-Based Compensation - Stock-based compensation expense is estimated as of the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which generally equals the vesting period, based on the number of awards that are expected to vest. Estimating the fair value for stock options requires judgment, including the expected term of the Company’s stock options, volatility of the Company’s stock, expected dividends, risk-free interest rates over the expected term of the options and the expected forfeiture rate. In connection with performance based programs, the Company makes assumptions principally related to the number of awards that are expected to vest after assessing the probability that certain performance criteria will be met. - The fair value of warrant liability is estimated using the Binomial Lattice option valuation model. The use of the Binomial Lattice option valuation model requires estimates including the volatility of the Company’s stock, risk-free rates over the expected term of warrants and early exercise of the options. Basic and Diluted Loss per Common Share – Basic and diluted loss per common share are computed based on the weighted average number of common shares outstanding. Common share equivalents (which consist of options and warrants) are excluded from the computation, since the effect would be antidilutive. Common share equivalents which could potentially dilute earnings per share, and which were excluded from the computation of diluted loss per share, totaled 39,032,089 shares and 19,710,598 shares at June 30, 2015 and 2014, respectively. Recently Issued Accounting Standards – In August 2014, the FASB issued ASU No. 2014-15, which applies to entities that have substantial doubt about their ability to continue as a going concern. This update requires management to assess the probability about the entity’s ability to remain as a going concern for a period of one year from the date the financial statements are ready to be issued. Depending on management’s conclusions about the entity’s ability to remain as a going concern, the entity must make certain disclosures in its financial statements. This ASU is effective for annual periods beginning after December 15, 2016. The adoption of this ASU is not expected to have a material impact on the Company’s consolidated results of operations, financial condition or liquidity. In January 2015, the FASB issued ASU No. 2015-01, which eliminates the concept of extraordinary items for financial statement presentation purposes. This ASU is effective for fiscal years beginning after December 15, 2015. The adoption of this ASU is not expected to have a material impact on the Company’s consolidated results of operations, financial condition or liquidity. Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force) and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future consolidated financial statements.

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2015
Property Plant And Equipment [Abstract]
Property and Equipment	3. Property and Equipment Property and equipment consist of the following: June 30, 2015 December 31, 2014 Computers $ 65,520 $ 59,076 Research equipment 143,184 143,185 208,704 202,261 Accumulated depreciation (168,181 ) (154,896 ) $ 40,523 $ 47,365 Depreciation expense was $6,592 and $11,283 for the three months ended June 30, 2015 and 2014, respectively. Depreciation expense was $13,285 and $23,917 for the six months ended June 30, 2015 and 2014, respectively.

Related-Party Transactions

Related-Party Transactions	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related-Party Transactions	4. Related-Party Transactions Cedars-Sinai Medical Center License Agreement Dr. John Yu, our Chief Scientific Officer and former interim Chief Executive Officer, is a neurosurgeon at Cedars-Sinai Medical Center (Cedars-Sinai). In November 2006, the Company entered into a license agreement with Cedars-Sinai (the Original License Agreement). As an upfront licensing fee, the Company issued Cedars-Sinai 694,000 shares of its common stock and paid Cedars-Sinai $62,000. Subsequently, the Company issued Cedars-Sinai an additional 100,000 shares of the Company’s common stock as an additional license fee. On May 13, 2015, the Company entered into an Amended and Restated Exclusive License Agreement (the Amended License Agreement) with Cedars-Sinai to amend and restate the terms of the Original License Agreement. Pursuant to the Amended License Agreement, the Company acquired an exclusive, worldwide license from Cedars-Sinai to certain patent rights and technology developed in the course of research performed at Cedars-Sinai into the diagnosis of diseases and disorders in humans and the prevention and treatment of disorders in humans utilizing cellular therapies, including dendritic cell-based vaccines for brain tumors and other cancers and neurodegenerative disorders. Under the Amended License Agreement, the Company will have exclusive rights to, among other things, develop, use, manufacture, sell and grant sublicenses to the licensed technology. The Company has agreed to pay Cedars-Sinai specified milestone payments related to the development and commercialization of ICT-107, ICT-121 and ICT-140. Among other milestone payments, the Company will be required to pay to Cedars-Sinai specified milestone payments upon commencement of the first Phase III clinical trial for the Company’s first product and upon first commercial sale of the Company’s first product. If both of these milestones are met, the required milestone payments will total $1.1 million. The Company will pay Cedars-Sinai single digit percentages of gross revenues from the sales of products and high-single digit to low-double digit percentages of the Company’s sublicensing income based on the licensed technology. The Amended License Agreement will terminate on a country-by-country basis on the expiration date of the last-to-expire licensed patent right in each such country. Either party may terminate the Amended License Agreement in the event of the other party’s material breach of its obligations under the Agreement if such breach remains uncured 60 days after such party’s receipt of written notice of such breach. Cedars-Sinai may also terminate the Amended License Agreement upon 30 days’ written notice to the Company that a required payment by the Company to Cedars-Sinai under the Amended License Agreement is delinquent. The Company has also entered into various sponsored research agreements with Cedars-Sinai and has paid an aggregate of approximately $1.2 million. The last agreement concluded on March 19, 2014 at an incremental cost of $126,237. As of June 30, 2015, Cedars-Sinai is not performing any research activities on behalf of the Company.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	5. Commitments and Contingencies Sponsored Research Agreements In an effort to expand the Company’s intellectual property portfolio to use antigens to create personalized vaccines, the Company has entered into various intellectual property and research agreements. Those agreements are long-term in nature and are discussed below. ICON (formerly known as Aptiv Solutions) The Company has contracted with ICON to provide certain services related to the Company’s ICT-107 Phase 2 trial. The original agreement was entered into in August of 2010. On September 17, 2013, the Company entered into a Master Services Agreement with ICON to provide certain services related to the Company’s products under development. Simultaneously, the Company and ICON entered into Project Agreement Number 1 for the ICT-140 Phase 2 trial that provides for payments of approximately $2.7 million until completion of the services described therein. On May 6, 2014, the Company and ICON entered into Amendment #1 to Project Agreement Number 1 to amend the project schedule and provide additional services for an additional fee of $170,004. On August 21, 2014, the Company and ICON entered into Amendment #2 to Project Agreement Number 1 to amend the project schedule and replace the aggregate budget. The total aggregate fee pursuant to the original agreement and the two modifications is $3.5 million. Currently, the Company has suspended development of ICT-140 and, therefore, there is no ongoing commitment related to this program. On July 17, 2014, the Company and ICON entered into Project Agreement CD-133 for the ICT-121 Phase 1 trial that provides for payments of approximately $2.3 million until completion of the services described therein. All of the above contracts are cancelable upon 60 days written notice, therefore, there is no long term commitment. The Johns Hopkins University Licensing Agreement On February 23, 2012, the Company entered into an Exclusive License Agreement, effective as of February 16, 2012, with The Johns Hopkins University (JHU) under which it received an exclusive, worldwide license to JHU’s rights in and to certain intellectual property related to mesothelin-specific cancer immunotherapies. The Company is advancing a cancer immunotherapy program using JHU and other intellectual property according to commercially reasonable development timeline. If successful and a product ultimately is registered, the Company will either sell the product directly or via a third-party partnership. Pursuant to the License Agreement, the Company agreed to pay an upfront licensing fee in the low hundreds of thousands of dollars, payable half in cash and half in shares of its common stock in two tranches, within 30 days of the effective date of the License Agreement and upon issuance of the first U.S. patent covering the subject technology. Annual minimum royalties or maintenance fees increase over time and range from low tens of thousands to low hundreds of thousands of dollars. In addition, the Company has agreed to pay milestone license fees upon completion of specified milestones, totaling single digit millions of dollars if all milestones are met. Royalties based on a low single digit percentage of net sales are also due on direct sales, while third party sublicensing payments will be shared at a low double digit percentage. The Company and JHU each have termination rights that include termination for any reason and for reasons relating to specific performance or financial conditions. Effective September 24, 2013, the Company entered into an Amendment No. 1 to the Exclusive License Agreement that updated certain milestones. The University of Pittsburgh Patent License Agreement On March 20, 2012, the Company entered into an Exclusive License Agreement with the University of Pittsburgh under which the Company has licensed intellectual property surrounding EphA2, a tyrosine kinase receptor that is highly expressed by ovarian cancer and other advanced and metastatic malignancies. The License Agreement grants a worldwide exclusive license to the intellectual property for ovarian and pancreatic cancers; and a worldwide non-exclusive license to the intellectual property for brain cancer. Pursuant to the License Agreement, the Company agreed to pay an upfront nonrefundable and noncreditable licensing fee and nonrefundable and noncreditable maintenance fees due annually starting 12 months from the anniversary of the effective date of the License Agreement. In addition, the Company has agreed to make certain milestone payments upon completion of specified milestones and to pay customary royalties based on a specified percentage of net sales and sublicensing payments, as applicable. In April 2015, the Company exercised its right to terminate this agreement effective October 12, 2015. Torrey Pines On October 1, 2012, the Company entered into a Contract Services Agreement with Torrey Pines under which the Company has engaged Torrey Pines to determine the immunogenicity of certain peptides that are used in conjunction with the Company’s ICT-107 Phase 2 trial and in the development of ICT-140. The Company agreed to pay an upfront nonrefundable and noncreditable fee and is obligated to pay the remainder at the conclusion of the contract. On April 1, 2013, the Company and Torrey Pines expanded the scope of work to be completed by Torrey Pines under an additional Contract Services Agreement. This supplemental agreement provided for the Company to pay an upfront fee and additional fees at the conclusion of the contract. On April 1, 2014, the Company and Torrey Pines entered into an Amended and Restated Contract Services Agreement for Torrey Pines to perform certain additional services in connection with the Company’s vaccine technologies. California Institute of Technology On September 9, 2014, the Company entered into an Exclusive License Agreement with the California Institute of Technology (Caltech) under which the Company acquired exclusive rights to novel technology for the development of certain antigen specific stem cell immunotherapies for the treatment of cancers. Pursuant to the License Agreement, the Company agreed to pay a one time license fee, a minimum annual royalty based on a low single digit percentage of net revenues and an annual maintenance fee in the low tens of thousands of dollars. In addition, the Company has agreed to make certain milestone payments upon completion of specified milestones. Cedars-Sinai Medical Center In connection with the Cedars-Sinai Medical Center License Agreement and sponsored research agreement, the Company has certain commitments as described in Note 4. See Note 9 – Subsequent Events Manufacturing PharmaCell B.V. In March 2015, the Company entered into an Agreement for GMP Manufacturing of ICT-107 with PharmaCell B.V. (PharmaCell), pursuant to which PharmaCell will provide contract manufacturing services for the European production of ICT-107, a dendritic cell immunotherapy for the treatment of newly diagnosed glioblastoma. The Company will pay for manufacturing services performed by PharmaCell under the Agreement pursuant to statements of work entered into from time to time. The Company may unilaterally terminate the Agreement upon 90 days’ written notice to PharmaCell, or 30 days’ written notice in the event of a clinical hold or other suspension or early termination of a clinical trial. PharmaCell may terminate the Agreement in certain circumstances upon 90 days’ written notice to the Company. Either party may terminate the Agreement in the event of the other party’s insolvency or for the other party’s material breach of its obligations under the Agreement if such breach remains uncured after 30 days of receiving written notice of such breach. Absent early termination, the Agreement will continue until all services under applicable statements of work have been completed. PCT, LLC On June 11, 2015, the Company entered into a Services Agreement with PCT, LLC, a Caladrius Company (PCT), a subsidiary of Caladrius Biosciences, Inc. Pursuant to the terms of the Agreement, PCT will provide current good manufacturing practice (cGMP) services for the Phase 3 manufacture of ICT-107 and Phase 2 manufacture of ICT-121. PCT will provide, among other things, a controlled environment room on a semi-dedicated basis and qualified personnel to conduct runs as the parties mutually agree in writing and schedule. PCT’s facilities are registered with the FDA for testing; packaging; processing; storage; labeling and distribution of Peripheral Blood stem and Somatic Cell therapy products, and maintain cGMP-compliant quality systems. The Company has agreed to pay monthly fees in connection with the use of a controlled environment room on a semi-dedicated basis and monthly fees for PCT personnel performing services under the Agreement. Services to be performed under the Agreement terminate on the earlier of (i) December 31, 2018, (ii) the date the parties mutually agree, (iii) at any time following the earlier of the one year anniversary of the date on which the Company notifies PCT that services in the semi-dedicated controlled environment room are to commence and August 1, 2016, on the last day of the month following at least 120 days’ written notice from the Company to PCT, or (iv) the last day of the month following at least 60 days’ written notice from the Company to PCT that the Company has received a clinical hold issued by the FDA ordering the Company to suspend clinical trials for ICT-107. Either party may terminate the Agreement in the event of the other party’s insolvency or for the other party’s material breach of its obligations under the Agreement if such breach remains uncured after 30 days of receiving written notice of such breach. Employment Agreements The Company has employment agreements with its management that provide for a base salary, bonus and stock option grants. The aggregate annual base salary payable to this group is approximately $1.1 million and the potential bonus is approximately $400,000. During the six months ended June 30, 2015, the Company issued an aggregate of 775,000 stock options to its management at a weighted average exercise price of $0.57 that vest over a period of 4 years. Additionally, during the six months ended June 30, 2015, the Company issued 260,000 restricted shares of the Company’s common stock. These shares will vest in March 2017. Operating Lease The Company entered into a lease for office space effective June 15, 2013 and continuing through August 31, 2016 at an initial monthly rental of $8,063. The monthly rental increases by 3% on each anniversary date of the lease. Rent for the months of August and September 2013 was abated. Rent expense was approximately $50,000 and $49,000 for the six months ended June 30, 2015 and 2014, respectively. Future minimum rentals under the operating lease are as follows: Years ending December 31, Amount 2015 51,075 2016 68,432 Total $ 119,507

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Shareholders Equity	6. Shareholders’ Equity Underwritten Public Offering In February 2015, the Company raised approximately $14,500,000 (after commissions and offering expenses) from the sale of 26,650,000 shares of common stock and warrants to purchase 18,655,000 shares of common stock at an exercise price of $0.66 per share, to various investors in an underwritten public offering. Each unit was priced at $0.60. The warrants have a term of 60 months from the date of issuance. The warrants also provide for a weighted-average adjustment to the exercise price if the Company issues or is deemed to issue additional shares of common stock at a price per share less than the then effective price of the warrants, subject to certain exceptions (see “Warrant Liability” below.) Controlled Equity Offering On April 18, 2013, the Company entered into a Controlled Equity Offering SM Through June 30, 2015 , the Company sold 6,949,261 shares of our common stock under the Sales Agreement that resulted in proceeds to the Company of approximately $9,402,383. As of June 30, 2015 , aggregate gross sales for additional common stock of approximately $7,081,494 remained available under the Sales . No shares were sold during the three or six months ended June 30, 2015. Stock Options In February 2005, the Company adopted an Equity Incentive Plan (the Plan). Pursuant to the Plan, a committee appointed by the Board of Directors may grant, at its discretion, qualified or nonqualified stock options, stock appreciation rights and may grant or sell restricted stock to key individuals, including employees, nonemployee directors, consultants and advisors. Option prices for qualified incentive stock options (which may only be granted to employees) issued under the plan may not be less than 100% of the fair value of the common stock on the date the option is granted (unless the option is granted to a person who, at the time of grant, owns more than 10% of the total combined voting power of all classes of stock of the Company; in which case the option price may not be less than 110% of the fair value of the common stock on the date the option is granted). Option prices for nonqualified stock options issued under the Plan are at the discretion of the committee and may be equal to, greater or less than fair value of the common stock on the date the option is granted. The options vest over periods determined by the Board of Directors and are exercisable no later than ten years from date of grant (unless they are qualified incentive stock options granted to a person owning more than 10% of the total combined voting power of all classes of stock of the Company, in which case the options are exercisable no later than five years from date of grant). Initially, the Company reserved 6,000,000 shares of common stock for issuance under the Plan. On October 24, 2011, the Company’s shareholders voted to increase the number of authorized shares reserved for the Plan to 8,000,000 shares. On September 20, 2013, the Company’s shareholders voted to increase the number of authorized shares reserved for the Plan to 12,000,000 shares. Options to purchase 4,761,478 common shares have been granted under the Plan and are outstanding as of June 30, 2015. Additionally, 260,000 shares of restricted common stock have been granted under the Plan. As of June 30, 2015, there were 4,045,593 options available for issuance under the Plan. The following table summarizes stock option activity for the Company during the six months ended June 30, 2015 Options Weighted Weighted Aggregate Outstanding December 31, 2014 9,314,765 $ 1.19 0 0 Granted 1,718,000 $ 0.55 0 0 Exercised 0 $ 0 0 0 Forfeited or expired (187,861 ) $ (2.19 ) 0 0 Outstanding June 30, 2015 10,844,904 $ 1.19 3.54 $ 10,500 Vested at June 30, 2015 8,146,613 $ 1.21 2.07 $ 10,500 As of June 30, 2015 On March 20, 2015, the Company issued an aggregate of 260,000 shares of restricted common stock to certain members of management. The shares will vest on March 19, 2017. For accounting purposes, these shares were valued at $0.58, which was the stock price on the date of grant, and will be expensed over the service period of two years from the date of grant. Warrants In connection with the sale of Preferred Stock in May 2010, the Company issued warrants to purchase 1,350,000 shares of the Company’s common stock at an exercise price of $2.50. The warrants had a five-year term from the date of issuance. As of June 30, 2015, the remaining warrants to purchase 1,290,996 shares of the Company’s common stock at $2.50 expired. (See “Warrant Liability” below.) In connection with the February 2011 common stock private placement, the Company issued to the investors warrants to purchase 2,609,898 shares of the Company’s common stock at $2.25 per share. The warrants have a five-year term from the date of issuance and contain a provision that provides for an adjustment to the exercise price in the event the Company completes an equity financing at a per share price of its common stock that is less than the adjusted exercise price. As a result of the January and October 2012 financings, the exercise price of the warrants was adjusted to $1.87 and the number of warrants was proportionately increased to 2,823,670 net of exercises. During the quarter ended June 30, 2014, the exercise price was further adjusted to $1.85 and the number of warrants outstanding was increased to 2,854,196 to reflect the issuances pursuant to the Company’s Controlled Equity Offering SM SM SM June 30, 2015 In connection with the January 2012 underwritten public offering, the Company issued to the investors warrants to purchase 4,744,718 shares of the Company’s common stock at $1.41 per share. The warrants have a five-year term from the date of issuance. These warrants qualify for equity treatment since they do not have any provisions that would require the Company to redeem them for cash or that would result in an adjustment to the number of warrants. As of June 30, 2015 In connection with the October 2012 underwritten public offering, the Company issued to the investors warrants to purchase 4,500,000 shares of the Company’s common stock at $2.65 per share. The warrants have a five-year term from the date of issuance. These warrants qualify for equity treatment since they do not have any provisions that would require the Company to redeem them for cash or that would result in an adjustment to the number of warrants. As of June 30, 2015 In connection with the February 2015 underwritten public offering, the Company issued to the investors warrants to purchase 18,655,000 shares of the Company’s common stock at $0.66 per share. The warrants have a five-year term from the date of issuance and contain a provision that provides for an adjustment to the exercise price in the event the Company completes an equity financing at a per share price of its common stock that is less than the adjusted exercise price. Accordingly, these warrants do not qualify for equity treatment. As of June 30, 2015, warrants to purchase 18,655,000 shares of the Company’s common stock remain outstanding relating to this public offering. (See “Warrant Liability” below.) Warrant Liability The Company’s warrant liability is adjusted to fair value each reporting period and is influenced by several factors including the price of the Company’s common stock as of the balance sheet date. On June 30, 2015 0.73 In connection with the sale of Preferred Stock in 2010, the Company issued to the investors warrants to purchase 1,350,000 shares of the Company’s common stock at an exercise price of $2.50 per share. Of the total proceeds from the May 2010 preferred stock sale, $5,710,500 was allocated to the freestanding warrants associated with the units based upon the fair value of these warrants determined under the Black Scholes option pricing model. The warrants contained a provision whereby the warrant may be settled for cash in connection with a change of control with a private company. Due to the potential variability of their exercise price, these warrants did not qualify for equity treatment, and therefore were recognized as a liability. The warrant liability was adjusted to fair value each reporting period and any change in value was recognized in the statement of operations. Prior to 2011, the Company concluded that the Black-Scholes method of valuing the price adjustment feature does not materially differ from the valuation of such warrants using the Monte Carlo or binomial lattice simulation models, and therefore, the use of the Black-Scholes valuation model was considered a reasonable method to value the warrants. The assumptions used in the Black Scholes model for determining the initial fair value of the warrants were as follows: (i) dividend yield of 0%; (ii) expected volatility of 102%, (iii) risk-free interest rate of 2.50%, and (iv) contractual life of 60 months. Effective January 1, 2011, the Company determined that it was more appropriate to value the warrants using a binomial lattice simulation model. For the three months ended June 30, 2014, the Company recorded a credit to other income of $73,587 and for the six months ended June 30, 2014 In connection with the February 2011 common stock private placement, the Company issued to the investors warrants to purchase 2,818,675 shares of the Company’s common stock at $2.25 per share. Of the total proceeds from the February 2011 common stock private placement, $2,476,790 was allocated to the freestanding warrants associated with the units based upon the fair value of the warrants determined under the Binomial lattice model. The warrants contain a provision whereby the warrant exercise price would be decreased in the event that certain future common stock issuances are made at a price less than $1.55. Due to the potential variability of their exercise price, these warrants do not qualify for equity treatment, and therefore are recognized as a liability. As a result of the January and October 2012 financings, the exercise price of the warrants was adjusted to $1.87 and the number of warrants was proportionately increased to 2,823,670 net of exercises. The Company recorded a charge to financing expense of $368,524 to reflect the issuance of the additional warrants. As of result of the Company’s Controlled Equity Offering during 2014, the exercise price of the warrants was adjusted to $ and the number of warrants was proportionately increased to As of result of the Company’s February 2015 underwritten public offering, the exercise price of the warrants was adjusted to $ and the number of warrants was proportionately increased to June 30, 2015 June 30, 2015 In connection with the February 2015 underwritten public offering, the Company issued to the investors warrants to purchase 18,655,000 shares of the Company’s common stock at $0.66 per share. The warrants contain a provision whereby the warrant exercise price would be decreased in the event that certain future common stock issuances are made at a price less than $0.66. Due to the potential variability of their exercise price, these warrants do not qualify for equity treatment, and therefore are recognized as a liability. The Company initially valued these warrants using a binomial lattice simulation model assuming (i) dividend yield of 0%; (ii) expected volatility of 97.0%; (iii) risk free rate of 1.53% and (iv) expected term of 5 years. Based upon these calculations, the Company calculated the initial valuation of the warrants to be $4,197,375. As of June 30, 2015, the Company revalued the warrants using the binomial lattice simulation model assuming (i) dividend yield of 0%; (ii) expected volatility of 91.0%; (iii) risk free rate of 1.51% and (iv) expected term of 4.61 years. For the three and six months ended June 30, 2015, the Company recorded a credit to other income of $205,205 and $1,324,505, respectively. As of June 30, 2015, the carrying value of the warrant liability is $2,872,870. Volatility has been estimated using the historical volatility of the Company’s stock price. The following reconciliation of the beginning and ending balances for all warrant liabilities measured at fair market value on a recurring basis using significant unobservable inputs (level 3) during the period ended June 30, 2015 and 2014 June 30, 2015 June 30, 2014 Balance – January 1 $ 597,719 $ 1,064,810 Issuance of warrants and effect of repricing 4,286,314 24,600 Exercise of warrants 0 0 (Gain) or loss included in earnings (1,989,162 ) 166,933 Transfers in and out/or out of Level 3 0 0 Balance – June 30 $ 2,894,871 $ 1,256,343 Additionally , .

401(K) Profit Sharing Plan

401(K) Profit Sharing Plan	6 Months Ended
	Jun. 30, 2015
Compensation And Retirement Disclosure [Abstract]
401(k) Profit Sharing Plan	7. 401(k) Profit Sharing Plan During 2011, the Company adopted a Profit Sharing Plan that qualifies under Section 401(k) of the Internal Revenue Code. Contributions to the plan are at the Company’s discretion. The Company did not make any matching contributions during the three or six months ended June 30, 2015 or June 30, 2014.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	8. Income Taxes Deferred taxes represent the net tax effects of the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes. Temporary differences result primarily from the recording of tax benefits of net operating loss carry forwards and stock-based compensation. A valuation allowance is required if the weight of available evidence suggests it is more likely than not that some portion or all of the deferred tax asset will not be recognized. Accordingly, a valuation allowance has been established for the full amount of the deferred tax assets. The Company’s effective income tax rate differs from the amount computed by applying the federal statutory income tax rate to loss before income taxes as follows: June 30, 2015 June 30, 2014 Income tax benefit at the federal statutory rate -34 % -34 % State income tax benefit, net of federal tax benefit -6 % -6 % Change in fair value of warrant liability 17 % -1 % Change in valuation allowance for deferred tax assets 23 % 41 % Total 0 % 0 % Deferred taxes consisted of the following: June 30, 2015 December 31, 2014 Net operating loss carryforwards $ 18,757,528 $ 16,302,000 Stock-based compensation 2,404,882 2,191,000 Less valuation allowance (21,162,410 ) (18,493,000 ) Net deferred tax asset $ 0 $ 0 As of June 30, 2015 and December 31, 2014, the Company had federal and California income tax net operating loss carry forwards of approximately $46.9 million and $40.8 million respectively. These net operating losses will begin to expire in 2022 and 2016, respectively, unless previously utilized. Section 382 of the Internal Revenue Code can limit the amount of net operating losses which may be utilized if certain changes to a company’s ownership occur. While the Company underwent an ownership change in 2012 as defined by Section 382 of the Internal Revenue Code, management estimated that the Company had not incurred any limitations on its ability to utilize its net operating losses under Section 382 of the Internal Revenue Code during 2012. The Company may incur limitations in the future if there is a change in ownership as computed under the prescribed method of the Internal Revenue Code. During the fourth quarter of 2014, the Company licensed the non-U.S. rights to a significant portion of its intellectual property to its Bermuda-based subsidiary for approximately $11.0 million. The fair value of the intellectual property rights was determined by an independent third party. The proceeds from this sale represent a gain for U.S. tax purposes and are offset by current year losses and net operating loss carryforwards. However, the Internal Revenue Service, or the IRS, or the California Franchise Tax Board, or the CFTB, could challenge the valuation of the intellectual property rights and assess a greater valuation, which would require the Company to utilize a portion, or all, of its available net operating losses. If an IRS or a CFTB valuation exceeds the available net operating losses, the Company would incur additional income taxes. The Company’s ability to use its net operating losses is subject to the potential future limitations of IRS Section 382, as well as expiration of federal and state net operating loss carryforwards.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	9. Subsequent Events Subsequent to June 30, 2015, the Company entered an agreement with Novella Clinical to conduct the Phase 3 registration trial of ICT-107. Novella Clinical is a full-service, global clinical research organization providing clinical trial services to small and mid-sized oncology companies. Novella will supervise the trial in the United States, Europe and Canada and will recruit approximately 400 patients with newly diagnosed glioblastoma. The Company anticipates initiating the Phase 3 trial in the fourth quarter of 2015. The Company may terminate this agreement upon 60 days’ notice.

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Liquidity	Liquidity – As of June 30, 2015, the Company had working capital of $31,388,966, compared to working capital of $23,152,970 as of December 31, 2014. The estimated cost of completing the development of any of our current immunotherapy product candidates, including our stem cell immunotherapies, and of obtaining all required regulatory approvals to market any of those product candidates is substantially greater than the amount of funds we currently have available. However, we believe that our existing cash balances are sufficient for our currently planned level of operations for at least the next twelve months, although there is no assurance that such balances will be sufficient for this purpose.
Principles of Consolidation	Principles of Consolidation - The condensed consolidated balance sheets include the accounts of the Company and its subsidiaries. The consolidated statements of operations include the Company’s accounts and the accounts of its subsidiaries from the date of acquisition. All intercompany transactions and balances have been eliminated in consolidation.
Cash and cash equivalents	Cash and cash equivalents – The Company considers all highly liquid instruments with an original maturity of 90 days or less at acquisition to be cash equivalents. As of June 30, 2015 and December 31, 2014, the Company had $29,436,720 and $10,427,810, respectively, of certificates of deposit. The Company places its cash and cash equivalents with various banks in order to maintain FDIC insurance on all of its investments.
Property and Equipment	Property and Equipment – Property and equipment are stated at cost and depreciated using the straight-line method based on the estimated useful lives (generally three to five years) of the related assets. Computer and computer equipment are depreciated over three years. Management continuously monitors and evaluates the realizability of recorded long-lived assets to determine whether their carrying values have been impaired. The Company records impairment losses on long-lived assets used in operations when events and circumstances indicate that the assets might be impaired and the nondiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. Any impairment loss is measured by comparing the fair value of the asset to its carrying amount. Repairs and maintenance costs are expensed as incurred.
Research and Development Costs	Research and Development Costs – Research and development expenses consist of costs incurred for direct research and development and are expensed as incurred.
Stock Based Compensation	Stock Based Compensation – The Company has in effect an equity incentive plan under which stock options and awards have been granted to employees, key consultants and non-employee members of the Board of Directors. The Company is required to estimate the fair value of share-based awards on the date of grant. The value of the award is principally recognized as expense ratably over the requisite service periods. The Company has estimated the fair value of stock options as of the date of grant using the Black-Scholes option pricing model. The Black-Scholes model considers, among other factors, the expected life of the award and the expected volatility of our stock price. The Company evaluates the assumptions used to value stock options on a quarterly basis. The fair values generated by the Black-Scholes model may not be indicative of the actual fair values of our equity awards, as they do not consider other factors important to those awards to employees, such as continued employment and periodic vesting. Fair value was estimated at the date of grant using the following weighted average assumptions: Six months Six months Risk-free interest rate 1.81 % 2.18 % Expected dividend yield None None Expected life 6.6 Years 5.5Years Expected volatility 94.2 % 95.3 % Expected forfeitures 0 % 0 % The risk-free interest rate used is based on the implied yield currently available in U.S. Treasury securities at maturity with an equivalent term. The Company has not declared or paid any dividends and does not currently expect to do so in the future. The expected term of options represents the period that our stock-based awards are expected to be outstanding and was determined based on projected holding periods for the remaining unexercised shares. Consideration was given to the contractual terms of our stock-based awards, vesting schedules and expectations of future employee behavior. For the six months ended June 30, 2015 and 2014, the expected volatility is based upon the historical volatility of the Company’s common stock. Forfeitures have been estimated to be zero. The Company’s stock price volatility and option lives involve management’s best estimates, both of which impact the fair value of the option calculated and, ultimately, the expense that will be recognized over the life of the option. When options are exercised, our policy is to issue reserved but previously unissued shares of common stock to satisfy share option exercises. As of June 30, 2015, the Company had 12,020,536 shares of authorized and unreserved common stock. No tax benefits were attributed to the stock-based compensation expense because a valuation allowance was maintained for all net deferred tax assets.
Income Taxes	Income Taxes – The Company accounts for federal and state income taxes under the liability method, with a deferred tax asset or liability determined based on the difference between the financial statement and tax basis of assets and liabilities, as measured by the enacted tax rates. The Company’s provision for income taxes represents the amount of taxes currently payable, if any, plus the change in the amount of net deferred tax assets or liabilities. A valuation allowance is provided against net deferred tax assets if recoverability is uncertain on a more likely than not basis. As of June 30, 2015 and December 31, 2014, the Company fully reserved its deferred tax assets. The Company recognizes in its financial statements the impact of an uncertain tax position if the position will more likely than not be sustained upon examination by a taxing authority, based on the technical merits of the position. The Company’s policy is to recognize interest related to unrecognized tax benefits as interest expense and penalties as operating expenses. As of June 30, 2015, the Company had no unrecognized tax benefits and as such, no liability, interest or penalties were required to be recorded. The Company does not expect this to change significantly in the next twelve months. The Company has determined that its main taxing jurisdictions are the United States of America and the State of California. The Company is not currently under examination by any taxing authority nor has it been notified of a pending examination. The Company’s tax returns are generally no longer subject to examination for the years before December 31, 2010 for the state and December 31, 2011 for the federal taxing authority. During 2014, the Company licensed the non-U.S. rights to a significant portion of its intellectual property to its Bermuda-based subsidiary for approximately $11.0 million. The fair value of the intellectual property rights was determined by an independent third party. The proceeds from this sale represented a gain for U.S. tax purposes and were offset by current year losses and net operating loss carryforwards. However, the Internal Revenue Service, or the IRS, or the California Franchise Tax Board, or the CFTB, could challenge the valuation of the intellectual property rights and assess a greater valuation, which would require the Company to utilize a larger portion, or all, of its available net operating losses. If an IRS or a CFTB valuation exceeds the available net operating losses, the Company would incur additional income taxes. The Company’s ability to use its net operating losses is subject to the limitations of IRS Section 382, as well as expiration of federal and state net operating loss carryforwards .
Fair Value of Financial Instruments	Fair Value of Financial Instruments – The carrying amounts reported in the balance sheets for cash, cash equivalents, and accounts payable approximate their fair values due to their quick turnover. The fair value of warrant derivative liability is estimated using the Binomial Lattice option valuation model. Fair value for financial reporting is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value are as follows: Level 1—quoted prices in active markets for identical assets or liabilities Level 2—quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3—inputs that are unobservable (for example cash flow modeling inputs based on assumptions) Warrant liabilities represent the only financial assets or liabilities recorded at fair value by the Company. The fair value of warrant liabilities are determined based on Level 3 inputs.
Use of Estimates	Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make certain estimates and assumptions about the future outcome of current transactions which may affect the reporting and disclosure of these transactions. Accordingly, actual results could differ from those estimates used in the preparation of these financial statements.
Warrant Liability	Warrant Liability - The fair value of warrant liability is estimated using the Binomial Lattice option valuation model. The use of the Binomial Lattice option valuation model requires estimates including the volatility of the Company’s stock, risk-free rates over the expected term of warrants and early exercise of the options.
Basic and Diluted Loss per Common Share	Basic and Diluted Loss per Common Share – Basic and diluted loss per common share are computed based on the weighted average number of common shares outstanding. Common share equivalents (which consist of options and warrants) are excluded from the computation, since the effect would be antidilutive. Common share equivalents which could potentially dilute earnings per share, and which were excluded from the computation of diluted loss per share, totaled 39,032,089 shares and 19,710,598 shares at June 30, 2015 and 2014, respectively.
Recently Issued Accounting Standards	Recently Issued Accounting Standards – In August 2014, the FASB issued ASU No. 2014-15, which applies to entities that have substantial doubt about their ability to continue as a going concern. This update requires management to assess the probability about the entity’s ability to remain as a going concern for a period of one year from the date the financial statements are ready to be issued. Depending on management’s conclusions about the entity’s ability to remain as a going concern, the entity must make certain disclosures in its financial statements. This ASU is effective for annual periods beginning after December 15, 2016. The adoption of this ASU is not expected to have a material impact on the Company’s consolidated results of operations, financial condition or liquidity. In January 2015, the FASB issued ASU No. 2015-01, which eliminates the concept of extraordinary items for financial statement presentation purposes. This ASU is effective for fiscal years beginning after December 15, 2015. The adoption of this ASU is not expected to have a material impact on the Company’s consolidated results of operations, financial condition or liquidity. Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force) and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future consolidated financial statements.
Critical Accounting Policies
Stock Based Compensation

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Schedule of Stock Options Grants	Fair value was estimated at the date of grant using the following weighted average assumptions: Six months Six months Risk-free interest rate 1.81 % 2.18 % Expected dividend yield None None Expected life 6.6 Years 5.5Years Expected volatility 94.2 % 95.3 % Expected forfeitures 0 % 0 %

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2015
Property Plant And Equipment [Abstract]
Components of Property and Equipment	Property and equipment consist of the following: June 30, 2015 December 31, 2014 Computers $ 65,520 $ 59,076 Research equipment 143,184 143,185 208,704 202,261 Accumulated depreciation (168,181 ) (154,896 ) $ 40,523 $ 47,365

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2015
Commitments And Contingencies Disclosure [Abstract]
Future Minimum Rentals Under Operating Lease	Future minimum rentals under the operating lease are as follows: Years ending December 31, Amount 2015 51,075 2016 68,432 Total $ 119,507

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Summary of Stock Options Activity	The following table summarizes stock option activity for the Company during the six months ended June 30, 2015 Options Weighted Weighted Aggregate Outstanding December 31, 2014 9,314,765 $ 1.19 0 0 Granted 1,718,000 $ 0.55 0 0 Exercised 0 $ 0 0 0 Forfeited or expired (187,861 ) $ (2.19 ) 0 0 Outstanding June 30, 2015 10,844,904 $ 1.19 3.54 $ 10,500 Vested at June 30, 2015 8,146,613 $ 1.21 2.07 $ 10,500
Summary of Carrying Value of Warrant Liability	The following reconciliation of the beginning and ending balances for all warrant liabilities measured at fair market value on a recurring basis using significant unobservable inputs (level 3) during the period ended June 30 , 2015 and 2014 June 30, 2015 June 30, 2014 Balance – January 1 $ 597,719 $ 1,064,810 Issuance of warrants and effect of repricing 4,286,314 24,600 Exercise of warrants 0 0 (Gain) or loss included in earnings (1,989,162 ) 166,933 Transfers in and out/or out of Level 3 0 0 Balance – June 30 $ 2,894,871 $ 1,256,343

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Federal Statutory Income Tax Rate to Loss before Income Taxes	The Company’s effective income tax rate differs from the amount computed by applying the federal statutory income tax rate to loss before income taxes as follows: June 30, 2015 June 30, 2014 Income tax benefit at the federal statutory rate -34 % -34 % State income tax benefit, net of federal tax benefit -6 % -6 % Change in fair value of warrant liability 17 % -1 % Change in valuation allowance for deferred tax assets 23 % 41 % Total 0 % 0 %
Deferred Tax Asset	Deferred taxes consisted of the following: June 30, 2015 December 31, 2014 Net operating loss carryforwards $ 18,757,528 $ 16,302,000 Stock-based compensation 2,404,882 2,191,000 Less valuation allowance (21,162,410 ) (18,493,000 ) Net deferred tax asset $ 0 $ 0

Nature of Organization (Plann23

Nature of Organization (Planned Principal Operations Have Not Commenced) (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Deficit accumulated during the development stage	$ (65,926,502)	$ (61,346,926)

Summary of Significant Accoun24

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Disclosure Summary Of Significant Accounting Policies Additional Information Detail [Line Items]
Working capital	$ 31,388,966		$ 23,152,970
Certificates of deposit	$ 29,436,720		10,427,810
Expected forfeitures	0.00%	0.00%
Shares authorized but unissued common stock	12,020,536
Tax benefit attributed to the stock-based compensation expense	$ 0
Unrecognized Tax Benefits	0
Unrecognized Tax Benefits, liability, Penalties or Interest Accrued	$ 0
Shares excluded from the computation of diluted net loss per share	39,032,089	19,710,598
Intellectual Property
Disclosure Summary Of Significant Accounting Policies Additional Information Detail [Line Items]
Fair value of intellectual property			$ 11,000,000
Computer Equipment
Disclosure Summary Of Significant Accounting Policies Additional Information Detail [Line Items]
Estimated useful lives of property and equipment	3 years
Minimum
Disclosure Summary Of Significant Accounting Policies Additional Information Detail [Line Items]
Estimated useful lives of property and equipment	3 years
Maximum
Disclosure Summary Of Significant Accounting Policies Additional Information Detail [Line Items]
Estimated useful lives of property and equipment	5 years

Summary of Significant Accoun25

Summary of Significant Accounting Policies (Details)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Schedule of stock options grants
Risk-free interest rate	1.81%	2.18%
Expected dividend yield	0.00%	0.00%
Expected life	6 years 7 months 6 days	5 years 6 months
Expected volatility	94.20%	95.30%
Expected forfeitures	0.00%	0.00%

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Components of Property and Equipment
Property and equipment, gross	$ 208,704	$ 202,261
Accumulated depreciation	(168,181)	(154,896)
Property and equipment, net	40,523	47,365
Computers
Components of Property and Equipment
Property and equipment, gross	65,520	59,076
Research Equipment
Components of Property and Equipment
Property and equipment, gross	$ 143,184	$ 143,185

Property and Equipment - Additi

Property and Equipment - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Property Plant And Equipment [Abstract]
Depreciation expense	$ 6,592	$ 11,283	$ 13,285	$ 23,917

Related Party Transactions (Det

Related Party Transactions (Details Textual) - USD ($)	Mar. 19, 2014	Nov. 30, 2006	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related Party Transaction [Line Items]
Sponsored research agreement			$ 2,236,817	$ 1,460,044	$ 4,235,436	$ 3,159,804
Cedar Sinai
Related Party Transaction [Line Items]
Common stock, shares issued		694,000
Payment for upfront licensing fee		$ 62,000
Future Additional Milestone Payment					1,100,000
Sponsored research agreement					$ 1,200,000
Expected final contract price	$ 126,237
Cedar Sinai | Second Payment
Related Party Transaction [Line Items]
Shares issued to related parties		100,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)	Mar. 20, 2015	May. 06, 2014	Apr. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Aug. 21, 2014	Jul. 17, 2014	Sep. 17, 2013
Commitments And Contingencies [Line Items]
Nonrefundable And Noncreditable License And Maintenance Fee						12 months
License agreement termination date			Oct. 12, 2015
Contingency service agreement terms						Services to be performed under the Agreement terminate on the earlier of (i) December 31, 2018, (ii) the date the parties mutually agree, (iii) at any time following the earlier of the one year anniversary of the date on which the Company notifies PCT that services in the semi-dedicated controlled environment room are to commence and August 1, 2016, on the last day of the month following at least 120 days’ written notice from the Company to PCT, or (iv) the last day of the month following at least 60 days’ written notice from the Company to PCT that the Company has received a clinical hold issued by the FDA ordering the Company to suspend clinical trials for ICT-107. Either party may terminate the Agreement in the event of the other party’s insolvency or for the other party’s material breach of its obligations under the Agreement if such breach remains uncured after 30 days of receiving written notice of such breach.
Discretionary cash bonus				$ 0	$ 0	$ 0	$ 0
Options, Granted						1,718,000
Exercise option price						$ 0.55
Restricted shares issued by the company	260,000
Lease monthly rent				$ 8,063		$ 8,063
Operating lease rent expense						$ 50,000	$ 49,000
Percentage of annual increase of monthly base rent						3.00%
ICON
Commitments And Contingencies [Line Items]
Estimated payments for services									$ 2,300,000	$ 2,700,000
Service fee, amendments and aggregate		$ 170,004
ICON | Amendment
Commitments And Contingencies [Line Items]
Estimated payments for services								$ 3,500,000
JHU
Commitments And Contingencies [Line Items]
Period within effective date of License Agreement						30 days
PharmaCell B.V Agreement
Commitments And Contingencies [Line Items]
Written notice period for termination						90 days
Written notice period for early termination						30 days
Employment Agreement With Management
Commitments And Contingencies [Line Items]
Base salary						$ 1,100,000
Discretionary cash bonus						$ 400,000
Options, Granted						775,000
Exercise option price						$ 0.57
Stock options, vesting period						4 years
Restricted shares issued by the company						260,000

Commitments and Contingencies30

Commitments and Contingencies - Future Minimum Rentals Under Operating Lease (Details)	Jun. 30, 2015USD ($)
Future Minimum Rentals Under the Operating Lease
2,015	$ 51,075
2,016	68,432
Operating lease obligation total	$ 119,507

Shareholders' Equity (Details T

Shareholders' Equity (Details Textual) - USD ($)	Mar. 20, 2015	Apr. 22, 2013	Apr. 18, 2013	Feb. 28, 2015	Oct. 31, 2012	Jan. 31, 2012	Feb. 28, 2011	May. 31, 2010	Jun. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2013	Sep. 30, 2013	Oct. 24, 2011	Feb. 28, 2005
Class Of Stock [Line Items]
Proceeds from the common stock private placement				$ 14,500,000
Sale of common stock and warrants , shares				26,650,000
Common stock and warrants issued for cash per share				$ 0.60
Common stock aggregate offering price									$ 9,025	$ 6,360			$ 9,025		$ 6,360
Commission rate			3.00%
Common stock issued for cash, shares									0				0
Percentage of fair market value of common stock													not be less than 100%
Percentage of common stock voting rights held													more than 10%
Minimum percentage of fair market value of common stock													less than 110%
Maximum exercisable period of options													10 years
Common stock, shares authorized under the plan																			12,000,000	8,000,000	6,000,000
Stock granted during period, Shares													260,000
Common stock, shares granted and outstanding									10,844,904	9,314,765			10,844,904		9,314,765
Stock options available for issuance									4,045,593				4,045,593
Unrecognized compensation cost related to unvested stock options									$ 2,800,000				$ 2,800,000
Weighted-average remaining requisite service period													16 months
Restricted shares issued by the company	260,000
Shares Issued, Price Per Share	$ 0.58
Warrants exercisable period after initial issuance						5 years	5 years	5 years
Number of warrants outstanding increased net of exercises				3,666,836	2,823,670					2,949,845	2,869,696			2,854,196
Common Stock Shares Purchased Private Placement Warrant					2,823,670				3,666,836	2,949,867			3,666,836		2,949,867
Financing expense					$ 368,524	$ 368,524						$ 24,600	$ 88,939	$ 24,600	$ 62,683
Initial valuation of warrants													2,476,790
Warrant liability carrying value									$ 2,894,871	$ 597,719		$ 1,256,343	2,894,871	$ 1,256,343	$ 597,719			$ 1,064,810
Valuation Allowances and Reserves, Deductions				$ 4,197,375
As Adjusted
Class Of Stock [Line Items]
Exercise price of warrants				$ 1.44	$ 1.87	$ 1.87				$ 1.79	$ 1.84	$ 1.85		$ 1.85	$ 1.79
February 2,011
Class Of Stock [Line Items]
Proceeds from the common stock private placement							$ 2,476,790
Other Income									22,001			$ 175,547	656,911
Warrant liability carrying value									$ 22,001				$ 22,001
February 2011 | Warranty Obligations
Class Of Stock [Line Items]
Exercise price of warrants							$ 2.25
February 2011 | Binomial Lattice Simulation
Class Of Stock [Line Items]
Dividend yield rate													0.00%
Expected volatility rate													80.00%
Risk-free interest rate													0.16%
Contractual life													7 months 21 days
February 2011 | Other Expense
Class Of Stock [Line Items]
Charge to other expense														$ 115,293
February 2011 | Scenario, Previously Reported | Binomial Simulation
Class Of Stock [Line Items]
Dividend yield rate																0.00%
Expected volatility rate																146.00%
Risk-free interest rate																1.96%
Contractual life																5 years
January
Class Of Stock [Line Items]
Common Stock Shares Purchased Private Placement Warrant									1,418,575				1,418,575
October
Class Of Stock [Line Items]
Exercise price of warrants					$ 2.65
Warrants exercisable period after initial issuance					5 years
Common Stock Shares Purchased Private Placement Warrant									4,446,775				4,446,775
February 2,015
Class Of Stock [Line Items]
Warrants exercisable period after initial issuance				5 years
Common Stock Shares Purchased Private Placement Warrant									18,655,000				18,655,000
Dividend yield rate				0.00%									0.00%
Expected volatility rate				97.00%									91.00%
Risk-free interest rate				1.53%									1.51%
Contractual life				5 years									4 years 7 months 10 days
Other Income									$ 205,205				$ 1,324,505
Warrant liability carrying value									$ 2,872,870				$ 2,872,870
Qualified Incentive Stock Options Granted Owning More Than Ten Percentage Of Combined Voting Power
Class Of Stock [Line Items]
Maximum exercisable period of options													5 years
Stock Compensation Plan
Class Of Stock [Line Items]
Common stock, shares granted and outstanding									4,761,478				4,761,478
Maximum | February 2011
Class Of Stock [Line Items]
Exercise price of warrants							$ 1.55
Cantor Fitzgerald And Company
Class Of Stock [Line Items]
Common stock issued for cash, shares													6,949,261
Proceeds from Issuance of common stock													$ 9,402,383
Additional common stock sales gross									$ 7,081,494				$ 7,081,494
Cantor Fitzgerald And Company | Maximum
Class Of Stock [Line Items]
Common stock aggregate offering price			$ 25,000,000
Cantor Fitzgerald And Company | Offer and Sale
Class Of Stock [Line Items]
Common stock aggregate offering price			$ 17,000,000
Private Placement
Class Of Stock [Line Items]
Purchase of common stock, shares				18,655,000	4,500,000	4,744,718
Private Placement | Warranty Obligations
Class Of Stock [Line Items]
Purchase of common stock, shares							2,818,675
Public Offering
Class Of Stock [Line Items]
Common stock issued for cash, shares		10,593,220
Common Stock
Class Of Stock [Line Items]
Exercise price of warrants				$ 0.66		$ 1.41			$ 0.47	$ 0.73			$ 0.47		$ 0.73
Warrant
Class Of Stock [Line Items]
Warrant exercise term investor relations agreement				60 months
Warrant | February 2011
Class Of Stock [Line Items]
Exercise price of warrants							$ 2.25
Warrant | Private Placement
Class Of Stock [Line Items]
Purchase of common stock, shares							2,609,898
Preferred Stock
Class Of Stock [Line Items]
Exercise price of warrants				$ 2.50
Proceeds from warrant shares attributed to free standing warrants related party of investor								$ 5,710,500
Preferred Stock | May
Class Of Stock [Line Items]
Exercise price of warrants								$ 2.50	$ 2.50				$ 2.50
Common stock warrants expired									1,290,996				1,290,996
Preferred Stock | May | Binomial Simulation
Class Of Stock [Line Items]
Dividend yield rate																	0.00%
Expected volatility rate																	102.00%
Risk-free interest rate																	2.50%
Contractual life																	60 months
Preferred Stock | May | Binomial Lattice Simulation
Class Of Stock [Line Items]
Other Income												$ 73,587
Preferred Stock | May | Binomial Lattice Simulation | Other Expense
Class Of Stock [Line Items]
Charge to other expense														$ 51,640
Preferred Stock | May | Binomial Lattice Simulation | Other Income
Class Of Stock [Line Items]
Charge to other expense									$ 7,746				$ 7,746
Preferred Stock | Private Placement
Class Of Stock [Line Items]
Purchase of common stock, shares								1,350,000

Shareholders' Equity (Details)

Shareholders' Equity (Details) - Jun. 30, 2015 - USD ($)	Total
Summary of stock option activity
Options outstanding, Beginning Balance	9,314,765
Options, Granted	1,718,000
Options, Exercised	0
Options, Forfeited or expired	(187,861)
Options outstanding, Ending Balance	10,844,904
Options, Vested	8,146,613
Weighted Average Exercise Price, Outstanding, Beginning Balance	$ 1.19
Exercise option price	0.55
Weighted Average Exercise Price, Exercised	0
Weighted Average Exercise Price, Forfeited or expired	(2.19)
Weighted Average Exercise Price, Outstanding, Ending Balance	1.19
Weighted Average Exercise Price, Vested	$ 1.21
Weighted Average Contractual Term, Outstanding	3 years 6 months 15 days
Weighted Average Contractual Term, Vested	2 years 26 days
Aggregate Intrinsic Value, Outstanding	$ 10,500
Aggregate Intrinsic Value, Vested	$ 10,500

Shareholders' Equity (Details 1

Shareholders' Equity (Details 1) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Summary of carrying value of warrant liability
Beginning Balance, January 1	$ 597,719	$ 1,064,810
Issuance of warrants and effect of repricing	4,286,314	24,600
Exercise of warrants	0	0
(Gain) or loss included in earnings	(1,989,162)	166,933
Transfers in and out/or out of Level 3	0	0
Ending Balance, June 30	$ 2,894,871	$ 1,256,343

401(k) Profit Sharing Plan (Det

401(k) Profit Sharing Plan (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Compensation And Retirement Disclosure [Abstract]
Discretionary cash bonus	$ 0	$ 0	$ 0	$ 0

Income Taxes (Details)

Income Taxes (Details)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Federal statutory income tax rate to loss before income taxes
Income tax benefit at the federal statutory rate	(34.00%)	(34.00%)
State income tax benefit, net of federal tax benefit	(6.00%)	(6.00%)
Change in fair value of warrant liability	17.00%	(1.00%)
Change in valuation allowance for deferred tax assets	23.00%	41.00%
Total	0.00%	0.00%

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Deferred Tax Asset
Net operating loss carryforwards	$ 18,757,528	$ 16,302,000
Stock-based compensation	2,404,882	2,191,000
Less valuation allowance	(21,162,410)	(18,493,000)
Net deferred tax asset	$ 0	$ 0

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Operating Loss Carryforwards [Line Items]
Net operating losses expiration date	expire in 2022 and 2016
Intellectual Property
Operating Loss Carryforwards [Line Items]
Fair value of intellectual property		$ 11
Federal
Operating Loss Carryforwards [Line Items]
Income tax net operating loss carry forwards	$ 46.9	40.8
California
Operating Loss Carryforwards [Line Items]
Income tax net operating loss carry forwards	$ 46.9	$ 40.8

Subsequent Events (Details)

Subsequent Events (Details) - 1 months ended Jul. 31, 2015 - Subsequent Event - Novella Clinical - Patients	Total
Subsequent Event [Line Items]
Number of patients	400
Termination Notice Period	60 days