ImmunoCellular Therapeutics (IMUC) 10-Q 13 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 11, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		93,222,198

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 17,514,213	$ 22,604,481
Supplies for clinical trials	1,321,604	1,158,632
Other assets	612,373	797,425
Total current assets	19,448,190	24,560,538
Property and equipment, net	164,567	180,922
Supplies for clinical trials	1,308,867	1,115,657
Deposits	3,762,878	4,176,280
Deferred financing costs	8,593	48,977
Total assets	24,693,095	30,082,374
Current liabilities:
Accounts payable	920,030	1,161,258
Accrued compensation and benefits	215,408	790,487
Accrued liabilities	1,136,448	317,653
Total current liabilities	2,271,886	2,269,398
CIRM liability	4,398,732	4,133,905
Warrant liability	1,492,400	1,958,775
Total liabilities	$ 8,163,018	$ 8,362,078
Commitments and contingencies (Note 5)
Shareholders’ equity:
Common stock, $0.0001 par value; 249,000,000 shares authorized; 91,727,797 and 90,310,149 shares issued and outstanding as of March 31, 2016 and December 31, 2015, respectively	$ 9,173	$ 9,031
Additional paid-in capital	96,291,989	95,849,005
Accumulated deficit	(79,771,085)	(74,137,740)
Total shareholders’ equity	16,530,077	21,720,296
Total liabilities and shareholders’ equity	$ 24,693,095	$ 30,082,374

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Common stock par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	249,000,000	249,000,000
Common stock issued (in shares)	91,727,797	90,310,149
Common stock outstanding (in shares)	91,727,797	90,310,149

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Revenues	$ 0	$ 0
Expenses:
Research and development	4,737,575	2,065,225
General and administrative	1,099,832	1,035,895
Total expenses	5,837,407	3,101,120
Loss before other income (expense) and taxes	(5,837,407)	(3,101,120)
Interest income	2,514	3,257
Interest expense	(264,827)	0
Financing expense	(14,636)	(88,939)
Change in fair value of warrant liability	481,011	1,761,956
Loss before taxes	(5,633,345)	(1,424,846)
Taxes	0	0
Net loss	$ (5,633,345)	$ (1,424,846)
Net loss per share (in USD per share)	$ (0.06)	$ (0.02)
Weighted average number of shares basic and diluted (in shares)	91,272,582	77,818,157

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Shareholders' Equity (Deficit) (Unaudited) - 3 months ended Mar. 31, 2016 - USD ($)	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning Balance at Dec. 31, 2015	$ 21,720,296	$ 9,031	$ 95,849,005	$ (74,137,740)
Beginning balance (in shares) at Dec. 31, 2015		90,310,149
Common stock issued through controlled equity offering at an average of $0.23 per share	215,691	$ 142	215,549
Common stock issued through controlled equity offering at an average of $0.23 per share (in shares)		1,417,648
Stock based compensation	227,435		227,435
Net loss	(5,633,345)			(5,633,345)
Ending Balance at Mar. 31, 2016	$ 16,530,077	$ 9,173	$ 96,291,989	$ (79,771,085)
Ending Balance (in shares) at Mar. 31, 2016		91,727,797

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Shareholders' Equity (Deficit) (Parenthetical)	Mar. 31, 2016$ / shares
Offer and Sale
Common stock issued through controlled equity offering (in USD per share)	$ 0.23

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net loss	$ (5,633,345)	$ (1,424,846)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	20,370	6,693
Change in fair value of warrant liability	(481,011)	(1,761,956)
Financing expense	14,636	88,939
Stock-based compensation	227,435	205,829
Accrued interest on CIRM award	264,827	0
Changes in assets and liabilities:
Other assets	185,052	(360,859)
Supplies for clinical trials	(356,182)	0
Deposits	413,402	0
Accounts payable	(249,821)	170,613
Accrued compensation and benefits	(575,079)	(186,951)
Accrued liabilities	818,795	213,552
Net cash used in operating activities	(5,350,921)	(3,048,986)
Cash flows from investing activities:
Purchase of property and equipment	(4,015)	(1,758)
Net cash used in investing activities	(4,015)	(1,758)
Cash flows from financing activities:
Proceeds from the issuance of common stock	264,668	0
Proceeds from issuance of common stock and warrants net of offering costs	0	14,599,627
Net cash provided by financing activities	264,668	14,599,627
Decrease in cash and cash equivalents	(5,090,268)	11,548,883
Cash and cash equivalents, beginning of period	22,604,481	23,222,296
Cash and cash equivalents, end of period	17,514,213	34,771,179
Supplemental cash flows disclosures:
Interest expense paid	0	0
Income taxes paid	0	0
Supplemental non-cash financing disclosures:
Deferred offering costs included in accounts payable	$ 8,593	$ 0

Nature of Organization (Planned

Nature of Organization (Planned Principal Operations Have Not Commenced)	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Organization (Planned Principal Operations Have Not Commenced)	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 has recently begun Phase 3 testing of its lead product candidate, ICT-107. 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 either secured a partner for the program or sufficient financial resources to complete 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 March 31, 2016 , the Company had an accumulated deficit of $79,771,085 . 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 March 31, 2016 and for the three month periods ended March 31, 2016 and 2015 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, 2015 have been derived from the Company’s audited financial statements included in its Form 10-K for the year ended December 31, 2015 filed with the Securities and Exchange Commission (SEC) on March 30, 2016. 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, 2015 . 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	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of presentation and going concern - The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. Since inception, the Company has been engaged in research and development activities and has not generated any cash flows from operations. Through March 31, 2016 , the Company has incurred accumulated losses of $79,771,085 and as of March 31, 2016 , the Company had $17,514,213 of cash. The Company expects that it will not have enough cash resources to fund the business for the next 12 months. Successful completion of the Company’s research and development activities, and its transition to attaining profitable operations, is dependent upon obtaining additional financing. Additional financing may not be available on acceptable terms or at all. If the Company issues additional equity securities to raise funds, the ownership percentage of existing stockholders would be reduced. New investors may demand rights, preferences or privileges senior to those of existing holders of common stock. If the Company cannot raise funds, it might be forced to make substantial reductions in the on-going clinical trials thereby damaging the Company's reputation in the biotech and medical communities, which could adversely affect the Company’s ability to implement its business plan and its viability. These factors raise substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustment that might result from the outcome of this uncertainty. The Company plans to improve its liquidity by obtaining additional financing through the issuance of financial instruments such as equity and warrants or through the receipt of grants and awards. 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 March 31, 2016 and December 31, 2015 , the Company had $10,440,750 and $21,818,229 , 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. Supplies - Supplies are stated at the lower of cost or market, with cost determined by the first-in, first-out basis and consist of items that will be used in the Company’s ongoing clinical trials. Management analyzes historical and prospective usage to estimate obsolescence and did not record any reserve for obsolescence during the three month periods ended March 31, 2016 and 2015. Additionally, management has estimated supply usage in the next twelve months to determine the balance sheet classification between current and non-current. 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 records the cost for all share-based payment transactions in the Company’s consolidated financial statements. Stock option grants issued to employees and officers and directors were valued using the Black-Scholes pricing model. Fair value was estimated at the date of grant using the following weighted average grant date assumptions: Three Months Ended Three Months Ended Risk-free interest rate 1.3 % 1.9 % Expected dividend yield None None Expected life 6.0 years 7.1 years Expected volatility 82.7 % 96.3 % Expected forfeitures — % — % 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 options. Consideration was given to the contractual terms of our stock-based awards, vesting schedules and expectations of future employee behavior. The expected volatility is based upon the historical volatility of the Company’s common stock. Forfeitures are accounted for when they occur. 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 March 31, 2016 , the Company had 111,751,950 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 March 31, 2016 and December 31, 2015 , 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 March 31, 2016 , 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. Reclassification - Certain prior year amounts included in the prior year consolidated financial statements have been reclassified to conform to the current year presentation. 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. 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 warrants. 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 36,322,254 shares and 40,160,947 shares at March 31, 2016 and 2015, 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 February 2016, the FASB issued ASU No. 2016-02, which requires lessees to recognize in the balance sheets, a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term (the lease asset). For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. This ASU is effective for fiscal years beginning after December 15, 2018. The adoption of this ASU is not expected to have a material impact on the Company’s consolidated results of operations, finance condition or liquidity. In March 2016, the FASB issued ASU No. 2016-09, which simplifies some of the rules relating to the accounting for stock options. Among other items, this update permits entities to account for stock option forfeitures when they occur unlike the current practice that requires estimation of forfeitures at the time off issuance. This ASU is effective for annual periods beginning after December 15, 2016, and early adoption is permitted. The Company has adopted this ASU, which has not had 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	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment consist of the following: March 31, 2016 December 31, 2015 Computers $ 70,961 $ 66,945 Research equipment 305,066 305,066 376,027 372,011 Accumulated depreciation (211,460 ) (191,089 ) $ 164,567 $ 180,922 Depreciation expense was $20,370 and $6,693 for the three months ended March 31, 2016 and 2015 , respectively.

Related-Party Transactions

Related-Party Transactions	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related-Party Transactions	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). On May 13, 2015, the Company entered into an Amended and Restated Exclusive License Agreement (the Amended License Agreement) with Cedars-Sinai. 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. The Company will be required to pay to Cedars-Sinai $1.0 million upon first commercial sale of the Company’s first product. 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. During the three months ended March 31, 2016, the Company incurred $100,000 of licensing fees to Cedars-Sinai. No licensing fees were incurred during the three months ended March 31, 2015. 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 . During the three months ended March 31, 2016 and 2015, the Company incurred research expenses of $0 and $40,200 respectively. As of March 31, 2016 , Cedars-Sinai was not performing any research activities on behalf of the Company.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Co mmitments and Contingencies SEC Investigation The Company has agreed in principle with the staff of the SEC on a proposed settlement framework related to an investigation principally of the Company's former Chief Executive Officer involving conduct between November 2011 and August 2012 regarding the publication of articles without disclosing that they were paid for by the Company or investor relations firms hired by the Company. The Company would consent to the entry of an administrative order requiring that it cease and desist from any future violations of Sections 5, 17(a), and 17(b) of the Securities Act of 1933, as amended, and Section 10(b) of the Securities Exchange Act of 1934, as amended, subject to approval by the Commissioners of the SEC, without admitting or denying any allegations. The proposed settlement also involves the adoption of certain corporate governance amendments to the Company's policies and practices, in particular as it relates to the retention of investor relations and public relations firms. The proposed settlement is contingent upon execution of a formal offer of settlement and approval by the Commissioners of the SEC, neither of which can be assured. Based upon the settlement framework with the staff of the SEC, the Company has not accrued and does not currently expect to accrue a liability related to this matter. However, any final settlement must be approved by the Commission. If the Commission does not approve the settlement, the Company may need to enter into further discussions with the SEC to resolve the investigated matters on different terms and conditions. As a result, there can be no assurance as to the final terms of any settlement including its financial impact or any future adjustment to the financial statements. Commitments 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. In addition to the vendors described below, the Company has deposits with other vendors. Sponsored Research Agreements In an effort to expand the Company’s intellectual property portfolio to use antigens to create personalized immunotherapies, the Company has entered into various intellectual property and research agreements. Those agreements are long-term in nature and are discussed below. Novella Clinical LLC On June 30, 2015, the Company entered into a Master Clinical Research Services Agreement with Novella Clinical LLC (Novella Clinical) to conduct the Phase 3 registration trial of IC T-107. Novella Clinical is a full-service, global clinical research organization providing clinical trial services to small and mid-sized oncology companies. Novella Clinical will supervise the trial in the United States, Europe and Canada and will recruit 414 patients with newly diagnosed glioblastoma. As of March 31, 2016 , the Company has deposits of $3,725,722 with Novella Clinical that will be applied against the final trial related invoices. Since the trial is not expected to be completed within the next twelve months, this amount is included in deposits and reflected as a non-current asset on the March 31, 2016 balance sheet. The Company may terminate this agreement upon 60 days ’ notice. ICON (formerly known as Aptiv Solutions) The Company has contracted with ICON to provide certain services related to the Company’s IC T-107 Phase 2 tri al. 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 Numb er 1 for the ICT-140 Phase 2 tri al 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 t o 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 Pr oject Agreement Numbe r 1to 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 I CT-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 tr ial that provides for payments of approximately $2.3 million until completion of the services described therein. Licensing Agreements 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. Effective August 7, 2015, the Company entered into a Second Amendment to the Exclusive License Agreement that amended certain sections of the License Agreement and further updated certain milestones. 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 c ertain peptides that are used in conjunction with the Company’s ICT-107 Phase 2trial 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. 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. 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 3manufacture of ICT-107 and Phase 1manufacture of ICT-121. P CT 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 leas t 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 bre ach. 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 $1.3 million and the potential bonus is approximately $450,000 . During the three months ended March 31, 2016 , the Company issued an aggregate of 825,000 stock options to its management at a weighted average exercise price of $0.33 that vest over a period of 4 years . Additionally, during the three months ended March 31, 2016 , the Company issued 285,000 restricted shares of the Company’s common stock that will vest in March 2018. 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 $27,000 and $25,000 for the three months ended March 31, 2016 and 2015 , respectively. Subsequent to March 31, 2016 , the Company extended this lease through August 31, 2017 , at a monthly rental of $8,554 . Future minimum rentals under the operating lease, including the lease extension, are as follows: Years ending December 31, Amount 2016 $ 76,986 2017 68,432 Total $ 145,418

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Shareholders' Equity	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 Sales Agreement (the Sales Agreement) with Cantor Fitzgerald & Co. (Cantor), as agent, pursuant to which the Company may offer from time to time through Cantor, shares of our common stock having an aggregate offering price of up to $25.0 million (of which only $17.0 million was initially registered for offer and sale). Under the Sales Agreement, Cantor may sell shares by any method permitted by law and deemed to be an “at-the-market” offering as defined in Rule 415 promulgated under the Securities Act, as amended, including sales made directly on the NYSE MKT, on any other existing trading market for our common stock or to or through a market maker. The Company may instruct Cantor not to sell shares if the sales cannot be effected at or above the price designated by us from time to time. The Company is not obligated to make any sales of the shares under the Sales Agreement. The offering of shares pursuant to the Sales Agreement will terminate upon the earlier of (a) the sale of all of the shares subject to the Sales Agreement or (b) the termination of the Sales Agreement by Cantor or the Company, as permitted therein. Cantor will receive a commission rate of 3.0% of the aggregate gross proceeds from each sale of shares and the Company has agreed to provide Cantor with customary indemnification and contribution rights. The Company will also reimburse Cantor for certain specified expenses in connection with entering into the Sales Agreement. On April 22, 2013, NYSE MKT approved the listing of 10,593,220 shares of our common stock in connection with the Sales Agreement. As of September 21, 2015, the registration statement previously filed with the SEC to facilitate the sale of registered shares of the Company's common stock under the Controlled Equity Offering expired. The Company filed a new registration statement with the SEC that was declared effective on January 19, 2016 to facilitate the sale of additional shares under the Controlled Equity Offering. Under the terms of the prospectus, the Company may sell up to $15,081,494 of the Company’s common stock through the aforementioned Controlled Equity Offering. Pursuant to Instruction I.B.6 to Form S-3 (the Baby Shelf Rules), the Company may not sell more than the equivalent of one-third of its public float during any 12 consecutive months so long as the Company's public float is less than $75 million . During the three months ended March 31, 2016 , the Company sold 1,417,648 shares of common stock that resulted in net proceeds of $264,668 , of which $48,977 represented the recovery of deferred offering costs that had been incurred as of December 31, 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, which was subsequently increased by the Company's shareholders to 12,000,000 shares. Options to purchase 4,636,479 common shares have been granted under the Plan and are outstanding as of March 31, 2016 . Additionally, 260,000 shares of restricted common stock have been granted to management and 40,000 shares of restricted common stock have been granted to members of the Company’s Board of Directors under the Plan. This plan expired in January 2016. On March 11, 2016, the Company's Board of Directors adopted the 2016 Equity Incentive Plan (the 2016 Plan) and reserved 10,000,000 shares of common stock for issuance under the 2016 Plan. The 2016 Plan is subject to approval by the Company's stockholders at its 2016 Annual Meeting of Stockholders. The Company’s Board of Directors approved the granting of 1,082,000 stock options and 314,500 restricted stock units, subject to shareholder approval of the 2016 Plan, to certain officers and employees on March 11, 2016. The options have an exercise price equal to the closing stock price on March 11, 2016 of $0.33 . The stock options vest over a period of four years and the restricted stock units vest over a period of two years . The following table summarizes stock option activity for the Company during the three months ended March 31, 2016 : Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding December 31, 2015 10,719,904 $ 1.18 — — Granted 1,082,000 $ 0.33 — — Exercised — $ — — — Forfeited or expired — $ — — — Outstanding March 31, 2016 11,801,904 $ 1.11 3.58 $ — Vested at March 31, 2016 8,518,159 $ 1.23 1.66 $ — As of March 31, 2016 , the total unrecognized compensation cost related to unvested stock options amounted to $1.8 million , which will be recognized over the weighted average remaining requisite service period of approximately 15 months . On March 11, 2016, the Company issued an aggregate of 314,500 restricted stock units to certain officers and employees. The shares will be fully vested on March 10, 2018. For accounting purposes, these shares were valued at $0.33 , 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. On May 16, 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 2,818,675 shares of the Company’s common stock at $2.25 per share. The warrants had a five -year term from the date of issuance and contained a provision that provided 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 proportionately increased to 2,854,196 to reflect the issuances pursuant to the Company’s Controlled Equity Offering SM . During the quarter ended March 31, 2015 , the exercise price was further adjusted to $1.84 and the number of warrants outstanding was proportionately increased to 2,869,696 to reflect the issuances pursuant to the Company’s Controlled Equity Offering SM . During the quarter ended December 31, 2015 , the exercise price was further adjusted to $1.79 and the number of warrants outstanding was proportionately increased to 2,949,845 to reflect the issuances pursuant to the Company’s Controlled Equity Offering SM . As a result of the February 2015 underwritten public offering, the exercise price of the warrants was further adjusted to $1.44 and the number of warrants was proportionately increased to 3,666,836 . On February 24, 2016, the remaining warrants to purchase 3,666,836 shares of the Company's common stock expired (See “Warrant Liability” below). 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 March 31, 2016 , warrants to purchase 1,418,575 shares of the Company’s common stock remain outstanding relating to this public offering. 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 March 31, 2016 , warrants to purchase 4,446,775 shares of the Company’s common stock remain outstanding relating to this public offering. 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. During the quarter ended March 31, 2016, the exercise price was adjusted to $0.65 to reflect the issuances pursuant to the Company's controlled equity offering and recorded a charge to financing expense of $14,636 . As of March 31, 2016 , 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 March 31, 2016 , the price per share of Company’s common stock was $0.29 per share compared to $0.36 per share at December 31, 2015. In connection with the sale of Preferred Stock in May 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 March 31, 2015 , the Company recorded a credit to other income of $7,746 . The remaining warrants expired during the three months ended June 30, 2015. 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 and shares sold through the Company's Controlled Equity Offering during 2014, the exercise price of the warrants was adjusted to $1.79 and the number of warrants was proportionately increased to 2,949,867 , net of exercises. As of result of the Company’s February 2015 underwritten public offering, the exercise price of the warrants was adjusted to $1.44 and the number of warrants was proportionately increased to 3,666,836 . The warrant liability is adjusted to fair value each reporting period, and any change in value is recognized in the statement of operations. The Company initially valued these warrants using a binomial lattice simulation model assuming (i) dividend yield of 0% ; (ii) expected volatility of 146% ; (iii) risk free rate of 1.96% and (iv) expected term of 5 years . Based upon those calculations, the Company calculated the initial valuation of the warrants to be $2,476,790 . For the three months ended March 31, 2015 , the Company recorded a credit to other income of $634,910 . The remaining warrants expired on February 24, 2016. The Company did not record a credit or charge to other income during the three months ended March 31, 2016 . 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 . For the three months ended March 31, 2015, the Company recorded a credit to other income of $1,119,300 . As of March 31, 2016 , the Company revalued the warrants using the binomial lattice simulation model assuming (i) dividend yield of 0% ; (ii) expected volatility of 89% ; (iii) risk free rate of 1.02% and (iv) expected term of 3.86 years . For the three months ended March 31, 2016 , the Company recorded a credit to other income of $481,011 . As of March 31, 2016 , the carrying value of the warrant liability is $1,492,400 . 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 March 31, 2016 and 2015 : March 31, 2016 March 31, 2015 Balance – January 1 $ 1,958,775 $ 597,719 Issuance of warrants and effect of repricing 14,636 4,286,314 Exercise of warrants — — (Gain) or loss included in earnings (481,011 ) (1,761,956 ) Transfers in and out/or out of Level 3 — — Balance – March 31 $ 1,492,400 $ 3,122,077 Additionally , during the three months ended March 31, 2016 and 2015 , the Company recorded a charge to financing expense of $14,636 and $88,939 , respectively, to reflect the repricing of previously issued warrants .

California Institute of Regener

California Institute of Regenerative Medicine Award	3 Months Ended
	Mar. 31, 2016
Collaborative Arrangement [Abstract]
California Institute of Regenerative Medicine Award	California Institute of Regenerative Medicine Award On September 18, 2015 the Company received an award in the amount of $19.9 million from the California Institute of Regenerative Medicine (CIRM) to partially fund the Company’s Phase 3 trial of ICT-107. The award provided for a $4 million project initial payment that was received during the fourth quarter of 2015, and up to $15.9 million in future milestone payments that are primarily dependent on patient randomization in the ICT-107 Phase 3 trial. Under the terms of the CIRM award, the Company is obligated to share future ICT-107 related revenue with CIRM. The percentage of revenue sharing is dependent on the amount of the award received by the Company and whether the revenue is from product sales or license fees. The maximum revenue sharing amount the Company may be required to pay to CIRM is equal to nine (9) times the total amount awarded and paid to the Company. The Company has the option to decline any and all amounts awarded by CIRM. As an alternative to revenue sharing, the Company has the option to convert the award to a loan, which such option the Company must exercise on or before ten (10) business days after the FDA notifies the Company that it has accepted the Company’s application for marketing authorization. In the event the Company exercises it right to convert the award to a loan, it will be obligated to repay the loan within ten (10) business days of making such election, including interest at the rate of the three-month LIBOR rate ( 0.62% as of March 31, 2016 ) plus 25% per annum. Since the Company may be required to repay some or all of the amounts awarded by CIRM, the Company accounts for this award as a liability rather than revenue. If the Company was to lose this funding, it may be required to delay, postpone, or cancel its clinical trials or otherwise reduce or curtail its operations unless it is able to obtain adequate financing for its clinical trials from additional sources. During the three months ended March 31, 2016 , the Company did not receive any award proceeds and it accrued interest expense of $264,827 , which is included in the CIRM liability on the balance sheet.

401(K) Profit Sharing Plan

401(K) Profit Sharing Plan	3 Months Ended
	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
401(k) Profit Sharing Plan	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 months ended March 31, 2016 or March 31, 2015 .

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	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: March 31, 2016 March 31, 2015 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 3 % (2 )% Change in valuation allowance for deferred tax assets 37 % 42 % Total — % — % Deferred taxes consisted of the following: March 31, 2016 December 31, 2015 Net operating loss carryforwards $ 22,439,204 $ 16,302,000 Stock-based compensation 2,690,282 2,191,000 Less valuation allowance (25,129,486 ) (18,493,000 ) Net deferred tax asset $ — $ — The valuation allowance increased by $2,439,142 and $883,062 during the three months ended March 31, 2016 and 2015 respectively. As of December 31, 2015 , the Company had federal and California income tax net operating loss carry forwards of approximately $50.1 million , and as of March 31, 2016 , management has estimated federal and California income tax net operating loss carry forwards of approximately $56.1 million . These federal and California 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	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent to March 31, 2016 , the Company sold 1,494,401 shares of its common stock under the Controlled Equity Offering, which resulted in net proceeds of approximately $401,018 . Aggregate gross sales for additional common stock of approximately $14,300,000 remain available under the Sales Agreement. Subsequent to March 31, 2016, the Company extended its lease on its corporate headquarters through August 31, 2017 at a monthly rental of $8,554 .

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Liquidity	The Company expects that it will not have enough cash resources to fund the business for the next 12 months. Successful completion of the Company’s research and development activities, and its transition to attaining profitable operations, is dependent upon obtaining additional financing. Additional financing may not be available on acceptable terms or at all. If the Company issues additional equity securities to raise funds, the ownership percentage of existing stockholders would be reduced. New investors may demand rights, preferences or privileges senior to those of existing holders of common stock. If the Company cannot raise funds, it might be forced to make substantial reductions in the on-going clinical trials thereby damaging the Company's reputation in the biotech and medical communities, which could adversely affect the Company’s ability to implement its business plan and its viability. These factors raise substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustment that might result from the outcome of this uncertainty. The Company plans to improve its liquidity by obtaining additional financing through the issuance of financial instruments such as equity and warrants or through the receipt of grants and awards.
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 March 31, 2016 and December 31, 2015 , the Company had $10,440,750 and $21,818,229 , 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.
Supplies	Supplies - Supplies are stated at the lower of cost or market, with cost determined by the first-in, first-out basis and consist of items that will be used in the Company’s ongoing clinical trials. Management analyzes historical and prospective usage to estimate obsolescence and did not record any reserve for obsolescence during the three month periods ended March 31, 2016 and 2015. Additionally, management has estimated supply usage in the next twelve months to determine the balance sheet classification between current and non-current.
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 records the cost for all share-based payment transactions in the Company’s consolidated financial statements. Stock option grants issued to employees and officers and directors were valued using the Black-Scholes pricing model. 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 options. Consideration was given to the contractual terms of our stock-based awards, vesting schedules and expectations of future employee behavior. The expected volatility is based upon the historical volatility of the Company’s common stock. Forfeitures are accounted for when they occur. 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. 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.
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 March 31, 2016 and December 31, 2015 , 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 March 31, 2016 , 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.
Reclassification	Reclassification - Certain prior year amounts included in the prior year consolidated financial statements have been reclassified to conform to the current year presentation.
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 warrants.
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 36,322,254 shares and 40,160,947 shares at March 31, 2016 and 2015, 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 February 2016, the FASB issued ASU No. 2016-02, which requires lessees to recognize in the balance sheets, a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term (the lease asset). For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. This ASU is effective for fiscal years beginning after December 15, 2018. The adoption of this ASU is not expected to have a material impact on the Company’s consolidated results of operations, finance condition or liquidity. In March 2016, the FASB issued ASU No. 2016-09, which simplifies some of the rules relating to the accounting for stock options. Among other items, this update permits entities to account for stock option forfeitures when they occur unlike the current practice that requires estimation of forfeitures at the time off issuance. This ASU is effective for annual periods beginning after December 15, 2016, and early adoption is permitted. The Company has adopted this ASU, which has not had 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.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Schedule of Weighted Average Grant Assumptions	Fair value was estimated at the date of grant using the following weighted average grant date assumptions: Three Months Ended Three Months Ended Risk-free interest rate 1.3 % 1.9 % Expected dividend yield None None Expected life 6.0 years 7.1 years Expected volatility 82.7 % 96.3 % Expected forfeitures — % — %

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consist of the following: March 31, 2016 December 31, 2015 Computers $ 70,961 $ 66,945 Research equipment 305,066 305,066 376,027 372,011 Accumulated depreciation (211,460 ) (191,089 ) $ 164,567 $ 180,922

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Future Minimum Rentals Under Operating Lease	Future minimum rentals under the operating lease, including the lease extension, are as follows: Years ending December 31, Amount 2016 $ 76,986 2017 68,432 Total $ 145,418

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Summary of Stock Option Activity	The following table summarizes stock option activity for the Company during the three months ended March 31, 2016 : Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding December 31, 2015 10,719,904 $ 1.18 — — Granted 1,082,000 $ 0.33 — — Exercised — $ — — — Forfeited or expired — $ — — — Outstanding March 31, 2016 11,801,904 $ 1.11 3.58 $ — Vested at March 31, 2016 8,518,159 $ 1.23 1.66 $ —
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 March 31, 2016 and 2015 : March 31, 2016 March 31, 2015 Balance – January 1 $ 1,958,775 $ 597,719 Issuance of warrants and effect of repricing 14,636 4,286,314 Exercise of warrants — — (Gain) or loss included in earnings (481,011 ) (1,761,956 ) Transfers in and out/or out of Level 3 — — Balance – March 31 $ 1,492,400 $ 3,122,077

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Summary of the Application of the Income Tax Rate	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: March 31, 2016 March 31, 2015 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 3 % (2 )% Change in valuation allowance for deferred tax assets 37 % 42 % Total — % — %
Components of Deferred Tax Asset	Deferred taxes consisted of the following: March 31, 2016 December 31, 2015 Net operating loss carryforwards $ 22,439,204 $ 16,302,000 Stock-based compensation 2,690,282 2,191,000 Less valuation allowance (25,129,486 ) (18,493,000 ) Net deferred tax asset $ — $ —

Nature of Organization (Details

Nature of Organization (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deficit accumulated during the development stage	$ (79,771,085)	$ (74,137,740)

Summary of Significant Accoun25

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Disclosure Summary Of Significant Accounting Policies Additional Information Detail [Line Items]
Accumulated deficit	$ (79,771,085)		$ (74,137,740)
Cash and cash equivalents	17,514,213	$ 34,771,179	22,604,481	$ 23,222,296
Certificates of deposit	$ 10,440,750		$ 21,818,229
Shares authorized but unissued common stock	111,751,950
Tax benefit attributed to the stock-based compensation expense	$ 0
Unrecognized tax benefits	0
Liability, interest, or penalties related to unrecognized tax benefits	$ 0
Shares excluded from the computation of diluted net loss per share	36,322,254	40,160,947
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 Accoun26

Summary of Significant Accounting Policies - Weighted average grant assumptions (Details)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Schedule of stock options grants
Risk-free interest rate	1.30%	1.90%
Expected dividend yield	0.00%	0.00%
Expected life	6 years	7 years 1 month
Expected volatility	82.70%	96.30%
Expected forfeitures	0.00%	0.00%

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Components of Property and Equipment
Property and equipment, gross	$ 376,027		$ 372,011
Accumulated depreciation	(211,460)		(191,089)
Property and equipment, net	164,567		180,922
Depreciation expense	20,370	$ 6,693
Computers
Components of Property and Equipment
Property and equipment, gross	70,961		66,945
Research equipment
Components of Property and Equipment
Property and equipment, gross	$ 305,066		$ 305,066

Related-Party Transactions (Det

Related-Party Transactions (Details) - USD ($)	Mar. 19, 2014	Mar. 31, 2016	Mar. 31, 2015
Related Party Transaction [Line Items]
Incurred research expenses		$ 4,737,575	$ 2,065,225
Affiliated Entity | Cedar Sinai | Amended License Agreement
Related Party Transaction [Line Items]
Required payment after first commercial sale of product		1,000,000
Incurred licensing fees		100,000	0
Affiliated Entity | Cedar Sinai | Research and Development Arrangement
Related Party Transaction [Line Items]
Payments for research agreements	$ 1,200,000
Incurred research expenses	$ 126,237	$ 0	$ 40,200

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	Mar. 11, 2016shares	Jun. 30, 2015patient	May. 06, 2014USD ($)	May. 13, 2016USD ($)	Mar. 31, 2016USD ($)$ / sharesshares	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Aug. 21, 2014USD ($)	Jul. 17, 2014USD ($)	Sep. 17, 2013USD ($)
Commitments And Contingencies [Line Items]
Deposits for clinical trial services					$ 3,762,878		$ 4,176,280
Discretionary cash bonus					$ 0	$ 0
Options, Granted (in shares) | shares	1,082,000				1,082,000
Exercise option price (in USD per share) | $ / shares					$ 0.33
Lease monthly rent					$ 8,063
Percentage of annual increase of monthly base rent					3.00%
Operating lease rent expense					$ 27,000	$ 25,000
Novella Clinical
Commitments And Contingencies [Line Items]
Number of patients | patient		414
Deposits for clinical trial services					$ 3,725,722
Termination notice period					60 days
ICON
Commitments And Contingencies [Line Items]
Estimated payments for services								$ 3,500,000	$ 2,300,000	$ 2,700,000
Service fee, amendments and aggregate			$ 170,004
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					$ 1,300,000
Discretionary cash bonus					$ 450,000
Options, Granted (in shares) | shares					825,000
Exercise option price (in USD per share) | $ / shares					$ 0.33
Stock options, vesting period					4 years
Restricted shares issued by the company (in shares) | shares					285,000
Subsequent Event
Commitments And Contingencies [Line Items]
Rent expense, monthly amount				$ 8,554

Commitments and Contingencies30

Commitments and Contingencies - Future Minimum Rentals Under Operating Lease (Details)	Mar. 31, 2016USD ($)
Future Minimum Rentals Under the Operating Lease
2,016	$ 76,986
2,017	68,432
Total	$ 145,418

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details) - USD ($)

Mar. 11, 2016

Apr. 22, 2013

Apr. 18, 2013

Feb. 28, 2015

Oct. 31, 2012

Jan. 31, 2012

Feb. 28, 2011

May. 31, 2010

Mar. 31, 2016

Dec. 31, 2015

Mar. 31, 2015

Jun. 30, 2014

Dec. 31, 2011

Dec. 31, 2010

Jan. 19, 2016

May. 16, 2015

Dec. 31, 2014

Sep. 30, 2013

Feb. 28, 2005

Class Of Stock [Line Items]

Proceeds from the common stock private placement

$ 14,500,000

Sale of common stock and warrants (in shares)

26,650,000

Exercise price of warrants (in USD per share)

$ 1.44

$ 1.87

$ 0.65

$ 1.79

$ 1.84

$ 1.85

$ 1.79

Common stock and warrants issued for cash per share (in USD per share)

$ 0.60

Common stock aggregate offering price

$ 9,173

$ 9,031

Commission rate

3.00%

Percentage of fair market value of common stock

not be less than 100%

Percentage of fair market value of common stock (in percent)

100.00%

Percentage of common stock voting rights held

more than 10%

Percentage of common stock voting rights held (in percent)

10.00%

Minimum percentage of fair market value of common stock

less than 110%

Minimum percentage of fair market value of common stock (in percent)

110.00%

Maximum exercisable period of options

10 years

Common stock, shares authorized under the plan (in shares)

12,000,000

6,000,000

Stock granted during period (in shares)

260,000

Common stock reserved for issuance (in shares)

10,000,000

Common stock, shares granted and outstanding (in shares)

11,801,904

10,719,904

Unrecognized compensation cost related to unvested stock options

$ 1,800,000

Weighted-average remaining requisite service period

15 months

Options issued by the company (in shares)

1,082,000

1,082,000

Shares issued (in USD per share)

$ 0.33

Warrants exercisable period after initial issuance

5 years

5 years

5 years

Number of warrants outstanding increased net of exercises (in shares)

3,666,836

2,949,845

2,869,696

2,854,196

Warrants to purchase common stock (in shares)

2,823,670

3,666,836

2,949,867

Initial valuation of warrants

$ 2,476,790

Warrant liability carrying value

1,492,400

$ 1,958,775

$ 3,122,077

$ 597,719

Valuation of warrants

$ 4,197,375

Common stock authorized for sale

$ 15,081,494

Stock offering, maximum public float

$ 75,000,000

Proceeds from the issuance of common stock

264,668

0

Recovery of deferred offering costs

48,977

Financing expense

$ 14,636

88,939

February 2,011

Class Of Stock [Line Items]

Proceeds from the common stock private placement

$ 2,476,790

Other Income

634,910

February 2011 | Warranty Obligations

Class Of Stock [Line Items]

Exercise price of warrants (in USD per share)

$ 2.25

February 2011 | Binomial Simulation | Scenario, Previously Reported

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]

Warrants to purchase common stock (in shares)

1,418,575

October

Class Of Stock [Line Items]

Exercise price of warrants (in USD per share)

$ 2.65

Warrants exercisable period after initial issuance

5 years

Warrants to purchase common stock (in shares)

4,446,775

February 2,015

Class Of Stock [Line Items]

Warrants exercisable period after initial issuance

5 years

Warrants to purchase common stock (in shares)

18,655,000

Dividend yield rate

0.00%

0.00%

Expected volatility rate

97.00%

89.00%

Risk-free interest rate

1.53%

1.02%

Contractual life

5 years

3 years 10 months 8 days

Other Income

$ 481,011

1,119,300

Warrant liability carrying value

$ 1,492,400

Board of Directors

Class Of Stock [Line Items]

Stock granted during period (in shares)

40,000

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 (in shares)

4,636,479

Restricted Stock Units (RSUs)

Class Of Stock [Line Items]

Stock granted during period (in shares)

314,500

Stock options, vesting period

2 years

Employee Stock Option

Class Of Stock [Line Items]

Stock options, vesting period

4 years

Maximum | February 2011

Class Of Stock [Line Items]

Exercise price of warrants (in USD per share)

$ 1.55

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 (in shares)

18,655,000

4,500,000

4,744,718

Private Placement | Warranty Obligations

Class Of Stock [Line Items]

Purchase of common stock (in shares)

2,818,675

Public Offering

Class Of Stock [Line Items]

Common stock issued (in shares)

10,593,220

2015 Underwritten Public Offering

Class Of Stock [Line Items]

Exercise price of warrants (in USD per share)

$ 0.66

Common Stock

Class Of Stock [Line Items]

Exercise price of warrants (in USD per share)

$ 0.66

$ 1.41

$ 0.29

$ 0.36

Common stock issued (in shares)

1,417,648

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 (in USD per share)

$ 2.25

Warrant | Private Placement

Class Of Stock [Line Items]

Purchase of common stock (in shares)

2,818,675

Preferred Stock

Class Of Stock [Line Items]

Exercise price of warrants (in USD per share)

$ 2.50

Proceeds from issuance of warrants

$ 5,710,500

Preferred Stock | May

Class Of Stock [Line Items]

Exercise price of warrants (in USD per share)

$ 2.50

$ 2.50

Common stock warrants expired (in shares)

1,290,996

Other Income

$ 7,746

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 | Private Placement

Class Of Stock [Line Items]

Purchase of common stock (in shares)

1,350,000

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Stock Option Activity (Details) - USD ($)	Mar. 11, 2016	Mar. 31, 2016
Options [Roll Forward]
Options outstanding, Beginning Balance		10,719,904
Options, Granted (in shares)	1,082,000	1,082,000
Options, Exercised (in shares)		0
Options, Forfeited or expired (in shares)		0
Options outstanding, Ending Balance		11,801,904
Weighted Average Exercise Price [Abstract]
Weighted Average Exercise Price, Outstanding, Beginning Balance		$ 1.18
Weighted Average Exercise Price, Granted (in USD per share)		0.33
Weighted Average Exercise Price, Exercised (in USD per share)		0
Weighted Average Exercise Price, Forfeited or expired (in USD per share)		0
Weighted Average Exercise Price, Outstanding, Ending Balance		$ 1.11
Share-based Compensation Additional Disclosures [Abstract]
Weighted Average Remaining Contractual Term, Outstanding		3 years 7 months
Aggregate Intrinsic Value, Outstanding		$ 0
Options Vested and Expected to Vest [Abstract]
Options, Vested (in shares)		8,518,159
Weighted Average Exercise Price, Vested (in USD per share)		$ 1.23
Weighted Average Remaining Contractual Term, Vested		1 year 7 months 27 days
Aggregate Intrinsic Value, Vested		$ 0

Shareholders' Equity - Summar33

Shareholders' Equity - Summary of Carrying Value of Warrant Liability (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Warrants and Rights Note Disclosure [Abstract]
Beginning Balance	$ 1,958,775	$ 597,719
Issuance of warrants and effect of repricing	14,636	4,286,314
Exercise of warrants	0	0
(Gain) or loss included in earnings	(481,011)	(1,761,956)
Transfers in and out/or out of Level 3	0	0
Ending Balance	$ 1,492,400	$ 3,122,077

California Institute of Regen34

California Institute of Regenerative Medicine Award (Details) - California Institute of Regenerative Medicine - USD ($)	Sep. 18, 2015	Mar. 31, 2016
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Proceeds from award received for project	$ 19,900,000
Proceeds from project initiation payment		$ 4,000,000
Future milestone payments receivable		$ 15,900,000
Debt, description of variable rate basis		three-month LIBOR rate
Debt basis spread on variable rate		0.62%
Debt interest rate during period		25.00%
Interest Payable		$ 264,827

401(k) Profit Sharing Plan (Det

401(k) Profit Sharing Plan (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Discretionary cash bonus	$ 0	$ 0

Income Taxes - Application of t

Income Taxes - Application of the Income Tax Rate (Details)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
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	3.00%	(2.00%)
Change in valuation allowance for deferred tax assets	37.00%	42.00%
Total	0.00%	0.00%

Income Taxes - Components of De

Income Taxes - Components of Deferred Tax Asset (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Deferred Tax Asset
Net operating loss carryforwards	$ 22,439,204	$ 16,302,000
Stock-based compensation	2,690,282	2,191,000
Less valuation allowance	(25,129,486)	(18,493,000)
Net deferred tax asset	$ 0	$ 0

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Operating Loss Carryforwards [Line Items]
Increase (decrease) in valuation allowance	$ 2,439,142	$ 883,062
Intellectual Property
Operating Loss Carryforwards [Line Items]
Fair value of intellectual property				$ 11,000,000
Federal
Operating Loss Carryforwards [Line Items]
Income tax net operating loss carry forwards	56,100,000		$ 50,100,000
California
Operating Loss Carryforwards [Line Items]
Income tax net operating loss carry forwards	$ 56,100,000		$ 50,100,000

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	1 Months Ended	3 Months Ended
	May. 13, 2016	Mar. 31, 2016
Subsequent Event [Line Items]
Common stock issued through controlled equity offering		$ 215,691
Subsequent Event
Subsequent Event [Line Items]
Rent expense, monthly amount	$ 8,554
Controlled Equity Offering | Subsequent Event
Subsequent Event [Line Items]
Common stock issued (in shares)	1,494,401
Common stock issued through controlled equity offering	$ 401,000
Value of common stock available for sale under agreement	$ 14,300,000