Genvec (GNVC) 10-K 6 Mar 17 2016 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Mar. 03, 2017	Jun. 30, 2016
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		2,273,632
Entity Public Float			$ 12,611,960
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY

BALANCE SHEETS

BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 3,667	$ 7,015
Investments, at fair value	3,498	1,661
Accounts receivable, net	22	166
Prepaid expenses and other	271	245
Total current assets	7,458	9,087
Property and equipment, net	191	279
Other assets	58	97
Total assets	7,707	9,463
Current liabilities:
Accounts payable	957	1,096
Accrued expenses and other	890	598
Total current liabilities	1,847	1,694
Warrant liabilities, at fair value	1,059
Other liabilities	96	89
Total liabilities	3,002	1,783
Commitments and Contingencies
Stockholders' equity:
Preferred stock, $0.001 par value, 5,000 shares authorized; none issued and outstanding at December 31, 2016 or 2015
Common stock, $0.001 par value; 55,000 shares authorized; 2,274 and 1,726 shares issued and outstanding at December 31, 2016 and 2015, respectively	2	2
Additional paid-in capital	295,333	292,523
Accumulated other comprehensive loss	(3)	(5)
Accumulated deficit	(290,627)	(284,840)
Total stockholders' equity	4,705	7,680
Total liabilities and stockholders' equity	$ 7,707	$ 9,463

BALANCE SHEETS (Parentheticals)

BALANCE SHEETS (Parentheticals) - $ / shares	Dec. 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	2,274	1,726
Common stock, shares outstanding	2,274	1,726

STATEMENTS OF OPERATIONS AND CO

STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Income Statement [Abstract]
Revenues	$ 511	$ 885
Operating expenses:
General and administrative	5,227	4,901
Research and development	2,499	2,551
Total operating expenses	7,726	7,452
Operating loss	(7,215)	(6,567)
Other income/(expense):
Change in fair value of warrant liabilities	1,655
Financing expense	(250)
Interest and other income, net	23	22
Total other income, net	1,428	22
Net loss	$ (5,787)	$ (6,545)
Basic and diluted net loss per share	$ (2.78)	$ (3.90)
Shares used in computation of basic and diluted net loss per share	2,080	1,678
Comprehensive Loss:
Net loss	$ (5,787)	$ (6,545)
Unrealized holding gain on securities	2	28
Comprehensive loss	$ (5,785)	$ (6,517)

STATEMENTS OF CHANGES IN STOCKH

STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Total
Balance at Dec. 31, 2014	$ 2	$ 291,624	$ (33)	$ (278,295)	$ 13,298
Balance (in shares) at Dec. 31, 2014	1,727
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss				(6,545)	(6,545)
Unrealized change in investments, net			28		28
Common stock issued under shelf registration, net of issuance costs		(24)			(24)
Common stock issued under shelf registration, net of issuance costs (in shares)	(1)
Stock-based compensation		923			923
Balance at Dec. 31, 2015	$ 2	292,523	(5)	(284,840)	7,680
Balance (in shares) at Dec. 31, 2015	1,726
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss				(5,787)	(5,787)
Unrealized change in investments, net			2		2
Common stock issued under shelf registration, net of issuance costs		2,029			2,029
Common stock issued under shelf registration, net of issuance costs (in shares)	548
Stock-based compensation		781			781
Balance at Dec. 31, 2016	$ 2	$ 295,333	$ (3)	$ (290,627)	$ 4,705
Balance (in shares) at Dec. 31, 2016	2,274

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net loss	$ (5,787)	$ (6,545)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	90	97
Non-cash adjustments for financing expense	250
Bad debt expense		24
Non-cash charges for stock-based compensation	781	923
Non-cash consideration for release of security interest	4
Change in fair value of warrant liabilities	(1,655)
Impairment of long lived assets	16
Gain on sale of long lived assets		(18)
Changes in current assets and liabilities, net	311	(509)
Changes in non-current assets, net	7	89
Net cash used in operating activities	(5,983)	(5,939)
Cash flows provided by investing activities:
Purchases of property and equipment	(19)	(100)
Proceeds from sale of property and equipment		18
Purchases of investment securities	(3,483)
Proceeds from sale or maturity of investment securities	1,644	5,092
Net cash provided by/(used in) investing activities	(1,858)	5,010
Cash flows from financing activities:
Proceeds/(costs) from issuance of common stock and warrants	4,493	(24)
Net cash provided by/(used in) financing activities	4,493	(24)
Change in cash and cash equivalents	(3,348)	(953)
Beginning balance of cash and cash equivalents	7,015	7,968
Ending balance of cash and cash equivalents	$ 3,667	$ 7,015

ORGANIZATION, BUSINESS DESCRIPT

ORGANIZATION, BUSINESS DESCRIPTION AND LIQUIDITY	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BUSINESS DESCRIPTION	(1) ORGANIZATION, BUSINESS DESCRIPTION AND LIQUIDITY 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. We are pioneers in the design, testing and manufacture of adenoviral-based product candidates that can deliver on the promise of gene-based medicine. The Company’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 the Company’s strategy is to develop and commercialize our product candidates through collaborations. The Company is working with prominent companies and organizations such as Novartis, Merial (a unit of Boehringer Ingelheim), Washington University in St. Louis, 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. The Company’s combination of internal and partnered development programs addresses therapeutic areas such as hearing loss and balance disorders, oncology, bleeding disorders, as well as vaccines against infectious diseases including respiratory syncytial virus (“RSV”), herpes simplex virus (“HSV”), malaria; and in the area of animal health we are developing vaccines against foot-and-mouth disease (“FMD”). The Company’s 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. The Company’s 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 the Company’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 (the “NIAID”). 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. On February 24, 2016, the Company received notification that it would be afforded 180 calendar days, or until August 22, 2016, to regain compliance with NASDAQ’s minimum bid price requirement, referred to herein as the Bid Price Requirement. To regain compliance with the Bid Price Requirement, the closing bid price of the Company’s common stock was required to meet or exceed $1.00 per share for at least 10 consecutive business days. On August 23, 2016, the Company received notice that it had been afforded a second 180 calendar day grace period, or until February 21, 2017, to regain compliance. NASDAQ’s determination in the August 23, 2016 notice was based on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on The NASDAQ Capital Market with the exception of the minimum bid price requirement, and the Company’s written notice to NASDAQ of its intention to cure the minimum bid price deficiency, including by effecting a reverse stock split, if necessary. On October 20, 2016, the Company’s shareholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation to effect a reverse stock split of the Company’s common stock at a ratio within the range of one-for-three to one-for-ten, as determined by the Company’s board of directors. On December 1, 2016, the Company effected the reverse stock split at a ratio of one-for-ten, whereby each 10 shares of common stock were combined into one share of common stock. The reverse stock split was intended to enable the Company to regain compliance with the Bid Price Requirement. On December 15, 2016, the Company received a notice from NASDAQ stating that it had regained compliance. On January 24, 2017, the Company, Intrexon Corporation, a Virginia corporation (“Intrexon”), and Intrexon GV Holding, Inc., a Delaware corporation and wholly owned subsidiary of Intrexon (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which, and on the terms and conditions set forth in the Merger Agreement, Merger Sub will merge with and into the Company (the “Merger”). The Company will survive the Merger as a wholly owned subsidiary of Intrexon. See Note 11, “Subsequent Events”, for more information about the Merger. 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. Management has determined the Company has suffered recurring losses from operations and has an accumulated deficit that raises substantial doubt about our ability to continue as a going concern for the next twelve months. The report of our independent registered public accounting firm for the year ended December 31, 2016 includes an explanatory paragraph, which expresses substantial doubt about our ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of the uncertainty. If the merger with Intrexon is not consummated, our ability to continue as a going concern may depend on our ability to raise additional capital, attain further operating efficiencies, reduce expenditures, and, ultimately, to generate revenue. There are no assurances that these future funding and operating efforts will be successful. If management is unsuccessful in these efforts, our current capital is not expected to be sufficient to fund our operations for the next twelve months. Our financial statements as of December 31, 2016 do not include any adjustments that might result from the outcome of this uncertainty.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2016
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 accounting principles generally accepted in the United States of America, 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 except as noted on the face of the statements. 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, 2016 and 2015. (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, 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. (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 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 $0.8 million and $0.9 million for the years ended December 31, 2016 and 2015, 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 Recently Adopted Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (the “FASB”), issued 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 adopted this standard as of December 31, 2016. Based upon our evaluation, the adoption of this ASU did not have a material effect on our financial statements. 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 Company adopted this standard as of December 31, 2016 and the adoption of this standard did not have any impact on the Company’s financial position, results of operations, or 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 Company adopted this standard as of December 31, 2016 and the adoption of this standard did not have any impact on the Company’s financial position, results of operations, or 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 Company adopted this standard as of December 31, 2016 and the adoption of this standard resulted to additional disclosures in our financial statements. Recently Issued Accounting Pronouncements In November 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash”. This ASU clarifies the presentation requirements of restricted cash within the statement of cash flows. The changes in restricted cash and restricted cash equivalents during the period should be included in the beginning and ending cash and cash equivalents balance reconciliation on the statement of cash flows. When cash, cash equivalents, restricted cash or restricted cash equivalents are presented in more than one line item within the statement of financial position, an entity shall calculate a total cash amount in a narrative or tabular format that agrees to the amount shown on the statement of cash flows. Details on the nature and amounts of restricted cash should also be disclosed. This standard is effective for fiscal years beginning after December 15, 2017, including interim periods within that reporting period. The Company is currently evaluating the impact this standard may have on our financial statements. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Clarification of Certain Cash Receipts and Cash Payments.” The objective of ASU 2016-15 is to eliminate the diversity in practice related to the classification of certain cash receipts and payments in the statement of cash flows, by adding or clarifying guidance on eight specific cash flow issues. For public business entities, ASU 2016-15 is effective for annual and interim reporting periods beginning after December 15, 2017, with early adoption permitted. ASU 2015-16 provides that the amendments in the update should be applied retrospectively to all periods presented, unless deemed impracticable, in which case, prospective application is permitted. The Company is currently evaluating the impact this standard may have on our financial statements. 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 their leasing arrangements. The amendments in this ASU are effective for annual periods 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 issued ASU No. 2016-01, “Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities,” which amends the guidance in accounting principles generally accepted in the United States of America 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 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 and at this point, nothing has come to the Company’s attention that would indicate the adoption of these standards will have a material impact on the Company’s financial statements, however the adoption of these standards will have a material impact on the Company’s disclosures. There are no other applicable new accounting pronouncements issued by but not effective until after December 31, 2016 that the Company believes could have a significant effect on our financial position or results of operations. (o) RECLASSIFICATIONS On February 24, 2016, we received notification that we would be afforded 180 calendar days, or until August 22, 2016, to regain compliance with NASDAQ’s minimum bid price requirement (the “Bid Price Requirement”), and on August 23, 2016, we received notice that we had been afforded a second 180 calendar day grace period, or until February 21, 2017, to regain compliance. To regain compliance with the Bid Price Requirement, the closing bid price of our common stock was required to meet or exceed $1.00 per share for at least 10 consecutive business days. On December 1, 2016, we effected a reverse stock split, referred to herein as the reverse stock split, of its outstanding common stock at a ratio of one-for-ten, whereby each 10 shares of common stock were combined into one share of common stock. The reverse stock split was intended to enable us to regain compliance with the Bid Price Requirement. On December 15, 2016, we received a notice from NASDAQ stating that we had regained compliance. Certain prior year share and per share information have been reclassified to conform to the current year presentation.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2016
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 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 and liabilities recorded at fair value on a recurring basis on the balance sheet at December 31, 2016: Total Carrying Quoted Prices in Significant Significant (in thousands) Assets: Corporate notes and bonds $ 3,498 $ — $ 3,498 $ — Total assets at fair value $ 3,498 $ — $ 3,498 $ — Liabilities: Warrant liabilities $ 1,059 $ — $ — $ 1,059 Total liabilities at fair value $ 1,059 $ — $ — $ 1,059 The following table presents information about assets and liabilities recorded at fair value on a recurring basis on the balance sheet at December 31, 2015: Total Carrying Quoted Prices in Significant (in thousands) Assets: Corporate notes and bonds $ 1,593 $ — $ 1,593 Equity securities 68 68 — Total assets at fair value $ 1,661 $ 68 $ 1,593 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 in 2017. 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 were net unrealized gains of  $2,000 and $28,000 for the years ended December 31, 2016 and 2015, respectively. A summary of investments is shown below: ​ ​ ​ ​ ​ ​ ​ ​ Gross Unrealized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Cost ​ ​ Gains ​ ​ Losses ​ ​ Fair Value ​ ​ ​ ​ (in thousands) ​ December 31, 2016 ​ ​ ​ ​ ​ Investments ​ ​ ​ ​ ​ Corporate and agency notes ​ ​ ​ $ 3,496 ​ ​ ​ ​ $ 2 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 3,498 ​ ​ Total investments ​ ​ ​ $ 3,496 ​ ​ ​ ​ $ 2 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 3,498 ​ ​ December 31, 2015 ​ ​ ​ ​ ​ Investments ​ ​ ​ ​ ​ Corporate and agency notes and equity securities ​ ​ ​ $ 1,666 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (5 ) ​ ​ ​ ​ $ 1,661 ​ ​ Total investments ​ ​ ​ $ 1,666 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (5 ) ​ ​ ​ ​ $ 1,661 ​ ​ ​ As of December 31, 2016, the Company also had a Level 3 liability associated with the warrants issued in connection with the Company’s May 2016 registered offering, described in Note 8 below. The warrants are considered a liability and are valued using the Black-Scholes option-pricing model, the inputs for which include the following: a weighted average 5.73 year remaining life for the warrants, 2.00% risk-free interest rate, a 113.14% expected volatility and no dividend yield. Changes in fair value are recorded against operations in the reporting period in which they occur; increases and decreases in fair value are recorded in other income/(expense) as a change in fair value. The change in fair value was a gain of  $1.7 million for the year ended December 31, 2016. The following table sets for the a reconciliation of changes in the year ended December 31, 2016 in the fair value of the liabilities classified as Level 3 in the fair value hierarchy: Warrant (in thousands) Balance at January 1, 2016 $ — Warrant issuances 2,714 Change in fair value (1,655 ) Balance at December 31, 2016 $ 1,059

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	(4) PROPERTY AND EQUIPMENT Property and equipment consists of the following at December 31: 2016 2015 (in thousands) Equipment $ 863 $ 881 Leasehold improvements 80 66 Furniture and fixtures 111 105 1,054 1,052 Less accumulated depreciation and amortization (863 ) (773 ) $ 191 $ 279 Depreciation and amortization expense related to property and equipment was $0.1 million for each of the years ended December 31, 2016 and 2015, respectively. In the fourth quarter of 2016, we determined a piece of laboratory equipment had been impaired and recognized a loss of  $16,000. The Company determined the fair value based on a quoted market price. In the fourth quarter of 2015, we sold laboratory equipment and recognized a gain on the sales of  $18,000.

ACCRUED EXPENSES AND OTHER

ACCRUED EXPENSES AND OTHER	12 Months Ended
	Dec. 31, 2016
Payables and Accruals [Abstract]
ACCRUED EXPENSES AND OTHER	(5) ACCRUED EXPENSES AND OTHER Accrued expenses and other consist of the following at December 31: 2016 2015 (in thousands) Payroll, compensation, and benefits $ 684 $ 450 Professional fees 190 131 Other 16 17 Total accrued expenses $ 890 $ 598

STRATEGIC COLLABORATIONS AND RE

STRATEGIC COLLABORATIONS AND RESEARCH CONTRACTS	12 Months Ended
	Dec. 31, 2016
Strategic Alliances And Research Contracts [Abstract]
STRATEGIC COLLABORATIONS 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: 2016 2015 (in thousands) Hearing Program $ 175 $ 424 Foot and Mouth Disease Program 100 180 Malaria Program 236 131 Other strategic collaborations and research grants — 150 $ 511 $ 885 (a) NOVARTIS In January 2010, we entered into a research collaboration and license 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. We received a $5.0 million upfront payment and Novartis purchased $2.0 million of our common stock. We were eligible, from the inception of the agreement, to receive up to an additional $206.6 million in milestone payments if certain clinical, regulatory, and sales milestones were met, 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. From September 2010 through October 2014, we achieved four milestones resulting in aggregate payments from Novartis of  $5.6 million. There were no milestones achieved in 2015 or 2016. The achieved milestones are as follows: ​ Milestone Event ​ ​ Date ​ ​ Amount ​ ​ (1) Successful completion of certain preclinical development activities ​ ​ ​ September 2010 ​ ​ ​ $ 300,000 ​ ​ ​ (2) Successful completion of certain preclinical development activities ​ ​ ​ December 2011 ​ ​ ​ ​ 300,000 ​ ​ ​ (3) Non-rejection by the FDA of the IND filed by Novartis for CGF166 ​ ​ ​ February 2014 ​ ​ ​ ​ 2,000,000 ​ ​ ​ (4) First patient treated in a clinical trial with CGF166 ​ ​ ​ October 2014 ​ ​ ​ ​ 3,000,000 ​ ​ As of February 28, 2017, milestones remaining 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. Additionally, if a product is commercialized we are also entitled to tiered royalties on the annual net sales of licensed products, on a product-by-product and country-by-country basis, at percentage rates that range based on annual net sales from the mid-single digits to the low double digits until the earlier of  (a) the expiration of the last valid claim with respect to applicable patent rights and (b) January 1 following a year in which annual net sales of the product declined by a specified percentage of the highest level of prior annual net sales where the decline is reasonably attributable in part to the marketing or sale of a competing product in the country. For the five years thereafter, in the applicable country we are entitled to tiered royalties of below 1% on annual net sales. The collaboration and license agreement is terminable for convenience upon notice by either party or for uncured material breach. In addition, the agreement allows us to receive funding from Novartis for a research program focused on developing additional adenovectors for hearing loss. For the years ended December 31, 2016 and 2015 we recognized $0.1 million and $0.2 million, respectively, for work performed under the Agreement. 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 FDA. On July 25, 2016, we announced we were notified by Novartis, that the FDA had lifted the clinical hold on the trial. In February 2017, we were notified that the first patient in the fourth cohort of the trial had been dosed. 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 product candidates. During the years ended December 31, 2016 and 2015 we recognized $0.1 million and $0.2 million, respectively, for services performed under this agreement. (b) U.S. DEPARTMENT OF HOMELAND SECURITY (“DHS”) In February 2010, the Company signed a contract with the DHS to continue the development of adenovector-based vaccines against FMD. Under this contract, the Company 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. For the year ended December 31, 2015, we recognized $0.2 million 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 $0.2 million and $0.1 million, respectively, in revenue for the years ended December 31, 2016 and 2015. Work under this agreement was completed in March 2016. (d) OTHER STRATEGIC COLLABORATIONS In September 2016, we entered into a second amendment to our previously disclosed license agreement with Merial. Under the terms of the amendment we provided Merial with certain biological materials and granted Merial the right to use the underlying GenVec technology to further develop and advance FMD vaccine product candidates. We recognized $0.1 million in revenue for the year ended December 31, 2016. We have entered into other research grants with the government and recognized revenue derived from other collaborations. Revenue recognized under these collaborations and other licensing arrangements totaled $0.2 million for the year ended December 31, 2015.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2016
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 for each of the years ended December 31, 2016 and 2015. Future minimum lease payments as of December 31, 2016 under our non-cancelable operating leases are as follows (in thousands): 2017 $ 390 2018 $ 380 2019 $ 387 2020 $ 395 2021 $ 200 (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, non-reducible product royalties based on net sales, which percentage is in the low single digits, and tiered 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) WASHINGTON UNIVERSITY AGREEMENT In December 2016, we entered into an exclusive option agreement with Washington University in St. Louis to license intellectual property and technology related to gene editing and pulmonary endothelial cell targeting. If the option is exercised, the license will allow broad utilization of technology. The Company plans to initially focus on research utilizing the technology to develop treatments for hemophilia. Under the terms of the agreement we agreed to pay $0.3 million over the two year term of the agreement, this agreement may be terminated by either party upon written notice.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	(8) STOCKHOLDERS’ EQUITY (a) CAPITAL STOCK On December 1, 2016, the Company effected a 1 for 10 reverse stock split of the Company’s outstanding stock. All share and per share amounts herein have been retroactively restated to reflect the split. On January 23, 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 which was declared effective February 11, 2014 and allowed us to obtain financing through the issuance of any combination of common stock, preferred stock or warrants. 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. Sales of shares pursuant to the EDA, 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 us and Roth Capital Partners, by any other method permitted by law, including but not limited to in negotiated transactions. Sales under the EDA were made pursuant to the 2014 shelf registration statement. As of March 31, 2014, we had sold 72,168 shares pursuant to the EDA for gross proceeds of approximately $2.6 million. We have not sold any shares under the EDA since that date. On March 18, 2014, we sold 287,000 shares of our common stock, par value $0.001, in a registered direct offering pursuant to the 2014 shelf registration statement (the “2014 RDO”), at a price of  $31.50 per share, resulting in gross proceeds of approximately $9.0 million. On May 10, 2016, in a registered offering pursuant to the 2014 shelf registration statement, we sold 547,195 shares of our common stock (the “Shares”), at a purchase price of  $9.1375 per share (together with the 2014 RDO, the “Registered Direct Offerings”). In a private placement concurrent with the sale of the Shares, we sold to the investors who purchased the Shares warrants to purchase 410,396.8 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 became exercisable on November 10, 2016 at an exercise price equal to $8.30 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 38,303.7 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 $11.422 per share of common stock. The net proceeds from the sale of the Shares and the Warrants are $4.5 million after deducting certain fees due to the placement agent and our estimated transaction expenses. As of December 31, 2016, pursuant to the EDA and the Registered Direct Offerings, we have sold 906,363 shares of our common stock since the 2014 shelf registration statement became effective on February 11, 2014, for gross proceeds of  $16.6 million. These sales resulted in proceeds, net of issuance costs of approximately $15.1 million. The shelf registration statement expired on February 11, 2017. 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. On August 23, 2016, we received notification from NASDAQ that we had been afforded a second 180 calendar day grace period, or until February 21, 2017, to regain compliance. 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 did not regain compliance by February 21, 2017, the Listing Qualifications Department of NASDAQ indicated it would provide written notification to us that our common stock would be delisted. At that time, we could appeal the delisting determination to a NASDAQ Hearings Panel (the “Panel”). Our common stock would remain listed pending the Panel’s decision. On December 15, 2016, we received a notice from NASDAQ stating that the Company has regained compliance with the $1.00 minimum bid price requirement for continued listing set forth in Marketplace Rule 5450(a)(1) because the closing bid price of the Company’s common stock met or exceeded $1.00 per share for at least 10 consecutive business days. The notice further stated that the NASDAQ matter relating to the Company’s non-compliance with the minimum bid price requirement, which the Company initially disclosed under Item 3.01 of its Current Report on Form 8-K filed with the Securities and Exchange Commission on February 26, 2016, is now closed. 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 the Company’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 the Company’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 Stockholder Rights Agreement. There was no Series B Junior Participating Preferred Stock issued or outstanding as of December 31, 2016. In connection with the execution of our merger agreement with Intrexon Corporation (“Intrexon”), we amended the rights plan to provide that none of Intrexon, its merger subsidiary or any of their respective associates or affiliates shall become an Acquiring Person under the rights plan and to otherwise exempt the merger from triggering provisions or rights under the rights plan. In addition to the common stock reflected on our balance sheets, the following items are reflected in the capital accounts as of December 31, 2016 and 2015: • 5,000,000 shares of  $0.001 par value preferred stock have been authorized; none are issued or outstanding. (b) STOCK-BASED COMPENSATION Stock Incentive Plans Our stockholders approved the 2015 Omnibus Incentive Plan (the “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 150,000 shares. At December 31, 2016, there were 99,379 shares available for future issuance and 289,193 outstanding options under the 2015 Plan, the 2011 Omnibus Incentive Plan (the “2011 Plan”), the CEO Incentive Plan, and the 2002 Stock Incentive Plan (the “2002 Plan”). 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 80,500 outstanding options and no outstanding restricted stock awards under the 2015 Plan at December 31, 2016. There were 171,033 outstanding options and no outstanding restricted stock awards under the 2011 Plan at December 31, 2016. There were 29,327 outstanding options and no outstanding restricted stock awards under the 2002 Plan at December 31, 2016. Options outstanding under the 2015 Plan at December 31, 2016 expire through 2026. Options outstanding under the 2011 Plan at December 31, 2016 expire through 2025. Options outstanding under the 2002 Plan at December 31, 2016 expire through 2021. As of December 31, 2016 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 25,000 shares of common stock at an exercise price per share equal to $25.40. 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 8,333 outstanding options awards under the CEO inducement plan at December 31, 2016. Stock-Based Compensation Expense The following table summarizes stock-based compensation expense related to employee stock options for the years ended December 31, 2016 and 2015, which was allocated as follows: Years ended December 31, 2016 2015 (in thousands) General and administrative $ 520 $ 554 Research and development 261 369 $ 781 $ 923 We use the Black-Scholes option pricing model to value stock options. The estimated fair value of employee stock options granted during the 12 months ended December 31, 2016 and 2015 was calculated using the Black-Scholes model with the following weighted-average assumptions: 2016 2015 Range of risk-free interest rate 1.41% – 1.51% 1.42% – 1.87% Expected dividend yield 0.00% 0.00% Range of expected volatility 101.66% – 114.88% 103.44%-103.64 Expected life (years) 6.48 6.30 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 2016 and 2015 are based on the volatility for the most recent one-year period as well as an estimate of the volatility over the expected life of 6.48 years and 6.30 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. The Company used 14.9% and 18.3% forfeiture rates for the options granted in 2016 and 2015, respectively. The weighted-average fair value of the options granted for the years ended December 31, 2016 and 2015 are $4.32 and $22.75, respectively. 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, 2015 to December 31, 2016 is as follows: Number Weighted Weighted Aggregate (in thousands, except per share data) Outstanding at January 1, 2015 167 47.43 Granted 57 27.92 Cancelled (1 ) 182.75 Outstanding at December 31, 2015 223 41.49 Granted 71 5.28 Cancelled (5 ) 136.34 Stock options outstanding at December 31, 2016 289 $ 30.95 6.9 $ — Vested or expected to vest at December 31, 2016 274 $ 31.95 6.8 $ — Exercisable at December 31, 2016 184 $ 40.98 5.8 $ — Unrecognized stock-based compensation expense related to stock options was approximately $0.1 million as of December 31, 2016. This amount is expected to be expensed over a weighted average period of 2.1 years. There were no stock options exercised during the years ended December 31, 2016 or 2015. The following table summarizes information about our stock options outstanding at December 31, 2016: Outstanding Exercisable Range of exercise prices Number Weighted Weighted Number Weighted (number of shares in thousands) $0.00 – $100.00 274 7.2 $ 21.65 169 $ 26.72 $100.01 – $200.00 5 1.3 171.39 5 171.39 $200.01 – $300.00 8 2.0 235.74 8 235.74 $300.01 – $410.00 2 0.3 410.00 2 410.00 289 6.9 years $ 30.95 184 $ 40.98 As of December 31, 2016 options covering 183,647 shares were exercisable at $3.80 to $410.00 per share (average $40.98 per share) and there were 99,379 shares available for future issuance under the 2015 Plan. (c) WARRANTS On May 10, 2016, in a registered offering pursuant to the 2014 shelf registration statement (as defined in Note 6 below), we sold 547,195 shares of our common stock (the “Shares”), at a purchase price of  $9.1375 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 410,396.8 shares of common stock (the “Warrants”). The Shares and the Warrants were sold pursuant to a securities purchase agreement for aggregate gross proceeds of  $5.0 million. Subject to certain ownership limitations, the Warrants became exercisable on November 10, 2016 at an exercise price equal to $8.30 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 38,303.7 shares of our common stock (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 $11.422 per share of common stock. A summary of the allocation of the proceeds of the offering is shown below: (in thousands) Allocated to warrant liabilities $ 2,511 Allocated to common stock and additional paid-in capital 2,489 Total allocated gross proceeds $ 5,000 The closing costs of  $699,861 included the 38,303.7 Placement Agent Warrants valued at $202,862, and $496,999 for placement agent and other fees. Based upon the estimated fair value of the Shares and Warrants in units, the Company allocated $250,279 to financing expense and $449,582 as stock issuance costs. The table below sets forth the Warrants and Placement Agent Warrants as of December 31, 2016: Offering Date Outstanding Warrants Exercise Price Expiration Date Status May 2016 410,396.8 $ 8.30 11/10/2022 Exercisable May 2016 38,303.7 $ 11.4220 5/4/2021 Exercisable 448,700.5 The Warrants contain a provision for liquidated damages in the event that there is a failure to deliver shares of common stock within three days of receiving a notice to exercise. As a result of this liquidated damages provision, the Warrants require liability classification in accordance with ASC 480 and are recorded at fair value. The fair value of the Warrants has been determined under a Black-Scholes pricing model; assuming a weighted average 5.73 year remaining life for the warrants, 2.00% risk-free interest rate, a 113.14% expected volatility and no dividend yield, the weighted average fair value of warrant liability as of December 31, 2016 is $6.56. Changes in fair value are recorded against operations in the reporting period in which they occur; increases or decreases in fair value are recorded to other income/(expense) as a change in fair value of warrant liabilities. On February 1, 2015, 42,000 warrants with an exercise price of  $275.00 issued in February 2009 expired. There were no warrants exercised during the years ended December 31, 2016 or 2015, respectively.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	(9) INCOME TAXES For the years ended December 31, 2016 and 2015 there is no provision for income taxes included in the statements of operations. We have incurred operating losses, but have not recorded an income tax benefit for 2016 and 2015 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: ​ ​ ​ 2016 ​ ​ 2015 ​ ​ ​ ​ (in thousands) ​ Tax provision computed at the statutory rate ​ ​ ​ $ (1,968 ) ​ ​ ​ ​ $ (2,225 ) ​ ​ State income taxes, net of federal income tax provision ​ ​ ​ ​ (315 ) ​ ​ ​ ​ ​ (356 ) ​ ​ Book (income) / expenses not taxable or deductible ​ ​ ​ ​ (548 ) ​ ​ ​ ​ ​ 3 ​ ​ Nondeductible compensation expense ​ ​ ​ ​ 153 ​ ​ ​ ​ ​ 151 ​ ​ Credits and Other ​ ​ ​ ​ 11 ​ ​ ​ ​ ​ (386 ) ​ ​ Change in valuation allowance for deferred tax assets ​ ​ ​ ​ 2,667 ​ ​ ​ ​ ​ 2,813 ​ ​ 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: ​ ​ ​ 2016 ​ ​ 2015 ​ ​ ​ ​ (in thousands) ​ Net operating loss carryforwards ​ ​ ​ $ 104,742 ​ ​ ​ ​ $ 102,229 ​ ​ Research and experimentation tax credit ​ ​ ​ ​ 14,568 ​ ​ ​ ​ ​ 14,568 ​ ​ Property and equipment, principally due to differences in depreciation ​ ​ ​ ​ (73 ) ​ ​ ​ ​ ​ (78 ) ​ ​ Deferred compensation expense ​ ​ ​ ​ 1,218 ​ ​ ​ ​ ​ 1,063 ​ ​ Other ​ ​ ​ ​ 157 ​ ​ ​ ​ ​ 153 ​ ​ Total deferred tax assets ​ ​ ​ ​ 120,612 ​ ​ ​ ​ ​ 117,935 ​ ​ Valuation allowance ​ ​ ​ ​ (120,612 ) ​ ​ ​ ​ ​ (117,935 ) ​ ​ 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, 2016, we have net operating loss carryforwards of approximately $266 million for federal income tax purposes, which expire beginning on 2018 through 2036. We have research and experimentation tax credit carryforwards of  $14.6 million at December 31, 2016 which will expire beginning in 2018 through 2030. Our NOL and tax credit carryforwards may be significantly limited under Section 382 of the Internal Revenue Code (the “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 that can be used by the Company each year is limited due to 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, and 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. At December 31, 2016 and 2015, 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, 2016 and 2015. We file U.S. and state income tax returns in jurisdictions with varying statutes of limitations. The 2013 through 2016 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 2013.

QUARTERLY RESULTS (UNAUDITED)

QUARTERLY RESULTS (UNAUDITED)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY RESULTS (UNAUDITED)	(10) QUARTERLY RESULTS (UNAUDITED) Our unaudited quarterly information is as follows: 2016 (unaudited) Q1 Q2 Q3 Q4 (in thousands, except per share data) Revenue $ 290 $ 26 $ 173 $ 22 Operating loss $ (1,859 ) $ (1,714 ) $ (1,530 ) $ (2,111 ) Net loss $ (1,860 ) $ (1,195 ) $ (1,207 ) $ (1,525 ) Basic and diluted net loss per share $ (1.08 ) $ (0.59 ) $ (0.53 ) $ (0.67 ) 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 $ (0.90 ) $ (1.10 ) $ (0.90 ) $ (1.00 ) 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. Included in the fourth quarter of 2016 is an increase to our 2016 incentive compensation expense of approximately $341,000.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	(11) SUBSEQUENT EVENTS On January 24, 2017, the Company, Intrexon and Merger Sub entered into the Merger Agreement, pursuant to which, and on the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub will merge with and into the Company. The Company will survive the Merger as a wholly owned subsidiary of Intrexon. Subject to the terms and conditions set forth in the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each share of our common stock (the “GenVec Shares”) issued and outstanding immediately prior to the Effective Time (other than shares held directly by Intrexon or Merger Sub and shares owned by our stockholders who have properly exercised their appraisal rights under Delaware law) will be converted into the right to receive merger consideration consisting of  (i) 0.297 validly issued, fully paid and non-assessable shares of Intrexon’s common stock (and, if applicable, cash in lieu of fractional shares of Intrexon common stock), plus divided by The Merger Agreement may be terminated by mutual written consent of Intrexon and us, and by either party if  (i) the requisite stockholder approval has not been obtained at the meeting of our stockholders, (ii) any governmental order permanently restraining, enjoining or prohibiting the Merger becomes final and non-appealable, or any law is in effect that prevents or makes illegal the Merger, (iii) the Merger is not consummated by July 24, 2017 (the “Outside Date”), or (iv) the other party breaches any of its representations, warranties, covenants or agreements in the Merger Agreement such that conditions to close the Merger that relate to compliance with representations and warranties and other obligations under the Merger Agreement are not reasonably capable of being satisfied while the breach is continuing and the breach is not cured (or is not capable of cure) within certain time frames specified in the Merger Agreement (a “Specified Breach”). In addition, Intrexon may terminate the Merger Agreement if our board of directors effects a change in its recommendation with respect to the Merger (a “Change of Board Recommendation”), and we may terminate the Merger Agreement if our board of directors effects a Change of Board Recommendation in order to accept a superior proposal and substantially concurrently with termination we enter into a letter of intent or agreement with respect to such superior proposal. If the Merger Agreement is terminated by either party as a result of a Change of Board Recommendation, then we must pay Intrexon a termination fee equal to $550,000 (the “Termination Fee”). The Termination Fee is also payable if the Merger Agreement is terminated by (i) either party as a result of the Merger not being consummated by the Outside Date or (ii) Intrexon based solely on a Specified Breach by us of any covenant or agreement in the Merger Agreement and, in either case, an acquisition proposal has been announced publicly or made to us after the date of the Merger Agreement but prior to the termination thereof, and we enter into a letter of intent or agreement in respect of, or consummate, an acquisition proposal within 12 months of termination of the Merger Agreement. We will also be obligated to pay Intrexon an expense reimbursement of up to $400,000 (the “Expense Reimbursement”) if the Merger Agreement is terminated by Intrexon because of a Specified Breach by us of any covenant or agreement in the Merger Agreement and within six (6) months after the date of such termination we enter into a definitive agreement with a third party in respect of any acquisition proposal. In addition, if we willfully breach our non-solicitation covenants, then in circumstances in which an Expense Reimbursement is paid, we will also be obligated to pay Intrexon an additional $200,000 (the “Additional Expense Amount”). If we pay Intrexon the Expense Reimbursement, including the Additional Expense Amount to the extent applicable, and the Termination Fee thereafter becomes payable, then the Termination Fee will be reduced by the amount of the previously paid Expense Reimbursement and the Additional Expense Amount, as applicable.

SUMMARY OF SIGNIFICANT ACCOUN18

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
USE OF ESTIMATES	(a) USE OF ESTIMATES The preparation of financial statements, in conformity with accounting principles generally accepted in the United States of America, 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 except as noted on the face of the statements. 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, 2016 and 2015.
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, 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.
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 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 $0.8 million and $0.9 million for the years ended December 31, 2016 and 2015, 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 Recently Adopted Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (the “FASB”), issued 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 adopted this standard as of December 31, 2016. Based upon our evaluation, the adoption of this ASU did not have a material effect on our financial statements. 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 Company adopted this standard as of December 31, 2016 and the adoption of this standard did not have any impact on the Company’s financial position, results of operations, or 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 Company adopted this standard as of December 31, 2016 and the adoption of this standard did not have any impact on the Company’s financial position, results of operations, or 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 Company adopted this standard as of December 31, 2016 and the adoption of this standard resulted to additional disclosures in our financial statements. Recently Issued Accounting Pronouncements In November 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash”. This ASU clarifies the presentation requirements of restricted cash within the statement of cash flows. The changes in restricted cash and restricted cash equivalents during the period should be included in the beginning and ending cash and cash equivalents balance reconciliation on the statement of cash flows. When cash, cash equivalents, restricted cash or restricted cash equivalents are presented in more than one line item within the statement of financial position, an entity shall calculate a total cash amount in a narrative or tabular format that agrees to the amount shown on the statement of cash flows. Details on the nature and amounts of restricted cash should also be disclosed. This standard is effective for fiscal years beginning after December 15, 2017, including interim periods within that reporting period. The Company is currently evaluating the impact this standard may have on our financial statements. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Clarification of Certain Cash Receipts and Cash Payments.” The objective of ASU 2016-15 is to eliminate the diversity in practice related to the classification of certain cash receipts and payments in the statement of cash flows, by adding or clarifying guidance on eight specific cash flow issues. For public business entities, ASU 2016-15 is effective for annual and interim reporting periods beginning after December 15, 2017, with early adoption permitted. ASU 2015-16 provides that the amendments in the update should be applied retrospectively to all periods presented, unless deemed impracticable, in which case, prospective application is permitted. The Company is currently evaluating the impact this standard may have on our financial statements. 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 their leasing arrangements. The amendments in this ASU are effective for annual periods 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 issued ASU No. 2016-01, “Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities,” which amends the guidance in accounting principles generally accepted in the United States of America 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 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 and at this point, nothing has come to the Company’s attention that would indicate the adoption of these standards will have a material impact on the Company’s financial statements, however the adoption of these standards will have a material impact on the Company’s disclosures. There are no other applicable new accounting pronouncements issued by but not effective until after December 31, 2016 that the Company believes could have a significant effect on our financial position or results of operations.
RECLASSIFICATIONS	(o) RECLASSIFICATIONS On February 24, 2016, we received notification that we would be afforded 180 calendar days, or until August 22, 2016, to regain compliance with NASDAQ’s minimum bid price requirement (the “Bid Price Requirement”), and on August 23, 2016, we received notice that we had been afforded a second 180 calendar day grace period, or until February 21, 2017, to regain compliance. To regain compliance with the Bid Price Requirement, the closing bid price of our common stock was required to meet or exceed $1.00 per share for at least 10 consecutive business days. On December 1, 2016, we effected a reverse stock split, referred to herein as the reverse stock split, of its outstanding common stock at a ratio of one-for-ten, whereby each 10 shares of common stock were combined into one share of common stock. The reverse stock split was intended to enable us to regain compliance with the Bid Price Requirement. On December 15, 2016, we received a notice from NASDAQ stating that we had regained compliance. Certain prior year share and per share information have been reclassified to conform to the current year presentation.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of assets recorded at fair value on a recurring basis	​ ​ ​ Total Carrying ​ ​ Quoted Prices in ​ ​ Significant ​ ​ Significant ​ ​ ​ ​ (in thousands) ​ Assets: ​ ​ ​ ​ ​ Corporate notes and bonds ​ ​ ​ $​ 3,498 ​ ​ ​ ​ $​ — ​ ​ ​ ​ $​ 3,498 ​ ​ ​ ​ $​ — ​ ​ Total assets at fair value ​ ​ ​ $ 3,498 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 3,498 ​ ​ ​ ​ $ — ​ ​ Liabilities: ​ ​ ​ ​ ​ Warrant liabilities ​ ​ ​ $ 1,059 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 1,059 ​ ​ Total liabilities at fair value ​ ​ ​ $ 1,059 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 1,059 ​ ​ ​ ​ ​ ​ Total Carrying ​ ​ Quoted Prices in ​ ​ Significant ​ ​ ​ ​ (in thousands) ​ Assets: ​ ​ ​ ​ Corporate notes and bonds ​ ​ ​ $​ 1,593 ​ ​ ​ ​ $​ — ​ ​ ​ ​ $​ 1,593 ​ ​ Equity securities ​ ​ ​ ​ 68 ​ ​ ​ ​ ​ 68 ​ ​ ​ ​ ​ — ​ ​ Total assets at fair value ​ ​ ​ $ 1,661 ​ ​ ​ ​ $ 68 ​ ​ ​ ​ $ 1,593 ​ ​ ​
Schedule of marketable securities	​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Unrealized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Cost ​ ​ Gains ​ ​ Losses ​ ​ Fair Value ​ ​ ​ ​ (in thousands) ​ December 31, 2016 ​ ​ ​ ​ ​ Investments ​ ​ ​ ​ ​ Corporate and agency notes ​ ​ ​ $ 3,496 ​ ​ ​ ​ $ 2 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 3,498 ​ ​ Total investments ​ ​ ​ $ 3,496 ​ ​ ​ ​ $ 2 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 3,498 ​ ​ December 31, 2015 ​ ​ ​ ​ ​ Investments ​ ​ ​ ​ ​ Corporate and agency notes and equity securities ​ ​ ​ $ 1,666 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (5 ) ​ ​ ​ ​ $ 1,661 ​ ​ Total investments ​ ​ ​ $ 1,666 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (5 ) ​ ​ ​ ​ $ 1,661 ​ ​ ​
Schedule of reconciliation of changes in the fair value of the liabilities	​ ​ ​ Warrant ​ ​ ​ ​ (in thousands) ​ Balance at January 1, 2016 ​ ​ ​ $ — ​ ​ Warrant issuances ​ ​ ​ ​ 2,714 ​ ​ Change in fair value ​ ​ ​ ​ (1,655 ) ​ ​ Balance at December 31, 2016 ​ ​ ​ $ 1,059 ​ ​ ​

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Schedule of property, plant and equipment	​ ​ ​ 2016 ​ ​ 2015 ​ ​ ​ ​ (in thousands) ​ Equipment ​ ​ ​ $ 863 ​ ​ ​ ​ $ 881 ​ ​ Leasehold improvements ​ ​ ​ ​ 80 ​ ​ ​ ​ ​ 66 ​ ​ Furniture and fixtures ​ ​ ​ ​ 111 ​ ​ ​ ​ ​ 105 ​ ​ ​ ​ ​ ​ ​ 1,054 ​ ​ ​ ​ ​ 1,052 ​ ​ Less accumulated depreciation and amortization ​ ​ ​ ​ (863 ) ​ ​ ​ ​ ​ (773 ) ​ ​ ​ ​ ​ ​ $ 191 ​ ​ ​ ​ $ 279 ​ ​ ​

ACCRUED EXPENSES AND OTHER (Tab

ACCRUED EXPENSES AND OTHER (Tables)	12 Months Ended
	Dec. 31, 2016
Payables and Accruals [Abstract]
Schedule of accrued expenses and other consist	​ ​ ​ 2016 ​ ​ 2015 ​ ​ ​ ​ (in thousands) ​ Payroll, compensation, and benefits ​ ​ ​ $ 684 ​ ​ ​ ​ $ 450 ​ ​ Professional fees ​ ​ ​ ​ 190 ​ ​ ​ ​ ​ 131 ​ ​ Other ​ ​ ​ ​ 16 ​ ​ ​ ​ ​ 17 ​ ​ Total accrued expenses ​ ​ ​ $ 890 ​ ​ ​ ​ $ 598 ​ ​ ​

STRATEGIC COLLABORATIONS AND 22

STRATEGIC COLLABORATIONS AND RESEARCH CONTRACTS (Tables)	12 Months Ended
	Dec. 31, 2016
Strategic Alliances And Research Contracts [Abstract]
Schedule of revenue earned under collaborations and research contracts	​ ​ ​ 2016 ​ ​ 2015 ​ ​ ​ ​ (in thousands) ​ Hearing Program ​ ​ ​ $ 175 ​ ​ ​ ​ $ 424 ​ ​ Foot and Mouth Disease Program ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 180 ​ ​ Malaria Program ​ ​ ​ ​ 236 ​ ​ ​ ​ ​ 131 ​ ​ Other strategic collaborations and research grants ​ ​ ​ ​ — ​ ​ ​ ​ ​ 150 ​ ​ ​ ​ ​ ​ $ 511 ​ ​ ​ ​ $ 885 ​ ​ ​
Schedule of milestones achieved	​ Milestone Event ​ ​ Date ​ ​ Amount ​ ​ (1) Successful completion of certain preclinical development activities ​ ​ ​ September 2010 ​ ​ ​ $ 300,000 ​ ​ ​ (2) Successful completion of certain preclinical development activities ​ ​ ​ December 2011 ​ ​ ​ ​ 300,000 ​ ​ ​ (3) Non-rejection by the FDA of the IND filed by Novartis for CGF166 ​ ​ ​ February 2014 ​ ​ ​ ​ 2,000,000 ​ ​ ​ (4) First patient treated in a clinical trial with CGF166 ​ ​ ​ October 2014 ​ ​ ​ ​ 3,000,000 ​ ​

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum lease payments under non-cancelable operating leases	​ 2017 ​ ​ ​ $ 390 ​ ​ ​ 2018 ​ ​ ​ $ 380 ​ ​ ​ 2019 ​ ​ ​ $ 387 ​ ​ ​ 2020 ​ ​ ​ $ 395 ​ ​ ​ 2021 ​ ​ ​ $ 200 ​ ​

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
Schedule of stock-based compensation expense related to employee stock options	​ ​ ​ Years ended December 31, ​ ​ ​ ​ 2016 ​ ​ 2015 ​ ​ ​ ​ (in thousands) ​ General and administrative ​ ​ ​ $ 520 ​ ​ ​ ​ $ 554 ​ ​ Research and development ​ ​ ​ ​ 261 ​ ​ ​ ​ ​ 369 ​ ​ ​ ​ ​ ​ $ 781 ​ ​ ​ ​ $ 923 ​ ​ ​
Schedule of weighted-average assumptions used in valuation of stock option	​ ​ ​ 2016 ​ ​ 2015 ​ Range of risk-free interest rate ​ ​ 1.41% – 1.51%​ ​ ​ 1.42% – 1.87%​ ​ Expected dividend yield ​ ​ 0.00%​ ​ ​ 0.00%​ ​ Range of expected volatility ​ ​ 101.66% – 114.88%​ ​ ​ 103.44% – 103.64​ ​ Expected life (years) ​ ​ 6.48​ ​ ​ 6.30​ ​
Schedule of stock option activity	​ ​ ​ Number ​ ​ Weighted ​ ​ Weighted ​ ​ Aggregate ​ ​ ​ ​ (in thousands, except per share data) ​ Outstanding at January 1, 2015 ​ ​ ​ ​ 167 ​ ​ ​ ​ ​ 47.43 ​ ​ ​ ​ Granted ​ ​ ​ ​ 57 ​ ​ ​ ​ ​ 27.92 ​ ​ ​ ​ Cancelled ​ ​ ​ ​ (1 ) ​ ​ ​ ​ ​ 182.75 ​ ​ ​ ​ Outstanding at December 31, 2015 ​ ​ ​ ​ 223 ​ ​ ​ ​ ​ 41.49 ​ ​ ​ ​ Granted ​ ​ ​ ​ 71 ​ ​ ​ ​ ​ 5.28 ​ ​ ​ ​ Cancelled ​ ​ ​ ​ (5 ) ​ ​ ​ ​ ​ 136.34 ​ ​ ​ ​ Stock options outstanding at December 31, 2016 ​ ​ ​ ​ 289 ​ ​ ​ ​ $ 30.95 ​ ​ ​ ​ ​ 6.9 ​ ​ ​ ​ $ — ​ ​ Vested or expected to vest at December 31, 2016 ​ ​ ​ ​ 274 ​ ​ ​ ​ $ 31.95 ​ ​ ​ ​ ​ 6.8 ​ ​ ​ ​ $ — ​ ​ Exercisable at December 31, 2016 ​ ​ ​ ​ 184 ​ ​ ​ ​ $ 40.98 ​ ​ ​ ​ ​ 5.8 ​ ​ ​ ​ $ — ​ ​ ​
Schedule stock options outstanding	​ ​ ​ Outstanding ​ ​ Exercisable ​ Range of exercise prices ​ ​ Number ​ ​ Weighted ​ ​ Weighted ​ ​ Number ​ ​ Weighted ​ ​ ​ ​ (number of shares in thousands) ​ $0.00 – $100.00 ​ ​ ​ ​ 274 ​ ​ ​ 7.2 ​ ​ ​ $ 21.65 ​ ​ ​ ​ ​ 169 ​ ​ ​ ​ $ 26.72 ​ ​ $100.01 – $200.00 ​ ​ ​ ​ 5 ​ ​ ​ 1.3 ​ ​ ​ ​ 171.39 ​ ​ ​ ​ ​ 5 ​ ​ ​ ​ ​ 171.39 ​ ​ $200.01 – $300.00 ​ ​ ​ ​ 8 ​ ​ ​ 2.0 ​ ​ ​ ​ 235.74 ​ ​ ​ ​ ​ 8 ​ ​ ​ ​ ​ 235.74 ​ ​ $300.01 – $410.00 ​ ​ ​ ​ 2 ​ ​ ​ 0.3 ​ ​ ​ ​ 410.00 ​ ​ ​ ​ ​ 2 ​ ​ ​ ​ ​ 410.00 ​ ​ ​ ​ ​ ​ ​ 289 ​ ​ ​ 6.9 years ​ ​ ​ $ 30.95 ​ ​ ​ ​ ​ 184 ​ ​ ​ ​ $ 40.98 ​ ​ ​
Schedule of allocation of proceeds of the offering	​ ​ ​ (in thousands) ​ Allocated to warrant liabilities ​ ​ ​ $ 2,511 ​ ​ Allocated to common stock and additional paid-in capital ​ ​ ​ ​ 2,489 ​ ​ Total allocated gross proceeds ​ ​ ​ $ 5,000
Schedule of warrants and placement agent warrants	Offering Date ​ ​ Outstanding Warrants ​ ​ Exercise Price ​ ​ Expiration Date ​ ​ Status ​ May 2016 ​ ​ ​ ​ 410,396.8 ​ ​ ​ ​ $ 8.30 ​ ​ ​ ​ ​ 11/10/2022 ​ ​ ​ ​ ​ Exercisable ​ ​ May 2016 ​ ​ ​ ​ 38,303.7 ​ ​ ​ ​ $ 11.4220 ​ ​ ​ ​ ​ 5/4/2021 ​ ​ ​ ​ ​ Exercisable ​ ​ ​ ​ ​ ​ ​ 448,700.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Schedule of effective income tax rate reconciliation	​ ​ ​ 2016 ​ ​ 2015 ​ Tax provision computed at the statutory rate ​ ​ ​ $ (1,968 ) ​ ​ ​ ​ $ (2,225 ) ​ ​ State income taxes, net of federal income tax provision ​ ​ ​ ​ (315 ) ​ ​ ​ ​ ​ (356 ) ​ ​ Book (income) / expenses not taxable or deductible ​ ​ ​ ​ (548 ) ​ ​ ​ ​ ​ 3 ​ ​ Nondeductible compensation expense ​ ​ ​ ​ 153 ​ ​ ​ ​ ​ 151 ​ ​ Credits and Other ​ ​ ​ ​ 11 ​ ​ ​ ​ ​ (386 ) ​ ​ Change in valuation allowance for deferred tax assets ​ ​ ​ ​ 2,667 ​ ​ ​ ​ ​ 2,813 ​ ​ Income tax expense ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​
Schedule of deferred tax assets	​ ​ ​ 2016 ​ ​ 2015 ​ Net operating loss carryforwards ​ ​ ​ $ 104,742 ​ ​ ​ ​ $ 102,229 ​ ​ Research and experimentation tax credit ​ ​ ​ ​ 14,568 ​ ​ ​ ​ ​ 14,568 ​ ​ Property and equipment, principally due to differences in depreciation ​ ​ ​ ​ (73 ) ​ ​ ​ ​ ​ (78 ) ​ ​ Deferred compensation expense ​ ​ ​ ​ 1,218 ​ ​ ​ ​ ​ 1,063 ​ ​ Other ​ ​ ​ ​ 157 ​ ​ ​ ​ ​ 153 ​ ​ Total deferred tax assets ​ ​ ​ ​ 120,612 ​ ​ ​ ​ ​ 117,935 ​ ​ Valuation allowance ​ ​ ​ ​ (120,612 ) ​ ​ ​ ​ ​ (117,935 ) ​ ​ Net deferred tax assets ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​

QUARTERLY RESULTS (UNAUDITED) (

QUARTERLY RESULTS (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Schedule of unaudited quarterly information	2016 (unaudited) ​ ​ Q1 ​ ​ Q2 ​ ​ Q3 ​ ​ Q4 ​ ​ ​ ​ (in thousands, except per share data) ​ Revenue ​ ​ ​ $ 290 ​ ​ ​ ​ $ 26 ​ ​ ​ ​ $ 173 ​ ​ ​ ​ $ 22 ​ ​ Operating loss ​ ​ ​ $ (1,859 ) ​ ​ ​ ​ $ (1,714 ) ​ ​ ​ ​ $ (1,530 ) ​ ​ ​ ​ $ (2,111 ) ​ ​ Net loss ​ ​ ​ $ (1,860 ) ​ ​ ​ ​ $ (1,195 ) ​ ​ ​ ​ $ (1,207 ) ​ ​ ​ ​ $ (1,525 ) ​ ​ Basic and diluted net loss per share ​ ​ ​ $ (1.08 ) ​ ​ ​ ​ $ (0.59 ) ​ ​ ​ ​ $ (0.53 ) ​ ​ ​ ​ $ (0.67 ) ​ ​ 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 ​ ​ ​ $ (0.90 ) ​ ​ ​ ​ $ (1.10 ) ​ ​ ​ ​ $ (0.90 ) ​ ​ ​ ​ $ (1.00 ) ​ ​

ORGANIZATION, BUSINESS DESCRI27

ORGANIZATION, BUSINESS DESCRIPTION AND LIQUIDITY (Detail Textuals) - $ / shares	Dec. 01, 2016	Oct. 20, 2016	Feb. 24, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Bid Price Below Common Stock Price Per Share			$ 1
Reverse stock split	1 for 10	1 for 10

SUMMARY OF SIGNIFICANT ACCOUN28

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) - USD ($) $ / shares in Units, $ in Thousands	Dec. 01, 2016	Oct. 20, 2016	Dec. 31, 2016	Dec. 31, 2015	Feb. 24, 2016
Significant Accounting Policies [Line Items]
Depreciation method of assets			straight-line basis
Stock based compensation included in expenses on continuing operations			$ 781	$ 923
Bid Price Below Common Stock Price Per Share					$ 1
Reverse stock split	1 for 10	1 for 10
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 - Fair Value, Measurements, Recurring (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Total Estimate Value on the Balance Sheet
Assets:
Total assets at fair value	$ 3,498	$ 1,661
Liabilities:
Total liabilities at fair value	1,059
Total Estimate Value on the Balance Sheet | Warrant Liability
Liabilities:
Total liabilities at fair value	1,059
Total Estimate Value on the Balance Sheet | Corporate notes and bonds
Assets:
Total assets at fair value	3,498	1,593
Total Estimate Value on the Balance Sheet | Equity Security
Assets:
Total assets at fair value		68
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)
Assets:
Total assets at fair value		68
Liabilities:
Total liabilities at fair value
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) | Warrant Liability
Liabilities:
Total liabilities at fair value
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 Security
Assets:
Total assets at fair value		68
Significant Other Observable Inputs (Level 2)
Assets:
Total assets at fair value	3,498	1,593
Liabilities:
Total liabilities at fair value
Significant Other Observable Inputs (Level 2) | Warrant Liability
Liabilities:
Total liabilities at fair value
Significant Other Observable Inputs (Level 2) | Corporate notes and bonds
Assets:
Total assets at fair value	3,498	1,593
Significant Other Observable Inputs (Level 2) | Equity Security
Assets:
Total assets at fair value
Significant Unobservable Inputs (Level 3)
Assets:
Total assets at fair value
Liabilities:
Total liabilities at fair value	1,059
Significant Unobservable Inputs (Level 3) | Warrant Liability
Liabilities:
Total liabilities at fair value	1,059
Significant Unobservable Inputs (Level 3) | Corporate notes and bonds
Assets:
Total assets at fair value

FAIR VALUE MEASUREMENTS - Summa

FAIR VALUE MEASUREMENTS - Summary of investments (Details 1) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 3,496	$ 1,666
Gross Unrealized Gains	2
Gross Unrealized Losses		(5)
Fair Value	3,498	1,661
Corporate and agency notes and equity securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	3,496	1,666
Gross Unrealized Gains	2
Gross Unrealized Losses		(5)
Fair Value	$ 3,498	$ 1,661

FAIR VALUE MEASUREMENTS Summary

FAIR VALUE MEASUREMENTS Summary of reconciliation of changes in fair value of liabilities (Details 2) - Fair Value, Measurements, Recurring [Member] - Significant Unobservable Inputs (Level 3) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Reconciliation Warrant Liabilities [Roll Forward]
Balance at December 31, 2016	$ 1,059
Warrant
Reconciliation Warrant Liabilities [Roll Forward]
Balance at January 1, 2016
Warrant issuances	2,714
Change in fair value	(1,655)
Balance at December 31, 2016	$ 1,059

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Detail Textuals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Fair Value Disclosure [Line Items]
Accumulated unrealized loss	$ 2,000		$ 28,000
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 [Member] | Warrant
Fair Value Disclosure [Line Items]
Weighted average year remaining life	5 years 8 months 23 days
Risk-free interest rate of warrant	2.00%
Percentage of expected volatility	113.14%
Unrealized gains	$ 1,655
Equity Security
Fair Value Disclosure [Line Items]
Accumulated unrealized loss		$ 4,000

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 1,054	$ 1,052
Less accumulated depreciation and amortization	(863)	(773)
Property, Plant and Equipment, Net, Total	191	279
Equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	863	881
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	80	66
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 111	$ 105

PROPERTY AND EQUIPMENT (Detail

PROPERTY AND EQUIPMENT (Detail Textuals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 90	$ 97
Impairment of equipment	$ 16
Proceeds from sale of property and equipment		$ 18

ACCRUED EXPENSES AND OTHER (Det

ACCRUED EXPENSES AND OTHER (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Payables and Accruals [Abstract]
Payroll, compensation, and benefits	$ 684	$ 450
Professional fees	190	131
Other	16	17
Total accrued expenses	$ 890	$ 598

STRATEGIC COLLABORATIONS AND 36

STRATEGIC COLLABORATIONS AND RESEARCH CONTRACTS - Revenue Earned Contract (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Revenue Earned Contract [Line Items]
Revenues	$ 22	$ 173	$ 26	$ 290	$ 160	$ 193	$ 127	$ 405	$ 511	$ 885
Hearing Program
Revenue Earned Contract [Line Items]
Revenues									175	424
Foot and Mouth Disease Program
Revenue Earned Contract [Line Items]
Revenues									100	180
Malaria Program
Revenue Earned Contract [Line Items]
Revenues									236	131
Other strategic collaborations and research grants
Revenue Earned Contract [Line Items]
Revenues										$ 150

STRATEGIC COLLABORATIONS AND 37

STRATEGIC COLLABORATIONS AND RESEARCH CONTRACTS - Summary of milestones achieved (Details 1) - USD ($)	1 Months Ended
	Oct. 31, 2014	Feb. 28, 2014	Dec. 31, 2011	Sep. 30, 2010	Aug. 31, 2010
Collaboration and License Agreement | Preclinical Development Activities
Collaborative Arrangements and Non-Collaborative Arrangement Transactions [Line Items]
Milestone method, revenue recognized			$ 300,000	$ 300,000
Service Agreements | Novartis
Collaborative Arrangements and Non-Collaborative Arrangement Transactions [Line Items]
Service revenue net	$ 3,000,000	$ 2,000,000			$ 14,900,000

STRATEGIC COLLABORATIONS AND 38

STRATEGIC COLLABORATIONS AND RESEARCH CONTRACTS (Detail Textuals)	1 Months Ended							12 Months Ended
	Feb. 28, 2017USD ($)	Oct. 31, 2014USD ($)	Feb. 28, 2014USD ($)	Dec. 31, 2011USD ($)	Sep. 30, 2010USD ($)	Aug. 31, 2010USD ($)Candidate_1	Jan. 31, 2010USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Collaboration and License Agreement
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
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]
Collaborative arrangement expected service revenue								26,000,000
Collaboration and License Agreement | Regulatory Approvals
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement expected service revenue								45,000,000
Collaboration and License Agreement | Sales Milestones
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement expected service revenue								135,000,000
Collaboration and License Agreement | Novartis
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement expected service revenue								5,600,000
Upfront Payment							$ 5,000,000
Value of shares sold under registered direct offering							$ 2,000,000
Value of work performed under agreement								100,000	$ 200,000
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 lead product candidate | Candidate_1						2
Value of work performed under agreement								$ 100,000	$ 200,000
Service Agreements | Novartis | Clinical Milestone Events | Subsequent Event
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Milestone method, revenue recognized	$ 21,000,000
Service Agreements | Novartis | Regulatory Approvals | Subsequent Event
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Milestone method, revenue recognized	45,000,000
Service Agreements | Novartis | Sales Milestones | Subsequent Event
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Milestone method, revenue recognized	$ 135,000,000

STRATEGIC COLLABORATIONS AND 39

STRATEGIC COLLABORATIONS 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
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
Revenue recognized under contract		$ 5.8

STRATEGIC COLLABORATIONS AND 40

STRATEGIC COLLABORATIONS 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, 2016	Dec. 31, 2015
Strategic Alliances Disclosure [Line Items]
Grant received from NIAID	$ 600,000
Revenue recognized under research grants		$ 200,000	$ 100,000

STRATEGIC COLLABORATIONS AND 41

STRATEGIC COLLABORATIONS AND RESEARCH CONTRACTS (Detail Textuals 3) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Other strategic alliances and research grants | Business Innovation And Research Grant
Strategic Alliances Disclosure [Line Items]
Revenue recognized under research grants	$ 0.1	$ 0.2

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Future Minimum Payments of Non-cancelable Operating Leases (Details) $ in Thousands	Dec. 31, 2016USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,017	$ 390
2,018	380
2,019	387
2,020	395
2,021	$ 200

COMMITMENTS AND CONTINGENCIES43

COMMITMENTS AND CONTINGENCIES (Details Textuals) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Other Commitments [Line Items]
Rent expense under all operating leases	$ 200,000	$ 200,000
Non refundable initial license fee	50,000
Washington university agreement
Other Commitments [Line Items]
Amount agreed to be payable under agreement	$ 300,000
Term of agreement	2 years

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, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 781	$ 923
Employee stock options | General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	520	554
Employee stock options | Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 261	$ 369

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) - Stock Option	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%
Expected life (years)	6 years 5 months 23 days	6 years 3 months 18 days
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of risk-free interest rate	1.41%	1.42%
Expected volatility	101.66%	103.44%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of risk-free interest rate	1.51%	1.87%
Expected volatility	114.88%	103.64%

STOCKHOLDERS' EQUITY - Stock Op

STOCKHOLDERS' EQUITY - Stock Option Activity (Details 2) - Stock Option - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Number of shares
Stock options outstanding	223	167
Granted	71	57
Cancelled	(5)	(1)
Stock options outstanding	289	223
Vested or expected to vest	274
Number of shares exercisable	184
Weighted Average Exercise Price
Stock options outstanding	$ 41.49	$ 47.43
Granted	5.28	27.92
Cancelled	136.34	182.75
Stock options outstanding	30.95	41.49
Vested or expected to vest	31.95	$ 30.95
Weighted average exercise price of exercisable shares	$ 40.98
Weighted average contractual life (years)
Stock options outstanding	6 years 10 months 24 days
Vested or expected to vest	6 years 9 months 18 days
Exercisable	5 years 9 months 18 days
Aggregate intrinsic value
Stock options outstanding
Vested or expected to vest
Exercisable

STOCKHOLDERS' EQUITY - Summar47

STOCKHOLDERS' EQUITY - Summary of Stock Options Outstanding (Details 3) - Stock Option - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding, Number of shares	289	223	167
Outstanding, Weighted average remaining contractual life (in years)	6 years 10 months 24 days
Outstanding, Weighted average exercise price	$ 30.95	$ 41.49	$ 47.43
Exercisable, Number of shares	184
Exercisable, Weighted average exercise price	$ 40.98
$0.00 - $100.00
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	$ 100
Outstanding, Number of shares	274
Outstanding, Weighted average remaining contractual life (in years)	7 years 2 months 12 days
Outstanding, Weighted average exercise price	$ 21.65
Exercisable, Number of shares	169
Exercisable, Weighted average exercise price	$ 26.72
$100.01 - $200.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of exercise prices, minimum	100.01
Range of exercise prices, maximum	$ 200
Outstanding, Number of shares	5
Outstanding, Weighted average remaining contractual life (in years)	1 year 3 months 18 days
Outstanding, Weighted average exercise price	$ 171.39
Exercisable, Number of shares	5
Exercisable, Weighted average exercise price	$ 171.39
$200.01 - $300.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of exercise prices, minimum	200.01
Range of exercise prices, maximum	$ 300
Outstanding, Number of shares	8
Outstanding, Weighted average remaining contractual life (in years)	2 years
Outstanding, Weighted average exercise price	$ 235.74
Exercisable, Number of shares	8
Exercisable, Weighted average exercise price	$ 235.74
$300.01 - $410.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of exercise prices, minimum	300.01
Range of exercise prices, maximum	$ 410
Outstanding, Number of shares	2
Outstanding, Weighted average remaining contractual life (in years)	3 months 18 days
Outstanding, Weighted average exercise price	$ 410
Exercisable, Number of shares	2
Exercisable, Weighted average exercise price	$ 410

STOCKHOLDERS' EQUITY (Details 4

STOCKHOLDERS' EQUITY (Details 4) - USD ($) $ in Thousands	May 10, 2016	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
Allocated to warrant liabilities		$ 2,511
Allocated to common stock and additional paid-in capital		2,489
Total allocated gross proceeds	$ 4,500	$ 5,000

STOCKHOLDERS' EQUITY (Details 5

STOCKHOLDERS' EQUITY (Details 5)	12 Months Ended
	Dec. 31, 2016$ / sharesshares
Class of Warrant or Right [Line Items]
Outstanding Warrants	448,700.50
8.30
Class of Warrant or Right [Line Items]
Offering Date	2016-05
Outstanding Warrants	410,396.80
Exercise Price | $ / shares	$ 8.3
Expiration Date	Nov. 10, 2022
Status	Exercisable
11.4220
Class of Warrant or Right [Line Items]
Offering Date	2016-05
Outstanding Warrants	38,303.70
Exercise Price | $ / shares	$ 11.4220
Expiration Date	May 31, 2021
Status	Exercisable

STOCKHOLDERS' EQUITY - CAPITAL

STOCKHOLDERS' EQUITY - CAPITAL STOCK (Detail Textuals) - USD ($)	Dec. 01, 2016	May 10, 2016	Feb. 11, 2014	Oct. 20, 2016	Mar. 31, 2014	Mar. 18, 2014	Dec. 31, 2016	Dec. 31, 2015	Feb. 01, 2015	Jan. 23, 2014
Class of Warrant or Right [Line Items]
Shelf registration statement fee										$ 75,000,000
Reverse stock split	1 for 10			1 for 10
Proceeds from issuance or sale of equity		$ 4,500,000					$ 5,000,000
Common stock, par value (in dollars per share)							$ 0.001	$ 0.001
Number of shares sold under registered direct offering		547,195
Offering price		$ 9.1375
Warrant
Class of Warrant or Right [Line Items]
Number of warrants to purchase shares of common stock									42,000
Warrant exercise price									$ 275
Registered Direct Offering
Class of Warrant or Right [Line Items]
Proceeds from issuance or sale of equity							$ 15,100,000
Common stock, par value (in dollars per share)						$ 0.001
Number of shares sold under registered direct offering						287,000	906,363
Offering price						$ 31.50
Value of shares sold under registered direct offering						$ 9,000,000	$ 16,600,000
Roth Equity Distribution Agreement | At the market offering
Class of Warrant or Right [Line Items]
Proceeds from issuance or sale of equity			$ 10,000,000		$ 2,600,000
Common stock, par value (in dollars per share)			$ 0.001
Number of shares sold under registered direct offering					72,168
Investor | Warrant
Class of Warrant or Right [Line Items]
Proceeds from issuance or sale of equity		$ 5,000,000
Number of warrants to purchase shares of common stock		4,103,968
Warrant exercise price		$ 8.30
Placement Agent Warrants
Class of Warrant or Right [Line Items]
Proceeds from issuance or sale of equity							$ 202,862
Number of warrants to purchase shares of common stock		38,303.7
Warrant exercise price		$ 11.422

STOCKHOLDERS' EQUITY - CAPITA51

STOCKHOLDERS' EQUITY - CAPITAL STOCK (Detail Textuals 1)	Sep. 07, 2011$ / sharesshares	Feb. 24, 2016Days$ / shares	Dec. 31, 2016$ / sharesshares	Dec. 31, 2015$ / sharesshares
Stockholders Equity [Line Items]
Minimum bid price		$ 1		$ 1
Closing bid price		$ 1
Consecutive business days | Days		30
Consecutive trading days		20 days
Preferred stock, shares authorized | shares			5,000	5,000
Preferred stock, par value (in dollars per share)			$ 0.001	$ 0.001
Preferred Stock
Stockholders Equity [Line Items]
Preferred stock, shares authorized | shares			5,000,000	5,000,000
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 | shares	30,000

STOCKHOLDERS' EQUITY - STOCK-BA

STOCKHOLDERS' EQUITY - STOCK-BASED COMPENSATION (Detail Textuals 2) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	May 31, 2012	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares outstanding		289,000	223,000	167,000
Expected life (years)		6 years 5 months 23 days	6 years 3 months 18 days
Forfeiture rates for options		14.90%	18.30%
Weighted-average fair value of options granted		$ 4.32	$ 22.75
Unrecognized stock-based compensation expense related to stock options		$ 0.1
Weighted average period expected to be expensed for stock option		2 years 1 month 6 days
Number of shares exercisable		184,000
Weighted average exercise price of exercisable shares		$ 40.98
Omnibus Incentive Plan 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increased authorized shares		150,000
Number of shares outstanding		289,193
Number of shares available for grant		99,379
Term of plan		10 years
Award vesting period		4 years
Number of shares exercisable		183,647
Weighted average exercise price of exercisable shares		$ 40.98
Omnibus Incentive Plan 2015 | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average exercise price of exercisable shares		3.80
Omnibus Incentive Plan 2015 | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average exercise price of exercisable shares		$ 410
Omnibus Incentive Plan 2015 | Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares outstanding		80,500
Number of shares exercisable		183,647
Weighted average exercise price of exercisable shares		$ 40.98
Stock Incentive Plan 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares outstanding		171,033
Stock Incentive Plan 2002
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares outstanding		29,327
CEO Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares outstanding		8,333
Term of plan	10 years
Common stock purchased under plan	25,000
Award vesting period	4 years
Common stock exercise price	$ 25.40

STOCKHOLDERS' EQUITY - WARRANTS

STOCKHOLDERS' EQUITY - WARRANTS (Detail Textuals 3) - USD ($)	May 10, 2016	Mar. 18, 2014	Dec. 31, 2016	Feb. 01, 2015
Class of Warrant or Right [Line Items]
Number of shares of common stock sold	547,195
Purchase price of shares	$ 9.1375
Proceeds of sale of shares and warrants	$ 4,500,000		$ 5,000,000
Registered Direct Offering
Class of Warrant or Right [Line Items]
Number of shares of common stock sold		287,000	906,363
Purchase price of shares		$ 31.50
Proceeds of sale of shares and warrants			$ 15,100,000
Warrant
Class of Warrant or Right [Line Items]
Number of warrants to purchase shares of common stock				42,000
Warrant exercise price				$ 275
Closing costs of the financing			699,861
Value of warrants			202,862
Financing expense			250,279
Stock issuance costs			449,582
Placement agent and other fees			$ 496,999
Risk free rate			2.00%
Volatility rate			113.14%
Weighted average year remaining life			5 years 8 months 23 days
Fair value of warrants, valuation techniques			Black-Scholes pricing model
Weighted average fair value of warrant liability			$ 6.56
Warrant | Investor
Class of Warrant or Right [Line Items]
Number of warrants to purchase shares of common stock	4,103,968
Proceeds of sale of shares and warrants	$ 5,000,000
Warrant exercise price	$ 8.30
Placement Agent Warrants
Class of Warrant or Right [Line Items]
Number of warrants to purchase shares of common stock	383,037
Warrant exercise price	$ 11.422

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Tax provision computed at the statutory rate	$ (1,968)	$ (2,225)
State income taxes, net of federal income tax provision	(315)	(356)
Book (income) / expenses not taxable or deductible	(548)	3
Nondeductible compensation expense	153	151
Credits and Other	11	(386)
Change in valuation allowance for deferred tax assets	2,667	2,813
Income tax expense

INCOME TAXES (Details 1)

INCOME TAXES (Details 1) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 104,742	$ 102,229
Research and experimentation tax credit	14,568	14,568
Property and equipment, principally due to differences in depreciation	(73)	(78)
Deferred compensation expense	1,218	1,063
Other	157	153
Total deferred tax assets	120,612	117,935
Valuation allowance	(120,612)	(117,935)
Net deferred tax assets

INCOME TAXES (Detail Textuals)

INCOME TAXES (Detail Textuals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Statutory federal tax rate (in percent)	34.00%
Net operating loss carryforwards	$ 266,000
Research and experimentation tax credit	$ 14,568	$ 14,568

QUARTERLY RESULTS (UNAUDITED)57

QUARTERLY RESULTS (UNAUDITED) (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 22	$ 173	$ 26	$ 290	$ 160	$ 193	$ 127	$ 405	$ 511	$ 885
Operating loss	(2,111)	(1,530)	(1,714)	(1,859)	(1,645)	(1,511)	(1,875)	(1,536)	(7,215)	(6,567)
Net loss	$ (1,525)	$ (1,207)	$ (1,195)	$ (1,860)	$ (1,642)	$ (1,505)	$ (1,869)	$ (1,529)	$ (5,787)	$ (6,545)
Basic and diluted net loss per share (in dollars per share)	$ (0.67)	$ (0.53)	$ (0.59)	$ (1.08)	$ (1)	$ (0.90)	$ (1.10)	$ (0.90)	$ (2.78)	$ (3.90)

QUARTERLY RESULTS (UNAUDITED)58

QUARTERLY RESULTS (UNAUDITED) (Detail Textuals) $ in Thousands	3 Months Ended
	Dec. 31, 2016USD ($)
Quarterly Financial Information Disclosure [Abstract]
Increase in incentive compensation expense	$ 341

SUBSEQUENT EVENTS (Detail Textu

SUBSEQUENT EVENTS (Detail Textuals) - Subsequent Event - Merger Agreement - Intrexon	1 Months Ended
	Jan. 24, 2017USD ($)$ / shares
Subsequent Event [Line Items]
Shares issued in merger	0.297
Percentage of payment on milestone achievement	50.00%
Implied Value | $ / shares	$ 7
Termination fee	$ 550,000
Expense reimbursement	400,000
Additional expense amount	$ 200,000