Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 07, 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 | REPROS THERAPEUTICS INC. | |
Entity Central Index Key | 897,075 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | RPRX | |
Entity Common Stock, Shares Outstanding | 37,615,350 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 3,768 | $ 8,688 |
Restricted cash | 916 | 0 |
Prepaid expenses and other current assets | 268 | 66 |
Total current assets | 4,952 | 8,754 |
Fixed assets, net | 1 | 3 |
Non-current restricted cash | 916 | 0 |
Total assets | 5,869 | 8,757 |
Current liabilities | ||
Accounts payable | 1,457 | 1,880 |
Accrued expenses | 1,275 | 779 |
Total current liabilities | 2,732 | 2,659 |
Long-term liabilities | ||
Accrued severance | 916 | 0 |
Warrant liability | 2,530 | 0 |
Total liabilities | 6,178 | 2,659 |
Commitment & Contingencies (note 8) | ||
Stockholders' Equity | ||
Undesignated Preferred Stock, $.001 par value, 5,000,000 shares authorized, none issued and outstanding | 0 | 0 |
Common Stock, $.001 par value, 75,000,000 shares authorized, 32,571,109 and 25,938,602 shares issued, respectively; 32,458,759 and 25,826,252 shares outstanding, respectively, as of June 30, 2017 and December 31, 2016 | 33 | 26 |
Additional paid-in capital | 328,676 | 326,981 |
Cost of treasury stock, 112,350 shares | (1,380) | (1,380) |
Accumulated deficit | (327,638) | (319,529) |
Total stockholders' equity | (309) | 6,098 |
Total liabilities and stockholders' equity | $ 5,869 | $ 8,757 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 75,000,000 | 75,000,000 |
Common Stock, shares issued | 32,571,109 | 25,938,602 |
Common Stock, shares outstanding | 32,458,759 | 25,826,252 |
Treasury stock, shares | 112,350 | 112,350 |
Undesignated Preferred Stock [Member] | ||
Preferred Stock, par value | $ 0.001 | $ 0.001 |
Preferred Stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred Stock, issued | 0 | 0 |
Preferred Stock, outstanding | 0 | 0 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues and other income | ||||
Interest income | $ 7 | $ 15 | $ 14 | $ 31 |
Total revenues and other income | 7 | 15 | 14 | 31 |
Expenses | ||||
Research and development | 1,140 | 3,243 | 3,214 | 7,009 |
General and administrative | 906 | 1,052 | 4,749 | 2,147 |
Change in fair value of warrant liability | 160 | 0 | 160 | 0 |
Total expenses | 2,206 | 4,295 | 8,123 | 9,156 |
Net loss | $ (2,199) | $ (4,280) | $ (8,109) | $ (9,125) |
Loss per share - basic and diluted | $ (0.08) | $ (0.18) | $ (0.30) | $ (0.38) |
Shares used in loss per share calculation: | ||||
Basic | 28,398 | 24,319 | 27,340 | 24,319 |
Diluted | 28,398 | 24,319 | 27,340 | 24,319 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Deficit [Member] |
Balance at Dec. 31, 2015 | $ 18,567 | $ 24 | $ 322,179 | $ (1,380) | $ (302,256) |
Balance (in shares) at Dec. 31, 2015 | 24,430,461 | 112,350 | |||
Stock based compensation | 1,037 | $ 0 | 1,037 | $ 0 | 0 |
Exercise of 1,333 Series A warrants to purchase common stock for cash at $0.01 per share | 0 | $ 0 | 0 | $ 0 | 0 |
Exercise of 1,333 Series A warrants to purchase common stock for cash at $0.01 per share (in shares) | 1,333 | 0 | |||
Net loss | (9,125) | $ 0 | 0 | $ 0 | (9,125) |
Balance at Jun. 30, 2016 | 10,479 | $ 24 | 323,216 | $ (1,380) | (311,381) |
Balance (in shares) at Jun. 30, 2016 | 24,431,794 | 112,350 | |||
Balance at Dec. 31, 2016 | 6,098 | $ 26 | 326,981 | $ (1,380) | (319,529) |
Balance (in shares) at Dec. 31, 2016 | 25,938,602 | 112,350 | |||
Stock based compensation | 563 | $ 0 | 563 | $ 0 | 0 |
Issuance of 849,157 shares of common stock pursuant to the Equity Distribution Agreement at a weighted average price of $1.20, net of offering costs of $32 | 1,021 | $ 1 | 1,020 | 0 | 0 |
Issuance of 849,157 shares of common stock pursuant to the Equity Distribution Agreement at a weighted average price of $1.20, net of offering costs of $32 (in shares) | 849,157 | ||||
Issuance of 2,744,125 shares of common stock at $0.60 per share, Series A and Series B warrants, and pre-funded Series C warrants at $0.60 per share in the May Public Offering, net of offering costs of $508 | (1,210) | $ 3 | (1,213) | 0 | 0 |
Issuance of 2,744,125 shares of common stock at $0.60 per share, Series A and Series B warrants, and pre-funded Series C warrants at $0.60 per share in the May Public Offering, net of offering costs of $508 (in shares) | 2,744,125 | ||||
Exercise of 2,245,875 Series C Warrants to purchase common stock for cash at $0.001 per share | 1,279 | $ 2 | 1,277 | 0 | 0 |
Exercise of 2,245,875 Series C Warrants to purchase common stock for cash at $0.001 per share (in shares) | 2,245,875 | ||||
Net Number Cashless Exercise of 210,000 Series B Warrants to purchase common stock | 49 | $ 1 | 48 | 0 | 0 |
Net Number Cashless Exercise of 210,000 Series B Warrants to purchase common stock (in shares) | 715,575 | ||||
Issuance of 50,000 shares of restricted common stock | 0 | $ 0 | 0 | $ 0 | 0 |
Issuance of 50,000 shares of restricted common stock (in shares) | 50,000 | 0 | |||
Issuance of 27,775 shares of common stock for vested RSUs | 0 | $ 0 | 0 | $ 0 | 0 |
Issuance of 27,775 shares of common stock for vested RSUs (in shares) | 27,775 | 0 | |||
Net loss | (8,109) | $ 0 | 0 | $ 0 | (8,109) |
Balance at Jun. 30, 2017 | $ (309) | $ 33 | $ 328,676 | $ (1,380) | $ (327,638) |
Balance (in shares) at Jun. 30, 2017 | 32,571,109 | 112,350 |
CONSOLIDATED STATEMENTS OF STO6
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Shares Issued, Price Per Share | $ 1.20 | |
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 32 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.001 | |
Stock Issued, Shares Upon Cashless Exercise Of Series B Warrants | 210,000 | |
Common Stock [Member] | ||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 50,000 | |
Stock Issued During Period, Shares, For Vested Restricted Stock Units | 27,775 | |
Stock Issued During Period, Shares, Other | 849,157 | |
Stock And Pre-funded Series Warrants Issued During Period, Shares | 2,744,125 | |
Shares Issued Upon Exercise of Series C warrant, Shares | 2,245,875 | |
Pre-funded Series C Warrents [Member] | ||
Shares Issued, Price Per Share | $ 0.60 | |
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 508 | |
Series C Warrent [Member] | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.001 | |
Series A Warrent [Member] | ||
Shares Issued Upon Exercise of Series A warrant, Shares | 1,333 | |
Series A and B Warrants [Member] | ||
Shares Issued, Price Per Share | $ 0.60 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash Flows from Operating Activities | ||
Net loss | $ (8,109) | $ (9,125) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 2 | 3 |
Noncash stock-based compensation | 563 | 1,037 |
Change in fair value of warrant liability | 160 | 0 |
Increase in prepaid expenses and other current assets | (202) | (166) |
Increase (decrease) in accounts payable and accrued expenses | 989 | (632) |
Net cash used in operating activities | (6,597) | (8,883) |
Cash Flows from Investing Activities | ||
Capital expenditures | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Cash Flows from Financing Activities | ||
Issuance of common stock and warrants, net of offering costs | 3,507 | 0 |
Proceeds from exercise of stock warrants | 2 | 0 |
Net cash provided by financing activities | 3,509 | 0 |
Net decrease in cash, cash equivalents and restricted cash | (3,088) | (8,883) |
Cash, cash equivalents and restricted cash at beginning of period | 8,688 | 21,393 |
Cash, cash equivalents and restricted cash at end of period | 5,600 | 12,510 |
Noncash transactions: | ||
Settlement of warrant liability due to cashless warrant exercises | $ (49) | $ 0 |
Organization, Operations, Liqui
Organization, Operations, Liquidity and Recent Developments | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Operations | Repros Therapeutics Inc. (the “Company,” “RPRX,” “Repros,” or “we,” “us” or “our”) was organized on August 20, 1987. We are a biopharmaceutical company focused on the development of new drugs to treat hormonal and reproductive system disorders. ® The Company has an active Investigational New Drug Application (“IND”) for the vaginal delivery of Proellex® for the treatment of uterine fibroids. Since the clinical hold relates only to oral delivery of Proellex®, this IND has no clinical hold issues. In the first quarter of 2012, we initiated a Phase 2 vaginal administration study for the treatment of uterine fibroids and subsequently reported the final study results in January 2013. We held an end of Phase 2 meeting with the FDA in May 2013, to discuss a Phase 3 study design for vaginally delivered Proellex as a treatment for uterine fibroids. The FDA recommended that a Phase 2B study should be conducted prior to commencing a Phase 3 program. On December 29, 2014, we announced that we have initiated a Phase 2B study for vaginally delivered Proellex® in the treatment of uterine fibroids. This study was fully enrolled in January 2016 and on November 14, 2016, we announced positive clinical data from this study after two 18-week courses of treatment as compared to placebo. In light of the FDA guidance on the oral Proellex® development program, the Company is assessing increasing its focus on the vaginal delivery of Proellex®. We are also developing enclomiphene, a single isomer of clomiphene citrate which is an orally active proprietary small molecule compound. Enclomiphene is for the treatment of secondary hypogonadism in overweight men wishing to restore normal testicular function. Men with secondary hypogonadism exhibit low testosterone levels due to under stimulated testes but they are generally fertile. Enclomiphene is designed to treat the underlying mechanism, insufficient stimulation of the testes by the pituitary, which causes secondary hypogonadism. Secondary hypogonadism due to being overweight or obese is the single greatest cause of hypogonadism in general. On February 2, 2015, we announced that we electronically submitted our New Drug Applications (“NDA”) to the FDA for enclomiphene. The FDA accepted the NDA for review on April 1, 2015 and later assigned a Prescription Drug User Fee (“PDUFA”) goal date of November 30, 2015. In addition, the Division of Bone, Reproductive and Urologic Products (the “Division”) of the FDA scheduled an advisory committee meeting to review the NDA for November 3, 2015. However, the Division subsequently cancelled the scheduled advisory committee meeting due to questions that arose late in the review regarding the bioanalytical method validation that could affect interpretability of certain pivotal study data. On December 1, 2015, we announced that we had received a Complete Response Letter (“CRL”) from the FDA. A CRL informs companies that an NDA cannot be approved in its present form. In the CRL, the FDA stated that, based on recent scientific developments, the design of the enclomiphene Phase 3 studies is no longer adequate to demonstrate clinical benefit and recommended that Repros conduct an additional Phase 3 study or studies to support approval in the target population. The FDA also noted concerns regarding study entry criteria, titration and bioanalytical method validation in the Phase 3 program. Subsequently, on February 4, 2016, the Company attended a meeting with the FDA reviewers and senior leaders to discuss resolution of issues identified during the NDA review. The meeting covered a broad range of topics surrounding the NDA data as well as emerging agency and expert thinking regarding the treatment of hypogonadism. The Company believes based on the meeting that the FDA is not closed to considering secondary hypogonadism as an indication. Additionally, in January 2016, the Company initiated a Phase 2 double-blind, placebo controlled, proof of concept study, ZA-205, in obese secondary hypogonadal men to assess the impact of enclomiphene on metabolic parameters and quality of life under a diet and exercise regimen. This study was fully enrolled in February 2016 and on August 15, 2016, we reported six month interim results from this study. Additionally, on September 12, 2016, we reported that we successfully submitted a European centralized marketing authorization application (“MAA”) for enclomiphene for the treatment of secondary hypogonadism. This MAA was subsequently accepted by the European Medicines Agency (“EMA”) which, as previously reported, has assigned the United Kingdom as the primary rapporteur and France as the co-rapporteur for the application review. As part of the ongoing review process, the Company has filed responses to the EMAs questions in the third quarter of 2017. On December 6, 2016, the Company participated in the industry presentation at the Bone, Reproductive and Urologic Drugs’ Advisory Committee meeting. The advisory panel provided the FDA with advice regarding a clinical and regulatory path to approval for products, such as enclomiphene, in subjects with obesity-related hypogonadism who wish to maintain spermatogenesis. The panel voted 16 to 5 that the achievement of testosterone improvement while maintaining evidence of spermatogenesis was not sufficient, in and of itself, to provide evidence of clinical benefit. At the meeting, numerous panel members suggested that an additional endpoint related to symptoms should be assessed. On August 9, 2016, we entered into an Equity Distribution Agreement (the “Equity Distribution Agreement”) with Ladenburg Thalmann & Co. Inc. (“Ladenburg”), pursuant to which we may issue and sell from time to time through Ladenburg, as sales agent and/or principal, shares of our common stock having an aggregate offering price of up to $ 10 3 21,100 849,157 1.17 1.20 25,000 1,021,000 1,000 32,000 On May 23, 2017, the Company sold 2,744,125 2,245,875 0.60 0.60 $0.60 of which was pre-funded at closing and $0.001 was payable upon exercise 3,742,500 0.84 2,495,000 0.92 Each share of common stock and each pre-funded Series C Warrant to purchase a share of common stock were sold together with a Series A Warrant to purchase 0.75 share of common stock and a Series B Warrant to purchase 0.50 share of common stock. 2.5 As of June 30, 2017, we had accumulated losses of $ 327.6 3.8 3.6 1.8 1.8 These financial statements are unaudited; however, in the opinion of management, these statements reflect all adjustments necessary for a fair statement of the results for the periods reported. All such adjustments are of a normal recurring nature unless disclosed otherwise. These financial statements, including notes, have been prepared in accordance with the applicable rules of the SEC and do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. These interim financial statements should be read in conjunction with the financial statements and notes thereto included in our 2016 Annual Report on Form 10-K. The results of operations for the three and six month periods ended June 30, 2017 are not necessarily indicative of the results to be expected for the full year. In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash”. The new standard requires restricted cash to be included with cash and cash equivalents when reconciling the beginning and ending amounts on the statement of cash flows, and requires additional disclosures in the notes to the financial statements. ASU 2016-18 is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years and early adoption is permitted. The Company adopted this standard during the quarter ended March 31, 2017. See Note 2 to the financial statements included herein. In March 2016, the FASB issued ASU 2016-09, CompensationStock Compensation (ASC Topic 718): Improvements to Employee Share-Based Payment Accounting. The new standard simplifies the accounting for stock-based compensation, including amendments on how both taxes related to stock-based compensation and cash payments made to taxing authorities are recorded. ASU 2016-09 is effective for annual reporting periods beginning on or after December 15, 2016, and interim periods within those annual periods and early application is permitted, with any adjustments reflected as of the beginning of the fiscal year of adoption. The Company adopted ASU 2016-09 effective January 1, 2017. The adoption of this standard did not have a material effect on the Company’s financial statements. In November 2015, the FASB issued ASU No. 2015-17, “Balance Sheet Classification of Deferred Taxes” (“ASU 2015-17”), which requires entities to present deferred tax assets and deferred tax liabilities as noncurrent in a classified balance sheet. The ASU simplifies the current guidance in ASC Topic 740, Income Taxes, which requires entities to separately present deferred tax assets and liabilities as current and noncurrent in a classified balance sheet. ASU 2015-17 is effective for fiscal years beginning after December 15, 2016, and interim periods within those annual periods. The Company adopted ASU 2015-07 effective January 1, 2017. The adoption of this standard did not have a material effect on the Company’s financial statements In July 2017, the FASB issued ASU No. 2017-11, “(Part I) Accounting or Certain Financial Instruments with Down Round Features” (“ASU 2017-11”), which changes the classification analysis of certain equity-linked financial instruments with down round features. When determining whether certain financial instruments should be classified as liabilities or equity instruments, a down round feature will no longer preclude equity classification when assessing whether the instrument is indexed to an entity’s own stock. ASU 2017-11 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the impact of this standard on its consolidated financial statements. In February 2016, FASB issued ASU 2016-02, Leases (ASC Topic 842), which supersedes ASC Topic 840, Leases. The new standard is intended to increase transparency and comparability of organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The new guidance is effective for financial statements issued for annual reporting periods beginning after December 15, 2018, and early application is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements. In May 2014, the FASB issued Accounting Standards Update 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. On July 9, 2015, the FASB voted to delay the effective date of this standard by one year. This deferral resulted in ASU 2014-09 being effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early adoption being permitted for annual periods beginning after December 15, 2016. Entities have the option of using either a full retrospective or a modified retrospective approach to adopt the guidance. The Company is currently assessing the effects this guidance may have on its consolidated financial statements, as well as the method of transition that the Company will use in adopting the new standard. |
Cash, Cash Equivalents and Rest
Cash, Cash Equivalents and Restricted Cash | 6 Months Ended |
Jun. 30, 2017 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Restricted Cash | NOTE 2 Cash, Cash Equivalents and Restricted Cash As of June 30, 2017, the Company maintained $ 1.8 June 30, 2017 June 30, 2016 Cash and cash equivalents $ 3,768 $ 12,510 Restricted cash, current 916 Restricted cash, noncurrent 916 Total $ 5,600 $ 12,510 |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2017 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Accrued Expenses | NOTE 3 Accrued Expenses June 30, 2017 December 31, 2016 Current accrued expenses: Personnel related costs $ 1,108 $ 512 Research and development costs 70 174 Other 97 93 Total current accrued expenses $ 1,275 $ 779 Long-term accrued expenses: Accrued severance $ 916 $ Total long-term accrued expenses $ 916 $ |
Loss Per Share
Loss Per Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Loss Per Share | NOTE 4 Loss Per Share Basic loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted loss per share is computed using the average shares outstanding for the period and applying the treasury stock method to potentially dilutive outstanding options, restricted stock units and warrants. In all applicable periods, all potential common stock equivalents were anti-dilutive and, accordingly, were not included in the computation of diluted loss per share. Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net loss $ (2,199) $ (4,280) $ (8,109) $ (9,125) Average common shares outstanding 28,398 24,319 27,340 24,319 Basic and diluted loss per share $ (0.08) $ (0.18) $ (0.30) $ (0.38) Potential common stock of 2,758,080 6,027,500 2,664,024 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | NOTE 5 Stock-Based Compensation On February 1, 2017, the Board of Directors (the “Board”) granted Larry Dillaha, the Company’s then interim President and Chief Executive Officer a grant of 50,000 10,000 50,000 40,000 356,502 |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Jun. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders’ Equity | NOTE 6 Stockholders’ Equity Offerings On August 9, 2016, we entered into an Equity Distribution Agreement (the “Equity Distribution Agreement”) with Ladenburg Thalmann & Co. Inc. (“Ladenburg”), pursuant to which we may issue and sell from time to time through Ladenburg, as sales agent and/or principal, shares of our common stock having an aggregate offering price of up to $ 10 3 Three Months Six Months Ended Ended June 30, 2017 June 30,2017 ATM Shares sold 21,100 849,157 Weighted average share price $ 1.17 $ 1.20 Net proceeds, net of offering costs $ 25 $ 1,021 Offering commissions to Ladenburg $ 1 $ 32 On May 23, 2017, the Company sold 2,744,125 2,245,875 0.60 0.60 3,742,500 0.84 2,495,000 0.92 Each share of common stock and each pre-funded Series C Warrant to purchase a share of common stock were sold together with a Series A Warrant to purchase 0.75 share of common stock and a Series B Warrant to purchase 0.50 share of common stock. 2.5 Due to the net cash settlement feature at the option of the warrant holder discussed above, the Series A and Series B warrants are classified as liabilities under the caption “Warrant liability” in the accompanying balance sheets and recorded at estimated fair value at issuance with any subsequent change in fair value of the outstanding warrants since issuance reflected in “Change in fair value of warrant liability” in the accompanying statements of operations. Additionally, for the period ended June 30, 2017, any share settlement of the warrant liability upon a warrant exercise is reflected as a noncash settlement of the pro-rata share of the warrant liability and issuance of common stock. See Note 7 to the financial statements included herein for discussion regarding the fair value of the warrants. The following table reflects the warrant activity of the Company for the six month period ended June 30, 2017: Series A Series B Series C Shares of Common Stock Warrants Warrants Warrants Issued Balance, December 31, 2016 Issuance of warrants 3,742,500 2,495,000 2,245,875 Series C Warrants exercised to purchase common stock for cash at $0.001 per share (2,245,875) 2,245,875 Net Number Cashless Exercise of Series B Warrants for the issuance of 715,575 shares of common stock (210,000) 715,575 Balance, June 30, 2017 3,742,500 2,285,000 Through August 11, 2017, an additional 1,832,834 Series B Warrants were exercised under the cashless alternative provision and as a result the Company has issued 5,455,730 shares of common stock. On July 24, 2017, the Company filed a shelf registration statement on Form S-3 (File No. 333-219428, the “July 2017 Registration Statement”) to permit the continued exercise of the Series A Warrants and Series B Warrants following the expiration, on that date, of the Company’s prior Registration Statement on Form S-3, as amended (File No. 333-197253). The July 2017 Registration Statement was declared effective by the SEC on August 4, 2017. Between the expiration of the prior registration statement and the effectiveness of the July 2017 Registration Statement, exercises of the Series A Warrants and Series B Warrants continued to be permitted under the prior registration statement pursuant to Rule 415(a)(5) under the Securities Act of 1933, as amended. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | NOTE 7 Fair Value Measurements The FASB has established a framework for measuring fair value in generally accepted accounting principles. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are described as follows: Level 1. Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets. Level 2. Inputs to the valuation methodology include: · Quoted prices for similar assets or liabilities in active markets Quoted prices for identical or similar assets or liabilities in inactive markets · Inputs other than quoted prices that are observable for the asset or liability · Inputs that are derived principally from or corroborated by observable market data by correlation or other means If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability. Level 3. Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 3,768 $ 3,768 $ $ Restricted cash $ 1,832 $ 1,832 $ $ Warrant liability $ (2,530) $ $ (2,530) $ The table below presents our assets and liabilities that are measured at fair value on a recurring basis at December 31, 2016 and are categorized using the fair value hierarchy (in thousands): Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 8,688 $ 8,688 $ $ All cash and cash equivalents and restricted cash as of June 30, 2017 and December 31, 2016 were held in accounts backed by U.S. government securities. On May 23, 2017, as a result of the May Public Offering (described in Note 6 to the financial statements included herein), the Company issued Series A, Series B and Series C warrants that include a net cash settlement feature at the option of the warrant holder in certain limited circumstances in which the Company fails to timely deliver registered common shares upon a warrant exercise. All Series C warrants were exercised in June 2017. The Series A and Series B warrants are classified as liabilities under the caption “Warrant liability” in the accompanying balance sheets and recorded at estimated fair value at issuance with any subsequent change in fair value of the outstanding warrants since issuance reflected in “Change in fair value of warrant liability” in the accompanying statements of operations. The fair value of the Series A and Series B warrant liability at the issue date was $ 2,419 Series A Warrants Series B Warrants Total Warrant liability at date of issue $ (1,831) $ (588) $ (2,419) Share settlement due to warrant exercises - 49 49 Change in fair value (157) (3) (160) Warrant liability at June 30, 2017 $ (1,988) $ (542) $ (2,530) The Company will continue to adjust the Warrant liability for changes in fair value of the outstanding warrants until the earlier of the exercise of the warrants, modification of the warrants, or expiration of the warrants. The fair value of the Company’s warrant liability recorded in the Company’s financial statements was determined using the Monte Carlo simulation valuation method with the quoted market price of the Company’s common stock, market volatility of the Company’s stock, no dividend yield, an expected life based on the remaining contractual term of the outstanding warrants and a risk free interest rate based on USD overnight indexed swaps with a maturity equivalent to the warrants’ expected life. Issue Date (May 23, 2017) June 30, 2017 Risk-free interest rate 1.46 % 1.82 % Contractual term 3.3 years 3.8 years Expected volatility 85.8 % 98.7 % |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 8 Commitments and Contingencies None. |
Organization, Operations, Liq16
Organization, Operations, Liquidity and Recent Developments (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liquidity | Liquidity On August 9, 2016, we entered into an Equity Distribution Agreement (the “Equity Distribution Agreement”) with Ladenburg Thalmann & Co. Inc. (“Ladenburg”), pursuant to which we may issue and sell from time to time through Ladenburg, as sales agent and/or principal, shares of our common stock having an aggregate offering price of up to $ 10 3 21,100 849,157 1.17 1.20 25,000 1,021,000 1,000 32,000 On May 23, 2017, the Company sold 2,744,125 2,245,875 0.60 0.60 $0.60 of which was pre-funded at closing and $0.001 was payable upon exercise 3,742,500 0.84 2,495,000 0.92 Each share of common stock and each pre-funded Series C Warrant to purchase a share of common stock were sold together with a Series A Warrant to purchase 0.75 share of common stock and a Series B Warrant to purchase 0.50 share of common stock. 2.5 As of June 30, 2017, we had accumulated losses of $ 327.6 3.8 3.6 1.8 1.8 |
Basis of Presentation | Basis of Presentation These financial statements are unaudited; however, in the opinion of management, these statements reflect all adjustments necessary for a fair statement of the results for the periods reported. All such adjustments are of a normal recurring nature unless disclosed otherwise. These financial statements, including notes, have been prepared in accordance with the applicable rules of the SEC and do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. These interim financial statements should be read in conjunction with the financial statements and notes thereto included in our 2016 Annual Report on Form 10-K. The results of operations for the three and six month periods ended June 30, 2017 are not necessarily indicative of the results to be expected for the full year. |
Changes in Accounting Policies | Changes in Accounting Policies In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash”. The new standard requires restricted cash to be included with cash and cash equivalents when reconciling the beginning and ending amounts on the statement of cash flows, and requires additional disclosures in the notes to the financial statements. ASU 2016-18 is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years and early adoption is permitted. The Company adopted this standard during the quarter ended March 31, 2017. See Note 2 to the financial statements included herein. In March 2016, the FASB issued ASU 2016-09, CompensationStock Compensation (ASC Topic 718): Improvements to Employee Share-Based Payment Accounting. The new standard simplifies the accounting for stock-based compensation, including amendments on how both taxes related to stock-based compensation and cash payments made to taxing authorities are recorded. ASU 2016-09 is effective for annual reporting periods beginning on or after December 15, 2016, and interim periods within those annual periods and early application is permitted, with any adjustments reflected as of the beginning of the fiscal year of adoption. The Company adopted ASU 2016-09 effective January 1, 2017. The adoption of this standard did not have a material effect on the Company’s financial statements. In November 2015, the FASB issued ASU No. 2015-17, “Balance Sheet Classification of Deferred Taxes” (“ASU 2015-17”), which requires entities to present deferred tax assets and deferred tax liabilities as noncurrent in a classified balance sheet. The ASU simplifies the current guidance in ASC Topic 740, Income Taxes, which requires entities to separately present deferred tax assets and liabilities as current and noncurrent in a classified balance sheet. ASU 2015-17 is effective for fiscal years beginning after December 15, 2016, and interim periods within those annual periods. The Company adopted ASU 2015-07 effective January 1, 2017. The adoption of this standard did not have a material effect on the Company’s financial statements |
Recent Accounting Pronouncements | New Accounting Pronouncements Not Yet Adopted In July 2017, the FASB issued ASU No. 2017-11, “(Part I) Accounting or Certain Financial Instruments with Down Round Features” (“ASU 2017-11”), which changes the classification analysis of certain equity-linked financial instruments with down round features. When determining whether certain financial instruments should be classified as liabilities or equity instruments, a down round feature will no longer preclude equity classification when assessing whether the instrument is indexed to an entity’s own stock. ASU 2017-11 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the impact of this standard on its consolidated financial statements. In February 2016, FASB issued ASU 2016-02, Leases (ASC Topic 842), which supersedes ASC Topic 840, Leases. The new standard is intended to increase transparency and comparability of organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The new guidance is effective for financial statements issued for annual reporting periods beginning after December 15, 2018, and early application is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements. In May 2014, the FASB issued Accounting Standards Update 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. On July 9, 2015, the FASB voted to delay the effective date of this standard by one year. This deferral resulted in ASU 2014-09 being effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early adoption being permitted for annual periods beginning after December 15, 2016. Entities have the option of using either a full retrospective or a modified retrospective approach to adopt the guidance. The Company is currently assessing the effects this guidance may have on its consolidated financial statements, as well as the method of transition that the Company will use in adopting the new standard. |
Cash, Cash Equivalents and Re17
Cash, Cash Equivalents and Restricted Cash (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the balance sheets that sum to the total of the same such amounts shown in the statements of cash flows (in thousands): June 30, 2017 June 30, 2016 Cash and cash equivalents $ 3,768 $ 12,510 Restricted cash, current 916 Restricted cash, noncurrent 916 Total $ 5,600 $ 12,510 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Accrued Expenses | Accrued expenses consist of the following (in thousands): June 30, 2017 December 31, 2016 Current accrued expenses: Personnel related costs $ 1,108 $ 512 Research and development costs 70 174 Other 97 93 Total current accrued expenses $ 1,275 $ 779 Long-term accrued expenses: Accrued severance $ 916 $ Total long-term accrued expenses $ 916 $ |
Loss Per Share (Tables)
Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Calculation of Loss Per Share | The following table presents information necessary to calculate loss per share for the three and six month periods ended June 30, 2017 and 2016 (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net loss $ (2,199) $ (4,280) $ (8,109) $ (9,125) Average common shares outstanding 28,398 24,319 27,340 24,319 Basic and diluted loss per share $ (0.08) $ (0.18) $ (0.30) $ (0.38) |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders Equity | The table below summarizes our ATM Shares sold during the three and six month periods ended June 30, 2017 (in thousands, except share and per share amounts): Three Months Six Months Ended Ended June 30, 2017 June 30,2017 ATM Shares sold 21,100 849,157 Weighted average share price $ 1.17 $ 1.20 Net proceeds, net of offering costs $ 25 $ 1,021 Offering commissions to Ladenburg $ 1 $ 32 |
Schedule Of Warrant Activity | The following table reflects the warrant activity of the Company for the six month period ended June 30, 2017: Series A Series B Series C Shares of Common Stock Warrants Warrants Warrants Issued Balance, December 31, 2016 Issuance of warrants 3,742,500 2,495,000 2,245,875 Series C Warrants exercised to purchase common stock for cash at $0.001 per share (2,245,875) 2,245,875 Net Number Cashless Exercise of Series B Warrants for the issuance of 715,575 shares of common stock (210,000) 715,575 Balance, June 30, 2017 3,742,500 2,285,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | The table below presents our assets and liabilities that are measured at fair value on a recurring basis at June 30, 2017 and are categorized using the fair value hierarchy (in thousands): Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 3,768 $ 3,768 $ $ Restricted cash $ 1,832 $ 1,832 $ $ Warrant liability $ (2,530) $ $ (2,530) $ The table below presents our assets and liabilities that are measured at fair value on a recurring basis at December 31, 2016 and are categorized using the fair value hierarchy (in thousands): Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 8,688 $ 8,688 $ $ |
Fair Value Liabilities Measured On Recurring Basis observable Input Reconciliation [Table Text Block] | The following summarizes the change in the Warrant liability for the six months ended June 30, 2017 (in thousands): Series A Warrants Series B Warrants Total Warrant liability at date of issue $ (1,831) $ (588) $ (2,419) Share settlement due to warrant exercises - 49 49 Change in fair value (157) (3) (160) Warrant liability at June 30, 2017 $ (1,988) $ (542) $ (2,530) |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | The Company calculated the estimated fair value of the Series A and Series B warrants on the issuance date and at June 30, 2017 using the following weighted average assumptions: Issue Date (May 23, 2017) June 30, 2017 Risk-free interest rate 1.46 % 1.82 % Contractual term 3.3 years 3.8 years Expected volatility 85.8 % 98.7 % |
Organization, Operations, Liq22
Organization, Operations, Liquidity and Recent Developments (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 09, 2016 | May 23, 2017 | Jun. 30, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 |
Product Information [Line Items] | ||||||
Deficit accumulated during the development stage | $ 327,600 | $ 327,600 | ||||
Cash and cash equivalents | 3,768 | 3,768 | $ 12,510 | $ 8,688 | ||
Accounts payable and accrued expenses | $ 3,600 | $ 3,600 | ||||
Shares Issued, Price Per Share | $ 1.20 | $ 1.20 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.001 | |||||
Proceeds from Issuance of Common Stock and Warrants | $ 2,500 | $ 3,507 | $ 0 | |||
Series C Warrent [Member] | ||||||
Product Information [Line Items] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.001 | $ 0.001 | ||||
Common Stock [Member] | ||||||
Product Information [Line Items] | ||||||
Stock And Pre-funded Series Warrants Issued During Period, Shares | 2,744,125 | 2,744,125 | ||||
President And CEO [Member] | ||||||
Product Information [Line Items] | ||||||
Employee-related Liabilities | $ 1,800 | $ 1,800 | ||||
Restricted Cash | $ 1,800 | $ 1,800 | ||||
May Public Offering [Member] | ||||||
Product Information [Line Items] | ||||||
Class of Warrant or Right,Description of Exercise Price | Each share of common stock and each pre-funded Series C Warrant to purchase a share of common stock were sold together with a Series A Warrant to purchase 0.75 share of common stock and a Series B Warrant to purchase 0.50 share of common stock. | |||||
May Public Offering [Member] | Series C Warrent [Member] | ||||||
Product Information [Line Items] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.60 | |||||
Class of Warrant or Right,Description of Exercise Price | $0.60 of which was pre-funded at closing and $0.001 was payable upon exercise | |||||
May Public Offering [Member] | Series A Warrent [Member] | ||||||
Product Information [Line Items] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.84 | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 3,742,500 | |||||
May Public Offering [Member] | Series B Warrent [Member] | ||||||
Product Information [Line Items] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.92 | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,495,000 | |||||
May Public Offering [Member] | Common Stock [Member] | ||||||
Product Information [Line Items] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,245,875 | |||||
Ladenburg Thalmann Co. Inc [Member] | ||||||
Product Information [Line Items] | ||||||
Commission Revenue percentage | 3.00% | |||||
Proceeds from Issuance Initial Public Offering | $ 10,000 | |||||
Stock Issued During Period, Shares, New Issues | 21,100 | 849,157 | ||||
Proceeds from Issuance of Common Stock | $ 25 | $ 1,021 | ||||
Shares Issued Weighted Average Price Per Share | $ 1.17 | $ 1.20 | ||||
Payments of Stock Issuance Costs | $ 1 | $ 32 | ||||
Ladenburg Thalmann Co. Inc [Member] | Common Stock [Member] | ||||||
Product Information [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 21,100 | 849,157 | ||||
Shares Issued Weighted Average Price Per Share | $ 1.17 | $ 1.20 |
Cash, Cash Equivalents and Re23
Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Cash and cash equivalents | $ 3,768 | $ 8,688 | $ 12,510 | |
Restricted cash, current | 916 | 0 | 0 | |
Restricted cash, noncurrent | 916 | 0 | 0 | |
Total | $ 5,600 | $ 8,688 | $ 12,510 | $ 21,393 |
Cash, Cash Equivalents and Re24
Cash, Cash Equivalents and Restricted Cash (Additional Information) (Details) $ in Millions | Jun. 30, 2017USD ($) |
Restricted Cash and Cash Equivalents | $ 1.8 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Current accrued expenses: | ||
Personnel related costs | $ 1,108 | $ 512 |
Research and development costs | 70 | 174 |
Other | 97 | 93 |
Total current accrued expenses | 1,275 | 779 |
Long-term accrued expenses: | ||
Accrued severance | 916 | 0 |
Total long-term accrued expenses | $ 916 | $ 0 |
Loss Per Share (Calculation of
Loss Per Share (Calculation of Loss Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net loss | $ (2,199) | $ (4,280) | $ (8,109) | $ (9,125) |
Average common shares outstanding | 28,398 | 24,319 | 27,340 | 24,319 |
Basic and diluted loss per share | $ (0.08) | $ (0.18) | $ (0.30) | $ (0.38) |
Loss Per Share (Additional Info
Loss Per Share (Additional Information) (Details) - shares | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Warrant [Member] | ||
Earnings Per Share Disclosure [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6,027,500 | |
Maximum [Member] | ||
Earnings Per Share Disclosure [Line Items] | ||
Anti-dilutive shares of common stock excluded from computation of earning per share | 2,758,080 | 2,664,024 |
Stock-Based Compensation (Addit
Stock-Based Compensation (Additional Information) (Details) - shares | Feb. 13, 2017 | Feb. 01, 2017 | Jun. 30, 2017 |
President And CEO [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 50,000 | ||
Board of Directors Chairman [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 40,000 | ||
Chief Financial Officer [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 10,000 | ||
Director [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 50,000 | ||
2011 Equity Incentive Plan Member | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 356,502 |
Stockholders_ Equity (Details)
Stockholders’ Equity (Details) - Ladenburg Thalmann Co Inc [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2017 | Jun. 30, 2017 | |
ATM Shares sold | 21,100 | 849,157 |
Weighted average share price | $ 1.17 | $ 1.20 |
Net proceeds, net of offering costs | $ 25 | $ 1,021 |
Offering commissions to Ladenburg | $ 1 | $ 32 |
Common Stock [Member] | ||
ATM Shares sold | 21,100 | 849,157 |
Weighted average share price | $ 1.17 | $ 1.20 |
Stockholders_ Equity (Details 1
Stockholders’ Equity (Details 1) | 6 Months Ended |
Jun. 30, 2017shares | |
Common Stock [Member] | |
Series C Warrants exercised to purchase common stock for cash at $0.001 per share | 2,245,875 |
Net Number Cashless Exercise of Series B Warrants for the issuance of 715,575 shares of common stock | 715,575 |
Series A Warrent [Member] | |
Balance | 0 |
Issuance of warrants | 3,742,500 |
Series C Warrants exercised to purchase common stock for cash at $0.001 per share | 0 |
Net Number Cashless Exercise of Series B Warrants for the issuance of 715,575 shares of common stock | 0 |
Balance | 3,742,500 |
Series B Warrent [Member] | |
Balance | 0 |
Issuance of warrants | 2,495,000 |
Series C Warrants exercised to purchase common stock for cash at $0.001 per share | 0 |
Net Number Cashless Exercise of Series B Warrants for the issuance of 715,575 shares of common stock | (210,000) |
Balance | 2,285,000 |
Series C Warrent [Member] | |
Balance | 0 |
Issuance of warrants | 2,245,875 |
Series C Warrants exercised to purchase common stock for cash at $0.001 per share | (2,245,875) |
Net Number Cashless Exercise of Series B Warrants for the issuance of 715,575 shares of common stock | 0 |
Balance | 0 |
Stockholder's Equity (Additiona
Stockholder's Equity (Additional information) (Details) - USD ($) $ / shares in Units, $ in Millions | Aug. 11, 2017 | Aug. 09, 2016 | May 23, 2017 | Jun. 30, 2017 | Jun. 30, 2016 |
Class of Warrant or Right,Exercisable Basis | The Series A warrants are exercisable, subject to certain limitations, upon issuance and expire five years from issuance and the Series B and Series C warrants are exercisable, subject to certain limitations, upon issuance and expire two years from issuance. The Series A and Series B warrants contain anti-dilution provisions that reduce the exercise price of the warrants if certain dilutive issuances occur, subject to a floor of $0.17 per share. Each of the warrants contain a cashless exercise provision in the event there is no effective registration statement covering the shares to be issued upon exercise of the warrants and a net cash settlement feature at the option of the warrant holder in certain limited circumstances in which the Company fails to timely deliver registered common shares upon a warrant exercise. Additionally, beginning 30 days after the issuance date, a Series B warrant holder is permitted to effect a cashless exercise and receive a net number of shares equal to the product of (i) 200% of the applicable warrant exercise percentage of the initial warrant amount and (ii) the quotient obtained by dividing (a) the difference obtained by subtracting (x) the market price, from (y) the initial exercise price of the Series B Warrants by (b) the market price (the Net Number Cashless Exercise). | ||||
Stock Issued During Period Shares Warrants Exercised Cashless | 715,575 | ||||
Shares Issued, Price Per Share | $ 1.20 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.001 | ||||
Proceeds from Issuance of Common Stock and Warrants | $ 2.5 | ||||
May Public Offering [Member] | |||||
Class of Warrant or Right,Description of Exercise Price | Each share of common stock and each pre-funded Series C Warrant to purchase a share of common stock were sold together with a Series A Warrant to purchase 0.75 share of common stock and a Series B Warrant to purchase 0.50 share of common stock. | ||||
Series A Warrent [Member] | May Public Offering [Member] | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 3,742,500 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.84 | ||||
Common Stock [Member] | |||||
Stock And Pre-funded Series Warrants Issued During Period, Shares | 2,744,125 | 2,744,125 | |||
Common Stock [Member] | May Public Offering [Member] | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,245,875 | ||||
Ladenburg Thalmann Co Inc [Member] | |||||
Proceeds from Issuance Initial Public Offering | $ 10 | ||||
Commission Revenue percentage | 3.00% | ||||
Series B Warrant [Member] | May Public Offering [Member] | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,495,000 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.92 | ||||
Series B Warrant [Member] | Subsequent Event [Member] | |||||
Stock Issued During Period Shares Warrants Exercised Cashless | 1,832,834 | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 5,455,730 | ||||
Series C Warrent [Member] | |||||
Shares Issued, Price Per Share | $ 0.001 | ||||
Series C Warrent [Member] | May Public Offering [Member] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.60 | ||||
Class of Warrant or Right,Description of Exercise Price | $0.60 of which was pre-funded at closing and $0.001 is payable upon exercise |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | May 23, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Warrant liability | $ 2,419 | ||
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Warrant liability | $ (2,530) | $ (2,419) | |
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 3,768 | $ 8,688 | |
Restricted cash | 1,832 | ||
Warrant liability | (2,530) | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 3,768 | 8,688 | |
Restricted cash | 1,832 | ||
Warrant liability | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 0 | 0 | |
Restricted cash | 0 | ||
Warrant liability | (2,530) | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 0 | $ 0 | |
Restricted cash | 0 | ||
Warrant liability | $ 0 |
Fair Value Measurements (Deta33
Fair Value Measurements (Details 1) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Warrant liability at date of issue | $ 2,419 | ||||
Share settlement due to warrant exercises | $ (49) | $ 0 | |||
Change in fair value | $ 160 | $ 0 | 160 | $ 0 | |
Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Warrant liability at date of issue | (2,419) | ||||
Share settlement due to warrant exercises | 49 | ||||
Change in fair value | (160) | ||||
Warrant liability at June 30, 2017 | (2,530) | (2,530) | (2,530) | ||
Fair Value, Inputs, Level 2 [Member] | Series A Warrant [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Warrant liability at date of issue | (1,831) | ||||
Share settlement due to warrant exercises | 0 | ||||
Change in fair value | (157) | ||||
Warrant liability at June 30, 2017 | (1,988) | (1,988) | (1,988) | ||
Fair Value, Inputs, Level 2 [Member] | Series B Warrant [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Warrant liability at date of issue | (588) | ||||
Share settlement due to warrant exercises | 49 | ||||
Change in fair value | (3) | ||||
Warrant liability at June 30, 2017 | $ (542) | $ (542) | $ (542) |
Fair Value Measurements (Deta34
Fair Value Measurements (Details 2) | 1 Months Ended | 6 Months Ended |
May 23, 2017 | Jun. 30, 2017 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Risk-free interest rate | 1.46% | 1.82% |
Contractual term | 3 years 3 months 18 days | 3 years 9 months 18 days |
Expected volatility | 85.80% | 98.70% |
Fair Value Measurements (Additi
Fair Value Measurements (Additional Information) (Details) $ in Thousands | May 23, 2017USD ($) |
Derivative Liability | $ 2,419 |