CASI Pharmaceuticals (CASI) 10-Q 15 May 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 05, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
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		60,196,574

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 25,528,952	$ 27,092,928
Prepaid expenses and other	335,707	355,891
Total current assets	25,864,659	27,448,819
Property and equipment, net	244,572	229,591
Other assets	72,601	34,485
Total assets	26,181,832	27,712,895
Current liabilities:
Accounts payable	1,119,997	1,064,626
Accrued liabilities	199,705	250,950
Note payable, net of discount	1,493,147	0
Total current liabilities	2,812,849	1,315,576
Note payable, net of discount	0	1,491,278
Contingent rights derivative liability	4,129,140	4,122,266
Total liabilities	6,941,989	6,929,120
Commitments and contingencies
Stockholders’ equity:
Convertible preferred stock, $1.00 par value; 5,000,000 shares authorized and 0 shares issued and outstanding at March 31, 2017 and December 31, 2016	0	0
Common stock, $.01 par value: 170,000,000 shares authorized; 60,276,119 shares issued at March 31, 2017 and December 31, 2016	602,760	602,760
Additional paid-in capital	470,303,336	470,147,086
Treasury stock, at cost: 79,545 shares held	(8,034,244)	(8,034,244)
Accumulated deficit	(443,632,009)	(441,931,827)
Total stockholders’ equity	19,239,843	20,783,775
Total liabilities and stockholders’ equity	$ 26,181,832	$ 27,712,895

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets [Parenthetical] - $ / shares	Mar. 31, 2017	Dec. 31, 2016
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	60,276,119	60,276,119
Treasury stock, shares held	79,545	79,545

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Product sales	$ 0	$ 0
Costs and expenses:
Research and development	1,049,287	1,018,757
General and administrative	644,163	765,075
Costs and expenses	1,693,450	1,783,832
Interest (income) expense, net	(142)	8,768
Change in fair value of contingent rights	6,874	1,766
Net loss	$ (1,700,182)	$ (1,794,366)
Net loss per share (basic and diluted) (in dollars per share)	$ (0.03)	$ (0.04)
Weighted average number of common shares outstanding (basic and diluted) (in shares)	60,196,574	40,207,041

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (1,700,182)	$ (1,794,366)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	18,528	19,037
Gain on disposal of assets	0	(53,158)
Stock-based compensation expense	156,250	372,103
Non-cash interest	1,869	7,005
Change in fair value of contingent rights	6,874	1,766
Changes in operating assets and liabilities:
Prepaid expenses and other	(17,932)	119,057
Accounts payable	55,371	(100,761)
Accrued liabilities	(51,245)	(11,365)
Net cash used in operating activities	(1,530,467)	(1,440,682)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of furniture and equipment	0	93,757
Purchases of furniture and equipment	(33,509)	(63,664)
Net cash (used in) provided by investing activities	(33,509)	30,093
CASH FLOWS FROM FINANCING ACTIVITIES
Stock issuance costs	0	(57,971)
Proceeds from sale of common stock	0	10,281,955
Net cash provided by financing activities	0	10,223,984
Net (decrease) increase in cash and cash equivalents	(1,563,976)	8,813,395
Cash and cash equivalents at beginning of period	27,092,928	5,131,114
Cash and cash equivalents at end of period	25,528,952	13,944,509
Non-cash financing activity:
Partial settlement of contingent rights derivative	$ 0	$ 1,922,312

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2017
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”). The Company previously operated under a different name prior to restructuring its business in 2012 in connection with an investment led by one of the Company’s largest stockholders. CASI China is a non-stock Chinese entity with 100% of its interest owned by CASI. CASI China received approval for a business license from the Beijing Industry and Commercial Administration in August 2012 and has operating facilities in Beijing. All inter-company balances and transactions have been eliminated in consolidation. 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, 2016 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, 2016. Operating results for the three month period ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. 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, 2016. Liquidity Risks and Management’s Plans Since inception, the Company has incurred significant losses from operations and has incurred an accumulated deficit of $443.6 million.

License Arrangements

License Arrangements	3 Months Ended
	Mar. 31, 2017
Research and Development [Abstract]
Research, Development, and Computer Software Disclosure [Text Block]	2. License Arrangements The Company has certain product rights and perpetual exclusive licenses from Spectrum Pharmaceuticals, Inc. and certain of its affiliates (together referred to as “Spectrum”) to develop and commercialize the following commercial oncology drugs and drug candidates in the greater China region (which includes 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 is in various stages of the regulatory and development process to obtain marketing approval for MARQIBO ® ® ® ® ® ® ®

Note Payable

Note Payable	3 Months Ended
	Mar. 31, 2017
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 1,869 7,005

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
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) approximates their carrying values because of their short-term nature. Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis: As partial consideration for the acquisition from Spectrum, the Company issued certain contingent rights (“Contingent Rights”) to purchase additional shares of its common stock, which Contingent Rights expire upon the occurrence of certain events. 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. The following table presents the Company’s financial liabilities accounted for at fair value on a recurring basis as of March 31, 2017 and December 31, 2016 by level within the fair value hierarchy: As of March 31, 2017 Level 1 Level 2 Level 3 Total Liabilities - Contingent Rights $ - $ - $ 4,129,140 $ 4,129,140 As of December 31, 2016 Level 1 Level 2 Level 3 Total Liabilities - Contingent Rights $ - $ - $ 4,122,266 $ 4,122,266 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, 2016 $ 4,122,266 Change in fair value of Contingent Rights 6,874 Balance at March 31, 2017 $ 4,129,140 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, 2017 and 2016.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	5. 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, 2017, there are 9,443,455 0.86 17.38 15,000 one three 2,174,358 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, 2017 and 2016 includes non-cash compensation expense of $ 156,250 372,103 THREE MONTH PERIOD ENDED MARCH 31, 2017 2016 Research and development $ 67,198 $ 174,925 General and administrative 89,052 197,178 Share-based compensation expense $ 156,250 $ 372,103 Net share-based compensation expense, per common share: Basic and diluted $ 0.003 $ 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 MARCH 31, 2017 2016 Expected volatility 81.07 % 84.13 % Risk-free interest rate 2.03 % 1.39 % Expected term of option 5.81 years 5.84 years Forfeiture rate - 3.00 %* Expected dividend yield 0.00 % 0.00 % * - In 2016, authoritative guidance required 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 period ended March 31, 2016, forfeitures were estimated at 3%. The weighted average fair value of stock options granted during the three-month periods ended March 31, 2017 and 2016 were $ 1.04 0.61 Weighted Average Number of Exercise Options Price Outstanding at January 1, 2017 9,535,306 $ 1.57 Granted 139,500 $ 1.50 Exercised - $ - Expired (231,351) $ 1.49 Forfeited - $ - Outstanding at March 31, 2017 9,443,455 $ 1.58 Vested and expected to vest at March 31, 2017 8,783,424 $ 1.61 Exercisable at March 31, 2017 7,844,742 $ 1.65 There were no option exercises during the three months ended March 31, 2017 or 2016.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	6. Income Taxes At December 31, 2016, the Company had a $ 3.1 During the three months ended March 31, 2017, 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 March 31, 2017. 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, 2017
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	7. Related Party Transactions The Company utilizes 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. Approximately $ 20,900 8,360

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	8. 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 May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ 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 ASU No. 2015-17, Income Taxes (Topic 740): 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 adoption of this pronouncement did not have a material impact on the Company’s consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments–Overall: 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 This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Earlier application is permitted. The standard must be applied using a modified retrospective approach. In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation. simplifies 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. In August 2016, the FASB issued Accounting Standards Update No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In January 2017, the FASB issued ASU 2017-01 , Clarifying the Definition of a Business

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
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, 2017 and December 31, 2016 by level within the fair value hierarchy: As of March 31, 2017 Level 1 Level 2 Level 3 Total Liabilities - Contingent Rights $ - $ - $ 4,129,140 $ 4,129,140 As of December 31, 2016 Level 1 Level 2 Level 3 Total Liabilities - Contingent Rights $ - $ - $ 4,122,266 $ 4,122,266
Fair Value, Inputs, Level 3 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
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, 2016 $ 4,122,266 Change in fair value of Contingent Rights 6,874 Balance at March 31, 2017 $ 4,129,140

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2017
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 ENDED MARCH 31, 2017 2016 Research and development $ 67,198 $ 174,925 General and administrative 89,052 197,178 Share-based compensation expense $ 156,250 $ 372,103 Net share-based compensation expense, per common share: Basic and diluted $ 0.003 $ 0.01
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Following are the weighted-average assumptions used in valuing the stock options granted during the three-month periods ended March 31, 2017 and 2016: THREE MONTH PERIOD ENDED MARCH 31, 2017 2016 Expected volatility 81.07 % 84.13 % Risk-free interest rate 2.03 % 1.39 % Expected term of option 5.81 years 5.84 years Forfeiture rate - 3.00 %* Expected dividend yield 0.00 % 0.00 % * - In 2016, authoritative guidance required 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 period ended March 31, 2016, 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, 2017 is as follows: Weighted Average Number of Exercise Options Price Outstanding at January 1, 2017 9,535,306 $ 1.57 Granted 139,500 $ 1.50 Exercised - $ - Expired (231,351) $ 1.49 Forfeited - $ - Outstanding at March 31, 2017 9,443,455 $ 1.58 Vested and expected to vest at March 31, 2017 8,783,424 $ 1.61 Exercisable at March 31, 2017 7,844,742 $ 1.65

Basis of Presentation (Details

Basis of Presentation (Details Textual) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Description of Business and Basis of Presentation [Line Items]
Retained Earnings (Accumulated Deficit), Total	$ (443,632,009)	$ (441,931,827)
Percentage Of Ownership Interest In Non Stock Subsidiary	100.00%
Investors [Member]
Description of Business and Basis of Presentation [Line Items]
Maximum Stock To Be Issued		$ 28,100,000
CASI China [Member]
Description of Business and Basis of Presentation [Line Items]
Cash	$ 5,000,000

Note Payable (Details Textual)

Note Payable (Details Textual) - USD ($)	1 Months Ended	3 Months Ended
	Sep. 17, 2014	Mar. 31, 2017	Mar. 31, 2016
Notes Payable [Line Items]
Amortization of Debt Discount (Premium)		$ 1,869	$ 7,005
Spectrum Pharmaceuticals [Member]
Notes Payable [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	0.50%
Debt Instrument Initial Discount Upon Issuance	$ 136,000
Debt Instrument, Face Amount	$ 1,500,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities - Contingent Rights	$ 4,129,140	$ 4,122,266
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	$ 4,129,140	$ 4,122,266

Fair Value Measurements (Deta19

Fair Value Measurements (Details 1)	3 Months Ended
	Mar. 31, 2017USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
December 31, 2016	$ 4,122,266
Change in fair value of Contingent Rights	6,874
Balance at March 31, 2017	$ 4,129,140

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 156,250	$ 372,103
Net share-based compensation expense, per common share:
Basic and diluted (in dollars per share)	$ 0.003	$ 0.01
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 67,198	$ 174,925
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 89,052	$ 197,178

Share-Based Compensation (Det21

Share-Based Compensation (Details 1)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	81.07%	84.13%
Risk-free interest rate	2.03%	1.39%
Expected term of option	5 years 9 months 22 days	5 years 10 months 2 days
Forfeiture rate	0.00%	3.00%	[1]
Expected dividend yield	0.00%	0.00%
[1]	In 2016, authoritative guidance required 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 period ended March 31, 2016, forfeitures were estimated at 3%.

Share-Based Compensation (Det22

Share-Based Compensation (Details 2)	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding - Number of Options, Beginning Balance | shares	9,535,306
Granted - Number of Options | shares	139,500
Exercised - Number of Options | shares	0
Expired - Number of Options | shares	(231,351)
Forfeited - Number of Options | shares	0
Outstanding - Number of Options, Ending Balance | shares	9,443,455
Vested and expected to vest - Number of Options | shares	8,783,424
Exercisable - Number of Options | shares	7,844,742
Outstanding - Weighted Average Exercise Price, Beginning balance | $ / shares	$ 1.57
Granted - Weighted Average Exercise Price | $ / shares	1.50
Exercised - Weighted Average Exercise Price | $ / shares	0
Expired - Weighted Average Exercise Price | $ / shares	1.49
Forfeited - Weighted Average Exercise Price | $ / shares	0
Outstanding - Weighted Average Exercise Price, Ending Balance | $ / shares	1.58
Vested and expected to vest - Weighted Average Exercise Price | $ / shares	1.61
Exercisable - Weighted Average Exercise Price | $ / shares	$ 1.65

Share-Based Compensation (Det23

Share-Based Compensation (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
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	$ 1.04	$ 0.61
Share-based Compensation, Total	$ 156,250	$ 372,103
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance	9,443,455		9,535,306
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	15,000
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	$ 0.86
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	1 year
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	$ 17.38
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
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	2,174,358

Income Taxes (Details Textual)

Income Taxes (Details Textual) $ in Millions	Dec. 31, 2016USD ($)
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, 2017	Mar. 31, 2016
Research and Development Expense, Total	$ 1,049,287	$ 1,018,757
Crown Biosciences, Inc [Member]
Related Party Transaction, Amounts of Transaction	$ 20,900
Research and Development Expense, Total		$ 8,360