CASI Pharmaceuticals (CASI) 10-Q 14 Nov 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 06, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
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		65,066,564

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 21,640,068	$ 27,092,928
Prepaid expenses and other	441,818	355,891
Total current assets	22,081,886	27,448,819
Property and equipment, net	566,020	229,591
Other assets	68,244	34,485
Total assets	22,716,150	27,712,895
Current liabilities:
Accounts payable	1,203,965	1,064,626
Accrued liabilities	302,644	250,950
Note payable, net of discount	1,496,885	0
Total current liabilities	3,003,494	1,315,576
Note payable, net of discount	0	1,491,278
Contingent rights derivative liability	4,134,931	4,122,266
Total liabilities	7,138,425	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 September 30, 2017 and December 31, 2016	0	0
Common stock, $.01 par value: 170,000,000 shares authorized; 60,276,119 shares issued at September 30, 2017 and December 31, 2016	602,760	602,760
Additional paid-in capital	470,663,323	470,147,086
Treasury stock, at cost: 79,545 shares held	(8,034,244)	(8,034,244)
Accumulated deficit	(447,654,114)	(441,931,827)
Total stockholders' equity	15,577,725	20,783,775
Total liabilities and stockholders' equity	$ 22,716,150	$ 27,712,895

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets [Parenthetical] - $ / shares	Sep. 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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues:
Product sales	$ 0	$ 0	$ 0	$ 0
Costs and expenses:
Research and development	970,989	1,013,929	3,747,683	3,395,362
General and administrative	625,878	676,927	1,961,463	3,356,804
Costs and expenses	1,596,867	1,690,856	5,709,146	6,752,166
Interest expense, net	546	5,614	476	23,140
Change in fair value of contingent rights	16,110	(2,978)	12,665	4,422
Net loss	$ (1,613,523)	$ (1,693,492)	$ (5,722,287)	$ (6,779,728)
Net loss per share (basic and diluted) (in dollars per share)	$ (0.03)	$ (0.03)	$ (0.10)	$ (0.15)
Weighted average number of common shares outstanding (basic and diluted) (in shares)	60,196,574	49,227,983	60,196,574	44,132,599

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (5,722,287)	$ (6,779,728)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	69,420	47,963
Gain on disposal of assets	0	(12,461)
Stock-based compensation expense	516,237	2,201,401
Non-cash interest	5,607	21,015
Change in fair value of contingent rights	12,665	4,422
Changes in operating assets and liabilities:
Prepaid expenses and other	(119,686)	40,840
Accounts payable	139,339	34,793
Accrued liabilities	51,694	(7,486)
Net cash used in operating activities	(5,047,011)	(4,449,241)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of furniture and equipment	0	158,446
Purchases of furniture and equipment	(405,849)	(159,244)
Net cash used in investing activities	(405,849)	(798)
CASH FLOWS FROM FINANCING ACTIVITIES
Stock issuance costs	0	(72,087)
Proceeds from sale of common stock	0	17,254,341
Proceeds from sale of common stock to be issued	0	6,274,000
Net cash provided by financing activities	0	23,456,254
Net (decrease) increase in cash and cash equivalents	(5,452,860)	19,006,215
Cash and cash equivalents at beginning of period	27,092,928	5,131,114
Cash and cash equivalents at end of period	21,640,068	24,137,329
Non-cash financing activity:
Partial settlement of contingent rights derivative	$ 0	$ 3,232,502

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 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 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 nine month periods ended September 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 approximately $ 447.7 28.1 23.8 14.6 9.2 3.8

License Arrangements

License Arrangements	9 Months Ended
	Sep. 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”): ⋅ EVOMELA ® ⋅ MARQIBO ® ⋅ ZEVALIN ® 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 EVOMELA ® ® ® ® ® ® ® ® ®

Note Payable

Note Payable	9 Months Ended
	Sep. 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 5,607 21,015

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 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. As of September 30, 2017 Level 1 Level 2 Level 3 Total Liabilities - Contingent Rights $ - $ - $ 4,134,931 $ 4,134,931 As of December 31, 2016 Level 1 Level 2 Level 3 Total Liabilities - Contingent Rights $ - $ - $ 4,122,266 $ 4,122,266 December 31, 2016 $ 4,122,266 Change in fair value of Contingent Rights 12,665 Balance at September 30, 2017 $ 4,134,931 As a result of the Closings (see Note 5), the Company has recorded a reduction to the Contingent Rights derivative liability and an increase to additional paid-in capital of $ 2,762,979 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 nine months ended September 30, 2017 and 2016.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2017
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	5. Stockholders’ Equity Securities Purchase Agreements On October 13, 2017, the Company entered into securities purchase agreements (the “Securities Purchase Agreements”) with certain institutional investors, accredited investors and current stockholders (collectively, the “Purchasers”) pursuant to which the Company agreed to sell 7,951,865 1,590,373 23,855,595 0.20 3.00 April 17, 2018 April 17, 2020 3.75 The Company held its initial closing on October 17, 2017 and second closing on October 23, 2017 (collectively, the “Closings”) and received approximately $ 14.6 14.3 4,869,990 9.2 subject to satisfaction of customary closing conditions. In connection with the Offering, the Company issued to its placement agent or its designees warrants to purchase 48,133 3.75 4 April 17, 2018 April 17, 2019

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	6. Net Loss Per Share Net loss per share (basic and diluted) was computed by dividing net loss attributable to common shareholders by the weighted average number of shares of common stock outstanding. Outstanding stock options and warrants totaling 12,242,004 and 4,686,760 as of September 30, 2017, respectively, were anti-dilutive and, therefore, were not included in the computation of weighted average shares used in computing diluted loss per share.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	7. 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 14,230,000 As of September 30, 2017, there are 12,242,004 0.86 13.75 2,725,000 2,355,358 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 30,500 10,100 The Company’s net loss for the nine months ended September 30, 2017 and 2016 includes non-cash compensation expense of $ 516,237 2,201,401 Nine Month Period Ended September 30, 2017 2016 Research and development $ 225,342 $ 578,626 General and administrative 290,895 1,622,775 Share-based compensation expense $ 516,237 $ 2,201,401 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. Nine Month Period Ended September 30, 2017 2016 Expected volatility 78.92 % 83.03 % Risk-free interest rate 1.97 % 1.31 % Expected term of option 6.34 years 5.41 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 nine-month period ended September 30, 2016, forfeitures were estimated at 3%. The weighted average fair value of stock options granted during the nine-month periods ended September 30, 2017 and 2016 were $ 0.73 0.75 Weighted Average Number of Exercise Options Price Outstanding at January 1, 2017 9,535,306 $ 1.57 Granted 3,699,500 $ 1.04 Exercised - $ - Expired (992,802) $ 1.64 Forfeited - $ - Outstanding at September 30, 2017 12,242,004 $ 1.41 Exercisable at September 30, 2017 8,330,511 $ 1.59 There were no option exercises during the nine months ended September 30, 2017 or 2016.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	8. Income Taxes At December 31, 2016, the Company had a $ 3.1 During the nine months ended September 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 September 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	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	9. Related Party Transactions In April and June 2017, under supply agreements with Spectrum, the Company received shipments of EVOMELA ® ® 477,000 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. All amounts payable to Crown Bio for services provided have been paid as of September 30, 2017. The research and development expense recognized for the services provided for the nine months ended September 30, 2016 was $ 28,648

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	10. 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 does not expect that the adoption of ASU 2016-01 will have a material impact on the consolidated financial statements. In February 2016, the FASB issued ASU 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 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)	9 Months Ended
	Sep. 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 September 30, 2017 and December 31, 2016 by level within the fair value hierarchy: As of September 30, 2017 Level 1 Level 2 Level 3 Total Liabilities - Contingent Rights $ - $ - $ 4,134,931 $ 4,134,931 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 12,665 Balance at September 30, 2017 $ 4,134,931

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 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: Nine Month Period Ended September 30, 2017 2016 Research and development $ 225,342 $ 578,626 General and administrative 290,895 1,622,775 Share-based compensation expense $ 516,237 $ 2,201,401 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 nine-month periods ended September 30, 2017 and 2016: Nine Month Period Ended September 30, 2017 2016 Expected volatility 78.92 % 83.03 % Risk-free interest rate 1.97 % 1.31 % Expected term of option 6.34 years 5.41 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 nine-month period ended September 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 nine months ended September 30, 2017 is as follows: Weighted Average Number of Exercise Options Price Outstanding at January 1, 2017 9,535,306 $ 1.57 Granted 3,699,500 $ 1.04 Exercised - $ - Expired (992,802) $ 1.64 Forfeited - $ - Outstanding at September 30, 2017 12,242,004 $ 1.41 Exercisable at September 30, 2017 8,330,511 $ 1.59

Basis of Presentation (Details

Basis of Presentation (Details Textual) - USD ($)	1 Months Ended		9 Months Ended		12 Months Ended
	Nov. 30, 2017	Oct. 31, 2017	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Description of Business and Basis of Presentation [Line Items]
Retained Earnings (Accumulated Deficit)			$ (447,654,114)		$ (441,931,827)
Percentage Of Ownership Interest In Non Stock Subsidiary			100.00%
Proceeds from Issuance of Common Stock			$ 0	$ 17,254,341
Investors [Member]
Description of Business and Basis of Presentation [Line Items]
Proceeds from Issuance of Common Stock					$ 28,100,000
Subsequent Event [Member] | Securities Purchase Agreements [Member]
Description of Business and Basis of Presentation [Line Items]
Maximum Stock To Be Issued		$ 23,855,595
Subsequent Event [Member] | Initial and Second Closing [Member]
Description of Business and Basis of Presentation [Line Items]
Proceeds from Issuance of Common Stock		$ 14,600,000
Scenario, Forecast [Member] | Final Closing [Member]
Description of Business and Basis of Presentation [Line Items]
Proceeds from Issuance of Common Stock	$ 9,200,000
CASI China [Member]
Description of Business and Basis of Presentation [Line Items]
Cash			$ 3,800,000

Note Payable (Details Textual)

Note Payable (Details Textual) - USD ($)	1 Months Ended	9 Months Ended
	Mar. 17, 2016	Sep. 30, 2017	Sep. 30, 2016
Notes Payable [Line Items]
Amortization of Debt Discount (Premium)		$ 5,607	$ 21,015
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 ($)	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities - Contingent Rights	$ 4,134,931	$ 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	$ 4,134,931	$ 4,122,266

Fair Value Measurements (Deta21

Fair Value Measurements (Details 1)	9 Months Ended
	Sep. 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	12,665
Balance at September 30, 2017	$ 4,134,931

Fair Value Measurements (Deta22

Fair Value Measurements (Details Textual)	1 Months Ended
	Oct. 31, 2017USD ($)
Subsequent Event [Member]
Adjustments to Additional Paid in Capital, Stock Issued	$ 2,762,979

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual) - USD ($)	1 Months Ended		9 Months Ended
	Nov. 30, 2017	Oct. 31, 2017	Sep. 30, 2017	Sep. 30, 2016
Proceeds from Issuance of Common Stock			$ 0	$ 17,254,341
Final Closing [Member] | Scenario, Forecast [Member]
Proceeds from Issuance of Common Stock	$ 9,200,000
Securities Purchase Agreements [Member] | Subsequent Event [Member]
Stock To Be Issued, Shares		7,951,865
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 3.75
Sale of Stock, Price Per Share		$ 3
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		1,590,373
Maximum Stock To Be Issued		$ 23,855,595
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right		0.20
Class of Warrant or Right, Expiration Date		Apr. 17, 2020
Class of Warrant or Right, Date from which Warrants or Rights Exercisable		Apr. 17, 2018
Securities Purchase Agreements [Member] | Subsequent Event [Member] | Agent Warrants [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 3.75
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		48,133
Class of Warrant or Right, Expiration Date		Apr. 17, 2019
Class of Warrant or Right, Date from which Warrants or Rights Exercisable		Apr. 17, 2018
Agent Warrants Percentage		4.00%
Initial and Second Closing [Member] | Subsequent Event [Member]
Proceeds from Issuance of Common Stock		$ 14,600,000
Sale of Stock, Number of Shares Issued in Transaction		4,869,990
Net Proceeds From Issuance Of Common Stock		$ 14,300,000

Net Loss Per Share (Details Te

Net Loss Per Share (Details Textual)	9 Months Ended
	Sep. 30, 2017shares
Warrant [Member]
Net loss per share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	4,686,760
Employee Stock Option [Member]
Net loss per share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	12,242,004

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 516,237	$ 2,201,401
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	$ 225,342	$ 578,626
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 290,895	$ 1,622,775

Share-Based Compensation (Det26

Share-Based Compensation (Details 1)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	78.92%	83.03%
Risk-free interest rate	1.97%	1.31%
Expected term of option	6 years 4 months 2 days	5 years 4 months 28 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 nine-month period ended September 30, 2016, forfeitures were estimated at 3%.

Share-Based Compensation (Det27

Share-Based Compensation (Details 2)	9 Months Ended
	Sep. 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	3,699,500
Exercised - Number of Options | shares	0
Expired - Number of Options | shares	(992,802)
Forfeited - Number of Options | shares	0
Outstanding - Number of Options, Ending Balance | shares	12,242,004
Exercisable - Number of Options | shares	8,330,511
Outstanding - Weighted Average Exercise Price, Beginning balance | $ / shares	$ 1.57
Granted - Weighted Average Exercise Price | $ / shares	1.04
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	1.41
Exercisable - Weighted Average Exercise Price | $ / shares	$ 1.59

Share-Based Compensation (Det28

Share-Based Compensation (Details Textual) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 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	$ 0.73	$ 0.75
Share-based Compensation, Total	$ 516,237	$ 2,201,401
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance	12,242,004		9,535,306
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation, Total	$ 516,237	2,201,401
Allocated Share-based Compensation Expense	$ 30,500	$ 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	2,725,000
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	2,355,358
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance	12,242,004
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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Research and Development Expense, Total	$ 970,989	$ 1,013,929	$ 3,747,683	$ 3,395,362
Crown Biosciences, Inc [Member]
Research and Development Expense, Total				$ 28,648
Spectrum [Member]
Research and Development Expense, Total			$ 477,000