CASI Pharmaceuticals (CASI) 10-Q 14 Aug 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 04, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
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 ($)	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 23,360,529	$ 27,092,928
Prepaid expenses and other	250,905	355,891
Total current assets	23,611,434	27,448,819
Property and equipment, net	448,477	229,591
Other assets	72,601	34,485
Total assets	24,132,512	27,712,895
Current liabilities:
Accounts payable	1,183,271	1,064,626
Accrued liabilities	309,828	250,950
Note payable, net of discount	1,495,016	0
Total current liabilities	2,988,115	1,315,576
Note payable, net of discount	0	1,491,278
Contingent rights derivative liability	4,118,821	4,122,266
Total liabilities	7,106,936	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 June 30, 2017 and December 31, 2016	0	0
Common stock, $.01 par value: 170,000,000 shares authorized; 60,276,119 shares issued at June 30, 2017 and December 31, 2016	602,760	602,760
Additional paid-in capital	470,497,651	470,147,086
Treasury stock, at cost: 79,545 shares held	(8,034,244)	(8,034,244)
Accumulated deficit	(446,040,591)	(441,931,827)
Total stockholders' equity	17,025,576	20,783,775
Total liabilities and stockholders' equity	$ 24,132,512	$ 27,712,895

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets [Parenthetical] - $ / shares	Jun. 30, 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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Product sales	$ 0	$ 0	$ 0	$ 0
Costs and expenses:
Research and development	1,727,407	1,362,676	2,776,694	2,381,433
General and administrative	691,422	1,914,802	1,335,585	2,679,877
Costs and expenses	2,418,829	3,277,478	4,112,279	5,061,310
Interest (income) expense, net	72	8,758	(70)	17,526
Change in fair value of contingent rights	(10,319)	5,634	(3,445)	7,400
Net loss	$ (2,408,582)	$ (3,291,870)	$ (4,108,764)	$ (5,086,236)
Net loss per share (basic and diluted) (in dollars per share)	$ (0.04)	$ (0.08)	$ (0.07)	$ (0.12)
Weighted average number of common shares outstanding (basic and diluted) (in shares)	60,196,574	42,906,781	60,196,574	41,556,911

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (4,108,764)	$ (5,086,236)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	37,918	32,497
Gain on disposal of assets	0	(13,263)
Stock-based compensation expense	350,565	1,976,736
Non-cash interest	3,738	14,010
Change in fair value of contingent rights	(3,445)	7,400
Changes in operating assets and liabilities:
Prepaid expenses and other	66,870	211,714
Accounts payable	118,645	61,728
Accrued liabilities	58,878	(8,638)
Net cash used in operating activities	(3,475,595)	(2,804,052)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of furniture and equipment	0	158,446
Purchases of furniture and equipment	(256,804)	(127,612)
Net cash (used in) provided by investing activities	(256,804)	30,834
CASH FLOWS FROM FINANCING ACTIVITIES
Stock issuance costs	0	(66,318)
Proceeds from sale of common stock	0	16,242,889
Net cash provided by financing activities	0	16,176,571
Net (decrease) increase in cash and cash equivalents	(3,732,399)	13,403,353
Cash and cash equivalents at beginning of period	27,092,928	5,131,114
Cash and cash equivalents at end of period	23,360,529	18,534,467
Non-cash financing activity:
Partial settlement of contingent rights derivative	$ 0	$ 3,044,346

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 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 and six month periods ended June 30, 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 $ 446.0 followed by implementation of a name change to reflect its core mission and business strategy. The Company expects to continue to incur operating losses for the foreseeable future due to, among other factors, its continuing clinical activities. In 2016, the Company received $ 28.1 4.3

License Arrangements

License Arrangements	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 3,738 14,010

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 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, 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 June 30, 2017 and December 31, 2016 by level within the fair value hierarchy: As of June 30, 2017 Level 1 Level 2 Level 3 Total Liabilities - Contingent Rights $ - $ - $ 4,118,821 $ 4,118,821 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 (3,445) Balance at June 30, 2017 $ 4,118,821 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 six months ended June 30, 2017 and 2016.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 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. In June 2017, the Company’s shareholders approved an amendment to the 2011 Long-Term Incentive Plan, increasing the number of shares reserved for issuance from 11,230,000 to 14,230,000 shares of common stock to be available for grants and awards. As of June 30, 2017, there are 9,747,004 shares issuable under options previously granted and currently outstanding, with exercise prices ranging from $0.86 to $13.75. In 2017, the Company awarded options to employees, covering up to 225,000 shares, in which vesting is subject to achievement of certain performance milestones. Options granted under the plans generally vest over periods varying from immediately to one to three years, are not transferable and generally expire ten years from the date of grant. As of June 30, 2017, 4,850,358 shares remained available for grant under the Company’s 2011 Long-Term Incentive Plan. 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 10,100 The Company’s net loss for the six months ended June 30, 2017 and 2016 includes non-cash compensation expense of $ 350,565 1,976,736 SIX MONTH PERIOD ENDED 2017 2016 Research and development $ 171,326 $ 517,536 General and administrative 179,239 1,459,200 Share-based compensation expense $ 350,565 $ 1,976,736 Net share-based compensation expense, per common share: Basic and diluted $ 0.01 $ 0.05 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. SIX MONTH PERIOD ENDED 2017 2016 Expected volatility 78.34% 83.09% Risk-free interest rate 1.82% 1.32% Expected term of option 5.66 years 5.42 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 six-month period ended June 30, 2016, forfeitures were estimated at 3%. The weighted average fair value of stock options granted during the six-month periods ended June 30, 2017 and 2016 were $ 0.77 0.75 Number of Weighted Outstanding at January 1, 2017 9,535,306 $ 1.57 Granted 1,199,500 $ 1.15 Exercised - $ - Expired (987,802) $ 1.64 Forfeited - $ - Outstanding at June 30, 2017 9,747,004 $ 1.51 Vested and expected to vest at June 30, 2017 9,693,592 $ 1.51 Exercisable at June 30, 2017 7,966,610 $ 1.60 There were no option exercises during the six months ended June 30, 2017 or 2016.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 of June 30, 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	6 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	7. Related Party Transactions In April and June 2017, under supply agreements with Spectrum, the Company received shipments of EVOMELA ® ® 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 24,935

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 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 January 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ ASU”) 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 2016-02, Leases (Topic 842) Leases The standard must be applied using a modified retrospective approach. In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718) Scope of Modification Accounting. The Company is evaluating the impact of ASU 2017-09 There are no other recently issued accounting pronouncements that are expected to have a material effect on the Company’s financial position, results of operations or cash flows.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2017 and December 31, 2016 by level within the fair value hierarchy: As of June 30, 2017 Level 1 Level 2 Level 3 Total Liabilities - Contingent Rights $ - $ - $ 4,118,821 $ 4,118,821 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 (3,445) Balance at June 30, 2017 $ 4,118,821

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 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: SIX MONTH PERIOD ENDED 2017 2016 Research and development $ 171,326 $ 517,536 General and administrative 179,239 1,459,200 Share-based compensation expense $ 350,565 $ 1,976,736 Net share-based compensation expense, per common share: Basic and diluted $ 0.01 $ 0.05
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 six-month periods ended June 30, 2017 and 2016: SIX MONTH PERIOD ENDED 2017 2016 Expected volatility 78.34% 83.09% Risk-free interest rate 1.82% 1.32% Expected term of option 5.66 years 5.42 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 six-month period ended June 30, 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 six months ended June 30, 2017 is as follows: Number of Weighted Outstanding at January 1, 2017 9,535,306 $ 1.57 Granted 1,199,500 $ 1.15 Exercised - $ - Expired (987,802) $ 1.64 Forfeited - $ - Outstanding at June 30, 2017 9,747,004 $ 1.51 Vested and expected to vest at June 30, 2017 9,693,592 $ 1.51 Exercisable at June 30, 2017 7,966,610 $ 1.60

Basis of Presentation (Details

Basis of Presentation (Details Textual) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Description of Business and Basis of Presentation [Line Items]
Retained Earnings (Accumulated Deficit)	$ (446,040,591)	$ (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	$ 4,300,000

Note Payable (Details Textual)

Note Payable (Details Textual) - USD ($)	1 Months Ended	6 Months Ended
	Mar. 17, 2016	Jun. 30, 2017	Jun. 30, 2016
Notes Payable [Line Items]
Amortization of Debt Discount (Premium)		$ 3,738	$ 14,010
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 ($)	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities - Contingent Rights	$ 4,118,821	$ 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	$ 4,118,821	$ 4,122,266

Fair Value Measurements (Deta19

Fair Value Measurements (Details 1)	6 Months Ended
	Jun. 30, 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	(3,445)
Balance at June 30, 2017	$ 4,118,821

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 350,565	$ 1,976,736
Net share-based compensation expense, per common share:
Basic and diluted (in dollars per share)	$ 0.01	$ 0.05
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 171,326	$ 517,536
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 179,239	$ 1,459,200

Share-Based Compensation (Det21

Share-Based Compensation (Details 1)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	78.34%	83.09%
Risk-free interest rate	1.82%	1.32%
Expected term of option	5 years 7 months 28 days	5 years 5 months 1 day
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 six-month period ended June 30, 2016, forfeitures were estimated at 3%.

Share-Based Compensation (Det22

Share-Based Compensation (Details 2)	6 Months Ended
	Jun. 30, 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	1,199,500
Exercised - Number of Options | shares	0
Expired - Number of Options | shares	(987,802)
Forfeited - Number of Options | shares	0
Outstanding - Number of Options, Ending Balance | shares	9,747,004
Vested and expected to vest - Number of Options | shares	9,693,592
Exercisable - Number of Options | shares	7,966,610
Outstanding - Weighted Average Exercise Price, Beginning balance | $ / shares	$ 1.57
Granted - Weighted Average Exercise Price | $ / shares	1.15
Exercised - Weighted Average Exercise Price | $ / shares	0
Expired - Weighted Average Exercise Price | $ / shares	1.64
Forfeited - Weighted Average Exercise Price | $ / shares	0
Outstanding - Weighted Average Exercise Price, Ending Balance | $ / shares	1.51
Vested and expected to vest - Weighted Average Exercise Price | $ / shares	1.51
Exercisable - Weighted Average Exercise Price | $ / shares	$ 1.6

Share-Based Compensation (Det23

Share-Based Compensation (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 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	$ 0.77	$ 0.75
Share-based Compensation, Total	$ 350,565	$ 1,976,736
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance	9,747,004		9,535,306
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense		$ 10,100
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	225,000
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	4,850,358
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance	9,747,004
Long Term Incentive Plan2011 [Member] | Minimum [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	11,230,000
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	$ 0.86
Long Term Incentive Plan2011 [Member] | Maximum [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	14,230,000
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	$ 13.75

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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Research and Development Expense, Total	$ 1,727,407	$ 1,362,676	$ 2,776,694	$ 2,381,433
Crown Biosciences, Inc [Member]
Related Party Transaction, Amounts of Transaction			20,900
Research and Development Expense, Total				$ 24,935
Spectrum [Member]
Research and Development Expense, Total			$ 477,000