Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 11, 2014 | |
Entity Registrant Name | 'GeoVax Labs, Inc. | ' |
Entity Central Index Key | '0000832489 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Common Stock, Shares Outstanding (in shares) | ' | 31,950,813 |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Current assets: | ' | ' |
Cash and cash equivalents | $862,191 | $2,513,861 |
Grant funds receivable | ' | 140,909 |
Prepaid expenses and other current assets | 64,200 | 43,569 |
Total current assets | 926,391 | 2,698,339 |
Property and equipment, net | 113,227 | 120,227 |
Total other assets | 13,510 | 21,010 |
Total assets | 1,053,128 | 2,839,576 |
Current liabilities: | ' | ' |
Accounts payable | 82,197 | 155,943 |
Accrued expenses | 8,279 | 96,406 |
Amounts payable to Emory University (a related party) | 79,757 | 60,000 |
Total current liabilities | 170,233 | 312,349 |
Commitments (Note 5) | ' | ' |
Common stock, $.001 par value: Authorized shares – 75,000,000 | ' | ' |
Issued and outstanding shares – 25,718,037 and 23,765,180 at September 30, 2014 and December 31, 2013, respectively | 25,718 | 23,765 |
Additional paid-in capital | 28,863,162 | 28,239,392 |
Deficit accumulated during the development stage | -28,862,055 | -27,052,085 |
Total stockholders’ equity | 882,895 | 2,527,227 |
Total liabilities and stockholders’ equity | 1,053,128 | 2,839,576 |
Series A Convertible Preferred Stock [Member] | ' | ' |
Preferred stock, $.01 par value: Authorized shares – 10,000,000 | ' | ' |
Series A convertible preferred stock, $1,000 stated value; -0- and 71 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively | ' | 60,586 |
Series B Convertible Preferred Stock [Member] | ' | ' |
Preferred stock, $.01 par value: Authorized shares – 10,000,000 | ' | ' |
Series A convertible preferred stock, $1,000 stated value; -0- and 71 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively | $856,070 | $1,255,569 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized (in shares) | 75,000,000 | 75,000,000 |
Common stock, shares issued (in shares) | 25,718,037 | 23,765,180 |
Common stock, shares outstanding (in shares) | 25,718,037 | 23,765,180 |
Series A Convertible Preferred Stock [Member] | ' | ' |
Preferred stock, par value (in dollars per share) | $1,000 | $1,000 |
Preferred stock, shares issued (in shares) | 0 | 71 |
Preferred stock, shares outstanding (in shares) | 0 | 71 |
Series B Convertible Preferred Stock [Member] | ' | ' |
Preferred stock, par value (in dollars per share) | $1,000 | $1,000 |
Preferred stock, shares issued (in shares) | 1,125 | 1,650 |
Preferred stock, shares outstanding (in shares) | 1,125 | 1,650 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Grant revenue | $322,086 | $1,004,211 | $659,867 | $2,242,812 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 425,498 | 879,104 | 1,344,560 | 2,314,291 |
General and administrative | 411,814 | 316,452 | 1,128,478 | 1,345,179 |
Total operating expenses | 837,312 | 1,195,556 | 2,473,038 | 3,659,470 |
Loss from operations | -515,226 | -191,345 | -1,813,171 | -1,416,658 |
Other income: | ' | ' | ' | ' |
Interest income | 711 | 1,197 | 3,201 | 3,429 |
Total other income | 711 | 1,197 | 3,201 | 3,429 |
Net loss | ($514,515) | ($190,148) | ($1,809,970) | ($1,413,229) |
Basic and diluted: | ' | ' | ' | ' |
Loss per common share (in dollars per share) | ($0.02) | ($0.01) | ($0.07) | ($0.07) |
Weighted averages shares outstanding (in shares) | 25,325,141 | 21,666,610 | 25,109,811 | 20,979,675 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Cash flows from operating activities: | ' | ' |
Net loss | ($1,809,970) | ($1,413,229) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 50,003 | 52,652 |
Stock-based compensation expense, including warrant modification expense and common stock issued for services | 165,638 | 354,769 |
Changes in assets and liabilities: | ' | ' |
Grant funds receivable | 140,909 | 241,234 |
Prepaid expenses and other current assets | -20,631 | -5,961 |
Accounts payable and accrued expenses | -142,116 | -101,505 |
Total adjustments | 193,803 | 541,189 |
Net cash used in operating activities | -1,616,167 | -872,040 |
Cash flows from investing activities: | ' | ' |
Purchase of property and equipment | -35,503 | -86,602 |
Net cash used in investing activities | -35,503 | -86,602 |
Cash flows from financing activities: | ' | ' |
Net proceeds from sale of common stock | ' | 1,643,333 |
Net cash provided by financing activities | ' | 1,643,333 |
Net increase (decrease) in cash and cash equivalents | -1,651,670 | 684,691 |
Cash and cash equivalents at beginning of period | 2,513,861 | 1,035,925 |
Cash and cash equivalents at end of period | $862,191 | $1,720,616 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) | 9 Months Ended |
Sep. 30, 2014 | |
Series A Convertible Preferred Stock [Member] | ' |
Series A Convertible Preferred Stock (in shares) | 71 |
Common stock conversion Series A Convertible Preferred Stock (in shares) | 202,857 |
Series B Convertible Preferred Stock [Member] | ' |
Series A Convertible Preferred Stock (in shares) | 525 |
Common stock conversion Series A Convertible Preferred Stock (in shares) | 1,500,000 |
Note_1_Description_of_Company_
Note 1 - Description of Company and Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Notes to Financial Statements | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
1. Description of Company and Basis of Presentation | |
GeoVax Labs, Inc. (“GeoVax” or the “Company”), is a clinical-stage biotechnology company developing innovative human vaccines using our novel DNA/MVA platform technology. Our primary focus is to develop vaccines that prevent and fight Human Immunodeficiency Virus (“HIV”) infections, and we have recently expanded our research and development efforts to include vaccines to prevent Ebola virus infection. We have exclusively licensed from Emory University (“Emory”) certain vaccine technology which was developed in collaboration with the National Institutes of Health (“NIH”) and the Centers for Disease Control and Prevention (“CDC”). GeoVax is incorporated under the laws of the State of Delaware and our principal offices are located in Smyrna, Georgia (metropolitan Atlanta area). Our goal is to build a profitable company by generating income from products we develop and commercialize, either alone or with one or more potential strategic partners. | |
Our most advanced vaccines under development address the clade B subtype of the HIV virus that is most prevalent in the United States and western Europe. Our preventive clade B HIV vaccine has successfully completed Phase 2a clinical trials and we are currently planning the next stage of human clinical testing. We are also planning clinical trials to evaluate our clade B HIV vaccine as an immunotherapy agent for individuals already infected with HIV. We have begun preclinical studies to develop HIV vaccine candidates for the clade C subtype of HIV prevalent in the developing world. Our Ebola vaccine development efforts have recently been initiated and we expect to begin preclinical animal studies during 2015, with the goal of beginning human clinical testing in 2016. | |
Our activities are subject to significant risks and uncertainties. We have neither received regulatory approval for any of our vaccine candidates, nor do we have any commercialization capabilities; therefore, it is possible that we may never successfully derive significant product revenues from any of our existing or future development programs or product candidates. | |
We have funded our activities to date from government grants and clinical trial assistance, and from sales of our equity securities. We believe that our existing cash resources, combined with the proceeds from the NIH grants discussed in Note 8 and the warrant exercises discussed in Note 10, will be sufficient to fund our operations into the second quarter of 2015. We will require additional funds to continue our planned operations beyond that date. We are currently seeking sources of non-dilutive capital through government grant programs and clinical trial support, and we also intend to conduct additional offerings of our equity securities. However, additional funding may not be available on favorable terms or at all and if we fail to obtain capital when needed, we may be required to delay, scale back, or eliminate some or all of our research and development programs as well as reduce our general and administrative expenses. | |
The accompanying condensed consolidated financial statements at September 30, 2014 and for the three month and nine month periods ended September 30, 2014 and 2013 are unaudited, but include all adjustments, consisting of normal recurring entries, which we believe to be necessary for a fair presentation of the dates and periods presented. Interim results are not necessarily indicative of results for a full year. The financial statements should be read in conjunction with our audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2013. We expect our operating results to fluctuate for the foreseeable future; therefore, period-to-period comparisons should not be relied upon as predictive of the results in future periods. | |
We disclosed in Note 2 to our financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2013 those accounting policies that we consider significant in determining our results of operations and financial position. There have been no material changes to, or in the application of, the accounting policies previously identified and described in the Form 10-K. |
Note_2_Recent_Accounting_Prono
Note 2 - Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2014 | |
Notes to Financial Statements | ' |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | ' |
2. Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2014-09, | |
Revenue from Contracts with Customers | |
(“ASU 2014-09”), which creates a new Topic, Accounting Standards Codification Topic 606. The standard is principle-based and provides a five-step model to determine when and how revenue is recognized. The core principle is that an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for the Company beginning in 2017 and allows for either full retrospective adoption or modified retrospective adoption. We are currently evaluating the impact of the adoption of ASU 2014-09 on our financial statements. | |
In June 2014, the FASB issued Accounting Standards Update 2014-10, | |
Development Stage Entities (Topic 915) | |
("ASU 2014-10") | |
. | |
The amendments in ASU 2014-10 remove the definition of a development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows, and shareholder’s equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. For public business entities, those amendments are effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. Early adoption is permitted. We have evaluated this accounting standard and determined it to have a material impact on our financial statements. We adopted ASU-2014-10 effective June 30, 2014 and the effects of the adoption are reflected in our financial statements and footnotes contained herein. | |
In August 2014, the FASB issued Accounting Standards Update 2014-15, | |
Presentation of Financial Statements – Going Concern | |
(“ASU 2014-15”), which requires management of all entities to evaluate whether there are conditions and events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the financial statements are issued, and to make certain disclosures if it concludes that substantial doubt exists or when its plans alleviate substantial doubt about the entity’s ability to continue as a going concern. ASU 2014-15 is effective for the Company for annual reporting periods beginning in 2016 and for interim reporting periods starting in the first quarter of 2017. We are currently evaluating the impact of the adoption of ASU 2014-15 on our financial statements. | |
There have been no other recent accounting pronouncements or changes in accounting pronouncements during the nine months ended September 30, 2014 which we expect to have a material impact on our financial statements. |
Note_3_Basic_and_Diluted_Loss_
Note 3 - Basic and Diluted Loss Per Common Share | 9 Months Ended |
Sep. 30, 2014 | |
Notes to Financial Statements | ' |
Earnings Per Share [Text Block] | ' |
3. Basic and Diluted Loss Per Common Share | |
Basic net loss per share is computed using the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed using the weighted-average number of common shares and potentially dilutive common share equivalents outstanding during the period. Potentially dilutive common share equivalents consist of convertible preferred stock, stock options and stock purchase warrants. Common share equivalents which potentially could dilute basic earnings per share in the future, and which were excluded from the computation of diluted loss per share, as the effect would be anti-dilutive, totaled approximately 12.5 million and 10.3 million shares at September 30, 2014 and 2013, respectively. |
Note_4_Balance_Sheet_Component
Note 4 - Balance Sheet Components | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Notes to Financial Statements | ' | ||||||||
Supplemental Balance Sheet Disclosures [Text Block] | ' | ||||||||
4. Balance Sheet Components | |||||||||
The tables below provide a breakdown of certain line items on the accompanying condensed consolidated balance sheets. | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Property and equipment: | |||||||||
Laboratory equipment | $ | 510,106 | $ | 474,603 | |||||
Leasehold improvements | 115,605 | 115,605 | |||||||
Other furniture, fixtures & equipment | 28,685 | 28,685 | |||||||
Total property and equipment | 654,396 | 618,893 | |||||||
Accumulated depreciation and amortization | (541,169 | ) | (498,666 | ) | |||||
Property and equipment, net | $ | 113,227 | $ | 120,227 | |||||
Other assets: | |||||||||
Technology licenses | $ | 248,855 | $ | 248,855 | |||||
Deposits | 11,010 | 11,010 | |||||||
Accumulated amortization – technology licenses | (246,355 | ) | (238,855 | ) | |||||
Total other assets | $ | 13,510 | $ | 21,010 |
Note_5_Commitments
Note 5 - Commitments | 9 Months Ended |
Sep. 30, 2014 | |
Notes to Financial Statements | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
5. Commitments | |
Lease Agreement | |
We lease approximately 8,400 square feet of office and laboratory space located in Smyrna, Georgia (metropolitan Atlanta). As of September 30, 2014, our future minimum lease payments pursuant to the 62 month operating lease total $32,710 for the remainder of 2014. | |
Other | |
Commitments | |
In the normal course of business, we may enter into various firm purchase commitments related to production and testing of our vaccines, conduct of our clinical trials, and other research-related activities. As of September 30, 2014, we had approximately $211,000 of unrecorded outstanding purchase commitments to our vendors and subcontractors, all of which we expect will be due in 2014. |
Note_6_Stockholders_Equity
Note 6 - Stockholders' Equity | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Notes to Financial Statements | ' | ||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||||||
6. Stockholders’ Equity | |||||||||
Preferred Stock Transactions | |||||||||
During the nine months ended September 30, 2014, we issued an aggregate of 202,857 and 1,500,000 shares of our common stock related to conversions of our Series A and Series B Convertible Preferred Stock, respectively. As of September 30, 2014, there are no shares of our Series A Convertible Preferred Stock outstanding, and 1,125 shares of our Series B Convertible Preferred Stock outstanding, convertible into 3,214,286 shares of our common stock. | |||||||||
Common Stock Transactions | |||||||||
In addition to common stock issued pursuant to the conversion of our Series A and Series B Convertible Preferred Stock described above, in July 2014, we issued 250,000 shares of our common stock for certain consulting services from a third party and recorded stock-based compensation expense of $50,000 related to the issuance. | |||||||||
Stock Options | |||||||||
We maintain a stock option plan that provides the Board of Directors broad discretion in creating equity incentives for employees, officers, directors and consultants. | |||||||||
The following table presents a summary of stock option transactions during the nine months ended September 30, 2014: | |||||||||
Number of Shares | Weighted Average | ||||||||
Exercise Price | |||||||||
Outstanding at December 31, 2013 | 1,197,044 | $ | 3.79 | ||||||
Granted | 7,500 | 0.29 | |||||||
Exercised | -- | -- | |||||||
Forfeited or expired | (231,444 | ) | 1.89 | ||||||
Outstanding at September 30, 2014 | 973,100 | $ | 4.22 | ||||||
Exercisable at September 30, 2014 | 616,594 | $ | 6.3 | ||||||
Stock Purchase Warrants | |||||||||
We have previously issued stock purchase warrants in connection with financing transactions and also in exchange for services from consultants and others. As of September 30, 2014, there are 8,284,826 stock purchase warrants outstanding, with a weighted average exercise price of $0.54. During October 2014, 3,176,000 of these warrants were exercised for cash (see Note 10). | |||||||||
Effective September 30, 2014, we reduced the exercise price of certain warrants to purchase an aggregate of 818,376 shares of our common stock from $16.50 to $1.00 per share, and extended the expiration date of the warrants from December 31, 2014 to December 31, 2016. We recorded general and administrative expense of $39,711 associated with these modifications, all of which was recognized during the three month period ended September 30, 2014. | |||||||||
Stock-Based Compensation Expense | |||||||||
During the three month and nine month periods ended September 30, 2014, we recorded share-based compensation expense related to stock options of $24,573 and $75,927, respectively, as compared to $33,348 and $116,600 for the three month and nine month periods ended September 30, 2013, respectively. Share-based compensation expense is recognized on a straight-line basis over the requisite service period for the award and is allocated to research and development expense or general and administrative expense based upon the related employee classification. As of September 30, 2014, there was $106,939 of unrecognized compensation expense related to stock options, which is expected to be recognized over a weighted average period of 1.7 years. | |||||||||
As discussed under “Stock Purchase Warrants” above, during the three month and nine month periods ended September 30, 2014, we recorded general and administrative expense associated with modifications to certain stock purchase warrants of $39,711. During the comparable periods of 2013, we recorded general and administrative expense associated with modifications to then-outstanding stock purchase warrants of $-0- and $238,169, respectively | |||||||||
. | |||||||||
As discussed under “Common Stock Transactions” above, during the three month and nine month periods ended September 30, 2014, we recorded general and administrative expense associated with the issuance of 250,000 shares of our common stock for consulting services of $50,000 | |||||||||
. | |||||||||
Common Stock Reserved | |||||||||
A summary of our common stock reserved for future issuance is as follows as of September 30, 2014: | |||||||||
Series B Convertible Preferred Stock (see Note 10) | 3,214,286 | ||||||||
Common Stock Purchase Warrants (see Note 10) | 8,284,826 | ||||||||
Equity Incentive Plans | 1,197,529 | ||||||||
Total | 12,696,641 |
Note_7_Income_Taxes
Note 7 - Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Notes to Financial Statements | ' |
Income Tax Disclosure [Text Block] | ' |
7. Income Taxes | |
Because of our historically significant net operating losses, we have not paid income taxes since inception. We maintain deferred tax assets that reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. These deferred tax assets are comprised primarily of net operating loss carryforwards and also include amounts relating to nonqualified stock options and research and development credits. The net deferred tax asset has been fully offset by a valuation allowance because of the uncertainty of our future profitability and our ability to utilize the deferred tax assets. Utilization of operating losses and credits may be subject to substantial annual limitations due to ownership change provisions of Section 382 of the Internal Revenue Code. The annual limitation may result in the expiration of net operating losses and credits before utilization. |
Note_8_Government_Grants
Note 8 - Government Grants | 9 Months Ended |
Sep. 30, 2014 | |
Notes to Financial Statements | ' |
Government Grants [Text Block] | ' |
8. Government Grants | |
In September 2007, the NIH awarded us an Integrated Preclinical/Clinical AIDS Vaccine Development (IPCAVD) grant to support our HIV/AIDS vaccine program. We have utilized this funding to further our HIV/AIDS vaccine development, optimization and production. The aggregate award (including subsequent amendments) totaled approximately $20.4 million and, as of September 30, 2014, there is approximately $215,000 of unused grant funds remaining and available for use. | |
In July 2013, the NIH awarded us a Small Business Innovative Research (SBIR) grant entitled “Enhancing Protective Antibody Responses for a GM-CSF Adjuvanted HIV Vaccine.” The initial grant award of approximately $277,000 was for the first year of a two year project period beginning August 1, 2013 and has been fully utilized. In July 2014, the NIH awarded us a grant of approximately $290,000 for the second year of the project period, and as of September 30, 2014, there is approximately $237,000 of unused grant funds remaining and available for use. | |
We record revenue associated with these grants as the related costs and expenses are incurred and such revenue is reported as a separate line item in our statements of operations. |
Note_9_Related_Party_Transacti
Note 9 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2014 | |
Notes to Financial Statements | ' |
Related Party Transactions Disclosure [Text Block] | ' |
9. Related Party Transactions | |
We are obligated to reimburse Emory University (a significant stockholder of the Company) for certain prior and ongoing costs in connection with the filing, prosecution and maintenance of patent applications subject to our technology license agreement from Emory. During the nine month period ended September 30, 2014, we recorded $135,150 of general and administrative expense associated with these patent cost reimbursements to Emory. |
Note_10_Subsequent_Events
Note 10 - Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Notes to Financial Statements | ' |
Subsequent Events [Text Block] | ' |
10. Subsequent Events | |
During October 2014, we issued 2,928,571 shares of our common stock related to conversions of our Series B Convertible Preferred Stock. Subsequent to these conversions, 100 shares of our Series B Convertible Preferred Stock remain outstanding, convertible into 285,715 shares of our common stock. | |
During October 2014, we entered into an agreement with certain holders of our Series A and Series C Common Stock Purchase Warrants (“Warrants”) with respect to the payment to them of a warrant exercise fee of $0.075 per share for each share purchased upon exercise of Warrants held by them. In exchange for the fee, they immediately exercised Warrants for an aggregate of 3,176,000 shares of our common stock, resulting in proceeds to us of $873,400 (net of the exercise fee). We reserved the right to revoke this warrant exercise fee arrangement as to any unexercised Warrants upon five business days’ notice. | |
In November 2014, we issued 128,205 shares of our common stock for certain consulting services from a third party and recorded stock-based compensation expense of $50,000 related to the issuance. |
Note_4_Balance_Sheet_Component1
Note 4 - Balance Sheet Components (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Notes Tables | ' | ||||||||
Schedule of Property Equipment and Other Assets [Table Text Block] | ' | ||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Property and equipment: | |||||||||
Laboratory equipment | $ | 510,106 | $ | 474,603 | |||||
Leasehold improvements | 115,605 | 115,605 | |||||||
Other furniture, fixtures & equipment | 28,685 | 28,685 | |||||||
Total property and equipment | 654,396 | 618,893 | |||||||
Accumulated depreciation and amortization | (541,169 | ) | (498,666 | ) | |||||
Property and equipment, net | $ | 113,227 | $ | 120,227 | |||||
Other assets: | |||||||||
Technology licenses | $ | 248,855 | $ | 248,855 | |||||
Deposits | 11,010 | 11,010 | |||||||
Accumulated amortization – technology licenses | (246,355 | ) | (238,855 | ) | |||||
Total other assets | $ | 13,510 | $ | 21,010 |
Note_6_Stockholders_Equity_Tab
Note 6 - Stockholders' Equity (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Notes Tables | ' | ||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | ' | ||||||||
Number of Shares | Weighted Average | ||||||||
Exercise Price | |||||||||
Outstanding at December 31, 2013 | 1,197,044 | $ | 3.79 | ||||||
Granted | 7,500 | 0.29 | |||||||
Exercised | -- | -- | |||||||
Forfeited or expired | (231,444 | ) | 1.89 | ||||||
Outstanding at September 30, 2014 | 973,100 | $ | 4.22 | ||||||
Exercisable at September 30, 2014 | 616,594 | $ | 6.3 | ||||||
Schedule of Common Stock Outstanding Roll Forward [Table Text Block] | ' | ||||||||
Series B Convertible Preferred Stock (see Note 10) | 3,214,286 | ||||||||
Common Stock Purchase Warrants (see Note 10) | 8,284,826 | ||||||||
Equity Incentive Plans | 1,197,529 | ||||||||
Total | 12,696,641 |
Note_3_Basic_and_Diluted_Loss_1
Note 3 - Basic and Diluted Loss Per Common Share (Details Textual) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 12.5 | 10.3 |
Note_4_Balance_Sheet_Component2
Note 4 - Balance Sheet Components - Property and Equipment, and Other Assets (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Property and equipment: | ' | ' |
Property and equipment | $654,396 | $618,893 |
Accumulated depreciation and amortization | -541,169 | -498,666 |
Property and equipment, net | 113,227 | 120,227 |
Other assets: | ' | ' |
Deposits | 11,010 | 11,010 |
Total other assets | 13,510 | 21,010 |
Leasehold Improvements [Member] | ' | ' |
Property and equipment: | ' | ' |
Property and equipment | 115,605 | 115,605 |
Laboratory Equipment [Member] | ' | ' |
Property and equipment: | ' | ' |
Property and equipment | 510,106 | 474,603 |
Other Furniture Fixtures And Equipment [Member] | ' | ' |
Property and equipment: | ' | ' |
Property and equipment | 28,685 | 28,685 |
Patented Technology [Member] | ' | ' |
Other assets: | ' | ' |
Technology licenses | 248,855 | 248,855 |
Accumulated amortization b technology licenses | ($246,355) | ($238,855) |
Note_5_Commitments_Details_Tex
Note 5 - Commitments (Details Textual) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
sqft | |
Area of Real Estate Property | 8,400 |
Operating Lease Term Of Lease | '5 years 60 days |
Operating Leases, Future Minimum Payments, Remainder of Fiscal Year | $32,710 |
Unrecorded Unconditional Purchase Obligation | $211,000 |
Note_6_Stockholders_Equity_Det
Note 6 - Stockholders' Equity (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Oct. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Oct. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 31, 2014 | Nov. 14, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Subsequent Event [Member] | Series A Convertible Preferred Stock [Member] | Series A Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Expense Associated with Warrant Modifications [Member] | Expense Associated with Warrant Modifications [Member] | Expense Associated with Warrant Modifications [Member] | Expense Associated with Warrant Modifications [Member] | Third Party Consulting Services [Member] | Third Party Consulting Services [Member] | Warrants with Modified Exercise Prices [Member] | Warrants with Modified Exercise Prices [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | |||||
Subsequent Event [Member] | Subsequent Event [Member] | Scenario, Previously Reported [Member] | ||||||||||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | ' | ' | ' | ' | ' | 202,857 | ' | 1,500,000 | ' | 2,928,571 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Outstanding | ' | ' | ' | ' | ' | 0 | 71 | 1,125 | 1,650 | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Preferred Stock, Total Shares Issued upon Conversion | ' | ' | ' | ' | ' | ' | ' | 3,214,286 | ' | 285,715 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Issued for Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | 128,205 | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50,000 | $50,000 | ' | ' | $24,573 | $33,348 | $75,927 | $116,600 |
Class of Warrant or Right, Outstanding | 8,284,826 | ' | 8,284,826 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 818,376 | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $0.54 | ' | $0.54 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 | $16.50 | ' | ' | ' | ' |
General and Administrative Expense | 411,814 | 316,452 | 1,128,478 | 1,345,179 | ' | ' | ' | ' | ' | ' | 39,711 | 0 | 39,711 | 238,169 | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $106,939 | ' | $106,939 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 255 days | ' |
Stock Issued During Period, Shares, Warrants Exercised | ' | ' | ' | ' | 3,176,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_6_Stockholders_Equity_Act
Note 6 - Stockholders' Equity - Activity of Stock Option Plan (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Outstanding at December 31, 2013 (in shares) | 1,197,044 |
Outstanding at December 31, 2013 (in dollars per share) | $3.79 |
Granted (in shares) | 7,500 |
Granted (in dollars per share) | $0.29 |
Forfeited or expired (in shares) | -231,444 |
Forfeited or expired (in dollars per share) | $1.89 |
Outstanding at September 30, 2014 (in shares) | 973,100 |
Outstanding at September 30, 2014 (in dollars per share) | $4.22 |
Exercisable at September 30, 2014 (in shares) | 616,594 |
Exercisable at September 30, 2014 (in dollars per share) | $6.30 |
Note_6_Stockholders_Equity_Com
Note 6 - Stockholders' Equity - Common Stock Reserved for Future Issuance (Details) | Sep. 30, 2014 |
12,696,641 | |
Warrant [Member] | ' |
8,284,826 | |
Equity Incentive Plans [Member] | ' |
1,197,529 | |
Series B Convertible Preferred Stock [Member] | ' |
3,214,286 |
Note_8_Government_Grants_Detai
Note 8 - Government Grants (Details Textual) (USD $) | 9 Months Ended | 1 Months Ended | ||
Sep. 30, 2014 | Jul. 31, 2014 | Jul. 31, 2013 | Sep. 30, 2014 | |
First N I H Grant [Member] | SBIR Grant [Member] | SBIR Grant [Member] | SBIR Grant [Member] | |
Grant Award | $20,400,000 | $290,000 | $277,000 | ' |
Unused Grant Funds | $215,000 | ' | ' | $237,000 |
Note_9_Related_Party_Transacti1
Note 9 - Related Party Transactions (Details Textual) (General and Administrative Expense [Member], Emory [Member], USD $) | 9 Months Ended |
Sep. 30, 2014 | |
General and Administrative Expense [Member] | Emory [Member] | ' |
Related Party Transaction, Expenses from Transactions with Related Party | $135,150 |
Note_10_Subsequent_Events_Deta
Note 10 - Subsequent Events (Details Textual) (USD $) | 1 Months Ended | 9 Months Ended | 1 Months Ended | 0 Months Ended | ||
Oct. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Oct. 31, 2014 | Jul. 31, 2014 | Nov. 14, 2014 | |
Subsequent Event [Member] | Series B Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Third Party Consulting Services [Member] | Third Party Consulting Services [Member] | |
Subsequent Event [Member] | Subsequent Event [Member] | |||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | ' | 1,500,000 | ' | 2,928,571 | ' | ' |
Preferred Stock, Shares Outstanding | ' | 1,125 | 1,650 | 100 | ' | ' |
Convertible Preferred Stock, Total Shares Issued upon Conversion | ' | 3,214,286 | ' | 285,715 | ' | ' |
Warrant Exercise Fee Per Share | $0.08 | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Warrants Exercised | 3,176,000 | ' | ' | ' | ' | ' |
Proceeds from Warrant Exercises | $873,400 | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Issued for Services | ' | ' | ' | ' | 250,000 | 128,205 |
Allocated Share-based Compensation Expense | ' | ' | ' | ' | $50,000 | $50,000 |