CASI Pharmaceuticals (CASI) 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. 06, 2016
Document Information [Line Items]
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
Entity Registrant Name	CASI Pharmaceuticals, Inc.
Entity Central Index Key	895,051
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	CASI
Entity Common Stock, Shares Outstanding		42,583,301

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 13,944,509	$ 5,131,114
Prepaid expenses and other	319,174	438,231
Total current assets	14,263,683	5,569,345
Property and equipment, net	222,824	218,796
Other assets	38,174	38,174
Total assets	14,524,681	5,826,315
Current liabilities:
Accounts payable	783,339	884,100
Accrued liabilities	158,099	169,464
Note payable, net of discount	1,471,975	0
Total current liabilities	2,413,413	1,053,564
Note payable, net of discount	0	1,464,970
Contingent rights derivative liability	7,474,676	9,395,222
Total liabilities	$ 9,888,089	$ 11,913,756
Commitments and contingencies
Stockholders’ equity (deficit):
Convertible preferred stock, $1.00 par value; 5,000,000 shares authorized and 0 shares issued and outstanding at March 31, 2016 and December 31, 2015	$ 0	$ 0
Common stock, $.01 par value: 170,000,000 shares authorized; 42,662,846 and 32,525,356 shares issued at March 31, 2016 and December 31, 2015, respectively	426,627	325,252
Additional paid-in capital	446,516,914	434,099,890
Treasury stock, at cost: 79,545 shares held	(8,034,244)	(8,034,244)
Accumulated deficit	(434,272,705)	(432,478,339)
Total stockholders’ equity (deficit)	4,636,592	(6,087,441)
Total liabilities and stockholders’ equity (deficit)	$ 14,524,681	$ 5,826,315

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets [Parenthetical] - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Convertible preferred stock, par value (in dollars per share)	$ 1	$ 1
Convertible preferred stock, shares authorized	5,000,000	5,000,000
Convertible preferred stock, shares issued	0	0
Convertible preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	170,000,000	170,000,000
Common stock, shares issued	42,662,846	32,525,356
Treasury stock, shares held	79,545	79,545

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Product sales	$ 0	$ 23,718
Costs and expenses:
Cost of product sales	0	6,259
Research and development	1,018,757	865,037
General and administrative	765,075	924,780
Costs and expenses	1,783,832	1,796,076
Interest expense, net	8,768	24,197
Change in fair value of contingent rights	1,766	6,798
Net loss	$ (1,794,366)	$ (1,803,353)
Net loss per share (basic and diluted)	$ (0.04)	$ (0.06)
Weighted average number of common shares outstanding (basic and diluted)	40,207,041	32,445,811

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (1,794,366)	$ (1,803,353)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	19,037	16,534
Gain on disposal of assets	(53,158)	0
Stock-based compensation expense	372,103	399,374
Non-cash interest	7,005	22,650
Change in fair value of contingent rights	1,766	6,798
Changes in operating assets and liabilities:
Accounts receivable	0	9
Prepaid expenses and other	119,057	(102,957)
Accounts payable	(100,761)	240,310
Accrued liabilities	(11,365)	10,902
Net cash used in operating activities	(1,440,682)	(1,209,733)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of furniture and equipment	93,757	0
Purchases of furniture and equipment	(63,664)	(1,051)
Net cash provided by (used in) investing activities	30,093	(1,051)
CASH FLOWS FROM FINANCING ACTIVITIES
Stock issuance costs	(57,971)	0
Proceeds from sale of common stock	10,281,955	0
Net cash provided by financing activities	10,223,984	0
Net increase (decrease) in cash and cash equivalents	8,813,395	(1,210,784)
Cash and cash equivalents at beginning of period	5,131,114	10,669,919
Cash and cash equivalents at end of period	13,944,509	9,459,135
Non-cash financing activity:
Partial settlement of contingent rights derivative	$ 1,922,312	$ 0

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting [Text Block]	1. Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of CASI Pharmaceuticals, Inc. and its subsidiaries (“CASI” or “the Company”), Miikana Therapeutics, Inc. (“Miikana”) and CASI Pharmaceuticals (Beijing) Co., Ltd. (“CASI China”). CASI China is a non-stock Chinese entity with 100 The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, such condensed consolidated financial statements do not include all of the information and disclosures required by U. S. generally accepted accounting principles for complete consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. The accompanying December 31, 2015 financial information was derived from the Company’s audited financial statements in the Annual Report on Form 10-K for the year ended December 31, 2015. Operating results for the three month period ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. For further information, refer to the Company’s audited consolidated financial statements and footnotes thereto included in its Form 10-K for the year ended December 31, 2015. Liquidity Risks and Management’s Plans Since inception, the Company has incurred significant losses from operations and has incurred an accumulated deficit of $ 434.3 25.1 10.3 14.8

License Arrangements and Acquis

License Arrangements and Acquisition of In-Process Research and Development	3 Months Ended
	Mar. 31, 2016
Research and Development [Abstract]
Research, Development, and Computer Software Disclosure [Text Block]	2. License Arrangements and Acquisition of In-Process Research and Development In September 2014, the Company acquired certain product rights and perpetual exclusive licenses from Spectrum Pharmaceuticals, Inc. (“Spectrum”) to develop and commercialize the following commercial oncology drugs and drug candidates in China, Taiwan, Hong Kong and Macau (the “Territories”): · MARQIBO ® · ZEVALIN ® · EVOMELA ™ CASI is responsible for developing and commercializing these three drugs in the Territories, including the submission of import drug registration applications and conducting confirmatory clinical trials as needed. The Company has initiated the regulatory and development process to obtain marketing approval for MARQIBO ® ® ® ® ™ ™ As consideration for the acquisition from Spectrum, the Company issued a total 5,405,382 1.5 0.5 19.7 The fair value of the common stock issued was based on the closing market price of the Company’s common stock on the acquisition date. The fair value of the promissory note was measured using Level 3 unobservable inputs (see Note 4) including primarily the Company’s estimated incremental borrowing rate as provided by a commercial lending institution. The Contingent Rights provide Spectrum with the option to acquire, at a strike price of par value, a variable number of additional shares of common stock that allows Spectrum to maintain its fully-diluted ownership percentage for a certain time period and under certain terms and conditions. These Contingent Rights will expire on the earlier of raising an aggregate of $ 50 7,474,676 9,395,222 As a result of the Initial Closing (see Note 5), Spectrum exercised its Contingent Rights in February 2016, and the Company issued Spectrum 1,688,877 1,922,312

Note Payable

Note Payable	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	3. Note Payable As part of the license arrangements with Spectrum (see Note 2), the Company issued to Spectrum a $ 1.5 0.5 136,000 7,005 22,650

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	4. Fair Value Measurements Fair value is the price that would be received from the sale of an asset or paid to transfer a liability assuming an orderly transaction in the most advantageous market at the measurement date. U.S. GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of observability of inputs used in measuring fair value. These tiers include: · Level 1, defined as observable inputs such as quoted prices in active markets for identical assets; · Level 2, defined as observable inputs other than Level 1 prices such as quoted prices for similar assets; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and · Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. At each reporting period, the Company performs a detailed analysis of its assets and liabilities that are measured at fair value. All assets and liabilities for which the fair value measurement is based on significant unobservable inputs or instruments which trade infrequently and therefore have little or no price transparency are classified as Level 3. The inputs used in measuring the fair value of cash and cash equivalents are considered to be Level 1 in accordance with the three-tier fair value hierarchy. The fair values are based on period-end statements supplied by the various banks and brokers that held the majority of the Company’s funds. The fair value of short-term financial instruments (primarily accounts receivable, prepaid expenses, accounts payable, accrued expenses, and other current assets and liabilities) approximate their carrying values because of their short-term nature. Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis: The Contingent Rights issued to Spectrum in connection with the license arrangements (see Note 2) are considered derivative liabilities and were recorded initially at their estimated fair value, and are marked to market each reporting period until settlement. The fair value of the Contingent Rights was measured using Level 3 unobservable inputs; the unobservable inputs include estimates of the Company’s future capital requirements, and the timing, probability, size and characteristics of those capital raises, among other inputs. Generally, if the estimates of the size and probability of the Company’s future capital requirements increase, the fair value of the Contingent Rights will also increase. As of March 31, 2016 Level 1 Level 2 Level 3 Total Liabilities - Contingent Rights $ - $ - $ 7,474,676 $ 7,474,676 As of December 31, 2015 Level 1 Level 2 Level 3 Total Liabilities - Contingent Rights $ - $ - $ 9,395,222 $ 9,395,222 December 31, 2015 $ 9,395,222 Partial settlement of Contingent Rights (1,922,312) Change in fair value of Contingent Rights 1,766 Balance at March 31, 2016 $ 7,474,676 Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis: The promissory note issued to Spectrum in connection with the license arrangements (see Notes 2 and 3) was initially recorded at its fair value using Level 3 unobservable inputs including primarily the Company’s estimated incremental borrowing rate as provided by a commercial lending institution. Non-Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis: The Company does not have any non-financial assets and liabilities that are measured at fair value on a recurring basis. Non-Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis: The Company measures its long-lived assets, including property and equipment, at fair value on a non-recurring basis. These assets are recognized at fair value when they are deemed to be impaired. No such fair value impairment was recognized for the three months ended March 31, 2016 and 2015.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2016
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	5. Stockholders’ Equity Securities Purchase Agreements As described in Note 1, on September 20, 2015, the Company entered into stock purchase agreements with certain institutional and accredited investors (the “Investors”) for a $ 25.1 20,658,434 1.19 4,131,686 20 0.125 1.69 The offering was expected to close after satisfaction of certain regulatory and customary closing conditions, with the net proceeds being subject to payment of offering expenses, including fees and expenses to be finalized prior to the closing. On January 15, 2016, the Company completed the Initial Closing and received approximately $ 10.3 10.2 8,448,613 1.19 1,689,722 0.125 1.69 321,047 0.19 3.25 70.1 1.08 The Company and Investors are working to close on the remaining $ 14.8 The Company has granted registration rights to the Investors and has agreed to file a resale registration statement covering the shares of common stock and the shares of common stock underlying the warrants within 120 days of the closing.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	6. Share-Based Compensation The Company has adopted incentive and nonqualified stock option plans for executive, scientific and administrative personnel of the Company as well as outside directors and consultants. As of March 31, 2016, there are 8,029,283 0.88 19.36 723,000 623,337 The Company records compensation expense associated with stock options and other equity-based compensation in accordance with provisions of authoritative guidance. Compensation costs are recognized over the requisite service period, which is generally the option vesting term of up to three years. Awards with will be expensed if it is probable that the will be achieved. For the three months ended March 31, 2016, $ 3,870 The Company’s net loss for the three months ended March 31, 2016 and 2015 includes non-cash compensation expense of $ 372,103 399,374 THREE MONTH PERIOD 2016 2015 Research and development $ 174,925 $ 208,526 General and administrative 197,178 190,848 Share-based compensation expense $ 372,103 $ 399,374 Net share-based compensation expense, per common share: Basic and diluted $ 0.01 $ 0.01 The Company uses the Black-Scholes-Merton valuation model to estimate the fair value of stock options granted to employees. Option valuation models, including Black-Scholes-Merton, require the input of highly subjective assumptions, and changes in the assumptions used can materially affect the grant date fair value of an award. THREE MONTH PERIOD ENDED THREE MONTH PERIOD ENDED Expected volatility 84.13 % 89.34 % Risk-free interest rate 1.39 % 1.57 % Expected term of option 5.84 years 5.88 years Forfeiture rate* 3.00 % 3.00 % Expected dividend yield 0.00 % 0.00 % * - Authoritative guidance requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. During the three-month periods ended March 31, 2016 and 2015, forfeitures were estimated at 3 The weighted average fair value of stock options granted during the three-month periods ended March 31, 2016 and 2015 were $ 0.61 1.18 Number of Options Weighted Average Exercise Price Outstanding at January 1, 2016 6,694,744 $ 1.99 Granted 1,388,000 $ 0.88 Exercised - $ - Expired (4,500) $ 1.30 Forfeited (48,961) $ 1.49 Outstanding at March 31, 2016 8,029,283 $ 1.80 Vested and expected to vest at March 31, 2016 7,939,345 $ 1.81 Exercisable at March 31, 2016 5,031,346 $ 2.15 There were no option exercises during the three months ended March 31, 2016 or 2015.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	7. Income Taxes At December 31, 2015, the Company had a $ 3.1 During the three months ended March 31, 2016, there were no material changes to the measurement of unrecognized tax benefits in various taxing jurisdictions. The Company recognizes interest and penalties related to uncertain tax positions as a component of income tax expense. The tax returns for all years in the Company’s major tax jurisdictions are not settled as of January 1, 2016; no changes in settled tax years have occurred through March 31, 2016. Due to the existence of tax attribute carryforwards (which are currently offset by a full valuation allowance), the Company treats all years’ tax positions as unsettled due to the taxing authorities’ ability to modify these attributes.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	8. Related Party Transactions In 2015, the Company began utilizing the services of Crown Biosciences, Inc. (“Crown Bio”) to perform certain research and development testing. The CEO of Crown Bio is also a board member of CASI. The total value of the services is $ 66,545 0 8,360 In October 2015, the Company entered into a material transfer and research agreement with Origene Technologies, Inc. (“Origene”) for certain research materials. The CEO of Origene is also the Chairman of the Board of CASI. No materials have been purchased as of March 31, 2016, and there is no minimum commitment associated with this agreement.

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	9. New Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact the Company’s condensed consolidated financial statements. In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2014-15, Presentation of Financial Statements – Going Concern In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, In July 2015, the FASB delayed the effective date of this standard by one year. The new standard will be effective for the Company’s reporting year beginning on January 1, 2018, and early adoption of the standard as of In November 2015, the FASB issued new guidance on the balance sheet classification of deferred taxes. To simplify presentation, the new guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet . The accounting standard is effective for public business entities for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. Early adoption is permitted. The Company has not yet adopted this pronouncement and is currently evaluating the impact, if any, it may have on its consolidated financial statements. In January 2016, the FASB issued a new accounting standard on recognition and measurement of financial assets and financial liabilities. The accounting standard primarily affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, it includes a clarification related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The accounting guidance is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2017. Early adoption is permitted for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. The Company is currently evaluating the impact, if any, that the pronouncement will have on the consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) Leases The standard must be applied using a modified retrospective approach. In March 2016, the FASB issued an accounting standard update which simplified several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The standard is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those annual reporting periods.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]	The following table presents the Company’s financial liabilities accounted for at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 by level within the fair value hierarchy: As of March 31, 2016 Level 1 Level 2 Level 3 Total Liabilities - Contingent Rights $ - $ - $ 7,474,676 $ 7,474,676 As of December 31, 2015 Level 1 Level 2 Level 3 Total Liabilities - Contingent Rights $ - $ - $ 9,395,222 $ 9,395,222
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	The following table presents the changes in the Company’s financial liabilities accounted for at fair value on a recurring basis using Level 3 unobservable inputs: December 31, 2015 $ 9,395,222 Partial settlement of Contingent Rights (1,922,312) Change in fair value of Contingent Rights 1,766 Balance at March 31, 2016 $ 7,474,676

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	The compensation expense related to the Company’s share-based compensation arrangements is recorded as components of general and administrative expense and research and development expense, as follows: THREE MONTH PERIOD 2016 2015 Research and development $ 174,925 $ 208,526 General and administrative 197,178 190,848 Share-based compensation expense $ 372,103 $ 399,374 Net share-based compensation expense, per common share: Basic and diluted $ 0.01 $ 0.01
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	THREE MONTH PERIOD ENDED THREE MONTH PERIOD ENDED Expected volatility 84.13 % 89.34 % Risk-free interest rate 1.39 % 1.57 % Expected term of option 5.84 years 5.88 years Forfeiture rate* 3.00 % 3.00 % Expected dividend yield 0.00 % 0.00 % * - Authoritative guidance requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. During the three-month periods ended March 31, 2016 and 2015, forfeitures were estimated at 3
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	A summary of the Company’s stock option plans and of changes in options outstanding under the plans for the three months ended March 31, 2016 is as follows: Number of Options Weighted Average Exercise Price Outstanding at January 1, 2016 6,694,744 $ 1.99 Granted 1,388,000 $ 0.88 Exercised - $ - Expired (4,500) $ 1.30 Forfeited (48,961) $ 1.49 Outstanding at March 31, 2016 8,029,283 $ 1.80 Vested and expected to vest at March 31, 2016 7,939,345 $ 1.81 Exercisable at March 31, 2016 5,031,346 $ 2.15

Basis of Presentation (Details

Basis of Presentation (Details Textual) - USD ($)	Jan. 15, 2016	Mar. 31, 2016	Mar. 31, 2015	Jun. 30, 2016	Dec. 31, 2015	Sep. 30, 2015
Description of Business and Basis of Presentation [Line Items]
Retained Earnings (Accumulated Deficit), Total		$ (434,272,705)			$ (432,478,339)
Percentage Of Ownership Interest In Non Stock Subsidiary		100.00%
Proceeds from Issuance of Common Stock		$ 10,281,955	$ 0
Initial Closing [Member]
Description of Business and Basis of Presentation [Line Items]
Proceeds from Issuance of Common Stock	$ 10,300,000
Investorms [Member]
Description of Business and Basis of Presentation [Line Items]
Maximum Stock To Be Issued						$ 25,100,000
Scenario, Forecast [Member] | Second Closing [Member]
Description of Business and Basis of Presentation [Line Items]
Stock purchase Program, Remaining Authorized Issue Amount				$ 14,800,000

License Arrangements and Acqu18

License Arrangements and Acquisition of In-Process Research and Development (Details Textual) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 29, 2016	Mar. 31, 2016	Dec. 31, 2014	Dec. 31, 2015
License Arrangements and Acquisition of In Process Research and Development [Line Items]
Liabilities - Contingent Rights		$ 7,474,676		$ 9,395,222
Debt Instrument, Maturity Date, Description		March 2,017
Notes Payable, Noncurrent		$ 0		$ 1,464,970
Spectrum [Member]
License Arrangements and Acquisition of In Process Research and Development [Line Items]
Stock Issued During Period, Shares, New Issues	1,688,877
Adjustments to Additional Paid in Capital, Stock Issued for Liability	$ 1,922,312
Spectrum Pharmaceuticals [Member]
License Arrangements and Acquisition of In Process Research and Development [Line Items]
Contingent Consideration Fair Value Of License			$ 19,700,000
Stock Issued During Period, Shares, Acquisitions			5,405,382
Debt Instrument, Interest Rate, Stated Percentage			0.50%
Notes Payable, Noncurrent			$ 1,500,000
Contingent Rights Aggregate Amount		$ 50,000,000
Contingent Rights Expiration		These Contingent Rights will expire on the earlier of raising an aggregate of $50 million or September 17, 2019 (subject to possible extension only for certain outstanding derivative securities).

Note Payable (Details Textual)

Note Payable (Details Textual) - USD ($)	1 Months Ended	3 Months Ended
	Sep. 30, 2014	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Notes Payable [Line Items]
Amortization of Debt Discount (Premium)		$ 7,005	$ 22,650
Notes Payable, Noncurrent		$ 0		$ 1,464,970
Spectrum Pharmaceuticals [Member]
Notes Payable [Line Items]
Debt Instrument, Interest Rate, Stated Percentage					0.50%
Notes Payable, Noncurrent					$ 1,500,000
Debt Instrument Initial Discount Upon Issuance	$ 136,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities - Contingent Rights	$ 7,474,676	$ 9,395,222
Fair Value, Inputs, Level 1 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities - Contingent Rights	0	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities - Contingent Rights	0	0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities - Contingent Rights	$ 7,474,676	$ 9,395,222

Fair Value Measurements (Deta21

Fair Value Measurements (Details 1) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
December 31, 2015	$ 9,395,222
Partial settlement of Contingent Rights	(1,922,312)	$ 0
Change in fair value of Contingent Rights	1,766
Balance at March 31, 2016	$ 7,474,676

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual) - USD ($)	Jan. 15, 2016	Sep. 20, 2015	Mar. 31, 2016	Mar. 31, 2015	Jun. 30, 2016
Class Of Warrant Or Right Maturity Period Description			The warrants became exercisable on April 15, 2016 at $1.69 per share exercise price, and will expire on April 15, 2019.
Proceeds from Issuance of Common Stock			$ 10,281,955	$ 0
Investors [Member]
Stock To Be Issued, Value		$ 25,100,000
Stock To Be Issued, Shares		20,658,434
Percentage of Warrant Coverage On Purchase Price		20.00%
Warrants Purchase Price Per share		$ 0.125
Class of Warrant or Right, Exercise Price of Warrants or Rights		1.69
Shares To Be Issued Per Share		$ 1.19
Warrants To Be Issued		4,131,686
Initial Closing [Member]
Warrants Purchase Price Per share	$ 0.125
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 1.69
Fair Value Of Warrant Issued	$ 321,047
Fair Value Assumptions Fair Value	$ 0.19
Fair Value Assumptions, Expected Term	3 years 3 months
Fair Value Assumptions, Risk Free Interest Rate	1.08%
Fair Value Assumptions, Expected Volatility Rate	70.10%
Warrants Issued	1,689,722
Proceeds from Issuance of Common Stock	$ 10,300,000
Sale of Stock, Number of Shares Issued in Transaction	8,448,613
Sale of Stock, Price Per Share	$ 1.19
Net Proceeds From Issuance Of Common Stock	$ 10,200,000
Second Closing [Member] | Scenario, Forecast [Member]
Stock purchase Program, Remaining Authorized Issue Amount					$ 14,800,000

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 372,103	$ 399,374
Net share-based compensation expense, per common share:
Basic and diluted (in dollars per share)	$ 0.01	$ 0.01
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 174,925	$ 208,526
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 197,178	$ 190,848

Share-Based Compensation (Det24

Share-Based Compensation (Details 1)		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility		84.13%	89.34%
Risk-free interest rate		1.39%	1.57%
Expected term of option		5 years 10 months 2 days	5 years 10 months 17 days
Forfeiture rate	[1]	3.00%	3.00%
Expected dividend yield		0.00%	0.00%
[1]	Authoritative guidance requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. During the three-month periods ended March 31, 2016 and 2015, forfeitures were estimated at 3%.

Share-Based Compensation (Det25

Share-Based Compensation (Details 2)	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding - Number of Options, Beginning Balance | shares	6,694,744
Granted - Number of Options | shares	1,388,000
Exercised - Number of Options | shares	0
Expired - Number of Options | shares	(4,500)
Forfeited - Number of Options | shares	(48,961)
Outstanding - Number of Options, Ending Balance | shares	8,029,283
Vested and expected to vest - Number of Options | shares	7,939,345
Exercisable - Number of Options | shares	5,031,346
Outstanding - Weighted Average Exercise Price, Beginning balance | $ / shares	$ 1.99
Granted - Weighted Average Exercise Price | $ / shares	0.88
Exercised - Weighted Average Exercise Price | $ / shares	0
Expired - Weighted Average Exercise Price | $ / shares	1.3
Forfeited - Weighted Average Exercise Price | $ / shares	1.49
Outstanding - Weighted Average Exercise Price, Ending Balance | $ / shares	1.8
Vested and expected to vest - Weighted Average Exercise Price | $ / shares	1.81
Exercisable - Weighted Average Exercise Price | $ / shares	$ 2.15

Share-Based Compensation (Det26

Share-Based Compensation (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 0.61	$ 1.18
Share-based Compensation, Total	$ 372,103	$ 399,374
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance	8,029,283		6,694,744
Share Based Compensation Estimated Forfeiture Rate	3.00%	3.00%
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 3,870
Certain Board Members Officers And Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Options Granted Subject To Achievement	723,000
Long Term Incentive Plan2011 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	623,337
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance	8,029,283
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Long Term Incentive Plan2011 [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	$ 19.36
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Long Term Incentive Plan2011 [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	$ 0.88
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	1 year

Income Taxes (Details Textual)

Income Taxes (Details Textual) $ in Millions	Dec. 31, 2015USD ($)
Income Tax Contingency [Line Items]
Unrecognized Tax Benefits	$ 3.1

Related Party Transactions (Det

Related Party Transactions (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Research and Development Expense, Total	$ 1,018,757	$ 865,037
Crown Biosciences, Inc [Member]
Related Party Transaction, Amounts of Transaction	66,545
Research and Development Expense, Total	8,360
Due to Related Parties, Current	$ 0