Oncotelic Therapeutics (OTLC) 10-Q/A 18 Oct 13 2013 Q2 Quarterly report (amended) Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2013	Aug. 08, 2013
Document And Entity Information [Abstract]
Document Type	10-Q/A
Amendment Flag	TRUE
AmendmentDescription	We are filing this Amendment No. 1 on Form 10-Q/A (the “Amended Filing”) to our Quarterly Report on Form 10-Q for the six-months ended June 30, 2013 originally filed with the Securities and Exchange Commission (“SEC”) on August 12, 2013 (the “Original Filing”) to restate our financial statements for the three and six months ended June 30, 2013 to record a non-cash deemed dividend of approximately $2.48 million related to a beneficial conversion feature present in the Company’s Series A Preferred Stock, par value $.01 per share, which was issued in April 2013, and to update the related disclosures in the Original Filing.
Document Period End Date	30-Jun-13
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q2
Entity Registrant Name	OXIGENE INC
Entity Central Index Key	908259
Current Fiscal Year End Date	-19
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		2,638,833

Condensed_Balance_Sheets

Condensed Balance Sheets (USD $)	Jun. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Current assets:
Cash	$7,732	$4,946
Restricted cash	20	20
Prepaid expenses	370	135
Other current assets	33	142
Total current assets	8,155	5,243
Furniture and fixtures, equipment and leasehold improvements	365	370
Accumulated depreciation	-357	-357
Net furniture and fixtures, equipment and leasehold improvements	8	13
License agreements, net of accumulated amortization of $1,358 and $1,309 at June 30, 2013 and December 31, 2012, respectively	142	191
Total assets	8,305	5,447
Current liabilities:
Accounts payable	430	416
Accrued research and development	30	181
Accrued other	431	304
Total current liabilities	891	901
Commitments and contingencies
Stockholders' equity
Preferred stock, $.01 par value, 15,000 shares authorized; 5 and 0 shares issued and outstanding at June 30, 2013 and December 31, 2012, respectively
Common stock, $.01 par value, 100,000 shares authorized; 2,274 and 1,746 shares issued and outstanding at June 30, 2013 and December 31, 2012, respectively	23	17
Additional paid-in capital	238,838	229,961
Accumulated deficit	-231,447	-225,432
Total stockholders' equity	7,414	4,546
Total liabilities and stockholders' equity	$8,305	$5,447

Condensed_Balance_Sheets_Paren

Condensed Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2013	Dec. 31, 2012
In Thousands, except Share data, unless otherwise specified
Statement Of Financial Position [Abstract]
Accumulated amortization on license agreements	$1,358	$1,309
Preferred stock, par value	$0.01	$0.01
Preferred stock, shares authorized	15,000,000	15,000,000
Preferred stock, shares issued	5,000	0
Preferred stock, shares outstanding	5,000	0
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	2,274,000	1,746,000
Common stock, shares outstanding	2,274,000	1,746,000

Condensed_Statements_of_Compre

Condensed Statements of Comprehensive Loss (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Income Statement [Abstract]
Product revenues				$114
Operating expenses:
Research and development	603	1,080	1,349	1,734
General and administrative	1,052	1,199	2,187	2,531
Restructuring		-2		11
Total operating expenses	1,655	2,277	3,536	4,276
Loss from operations	-1,655	-2,277	-3,536	-4,162
Change in fair value of warrants		4		5
Investment income	1	3	2	8
Other (expense) income, net		4		-8
Net loss	-1,654	-2,266	-3,534	-4,157
Non-cash deemed dividend to preferred stock	-2,481		-2,481
Net loss attributable to common stock	-4,135	-2,266	-6,015	-4,157
Comprehensive loss	($1,654)	($2,266)	($3,534)	($4,157)
Basic and diluted net loss per share attributable to common stock	($1.86)	($1.65)	($2.89)	($3.10)
Weighted-average number of common shares outstanding	2,227	1,374	2,082	1,342

Condensed_Statements_of_Cash_F

Condensed Statements of Cash Flows (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2013	Jun. 30, 2012
Operating activities:
Net loss	($3,534)	($4,157)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of warrants		-5
Depreciation	5	7
Amortization of license agreement	49	49
Stock-based compensation	274	254
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	-126	194
Accounts payable and accrued expenses	-10	-636
Net cash used in operating activities	-3,342	-4,294
Financing activities:
Proceeds from issuance of preferred stock, net of issuance costs	4,192
Proceeds from issuance of common stock, net of issuance costs	1,936	1,224
Net cash provided by financing activities	6,128	1,224
Increase (decrease) in cash and cash equivalents	2,786	-3,070
Cash at beginning of period	4,946	9,972
Cash at end of period	7,732	6,902
Non-Cash investing and financing activities:
Conversion of preferred stock to common stock	$364

Summary_of_Significant_Account

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2013
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	1	Summary of Significant Accounting Policies
	Basis of Presentation
	The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They have been prepared on a basis which assumes that OXiGENE, Inc. (“OXiGENE” or the “Company”) will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The financial statements do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, however, all adjustments (consisting primarily of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013.
	The balance sheet at December 31, 2012 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. For further information, refer to the financial statements and footnotes thereto included in the Annual Report on Form 10-K for the Company for the year ended December 31, 2012.
	Restatement of Previously Issued Condensed Financial Statements
	The Company has restated its financial statements for the three and six months ended June 30, 2013, due to the recognition of a non-cash deemed dividend of approximately $2.48 million related to a beneficial conversion feature present in the Company’s Series A Preferred Stock which was issued in April 2013. See Note 2. The adjustments did not have an effect on the Company’s previously reported net loss, comprehensive loss, assets or liabilities on the balance sheet or the statement of cash flows.
	A summary of the impact of the restatement on the Condensed Statement of Comprehensive Loss and Condensed Balance Sheets are as follows:
	Restatement effect on the Statement of Comprehensive Loss		Three months ended						Six months ended
			June 30,						June 30,
			2013			2012			2013			2012
	Net loss		$	(1,654	)	$	(2,266	)	$	(3,534	)	$	(4,157	)
	Non-cash deemed dividend to preferred stock (restated)			(2,481	)		—			(2,481	)		—
	Net loss attributable to common stock (restated)		$	(4,135	)	$	(2,266	)	$	(6,015	)	$	(4,157	)
	Basic and diluted net loss per common share as previously reported		$	(0.74	)	$	(1.65	)	$	(1.70	)	$	(3.10	)
	Difference in Basic and diluted net loss per common share as previously reported and restated		$	(1.12	)	$	(0.00	)	$	(1.19	)	$	(0.00	)
	Basic and diluted net loss per share attributable to common stock (restated)		$	(1.86	)	$	(1.65	)	$	(2.89	)	$	(3.10	)
	Weighted-average number of common shares outstanding			2,227			1,374			2,082			1,342
	Restatement effect on the Balance Sheets		June 30, 2013
	Stockholders’ equity
	Additional paid-in capital as previously reported		$	236,357
	Restatement adjustment due to non-cash deemed dividend			2,481
	Additional paid-in capital restated		$	238,838
	Accumulated deficit as previously reported		$	(228,966	)
	Restatement adjustment due to non-cash deemed dividend			(2,481	)
	Accumulated deficit restated		$	(231,447	)
	Capital Resources
	In December 2012, the Company’s board of directors voted unanimously to implement a 1:12 reverse stock split of the Company’s common stock, following authorization of the reverse stock split by a shareholder vote on December 21, 2012. The reverse stock split became effective on December 28, 2012. All of the share and per share amounts discussed and shown in the financial statements and notes have been adjusted to reflect the effect of this reverse stock split.
	The Company has experienced net losses every year since inception and, as of June 30, 2013 had an accumulated deficit of approximately $231,447,000. The Company expects to incur significant additional operating losses over at least the next several years, principally as a result of its continuing clinical trials and anticipated research and development and manufacturing expenditures. The principal source of the Company’s working capital to date has been the proceeds of private and public equity financings and to a significantly lesser extent the exercise of warrants and stock options. The Company currently has no recurring material amount of licensing or other income. As of June 30, 2013, the Company had approximately $7,752,000 in cash and restricted cash.
	Based on the Company’s limited ongoing programs and operations, the Company expects its existing cash to support its operations through the middle of the second quarter of 2014. However, while this level of cash utilization does not allow for the initiation of any significant projects, including clinical trials, to further the development of the Company’s most advanced product candidates, it does include provisions for initial drug manufacturing activities that the Company has undertaken in connection with the planned filing of a European Marketing Authorization application for ZYBRESTAT in anaplastic thyroid cancer, or ATC. Any significant further development of ZYBRESTAT or other capital intensive activities will be contingent upon the Company’s ability to raise additional capital in addition to the Company’s existing financing arrangements, (as described in detail in Note 2 below).
	Additional funding may not be available to OXiGENE on acceptable terms, or at all. If the Company is unable to access additional funds when needed, it may not be able to continue the development of its product candidates or the Company could be required to delay, scale back or eliminate some or all of its development programs and other operations. Any additional equity financing, if available to the Company, may not be available on favorable terms, would most likely be dilutive to its current stockholders and debt financing, if available, and may involve restrictive covenants. If the Company accesses funds through collaborative or licensing arrangements, it may be required to relinquish rights to some of its technologies or product candidates that it would otherwise seek to develop or commercialize on its own, on terms that are not favorable to the Company. The Company’s ability to access capital when needed is not assured and, if not achieved on a timely basis, will materially harm its business, financial condition and results of operations. The Company’s ability to raise additional capital could also be impaired if it is unable to comply with the listing standards of The NASDAQ Capital Market and instead has to trade its common shares in the over-the-counter market. These uncertainties create substantial doubt about the Company’s ability to continue as a going concern. The Report of Independent Registered Accounting Firm at the beginning of the Consolidated Financial Statements section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 includes a going concern explanatory paragraph.
	The accompanying financial statements have been prepared on a basis which assumes that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business.
	Significant Accounting Policies
	Use of Estimates
	The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
	Revenue Recognition
	In December 2011, the Company established a distribution agreement to provide access to ZYBRESTAT for the treatment of patients with ATC in certain specified territories on a compassionate use basis. The agreement provides that upon the receipt of ZYBRESTAT by the distributor for distribution and sale to compassionate use patients, the distributor has 30 days to inspect the product for defects and to ensure that the product conforms to the warranties made by the Company. If the distributor does not notify the Company of any defective products within the 30-day period it will be deemed to have accepted the products. Revenue is recognized based on products accepted at the conclusion of the 30-day inspection period. Also, the distributor will pay to the Company, on a quarterly basis, an amount equal to 20% of the distributor’s gross margin, as defined in the agreement, on its sales of ZYBRESTAT in the preceding quarter. This revenue will be recognized upon notification from the distributor of the gross margin earned. ZYBRESTAT was expensed at the time it was manufactured, because it is in the development stage and there was not an alternative future use. As a result, the product provided to the distributor has a zero cost basis, and therefore no cost-of-goods sold has been recorded.

Stockholders_EquityCommon_and_

Stockholders' Equity-Common and Preferred Shares	6 Months Ended
	Jun. 30, 2013
Equity [Abstract]
Stockholders' Equity-Common and Preferred Shares	2	Stockholders’ Equity—Common and Preferred Shares
	Private Placement of Preferred Shares and Warrants
	On April 16, 2013, the Company closed on an offering pursuant to the terms of a private placement agreement, in which the Company raised $5,000,000 in gross proceeds, before deducting placement agents’ fees and other offering expenses, in a private placement of 5,000 shares of the Company’s Series A Preferred Stock. The Series A Preferred Stock is not redeemable or contingently redeemable, does not have a dividend right, nor does it have any preferences over the common stock, including liquidation rights. Subject to certain ownership limitations, shares of Series A Preferred Stock are convertible, at the option of the holder thereof, into an aggregate of up to 1,377,412 shares of the Company’s common stock. Also included in the offering were warrants to purchase common stock, as follows:
	(A) Series A Warrants to purchase 1,377,412 shares of the Company’s common stock, which are exercisable immediately after issuance, have a five-year term and a per share exercise price of $3.40; and
	(B) Series B Warrants to purchase 1,377,412 shares of the Company’s common stock, which are exercisable immediately after issuance, have a two-year term and a per share exercise price of $3.40.
	At the closing, the Company also issued to its placement agent and related persons Series A Warrants to purchase 82,645 shares of the Company’s common stock. The Company’s placement agent is also entitled to receive Series A Warrants to purchase up to an additional 82,645 shares of the Company’s common stock if the Series B Warrants are exercised for cash.
	The preferred stock and warrants contain limitations that prevent the holders of the preferred stock and warrants from acquiring shares upon conversion of preferred stock or exercise of warrants that would result in the number of shares beneficially owned by it and its affiliates exceeding 9.99% of the total number of shares of the Company’s common stock then issued and outstanding.
	During the three months ended June 30, 2013, the investor in the private placement converted 364 shares of Series A Preferred Stock into 100,276 shares of the Company’s common stock. In July 2013, the investor converted 1,282 shares of Series A Preferred Stock into 353,270 shares of the Company’s common stock.
	The Series A Preferred Stock issued in the offering had a beneficial conversion feature and, as a result, the Company recognized approximately $2.48 million as a non-cash deemed dividend. In order to calculate the amount of the deemed dividend, the Company estimated the relative fair value of the Series A Preferred Stock, the Series A Warrants and the Series B Warrants issued in order to determine the amount of the beneficial conversion feature present in the Series A Preferred Stock. The Series A Preferred Stock was valued using Level 2 inputs by using the market value of the Company’s common stock into which the Series A Preferred Stock is convertible. The Series A Warrants and Series B Warrants granted were valued using the Black-Scholes valuation model and the following Level 3 input assumptions:
	Weighted Average Assumptions
			Private Placement				Private Placement
			Series A Warrants				Series B Warrants
	Risk-free interest rate			0.24	%			0.24	%
	Expected life (years)			2.3				1.9
	Expected volatility			87	%			87	%
	Dividend yield			0	%			0	%
	Common Stock
	At the 2013 Annual Meeting of Stockholders in July 2013, the stockholders approved a decrease in the Company’s authorized common stock from 100,000,000 to 70,000,000.
	On July 21, 2010, the Company entered into an “at the market” equity offering sales agreement (the ATM Agreement) with MLV & Co. LLC, or MLV, pursuant to which the Company may issue and sell shares of its common stock from time to time through MLV acting as sales agent and underwriter. The Company is limited as to how many shares it can sell under the ATM Agreement due to SEC limitations on the number of shares issuable pursuant to a Form S-3 registration statement in a primary offering by smaller reporting companies such as the Company. As of July 31, 2013 the total dollar amount of common stock that the Company could sell under the ATM Agreement during the next twelve months is approximately $264,000 under the current registration statement. The Company may be able to sell more shares under this agreement over the next twelve months depending on several factors including the Company’s stock price, number of shares outstanding, and when the sales occur.
	In connection with the ATM Agreement, the Company issued approximately 422,000 shares of common stock for proceeds of approximately $1,936,000 net of issuance costs, during the six months ended June 30, 2013. No shares were issued under this agreement during the six months ended June 30, 2012.
	In November 2011, the Company entered into a purchase agreement, or the LPC Purchase Agreement, for the sale, from time to time, of up to $20,000,000 of its common stock to Lincoln Park Capital Fund, LLC, or LPC, over a 36 month term. The Company can only sell shares under this arrangement if it maintains a minimum stock price of $6.00 and maintains the effectiveness of a registration statement filed with the Securities and Exchange Commission. Subject to this restriction, if the Company’s stock price rises above $6.00 and the other conditions of the arrangement are met, the Company can generally control the timing and amount of any sales to LPC in accordance with the purchase agreement. LPC has no right to require the Company to sell any shares to LPC, but LPC is obligated to make purchases as the Company directs, subject to certain conditions including the minimum stock price of $6.00 and the continuing effectiveness of a registration statement filed with the Securities and Exchange Commission covering the resale of the shares that may be issued to LPC. There are no upper limits to the price LPC may pay to purchase the Company’s common stock and the purchase price of the shares related to any future sales will be based on the prevailing market prices of the Company’s shares immediately preceding the notice of sale to LPC without any fixed discount. The agreement may be terminated by the Company at any time, at its sole discretion, without any cost or penalty. Assuming that the purchase price per share is $6.00 or greater, the total dollar amount of common stock that the Company could sell under the LPC Purchase Agreement during the next twelve months is approximately $17,400,000, provided that the Company would be required to file and have declared effective an additional registration statement in order to sell more than an additional 66,862 shares of its common stock under the LPC Purchase Agreement.
	In connection with the LPC Purchase Agreement, the Company issued 196,719 shares of common stock for proceeds of approximately $1,699,000, net of issuance costs, during the six months ended June 30, 2012, including 4,995 shares issued as a commitment fee. No shares were issued under this agreement during the six months ended June 30, 2013.
	Warrants
	Warrant Summary Information
	The following is a summary of the Company’s outstanding common stock warrants as of June 30, 2013 and December 31, 2012:
									Number of Warrants outstanding as of:
									(In thousands)
	Warrants Issued in Connection with:		Date of		Exercise Price				June 30, 2013				December 31, 2012
			Issuance
	Committed Equity Financing Facility		2/19/08		$	657.6				1				1
	Direct Registration Series I Warrants		7/20/09		$	504				12				12
	Private Placement Series A Warrants		4/16/13		$	3.4				1,460				—
	Private Placement Series B Warrants		4/16/13		$	3.4				1,377				—
	Total Warrants Outstanding									2,850				13
	Effective with a warrant exchange, the Committed Equity Financing Facility warrants, issued by the Company on February 19, 2008, were reclassified as equity in January 2011. Previously they were recorded as a liability at their fair value in March 2010 and were last recorded as a liability on December 31, 2010. These warrants will expire on August 19, 2013.
	The Direct Registration Series I warrants, issued by the Company on July 20, 2009, were recorded as a liability at their fair value as of the date of their issuance in July 2009 and are revalued at each subsequent reporting date. The value of these warrants recorded on the Company’s balance sheet was approximately $0 at both June 30, 2013 and December 31, 2012. These warrants will expire on July 20, 2014.
	The Private Placement Series A warrants include warrants to purchase 1,377,412 shares of the Company’s common stock and warrants issued to the Company’s placement agent and related persons to purchase 82,645 shares of the Company’s common stock. The Series A warrants became exercisable immediately after issuance, have a five-year term and a per share exercise price of $3.40. The Company’s placement agent is also entitled to receive Series A Warrants to purchase up to an additional 82,645 shares of the Company’s common stock if the Series B Warrants are exercised for cash.
	The Private Placement Series B Warrants to purchase 1,377,412 shares of the Company’s common stock became exercisable immediately after issuance, have a two-year term and a per share exercise price of $3.40.
	Options
	The Company’s 2005 Stock Plan, as amended at the 2013 Annual Meeting of Stockholders in July 2013 (the “2005 Plan”) provides for the award of options, restricted stock and stock appreciation rights to acquire up to 833,333 shares of the Company’s common stock in the aggregate. Currently, the 2005 Plan allows for awards of up to 200,000 shares that may be granted to any one participant in any fiscal year. For options subject to graded vesting, the Company elected the straight-line method of expensing these awards over the service period.
	The following is a summary of the Company’s stock option activity under its 2005 Plan for the six months ended June 30, 2013:
			Shares				Weighted				Weighted				Aggregate
							Average				Average				Intrinsic
							Exercise				Remaining				Value
							Price				Contractual
											Life
			(In thousands)								(Years)				(In thousands)
	Options outstanding at December 31, 2012			143			$	19.73				8.64			$	—
	Granted			77			$	4.38							$	—
	Forfeited and expired			(42	)		$	17.66							$	—
	Options outstanding at June 30, 2013			178			$	13.66				8.25			$	—
	Options exercisable at June 30, 2013			73			$	21.98				6.74			$	—
	Options vested or expected to vest at June 30, 2013			134			$	15.6				7.91			$	—
	As of June 30, 2013 there was approximately $149,437 of unrecognized compensation cost related to stock option awards that is expected to be recognized as expense over a weighted average period of approximately 2.53 years.
	The fair values for the stock options granted were estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions for the six months ended June 30, 2013:
	Weighted Average Assumptions
	Risk-free interest rate			0.77	%
	Expected life (years)			4
	Expected volatility			101	%
	Dividend yield			0	%

Net_Loss_Per_Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2013
Earnings Per Share [Abstract]
Net Loss Per Share	3	Net Loss Per Share
	Basic and diluted net loss per common share was calculated by dividing the net loss attributed to the Company’s common shares by the weighted-average number of common shares outstanding. Diluted net loss per share includes the effect of all dilutive, potentially issuable common equivalent shares as defined using the treasury stock method. All of the Company’s common stock equivalents are anti-dilutive due to the Company’s net loss position for all periods presented. Accordingly, common stock equivalents of approximately 4,636 shares of preferred stock convertible into 1,277,136 shares of common stock, 178,000 stock options and 2,933,000 warrants at June 30, 2013 and 102,000 stock options and 13,000 warrants at June 30, 2012, were excluded from the calculation of weighted average shares for diluted net loss per share.

Commitments_and_Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2013
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	4	Commitments and Contingencies
	Facility Lease
	The Company has amended its current facility lease to extend the term to June 30, 2014 and adjust the base monthly rent starting July 1, 2013 to June 30, 2014 to $16,616.25. The lease is for a total of 5,275 square feet of office space located in South San Francisco, California.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2013
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
	The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They have been prepared on a basis which assumes that OXiGENE, Inc. (“OXiGENE” or the “Company”) will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The financial statements do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, however, all adjustments (consisting primarily of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013.
	The balance sheet at December 31, 2012 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. For further information, refer to the financial statements and footnotes thereto included in the Annual Report on Form 10-K for the Company for the year ended December 31, 2012.
Capital Resources	Capital Resources
	In December 2012, the Company’s board of directors voted unanimously to implement a 1:12 reverse stock split of the Company’s common stock, following authorization of the reverse stock split by a shareholder vote on December 21, 2012. The reverse stock split became effective on December 28, 2012. All of the share and per share amounts discussed and shown in the financial statements and notes have been adjusted to reflect the effect of this reverse stock split.
	The Company has experienced net losses every year since inception and, as of June 30, 2013 had an accumulated deficit of approximately $228,966,000. The Company expects to incur significant additional operating losses over at least the next several years, principally as a result of its continuing clinical trials and anticipated research and development and manufacturing expenditures. The principal source of the Company’s working capital to date has been the proceeds of private and public equity financings and to a significantly lesser extent the exercise of warrants and stock options. The Company currently has no recurring material amount of licensing or other income. As of June 30, 2013, the Company had approximately $7,752,000 in cash and restricted cash.
	Based on the Company’s limited ongoing programs and operations, the Company expects its existing cash to support its operations through the middle of the second quarter of 2014. However, while this level of cash utilization does not allow for the initiation of any significant projects, including clinical trials, to further the development of the Company’s most advanced product candidates, it does include provisions for initial drug manufacturing activities that the Company has undertaken in connection with the planned filing of a European Marketing Authorization application for ZYBRESTAT in anaplastic thyroid cancer, or ATC. Any significant further development of ZYBRESTAT or other capital intensive activities will be contingent upon the Company’s ability to raise additional capital in addition to the Company’s existing financing arrangements, (as described in detail in Note 2 below).
	Additional funding may not be available to OXiGENE on acceptable terms, or at all. If the Company is unable to access additional funds when needed, it may not be able to continue the development of its product candidates or the Company could be required to delay, scale back or eliminate some or all of its development programs and other operations. Any additional equity financing, if available to the Company, may not be available on favorable terms, would most likely be dilutive to its current stockholders and debt financing, if available, and may involve restrictive covenants. If the Company accesses funds through collaborative or licensing arrangements, it may be required to relinquish rights to some of its technologies or product candidates that it would otherwise seek to develop or commercialize on its own, on terms that are not favorable to the Company. The Company’s ability to access capital when needed is not assured and, if not achieved on a timely basis, will materially harm its business, financial condition and results of operations. The Company’s ability to raise additional capital could also be impaired if it is unable to comply with the listing standards of The NASDAQ Capital Market and instead has to trade its common shares in the over-the-counter market. These uncertainties create substantial doubt about the Company’s ability to continue as a going concern. The Report of Independent Registered Accounting Firm at the beginning of the Consolidated Financial Statements section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 includes a going concern explanatory paragraph.
	The accompanying financial statements have been prepared on a basis which assumes that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business.
Restatement of Previously Issued Condensed Financial Statements	Restatement of Previously Issued Condensed Financial Statements
	The Company has restated its financial statements for the three and six months ended June 30, 2013, due to the recognition of a non-cash deemed dividend of approximately $2.48 million related to a beneficial conversion feature present in the Company’s Series A Preferred Stock which was issued in April 2013. See Note 2. The adjustments did not have an effect on the Company’s previously reported net loss, comprehensive loss, assets or liabilities on the balance sheet or the statement of cash flows.
	A summary of the impact of the restatement on the Condensed Statement of Comprehensive Loss and Condensed Balance Sheets are as follows:
	Restatement effect on the Statement of Comprehensive Loss	Three months ended						Six months ended
		June 30,						June 30,
		2013			2012			2013			2012
	Net loss	$	(1,654	)	$	(2,266	)	$	(3,534	)	$	(4,157	)
	Non-cash deemed dividend to preferred stock (restated)		(2,481	)		—			(2,481	)		—
	Net loss attributable to common stock (restated)	$	(4,135	)	$	(2,266	)	$	(6,015	)	$	(4,157	)
	Basic and diluted net loss per common share as previously reported	$	(0.74	)	$	(1.65	)	$	(1.70	)	$	(3.10	)
	Difference in Basic and diluted net loss per common share as previously reported and restated	$	(1.12	)	$	(0.00	)	$	(1.19	)	$	(0.00	)
	Basic and diluted net loss per share attributable to common stock (restated)	$	(1.86	)	$	(1.65	)	$	(2.89	)	$	(3.10	)
	Weighted-average number of common shares outstanding		2,227			1,374			2,082			1,342
	Restatement effect on the Balance Sheets	June 30, 2013
	Stockholders’ equity
	Additional paid-in capital as previously reported	$	236,357
	Restatement adjustment due to non-cash deemed dividend		2,481
	Additional paid-in capital restated	$	238,838
	Accumulated deficit as previously reported	$	(228,966	)
	Restatement adjustment due to non-cash deemed dividend		(2,481	)
	Accumulated deficit restated	$	(231,447	)
Use of Estimates	Use of Estimates
	The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Revenue Recognition	Revenue Recognition
	In December 2011, the Company established a distribution agreement to provide access to ZYBRESTAT for the treatment of patients with ATC in certain specified territories on a compassionate use basis. The agreement provides that upon the receipt of ZYBRESTAT by the distributor for distribution and sale to compassionate use patients, the distributor has 30 days to inspect the product for defects and to ensure that the product conforms to the warranties made by the Company. If the distributor does not notify the Company of any defective products within the 30-day period it will be deemed to have accepted the products. Revenue is recognized based on products accepted at the conclusion of the 30-day inspection period. Also, the distributor will pay to the Company, on a quarterly basis, an amount equal to 20% of the distributor’s gross margin, as defined in the agreement, on its sales of ZYBRESTAT in the preceding quarter. This revenue will be recognized upon notification from the distributor of the gross margin earned. ZYBRESTAT was expensed at the time it was manufactured, because it is in the development stage and there was not an alternative future use. As a result, the product provided to the distributor has a zero cost basis, and therefore no cost-of-goods sold has been recorded.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2013
Accounting Policies [Abstract]
Summary of Impact of Restatement on Condensed Statement of Comprehensive Loss and Condensed Balance Sheets	A summary of the impact of the restatement on the Condensed Statement of Comprehensive Loss and Condensed Balance Sheets are as follows:
	Restatement effect on the Statement of Comprehensive Loss	Three months ended						Six months ended
		June 30,						June 30,
		2013			2012			2013			2012
	Net loss	$	(1,654	)	$	(2,266	)	$	(3,534	)	$	(4,157	)
	Non-cash deemed dividend to preferred stock (restated)		(2,481	)		—			(2,481	)		—
	Net loss attributable to common stock (restated)	$	(4,135	)	$	(2,266	)	$	(6,015	)	$	(4,157	)
	Basic and diluted net loss per common share as previously reported	$	(0.74	)	$	(1.65	)	$	(1.70	)	$	(3.10	)
	Difference in Basic and diluted net loss per common share as previously reported and restated	$	(1.12	)	$	(0.00	)	$	(1.19	)	$	(0.00	)
	Basic and diluted net loss per share attributable to common stock (restated)	$	(1.86	)	$	(1.65	)	$	(2.89	)	$	(3.10	)
	Weighted-average number of common shares outstanding		2,227			1,374			2,082			1,342
	Restatement effect on the Balance Sheets	June 30, 2013
	Stockholders’ equity
	Additional paid-in capital as previously reported	$	236,357
	Restatement adjustment due to non-cash deemed dividend		2,481
	Additional paid-in capital restated	$	238,838
	Accumulated deficit as previously reported	$	(228,966	)
	Restatement adjustment due to non-cash deemed dividend		(2,481	)
	Accumulated deficit restated	$	(231,447	)

Stockholders_EquityCommon_and_1

Stockholders' Equity-Common and Preferred Shares (Tables)	6 Months Ended
	Jun. 30, 2013
Equity [Abstract]
Fair Value Measurements on Recurring and Nonrecurring Basis	The Series A Preferred Stock was valued using Level 2 inputs by using the market value of the Company’s common stock into which the Series A Preferred Stock is convertible. The Series A Warrants and Series B Warrants granted were valued using the Black-Scholes valuation model and the following Level 3 input assumptions:
	Weighted Average Assumptions
		Private Placement			Private Placement
		Series A Warrants			Series B Warrants
	Risk-free interest rate		0.24	%		0.24	%
	Expected life (years)		2.3			1.9
	Expected volatility		87	%		87	%
	Dividend yield		0	%		0	%
Summary of the Company's Outstanding Common Stock Warrants	The following is a summary of the Company’s outstanding common stock warrants as of June 30, 2013 and December 31, 2012:
								Number of Warrants outstanding as of:
		Date of						(In thousands)
	Warrants Issued in Connection with:	Issuance			Exercise Price			June 30, 2013		December 31, 2012
	Committed Equity Financing Facility		2/19/08		$	657.6			1		1
	Direct Registration Series I Warrants		7/20/09		$	504			12		12
	Private Placement Series A Warrants		4/16/13		$	3.4			1,460		—
	Private Placement Series B Warrants		4/16/13		$	3.4			1,377		—
	Total Warrants Outstanding								2,850		13
Summary of the Company's Stock Option Activity Under its 2005 Plan	The following is a summary of the Company’s stock option activity under its 2005 Plan for the six months ended June 30, 2013:
		Shares			Weighted			Weighted		Aggregate
					Average			Average		Intrinsic
					Exercise			Remaining		Value
					Price			Contractual
								Life
		(In thousands)						(Years)		(In thousands)
	Options outstanding at December 31, 2012		143		$	19.73			8.64	$	—
	Granted		77		$	4.38				$	—
	Forfeited and expired		(42	)	$	17.66				$	—
	Options outstanding at June 30, 2013		178		$	13.66			8.25	$	—
	Options exercisable at June 30, 2013		73		$	21.98			6.74	$	—
	Options vested or expected to vest at June 30, 2013		134		$	15.6			7.91	$	—
Weighted-Average Assumptions	The fair values for the stock options granted were estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions for the six months ended June 30, 2013:
	Weighted Average Assumptions
	Risk-free interest rate		0.77	%
	Expected life (years)		4
	Expected volatility		101	%
	Dividend yield		0	%

Summary_of_Significant_Account3

Summary of Significant Accounting Policies - Summary of Impact of Restatement on Condensed Statement of Comprehensive Loss and Condensed Balance Sheets (Detail) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012
Net loss attributable to common stock	($4,135)	($2,266)	($6,015)	($4,157)
Basic and diluted net loss per share attributable to common stock	($1.86)	($1.65)	($2.89)	($3.10)
Weighted-average number of common shares outstanding	2,227	1,374	2,082	1,342
Additional paid-in capital	238,838		238,838		229,961
Accumulated deficit	-231,447		-231,447		-225,432
Scenario, Previously Reported [Member]
Net loss attributable to common stock	-1,654	-2,266	-3,534	-4,157
Basic and diluted net loss per share attributable to common stock	($0.74)	($1.65)	($1.70)	($3.10)
Additional paid-in capital	236,357		236,357
Accumulated deficit	-228,966		-228,966
Restatement Adjustment [Member]
Net loss attributable to common stock	-2,481		-2,481
Basic and diluted net loss per share attributable to common stock	($1.12)	$0	($1.19)	$0
Additional paid-in capital	2,481		2,481
Accumulated deficit	($2,481)		($2,481)

Summary_of_Significant_Account4

Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)	1 Months Ended	3 Months Ended	6 Months Ended
	Dec. 28, 2012	Jun. 30, 2013	Jun. 30, 2013	Dec. 31, 2012
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Non-cash deemed dividend to preferred stock		$2,481,000	$2,481,000
Reverse stock split of the Company's common stock	0.083
Accumulated deficit		231,447,000	231,447,000	225,432,000
Cash, and restricted cash		7,752,000	7,752,000
Period of inspection of product			30 days
Percentage payment on gross margin of distributor's, sales			20.00%
Cost of goods sold			$0

Stockholders_EquityCommon_and_2

Stockholders' Equity-Common and Preferred Shares - Additional Information (Detail) (USD $)

3 Months Ended

6 Months Ended

6 Months Ended

6 Months Ended

3 Months Ended

1 Months Ended

6 Months Ended

Jun. 30, 2013

Jun. 30, 2013

Jun. 30, 2012

Apr. 16, 2013

Dec. 31, 2012

Jun. 30, 2013

Jun. 30, 2013

Jun. 30, 2012

Jun. 30, 2013

Jun. 30, 2012

Nov. 30, 2011

Jul. 31, 2013

Jun. 30, 2013

Jun. 30, 2013

Jun. 30, 2013

Jun. 30, 2013

Jun. 30, 2013

Jul. 31, 2013

Jun. 30, 2013

Jun. 30, 2013

Jun. 30, 2013

Jul. 31, 2013

2005 Plan [Member]

MLV & Co. LLC [Member]

MLV & Co. LLC [Member]

Lincoln Park Capital Fund, LLC [Member]

Lincoln Park Capital Fund, LLC [Member]

Lincoln Park Capital Fund, LLC [Member]

Subsequent Event [Member]

Private Placement Series A Warrants [Member]

Committed Equity Financing Facility [Member]

Direct Registration Series I Warrants [Member]

Series A Preferred Stock [Member]

Series A Preferred Stock [Member]

Series A Preferred Stock [Member]

Private Placement Series B Warrants [Member]

Private Placement Series A Warrants [Member]

Common Stock [Member]

Common Stock [Member]

Private Placement [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Private Placement [Member]

Stockholders' Equity - Common and Preferred Shares [Line Items]

Gross proceeds

$5,000,000

Common stock, new shares issued

422,000

0

0

196,719

5,000

Number of common stock issued upon conversion of Series A Preferred Stock

1,377,412

100,276

353,270

Purchase of common stock

1,377,412

1,377,412

Exercisable period of warrant

5 years

2 years

Exercise price of warrant

3.4

504

3.4

Purchase of common stock at closing

82,645

Additional purchase of common stock

82,645

Percentage of warrants owned

9.99%

9.99%

Number of preferred stock converted

364

1,282

Non-cash deemed dividend to preferred stock

2,481,000

2,481,000

Common stock, shares authorized

100,000,000

100,000,000

100,000,000

70,000,000

Total dollar amount of common stock company could sell under the ATM

264,000

Proceeds from issuance of common stock, net of issuance costs

1,936,000

1,224,000

1,936,000

1,699,000

Value of purchase agreement for the sale with Lincoln Park Capital Fund, LLC

20,000,000

Purchase agreement period

36 months

Minimum Purchase price per share

$6

Additional value of purchase agreement for the sale with Lincoln Park Capital Fund, LLC

17,400,000

Common stock, additional shares issued in connection with Lincoln Park Capital Fund, LLC

66,862

Shares issued as a commitment fee

4,995

Warrants closing date

19-Aug-13

20-Jul-14

The value of warrants recorded on the Company's balance sheet

0

0

0

Maximum number of shares acquired for the award of options, restricted stock and stock appreciation

833,333

Maximum number of shares granted to any one participant in any fiscal year

200,000

Weighted average period for recognizing unrecognized compensation cost as expense

2 years 6 months 11 days

Unrecognized compensation cost related to stock option awards

$149,437

$149,437

Stockholders_EquityCommon_and_3

Stockholders' Equity-Common and Preferred Shares - Fair Value Measurements on Recurring and Nonrecurring Basis (Detail)	6 Months Ended
	Jun. 30, 2013
Private Placement Series A Warrants [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Risk-free interest rate	0.24%
Expected life (years)	2 years 3 months 18 days
Expected volatility	87.00%
Dividend yield	0.00%
Private Placement Series B Warrants [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Risk-free interest rate	0.24%
Expected life (years)	1 year 10 months 24 days
Expected volatility	87.00%
Dividend yield	0.00%

Stockholders_EquityCommon_and_4

Stockholders' Equity-Common and Preferred Shares - Summary of the Company's Outstanding Common Stock Warrants (Detail)	Jun. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Class of Warrant or Right [Line Items]
Total Number of Warrants Outstanding	2,850	13
Committed Equity Financing Facility [Member]
Class of Warrant or Right [Line Items]
Date of Issuance	19-Feb-08
Exercise Price	657.6
Total Number of Warrants Outstanding	1	1
Direct Registration Series I Warrants [Member]
Class of Warrant or Right [Line Items]
Date of Issuance	20-Jul-09
Exercise Price	504
Total Number of Warrants Outstanding	12	12
Private Placement Series A Warrants [Member]
Class of Warrant or Right [Line Items]
Date of Issuance	16-Apr-13
Exercise Price	3.4
Total Number of Warrants Outstanding	1,460
Private Placement Series B Warrants [Member]
Class of Warrant or Right [Line Items]
Date of Issuance	16-Apr-13
Exercise Price	3.4
Total Number of Warrants Outstanding	1,377

Stockholders_EquityCommon_and_5

Stockholders' Equity-Common and Preferred Shares - Summary of the Company's Stock Option Activity under ts 2005 Plan (Detail) (USD $)	6 Months Ended	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Shares, Options outstanding, Beginning balance	143
Shares, Granted	77
Shares, Forfeited and expired	-42
Shares, Options outstanding, Ending balance	178	143
Options exercisable at June 30, 2013, Shares	73
Options vested or expected to vest at June 30, 2013, Shares	134
Weighted Average Exercise Price, Options outstanding Beginning balance	$19.73
Weighted Average Exercise Price, Granted	$4.38
Weighted Average Exercise Price, Forfeited and expired	$17.66
Weighted Average Exercise Price, Options outstanding, Ending balance	$13.66	$19.73
Options exercisable at June 30, 2013, Weighted Average Exercise Price	$21.98
Options vested or expected to vest at June 30, 2013, Weighted Average Exercise Price	$15.60
Weighted Average Remaining Contractual Life, Options outstanding at December 31, 2012	8 years 3 months	8 years 7 months 21 days
Weighted Average Remaining Contractual Life, Options outstanding at June 30, 2013	8 years 3 months	8 years 7 months 21 days
Options exercisable at June 30, 2013, Weighted Average Remaining Contractual Life	6 years 8 months 27 days
Options vested or expected to vest at June 30, 2013, Weighted Average Remaining Contractual Life	7 years 10 months 28 days
Aggregate Intrinsic Value, Options outstanding Beginning balance
Aggregate Intrinsic Value, Options outstanding Ending balance
Options exercisable at June 30, 2013, Aggregate Intrinsic Value
Options vested or expected to vest at June 30, 2013, Aggregate Intrinsic Value

Stockholders_EquityCommon_and_6

Stockholders' Equity-Common and Preferred Shares - Weighted Average Assumptions (Detail)	6 Months Ended
	Jun. 30, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Risk-free interest rate	0.77%
Expected life (years)	4 years
Expected volatility	101.00%
Dividend yield	0.00%

Net_Loss_Per_Share_Additional_

Net Loss Per Share - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock excluded from the calculation of weighted average shares for diluted net loss per share	4,636
Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock excluded from the calculation of weighted average shares for diluted net loss per share	1,277,136
Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock excluded from the calculation of weighted average shares for diluted net loss per share	178,000	102,000
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock excluded from the calculation of weighted average shares for diluted net loss per share	2,933,000	13,000

Commitments_and_Contingencies_

Commitments and Contingencies - Additional Information (Detail) (USD $)	6 Months Ended
	Jun. 30, 2013
	sqft
Commitments And Contingencies Disclosure [Abstract]
Lease expiration date	30-Jun-14
Monthly base rent payment starting date	1-Jul-13
Monthly base rent payment ending date	30-Jun-14
Adjusted base monthly rent under facility lease	$16,616.25
Area of facility lease	5,275