Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 1-May-15 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2015 | |
Entity Registrant Name | HEMISPHERX BIOPHARMA INC | |
Entity Central Index Key | 946644 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding (shares) | 232,558,832 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $2,942 | $2,156 |
Marketable securities | 14,063 | 13,952 |
Inventory-work in process | 480 | 0 |
Prepaid expenses and other current assets | 432 | 399 |
Total current assets | 17,917 | 16,507 |
Property and equipment, net | 11,805 | 4,601 |
Patent and trademark rights, net | 935 | 861 |
Construction in progress | 0 | 7,337 |
Other assets | 134 | 134 |
Total assets | 30,791 | 29,440 |
Current liabilities: | ||
Accounts payable | 2,317 | 2,081 |
Accrued expenses | 1,489 | 2,333 |
Current portion of capital lease | 15 | 22 |
Total current liabilities | 3,821 | 4,436 |
Commitments and contingencies (Note 6) | ||
Stockholders’ equity: | ||
Preferred stock, par value $0.01 per share, authorized 5,000,000; issued and outstanding; none | 0 | 0 |
Common stock, par value $0.001 per share, authorized 350,000,000 shares; issued and outstanding 225,737,722 and 204,004,818, respectively | 226 | 204 |
Additional paid-in capital | 308,007 | 302,729 |
Accumulated other comprehensive loss | -49 | -160 |
Accumulated deficit | -281,214 | -277,769 |
Total stockholders’ equity | 26,970 | 25,004 |
Total liabilities and stockholders’ equity | $30,791 | $29,440 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value per share (usd per share) | $0.01 | $0.01 |
Preferred stock, authorized shares | 5,000,000 | 5,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value (usd per share) | $0.00 | $0.00 |
Common stock, authorized shares | 350,000,000 | 350,000,000 |
Common stock, issued | 225,737,722 | 204,004,818 |
Common stock, outstanding | 225,737,722 | 204,004,818 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues: | ||
Clinical treatment programs | $36 | $76 |
Total revenues | 36 | 76 |
Costs and expenses: | ||
Production costs | 372 | 323 |
Research and development | 2,674 | 2,326 |
General and administrative | 1,913 | 2,539 |
Total costs and expenses | 4,959 | 5,188 |
Operating loss | -4,923 | -5,112 |
Interest expense | -2 | -3 |
Interest and other income | 106 | 153 |
Gain from sale of income tax net operating losses | 1,374 | 1,126 |
Net loss | -3,445 | -3,836 |
Other comprehensive income: | ||
Unrealized gain on marketable securities | 111 | 21 |
Net comprehensive loss | ($3,334) | ($3,815) |
Basic and diluted loss per share (usd per share) | ($0.02) | ($0.02) |
Weighted average shares outstanding, basic and diluted (shares) | 213,634,004 | 176,730,956 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] |
In Thousands, except Share data, unless otherwise specified | |||||
Balance at Dec. 31, 2014 | $25,004 | $204 | $302,729 | ($160) | ($277,769) |
Balance, Common Stock (Shares) at Dec. 31, 2014 | 204,004,818 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Equity-based compensation | 58 | 58 | |||
Stock sold at the market (shares) | 21,732,904 | ||||
Stock sold at the market | 5,242 | 22 | 5,220 | ||
Net comprehensive loss | -3,334 | 111 | -3,445 | ||
Balance at Mar. 31, 2015 | $26,970 | $226 | $308,007 | ($49) | ($281,214) |
Balance, Common Stock (Shares) at Mar. 31, 2015 | 225,737,722 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Statement of Stockholders' Equity [Abstract] | ||
Common stock, par value (usd per share) | $0.00 | $0.00 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net loss | ($3,445) | ($3,836) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation of property and equipment | 180 | 167 |
Amortization and abandonment of patent and trademark rights | 71 | 165 |
Equity-based compensation | 58 | 88 |
Change in assets and liabilities: | ||
Inventories | -480 | 0 |
Prepaid expenses and other current assets | -33 | 25 |
Accounts payable | 236 | -16 |
Accrued expenses | -844 | 512 |
Net cash used in operating activities | -4,257 | -2,895 |
Cash flows from investing activities: | ||
Purchase of property, equipment and construction in progress | -47 | -65 |
Additions to patent and trademark rights | -145 | -75 |
Sales and maturities of short-term and long-term marketable securities | 0 | -37 |
Net cash used in investing activities | -192 | -177 |
Cash flows from financing activities: | ||
Payments on capital leases | -7 | -11 |
Proceeds from sale of stock, net of issuance costs | 5,242 | 6,385 |
Net cash provided by financing activities | 5,235 | 6,374 |
Net increase in cash and cash equivalents | 786 | 3,302 |
Cash and cash equivalents at beginning of period | 2,156 | 803 |
Cash and cash equivalents at end of period | 2,942 | 4,105 |
Supplemental disclosures of non-cash investing and financing cash flow information: | ||
Issuance of common stock for accounts payable | 0 | 38 |
Unrealized gain on marketable securities | 111 | 21 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest expense | $2 | $3 |
Basis_Of_Presentation
Basis Of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Presentation | Basis Of Presentation |
The consolidated financial statements include the financial statements of Hemispherx Biopharma, Inc. and its wholly-owned subsidiaries (collectively, “Hemispherx”, “Company”, “we or “us”). The Company has three domestic subsidiaries: BioPro Corp., BioAegean Corp. and Core Biotech Corp., all of which are incorporated in Delaware and are dormant. The Company also has a foreign subsidiary, Hemispherx Biopharma Europe N.V./S.A., which was established in Belgium in 1998. All significant intercompany balances and transactions have been eliminated in consolidation. | |
In the opinion of Management, all adjustments necessary for a fair presentation of such consolidated financial statements have been included. Such adjustments consist of normal recurring items. Interim results are not necessarily indicative of results for a full year. | |
The interim consolidated financial statements and notes thereto are presented as permitted by the Securities and Exchange Commission (“SEC”), and do not contain certain information which will be included in the Company’s annual consolidated financial statements and notes thereto. | |
These consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements for the years ended December 31, 2014 and 2013, contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. |
Net_Loss_Per_Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2015 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Loss Per Share |
Basic and diluted net loss per share is computed using the weighted average number of shares of common stock outstanding during the period. Equivalent common shares, consisting of stock options and warrants which amounted to 17,320,280 and 26,968,158 shares for the three months ended March 31, 2015 and 2014, respectively, are excluded from the calculation of diluted net loss per share since their effect is anti-dilutive. |
EquityBased_Compensation
Equity-Based Compensation | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Equity-Based Compensation | Equity-Based Compensation | |||||||||||||
The fair value of each option and equity warrant award is estimated on the date of grant using a Black-Scholes-Merton option pricing valuation model. Expected volatility is based on the historical volatility of the price of the Company’s stock. The risk-free interest rate is based on U.S. Treasury issues with a term equal to the expected life of the option and equity warrant. The Company uses historical data to estimate expected dividend yield, expected life and forfeiture rates. There were no options or equity warrants granted in the three months ended March 31, 2015 and 2014. | ||||||||||||||
Stock option for employees' activity during the three months ended March 31, 2015 is as follows: | ||||||||||||||
Stock option activity for employees: | ||||||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||||||
Options | Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | Contractual | |||||||||||||
Term | ||||||||||||||
(Years) | ||||||||||||||
Outstanding January 1, 2015 | 11,287,888 | $ | 1.64 | 4.61 | $ | — | ||||||||
Granted | — | — | — | — | ||||||||||
Forfeited | — | — | — | — | ||||||||||
Outstanding March 31, 2015 | 11,287,888 | $ | 1.64 | 4.36 | $ | — | ||||||||
Vested and expected to vest March 31, 2015 | 11,287,888 | $ | 1.64 | 4.36 | $ | — | ||||||||
Exercisable March 31, 2015 | 10,893,365 | $ | 1.63 | 4.06 | $ | — | ||||||||
Unvested stock option activity for employees: | ||||||||||||||
Number of | Weighted | Average | Aggregate | |||||||||||
Options | Average | Remaining | Intrinsic | |||||||||||
Exercise | Contractual | Value | ||||||||||||
Price | Term | |||||||||||||
(Years) | ||||||||||||||
Outstanding January 1, 2015 | 710,594 | $ | 1.38 | 8.76 | $ | — | ||||||||
Granted | — | — | — | — | ||||||||||
Vested | (316,071 | ) | 0.97 | — | ||||||||||
Forfeited | — | — | — | — | ||||||||||
Outstanding March 31, 2015 | 394,523 | $ | 1.71 | 7.87 | $ | — | ||||||||
Stock option activity for non-employees: | ||||||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||||||
Options | Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | Contractual | |||||||||||||
Term (Years) | ||||||||||||||
Outstanding January 1, 2015 | 3,800,000 | $ | 1.36 | 4.75 | $ | — | ||||||||
Granted | — | — | — | — | ||||||||||
Exercised | — | — | — | — | ||||||||||
Forfeited | — | — | — | — | ||||||||||
Outstanding March 31, 2015 | 3,800,000 | $ | 1.36 | 4.5 | $ | — | ||||||||
Vested and expected to vest March 31, 2015 | 3,800,000 | $ | 1.36 | 4.5 | $ | — | ||||||||
Exercisable March 31, 2015 | 3,779,167 | $ | 1.35 | 4.15 | $ | — | ||||||||
Unvested stock option activity for non-employees during the year: | ||||||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||||||
Options | Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | Contractual | |||||||||||||
Term | ||||||||||||||
(Years) | ||||||||||||||
Outstanding January 1, 2015 | 33,333 | $ | 2.6 | 9.08 | $ | — | ||||||||
Options granted | — | — | — | — | ||||||||||
Options vested | (12,500 | ) | 2.6 | — | ||||||||||
Options forfeited | — | — | — | — | ||||||||||
Outstanding March 31, 2015 | 20,833 | $ | 2.6 | 8.83 | $ | — | ||||||||
The impact on the Company’s results of operations of recording equity-based compensation for the three months ended March 31, 2015 and 2014 was to increase general and administrative expenses by approximately $58,000 and $88,000, respectively, which had no impact on earnings per share. | ||||||||||||||
As of March 31, 2015 and 2014, respectively, there was $200,000 and $261,000 of unrecognized equity-based compensation cost related to options granted under the Equity Incentive Plan. |
Inventories
Inventories | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | Inventories | |||||||
The Company uses the lower of first-in, first-out (“FIFO”) cost or market method of accounting for inventory. | ||||||||
Inventories consist of the following: | (in thousands) | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Inventory work-in-process, January 1 | $ | — | $ | — | ||||
Production(1) | 480 | — | ||||||
Spoilage | — | — | ||||||
Inventory work-in-process, end of period | $ | 480 | $ | — | ||||
(1) Commercial sales of Alferon® will not resume until new batches of commercial filled and finished product are produced and released by the FDA. We are continuing the validation of Alferon® production and production of new Alferon® API inventory commenced in February 2015. While the facility is approved by the FDA under the Biological License Application (“BLA”) for Alferon®, this status will need to be reaffirmed by an FDA pre-approval inspection. The Company will also need the FDA’s approval to release commercial product once it has submitted satisfactory stability and quality release data. |
Marketable_Securities
Marketable Securities | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||
Marketable Securities | Marketable Securities | |||||||||||||||||||||||||||
Marketable securities consist of mutual funds. For the three months ended March 31, 2015 and 2014, it was determined that none of the marketable securities had other-than-temporary impairments. At March 31, 2015 and December 31, 2014, all securities were classified as available for sale investments and were measured as Level 1 instruments of the fair value measurements standard (see "Note 12: Fair Value"). | ||||||||||||||||||||||||||||
Securities classified as available for sale consisted of: | ||||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Securities | Amortized | Gross | Gross | Fair Value | Short-Term | Long Term | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Investments | Investments | ||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||
Mutual Funds | $ | 14,112 | $ | 5 | $ | (54 | ) | $ | 14,063 | $ | 14,063 | $ | — | |||||||||||||||
Totals | $ | 14,112 | $ | 5 | $ | (54 | ) | $ | 14,063 | $ | 14,063 | $ | — | |||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Securities | Amortized | Gross | Gross | Fair Value | Short-Term | Long Term | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Investments | Investments | ||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||
Mutual Funds | $ | 14,112 | $ | — | $ | (160 | ) | $ | 13,952 | $ | 13,952 | $ | — | |||||||||||||||
Totals | $ | 14,112 | $ | — | $ | (160 | ) | $ | 13,952 | $ | 13,952 | $ | — | |||||||||||||||
Unrealized losses on investments | ||||||||||||||||||||||||||||
Investments with continuous unrealized losses for less than 12 months and 12 months or greater and their related fair values were as follows: | ||||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Totals | ||||||||||||||||||||||||||
Securities | Total | Fair | Unrealized | Fair | Unrealized | Total | Total | |||||||||||||||||||||
number | Values | Losses | Values | Losses | Fair | Unrealized | ||||||||||||||||||||||
in loss | Value | Losses | ||||||||||||||||||||||||||
position | ||||||||||||||||||||||||||||
Mutual Funds | 2 | $ | — | $ | — | $ | 8,024 | $ | (54 | ) | $ | 8,024 | $ | (54 | ) | |||||||||||||
Totals | 2 | $ | — | $ | — | $ | 8,024 | $ | (54 | ) | $ | 8,024 | $ | (54 | ) | |||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Totals | ||||||||||||||||||||||||||
Securities | Total | Fair | Unrealized | Fair | Unrealized | Total | Total | |||||||||||||||||||||
number | Values | Losses | Values | Losses | Fair | Unrealized | ||||||||||||||||||||||
in loss | Value | Losses | ||||||||||||||||||||||||||
position | ||||||||||||||||||||||||||||
Mutual Funds | 2 | $ | 5,928 | $ | (106 | ) | $ | 8,024 | $ | (54 | ) | $ | 13,952 | $ | (160 | ) | ||||||||||||
Totals | 2 | $ | 5,928 | $ | (106 | ) | $ | 8,024 | $ | (54 | ) | $ | 13,952 | $ | (160 | ) | ||||||||||||
Accrued_Expenses
Accrued Expenses | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Accrued Expenses | Accrued Expenses | |||||||
Accrued expenses consist of the following: | ||||||||
(in thousands) | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Compensation | $ | 909 | $ | 1,806 | ||||
Professional fees | 305 | 404 | ||||||
Other expenses | 275 | — | ||||||
Accrued Alferon production costs | — | 123 | ||||||
$ | 1,489 | $ | 2,333 | |||||
Property_and_Equipment
Property and Equipment | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | ||||||||
Property and Equipment | Property and Equipment | |||||||
(in thousands) | ||||||||
31-Mar-15 | December 31, | |||||||
2014 | ||||||||
Land, buildings and improvements | $ | 11,566 | $ | 4,209 | ||||
Furniture, fixtures, and equipment | 5,334 | 5,307 | ||||||
Leasehold improvements | 85 | 85 | ||||||
Total property and equipment | 16,985 | 9,601 | ||||||
Less: accumulated depreciation and amortization | (5,180 | ) | (5,000 | ) | ||||
Property and equipment, net | $ | 11,805 | $ | 4,601 | ||||
Property and equipment are recorded at cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the respective assets, ranging from five to thirty-nine years. | ||||||||
As of February 28, 2015, the Company had completed and put into service the construction and installation of property and equipment within its New Brunswick, NJ facility. All amounts within construction in progress were reclassed to property and equipment during the current period. As of December 31, 2014, construction in progress was $7,337,000. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity |
The Equity Incentive Plan of 2009, effective June 24, 2009, authorizes the grant of non-qualified and incentive stock options, stock appreciation rights, restricted stock and other stock awards. A maximum of 15,000,000 shares of common stock is reserved for potential issuance pursuant to awards under the Equity Incentive Plan of 2009. Unless sooner terminated, the Equity Incentive Plan of 2009 will continue in effect for a period of 10 years from its effective date. For the three months ended March 31, 2015, there were no options granted by the Company. | |
On July 23, 2012, the Company entered into a Equity Distribution Agreement (the “EDA”) with Maxim Group LLC ("Maxim") pursuant to which the Company may sell up to $75,000,000 worth of its shares of Common Stock from time to time through Maxim, as sales agent. Under the EDA, Maxim is entitled to a fixed commission rate of 4.0% of the gross sales price of Shares sold under the EDA, up to aggregate gross proceeds of $10,000,000, and thereafter, at a fixed commission rate of 3.0% of the gross sales price of shares sold under the EDA. Sales of the shares, if any, may be made in transactions that are deemed to be “at-the-market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made by means of ordinary brokers' transactions, including on the NYSE MKT, at market prices or as otherwise agreed with Maxim. The Company has no obligation to sell any of the Shares and may at any time suspend offers under the EDA or terminate the EDA. The shares are being sold pursuant to the Company's Universal Shelf Registration Statement on Form S-3, declared effective by the Securities and Exchange Commission on July 2, 2012. On September 14, 2012, the Company filed a Prospectus Supplement with the SEC increasing the number of shares covered by the Prospectus from 12,000,000 to 20,000,000 shares under the EDA. On October 5, 2012, the Company filed an updated Prospectus Supplement increasing the number of shares covered by the Prospectus to 40,000,000 shares to be allocated for public sale under the Prospectus Supplement pursuant to the EDA. On December 23, 2013, the Company filed an updated Prospectus Supplement with the Securities and Exchange Commission to revise the EDA for an aggregate of 90,000,000 shares to be allocated for public sale under the Prospectus Supplement pursuant to the EDA. On March 6, 2015, we filed an updated Prospectus Supplement increasing the number of shares covered by the Prospectus to 117,600,000 shares. | |
For the three months ended March 31, 2015, the Company had sold 21,732,904 shares of the EDA that resulted in net cash proceeds of approximately $5,242,000 after direct expenses along with commissions paid to Maxim for approximately $162,000. | |
The Company plan to allocate the net proceeds from the offering towards research and development, operations and general and administrative purposes related to the commercialization of Ampligen® and Alferon® related products, including, but not limited to, the following: (1) Costs to finalize the upgrade of the Alferon N Injection® manufacturing facility and to prepare for the FDA pre-approval inspections of the Ampligen® facility, (2) Manufacture of commercial product, (3) Potential new preclinical and/or clinical studies in order to gain commercial approval for Ampligen® and broader approvals for Alferon® and Alferon LDO®, (4) Working capital to build and maintain sufficient inventory by procuring raw materials, supplies and other items for the New Brunswick manufacturing facility, as well as to remunerate outside contractors for necessary services, such as, final filling and finishing operations in order to meet any anticipated demand from normal operations as well as through the possible pursuit of other disease areas and/or geographic regions that may present themselves, (5) Pursuit of potential partnering opportunities for Ampligen®, (6) Potential establishment of sales and marketing capabilities, as well as consideration towards the expansion of our manufacturing capacity, and (7) working capital for general and administrative expenses. |
Cash_And_Cash_Equivalents
Cash And Cash Equivalents | 3 Months Ended |
Mar. 31, 2015 | |
Cash and Cash Equivalents, at Carrying Value [Abstract] | |
Cash And Cash Equivalents | Cash And Cash Equivalents |
The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In 2015, the FASB issued Accounting Standards Updates (“ASU”) 2015-01 through 2015-05. These updates did not have a significant impact on the financial statements. |
Funds_Received_From_Sale_Of_In
Funds Received From Sale Of Income Tax Net Operating Losses | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Funds Received From Sale Of Income Tax Net Operating Losses | Funds Received From Sale Of Income Tax Net Operating Losses |
As of December 31, 2014, the Company had approximately $151,000,000 of federal net operating loss carryforwards (expiring in the years 2018 through 2034) available to off-set future federal taxable income. The Company also had approximately $36,000,000 of Pennsylvania state net operating loss carryforwards (expiring in the years 2018 through 2034) and approximately $28,000,000 of New Jersey state net operating loss carryforwards (expiring in the years 2033 through 2034) available to off-set future state taxable income. | |
In January 2015, the Company effectively sold $14,291,000 of its approximately $28,000,000 of New Jersey state net operating loss carryforwards (for the year 2013) for approximately $1,374,000. The utilization of certain state net operating loss carry-forwards may be subject to annual limitations. With no tax due for the foreseeable future, the Company has determined that the accounting for interest or penalties related to the payment of tax is not necessary at this time. |
Fair_Value
Fair Value | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value | Fair Value | |||||||||||||||
The Company is required under U.S. Generally Accepted Accounting Principles (“GAAP”) to disclose information about the fair value of all the Company’s financial instruments, whether or not these instruments are measured at fair value on the Company’s Consolidated Balance Sheets. | ||||||||||||||||
FASB ASC 820-10-35-37 (formerly SFAS No. 157) establishes a valuation hierarchy based on the transparency of inputs used in the valuation of an asset or liability. Classification is based on the lowest level of inputs that is significant to the fair value measurement. The valuation hierarchy contains three levels: | ||||||||||||||||
• | Level 1 – Quoted prices are available in active markets for identical assets or liabilities at the reporting date. Generally, this includes debt and equity securities that are traded in an active market. | |||||||||||||||
• | Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Generally, this includes debt and equity securities that are not traded in an active market. | |||||||||||||||
• | 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. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or other valuation techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. | |||||||||||||||
The Company estimates that the fair values of cash and cash equivalents, other assets, accounts payable and accrued expenses approximate their carrying values due to the short-term maturities of these items. | ||||||||||||||||
The Company also had certain warrants with a cash settlement feature in the unlikely occurrence of a Fundamental Transaction which are measured at fair vlaue. The fair value recalculation of the Liability resulting from the issuance of the Warrants ("Call") and existence of the Fundamental Transaction ("Put") related to the May 2009 issuance, are calculated using a Monte Carlo Simulation. While the Monte Carlo Simulation is one of a number of possible pricing models, the Company has determined it to be industry accepted and fairly presented the Fair Value of the Warrants. As an additional factor to determine the Fair Value of the Put's Liability, the occurrence probability of a Fundamental Transaction event was factored into the valuation. The Company recomputed the fair value of the Warrants at the end of each quarterly reporting period. Such value computation includes subjective input assumptions that are consistently applied each period. If the Company were to alter its assumptions or the numbers input based on such assumptions, the resulting fair value could be materially different. The redeemable warrants expired in May and November 2014. The balance of the redeemable warrants was $0 as of March 31, 2015 and December 31, 2014. | ||||||||||||||||
Fair value at March 31, 2014, was estimated using the following assumptions: | ||||||||||||||||
Underlying price per share | $0.19 - $0.27 | |||||||||||||||
Exercise price per share | $1.31 - $1.65 | |||||||||||||||
Risk-free interest rate | 0.06% - 0.23% | |||||||||||||||
Expected holding period | 0.38 - 1.64 yrs. | |||||||||||||||
Expected volatility | 69.74% - 113.56% | |||||||||||||||
Expected dividend yield | None | |||||||||||||||
While the assumptions remain consistent from period to period (e.g., utilizing historical stock prices), the numbers input may change from period to period (e.g., the actual historical prices input for the relevant period). | ||||||||||||||||
As of March 31, 2014, the Company has classified the Warrants with cash settlement features as Level 3. Management evaluates a variety of inputs and then estimates fair value based on those inputs. As discussed above, the Company utilized the Monte Carlo Simulation Model in valuing these Warrants. | ||||||||||||||||
The table below presents the balances of assets and liabilities measured at fair value on a recurring basis by level within the hierarchy as of March 31, 2015: | ||||||||||||||||
(in thousands) | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | ||||||||||||||||
Marketable Securities-unrestricted | $ | 14,063 | $ | 14,063 | $ | — | $ | — | ||||||||
The changes in Level 3 Liabilities measured at fair value on a recurring basis are summarized as follows: | ||||||||||||||||
Fair Value of Redeemable | ||||||||||||||||
Warrants | ||||||||||||||||
(in thousands) | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Balance at January 1 | $ | — | $ | 14 | ||||||||||||
Fair value adjustment at March 31 | — | — | ||||||||||||||
Balance at March 31 | $ | — | $ | 14 | ||||||||||||
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
The Company evaluated subsequent events through the date on which these financial statements were issued and determined that no subsequent event constituted a matter that required adjustment to the financial statements for the three months ended March 31, 2015. |
Net_Loss_Per_Share_Net_Loss_Pe
Net Loss Per Share Net Loss Per Share (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Policy | Basic and diluted net loss per share is computed using the weighted average number of shares of common stock outstanding during the period. Equivalent common shares, consisting of stock options and warrants which amounted to 17,320,280 and 26,968,158 shares for the three months ended March 31, 2015 and 2014, respectively, are excluded from the calculation of diluted net loss per share since their effect is anti-dilutive. |
Inventories_Policy
Inventories (Policy) | 3 Months Ended |
Mar. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory Policy | The Company uses the lower of first-in, first-out (“FIFO”) cost or market method of accounting for inventory. |
Property_and_Equipment_Policie
Property and Equipment (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
Property, Plant and Equipment, Policy | Property and equipment are recorded at cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the respective assets, ranging from five to thirty-nine years. |
Cash_And_Cash_Equivalents_Poli
Cash And Cash Equivalents (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Cash and Cash Equivalents, at Carrying Value [Abstract] | |
Cash and Cash Equivalents, Policy | The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. |
EquityBased_Compensation_Table
Equity-Based Compensation (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Stock Option Activity | Stock option for employees' activity during the three months ended March 31, 2015 is as follows: | |||||||||||||
Stock option activity for employees: | ||||||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||||||
Options | Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | Contractual | |||||||||||||
Term | ||||||||||||||
(Years) | ||||||||||||||
Outstanding January 1, 2015 | 11,287,888 | $ | 1.64 | 4.61 | $ | — | ||||||||
Granted | — | — | — | — | ||||||||||
Forfeited | — | — | — | — | ||||||||||
Outstanding March 31, 2015 | 11,287,888 | $ | 1.64 | 4.36 | $ | — | ||||||||
Vested and expected to vest March 31, 2015 | 11,287,888 | $ | 1.64 | 4.36 | $ | — | ||||||||
Exercisable March 31, 2015 | 10,893,365 | $ | 1.63 | 4.06 | $ | — | ||||||||
Unvested stock option activity for employees: | ||||||||||||||
Number of | Weighted | Average | Aggregate | |||||||||||
Options | Average | Remaining | Intrinsic | |||||||||||
Exercise | Contractual | Value | ||||||||||||
Price | Term | |||||||||||||
(Years) | ||||||||||||||
Outstanding January 1, 2015 | 710,594 | $ | 1.38 | 8.76 | $ | — | ||||||||
Granted | — | — | — | — | ||||||||||
Vested | (316,071 | ) | 0.97 | — | ||||||||||
Forfeited | — | — | — | — | ||||||||||
Outstanding March 31, 2015 | 394,523 | $ | 1.71 | 7.87 | $ | — | ||||||||
Stock option activity for non-employees: | ||||||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||||||
Options | Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | Contractual | |||||||||||||
Term (Years) | ||||||||||||||
Outstanding January 1, 2015 | 3,800,000 | $ | 1.36 | 4.75 | $ | — | ||||||||
Granted | — | — | — | — | ||||||||||
Exercised | — | — | — | — | ||||||||||
Forfeited | — | — | — | — | ||||||||||
Outstanding March 31, 2015 | 3,800,000 | $ | 1.36 | 4.5 | $ | — | ||||||||
Vested and expected to vest March 31, 2015 | 3,800,000 | $ | 1.36 | 4.5 | $ | — | ||||||||
Exercisable March 31, 2015 | 3,779,167 | $ | 1.35 | 4.15 | $ | — | ||||||||
Unvested stock option activity for non-employees during the year: | ||||||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||||||
Options | Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | Contractual | |||||||||||||
Term | ||||||||||||||
(Years) | ||||||||||||||
Outstanding January 1, 2015 | 33,333 | $ | 2.6 | 9.08 | $ | — | ||||||||
Options granted | — | — | — | — | ||||||||||
Options vested | (12,500 | ) | 2.6 | — | ||||||||||
Options forfeited | — | — | — | — | ||||||||||
Outstanding March 31, 2015 | 20,833 | $ | 2.6 | 8.83 | $ | — | ||||||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Schedule of Inventory | ||||||||
Inventories consist of the following: | (in thousands) | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Inventory work-in-process, January 1 | $ | — | $ | — | ||||
Production(1) | 480 | — | ||||||
Spoilage | — | — | ||||||
Inventory work-in-process, end of period | $ | 480 | $ | — | ||||
(1) Commercial sales of Alferon® will not resume until new batches of commercial filled and finished product are produced and released by the FDA. We are continuing the validation of Alferon® production and production of new Alferon® API inventory commenced in February 2015. While the facility is approved by the FDA under the Biological License Application (“BLA”) for Alferon®, this status will need to be reaffirmed by an FDA pre-approval inspection. The Company will also need the FDA’s approval to release commercial product once it has submitted satisfactory stability and quality release data. |
Marketable_Securities_Tables
Marketable Securities (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||
Available for sale securities | Securities classified as available for sale consisted of: | |||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Securities | Amortized | Gross | Gross | Fair Value | Short-Term | Long Term | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Investments | Investments | ||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||
Mutual Funds | $ | 14,112 | $ | 5 | $ | (54 | ) | $ | 14,063 | $ | 14,063 | $ | — | |||||||||||||||
Totals | $ | 14,112 | $ | 5 | $ | (54 | ) | $ | 14,063 | $ | 14,063 | $ | — | |||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Securities | Amortized | Gross | Gross | Fair Value | Short-Term | Long Term | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Investments | Investments | ||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||
Mutual Funds | $ | 14,112 | $ | — | $ | (160 | ) | $ | 13,952 | $ | 13,952 | $ | — | |||||||||||||||
Totals | $ | 14,112 | $ | — | $ | (160 | ) | $ | 13,952 | $ | 13,952 | $ | — | |||||||||||||||
Unrealized losses on securities | Investments with continuous unrealized losses for less than 12 months and 12 months or greater and their related fair values were as follows: | |||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Totals | ||||||||||||||||||||||||||
Securities | Total | Fair | Unrealized | Fair | Unrealized | Total | Total | |||||||||||||||||||||
number | Values | Losses | Values | Losses | Fair | Unrealized | ||||||||||||||||||||||
in loss | Value | Losses | ||||||||||||||||||||||||||
position | ||||||||||||||||||||||||||||
Mutual Funds | 2 | $ | — | $ | — | $ | 8,024 | $ | (54 | ) | $ | 8,024 | $ | (54 | ) | |||||||||||||
Totals | 2 | $ | — | $ | — | $ | 8,024 | $ | (54 | ) | $ | 8,024 | $ | (54 | ) | |||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Totals | ||||||||||||||||||||||||||
Securities | Total | Fair | Unrealized | Fair | Unrealized | Total | Total | |||||||||||||||||||||
number | Values | Losses | Values | Losses | Fair | Unrealized | ||||||||||||||||||||||
in loss | Value | Losses | ||||||||||||||||||||||||||
position | ||||||||||||||||||||||||||||
Mutual Funds | 2 | $ | 5,928 | $ | (106 | ) | $ | 8,024 | $ | (54 | ) | $ | 13,952 | $ | (160 | ) | ||||||||||||
Totals | 2 | $ | 5,928 | $ | (106 | ) | $ | 8,024 | $ | (54 | ) | $ | 13,952 | $ | (160 | ) | ||||||||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Schedule of Accrued Liabilities | Accrued expenses consist of the following: | |||||||
(in thousands) | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Compensation | $ | 909 | $ | 1,806 | ||||
Professional fees | 305 | 404 | ||||||
Other expenses | 275 | — | ||||||
Accrued Alferon production costs | — | 123 | ||||||
$ | 1,489 | $ | 2,333 | |||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | ||||||||
Property, Plant and Equipment | ||||||||
(in thousands) | ||||||||
31-Mar-15 | December 31, | |||||||
2014 | ||||||||
Land, buildings and improvements | $ | 11,566 | $ | 4,209 | ||||
Furniture, fixtures, and equipment | 5,334 | 5,307 | ||||||
Leasehold improvements | 85 | 85 | ||||||
Total property and equipment | 16,985 | 9,601 | ||||||
Less: accumulated depreciation and amortization | (5,180 | ) | (5,000 | ) | ||||
Property and equipment, net | $ | 11,805 | $ | 4,601 | ||||
Fair_Value_Tables
Fair Value (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Schedule of Assumptions for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement | Fair value at March 31, 2014, was estimated using the following assumptions: | |||||||||||||||
Underlying price per share | $0.19 - $0.27 | |||||||||||||||
Exercise price per share | $1.31 - $1.65 | |||||||||||||||
Risk-free interest rate | 0.06% - 0.23% | |||||||||||||||
Expected holding period | 0.38 - 1.64 yrs. | |||||||||||||||
Expected volatility | 69.74% - 113.56% | |||||||||||||||
Expected dividend yield | None | |||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The table below presents the balances of assets and liabilities measured at fair value on a recurring basis by level within the hierarchy as of March 31, 2015: | |||||||||||||||
(in thousands) | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | ||||||||||||||||
Marketable Securities-unrestricted | $ | 14,063 | $ | 14,063 | $ | — | $ | — | ||||||||
Fair Value, Liabilities Measured on Recurring Basis | The changes in Level 3 Liabilities measured at fair value on a recurring basis are summarized as follows: | |||||||||||||||
Fair Value of Redeemable | ||||||||||||||||
Warrants | ||||||||||||||||
(in thousands) | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Balance at January 1 | $ | — | $ | 14 | ||||||||||||
Fair value adjustment at March 31 | — | — | ||||||||||||||
Balance at March 31 | $ | — | $ | 14 | ||||||||||||
Basis_of_Presentation_Details
Basis of Presentation (Details) | 3 Months Ended |
Mar. 31, 2015 | |
subsidiary | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of domestic subsidiaries (subsidiaries) | 3 |
Net_Loss_Per_Share_Details
Net Loss Per Share (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Earnings Per Share [Abstract] | ||
Stock options and warrants excluded from calculation of diluted net loss per share (shares) | 17,320,280 | 26,968,158 |
EquityBased_Compensation_Valua
Equity-Based Compensation (Valuation Assumptions) (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Method used | Black-Scholes-Merton |
Options or equity warrants granted in period (shares) | 0 |
EquityBased_Compensation_Optio
Equity-Based Compensation (Option Activity) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
Share-based Compensation Arrangement By Share-based Payment Award, Options, Aggregate Intrinsic Value [Roll Forward] | |||
Stock issued during period, value | $58 | ||
Total compensation cost not yet recognized | 200 | 261 | |
Employee Vested Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Number of options outstanding (shares) | 11,287,888 | ||
Number of options granted (shares) | 0 | ||
Number of options forfeited (shares) | 0 | ||
Number of options outstanding (shares) | 11,287,888 | 11,287,888 | |
Number of options vested and expected to vest, outstanding (shares) | 11,287,888 | ||
Number of options vested and expected to vest, exercisable (shares) | 10,893,365 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Weighted Average Exercise Price, Options Outstanding (usd per share) | $1.64 | ||
Weighted Average Exercise Price, Options Granted (usd per share) | $0 | ||
Weighted Average Exercise Price, Options Forfeited (usd per share) | $0 | ||
Weighted Average Exercise Price, Options Outstanding (usd per share) | $1.64 | $1.64 | |
Weighted Average Exercise Price, Options Vested and Expected to Vest, Outstanding (usd per share) | $1.64 | ||
Weighted Average Exercise Price, Options Vested and Expected to Vest, Exercisable (usd per share) | $1.63 | ||
Share-based Compensation Arrangement By Share-based Payment Award, Options, Weighted Average Remaining Contractual Term [Roll Forward] | |||
Weighted Average Remaining Contractual Term (Years), Options outstanding | 4 years 4 months 9 days | 4 years 7 months 9 days | |
Weighted Average Remaining Contractual Term (Years), Options outstanding | 4 years 4 months 9 days | 4 years 7 months 9 days | |
Weighted Average Remaining Contractual Term (Years), Options vested and expected to vest | 4 years 4 months 9 days | ||
Weighted Average Remaining Contractual Term (Years), Options exercisable | 4 years 0 months 22 days | ||
Share-based Compensation Arrangement By Share-based Payment Award, Options, Aggregate Intrinsic Value [Roll Forward] | |||
Aggregate Intrinsic Value, Options Outstanding | 0 | ||
Aggregate Intrinsic Value, Options Granted | 0 | ||
Aggregate Intrinsic Value, Options Forfeited | 0 | ||
Aggregate Intrinsic Value, Options Outstanding | 0 | 0 | |
Aggregate Intrinsic Value, Options Vested and Expected to Vest, Outstanding | 0 | ||
Aggregate Intrinsic Value, Options Vested and Expected to Vest, Exercisable | 0 | ||
Employee Nonvested Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Number of options outstanding (shares) | 710,594 | ||
Number of options granted (shares) | 0 | ||
Number of options vested (shares) | -316,071 | ||
Number of options forfeited (shares) | 0 | ||
Number of options outstanding (shares) | 394,523 | 710,594 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Weighted Average Exercise Price, Options Outstanding (usd per share) | $1.38 | ||
Weighted Average Exercise Price, Options Granted (usd per share) | $0 | ||
Weighted Average Exercise Price, Options Vested (usd per share) | $0.97 | ||
Weighted Average Exercise Price, Options Forfeited (usd per share) | $0 | ||
Weighted Average Exercise Price, Options Outstanding (usd per share) | $1.71 | $1.38 | |
Share-based Compensation Arrangement By Share-based Payment Award, Options, Weighted Average Remaining Contractual Term [Roll Forward] | |||
Weighted Average Remaining Contractual Term (Years), Options outstanding | 7 years 10 months 15 days | 8 years 9 months 4 days | |
Weighted Average Remaining Contractual Term (Years), Options outstanding | 7 years 10 months 15 days | 8 years 9 months 4 days | |
Share-based Compensation Arrangement By Share-based Payment Award, Options, Aggregate Intrinsic Value [Roll Forward] | |||
Aggregate Intrinsic Value, Options Outstanding | 0 | ||
Aggregate Intrinsic Value, Options Granted | 0 | ||
Aggregate Intrinsic Value, Options Vested | 0 | ||
Aggregate Intrinsic Value, Options Forfeited | 0 | ||
Aggregate Intrinsic Value, Options Outstanding | 0 | 0 | |
Nonemployee Vested Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Number of options outstanding (shares) | 3,800,000 | ||
Number of options granted (shares) | 0 | ||
Number of options exercised (shares) | 0 | ||
Number of options forfeited (shares) | 0 | ||
Number of options outstanding (shares) | 3,800,000 | 3,800,000 | |
Number of options vested and expected to vest, outstanding (shares) | 3,800,000 | ||
Number of options vested and expected to vest, exercisable (shares) | 3,779,167 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Weighted Average Exercise Price, Options Outstanding (usd per share) | $1.36 | ||
Weighted Average Exercise Price, Options Granted (usd per share) | $0 | ||
Weighted Average Exercise Price, Options Exercised (usd per share) | $0 | ||
Weighted Average Exercise Price, Options Forfeited (usd per share) | $0 | ||
Weighted Average Exercise Price, Options Outstanding (usd per share) | $1.36 | $1.36 | |
Weighted Average Exercise Price, Options Vested and Expected to Vest, Outstanding (usd per share) | $1.36 | ||
Weighted Average Exercise Price, Options Vested and Expected to Vest, Exercisable (usd per share) | $1.35 | ||
Share-based Compensation Arrangement By Share-based Payment Award, Options, Weighted Average Remaining Contractual Term [Roll Forward] | |||
Weighted Average Remaining Contractual Term (Years), Options outstanding | 4 years 5 months 29 days | 4 years 9 months | |
Weighted Average Remaining Contractual Term (Years), Options outstanding | 4 years 5 months 29 days | 4 years 9 months | |
Weighted Average Remaining Contractual Term (Years), Options vested and expected to vest | 4 years 5 months 29 days | ||
Weighted Average Remaining Contractual Term (Years), Options exercisable | 4 years 1 month 25 days | ||
Share-based Compensation Arrangement By Share-based Payment Award, Options, Aggregate Intrinsic Value [Roll Forward] | |||
Aggregate Intrinsic Value, Options Outstanding | 0 | ||
Aggregate Intrinsic Value, Options Granted | 0 | ||
Aggregate Intrinsic Value, Options Exercised | 0 | ||
Aggregate Intrinsic Value, Options Forfeited | 0 | ||
Aggregate Intrinsic Value, Options Outstanding | 0 | 0 | |
Aggregate Intrinsic Value, Options Vested and Expected to Vest, Outstanding | 0 | ||
Aggregate Intrinsic Value, Options Vested and Expected to Vest, Exercisable | 0 | ||
Nonemployee Nonvested Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Number of options outstanding (shares) | 33,333 | ||
Number of options granted (shares) | 0 | ||
Number of options vested (shares) | -12,500 | ||
Number of options forfeited (shares) | 0 | ||
Number of options outstanding (shares) | 20,833 | 33,333 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Weighted Average Exercise Price, Options Outstanding (usd per share) | $2.60 | ||
Weighted Average Exercise Price, Options Granted (usd per share) | $0 | ||
Weighted Average Exercise Price, Options Vested (usd per share) | $2.60 | ||
Weighted Average Exercise Price, Options Forfeited (usd per share) | $0 | ||
Weighted Average Exercise Price, Options Outstanding (usd per share) | $2.60 | $2.60 | |
Share-based Compensation Arrangement By Share-based Payment Award, Options, Weighted Average Remaining Contractual Term [Roll Forward] | |||
Weighted Average Remaining Contractual Term (Years), Options outstanding | 8 years 9 months 29 days | 9 years 1 month 0 days | |
Weighted Average Remaining Contractual Term (Years), Options outstanding | 8 years 9 months 29 days | 9 years 1 month 0 days | |
Share-based Compensation Arrangement By Share-based Payment Award, Options, Aggregate Intrinsic Value [Roll Forward] | |||
Aggregate Intrinsic Value, Options Outstanding | 0 | ||
Aggregate Intrinsic Value, Options Granted | 0 | ||
Aggregate Intrinsic Value, Options Vested | 0 | ||
Aggregate Intrinsic Value, Options Forfeited | 0 | ||
Aggregate Intrinsic Value, Options Outstanding | 0 | 0 | |
General and Administrative Expense [Member] | |||
Share-based Compensation Arrangement By Share-based Payment Award, Options, Aggregate Intrinsic Value [Roll Forward] | |||
Stock issued during period, value | $58 | $88 |
Inventories_Details
Inventories (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Inventory Work-in-Process [Roll Forward] | ||
Inventory, work-in-process, beginning of period | $0 | $0 |
Production | 480 | 0 |
Spoilage | 0 | 0 |
Inventory work-in-process, end of period | $480 | $0 |
Marketable_Securities_Availabl
Marketable Securities (Available for Sale Securities) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $14,112 | $14,112 |
Gross Unrealized Gains | 5 | 0 |
Gross Unrealized Losses | -54 | -160 |
Fair Value | 14,063 | 13,952 |
Short-Term Investments | 14,063 | 13,952 |
Long Term Investments | 0 | 0 |
Mutual Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 14,112 | 14,112 |
Gross Unrealized Gains | 5 | 0 |
Gross Unrealized Losses | -54 | -160 |
Fair Value | 14,063 | 13,952 |
Short-Term Investments | 14,063 | 13,952 |
Long Term Investments | $0 | $0 |
Marketable_Securities_Details
Marketable Securities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | investment | investment |
Schedule of Available-for-sale Securities [Line Items] | ||
Investments with other than temporary impairments (investments) | 0 | |
Total number in loss position (investments) | 2 | 2 |
Less than twelve months - fair values | $0 | $5,928 |
Less than twelve months - unrealized losses | 0 | -106 |
Twelve months or greater - fair values | 8,024 | 8,024 |
Twelve months or greater - unrealized losses | -54 | -54 |
Total Fair Value | 8,024 | 13,952 |
Total Unrealized Losses | -54 | -160 |
Mutual Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total number in loss position (investments) | 2 | 2 |
Less than twelve months - fair values | 0 | 5,928 |
Less than twelve months - unrealized losses | 0 | -106 |
Twelve months or greater - fair values | 8,024 | 8,024 |
Twelve months or greater - unrealized losses | -54 | -54 |
Total Fair Value | 8,024 | 13,952 |
Total Unrealized Losses | ($54) | ($160) |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Compensation | $909 | $1,806 |
Professional fees | 305 | 404 |
Other expenses | 275 | 0 |
Accrued Alferon production costs | 0 | 123 |
Total Accrued Expenses | $1,489 | $2,333 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 16,985 | $9,601 |
Less: accumulated depreciation and amortization | -5,180 | -5,000 |
Property and equipment, net | 11,805 | 4,601 |
Construction in progress | 0 | 7,337 |
Land, buildings and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 11,566 | 4,209 |
Furniture, fixtures, and equipment[Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 5,334 | 5,307 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 85 | $85 |
Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful life | 5 years | |
Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful life | 39 years |
Stockholders_Equity_Details
Stockholders' Equity (Details) (Equity Incentive Plan of 2009 [Member]) | 3 Months Ended |
Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Date established | 24-Jun-09 |
Number of shares authorized (shares) | 15,000,000 |
Number of options granted (shares) | 0 |
Consultants [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award requisite service period | 10 years |
Stockholders_Equity_Equity_Dis
Stockholders' Equity (Equity Distribution Agreement) (Details) (Maxim 2012 Agreement [Member], USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | |
Jul. 23, 2012 | Mar. 31, 2015 | Oct. 05, 2012 | Sep. 14, 2012 | |
Class of Stock [Line Items] | ||||
Maximum dollar amount of shares under the EDA | $75,000,000 | |||
Fixed commission rate for gross proceeds $10,000,000 or less (percent) | 4.00% | |||
Gross proceeds from common stock, threshold | 10,000,000 | |||
Fixed commission rate for gross proceeds in excess of $10,000,000 (percent) | 3.00% | |||
Number of shares sold under equity distribution agreement | 21,732,904 | |||
Cash proceeds from shares sold under equity distribution agreement | 5,242,000 | |||
Commissions paid on shares sold under equity distribution agreement | $162,000 | |||
October 5, 2012 Prospectus Supplement Increased Offering [Member] | ||||
Class of Stock [Line Items] | ||||
Number of shares to be sold under the equity distribution agreement | 40,000,000 | |||
December 23, 2013 Prospectus Supplement Increased Offering [Member] | ||||
Class of Stock [Line Items] | ||||
Number of shares to be sold under the equity distribution agreement | 90,000,000 | |||
Minimum [Member] | September 14, 2012 Prospectus Supplement Increased Offering [Member] | ||||
Class of Stock [Line Items] | ||||
Number of shares to be sold under the equity distribution agreement | 12,000,000 | |||
Maximum [Member] | September 14, 2012 Prospectus Supplement Increased Offering [Member] | ||||
Class of Stock [Line Items] | ||||
Number of shares to be sold under the equity distribution agreement | 20,000,000 |
Funds_Received_From_Sale_Of_In1
Funds Received From Sale Of Income Tax Net Operating Losses (Details) (USD $) | 1 Months Ended | 3 Months Ended | ||
Jan. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | ||||
Funds received from sale of income tax net operating losses | $1,374,000 | $1,374,000 | $1,126,000 | |
Internal Revenue Service (IRS) [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 151,000,000 | |||
Pennsylvania [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 36,000,000 | |||
New Jersey [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 28,000,000 | |||
Operating loss carryforwards, amount of NOL carryforwards sold | $14,291,000 |
Fair_Value_Fair_Value_Assumpti
Fair Value (Fair Value Assumptions) (Details) (USD $) | 3 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Redeemable warrants | $0 | $0 | |
Risk-free interest rate, minimum | 0.06% | ||
Risk-free interest rate, maximum | 0.23% | ||
Expected volatility, minimum | 69.74% | ||
Expected volatility, maximum | 113.56% | ||
Expected dividend yield | 0.00% | ||
Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Underlying price per share | 0.19 | ||
Exercise price per share | 1.31 | ||
Expected holding period | 4 months 17 days | ||
Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Underlying price per share | 0.27 | ||
Exercise price per share | 1.65 | ||
Expected holding period | 1 year 7 months 21 days |
Fair_Value_Assets_and_Liabilit
Fair Value (Assets and Liabilities Measured on a Recurring Basis) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities - Unrestricted | $14,063 | $13,952 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities - Unrestricted | 14,063 | |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities - Unrestricted | 0 | |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities - Unrestricted | 0 | |
Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities - Unrestricted | $14,063 |
Fair_Value_Changes_in_Level_3_
Fair Value (Changes in Level 3 Liabilities) (Details) (Level 3 [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Balance at January 1 | $0 | $14 |
Fair value adjustment at March 31 | 0 | 0 |
Balance at March 31 | $0 | $14 |