Genvec (GNVC) 10-K 9 Mar 16 2015 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Mar. 03, 2016	Jun. 30, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	GENVEC INC
Entity Central Index Key	934,473
Trading Symbol	gnvc
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding		17,264,359
Entity Public Float			$ 33,636,377
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY

BALANCE SHEETS

BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 7,015	$ 7,968
Investments - available for sale, at fair value	1,661	6,724
Accounts receivable, net	166	325
Prepaid expenses and other	245	219
Total current assets	9,087	15,236
Property and equipment, net	279	276
Other assets	97	97
Total assets	9,463	15,609
Current liabilities:
Accounts payable	1,096	1,146
Accrued expenses and other	598	1,076
Total current liabilities	1,694	2,222
Other long term liabilities	89	89
Total liabilities	$ 1,783	$ 2,311
Commitments and Contingencies
Stockholders' equity:
Preferred stock, $0.001 par value; 5,000 shares authorized in 2015 and 2014; none issued and outstanding in 2015 and 2014
Common stock, $0.001 par value; 55,000 shares authorized in 2015 and 30,000 shares authorized in 2014; 17,264 and 17,270 shares issued and outstanding in 2015 and 2014	$ 17	$ 17
Additional paid-in capital	292,508	291,609
Accumulated other comprehensive loss	(5)	(33)
Accumulated deficit	(284,840)	(278,295)
Total stockholders' equity	7,680	13,298
Total liabilities and stockholders' equity	$ 9,463	$ 15,609

BALANCE SHEETS (Parentheticals)

BALANCE SHEETS (Parentheticals) - $ / shares shares in Thousands	Dec. 31, 2015	Dec. 31, 2014
Statement Of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000	5,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	55,000	30,000
Common stock, shares issued	17,264	17,270
Common stock, shares outstanding	17,264	17,270

STATEMENTS OF OPERATIONS AND CO

STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Statement [Abstract]
Revenues	$ 885	$ 6,041
Operating expenses:
General and administrative	4,901	6,314
Research and development	2,551	2,264
Total operating expenses	7,452	8,578
Operating loss	(6,567)	(2,537)
Other income:
Interest and Other Income, net	22	22
Net loss	$ (6,545)	$ (2,515)
Basic and diluted net loss per share (in dollars per share)	$ (0.39)	$ (0.16)
Shares used in computation of basic and diluted net loss per share (in shares)	16,778	15,827
Comprehensive Loss:
Net loss	$ (6,545)	$ (2,515)
Unrealized holding gain (loss) on securities available for sale	28	(11)
Comprehensive loss	$ (6,517)	$ (2,526)

STATEMENTS OF CHANGES IN STOCKH

STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Total
Balance at Dec. 31, 2013	$ 14	$ 280,398	$ (22)	$ (275,780)	$ 4,610
Balance (in shares) at Dec. 31, 2013	13,678
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss				(2,515)	(2,515)
Unrealized change in investments, net			(11)		(11)
Restricted stock issued under stock benefit plans	$ 3	10,663			10,666
Restricted stock issued under stock benefit plans (in shares)	3,592
Stock-based compensation		548			548
Balance at Dec. 31, 2014	$ 17	291,609	(33)	(278,295)	13,298
Balance (in shares) at Dec. 31, 2014	17,270
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss				(6,545)	(6,545)
Unrealized change in investments, net			28		28
Cost of common stock issued under shelf registration		(24)			(24)
Cost of common stock issued under shelf registration (in shares)	(6)
Stock-based compensation		923			923
Balance at Dec. 31, 2015	$ 17	$ 292,508	$ (5)	$ (284,840)	$ 7,680
Balance (in shares) at Dec. 31, 2015	17,264

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net loss	$ (6,545)	$ (2,515)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	97	220
Bad debt expense	24
Non-cash charges for stock-based compensation	923	548
(Gain)/loss on sale of long lived assets	(18)	58
Changes in current assets and liabilities, net	(509)	(428)
Changes in non-current assets, net	89	89
Net cash used in operating activities	(5,939)	(2,028)
Cash flows provided by investing activities:
Purchases of equipment	(100)	(44)
Proceeds from sale of property and equipment	18	5
Purchases of investment securities		(9,723)
Proceeds from sale or maturity of investment securities	5,092	3,843
Net cash provided by/(used in) investing activities	5,010	(5,919)
Cash flows from financing activities:
(Costs)/proceeds from issuance of common stock	(24)	10,666
Cash flows from financing activities:	(24)	10,666
Change in cash and cash equivalents	(953)	2,719
Beginning balance of cash and cash equivalents	7,968	5,249
Ending balance of cash and cash equivalents	$ 7,015	$ 7,968

ORGANIZATION AND BUSINESS DESCR

ORGANIZATION AND BUSINESS DESCRIPTION	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BUSINESS DESCRIPTION	(1) ORGANIZATION AND BUSINESS DESCRIPTION GenVec, Inc. (GenVec, we, our, or the Company) is a clinical-stage biopharmaceutical company with an entrepreneurial focus on leveraging its proprietary AdenoVerse™ gene delivery platform to develop a pipeline of cutting-edge therapeutics and vaccines. The Company is a pioneer in the design, testing and manufacture of adenoviral-based product candidates that can deliver on the promise of gene-based medicine. GenVec’s lead product candidate, CGF166, is licensed to Novartis Institutes for BioMedical Research, Inc. (together with Novartis AG and its subsidiary corporations, including Novartis Pharma AG, Novartis) and is currently in a Phase 1/2 clinical study for the treatment of hearing loss and balance disorders. In addition to our internal and partnered pipeline, we also focus on opportunities to license our proprietary technology platform, including vectors and production cell lines to potential collaborators in the biopharmaceutical industry for the development and manufacture of therapeutics and vaccines. A key component of our strategy is to develop and commercialize our product candidates through collaborations. GenVec is working with prominent companies and organizations such as Novartis, Merial Limited, and the U.S. government, as well as promising young companies such as TheraBiologics, to support a portfolio of programs that address the prevention and treatment of a number of significant human and animal health concerns. GenVec’s combination of internal and partnered development programs addresses therapeutic areas such as hearing loss and balance disorders and oncology; as well as vaccines against infectious diseases including respiratory syncytial virus (RSV), herpes simplex virus (HSV) and malaria. In the area of animal health we are developing vaccines against foot-and-mouth disease (FMD). Our AdenoVerse gene delivery technology has the important advantage of localizing protein delivery in the body. This is accomplished by using our adenovector platform to locally deliver genes to cells, which then direct production of the desired protein. This approach reduces side effects typically associated with systemic delivery of proteins. For therapeutics, the goal is for the protein produced to have meaningful effect in treating the cause, manifestation, or progression of the disease. For vaccines, the goal is to induce an immune response against a target protein or antigen. This is accomplished by using an adenovector to deliver a gene that causes production of an antigen, which then stimulates the desired immune reaction by the body. Our research and development activities yield product candidates that utilize our technology platform and represent potential commercial opportunities. For example, preclinical research in hearing loss and balance disorders indicates that the delivery of the atonal gene using GenVec’s adenovector technology may have the potential to restore hearing and balance function. We are currently working with Novartis on the development of novel treatments for hearing loss and balance disorders that emerged from these research and development efforts. There are currently no effective therapeutic treatments available for patients who have lost all balance function, and hearing loss remains a major unmet medical problem. We have multiple vaccine candidates that leverage our core adenovector technology including our preclinical vaccine candidates for the prevention or treatment of RSV and HSV. We also have a program to develop a vaccine for malaria, a program in which we are currently working in collaboration with the Laboratory of Malaria Immunology and Vaccinology (LMIV) of the National Institute of Allergy and Infectious Diseases, National Institutes of Health. In the field of animal health, we are working with Merial Limited to commercialize vaccines for the prevention of a major animal health problem, FMD. Development efforts for this program were supported by the U.S. Department of Homeland Security (DHS) and performed in collaboration with the U.S. Department of Agriculture (USDA). Our business strategy is focused on entering into collaborative arrangements with third parties to complete the development and commercialization of our product candidates. In the event that third parties take over the development for one or more of our product candidates, the estimated completion date would largely be under the control of that third party rather than us. We cannot forecast with any degree of certainty which proprietary products or indications, if any, will be subject to future collaborative arrangements, in whole or in part, or how such arrangements would affect our development plan or capital requirements. Our programs may also benefit from subsidies, grants or government or agency-sponsored studies that could reduce our development costs. An element of our business strategy is to pursue, as resources permit, the research and development of a range of product candidates for a variety of indications. This is intended to allow us to diversify the risks associated with our research and development expenditures. To the extent we are unable to maintain a broad range of product candidates, our dependence on the success of one or a few product candidates would increase. As a result of the uncertainties involved in our business, we are unable to estimate the duration and completion costs of our research and development projects or when, if ever, and to what extent we will receive cash inflows from the commercialization and sale of a product. Our inability to complete our research and development projects in a timely manner or our failure to enter into collaborative agreements, when appropriate, could significantly increase our capital requirements and could adversely impact our liquidity. These uncertainties could force us to seek additional, external sources of financing from time to time in order to continue with our business strategy. Our inability to raise additional capital, or to do so on terms reasonably acceptable to us, would jeopardize the future success of our business. Our estimated future capital requirements are uncertain and could change materially as a result of many factors, including the progress of our research, development, clinical, manufacturing, and commercialization activities. However we believe our current cash and investments and committed and expected revenues from our strategic collaborations are expected to be sufficient to continue our current research, development and collaborative activities into the second quarter of 2017.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) 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 at the date of the financial statements, and revenues and expenses during the period. Critical accounting policies involved in applying our accounting policies are those that require management to make assumptions about matters that are highly uncertain at the time the accounting estimate was made and those for which different estimates reasonably could have been used for the current period. Critical accounting estimates are also those which are reasonably likely to change from period to period, and would have a material impact on the presentation of our financial condition, changes in financial condition or results of operations. Our most critical accounting estimates relate to accounting policies for strategic collaborations and research contract revenues, research and development activities, and stock-based compensation. Management bases its estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances. Actual results could differ from these estimates. (b) CASH AND CASH EQUIVALENTS Cash equivalents consist of highly liquid debt instruments, time deposits, and money market funds with original maturities of three months or less. (c) INVESTMENTS Our investments consist primarily of corporate stock and bonds, government agency bonds, and commercial paper. These investments are classified as available-for-sale securities, which are carried at fair value, with the unrealized holding gains and losses reported as a separate component of accumulated other comprehensive income (loss) until realized. Realized gains and losses from the sale of available-for-sale securities are determined on a specific-identification basis. A decline in the market value of any available-for-sale security below cost that is deemed to be other-than-temporary results in a reduction in carrying amount to fair value. The impairment is charged to earnings and a new cost basis for the security is established. To determine whether impairment is other-than-temporary, we consider whether we have the ability and intent to hold the investment until a market price recovery and consider whether evidence indicating the cost of the investment is recoverable outweighs evidence to the contrary. Evidence considered in this assessment includes the reasons for the impairment, the severity and duration of the impairment, changes in value subsequent to year-end, forecasted performance of the investee, and the general market condition in the geographic area or industry the investee operates. Premiums and discounts are amortized or accreted over the life of the related security as an adjustment to yield using the effective interest method. Dividend and interest income are recognized when earned. (d) FAIR VALUE OF FINANCIAL INSTRUMENTS The carrying amounts of our financial instruments, as reflected in the accompanying balance sheets, approximate fair value. Financial instruments consist of cash and cash equivalents, investments, accounts receivable, and accounts payable. (e) PROPERTY AND EQUIPMENT Property and equipment are stated at cost and depreciated on a straight-line basis over the estimated useful lives of assets, which are generally three to five years for equipment and seven years for furniture and fixtures. Leased property meeting certain criteria is capitalized at the lower of the present value of the future minimum lease payments or fair value at the inception of the lease. Amortization of capitalized leased assets is computed on a straight-line basis over the shorter of the lease term or estimated useful life of the asset. We incur maintenance costs with respect to some of our major equipment. Repair and maintenance costs are expensed as incurred. (f) REVENUE RECOGNITION Revenue is recognized when all four of the following criteria are met (i) a contract is executed, (ii) the contract price is fixed and determinable, (iii) delivery of the services or products has occurred, and (iv) collectability of the contract amounts is considered probable. Our collaborative research and development agreements provide for upfront license fees, research payments, and/or substantive milestone payments. Upfront non-refundable fees associated with license and development agreements where we have continuing involvement in the agreement are recorded as deferred revenue and recognized over the estimated service period. If the estimated service period is subsequently modified, the period over which the upfront fee is recognized is modified accordingly on a prospective basis. Upfront non-refundable license and development fees for which no future performance obligations exist are recognized when collection is assured. Substantive milestone payments are considered performance payments and are recognized upon achievement of the milestone if all of the following criteria are met: (i) achievement of the milestone involves a degree of risk and was not reasonably assured at the inception of the arrangement; (ii) substantive effort is involved in achieving the milestone; and (iii) the amount of the milestone payment is reasonable in relation to all of the deliverables and payment terms within the arrangement. Determination of whether a milestone meets the aforementioned conditions involves the judgment of management. Research and development revenue from cost-reimbursement and cost-plus fixed-fee agreements is recognized as earned based on the performance requirements of the contract. Revisions in revenues, cost, and billing factors, such as indirect rate estimates, are accounted for in the period of change. Reimbursable costs under such contracts are subject to audit and retroactive adjustment. Contract revenues and accounts receivable reported in the financial statements are recorded at the amount expected to be received. Contract revenues are adjusted to actual upon final audit and retroactive adjustment. Estimated contractual allowances are provided based on management’s evaluation of current contract terms and past experience with disallowed costs and reimbursement levels. Payments received in advance of work performed are recorded as deferred revenue. Research and development revenue from fixed-price best efforts arrangements is recognized as earned based on the performance requirements of the contract. Revenue under these arrangements is recognized when delivery to and acceptance by the customer has been received. During the period of performance, recoverable contract costs are accumulated on the balance sheet in other current assets, but no revenue or profit is recorded prior to customer acceptance of the contractually stated deliverables. Recoverable contract costs that are accumulated on the balance sheet include all direct costs associated with the arrangement and an allocation of indirect costs. Payments received in advance of customer acceptance are recorded as deferred revenue. Once customer acceptance has been received, revenue and recoverable contract costs are recognized. Over the course of the arrangement, we routinely evaluate whether revenue and profitability should be recognized in the current period. Any known or probable losses on projects are charged to operations in the period in which such losses are determined. (g) RESEARCH AND DEVELOPMENT Research and development costs are charged to operations as incurred. Advance payments to acquire goods or pay for services that will be consumed or performed in a future period in conducting research and development activities are recorded as an asset when the advance payments are made. Capitalized amounts are recognized as expense when the research and development activities are performed; that is, when the goods without alternative future use are acquired or the service is rendered. Research and development costs include internal research and development expenditures (such as salaries and benefits, raw materials, supplies, and allocated facility expenses), contracted services (such as sponsored research, consulting, manufacture of drug supply, and testing services of proprietary research), and development activities and similar expenses associated with collaborative research agreements. These costs are expensed as incurred. (h) INCOME TAXES Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50 percent likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. We include any interest or penalties incurred in connection with income taxes as part of other expense. We have significant net operating loss carryforwards to potentially reduce future federal and state taxable income, and research and experimentation tax credit carryforwards available to potentially offset future federal income taxes. Due to the Company’s prior equity transactions, the Company’s net operating loss and research and experimentation credit carryforwards may expire unutilized due to changes in our ownership as defined within Section 382 of the Internal Revenue Code. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making that assessment. We recorded a full valuation allowance against all estimated net deferred tax assets at December 31, 2015 and 2014. (i) NET LOSS PER SHARE Basic earnings per share is computed based upon the net loss available to common stock stockholders divided by the weighted average number of common stock shares outstanding during the period. The dilutive effect of common stock equivalents is included in the calculation of diluted earnings per share only when the effect of the inclusion would be dilutive. For the years ended December 31, 2015 and 2014 all common stock equivalent shares associated with our stock option plans, unvested restricted shares, and stock equivalent shares associated with our warrants were excluded from the denominator in the diluted loss per share calculation as their inclusion would have been antidilutive. (j) COMPREHENSIVE INCOME (LOSS) Comprehensive income (loss) consists of net loss and unrealized holding gains and losses from available-for-sale securities. (k) STOCK-BASED COMPENSATION We use the modified prospective method to account for stock-based compensation. Under this method, we measure stock-based compensation expense based on the grant date fair value of the awards which is then recognized over the period during which service is required to be provided. We estimate grant date fair value using the Black-Scholes option-pricing model. Stock-based compensation cost amounted to $0.9 million and $0.5 million for the years ended December 31, 2015 and 2014, respectively. (l) LONG-LIVED ASSETS Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset be tested for possible impairment, we first compare undiscounted cash flows expected to be generated by an asset to the carrying value of the asset. If the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values, and third party independent appraisals, as necessary. (m) COMMITMENTS AND CONTINGENCIES Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. (n) RECENT ACCOUNTING PRONOUNCEMENTS In January 2016, the Financial Accounting Standards Board (“FASB”), issued (“ASU”) 2016-01, “Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities,” which amends the guidance in U.S. generally accepted accounting principles on the classification and measurement of financial instruments. Changes to the current guidance primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the ASU clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017, and are to be adopted by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted except for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. The Company is currently evaluating the impact of adopting this standard. In November 2015, the FASB issued ASU 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes,” which simplifies the presentation of deferred income taxes by requiring that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This ASU is effective for financial statements issued for annual periods beginning after December 16, 2016, and interim periods within those annual periods. The adoption of this standard will not have any impact on the Company’s financial position, results of operations and disclosures. In April 2015, the FASB issued ASU No. 2015-05, “Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” This ASU provides clarification on whether a cloud computing arrangement includes a software license. If a software license is included, the customer should account for the license consistent with its accounting of other software licenses. If a software license is not included, the arrangement should be accounted for as a service contract. The update is effective for reporting periods beginning after December 15, 2015 and for interim periods within those fiscal years. Entities have the option of applying either a full retrospective approach to all periods presented or a prospective approach to all arrangements entered into or materially modified after the effective date. The adoption of this standard will not have any impact on the Company’s financial position, results of operations and disclosures. In April 2015, the FASB issued ASU No. 2015-03, “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” To simplify the presentation of debt issuance costs, the amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The amendments in this ASU are effective for financial statements issued for fiscal years beginning after December 15, 2015 and interim periods within fiscal years beginning after December 15, 2016. Early adoption of the amendments in this ASU is permitted for financial statements that have not been previously issued. The adoption of this standard will not have any impact on the Company’s financial position, results of operations and disclosures. In January 2015, the FASB issued ASU No. 2015-01, “Income Statement — Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.” Extraordinary items are transactions or events that are both unusual in nature and infrequent in occurrence, and, currently, are required to be presented separately in an entity’s income statement, net of income tax, after income from continuing operations. The changes eliminate the concept of extraordinary items and, therefore, the presentation of such items will no longer be required. Notwithstanding this change, an entity will still be required to present and disclose transactions or events that are both unusual in nature and infrequent in occurrence in the notes to the financial statements. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The adoption of this standard will not have any impact on the Company’s financial position, results of operations and disclosures. In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements — Going Concern (Topic 205),” which requires management to assess an entity’s ability to continue as a going concern and to provide related disclosures in certain circumstances. Under the new standard, disclosures are required when conditions or events give rise to substantial doubt about an entity’s ability to continue as a going concern within one year from the financial statement issuance date. The new standard is effective for annual periods ending after December 15, 2016, and all annual and interim periods thereafter. Early application is permitted. The adoption of this standard will not have any impact on the Company’s financial position and results of operations and, at this time, the Company does not expect any impact on its disclosures. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which supersedes all existing revenue recognition requirements, including most industry-specific guidance. The new standard requires a company to recognize revenue when it transfers goods or services to customers in an amount that reflects the consideration that the company expects to receive for those goods or services. ASU 2014-09 was originally going to be effective for us on January 1, 2017; however, the FASB recently issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606) – Deferral of the Effective Date,” There are no other new accounting pronouncements issued by but not effective until after December 31, 2015 that could have a significant effect on our financial position or results of operations.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	(3) FAIR VALUE MEASUREMENTS For assets and liabilities measured at fair value we utilize FASB Accounting Standards Codification (ASC) Section 820 “Fair Value Measurements and Disclosures” (ASC 820), which defines fair value and establishes a framework for fair value measurements. This standard establishes a three-level hierarchy for disclosure of fair value measurements. The hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels of inputs used to measure fair value are as follows: · Level 1 – Quoted prices in active markets for identical assets or liabilities; · Level 2 – Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable (e.g. interest rates, yield curves, volatilities and default rates, among others) or can be corroborated by observable market data; and · Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies, and similar techniques that use significant unobservable inputs. The following table presents information about assets recorded at fair value on a recurring basis on the Balance Sheet at December 31, 2015: Quoted Prices in Active Markets for Significant Total Carrying Identical Other Observable Value on the Assets/Liabilities Inputs Balance Sheet (Level 1) (Level 2) ( in thousands Assets: Cash and cash equivalents $ 7,015 $ 7,015 $ - Corporate notes and bonds 1,593 - 1,593 Equity Securities 68 68 - Total assets at fair value $ 8,676 $ 7,083 $ 1,593 The following table presents information about assets and liabilities recorded at fair value on a recurring basis on the Balance Sheet at December 31, 2014: Quoted Prices in Active Markets for Significant Total Carrying Identical Other Observable Value on the Assets/Liabilities Inputs Balance Sheet (Level 1) (Level 2) ( in thousands Assets: Cash and cash equivalents $ 7,968 $ 7,968 $ - Corporate notes and bonds 6,475 - 6,475 U.S. Government and agency securities 200 - 200 Equity Securities 49 49 - Total assets at fair value $ 14,692 $ 8,017 $ 6,675 We determine fair value for our investments with Level 1 inputs through quoted market prices and have classified them as available-for-sale. Our Level 2 investments consist of corporate notes and bonds maturing at various times into 2016. We review all investments for other-than-temporary impairment at least quarterly or as indicators of impairment exist. Indicators of impairment include the duration and severity of the decline in fair value as well as the intent and ability to hold the investment to allow for a recovery in the market value of the investment. In addition, we consider qualitative factors that include, but are not limited to: (i) the financial condition and business plans of the investee including its future earnings potential; (ii) the investee’s credit rating; and (iii) the current and expected market and industry conditions in which the investee operates. If a decline in the fair value of an investment is deemed by management to be other-than-temporary, we write down the cost basis of the investment to fair value, and the amount of the write down is included in net earnings. Such a determination is dependent on the facts and circumstances relating to each investment. We have determined there have been no such impairments in 2015 or 2014; however, as of December 31, 2015, the Company has an accumulated unrealized loss of $5,000; which is related to our equity security holding which has been in a loss position for over 12 months. All unrealized holding gains or losses related to our investments in marketable securities are reflected in our statements of operations and comprehensive loss. A summary of investments is shown below: Gross Unrealized December 31, 2015 Amortized Cost Gains Losses Fair Value (in thousands) Investments Corporate and agency notes and corporate stock $ 1,666 $ - $ (5 ) $ 1,661 Total investments $ 1,666 $ - $ (5 ) $ 1,661 December 31, 2014 Amortized Cost Gains Losses Fair Value (in thousands) Investments Corporate and agency notes and corporate stock $ 6,757 $ - $ (33 ) $ 6,724 Total investments $ 6,757 $ - $ (33 ) $ 6,724

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	(4) PROPERTY AND EQUIPMENT Property and equipment consists of the following at December 31: 2015 2014 (in thousands) Equipment $ 881 $ 1,018 Leasehold improvements 66 35 Furniture and fixtures 105 99 1,052 1,152 Less accumulated depreciation and amortization (773 ) (876 ) $ 279 $ 276 Depreciation and amortization expense related to property and equipment was $0.1 million and $0.2 million for the years ended December 31, 2015 and 2014, respectively. In September 2014, we sold office equipment and other long-lived assets for $5,000. Due to the sale, we recognized a loss of $41,000. Additionally, we incurred $39,000 of accelerated depreciation for long-lived assets that have been taken out of service during the third quarter of 2014. In the fourth quarter of 2015, we sold laboratory equipment and recognized a gain on the sales of $18,000. In 2014, our lease on our facility at 65 W. Watkins Mill Road expired. As a result, we have removed leasehold improvements related to that facility as well as fully depreciated furniture and equipment that were disposed of. Gains and losses associated with the sale of long-lived equipment and the impairment of long-lived assets have been recorded within general and administrative expense, as applicable.

ACCRUED EXPENSES AND OTHER

ACCRUED EXPENSES AND OTHER	12 Months Ended
	Dec. 31, 2015
Payables and Accruals [Abstract]
ACCRUED EXPENSES AND OTHER	(5) ACCRUED EXPENSES AND OTHER Accrued expenses and other consist of the following at December 31: 2015 2014 (in thousands) Payroll, compensation, and benefits $ 450 $ 602 Professional fees 131 354 Other 17 120 Total accrued expenses $ 598 $ 1,076

STRATEGIC ALLIANCES AND RESEARC

STRATEGIC ALLIANCES AND RESEARCH CONTRACTS	12 Months Ended
	Dec. 31, 2015
Strategic Alliances And Research Contracts [Abstract]
STRATEGIC ALLIANCES AND RESEARCH CONTRACTS	(6) STRATEGIC COLLABORATIONS AND RESEARCH CONTRACTS We have established collaborations and research contracts with pharmaceutical and biotechnology companies and governmental agencies to enhance our ability to discover, evaluate, develop, and commercialize multiple product opportunities as well as other licensing arrangements. Revenue earned under these contracts is summarized as follows: 2015 2014 (in thousands) Hearing Program $ 424 $ 5,529 Foot and Mouth Disease Program 180 404 Malaria Program 131 108 Other strategic collaborations and research grants 150 - $ 885 $ 6,041 (a) NOVARTIS In January 2010, we signed a research collaboration and license agreement (the Agreement) with Novartis to discover and develop novel treatments for hearing loss and balance disorders. Under terms of the Agreement, we licensed the world-wide rights to our preclinical hearing loss and balance disorders program to Novartis. We received a $5.0 million non-refundable upfront license fee and Novartis purchased $2.0 million of our common stock. The common stock was recorded at fair value of $3.3 million on the date of issuance. The upfront non-refundable fee was recognized ratably over the initial term of the two-year research and collaboration term of the Agreement. Revenue recognized from the non-refundable upfront license fee was $3.7 million by the end of the initial Agreement due to the pricing agreement associated with the sale of our common stock. In each of January 2012 and January 2013, we announced that we had extended the Agreement. Under the extensions, Novartis funded research at GenVec through January 2014 to support the hearing loss and balance disorders program. In addition, we receive funding under the Agreement from Novartis for a research program focused on developing additional adenovectors for hearing loss. For each of the years ended December 31, 2015 and 2014 we recognized $0.2 million for work performed under the Agreement. Under the Agreement, we are eligible to receive milestones payments of up to $206.6 million; including up to $0.6 million for the achievement of preclinical development activities, up to $26.0 million for the achievement of clinical milestones including (non-rejection of an IND with respect to a covered product, the first patient visit in Phase I, Phase IIb and Phase III clinical trials), up to $45.0 million for the receipt of regulatory approvals and up to $135.0 million for sales-based milestones. During each of the years ended December 31, 2011 and 2010, we recognized $0.3 million of milestone payments as a result of the successful completion of preclinical development activities. In 2012 and 2013, there were no milestone payments received. In February 2014, we achieved the third milestone in the collaboration with Novartis. The $2.0 million milestone was triggered by the non-rejection by the FDA of the IND filed by Novartis for CGF166. In October 2014, we achieved the fourth milestone in the collaboration with Novartis. The $3.0 million milestone was triggered when the first patient was dosed in a Phase 1/2 clinical trial sponsored by Novartis utilizing GenVec technology for the treatment of severe-to-profound bilateral hearing loss. As of December 31, 2015, milestones available under the Agreement include $21.0 million of additional clinical milestones, $45.0 million in regulatory milestones, and $135.0 million of sales-based milestones. We are also entitled to royalties on future sales. There were no milestones achieved during 2015. In January 2016, we were notified by Novartis that enrollment was paused in the clinical study for CGF166. This pause was based on a review of data by the trial’s Data Safety Monitoring Board in accordance with criteria in the trial protocol. Novartis will continue to collect safety and efficacy data on the nine patients currently enrolled in the study before determining whether to proceed with incremental patients. In August 2010, we signed an agreement for the supply of services relating to development materials with Novartis, related to our collaboration in hearing loss and balance disorders. Under this agreement, valued at $14.9 million, we agreed to manufacture clinical trial material for up to two lead candidates. During the years ended December 31, 2015 and 2014 we recognized $0.2 million and $0.3 million, respectively, for services performed under this agreement. (b) U.S. DEPARTMENT OF HOMELAND SECURITY (DHS) In February 2010, we signed a contract with the DHS to continue the development of adenovector-based vaccines against FMD. Under this contract, GenVec was to receive $3.8 million in program funding the first year and an additional $2.1 million if DHS exercises its renewal options under the contract. Under this contract, we were to use our adenovector technology to develop additional FMD-serotype candidate vaccines and also explore methods to increase the potency and simplify the production process of adenovector-based FMD vaccines. During the years ended December 31, 2015 and 2014, we recognized $0.2 million and $0.4 million, respectively, for services performed under this agreement. As of December 31, 2015, $5.8 million in revenue has been recognized under this contract since inception. Work under this agreement was completed in February 2015. (c) VACCINE RESEARCH CENTER In March 2012, we received a grant from the NIAID, valued at approximately $600,000 to identify novel highly protective antigens for malaria vaccine development. We recognized $0.1 million in revenue for each of the years ended December 31, 2015 and 2014. (d) OTHER STRATEGIC COLLABORATIONS We have entered into other research grants with the government and recognized revenue derived from other collaborations during 2015. Revenue recognized under these collaborations and other licensing arrangements totaled $0.2 million and $6,000 in revenue for the years ended December 31, 2015 and 2014.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	(7) COMMITMENTS AND CONTINGENCIES (a) LEASE AGREEMENTS We have a non-cancelable operating lease for our facility in Gaithersburg, MD through June 30, 2021. Rent expense under all operating leases was approximately $0.2 million and $0.7 million for the years ended December 31, 2015 and 2014, respectively. Future minimum lease payments as of December 31, 2015 under our non-cancelable operating leases are as follows (in thousands): 2016 $ 331 2017 $ 391 2018 $ 383 2019 $ 391 2020 $ 398 2021 $ 202 (b) LICENSE AGREEMENT In November 2001, we entered into an exclusive, worldwide license agreement with Baylor College of Medicine for the rights related to the Atoh1 gene. Under the terms of the license agreement, we agreed to pay a non-refundable initial license fee of $50,000 at the time of execution of the license agreement and we also agreed to pay a minimum annual license maintenance fee, a percentage of product royalties, and milestone payments based on our achievement of certain clinical and regulatory related milestones for these rights. Our ability to meet the milestones is dependent on a number of factors including final approvals by regulatory agencies and the continued enforceability of patent claims. (c) RESTRUCTURING Costs associated with the elimination of positions have been recorded as a general and administrative personnel cost. At December 31, 2015 and 2014, liabilities of approximately $0 and $128,000, respectively, remained in accrued expenses for the unpaid portion of the severance costs.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	(8) STOCKHOLDERS’ EQUITY (a) CAPITAL STOCK In January 2014, we filed a $75.0 million shelf registration statement on Form S-3 (the 2014 shelf registration statement), with the Securities and Exchange Commission. The 2014 shelf registration statement was declared effective February 11, 2014 and allows us to obtain financing through the issuance of any combination of common stock, preferred stock or warrants. Pursuant to General Instruction I.B.6 of Form S-3, in no event will we sell securities in a public primary offering with a value exceeding more than one-third of our public float in any 12-month period so long as our public float remains below $75.0 million. On February 11, 2014, we entered into an Equity Distribution Agreement (the EDA) with Roth Capital Partners, LLC (Roth Capital Partners), pursuant to which we may sell from time to time up to $10.0 million of shares of our common stock, par value $0.001 per share, through Roth Capital Partners (the ATM Offering). Sales of shares in the ATM Offering, if any, may be made by any method permitted by law deemed to be an “at the market” offering as defined in Rule 415 of the Securities Act of 1933, as amended, including without limitation directly on the NASDAQ Capital Market, or any other existing trading market for the shares or through a market maker, or, if agreed by the Company and Roth Capital Partners, by any other method permitted by law, including but not limited to in negotiated transactions. The ATM Offering is being made pursuant to the 2014 shelf registration statement. We have used and intend to continue using the net proceeds from the sale of shares in the ATM Offering, if any, for operating costs, working capital and general corporate purposes. At the time of the registered direct offering described immediately below, we suspended the ATM Offering. We will continue to evaluate the market and look for opportunities to resume activity under the ATM Offering. As of March 31, 2014, we had sold 721,677 shares in the ATM Offering for gross proceeds of approximately $2.6 million. We have not sold any shares under the ATM Offering since that date. On March 18, 2014, we sold 2,870,000 shares of our common stock in a registered direct offering pursuant to the 2014 shelf registration statement (the Registered Direct Offering), at a price of  $3.15 per share, resulting in gross proceeds of approximately $9.0 million. We have used and intend to continue using the net proceeds, $8.4 million, from the sale of shares in the Registered Direct Offering for operating costs, working capital and general corporate purposes. Effective September 7, 2011 we entered into a Stockholder Rights Agreement between the Company and American Stock Transfer & Trust Company, LLC, as rights agent. The Stockholder Rights Agreement was not adopted in response to any specific effort to acquire control of the Company. In connection with the adoption of the Stockholder Rights Agreement, the Company’s Board of Directors declared a dividend of one preferred stock purchase right, or Right, for each outstanding share of common stock to stockholders of record as of the close of business on September 7, 2011. Initially, the Rights will be represented by GenVec’s common stock certificates or book entry notations, will not be traded separately from the common stock and will not be exercisable. In the event that any person acquires beneficial ownership of 20% or more of the outstanding shares of GenVec’s common stock, or upon the occurrence of certain other events, each holder of a Right, other than the acquirer, would be entitled to receive, upon payment of the purchase price, which is initially set at $32 per Right, a number of shares of GenVec common stock having a value equal to two times such purchase price. The Company’s Board of Directors is entitled to redeem the Rights at $0.001 per right at any time before a person or group has acquired 20% or more of the Company’s common stock. The Rights will expire on September 7, 2021, subject to the Company’s right to extend such date, unless earlier redeemed or exchanged by the Company or terminated. The Rights will at no time have any voting rights. The Company has authorized 30,000 shares of Series B Junior Participating Preferred Stock in connection with the adoption of the new Stockholder Rights Agreement. There was no Series B Junior Participating Preferred Stock issued or outstanding as of December 31, 2015 or December 31, 2014. In addition to the common stock reflected on our balance sheets, the following items are reflected in the capital accounts as of December 31, 2015 and 2014: · 4,400,000 shares of $0.001 par value preferred stock have been authorized; none are issued or outstanding. · 600,000 shares of $0.001 par value Series A junior participating preferred stock have been authorized in connection with the preferred stock purchase rights referred to above; none are issued or outstanding. (b) STOCK-BASED COMPENSATION Stock Incentive Plans Our stockholders approved the 2015 Omnibus Incentive Plan (2015 Plan) in November 2015. The 2015 Plan increased the number of shares of common stock that are available to be issued through grants or awards made thereunder or through the exercise of options granted by 1,500,000 shares. At December 31, 2015 there were 1,648,413 shares available for future issuance and 2,237,317 outstanding options under the 2015 Plan, the 2011 Omnibus Incentive Plan (2011 Plan), the CEO Incentive Plan, and the 2002 Stock Incentive Plan (2002 Plan). Options outstanding under the 2015 Plan at December 31, 2015 expire through 2025. Stock options granted under the 2015 Plan generally have a contractual term of 10 years and vest ratably over a four- year service period, when the option is fully exercisable. The Compensation Committee administers the 2015 Plan, approves the individuals to whom options, restricted stock, or other awards will be granted, and determines the terms of the awards, including the number of shares granted and exercise price of each option. The 2015 Plan amends and restates the 2011 Plan, which was approved in June 2011 as the replacement to the 2002 Plan, which was approved in June 2002. There were 97,500 outstanding options and no outstanding restricted stock awards under the 2015 Plan at December 31, 2015. There were 1,710,333 outstanding options and no outstanding restricted stock awards under the 2011 Plan at December 31, 2015. There were 346,151 outstanding options and no outstanding restricted stock awards under the 2002 Plan at December 31, 2015. Options outstanding under the 2015 Plan at December 31, 2015 expire through 2025. Options outstanding under the 2011 Plan at December 31, 2015 expire through 2025. Options outstanding under the 2002 Plan at December 31, 2015 expire through 2021. As of December 31, 2015 there are no unvested restricted stock awards under the 2015 Plan, the 2011 Plan or the 2002 Plan. In May 2012, the Company granted an Inducement Award to purchase shares of common stock to our then President and Chief Executive Officer pursuant to a CEO inducement award agreement. The Inducement Award allowed for the purchase of up to 250,000 shares of common stock at an exercise price per share equal to $2.54. The option has a ten-year term and vested ratably over a four-year service period, when the option was to be fully exercisable. When the former CEO departed the Company she forfeited her unvested shares as of September 3, 2013. There are 83,333 outstanding options awards under the CEO inducement plan at December 31, 2015. Stock-Based Compensation Expense The following table summarizes stock-based compensation expense related to employee stock options for the years ended December 31, 2015 and 2014, which was allocated as follows: Years ended December 31, 2015 2014 (in thousands) General and administrative $ 554 $ 312 Research and development 369 236 $ 923 $ 548 We use the Black-Scholes pricing model to value stock options. The weighted-average estimated fair value of employee stock options granted during the 12 months ended December 31, 2015 and 2014 was calculated using the Black-Scholes model with the following weighted-average assumptions: 2015 2014 Range of risk-free interest rate 1.42%-1.87% 1.82%-2.01% Expected dividend yield 0.00 % 0.00 % Expected volatility 103.61 % 97.92 % Expected life (years) 6.30 6.25 Weighted-average fair value of options granted $ 2.27 $ 2.60 The risk-free interest rate assumption is based upon various U.S. Treasury rates as of the date of the grants. The dividend yield is based on the assumption that we are not expected to declare a dividend over the life of the options. The volatility assumption for 2015 and 2014 is based on the weighted average volatility for the most recent one-year period as well as the volatility over the expected life of 6.30 and 6.25 respectively. The expected life of employee stock options represents the weighted average combining the actual life of the options that have already been exercised or cancelled with the expected life of all outstanding options. The expected life of outstanding options is calculated assuming the options will be exercised at the midpoint of the vesting date and the full contractual term. The Company estimates forfeiture rates at the time of grant and revises these estimates, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures are estimated based on the demographics of current option holders and standard probabilities of employee turnover. Stock-based compensation expense recognized in the statement of operations for the year ended December 31, 2015 and 2014 has been adjusted for actual forfeitures during the respective periods. We do not record tax-related effects on stock-based compensation given our historical and anticipated operating experience and offsetting changes in our valuation allowance which fully reserves against potential deferred tax assets. Stock Options The activity of the plans from January 1, 2014 to December 31, 2015 is as follows: Number Weighted Weighted of Shares Average Average Aggregate Under Exercise Contractual Intrinsic (in thousands, except per share data) Option Price Life (years) Value Outstanding at January 1, 2014 1,346 5.35 Granted 345 3.29 Forfeited (2 ) 31.00 Cancelled (10 ) 31.82 Outstanding at December 31, 2014 1,679 4.74 Granted 572 2.79 Exercised - - Forfeited - - Cancelled (14 ) 18.37 Stock options outstanding at December 31, 2015 2,237 $ 4.16 7.0 $ 119 Vested or expected to vest at December 31, 2015 2,111 $ 4.23 6.9 $ 116 Exercisable at December 31, 2015 1,516 $ 4.83 6.2 $ 84 Unrecognized stock-based compensation expense related to stock options was approximately $1.4 million as of December 31, 2015. This amount is expected to be expensed over a weighted average period of 2.5 years. There were no stock options exercised during the years ended December 31, 2015 or 2014. The following table summarizes information about our stock options outstanding at December 31, 2015: Outstanding Exercisable Weighted average Weighted Weighted remaining average average Number contractual exercise Number exercise Range of exercise prices of shares life price of shares price (number of shares in thousands) $0.00 - $10.00 2,043 7.5 $ 2.73 1,322 $ 2.72 $10.01 - $20.00 110 1.4 15.50 110 15.50 $20.01 - $30.00 82 3.0 23.57 82 23.57 $30.01 - $41.00 2 1.3 41.00 2 41.00 2,237 7 years $ 4.16 1,516 $ 4.83 As of December 31, 2015 options covering 1,515,536 shares were exercisable at $0.84 to $41.00 per share (average $4.83 per share) and there were 1,648,413 shares available for future issuance under the 2015 Plan. Restricted Stock Awards In September 2013, the Company issued 730,000 shares of restricted common stock under the 2011 Plan. The restricted stock awarded in 2013 vested in full two years after the date of grant in September 2015. After the net settlement of a portion of the restricted stock awards to satisfy tax withholding requirements in connection with vesting, 724,397 shares of the stock originally subject to the awards remained issued and outstanding. As of December 31, 2015 there are no unvested restricted stock awards. (c) WARRANTS Warrants to purchase common stock were granted to organizations and institutions in conjunction with certain funding activities. The warrants typically vest six months after issuance. On May 29, 2014, 711,539 warrants with an exercise price of $8.58 issued in May 2009 expired. On February 1, 2015, 420,000 warrants with an exercise price of $27.50 issued in February 2009 expired. There were no warrants exercised during the year ended December 31, 2015 nor were there any warrants outstanding at December 31, 2015.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	(9) INCOME TAXES For the years ended December 31, 2015 and 2014 there is no provision for income taxes included in the statement of operations. We have incurred operating losses, but have not recorded an income tax benefit for 2015 and 2014 as we have recorded a valuation allowance against our net operating losses and other net deferred tax assets due to uncertainties related to the ability to realize these tax assets. A reconciliation of tax credits computed at the statutory federal tax rate (34%) on operating loss before income taxes to the actual income tax expense is as follows (in thousands): 2015 2014 Tax provision computed at the statutory rate $ (2,225 ) $ (855 ) State income taxes, net of federal income tax provision (356 ) (137 ) Book expenses not deductible for tax purposes 3 2 Nondeductible compensation expense 151 113 Tax credits and other (386 ) 37 Change in valuation allowance for deferred tax assets 2,813 840 Income tax expense $ — $ — The Company provides for the recognition of deferred tax assets if realization of such assets is more likely than not. Based upon the weight of available evidence, which includes our historical operating performance and the reported accumulated net losses to date, we have provided a full valuation allowance against our deferred tax assets. Deferred income taxes reflect the net effects of net operating loss carryforwards and the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets are as follows (in thousands): 2015 2014 Net operating loss carryforwards $ 102,229 $ 99,900 Research and experimentation tax credit 14,568 14,226 Property and equipment, principally due to differences in depreciation (78 ) (74 ) Accrued severance - - Deferred compensation expense 1,063 869 Other 153 210 Total deferred tax assets 117,935 115,131 Valuation allowance (117,935 ) (115,131 ) Net deferred tax assets $ — $ — The difference reflected in the change in the valuation allowance as it appears in the analysis of deferred tax assets in comparison to the reconciliation of income tax expense is the result of the tax impact of other comprehensive income. At December 31, 2015, we had net operating loss carryforwards of approximately $259.0 million for federal income tax purposes that expire at various dates through 2035. We have research and experimentation tax credit carryforwards of $14.6 million at December 31, 2015 that will expire at various dates through 2030. Our NOL and tax credit carryforwards may be significantly limited under Section 382 of the Internal Revenue Code (IRC). NOL and tax credit carryforwards are limited under Section 382 when there is a significant “ownership change” as defined in the IRC. The amount of U.S. loss carryforward which can be used by the Company each year is limited due to the changes in the Company’s ownership that occurred in 2003. Thus a portion of the Company’s loss carryforward may expire unused. The limitation imposed by Section 382 would place an annual limitation on the amount of NOL and tax credit carryforwards that can be utilized. When we complete the necessary studies, the amount of NOL carryforwards available may be reduced significantly. However, since the valuation allowance fully reserves for all available carryforwards, the effect of the reduction would be offset by a reduction in the valuation allowance. Thus, the resolution of this matter would have no effect on the reported assets, liabilities, revenues, or expenses for the periods presented. As discussed in Note 2, we recognize the effect of income tax positions only if those positions are more likely than not of being sustained effective January 1, 2007. At December 31, 2015 and December 31, 2014, we had no gross unrecognized tax benefits. We do not expect any significant changes in unrecognized tax benefits over the next 12 months. In addition, we did not recognize any interest or penalties related to uncertain tax positions at December 31, 2015 and 2014. We file U.S. and state income tax returns in jurisdictions with varying statutes of limitations. The 2012 through 2015 tax years generally remain subject to examination by federal and most state tax authorities. In addition, we would remain open to examination for earlier years if we were to utilize net operating losses or tax credit carryforwards that originated prior to 2012.

QUARTERLY RESULTS (UNAUDITED)

QUARTERLY RESULTS (UNAUDITED)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY RESULTS (UNAUDITED)	(10) QUARTERLY RESULTS (UNAUDITED) Our unaudited quarterly information is as follows: 2015 (unaudited) Q1 Q2 Q3 Q4 (in thousands, except per share data) Revenue $ 405 $ 127 $ 193 $ 160 Operating loss $ (1,536 ) $ (1,875 ) $ (1,511 ) $ (1,645 ) Net loss $ (1,529 ) $ (1,869 ) $ (1,505 ) $ (1,642 ) Basic and diluted net loss per share $ (0.09 ) $ (0.11 ) $ (0.09 ) $ (0.10 ) 2014 (unaudited) Q1 Q2 Q3 Q4 (in thousands, except per share data) Revenue $ 2,131 $ 129 $ 252 $ 3,529 Operating income/(loss) $ (964 ) $ (1,676 ) $ (1,605 ) $ 1,708 Net income/(loss) $ (963 ) $ (1,672 ) $ (1,596 ) $ 1,716 Basic and diluted net income/(loss) per share $ (0.07 ) $ (0.10 ) $ (0.10 ) $ 0.11 The net income/ (loss) per share was calculated for each three-month period on a stand-alone basis. As a result, the sum of the net income/ (loss) per share for the four quarters may not equal the loss per share for the respective 12-month period.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	(11) SUBSEQUENT EVENTS On February 24, 2016, we received notification from NASDAQ that the minimum bid price of our common stock had remained below $1.00 per share for 30 consecutive business days, and we therefore are not in compliance with the minimum bid price requirement for continued listing set forth in Marketplace Rule 5550(a)(2). The notification letter stated that we would be afforded 180 calendar days, or until August 22, 2016, to regain compliance with the minimum bid price requirement. To regain compliance, the closing bid price of our common stock must meet or exceed $1.00 per share for at least ten consecutive business days. NASDAQ may, in its discretion, require our common stock to maintain a bid price of at least $1.00 per share for a period in excess of ten consecutive business days, but generally no more than 20 consecutive business days, before determining we have demonstrated an ability to maintain long-term compliance. If we do not regain compliance by August 22, 2016, we may be afforded a second 180 calendar day grace period. To qualify, we would be required to meet the continued listing requirement for market value of publicly held shares ($1 million) and all other initial listing standards for NASDAQ, with the exception of the minimum bid price requirement. In addition, we would be required to provide written notice of our intention to cure the minimum bid price deficiency, and it must appear to NASDAQ that it is possible for us to cure the deficiency.

SUMMARY OF SIGNIFICANT ACCOUN18

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
USE OF ESTIMATES	(a) 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 at the date of the financial statements, and revenues and expenses during the period. Critical accounting policies involved in applying our accounting policies are those that require management to make assumptions about matters that are highly uncertain at the time the accounting estimate was made and those for which different estimates reasonably could have been used for the current period. Critical accounting estimates are also those which are reasonably likely to change from period to period, and would have a material impact on the presentation of our financial condition, changes in financial condition or results of operations. Our most critical accounting estimates relate to accounting policies for strategic collaborations and research contract revenues, research and development activities, and stock-based compensation. Management bases its estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances. Actual results could differ from these estimates.
CASH AND CASH EQUIVALENTS	(b) CASH AND CASH EQUIVALENTS Cash equivalents consist of highly liquid debt instruments, time deposits, and money market funds with original maturities of three months or less.
INVESTMENTS	(c) INVESTMENTS Our investments consist primarily of corporate stock and bonds, government agency bonds, and commercial paper. These investments are classified as available-for-sale securities, which are carried at fair value, with the unrealized holding gains and losses reported as a separate component of accumulated other comprehensive income (loss) until realized. Realized gains and losses from the sale of available-for-sale securities are determined on a specific-identification basis. A decline in the market value of any available-for-sale security below cost that is deemed to be other-than-temporary results in a reduction in carrying amount to fair value. The impairment is charged to earnings and a new cost basis for the security is established. To determine whether impairment is other-than-temporary, we consider whether we have the ability and intent to hold the investment until a market price recovery and consider whether evidence indicating the cost of the investment is recoverable outweighs evidence to the contrary. Evidence considered in this assessment includes the reasons for the impairment, the severity and duration of the impairment, changes in value subsequent to year-end, forecasted performance of the investee, and the general market condition in the geographic area or industry the investee operates. Premiums and discounts are amortized or accreted over the life of the related security as an adjustment to yield using the effective interest method. Dividend and interest income are recognized when earned.
FAIR VALUE OF FINANCIAL INSTRUMENTS	(d) FAIR VALUE OF FINANCIAL INSTRUMENTS The carrying amounts of our financial instruments, as reflected in the accompanying balance sheets, approximate fair value. Financial instruments consist of cash and cash equivalents, investments, accounts receivable, and accounts payable.
PROPERTY AND EQUIPMENT	(e) PROPERTY AND EQUIPMENT Property and equipment are stated at cost and depreciated on a straight-line basis over the estimated useful lives of assets, which are generally three to five years for equipment and seven years for furniture and fixtures. Leased property meeting certain criteria is capitalized at the lower of the present value of the future minimum lease payments or fair value at the inception of the lease. Amortization of capitalized leased assets is computed on a straight-line basis over the shorter of the lease term or estimated useful life of the asset. We incur maintenance costs with respect to some of our major equipment. Repair and maintenance costs are expensed as incurred.
REVENUE RECOGNITION	(f) REVENUE RECOGNITION Revenue is recognized when all four of the following criteria are met (i) a contract is executed, (ii) the contract price is fixed and determinable, (iii) delivery of the services or products has occurred, and (iv) collectability of the contract amounts is considered probable. Our collaborative research and development agreements provide for upfront license fees, research payments, and/or substantive milestone payments. Upfront non-refundable fees associated with license and development agreements where we have continuing involvement in the agreement are recorded as deferred revenue and recognized over the estimated service period. If the estimated service period is subsequently modified, the period over which the upfront fee is recognized is modified accordingly on a prospective basis. Upfront non-refundable license and development fees for which no future performance obligations exist are recognized when collection is assured. Substantive milestone payments are considered performance payments and are recognized upon achievement of the milestone if all of the following criteria are met: (i) achievement of the milestone involves a degree of risk and was not reasonably assured at the inception of the arrangement; (ii) substantive effort is involved in achieving the milestone; and (iii) the amount of the milestone payment is reasonable in relation to all of the deliverables and payment terms within the arrangement. Determination of whether a milestone meets the aforementioned conditions involves the judgment of management. Research and development revenue from cost-reimbursement and cost-plus fixed-fee agreements is recognized as earned based on the performance requirements of the contract. Revisions in revenues, cost, and billing factors, such as indirect rate estimates, are accounted for in the period of change. Reimbursable costs under such contracts are subject to audit and retroactive adjustment. Contract revenues and accounts receivable reported in the financial statements are recorded at the amount expected to be received. Contract revenues are adjusted to actual upon final audit and retroactive adjustment. Estimated contractual allowances are provided based on management’s evaluation of current contract terms and past experience with disallowed costs and reimbursement levels. Payments received in advance of work performed are recorded as deferred revenue. Research and development revenue from fixed-price best efforts arrangements is recognized as earned based on the performance requirements of the contract. Revenue under these arrangements is recognized when delivery to and acceptance by the customer has been received. During the period of performance, recoverable contract costs are accumulated on the balance sheet in other current assets, but no revenue or profit is recorded prior to customer acceptance of the contractually stated deliverables. Recoverable contract costs that are accumulated on the balance sheet include all direct costs associated with the arrangement and an allocation of indirect costs. Payments received in advance of customer acceptance are recorded as deferred revenue. Once customer acceptance has been received, revenue and recoverable contract costs are recognized. Over the course of the arrangement, we routinely evaluate whether revenue and profitability should be recognized in the current period. Any known or probable losses on projects are charged to operations in the period in which such losses are determined.
RESEARCH AND DEVELOPMENT	(g) RESEARCH AND DEVELOPMENT Research and development costs are charged to operations as incurred. Advance payments to acquire goods or pay for services that will be consumed or performed in a future period in conducting research and development activities are recorded as an asset when the advance payments are made. Capitalized amounts are recognized as expense when the research and development activities are performed; that is, when the goods without alternative future use are acquired or the service is rendered. Research and development costs include internal research and development expenditures (such as salaries and benefits, raw materials, supplies, and allocated facility expenses), contracted services (such as sponsored research, consulting, manufacture of drug supply, and testing services of proprietary research), and development activities and similar expenses associated with collaborative research agreements. These costs are expensed as incurred.
INCOME TAXES	(h) INCOME TAXES Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50 percent likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. We include any interest or penalties incurred in connection with income taxes as part of other expense. We have significant net operating loss carryforwards to potentially reduce future federal and state taxable income, and research and experimentation tax credit carryforwards available to potentially offset future federal income taxes. Due to the Company’s prior equity transactions, the Company’s net operating loss and research and experimentation credit carryforwards may expire unutilized due to changes in our ownership as defined within Section 382 of the Internal Revenue Code. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making that assessment. We recorded a full valuation allowance against all estimated net deferred tax assets at December 31, 2015 and 2014.
NET LOSS PER SHARE	(i) NET LOSS PER SHARE Basic earnings per share is computed based upon the net loss available to common stock stockholders divided by the weighted average number of common stock shares outstanding during the period. The dilutive effect of common stock equivalents is included in the calculation of diluted earnings per share only when the effect of the inclusion would be dilutive. For the years ended December 31, 2015 and 2014 all common stock equivalent shares associated with our stock option plans, unvested restricted shares, and stock equivalent shares associated with our warrants were excluded from the denominator in the diluted loss per share calculation as their inclusion would have been antidilutive.
COMPREHENSIVE INCOME (LOSS)	(j) COMPREHENSIVE INCOME (LOSS) Comprehensive income (loss) consists of net loss and unrealized holding gains and losses from available-for-sale securities.
STOCK-BASED COMPENSATION	(k) STOCK-BASED COMPENSATION We use the modified prospective method to account for stock-based compensation. Under this method, we measure stock-based compensation expense based on the grant date fair value of the awards which is then recognized over the period during which service is required to be provided. We estimate grant date fair value using the Black-Scholes option-pricing model. Stock-based compensation cost amounted to $0.9 million and $0.5 million for the years ended December 31, 2015 and 2014, respectively.
LONG-LIVED ASSETS	(l) LONG-LIVED ASSETS Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset be tested for possible impairment, we first compare undiscounted cash flows expected to be generated by an asset to the carrying value of the asset. If the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values, and third party independent appraisals, as necessary.
COMMITMENTS AND CONTINGENCIES	(m) COMMITMENTS AND CONTINGENCIES Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred.
RECENT ACCOUNTING PRONOUNCEMENTS	(n) RECENT ACCOUNTING PRONOUNCEMENTS In January 2016, the Financial Accounting Standards Board (“FASB”), issued (“ASU”) 2016-01, “Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities,” which amends the guidance in U.S. generally accepted accounting principles on the classification and measurement of financial instruments. Changes to the current guidance primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the ASU clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017, and are to be adopted by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted except for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. The Company is currently evaluating the impact of adopting this standard. In November 2015, the FASB issued ASU 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes,” which simplifies the presentation of deferred income taxes by requiring that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This ASU is effective for financial statements issued for annual periods beginning after December 16, 2016, and interim periods within those annual periods. The adoption of this standard will not have any impact on the Company’s financial position, results of operations and disclosures. In April 2015, the FASB issued ASU No. 2015-05, “Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” This ASU provides clarification on whether a cloud computing arrangement includes a software license. If a software license is included, the customer should account for the license consistent with its accounting of other software licenses. If a software license is not included, the arrangement should be accounted for as a service contract. The update is effective for reporting periods beginning after December 15, 2015 and for interim periods within those fiscal years. Entities have the option of applying either a full retrospective approach to all periods presented or a prospective approach to all arrangements entered into or materially modified after the effective date. The adoption of this standard will not have any impact on the Company’s financial position, results of operations and disclosures. In April 2015, the FASB issued ASU No. 2015-03, “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” To simplify the presentation of debt issuance costs, the amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The amendments in this ASU are effective for financial statements issued for fiscal years beginning after December 15, 2015 and interim periods within fiscal years beginning after December 15, 2016. Early adoption of the amendments in this ASU is permitted for financial statements that have not been previously issued. The adoption of this standard will not have any impact on the Company’s financial position, results of operations and disclosures. In January 2015, the FASB issued ASU No. 2015-01, “Income Statement — Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.” Extraordinary items are transactions or events that are both unusual in nature and infrequent in occurrence, and, currently, are required to be presented separately in an entity’s income statement, net of income tax, after income from continuing operations. The changes eliminate the concept of extraordinary items and, therefore, the presentation of such items will no longer be required. Notwithstanding this change, an entity will still be required to present and disclose transactions or events that are both unusual in nature and infrequent in occurrence in the notes to the financial statements. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The adoption of this standard will not have any impact on the Company’s financial position, results of operations and disclosures. In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements — Going Concern (Topic 205),” which requires management to assess an entity’s ability to continue as a going concern and to provide related disclosures in certain circumstances. Under the new standard, disclosures are required when conditions or events give rise to substantial doubt about an entity’s ability to continue as a going concern within one year from the financial statement issuance date. The new standard is effective for annual periods ending after December 15, 2016, and all annual and interim periods thereafter. Early application is permitted. The adoption of this standard will not have any impact on the Company’s financial position and results of operations and, at this time, the Company does not expect any impact on its disclosures. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which supersedes all existing revenue recognition requirements, including most industry-specific guidance. The new standard requires a company to recognize revenue when it transfers goods or services to customers in an amount that reflects the consideration that the company expects to receive for those goods or services. ASU 2014-09 was originally going to be effective for us on January 1, 2017; however, the FASB recently issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606) – Deferral of the Effective Date,” There are no other new accounting pronouncements issued by but not effective until after December 31, 2015 that could have a significant effect on our financial position or results of operations.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Schedule of assets recorded at fair value on a recurring basis	Quoted Prices in Active Markets for Significant Total Carrying Identical Other Observable Value on the Assets/Liabilities Inputs Balance Sheet (Level 1) (Level 2) ( in thousands Assets: Cash and cash equivalents $ 7,015 $ 7,015 $ - Corporate notes and bonds 1,593 - 1,593 Equity Securities 68 68 - Total assets at fair value $ 8,676 $ 7,083 $ 1,593 Quoted Prices in Active Markets for Significant Total Carrying Identical Other Observable Value on the Assets/Liabilities Inputs Balance Sheet (Level 1) (Level 2) ( in thousands Assets: Cash and cash equivalents $ 7,968 $ 7,968 $ - Corporate notes and bonds 6,475 - 6,475 U.S. Government and agency securities 200 - 200 Equity Securities 49 49 - Total assets at fair value $ 14,692 $ 8,017 $ 6,675
Schedule of marketable securities	Gross Unrealized December 31, 2015 Amortized Cost Gains Losses Fair Value (in thousands) Investments Corporate and agency notes and corporate stock $ 1,666 $ - $ (5 ) $ 1,661 Total investments $ 1,666 $ - $ (5 ) $ 1,661 December 31, 2014 Amortized Cost Gains Losses Fair Value (in thousands) Investments Corporate and agency notes and corporate stock $ 6,757 $ - $ (33 ) $ 6,724 Total investments $ 6,757 $ - $ (33 ) $ 6,724

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Schedule of property, plant and equipment	2015 2014 (in thousands) Equipment $ 881 $ 1,018 Leasehold improvements 66 35 Furniture and fixtures 105 99 1,052 1,152 Less accumulated depreciation and amortization (773 ) (876 ) $ 279 $ 276

ACCRUED EXPENSES AND OTHER (Tab

ACCRUED EXPENSES AND OTHER (Tables)	12 Months Ended
	Dec. 31, 2015
Payables and Accruals [Abstract]
Schedule of accrued expenses and other consist	2015 2014 (in thousands) Payroll, compensation, and benefits $ 450 $ 602 Professional fees 131 354 Other 17 120 Total accrued expenses $ 598 $ 1,076

STRATEGIC ALLIANCES AND RESEA22

STRATEGIC ALLIANCES AND RESEARCH CONTRACTS (Tables)	12 Months Ended
	Dec. 31, 2015
Strategic Alliances And Research Contracts [Abstract]
Schedule of revenue earned under collaborations and research contracts	2015 2014 (in thousands) Hearing Program $ 424 $ 5,529 Foot and Mouth Disease Program 180 404 Malaria Program 131 108 Other strategic collaborations and research grants 150 - $ 885 $ 6,041

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum lease payments under non-cancelable operating leases	Future minimum lease payments as of December 31, 2015 under our non-cancelable operating leases are as follows (in thousands): 2016 $ 331 2017 $ 391 2018 $ 383 2019 $ 391 2020 $ 398 2021 $ 202

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
Schedule of stock-based compensation expense related to employee stock options	Years ended December 31, 2015 2014 (in thousands) General and administrative $ 554 $ 312 Research and development 369 236 $ 923 $ 548
Schedule of weighted-average assumptions used in valuation of stock option	2015 2014 Range of risk-free interest rate 1.42%-1.87% 1.82%-2.01% Expected dividend yield 0.00% 0.00% Expected volatility 103.61% 97.92% Expected life (years) 6.30 6.25 Weighted-average fair value of options granted $2.27 $2.60
Schedule of stock option activity	Number Weighted Weighted of Shares Average Average Aggregate Under Exercise Contractual Intrinsic (in thousands, except per share data) Option Price Life (years) Value Outstanding at January 1, 2014 1,346 5.35 Granted 345 3.29 Forfeited (2 ) 31.00 Cancelled (10 ) 31.82 Outstanding at December 31, 2014 1,679 4.74 Granted 572 2.79 Exercised - - Forfeited - - Cancelled (14 ) 18.37 Stock options outstanding at December 31, 2015 2,237 $ 4.16 7.0 $ 119 Vested or expected to vest at December 31, 2015 2,111 $ 4.23 6.9 $ 116 Exercisable at December 31, 2015 1,516 $ 4.83 6.2 $ 84
Schedule stock options outstanding	Outstanding Exercisable Weighted average Weighted Weighted remaining average average Number contractual exercise Number exercise Range of exercise prices of shares life price of shares price (number of shares in thousands) $0.00 - $10.00 2,043 7.5 $ 2.73 1,322 $ 2.72 $10.01 - $20.00 110 1.4 15.50 110 15.50 $20.01 - $30.00 82 3.0 23.57 82 23.57 $30.01 - $41.00 2 1.3 41.00 2 41.00 2,237 7 years $ 4.16 1,516 $ 4.83

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of effective income tax rate reconciliation	2015 2014 Tax provision computed at the statutory rate $ (2,225 ) $ (855 ) State income taxes, net of federal income tax provision (356 ) (137 ) Book expenses not deductible for tax purposes 3 2 Nondeductible compensation expense 151 113 Tax credits and other (386 ) 37 Change in valuation allowance for deferred tax assets 2,813 840 Income tax expense $ — $ —
Schedule of deferred tax assets	2015 2014 Net operating loss carryforwards $ 102,229 $ 99,900 Research and experimentation tax credit 14,568 14,226 Property and equipment, principally due to differences in depreciation (78 ) (74 ) Accrued severance - - Deferred compensation expense 1,063 869 Other 153 210 Total deferred tax assets 117,935 115,131 Valuation allowance (117,935 ) (115,131 ) Net deferred tax assets $ — $ —

QUARTERLY RESULTS (UNAUDITED) (

QUARTERLY RESULTS (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule of unaudited quarterly information	2015 (unaudited) Q1 Q2 Q3 Q4 (in thousands, except per share data) Revenue $ 405 $ 127 $ 193 $ 160 Operating loss $ (1,536 ) $ (1,875 ) $ (1,511 ) $ (1,645 ) Net loss $ (1,529 ) $ (1,869 ) $ (1,505 ) $ (1,642 ) Basic and diluted net loss per share $ (0.09 ) $ (0.11 ) $ (0.09 ) $ (0.10 ) 2014 (unaudited) Q1 Q2 Q3 Q4 (in thousands, except per share data) Revenue $ 2,131 $ 129 $ 252 $ 3,529 Operating income/(loss) $ (964 ) $ (1,676 ) $ (1,605 ) $ 1,708 Net income/(loss) $ (963 ) $ (1,672 ) $ (1,596 ) $ 1,716 Basic and diluted net income/(loss) per share $ (0.07 ) $ (0.10 ) $ (0.10 ) $ 0.11

SUMMARY OF SIGNIFICANT ACCOUN27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Significant Accounting Policies [Line Items]
Depreciation method of assets	Straight-line basis
Stock based compensation included in expenses on continuing operations	$ 0.9	$ 0.5
Equipment
Significant Accounting Policies [Line Items]
Estimated useful lives of assets	three to five years
Furniture and fixtures
Significant Accounting Policies [Line Items]
Estimated useful lives of assets	seven years

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets and Liabilities Recorded at Fair Value on Recurring Basis on Condensed Balance Sheet (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Total Carrying Value on the Balance Sheet
Assets:
Total assets at fair value	$ 8,676	$ 14,692
Total Carrying Value on the Balance Sheet | Cash and cash equivalents
Assets:
Total assets at fair value	7,015	7,968
Total Carrying Value on the Balance Sheet | Corporate notes and bonds
Assets:
Total assets at fair value	1,593	6,475
Total Carrying Value on the Balance Sheet | U.S. Government and agency securities
Assets:
Total assets at fair value		200
Total Carrying Value on the Balance Sheet | Equity Security
Assets:
Total assets at fair value	68	49
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)
Assets:
Total assets at fair value	7,083	8,017
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) | Cash and cash equivalents
Assets:
Total assets at fair value	$ 7,015	$ 7,968
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) | Corporate notes and bonds
Assets:
Total assets at fair value
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) | U.S. Government and agency securities
Assets:
Total assets at fair value
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) | Equity Security
Assets:
Total assets at fair value	$ 68	$ 49
Significant Other Observable Inputs (Level 2)
Assets:
Total assets at fair value	$ 1,593	$ 6,675
Significant Other Observable Inputs (Level 2) | Cash and cash equivalents
Assets:
Total assets at fair value
Significant Other Observable Inputs (Level 2) | Corporate notes and bonds
Assets:
Total assets at fair value	$ 1,593	$ 6,475
Significant Other Observable Inputs (Level 2) | U.S. Government and agency securities
Assets:
Total assets at fair value		$ 200
Significant Other Observable Inputs (Level 2) | Equity Security
Assets:
Total assets at fair value

FAIR VALUE MEASUREMENTS - Summa

FAIR VALUE MEASUREMENTS - Summary of investments (Details 1) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 1,666	$ 6,757
Gross Unrealized Gains
Gross Unrealized Losses	$ (5)	$ (33)
Fair Value	1,661	6,724
Corporate and agency notes and corporate stock
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 1,666	$ 6,757
Gross Unrealized Gains
Gross Unrealized Losses	$ (5)	$ (33)
Fair Value	$ 1,661	$ 6,724

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Detail Textuals) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Accumulated unrealized loss	$ (5)	$ (33)

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 1,052	$ 1,152
Less accumulated depreciation and amortization	(773)	(876)
Property, Plant and Equipment, Net, Total	279	276
Equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	881	1,018
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	66	35
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 105	$ 99

PROPERTY AND EQUIPMENT (Detail

PROPERTY AND EQUIPMENT (Detail Textuals) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense			$ 97,000	$ 220,000
Proceeds from sale of property and equipment		$ 18,000	$ 18,000	$ 5,000
Loss on sale of office equipment and other long-lived assets	$ 41,000
Accelerated depreciation for long-lived assets	$ 39,000

ACCRUED EXPENSES AND OTHER (Det

ACCRUED EXPENSES AND OTHER (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Payables and Accruals [Abstract]
Payroll, compensation, and benefits	$ 450	$ 602
Professional fees	131	354
Other	17	120
Total accrued expenses	$ 598	$ 1,076

STRATEGIC ALLIANCES AND RESEA34

STRATEGIC ALLIANCES AND RESEARCH CONTRACTS - Revenue Earned Contract (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Revenue Earned Contract [Line Items]
Revenues	$ 160	$ 193	$ 127	$ 405	$ 3,529	$ 252	$ 129	$ 2,131	$ 885	$ 6,041
Hearing Program
Revenue Earned Contract [Line Items]
Revenues									424	5,529
Foot and Mouth Disease Program
Revenue Earned Contract [Line Items]
Revenues									180	404
Malaria Program
Revenue Earned Contract [Line Items]
Revenues									131	$ 108
Other strategic collaborations and research grants
Revenue Earned Contract [Line Items]
Revenues									$ 150

STRATEGIC ALLIANCES AND RESEA35

STRATEGIC ALLIANCES AND RESEARCH CONTRACTS (Detail Textuals) - Novartis - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Feb. 28, 2014	Jan. 31, 2010	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2011	Dec. 31, 2010	Oct. 31, 2014	Aug. 31, 2010
Strategic Alliances Disclosure [Line Items]
Non-refundable upfront license fee		$ 5
Value of common stock purchased		2
Fair value of common stock purchased		3.3
Revenue to be recognized from the non-refundable upfront license fee		3.7
Upfront payment received for research			$ 0.2	$ 0.2
Milestones payments receivable		206.6
Milestones payments receivable for achievement of preclinical development activities		0.6
Milestones payments receivable for achievement of clinical milestones		26	21
Milestones payments receivable for receipt of regulatory approvals		45	45
Milestones payments receivable for achievement sales milestones		$ 135	135
Milestone payment received in successful completion of preclinical development activities	$ 2				$ 0.3	$ 0.3
Milestone triggered on first patient dosed							$ 3
Amount receivable under manufacture clinical trial material								$ 14.9
Amount recognized from services performed under this new agreement			$ 0.2	$ 0.3

STRATEGIC ALLIANCES AND RESEA36

STRATEGIC ALLIANCES AND RESEARCH CONTRACTS (Detail Textuals 1) - DHS Exercises - U.S. Department Of Homeland Security - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Feb. 28, 2010	Dec. 31, 2015	Dec. 31, 2014
Strategic Alliances Disclosure [Line Items]
Program funding received under agreement	$ 3.8
Maximum amount receivable on annual renewal options under contract were exercised	$ 2.1
Amount recognized from services performed under this new agreement		$ 0.2	$ 0.4
Revenue recognized under contract		$ 5.8

STRATEGIC ALLIANCES AND RESEA37

STRATEGIC ALLIANCES AND RESEARCH CONTRACTS (Detail Textuals 2) - Vaccine Research Center - NIAID - New Antigens For Malaria Vaccine Development - USD ($)	1 Months Ended	12 Months Ended
	Mar. 31, 2012	Dec. 31, 2015	Dec. 31, 2014
Strategic Alliances Disclosure [Line Items]
Grant received from NIAID	$ 600,000
Revenue recognized under research grants		$ 100,000	$ 100,000

STRATEGIC ALLIANCES AND RESEA38

STRATEGIC ALLIANCES AND RESEARCH CONTRACTS (Detail Textuals 3) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Other strategic alliances and research grants | Business Innovation And Research Grant
Strategic Alliances Disclosure [Line Items]
Revenue recognized under research grants	$ 200,000	$ 6,000

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Future Minimum Payments of Non-cancelable Operating Leases (Details) $ in Thousands	Dec. 31, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,016	$ 331
2,017	391
2,018	383
2,019	391
2,020	398
2,021	$ 202

COMMITMENTS AND CONTINGENCIES40

COMMITMENTS AND CONTINGENCIES (Details Textuals) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Rent expense under all operating leases	$ 200,000	$ 700,000
Non refundable initial license fee	50,000
Severance cost payable	$ 0	$ 128,000

STOCKHOLDERS' EQUITY - Summary

STOCKHOLDERS' EQUITY - Summary of stock based compensation expense related to employee stock options (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 923	$ 548
Employee stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	923	548
Employee stock options | General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	554	312
Employee stock options | Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 369	$ 236

STOCKHOLDERS' EQUITY - Black Sc

STOCKHOLDERS' EQUITY - Black Scholes Model Weighted Average Assumptions Used to Calculate Weighted Average Estimated Fair Value of Employee Stock Options Granted (Details 1) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (years)	6 years 3 months 18 days	6 years 3 months
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%
Expected volatility	103.61%	97.92%
Expected life (years)	6 years 3 months 18 days	6 years 3 months
Weighted-average fair value of options granted	$ 2.27	$ 2.60
Stock Option | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of risk-free interest rate	1.42%	1.82%
Stock Option | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of risk-free interest rate	1.87%	2.01%

STOCKHOLDERS' EQUITY - Stock Op

STOCKHOLDERS' EQUITY - Stock Option Activity (Details 2) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Number of shares
Stock options outstanding	2,237,317
Stock Option
Number of shares
Stock options outstanding	1,679,000	1,346,000
Granted	572,000	345,000
Exercised
Forfeited		(2,000)
Cancelled	(14,000)	(10,000)
Stock options outstanding	2,237,000	1,679,000
Vested or expected to vest	2,111,000
Exercisable	1,516,000
Weighted Average Exercise Price
Stock options outstanding	$ 4.74	$ 5.35
Granted	$ 2.79	3.29
Exercised
Forfeited		31
Cancelled	$ 18.37	31.82
Stock options outstanding	4.16	$ 4.74
Vested or expected to vest	4.23
Exercisable	$ 4.83
Weighted average contractual life (years)
Stock options outstanding	7 years
Vested or expected to vest	6 years 10 months 24 days
Exercisable	6 years 2 months 5 days
Aggregate intrinsic value
Stock options outstanding	$ 119
Vested or expected to vest	116
Exercisable	$ 84

STOCKHOLDERS' EQUITY - Summar44

STOCKHOLDERS' EQUITY - Summary of Stock Options Outstanding (Details 3) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding, Number of shares	2,237,317
Stock Option
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding, Number of shares	2,237,000	1,679,000	1,346,000
Outstanding, Weighted average remaining contractual life (in years)	7 years
Outstanding, Weighted average exercise price	$ 4.16	$ 4.74	$ 5.35
Exercisable, Number of shares	1,516,000
Exercisable, Weighted average exercise price	$ 4.83
Stock Option | $0.00 - $10.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of exercise prices, minimum	0
Range of exercise prices, maximum	$ 10
Outstanding, Number of shares	2,043,000
Outstanding, Weighted average remaining contractual life (in years)	7 years 6 months
Outstanding, Weighted average exercise price	$ 2.73
Exercisable, Number of shares	1,322,000
Exercisable, Weighted average exercise price	$ 2.72
Stock Option | $10.01 - $20.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of exercise prices, minimum	10.01
Range of exercise prices, maximum	$ 20
Outstanding, Number of shares	110,000
Outstanding, Weighted average remaining contractual life (in years)	1 year 5 months 1 day
Outstanding, Weighted average exercise price	$ 15.50
Exercisable, Number of shares	110,000
Exercisable, Weighted average exercise price	$ 15.50
Stock Option | $20.01 - $30.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of exercise prices, minimum	20.01
Range of exercise prices, maximum	$ 30
Outstanding, Number of shares	82,000
Outstanding, Weighted average remaining contractual life (in years)	3 years
Outstanding, Weighted average exercise price	$ 23.57
Exercisable, Number of shares	82,000
Exercisable, Weighted average exercise price	$ 23.57
Stock Option | $30.01 - $41.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of exercise prices, minimum	30.01
Range of exercise prices, maximum	$ 41
Outstanding, Number of shares	2,000
Outstanding, Weighted average remaining contractual life (in years)	1 year 3 months 18 days
Outstanding, Weighted average exercise price	$ 41
Exercisable, Number of shares	2,000
Exercisable, Weighted average exercise price	$ 41

STOCKHOLDERS' EQUITY - CAPITAL

STOCKHOLDERS' EQUITY - CAPITAL STOCK (Detail Textuals) - USD ($) $ / shares in Units, $ in Thousands	Feb. 11, 2014	Mar. 31, 2014	Mar. 18, 2014	Dec. 31, 2015	Dec. 31, 2014	Jan. 31, 2014
Class of Warrant or Right [Line Items]
Stock issuance maximum limit						$ 75,000
Common stock, par value (in dollars per share)				$ 0.001	$ 0.001
Stock issued during period, value, new issues				$ (24)
Registered Direct Offering
Class of Warrant or Right [Line Items]
Proceeds from issuance or sale of equity			$ 8,400
Number of shares sold under registered direct offering			2,870,000
Offering price			$ 3.15
Stock issued during period, value, new issues			$ 9,000
Roth Equity Distribution Agreement | ATM offering
Class of Warrant or Right [Line Items]
Sale of stock, number of shares issued in transaction		721,677
Proceeds from issuance or sale of equity	$ 10,000	$ 2,600
Common stock, par value (in dollars per share)	$ 0.001

STOCKHOLDERS' EQUITY - CAPITA46

STOCKHOLDERS' EQUITY - CAPITAL STOCK (Detail Textuals 1) - $ / shares	1 Months Ended
	Sep. 07, 2011	Dec. 31, 2015	Dec. 31, 2014
Stockholders Equity [Line Items]
Preferred stock, shares authorized		5,000,000	5,000,000
Preferred stock, par value (in dollars per share)		$ 0.001	$ 0.001
Series A junior participating preferred stock
Stockholders Equity [Line Items]
Preferred stock, shares authorized		600,000	600,000
Preferred stock, par value (in dollars per share)		$ 0.001	$ 0.001
Preferred Stock
Stockholders Equity [Line Items]
Preferred stock, shares authorized		4,400,000	4,400,000
Preferred stock, par value (in dollars per share)		$ 0.001	$ 0.001
Stockholder Rights Agreement | American Stock Transfer & Trust Company, LLC | Series B Junior Participating Preferred Stock
Stockholders Equity [Line Items]
Purchase price per right	$ 32
Redeem rights per right	$ 0.001
Percentage of common stock acquired	20.00%
Preferred stock, shares authorized	30,000

STOCKHOLDERS' EQUITY - STOCK-BA

STOCKHOLDERS' EQUITY - STOCK-BASED COMPENSATION (Detail Textuals 2)	12 Months Ended
	Dec. 31, 2015shares
Class of Warrant or Right [Line Items]
Number of shares available for grant	1,648,413
Number of shares outstanding	2,237,317
Omnibus Incentive Plan 2015
Class of Warrant or Right [Line Items]
Increased authorized shares	1,500,000
Number of shares outstanding	97,500
Term of plan	10 years
Award vesting period	4 years
Stock Incentive Plan 2011
Class of Warrant or Right [Line Items]
Number of shares outstanding	1,710,333
Stock Incentive Plan 2002
Class of Warrant or Right [Line Items]
Number of shares outstanding	346,151

STOCKHOLDERS' EQUITY - STOCK-48

STOCKHOLDERS' EQUITY - STOCK-BASED COMPENSATION (Detail Textuals 3) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		12 Months Ended
	Sep. 30, 2013	May. 31, 2012	Dec. 31, 2015	Dec. 31, 2014
Class of Warrant or Right [Line Items]
Number of shares outstanding			2,237,317
Expected life (years)			6 years 3 months 18 days	6 years 3 months
Unrecognized stock-based compensation expense related to stock options			$ 1.4
Weighted average period expected to be expensed for stock option			2 years 6 months
Number of shares available for grant			1,648,413
Stock Incentive Plan 2011
Class of Warrant or Right [Line Items]
Number of shares outstanding			1,710,333
CEO Inducement Plan
Class of Warrant or Right [Line Items]
Number of shares outstanding			83,333
Term of plan		10 years
Common stock purchased under plan		250,000
Award vesting period		4 years
Common stock exercise price		$ 2.54
Stock Incentive Plan 2002
Class of Warrant or Right [Line Items]
Number of shares outstanding			346,151
Omnibus Incentive Plan 2015
Class of Warrant or Right [Line Items]
Number of shares outstanding			97,500
Term of plan			10 years
Award vesting period			4 years
Exercisable, Number of shares			1,515,536
Exercisable, Weighted average exercise price			$ 4.83
Restricted Stock | Stock Incentive Plan 2011
Class of Warrant or Right [Line Items]
Award vesting period	2 years
Outstanding restricted stock	730,000
Cost of common stock issued under shelf registration (in shares)	724,397
Maximum | Omnibus Incentive Plan 2015
Class of Warrant or Right [Line Items]
Exercisable, Weighted average exercise price			41
Minimum | Omnibus Incentive Plan 2015
Class of Warrant or Right [Line Items]
Exercisable, Weighted average exercise price			$ 0.84

STOCKHOLDERS' EQUITY - WARRANTS

STOCKHOLDERS' EQUITY - WARRANTS (Detail Textuals 4) - Warrant - $ / shares	Feb. 01, 2015	May. 29, 2014
Class of Warrant or Right [Line Items]
Warrant issued	420,000	711,539
Warrant exercise price	$ 27.50	$ 8.58

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Tax provision computed at the statutory rate	$ (2,225)	$ (855)
State income taxes, net of federal income tax provision	(356)	(137)
Book expenses not deductible for tax purposes	3	2
Nondeductible compensation expense	151	113
Tax credits and other	(386)	37
Change in valuation allowance for deferred tax assets	$ 2,813	$ 840
Income tax expense

INCOME TAXES (Details 1)

INCOME TAXES (Details 1) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 102,229	$ 99,900
Research and experimentation tax credit	14,568	14,226
Property and equipment, principally due to differences in depreciation	$ (78)	$ (74)
Accrued severance
Deferred compensation expense	$ 1,063	$ 869
Other	153	210
Total deferred tax assets	117,935	115,131
Valuation allowance	$ (117,935)	$ (115,131)
Net deferred tax assets

INCOME TAXES (Detail Textuals)

INCOME TAXES (Detail Textuals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Statutory federal tax rate (in percent)	34.00%
Net operating loss carryforwards	$ 259,000
Research and experimentation tax credit	$ (14,568)	$ (14,226)

QUARTERLY RESULTS (UNAUDITED)53

QUARTERLY RESULTS (UNAUDITED) (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 160	$ 193	$ 127	$ 405	$ 3,529	$ 252	$ 129	$ 2,131	$ 885	$ 6,041
Operating income/(loss)	(1,645)	(1,511)	(1,875)	(1,536)	1,708	(1,605)	(1,676)	(964)	(6,567)	(2,537)
Net income/(loss)	$ (1,642)	$ (1,505)	$ (1,869)	$ (1,529)	$ 1,716	$ (1,596)	$ (1,672)	$ (963)	$ (6,545)	$ (2,515)
Basic and diluted net income/(loss) per share (in dollars per share)	$ (0.10)	$ (0.09)	$ (0.11)	$ (0.09)	$ 0.11	$ (0.10)	$ (0.10)	$ (0.07)	$ (0.39)	$ (0.16)

SUBSEQUENT EVENTS (Detail Textu

SUBSEQUENT EVENTS (Detail Textuals) - Subsequent Event $ / shares in Units, $ in Millions	Feb. 24, 2016USD ($)$ / shares
Subsequent Event [Line Items]
Bid price below common stock price per share | $ / shares	$ 1
Market value of publicly held shares | $	$ 1