Genvec (GNVC) 10-Q 12 May 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 11, 2016
Document And Entity Information [Abstract]
Entity Registrant Name	GENVEC INC
Entity Central Index Key	934,473
Trading Symbol	gnvc
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		22,736,316
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 6,333	$ 7,015
Investments, at fair value	575	1,661
Accounts receivable, net	140	166
Prepaid expenses and other	249	245
Total current assets	7,297	9,087
Property and equipment, net	253	279
Other assets	97	97
Total assets	7,647	9,463
Current liabilities:
Accounts payable	1,135	1,096
Accrued expenses and other	399	598
Total current liabilities	1,534	1,694
Other liabilities	86	89
Total liabilities	$ 1,620	$ 1,783
Stockholders' equity:
Preferred stock, $0.001 par value, 5,000 shares authorized; none issued and outstanding in at March 31, 2016 and 2015
Common stock, $0.001 par value; 55,000 shares authorized; 17,264 shares issued and outstanding at March 31, 2016 and December 31, 2015	$ 17	$ 17
Additional paid-in capital	292,710	292,508
Accumulated other comprehensive loss		(5)
Accumulated deficit	(286,700)	(284,840)
Total stockholders' equity	6,027	7,680
Total liabilities and stockholders' equity	$ 7,647	$ 9,463

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parentheticals) - $ / shares shares in Thousands	Mar. 31, 2016	Dec. 31, 2015
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	55,000
Common stock, shares issued	17,264	17,264
Common stock, shares outstanding	17,264	17,264

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Revenues	$ 290	$ 405
Operating expenses:
General and administrative	1,412	1,293
Research and development	737	648
Total operating expenses	2,149	1,941
Operating loss	(1,859)	(1,536)
Other income/(expense):
Interest and other income/(expense), net	(1)	7
Net loss	$ (1,860)	$ (1,529)
Basic and diluted net loss per share (in dollars per share)	$ (0.11)	$ (0.09)
Shares used in computation of basic and diluted net loss per share (in shares)	17,264	16,540
Comprehensive Loss:
Net loss	$ (1,860)	$ (1,529)
Unrealized holding gain on securities available for sale	5	8
Comprehensive loss	$ (1,855)	$ (1,521)

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net loss	$ (1,860)	$ (1,529)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	26	23
Bad debt expense		24
Non-cash charges for stock-based compensation	202	194
Non-cash consideration for release of security interest	4
Changes in current assets and liabilities, net	(138)	(760)
Changes in non-current liabilities, net	(3)	6
Net cash used in operating activities	(1,769)	(2,042)
Cash flows from investing activities:
Proceeds from maturities of investment securities	1,087	1,224
Net cash provided by investing activities	1,087	1,224
Change in cash and cash equivalents	(682)	(818)
Beginning balance of cash and cash equivalents	7,015	7,968
Ending balance of cash and cash equivalents	$ 6,333	$ 7,150

General

General	3 Months Ended
	Mar. 31, 2016
General Disclosure [Abstract]
General	(1) General Basis of Presentation The condensed financial statements included herein have been prepared by GenVec, Inc. (GenVec, we, our, or the Company) without audit pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations. We believe the disclosures are adequate to make the information presented not misleading. The condensed financial statements included herein should be read in conjunction with the financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC. In the opinion of management, the accompanying financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position of the Company as of March 31, 2016 and December 31, 2015 and the results of its operations and cash flows for the three-month periods ended March 31, 2016 and March 31, 2015. The results of operations for any interim period are not necessarily indicative of the results of operations for any other interim period or for a full fiscal year. Business 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 addresses the prevention and treatment of a number of significant human and animal health concerns. GenVec’s combination of internal and partnered development programs address 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 a 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 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 2018. 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. 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. Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”), issued Accounting Standards Update (“ASU”) No. 2016-09, “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” which changes the accounting for certain aspects of share-based payments to employees. The amendments in this ASU require the recognition of the income tax effects of awards in the income statement when the awards vest or are settled, thus eliminating additional paid-in capital pools. The standard also allows the employer to repurchase more of an employee’s shares for tax withholding purposes without triggering liability accounting. In addition, the standard allows for a policy election to account for tax forfeitures as they occur rather than on an estimated basis. The amendments in this ASU are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is currently evaluating the impact of adopting this standard. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”. The new standard requires that all lessees recognize the assets and liabilities that arise from leases on the balance sheet and disclose qualitative and quantitative information about its leasing arrangements. The amendments in this ASU are effective for us beginning after December 15, 2018,and interim periods within those annual periods. The adoption of this standard is expected to have a material impact on our financial position. The Company is currently evaluating the impact this standard may have on our results of operations. In January 2016, the FASB No. 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 amendments in this ASU are 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 No. 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. 2015-03, “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 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 issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606) – Deferral of the Effective Date,” which deferred the effective date of ASU 2014-09 by one year to January 1, 2018. In March 2016, the FASB issued ASU No. 2016-8, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations. The amendments in this ASU do not change the core principle of ASU No. 2014-09 but the amendments clarify the implementation guidance on reporting revenue gross versus net. The effective date for the amendments in this ASU is the same as the effective date of ASU No. 2014-09. In April 2016, the FASB issued ASU No. 2016-10, “Revenue from Contracts with Customers (Identifying Performance Obligations and Licensing),” to clarify the implementation guidance on identifying performance obligations and licensing. The standard allows for either “full retrospective” adoption, meaning the standard is applied to all of the periods presented, or “modified retrospective” adoption, meaning the standard is applied only to the most current period presented in the financial statements. The Company is currently evaluating the impact of adopting these standards. There are no other applicable new accounting pronouncements issued by but not effective until after March 31, 2016 that could have a significant effect on our financial position or results of operations.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	(2) 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 and other inputs that are observable (e.g., interest rates, yield curves, volatilities and default rates, among others) or that 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, including 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 Condensed Balance Sheet at March 31, 2016: Quoted Prices in Active Markets for Significant Total Carrying Identical Other Observable Value on the Assets Inputs Balance Sheet (Level 1) (Level 2) (in thousands) Assets: Cash and cash equivalents $ 6,333 $ 6,333 $ - Corporate notes and bonds 506 - 506 Equity securities 69 - 69 Total assets at fair value $ 6,908 $ 6,333 $ 575 The following table presents information about assets recorded at fair value on a recurring basis on the Condensed Balance Sheet at December 31, 2015: Quoted Prices in Active Markets for Significant Total Carrying Identical Other Observable Value on the Assets 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 We determine fair value for our investments in marketable securities 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 in 2016. As of February 10, 2016 the equity securities in which we have an investment are no longer listed on an active market and therefore have been reclassified to Level 2. 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. During the first quarter of 2016, we determined that our equity security holding had incurred an other-than-temporary impairment as a result of the entity in which we held the equity being acquired by another company at a price lower than our carrying value. The stock of the entity is no longer being publicly traded. As a result of this impairment, we realized a loss of $4,000. We have determined there were no such impairments during 2015. All unrealized holding gains or losses related to our investments in marketable securities are reflected in accumulated other comprehensive loss in stockholders’ equity. The change in accumulated other comprehensive loss was a net unrealized gain of $5,000 and $8,000 for the three months ended March 31, 2016 and 2015, respectively.

Stock-Based Compensation Expens

Stock-Based Compensation Expense	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Expense	(3) Stock-Based Compensation Expense The following table summarizes stock-based compensation expense related to employee stock options for the three-month periods ended March 31, 2016 and March 31, 2015, which was allocated as follows: Three Months Ended March 31, 2016 2015 (in thousands) General and administrative $ 136 $ 113 Research and development 66 81 $ 202 $ 194 We use the Black-Scholes pricing model to value stock options. The estimated fair value of employee stock options granted during the three-months periods ended March 31, 2016 and 2015 was calculated using the Black-Scholes model with the following weighted-average assumptions: For the Three For the Three Months Ended Months Ended March 31, 2016 March 31, 2015 Risk-free interest rate 1.51 % 1.42 % Expected dividend yield 0.00 % 0.00 % Expected volatility 101.66 % 103.64 % Expected life (years) 6.46 6.23 Weighted-average fair value of options granted $ 0.46 $ 2.34 The risk-free interest rate assumptions are based upon various U.S. Treasury rates as of the date of the grants. The dividend yield is based on the assumption that we do not expect to declare a dividend over the life of the options. The volatility assumptions for the 2016 and 2015 periods are based on the weighted average volatility for the most recent one-year period as well as the volatility over the expected life of 6.46 years and 6.23 years, respectively. The expected life of employee stock options represents the weighted average combining the actual life of 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 between the applicable 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 the estimates. Forfeitures are estimated based on the demographics of current option holders and standard probabilities of employee turnover. 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 following table summarizes the stock option activity for the three months ended March 31, 2016: Weighted Weighted average average Aggregate Number exercise contractual intrinsic of shares price life (years) value (in thousands, except exercise price and contractual term data) Stock options outstanding, January 1, 2016 2,237 $ 4.16 Granted 580 0.56 Expired (12 ) 16.90 Stock options outstanding at March 31, 2016 2,805 $ 3.36 7.42 $ 143 Vested or expected to vest at March 31, 2016 (a) 2,565 $ 3.54 7.24 $ 105 Exercisable at March 31, 2016 1,572 $ 4.64 6.06 $ - (a) This represents the number of vested options as of March 31, 2016, plus the number of unvested options as of March 31, 2016 that we expect to vest in the future based on our estimated forfeiture rate. Unrecognized stock-based compensation related to stock options was approximately $1.5 million as of March 31, 2016. This amount is expected to be expensed over a weighted average period of 2.6 years. There were no options exercised during the three-months periods ended March 31, 2016 or 2015. The following table summarizes information about our stock options outstanding and exercisable as of March 31, 2016: Outstanding Exercisable Weighted average Weighted Weighted remaining average average Range of exercise Number contractual exercise Number exercise prices of shares life (in years) price of shares price (number of shares in thousands) $0.00 - $10.00 2,624 7.80 $ 2.25 1,391 $ 2.72 $10.01 - $20.00 97 1.35 15.32 97 15.32 $20.01 - $30.00 82 2.74 23.57 82 23.57 $30.01 - $41.00 2 1.05 41.00 2 41.00 2,805 7.42 $ 3.36 1,572 $ 4.64

Net Loss per Share

Net Loss per Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Net Loss per Share	(4) 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 three months ended March 31, 2016 and 2015 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.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2016
Stockholders' Equity Note [Abstract]
Stockholders' Equity	(5) Stockholders’ Equity 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. 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. As of March 31, 2016, pursuant to the Equity Distribution Agreement and the Registered Direct Offering we have sold 3,591,677 shares of our common stock since the 2014 shelf registration statement became effective on February 11, 2014 for gross proceeds of $11.6 million; all of these sales were completed prior to March 31, 2014. These sales resulted in proceeds, net of issuance costs of approximately $10.6 million. Warrants to purchase common stock were granted to organizations and institutions in conjunction with certain licensing and funding activities. On February 1, 2015, 420,000 warrants with an exercise price of $27.50 issued in February 2010 expired. 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.

Collaborative Agreements

Collaborative Agreements	3 Months Ended
	Mar. 31, 2016
Collaborative Agreements [Abstract]
Collaborative Agreements	(6) Collaborative Agreements 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 the terms of the Agreement, we licensed the world-wide rights to our preclinical hearing loss and balance disorders program to Novartis. In addition, the Agreement allows us to receive funding from Novartis for a research program focused on developing additional adenovectors for hearing loss. We recognized , 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 March 31, 2016, 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 have been no milestones achieved during 2016 or 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 (DSMB) in accordance with criteria in the trial protocol. On April 28, 2016, we were notified by Novartis, based on a review of safety and efficacy data from the nine patients currently enrolled in the study, that the DSMB recommended that the trial continue, subject to approval by the U.S. Food and Drug Administration. 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 three-month periods ended March 31, 2016 and 2015 we recognized $30,000 and $62,000, respectively, for services performed under this agreement. In March 2015, we announced a collaboration with TheraBiologics, Inc. to develop cancer therapeutics leveraging both GenVec’s proprietary gene delivery platform and TheraBiologics’ proprietary neural stem cell technology. Depending on the manner of commercialization, we will be entitled to profit sharing and/or royalty and milestone payments for the products being developed under the collaboration. We will contribute technology, know-how, vector construction, and technical and regulatory support to the program and TheraBiologics will be responsible for all other development costs. In April 2015, we announced a Research Collaboration Agreement with the Laboratory of Malaria Immunology and Vaccinology (LMIV) under which we will build new vaccine candidates based on our proprietary adenovectors isolated from gorillas and designed to deliver novel antigens discovered at the LMIV. In June 2015, we announced a multi-faceted collaboration agreement with the School of Medicine at Washington University at St. Louis (WUSTL) under which we and WUSTL will create modified versions of GenVec’s gorilla adenovectors that incorporate specialized targeting antibodies on the surface of the vectors. These antibodies are produced only by camels, alpacas and other camelids and are smaller and more stable in intracellular environments than their mouse or human counterparts. The ultimate goal of this collaboration is to create highly targeted therapeutics and vaccines.

Restructuring

Restructuring	3 Months Ended
	Mar. 31, 2016
Restructuring and Related Activities [Abstract]
Restructuring	(7) Restructuring At March 31, 2016 and December 31, 2015, there were no liabilities remaining in accrued expenses for either severance costs or any liability related to our former corporate offices.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	(8) Subsequent Events 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 (DSMB) in accordance with criteria in the trial protocol. On April 28, 2016, we were notified by Novartis, based on a review of safety and efficacy data from the nine patients currently enrolled in the study, that the DSMB recommended that the trial continue, subject to approval by the U.S. Food and Drug Administration. On May 10, 2016, in a registered offering pursuant to the 2014 shelf registration statement, we sold 5,471,957 shares of our common stock (the “Shares”), at a purchase price of $0.91375 per share. In a private placement concurrent with the sale of the Shares, we sold to the investors who purchased the Shares warrants to purchase 4,103,968 shares of our common stock (the “Warrants”). The Shares and Warrants were sold pursuant to a securities purchase agreement for aggregate gross proceeds of $5.0 million. Subject to certain ownership limitations, the Warrants will be initially exercisable on November 10, 2016 at an exercise price equal to $0.83 per share of common stock, subject to adjustments as provided under the terms of the Warrants. The Warrants are exercisable until November 10, 2022. In connection with the offering of the Shares and Warrants, we issued to the placement agent and its designees unregistered warrants to purchase an aggregate of 383,037 shares of our common (the “Placement Agent Warrants”). The Placement Agent Warrants have substantially the same terms as the Warrants, except that the Placement Agent Warrants will expire on May 4, 2021 and have an exercise price equal to $1.1422 per share of common stock. We estimate that the net proceeds from the sale of the Shares and the Warrants will be approximately $4.5 million after deducting certain fees due to the placement agent and our estimated transaction expenses.

General (Policies)

General (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The condensed financial statements included herein have been prepared by GenVec, Inc. (GenVec, we, our, or the Company) without audit pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations. We believe the disclosures are adequate to make the information presented not misleading. The condensed financial statements included herein should be read in conjunction with the financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC. In the opinion of management, the accompanying financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position of the Company as of March 31, 2016 and December 31, 2015 and the results of its operations and cash flows for the three-month periods ended March 31, 2016 and March 31, 2015. The results of operations for any interim period are not necessarily indicative of the results of operations for any other interim period or for a full fiscal year.
Business	Business 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 addresses the prevention and treatment of a number of significant human and animal health concerns. GenVec’s combination of internal and partnered development programs address 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 a 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 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 2018.
Use of Estimates	Use of Estimates The preparation of financial statements, in conformity with U.S. generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities 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.
Revenue Recognition	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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”), issued Accounting Standards Update (“ASU”) No. 2016-09, “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” which changes the accounting for certain aspects of share-based payments to employees. The amendments in this ASU require the recognition of the income tax effects of awards in the income statement when the awards vest or are settled, thus eliminating additional paid-in capital pools. The standard also allows the employer to repurchase more of an employee’s shares for tax withholding purposes without triggering liability accounting. In addition, the standard allows for a policy election to account for tax forfeitures as they occur rather than on an estimated basis. The amendments in this ASU are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is currently evaluating the impact of adopting this standard. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”. The new standard requires that all lessees recognize the assets and liabilities that arise from leases on the balance sheet and disclose qualitative and quantitative information about its leasing arrangements. The amendments in this ASU are effective for us beginning after December 15, 2018,and interim periods within those annual periods. The adoption of this standard is expected to have a material impact on our financial position. The Company is currently evaluating the impact this standard may have on our results of operations. In January 2016, the FASB No. 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 amendments in this ASU are 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 No. 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. 2015-03, “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 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 issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606) – Deferral of the Effective Date,” which deferred the effective date of ASU 2014-09 by one year to January 1, 2018. In March 2016, the FASB issued ASU No. 2016-8, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations. The amendments in this ASU do not change the core principle of ASU No. 2014-09 but the amendments clarify the implementation guidance on reporting revenue gross versus net. The effective date for the amendments in this ASU is the same as the effective date of ASU No. 2014-09. In April 2016, the FASB issued ASU No. 2016-10, “Revenue from Contracts with Customers (Identifying Performance Obligations and Licensing),” to clarify the implementation guidance on identifying performance obligations and licensing. The standard allows for either “full retrospective” adoption, meaning the standard is applied to all of the periods presented, or “modified retrospective” adoption, meaning the standard is applied only to the most current period presented in the financial statements. The Company is currently evaluating the impact of adopting these standards. There are no other applicable new accounting pronouncements issued by but not effective until after March 31, 2016 that could have a significant effect on our financial position or results of operations.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities recorded at fair value on a recurring basis	The following table presents information about assets recorded at fair value on a recurring basis on the Condensed Balance Sheet at March 31, 2016: Quoted Prices in Active Markets for Significant Total Carrying Identical Other Observable Value on the Assets Inputs Balance Sheet (Level 1) (Level 2) (in thousands) Assets: Cash and cash equivalents $ 6,333 $ 6,333 $ - Corporate notes and bonds 506 - 506 Equity securities 69 - 69 Total assets at fair value $ 6,908 $ 6,333 $ 575 The following table presents information about assets recorded at fair value on a recurring basis on the Condensed Balance Sheet at December 31, 2015: Quoted Prices in Active Markets for Significant Total Carrying Identical Other Observable Value on the Assets 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

Stock-Based Compensation Expe16

Stock-Based Compensation Expense (Tables)	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of stock-based compensation expense related to employee stock options	Three Months Ended March 31, 2016 2015 (in thousands) General and administrative $ 136 $ 113 Research and development 66 81 $ 202 $ 194
Schedule of weighted-average assumptions used in valuation of stock option	For the Three For the Three Months Ended Months Ended March 31, 2016 March 31, 2015 Risk-free interest rate 1.51 % 1.42 % Expected dividend yield 0.00 % 0.00 % Expected volatility 101.66 % 103.64 % Expected life (years) 6.46 6.23 Weighted-average fair value of options granted $ 0.46 $ 2.34
Schedule of stock option activity	Weighted Weighted average average Aggregate Number exercise contractual intrinsic of shares price life (years) value (in thousands, except exercise price and contractual term data) Stock options outstanding, January 1, 2016 2,237 $ 4.16 Granted 580 0.56 Expired (12 ) 16.90 Stock options outstanding at March 31, 2016 2,805 $ 3.36 7.42 $ 143 Vested or expected to vest at March 31, 2016 (a) 2,565 $ 3.54 7.24 $ 105 Exercisable at March 31, 2016 1,572 $ 4.64 6.06 $ -
Schedule of summary of stock options outstanding	Outstanding Exercisable Weighted average Weighted Weighted remaining average average Range of exercise Number contractual exercise Number exercise prices of shares life (in years) price of shares price (number of shares in thousands) $0.00 - $10.00 2,624 7.80 $ 2.25 1,391 $ 2.72 $10.01 - $20.00 97 1.35 15.32 97 15.32 $20.01 - $30.00 82 2.74 23.57 82 23.57 $30.01 - $41.00 2 1.05 41.00 2 41.00 2,805 7.42 $ 3.36 1,572 $ 4.64

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	Mar. 31, 2016	Dec. 31, 2015
Total Carrying Value on the Balance Sheet
Assets:
Total assets at fair value	$ 6,908	$ 8,676
Total Carrying Value on the Balance Sheet | Cash and cash equivalents
Assets:
Total assets at fair value	6,333	7,015
Total Carrying Value on the Balance Sheet | Corporate notes and bonds
Assets:
Total assets at fair value	506	1,593
Total Carrying Value on the Balance Sheet | Equity securities
Assets:
Total assets at fair value	69	68
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)
Assets:
Total assets at fair value	6,333	7,083
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) | Cash and cash equivalents
Assets:
Total assets at fair value	$ 6,333	$ 7,015
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) | Equity securities
Assets:
Total assets at fair value		$ 68
Significant Other Observable Inputs (Level 2)
Assets:
Total assets at fair value	$ 575	$ 1,593
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	$ 506	$ 1,593
Significant Other Observable Inputs (Level 2) | Equity securities
Assets:
Total assets at fair value	$ 69

Fair Value Measurements (Detail

Fair Value Measurements (Detail Textuals) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Fair Value Disclosure [Line Items]
Net unrealized gain included in comprehensive income related to marketable securities	$ 5,000	$ 8,000
Equity securities
Fair Value Disclosure [Line Items]
Accumulated unrealized loss	$ 4,000

Stock-Based Compensation Expe19

Stock-Based Compensation Expense - Summary of stock based compensation expense related to employee stock options (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 202	$ 194
Employee stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	202	194
Employee stock options | General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	136	113
Employee stock options | Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 66	$ 81

Stock-Based Compensation Expe20

Stock-Based Compensation Expense - The estimated fair value of employee stock options granted (Details 1) - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (years)	6 years 5 months 16 days	6 years 2 months 23 days
Employee stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.51%	1.42%
Expected dividend yield	0.00%	0.00%
Expected volatility	101.66%	103.64%
Expected life (years)	6 years 5 months 16 days	6 years 2 months 23 days
Weighted-average fair value of options granted	$ 0.46	$ 2.34

Stock-Based Compensation Expe21

Stock-Based Compensation Expense - Stock option activity (Details 2) - Stock Options $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)$ / sharesshares
Number of shares
Stock options outstanding, January 1, 2016 | shares	2,237
Granted | shares	580
Expired | shares	(12)
Stock options outstanding at March 31, 2016 | shares	2,805
Vested or expected to vest at March 31, 2016 | shares	2,565	[1]
Exercisable at March 31, 2016 | shares	1,572
Weighted average exercise price
Stock options outstanding, January 1, 2016 | $ / shares	$ 4.16
Granted | $ / shares	0.56
Expired | $ / shares	16.90
Stock options outstanding at March 31, 2016 | $ / shares	3.36
Vested or expected to vest at March 31, 2016 | $ / shares	3.54	[1]
Exercisable at March 31, 2016 | $ / shares	$ 4.64
Weighted average contractual life (years)
Stock options outstanding, January 1, 2016	7 years 5 months 1 day
Vested or expected to vest at March 31, 2016	7 years 2 months 26 days	[1]
Exercisable at March 31, 2016	6 years 22 days
Aggregate intrinsic value
Stock options outstanding at March 31, 2016 | $	$ 143
Vested or expected to vest at March 31, 2016 | $	$ 105	[1]
Exercisable at March 31, 2016 | $
[1]	This represents the number of vested options as of March 31, 2016, plus the number of unvested options as of March 31, 2016 that we expect to vest in the future based on our estimated forfeiture rate.

Stock-Based Compensation Expe22

Stock-Based Compensation Expense - Summary of stock options outstanding (Details 3) - Stock Options - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, Number of shares	2,805	2,237
Outstanding, Weighted average remaining contractual life (in years)	7 years 5 months 1 day
Outstanding, Weighted average exercise price	$ 3.36	$ 4.16
Exercisable, Number of shares	1,572
Exercisable, Weighted average exercise price	$ 4.64
$0.00 - $10.00
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise prices, minimum	0
Range of exercise prices, maximum	$ 10
Outstanding, Number of shares	2,624
Outstanding, Weighted average remaining contractual life (in years)	7 years 9 months 18 days
Outstanding, Weighted average exercise price	$ 2.25
Exercisable, Number of shares	1,391
Exercisable, Weighted average exercise price	$ 2.72
$10.01 - $20.00
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise prices, minimum	10.01
Range of exercise prices, maximum	$ 20
Outstanding, Number of shares	97
Outstanding, Weighted average remaining contractual life (in years)	1 year 4 months 6 days
Outstanding, Weighted average exercise price	$ 15.32
Exercisable, Number of shares	97
Exercisable, Weighted average exercise price	$ 15.32
$20.01 - $30.00
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise prices, minimum	20.01
Range of exercise prices, maximum	$ 30
Outstanding, Number of shares	82
Outstanding, Weighted average remaining contractual life (in years)	2 years 8 months 27 days
Outstanding, Weighted average exercise price	$ 23.57
Exercisable, Number of shares	82
Exercisable, Weighted average exercise price	$ 23.57
$30.01 - $41.00
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise prices, minimum	30.01
Range of exercise prices, maximum	$ 41
Outstanding, Number of shares	2
Outstanding, Weighted average remaining contractual life (in years)	1 year 18 days
Outstanding, Weighted average exercise price	$ 41
Exercisable, Number of shares	2
Exercisable, Weighted average exercise price	$ 41

Stock-Based Compensation Expe23

Stock-Based Compensation Expense (Detail Textuals) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Stockholders Equity [Line Items]
Expected life (years)	6 years 5 months 16 days	6 years 2 months 23 days
Unrecognized stock-based compensation expense	$ 1.5
Unrecognized stock-based compensation, weighted average recognition period	2 years 7 months 6 days
Stock Options
Stockholders Equity [Line Items]
Expected life (years)	6 years 5 months 16 days	6 years 2 months 23 days

Stockholders' Equity (Detail Te

Stockholders' Equity (Detail Textuals) - USD ($) $ / shares in Units, $ in Millions	Feb. 11, 2014	Mar. 31, 2014	Mar. 18, 2014	Mar. 31, 2016	Dec. 31, 2015	Jan. 31, 2014
Class Of Warrant Or Right [Line Items]
Stock issuance maximum limit						$ 75
Common stock, par value (in dollars per share)				$ 0.001	$ 0.001
Registered Direct Offering
Class Of Warrant Or Right [Line Items]
Number of shares sold under registered direct offering			2,870,000
Offering price			$ 3.15
Value of shares sold under registered direct offering			$ 9
Roth Equity Distribution Agreement | Registered Direct Offering
Class Of Warrant Or Right [Line Items]
Number of shares sold under registered direct offering				3,591,677
Value of shares sold under registered direct offering				$ 11.6
Gross proceeds of shares sold				$ 10.6
Roth Equity Distribution Agreement | ATM offering
Class Of Warrant Or Right [Line Items]
Proceeds from issuance or sale of equity	$ 10	$ 2.6
Common stock, par value (in dollars per share)	$ 0.001
Number of shares sold		721,677

Stockholders' Equity (Detail 25

Stockholders' Equity (Detail Textuals 1)	Feb. 01, 2015$ / sharesshares
Stockholders' Equity Note [Abstract]
Numbet of warrants expired | shares	420,000
Exercise Price | $ / shares	$ 27.50
Offering Date	February 2,010
Expiration Date	Feb. 1, 2015

Stockholders' Equity (Detail 26

Stockholders' Equity (Detail Textuals 2 ) $ / shares in Units, $ in Millions	Feb. 24, 2016USD ($)$ / shares
Stockholders' Equity Note [Abstract]
Bid price below common stock price per share | $ / shares	$ 1
Market value of publicly held shares | $	$ 1

Collaborative Agreements (Detai

Collaborative Agreements (Detail Textuals)	1 Months Ended					3 Months Ended
	Oct. 31, 2014USD ($)	Feb. 28, 2014USD ($)	Dec. 31, 2011USD ($)	Dec. 31, 2010USD ($)	Aug. 31, 2010USD ($)Candidate	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)
Collaboration and License Agreement
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Revenue recognized under contract						$ 100,000	$ 100,000
Collaborative arrangement expected service revenue						206,600,000
Collaboration and License Agreement | Preclinical Development Activities
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement expected service revenue						600,000
Milestone method, revenue recognized			$ 300,000	$ 300,000
Collaboration and License Agreement | Clinical Milestone Events
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Revenue recognized under contract						21,000,000
Collaborative arrangement expected service revenue						26,000,000
Collaboration and License Agreement | Regulatory Approvals
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Revenue recognized under contract						45,000,000
Collaborative arrangement expected service revenue						45,000,000
Collaboration and License Agreement | Sales Milestones
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Revenue recognized under contract						135,000,000
Collaborative arrangement expected service revenue						135,000,000
Service Agreements | Novartis
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Service revenue net	$ 3,000,000	$ 2,000,000			$ 14,900,000
Number of candidate | Candidate					2
Revenue recognition milestone method revenue						$ 30,000	$ 62,000

Subsequent Events (Detail Textu

Subsequent Events (Detail Textuals) - USD ($) $ / shares in Units, $ in Millions	May. 10, 2016	Feb. 01, 2015
Subsequent Event [Line Items]
Warrant exercise price		$ 27.50
Subsequent event
Subsequent Event [Line Items]
Number of shares of common stock sold	5,471,957
Purchase price of shares	$ 0.91375
Subsequent event | Warrant | Investor
Subsequent Event [Line Items]
Number of warrants to purchase shares of common stock	4,103,968
Proceeds of sale of shares and warrants	$ 5
Warrant exercise price	$ 0.83
Subsequent event | Placement Agent Warrants
Subsequent Event [Line Items]
Number of warrants to purchase shares of common stock	383,037
Proceeds of sale of shares and warrants	$ 4.5
Warrant exercise price	$ 1.1422