0001104659-14-079770.txt : 20141112 0001104659-14-079770.hdr.sgml : 20141111 20141112161241 ACCESSION NUMBER: 0001104659-14-079770 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20140930 FILED AS OF DATE: 20141112 DATE AS OF CHANGE: 20141112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LPATH, INC CENTRAL INDEX KEY: 0001251769 STANDARD INDUSTRIAL CLASSIFICATION: BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836] IRS NUMBER: 161630142 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-35706 FILM NUMBER: 141214142 BUSINESS ADDRESS: STREET 1: 4025 SORRENTO VALLEY BLVD. CITY: SAN DIEGO STATE: CA ZIP: 92121-1404 BUSINESS PHONE: 858-678-0800 MAIL ADDRESS: STREET 1: 4025 SORRENTO VALLEY BLVD. CITY: SAN DIEGO STATE: CA ZIP: 92121-1404 FORMER COMPANY: FORMER CONFORMED NAME: LPATH INC DATE OF NAME CHANGE: 20051202 FORMER COMPANY: FORMER CONFORMED NAME: NEIGHBORHOOD CONNECTIONS INC DATE OF NAME CHANGE: 20040323 FORMER COMPANY: FORMER CONFORMED NAME: JCG INC DATE OF NAME CHANGE: 20030702 10-Q 1 a14-19828_110q.htm 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2014

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-35706

LPATH, INC.

(Exact name of registrant as specified in its charter)

Delaware		16-1630142
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

4025 Sorrento Valley Blvd., San Diego, CA 92121

(Address of principal executive offices, including zip code)

(858) 678-0800

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer o		Accelerated filer o

Non-accelerated filer o		Smaller reporting company x
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

The number of shares of issuer’s outstanding common stock as of November 11, 2014 was 19,277,600.

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LPATH, INC.

FORM 10-Q

September 30, 2014

TABLE OF CONTENTS

PART I	FINANCIAL INFORMATION	4

ITEM 1:	Financial Statements	4

ITEM 2:	Management’s Discussion and Analysis of Financial Condition and Results of Operations	10

ITEM 4:	Controls and Procedures	14

PART II	OTHER INFORMATION	15

ITEM 1:	Legal Proceedings	15

ITEM 1A:	Risk Factors	15

ITEM 2:	Unregistered Sales of Equity Securities and Use of Proceeds	15

ITEM 3:	Defaults upon Senior Securities	15

ITEM 4:	Mine Safety Disclosure	15

ITEM 5:	Other Information	15

ITEM 6:	Exhibits	16

SIGNATURES		18

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report includes statements of our expectations, intentions, plans, and beliefs that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are intended to come within the safe harbor protection provided by those sections. These forward-looking statements are principally, but not solely, contained in the section captioned “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words “estimate,” “project,” “intend,” “forecast,” “anticipate,” “plan,” “planning,” “expect,” “believe,” “will,” “will likely,” “should,” “could,” “would,” “may” or words or expressions of similar meaning. The matters discussed in these forward-looking statements are subject to risks, uncertainties and other factors that could cause our actual results to differ materially from those projected, anticipated or implied in the forward-looking statements. Many of these risks, uncertainties and other factors are beyond our ability to control, influence, or predict. The most significant of these risks, uncertainties and other factors are described in “Item 1A—Risk Factors” of this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the fiscal year ended December 31, 2013 filed with the Securities and Exchange Commission on March 18, 2014. These forward-looking statements reflect our views and assumptions only as of the date such forward-looking statements are made. Except to the limited extent required by applicable law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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PART I. FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

LPATH, INC.

Condensed Consolidated Balance Sheets

(Unaudited)

	September 30,			December 31,
	2014			2013
ASSETS
Current Assets:
Cash and cash equivalents	$	20,508,779		$	11,851,639
Accounts receivable	2,058,985			1,310,037
Prepaid expenses and other current assets	1,661,365			292,477
Total current assets	24,229,129			13,454,153

Equipment and leasehold improvements, net	237,238			211,362
Patents, net	2,141,921			1,926,868
Deposits and other assets	77,350			77,350

Total assets	$	26,685,638		$	15,669,733

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	2,625,222		$	2,025,799
Accrued compensation	321,083			693,022
Accrued expenses	221,364			291,358
Deferred contract revenue	187,500			498,000
Deferred rent, short-term portion	31,274			24,008
Total current liabilities	3,386,443			3,532,187

Deferred rent, long-term portion	45,300			69,373
Warrants	1,300,000			2,100,000
Total liabilities	4,731,743			5,701,560

Stockholders’ Equity:
Common stock - $.001 par value; 100,000,000 shares authorized; 19,224,708 and 13,387,914 issued and outstanding at September 30, 2014 and December 31, 2013, respectively	19,225			13,388
Additional paid-in capital	81,608,382			59,432,943
Accumulated deficit	(59,673,712		)	(49,478,158		)
Total stockholders’ equity	21,953,895			9,968,173

Total liabilities and stockholders’ equity	$	26,685,638		$	15,669,733

See accompanying notes to the condensed consolidated financial statements.

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LPATH, INC.

Condensed Consolidated Statements of Operations

(Unaudited)

	Nine Months Ended September 30,						Three Months Ended September 30,
	2014			2013			2014			2013

Revenues:
Grant and royalty revenue	$	448,380		$	1,282,920		$	132,297		$	705,625
Research and development revenue under collaborative agreements	3,713,553			4,396,132			978,167			1,845,021
Total revenues	4,161,933			5,679,052			1,110,464			2,550,646

Expenses:
Research and development	11,868,453			7,777,218			3,630,481			3,353,057
General and administrative	3,289,052			3,089,402			1,049,087			976,660
Total expenses	15,157,505			10,866,620			4,679,568			4,329,717

Loss from operations	(10,995,572		)	(5,187,568		)	(3,569,104		)	(1,779,071		)

Other income (expense), net	18			26,602			—			(420		)
Change in fair value of warrants	800,000			—			400,000			(750,000		)
Total other income (expense), net	800,018			26,602			400,000			(750,420		)

Net loss	$	(10,195,554	)	$	(5,160,966	)	$	(3,169,104	)	$	(2,529,491	)

Basic and diluted net loss per share	$	(0.66	)	$	(0.38	)	$	(0.20	)	$	(0.19	)

Weighted-average shares outstanding used in the calculation	15,516,950			13,416,748			16,155,752			13,428,623

See accompanying notes to the condensed consolidated financial statements.

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LPATH, INC.

Condensed Consolidated Statements of Cash Flows

Nine Months Ended September 30,

(Unaudited)

	2014			2013
Cash flows from operating activities:
Net loss	$	(10,195,554	)	$	(5,160,966	)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	999,895			630,659
Change in fair value of warrants	(800,000		)	—
Depreciation and amortization	166,983			161,461
Changes in operating assets and liabilities:
Accounts receivable	(748,948		)	(388,379		)
Prepaid expenses and other current assets	(1,368,888		)	46,907
Accounts payable and accrued expenses	131,573			(271,806		)
Deferred contract revenue	(310,500		)	(4,336,036		)
Other	(16,807		)	(36,774		)
Net cash used in operating activities	(12,142,246		)	(9,354,934		)

Cash flows from investing activities:
Equipment and leasehold improvement expenditures	(99,007		)	(37,734		)
Patent expenditures	(308,905		)	(272,196		)
Net cash used in investing activities	(407,912		)	(309,930		)

Cash flows from financing activities:
Proceeds from sale of common stock and warrants, net	21,290,025			—
Proceeds from options and warrants exercised	250			3,289
Payment for restricted stock tax liability on net settlement	(82,977		)	(44,833		)
Net cash provided by (used in) financing activities	21,207,298			(41,544		)

Net increase (decrease) in cash and cash equivalents	8,657,140			(9,706,408		)

Cash and cash equivalents at beginning of period	11,851,639			24,621,083
Cash and cash equivalents at end of period	$	20,508,779		$	14,914,675

Supplemental disclosure of cash flow information:
Cash paid during the year for:
Income taxes	$	1,600		$	1,600
Supplemental disclosure of non-cash investing and financing activities:
Change in fair value of warrant liability	$	(800,000	)	$	—

See accompanying notes to the condensed consolidated financial statements.

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LPATH, INC.

Notes to Condensed Consolidated Financial Statements

September 30, 2014

Note 1 — BASIS FOR PRESENTATION

The unaudited condensed consolidated balance sheet of Lpath, Inc. (“Lpath” or “the company”) as of December 31, 2013 was derived from our audited financial statements, but does not contain all disclosures required by accounting principles generally accepted in the United States of America, and certain information and disclosures normally included have been condensed or omitted pursuant to the rules and regulations of the SEC.

In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Except as otherwise disclosed, all such adjustments are of a normal recurring nature. Operating results for the three-month and nine-month periods ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014 or for any future financial period. For further information, refer to the consolidated financial statements and notes included in the company’s annual report on Form 10-K for the year ended December 31, 2013.

The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Recent Accounting Pronouncements

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, a converged standard on revenue recognition. The new pronouncement requires revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also specifies the accounting for some costs to obtain or fulfil a contract with a customer, as well as enhanced disclosure requirements. ASU 2014-9 is effective for annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. The adoption of ASU 2014-9 is not expected to have a material effect on our consolidated financial statements.

Note 2 — RESEARCH AND DEVELOPMENT COLLABORATIVE AGREEMENTS

In 2010, Lpath entered into an agreement providing Pfizer Inc. (“Pfizer”) with an exclusive option for a worldwide license to develop and commercialize iSONEP™ (“the Pfizer Agreement”), Lpath’s lead monoclonal antibody product candidate that is being evaluated for the treatment of wet age-related macular degeneration (“wet AMD”) and other ocular disorders.

Following completion of the clinical trial, Pfizer has the right to exercise its option for worldwide rights to iSONEP for an undisclosed option fee and, if Pfizer exercises its option, Lpath will be eligible to receive development, regulatory, and commercial milestone payments that could total up to $497.5 million. In addition, Lpath will be entitled to receive tiered double-digit royalties based on sales of iSONEP. As part of the agreement, Lpath has granted to Pfizer a time-limited right of first refusal for ASONEP™, Lpath’s product candidate that is being evaluated for the treatment of cancer.

The company recognized revenue under research and development collaborative agreements as follows:

	Nine Months Ended				Three Months Ended
	September 30,				September 30,
	2014		2013		2014		2013
Cost reimbursements	$	3,403,053	$	—	$	915,667	$	—
Amortization of license and development fees	310,500		4,336,036		62,500		1,845,021
Other	—		60,096		—		—
	$	3,713,553	$	4,396,132	$	978,167	$	1,845,021

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Note 3 — SHARE-BASED PAYMENTS

The company recognized share-based compensation expense as follows:

	Nine Months Ended				Three Months Ended
	September 30,				September 30,
	2014		2013		2014		2013

Research and development	$	352,994	$	227,260	$	120,081	$	104,411
General and administrative	646,901		403,399		175,588		123,489

Total share-based compensation expense	$	999,895	$	630,659	$	295,669	$	227,900

As of September 30, 2014, there was a total of $2.1 million in unrecognized compensation expense related to unvested stock-based compensation issued under the Lpath, Inc. Amended and Restated 2005 Equity Incentive Plan. That expense is expected to be recognized over a weighted-average period of 2.4 years. Because of its net operating loss carryforwards, the company did not realize any tax benefits for the tax deductions from share-based payment arrangements during the three-month periods ended September 30, 2014 and 2013.

Note 4 — FAIR VALUE MEASUREMENTS

Lpath has issued warrants, of which some are classified as equity and some as liabilities. The warrants issued in March 2012 (and expiring in March 2017) provide that in the event of a fundamental transaction, as defined by the warrant agreement, the company may, under certain circumstances, be obligated to settle the March 2012 warrants for cash equal to the value of the warrants determined in accordance with the warrant agreement. The company’s recurring fair value measurements at September 30, 2014 were as follows:

	Fair Value as of September 30, 2014		Significant Unobservable Inputs (Level 3)
Liabilities:
Warrants expiring March 2017	$	1,300,000	$	1,300,000

The company determined the fair value of the warrant liability for certain warrants, as applicable, using a Black-Scholes model. The model considered amounts and timing of future possible equity and warrant issuances and volatility of the company’s stock price equal to 100%, as specified in the underlying warrants.

Recurring Level 3 Activity, Reconciliation, and Basis for Valuation

The table below provides a reconciliation of the beginning and ending balances for the liabilities measured at fair value using significant unobservable inputs (Level 3).

Fair value measurements using significant unobservable inputs (Level 3):

Liabilities:
Warrant liability as of January 1, 2014	$	2,100,000
Change in fair value of warrants	(800,000		)

Warrant liability as of September 30, 2014	$	1,300,000

The terms of all outstanding warrants permit the company, upon exercise of the warrants, to settle the contract by the delivery of unregistered shares. As of September 30, 2014, there were 4,587,359 warrants outstanding with a weighted-average exercise price of $4.21 per share expiring through September 2019.

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Note 5 — COMMON STOCK

On March 18, 2014, Lpath entered into an at-the-market issuance sales agreement with MLV (the “MLV Agreement”). Pursuant to the MLV Agreement, the company may from time to time, at the company’s option, issue and, through MLV, sell shares of its common stock having an aggregate offering price of up to $23 million (subject to limitations set by the SEC if the aggregate market-value of the company’s common stock held by non-affiliates remains below $75 million, which limitations reduce the amount that we can offer at this time to approximately $4.9 million and subject to certain time based limitations pursuant to the securities purchase agreement entered into in connection with the direct offering discussed below) from time to time, at the company’s option, through MLV. Sales of common stock through MLV, if any, will be made by any method that is deemed an “at-the-market” offering as defined in Rule 415 promulgated under the Securities Act of 1933, as amended, including by means of ordinary brokers’ transactions at market prices, in block transactions or as otherwise agreed by the Lpath and MLV. Subject to the terms and conditions of the MLV Agreement, MLV will use commercially reasonable efforts to sell the common stock based upon the company’s instructions (including any price, time or size limits or other customary parameters or conditions the Company may impose). Lpath is not obligated to make any sales of its common stock under the MLV Agreement. Any shares sold will be sold pursuant to the company’s effective shelf registration statement on Form S-3. The company will pay MLV a commission of up to 3.0% of the gross proceeds. The MLV Agreement will terminate upon the earlier of the sale of all common stock subject to the MLV Agreement or termination of the MLV Agreement by the company or MLV. During the quarter ended September 30, 2014, the company sold 27,505 shares at sales prices ranging from $3.50 to $4.08 per share, resulting in $99,000 in net proceeds.

In September 2014, Lpath sold 3,605,042 registered shares of common stock and warrants to purchase 3,605,042 unregistered shares of common stock in a direct offering at a purchase price of $3.475 per share-and-warrant-share combination. The warrants have an exercise price of $3.36 per underlying share, are immediately exercisable, and terminate on the five-year anniversary of issuance. Each warrant may be exercised using a cashless exercise procedure if the resale of the underlying shares are not covered by an effective registration statement. Net proceeds of this offering totaled $11,500,000 after deducting placement agent fees and other expenses of the offering. Maxim Group LLC (“Maxim”) acted as the exclusive placement agent for the offering. Maxim received a placement agent fee of $751,651 and an unregistered warrant to purchase 54,076 unregistered shares of common stock (the “Maxim Warrant”) as well as the reimbursement of fees and expenses up to $60,000. The Maxim Warrant has an exercise price of $3.36 per share, is immediately exercisable, and will terminate on August 23, 2018.

As part of the transaction, Lpath has agreed not to issue any shares of Common Stock or securities convertible into shares of Common Stock until March 19, 2015, except for certain exempt issuances. Lpath also agreed not to offer any variable-rate securities until October 23, 2015, provided, however, that the Company can recommence sales under its existing at-the-market vehicle after March 19, 2015.

Note 6 — EARNINGS PER SHARE

Anti-dilutive common stock equivalents were excluded from the calculation of diluted loss per share as follows:

	Nine and Three Months Ended
	September 30,
	2014	2013
Stock options	802,829	363,269
Warrants	4,587,359	931,099
Restricted stock units	636,209	712,038
Total	6,026,397	2,006,406

Note 7 — SUBSEQUENT EVENT

On November 3, 2014, the Board of Directors (the “Board”) of the Company accepted the resignation of Scott Pancoast as the Company’s President and Chief Executive Officer and as a member of the Board. Mr. Pancoast’s resignation did not result from any disagreement with the Company on any matter relating to the company’s operations, policies, or practices. In connection with Mr. Pancoast’s resignation, on November 3, 2014 (the “Separation Date”), the Company and Mr. Pancoast entered into a separation agreement and general release (the “Separation Agreement”). Pursuant to the terms of the Separation Agreement, Mr. Pancoast will receive (i) $300,000, less applicable payroll deductions and required withholdings, payable in eight monthly installments of $37,500, and (ii) a final payment of $3,750, payable on the nine-month anniversary of the Separation Date. In addition, the Company will pay or reimburse Mr. Pancoast for the COBRA premiums required to insure Mr. Pancoast and his legal dependents for a period of 24 months following the Separation Date. Additionally, (i) the portion of Mr. Pancoast’s stock options that would have vested by May 3, 2016 will immediately vest and Mr. Pancoast will have until March 10, 2016 to exercise such options and (ii) the portion of Mr. Pancoast’s restricted stock units that would have vested by November 8, 2015 will immediately vest. Additionally, as part of the Separation Agreement, Mr. Pancoast agreed to a 12-month standstill and customary general releases. The description of the Separation Agreement set forth above does not purport to be complete and is qualified in its entirety by reference to the Separation Agreement attached as Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed with the SEC on November 4, 2014 and incorporated herein by reference.

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On November 3, 2014, the Board also appointed Michael Lack, as the Company’s Interim Chief Executive Officer and Principal Executive Officer. Mr. Lack will lead the Company while the Board conducts a search for a new Chief Executive Officer. The Company entered into a consulting agreement (the “Consulting Agreement”) with Mr. Lack in connection with his appointment as Interim Chief Executive Officer. Under the Consulting Agreement, Mr. Lack will receive a monthly salary of $37,500, with a guarantee of such salary level for a period of four months, subject to certain exceptions. In addition, the Board granted Mr. Lack restricted stock units for 15,000 shares of Common Stock that will vest in full, subject to certain exceptions, on the earlier of (i) the one-year anniversary of the date of his appointment or (ii) the date on which he no longer provides services to the Company.

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This discussion and analysis of the financial condition and results of operations of Lpath, Inc. (“Lpath”, the “company”, “we”, “us”, or “our”) should be read in conjunction with our condensed consolidated financial statements and notes thereto included in this Quarterly Report on Form 10-Q and the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2013, as filed with the Securities and Exchange Commission (the “SEC”). In addition to historical information, this discussion and analysis contains forward-looking statements that involve risks, uncertainties, and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors including, but not limited to, those identified in “Item 1A—Risk Factors” of this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the fiscal year ended December 31, 2013.

Overview

We are a biotechnology company focused on the discovery and development of lipidomic-based therapeutic antibodies, an emerging field of medical science that targets bioactive signaling lipids to treat a wide range of human diseases. We have two product candidates that are currently in clinical development, and one in pre-clinical evaluation.

iSONEP™ is the ocular formulation of sonepcizumab, a humanized monoclonal antibody (“mAb”) against sphingosine-1-phosphate (“S1P”). Sphingomab™ is the original mouse version of this monoclonal antibody. iSONEP is administered by intravitreal injection, and has demonstrated multiple mechanisms of action in ocular models of disease, including anti-angiogenesis, anti-inflammatory, anti-fibrotic and anti-vascular permeability. This combination of mechanisms would suggest: (i) iSONEP might have a comparative advantage over currently marketed products for “wet” age-related macular degeneration (“wet AMD”) and (ii) iSONEP might demonstrate clinical efficacy in a broad range of retinal diseases where there is currently a significant unmet medical need, including diabetic retinopathy, dry AMD, and glaucoma-related surgery.

We entered into an agreement with Pfizer Inc. in December 2010, and amended it in 2012 (collectively, the “Pfizer Agreement”), that provides Pfizer with an exclusive option for a worldwide license to develop and commercialize iSONEP. Under the Pfizer Agreement, we are conducting a Phase 2 study in wet AMD patients (the “Nexus trial”). We began enrolling patients in the Nexus trial in October 2011. We anticipate that we will enroll the last Nexus trial patient during the second half of 2014. The actual time required to complete our clinical trials will depend upon a number of factors outside of our direct control, including those discussed in “Risk Factors — We may have delays in completing our clinical trials, and we may not complete them at all” in our Form 10-K for the fiscal year ended December 31, 2013.

In October 2013, we announced that we had received notice from Pfizer that Pfizer would be seeking to divest certain ophthalmology research and development assets, including Pfizer’s rights and obligations under the Pfizer Agreement. We presented offers to Pfizer to reacquire those rights. However, in December 2013, Pfizer informed us that our offers were not competitive with other offers. Acquisition of Pfizer’s rights and obligations under the terms of the Pfizer Agreement by a third party would not affect the terms of the Pfizer Agreement, as the existing rights and obligations currently held by Pfizer will be assumed by the third party or remain with Pfizer based on the terms of the agreement between Pfizer and the third party. Since December 2013, Pfizer has maintained its position that it is continuing a process to divest certain of its ophthalmology research and development assets, including its rights and obligations under the Pfizer Agreement. Nevertheless, we believe that Pfizer may now be waiting until they receive the results of the Nexus trial before completing or stopping its process, given that we are closer to the completion of the Nexus trial.

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Following completion of the Nexus study, Pfizer (or a third party who may acquire Pfizer’s rights) has the right to exercise its option for worldwide rights to iSONEP for an undisclosed option fee and, if Pfizer (or a third party who may acquire Pfizer’s rights) exercises its option, we will be eligible to receive development, regulatory, and commercial milestone payments that could total up to $497.5 million. In addition, we will be entitled to receive tiered double-digit royalties based on sales of iSONEP.

As of September 30, 2014, Pfizer had paid the Company $22.6 million pursuant to the terms of the Pfizer Agreement. The amendment to the Pfizer Agreement did not modify the Company’s obligation to fund $6.0 million of Nexus trial expenses, which it completed during 2013. The terms of the Pfizer Agreement specify that, since the Company has fulfilled its funding obligation, Pfizer (or any third party who acquires Pfizer’s rights) will fund the remaining expenses necessary to complete the Nexus trial. Pfizer has continued to meet its funding obligations under the Pfizer Agreement.

ASONEP™ is the systemic formulation of sonepcizumab. We are collaborating with investigators at several medical research institutions on a Phase 2 clinical trial testing ASONEP as a treatment for renal cell carcinoma. This study is ongoing and we expect to complete it in 2015.

As part of the Pfizer Agreement, Lpath has granted to Pfizer (or a third party who may acquire Pfizer’s rights) a time-limited right of first refusal for ASONEP, which period ends on the latest date that Pfizer, or a third party who may acquire Pfizer’s rights, may exercise its option to continue development of iSONEP.

Lpathomab™, our pre-clinical product candidate, is a mAb against lysophosphatidic acid (“LPA”), a key bioactive lipid that has long been recognized as a significant promoter of cancer-cell growth and metastasis in a broad range of tumor types. Published research has also demonstrated that LPA is a significant contributor to neuropathic pain and traumatic brain injury, and plays a key role in pulmonary fibrosis. We have selected the clinical candidate mAb from among three humanized mAbs that inhibit LPA. These mAbs were tested against each other in various models of human disease to determine which mAb would be most likely to succeed in clinical trials. We are now engaged in manufacturing the cGMP clinical drug product and expect to complete all Investigational New Drug (“IND”) enabling studies by the end of 2014. We plan to file the IND in early 2015, and begin testing Lpathomab in clinical trials thereafter.

Lpath has incurred significant net losses since its inception. As of September 30, 2014, we had an accumulated deficit of approximately $59.7 million. We expect that the cost of our ongoing research and development activities, including general and administrative expenses, will approximate $23 million from October 1, 2014 through the end of 2015. This estimate includes the expenses to conduct the Nexus clinical trial for iSONEP, as well as the Phase 2 clinical trial for ASONEP. In addition, this estimate includes the expenses to complete the manufacturing of the Lpathomab clinical drug product and the IND-enabling studies for Lpathomab. As of September 30, 2014, we had cash and cash equivalents totaling $20.5 million. Additional near-term sources of cash include our accounts receivable of $2.1 million, as well as additional funding pursuant to the terms of the Pfizer Agreement to support our Nexus clinical trial. We believe these funds should be sufficient to fund our planned drug discovery and development activities at least through the first quarter of 2016. However, the continuation of our current clinical development activities beyond the first quarter of 2016 is dependent upon our ability to obtain additional funding. In the event that we are unable to obtain additional funding, certain planned research and development activities will be deferred or curtailed.

We expect our expenditures to increase as we continue the advancement of our product development programs. The lengthy process of completing clinical trials and seeking regulatory approval for one product candidate typically requires expenditures in excess of approximately $100 million, according to industry data. Any failure by us or delay in completing clinical trials, or in obtaining regulatory approvals, would cause our research and development expenses to increase and, in turn, have a material adverse effect on our results of operations.

Results of Operations

Grant and Royalty Revenue. Grant and royalty revenues for the quarter ended September 30, 2014 were $132,000 compared to $706,000 for the quarter ended September 30, 2013, a decrease of $574,000. For the first three quarters of 2014, grant and royalty revenues were $448,000 compared to $1,283,000 for the first three quarters of 2013, a decrease of $835,000. The decreases in 2014 were due to the completion of one of our NIH grants in August 2013.

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Research and Development Revenue Under Collaborative Agreement. As described in Note 2 to the condensed consolidated financial statements, in December 2010 we entered into an agreement with Pfizer that provides financial support for our iSONEP and ASONEP development programs. We recognized revenues under research and development collaborative agreements as follows:

	Nine Months Ended				Three Months Ended
	September 30,				September 30,
	2014		2013		2014		2013
Cost reimbursements	$	3,403,053	$	—	$	915,667	$	—
Amortization of license and development fees	310,500		4,336,036		62,500		1,845,021
Other	—		60,096		—		—
	$	3,713,553	$	4,396,132	$	978,167	$	1,845,021

During the fourth quarter of 2013, we reached the point in the Pfizer Agreement where Pfizer became responsible for funding the iSONEP development costs pursuant to the terms of the Pfizer Agreement. During 2013, Lpath was responsible for funding iSONEP development costs, resulting in increased amortization of development fees in 2013 compared to 2014.

Research and Development Expenses. Research and development expenses increased to $11,868,000 for the first three quarters of 2014 from $7,777,000 for the first three quarters of 2013, an increase of $4,091,000. For the third quarter of 2014, research and development expenses increased to $3,630,000 from $3,353,000 for the third quarter of 2013, an increase of $277,000. The increases in 2014 were driven by the increased costs of our ongoing clinical trials, especially the expenses related to manufacturing process development and IND-enabling studies for the Lpathomab program, as well as the addition of new employees in the research and development functions.

General and Administrative Expenses. General and administrative expenses were $3,289,000 for the nine-month period ended September 30, 2014 compared to $3,089,000 for the same period in 2013, an increase of $200,000. General and administrative expenses were $1,049,000 for the quarter ended September 30, 2014 compared to $977,000 for the same period in 2013, an increase of $72,000. These increases are principally attributable to increased stock compensation expense incurred in connection with stock options issued to employees in 2014.

Change in Fair Value of Warrants. Various factors are considered in the pricing model we use to value outstanding warrants, including the company’s current stock price, the remaining life of the warrants, and the risk-free interest rate. Future changes in these factors will have a significant impact on the computed fair value of the warrant liability. The most significant factor in the valuation model is the company’s stock price. Lpath’s stock is thinly traded and relatively small transactions can impact the company’s quoted stock price significantly. As such, we expect future changes in the fair value of the warrants to continue to vary significantly from quarter to quarter. Management cautions that the net change in fair value of the warrants reflected in the statement of operations, and all similar changes in the future, should not be given undue importance when considering the financial condition of Lpath and the results of its operations. Management does not believe that these adjustments, which are required by current generally accepted accounting principles, reflect economic activities or financial obligations undertaken by the company.

Liquidity and Capital Resources

As they are currently planned, we estimate that our ongoing drug discovery and development efforts, including general and administrative expenses, will require Lpath to expend approximately $23 million from October 1, 2014, through the end of 2015. In September 2014, we closed a direct offering in which we sold 3,605,042 registered shares of common stock and warrants to purchase 3,605,042 unregistered shares of common stock at a purchase price of $3.475 per share-and-warrant-share combination. The gross proceeds were $12.5 million before deducting placement fees and other estimated offering expenses of approximately $950,000. The warrants have an exercise price of $3.36 per underlying share, are immediately exercisable, and terminate on the five-year anniversary of issuance.

As of September 30, 2014, we had cash and cash equivalents totaling $20.5 million. Additional near-term sources of cash include our accounts receivable of $2.1 million, and additional funding from Pfizer under the terms of the Pfizer Agreement to support our Nexus clinical trial. We believe these funds should be sufficient to fund our planned drug discovery and development activities at least through the first quarter of 2016.

Based on our current plans and available resources, we will be required to secure additional capital to continue to fund our planned drug discovery and development projects beyond the first quarter of 2016. In addition, our expenses may exceed our current plans and expectations.

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If Pfizer (or a third party who may acquire Pfizer’s rights) elects to exercise its option to continue the clinical development of iSONEP beyond the current Nexus clinical trial, the terms of the Pfizer Agreement provide that we will receive additional funding that we may use to support our operations beyond the first quarter of 2016. However, we cannot assure you that we will be successful in maintaining our commercial relationship with Pfizer (or a third party who may acquire Pfizer’s rights), that Pfizer (or that a third party who may acquire Pfizer’s rights) will exercise its option to develop and commercialize iSONEP, or that iSONEP will achieve the developmental, regulatory, and commercial milestones necessary to entitle us to future payments under the Pfizer Agreement on a timely basis, or at all.

In addition, in March 2014 we entered into an at-the-market issuance sales agreement with MLV & Co. LLC and filed a prospectus supplement under which we may sell a total of up to $23,000,000 in shares of our common stock (subject to limitations set by the SEC if the aggregate market-value of our common stock held by non-affiliates remains below $75 million, which reduces the amount that we can offer to approximately $4.9 million as of the closing of our direct offering discussed above, and subject to certain time based limitations pursuant to the securities purchase agreement entered into in connection with the direct offering). As part of the transaction, Lpath has agreed not to issue any shares of Common Stock or securities convertible into shares of Common Stock until March 19, 2015, except for certain exempt issuances. Lpath also agreed not to offer any variable-rate securities until October 23, 2015, provided, however, that the Company can recommence sales under its existing at-the-market vehicle after March 19, 2015.

We expect that we will be required to issue additional equity or debt securities or enter into other commercial arrangements, including relationships with corporate and other partners, to secure the additional financial resources to support our development efforts and future operations. We may not be successful in obtaining funding from new or existing collaboration or license agreements, or in receiving milestone or royalty payments under those agreements. In addition, we cannot be sure that additional financing will be available when needed or that, if available, financing will be obtained on terms favorable to us or to our stockholders. Having insufficient funds may require us to delay, scale back, or eliminate some or all of our development programs, relinquish some or even all rights to product candidates at an earlier stage of development, or renegotiate less favorable terms than we would otherwise choose. For example, in the future, we could determine to delay or scale back some of our planned drug discovery and development projects to extend our runway beyond the first quarter of 2016. Nevertheless, the failure to obtain adequate financing could eventually adversely affect our ability to operate as a going concern. If we raise additional funds from the issuance of equity securities, substantial dilution to our existing stockholders would likely result. If we raise additional funds by incurring debt financing, the terms of the debt may involve significant cash payment obligations as well as covenants and specific financial ratios that may restrict our ability to operate our business.

Critical Accounting Policies, Estimates, and Judgments

Our condensed consolidated financial statements are prepared in accordance with accounting principles that are generally accepted in the United States. The preparation of these condensed consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. We continually evaluate our estimates and judgments, the most critical of which are those related to revenue recognition, valuation of long-lived assets and warrant liability, share-based compensation, the timing of the achievement of drug development milestones, and income taxes. We base our estimates and judgments on historical experience and other factors that we believe to be reasonable under the circumstances. Materially different results can occur as circumstances change and additional information becomes known. Besides the estimates identified above that are considered critical, we make many other accounting estimates in preparing our condensed consolidated financial statements and related disclosures. All estimates, whether or not deemed critical, affect reported amounts of assets, liabilities, revenues and expenses, as well as disclosures of contingent assets and liabilities. These estimates and judgments are also based on historical experience and other factors that are believed to be reasonable under the circumstances. Materially different results can occur as circumstances change and additional information becomes known, even for estimates and judgments that are not deemed critical.

For further information, refer to the consolidated financial statements and notes thereto included in the company’s annual report on Form 10-K for the year ended December 31, 2013.

Recent Accounting Pronouncements

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, a converged standard on revenue recognition. The new pronouncement requires revenue recognition to depict the transfer of promised goods or services to customer in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also specifies the accounting for some costs to obtain or fulfill a contract with a customer, as well as enhanced disclosure requirements. ASU 2014-9 is effective for annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. The adoption of ASU 2014-9 is not expected to have a material effect on our consolidated financial statements.

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Resignation of Scott Pancoast and Appointment of Interim Chief Executive Officer

On November 3, 2014, the Board of Directors (the “Board”) of the company accepted the resignation of Scott Pancoast as the company’s President and Chief Executive Officer and as a member of the Board. Mr. Pancoast’s resignation did not result from any disagreement with the company on any matter relating to the company’s operations, policies, or practices. In connection with Mr. Pancoast’s resignation, on November 3, 2014 (the “Separation Date”), the company and Mr. Pancoast entered into a separation agreement and general release (the “Separation Agreement”). Pursuant to the terms of the Separation Agreement, Mr. Pancoast will receive (i) $300,000, less applicable payroll deductions and required withholdings, payable in eight monthly installments of $37,500, and (ii) a final payment of $3,750, payable on the nine-month anniversary of the Separation Date. In addition, the company will pay or reimburse Mr. Pancoast for the COBRA premiums required to insure Mr. Pancoast and his legal dependents for a period of 24 months following the Separation Date. Additionally, (i) the portion of Mr. Pancoast’s stock options that would have vested by May 3, 2016 will immediately vest and Mr. Pancoast will have until March 10, 2016 to exercise such options and (ii) the portion of Mr. Pancoast’s restricted stock units that would have vested by November 8, 2015 will immediately vest. Additionally, as part of the Separation Agreement, Mr. Pancoast agreed to a 12-month standstill and customary general releases.

On November 3, 2014, the Board also appointed Michael Lack, as the company’s Interim Chief Executive Officer and Principal Executive Officer. Mr. Lack will lead the company while the Board conducts a search for a new Chief Executive Officer. The company entered into a consulting agreement (the “Consulting Agreement”) with Mr. Lack in connection with his appointment as Interim Chief Executive Officer. Under the Consulting Agreement, Mr. Lack will receive a monthly salary of $37,500, with a guarantee of such salary level for a period of four months, subject to certain exceptions. In addition, the Board granted Mr. Lack restricted stock units for 15,000 shares of Common Stock that will vest in full, subject to certain exceptions, on the earlier of (i) the one-year anniversary of the date of his appointment or (ii) the date on which he no longer provides services to the company.

Item 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial and accounting officer, as appropriate, to allow timely decisions regarding required disclosure.

Under the supervision of our Interim Chief Executive Officer and our Chief Financial Officer, and with the participation of all members of management, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) promulgated under the Exchange Act. Based on this evaluation, our principal executive officer and our principal financial officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this Quarterly Report on Form 10-Q.

Our management, including our Interim Chief Executive Officer and our Chief Financial Officer, cannot be certain that our disclosure controls and procedures or our internal controls will prevent all instances of errors and fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the company have been detected.

Changes in Internal Controls over Financial Reporting

In connection with the evaluation required by Exchange Act Rule 13a-15(d), our management, including our Interim Chief Executive Officer and our Chief Financial Officer, concluded that no changes in our internal control over financial reporting occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II — OTHER INFORMATION

Item 1A. RISK FACTORS

In evaluating us and our common stock, we urge you to carefully consider the risks and other information in this Quarterly Report on Form 10-Q, as well as the risk factors disclosed in Item 1A. to Part I of our Annual Report on Form 10-K for the fiscal year ended December 31, 2013, which we filed with the SEC on March 18, 2014 (the “Form 10-K”) and Item 1A. to Part II of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2014, which we filed with the SEC on August 8, 2014 (the “June 30 Form 10-Q”). The risks and uncertainties described in “Item 1A — Risk Factors” of our Form 10-K and “Item 1A — Risk Factors” of our June 30 Form 10-Q have not materially changed. Any of the risks discussed in this Quarterly Report on Form 10-Q or any of the risks disclosed in Item 1A. to Part I of our Form 10-K and Item 1A. to Part II of our June 30 Form 10-Q, as well as additional risks and uncertainties not currently known to us or that we currently deem immaterial, could materially and adversely affect our results of operations, financial condition or prospects.

Item 1. LEGAL PROCEEDINGS

We are not currently a party in any material legal proceedings.

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

Item 3. DEFAULTS UPON SENIOR SECURITIES

None.

Item 4. MINE SAFETY DISCLOSURE

Not applicable

Item 5. OTHER INFORMATION

None.

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Item 6. EXHIBITS

(a) Exhibits:

The following exhibit index shows those exhibits filed with this report and those incorporated herein by reference:

2.1		Agreement and Plan of Reorganization, by and between Neighborhood Connections, Inc., Neighborhood Connections Acquisition Corporation, and Lpath Therapeutics Inc. dated July 15, 2005 (filed as an exhibit to the Current Report on Form 8-K filed with the SEC on December 6, 2005 and incorporated herein by reference).

2.2		Acquisition Agreement and Plan of Merger, dated as of March 19, 2004, between Neighborhood Connections, Inc. and JCG, Inc. (filed as Exhibit 2.1 to the Current Report on Form 8-K filed on March 22, 2004 and incorporated herein by reference).

2.3		Plan of Conversion, dated July 17, 2014, changing the Company’s state of incorporation from the State of Nevada to the State of Delaware (filed as Exhibit 2.1 to the Current Report on Form 8-K filed on July 21, 2014 and incorporated herein by reference).

3.1		Certificate of Incorporation (filed as Exhibit 3.3 to the Current Report on Form 8-K filed on July 21, 2014 and incorporated herein by reference).

3.2		Bylaws (filed as Exhibit 3.4 to the Current Report on Form 8-K filed on July 21, 2014 and incorporated herein by reference).

4.1		Form of Common Stock Purchase Warrant for Investors in the Units. (filed as an exhibit to Form 8-K filed with the SEC on March 6, 2012 and incorporated herein by reference.)

4.2		Form of Common Stock Purchase Warrant for Placement Agents of the Units. (filed as an exhibit to the Current Report on Form 8-K filed with the SEC on March 6, 2012 and incorporated herein by reference.)

4.3		Form of Warrant for Griffin Securities, Inc. (filed as an exhibit to the Current Report on Form 8-K filed with the SEC on March 6, 2012 and incorporated herein by reference.)

4.4		Form of Common Stock Certificate (filed as Exhibit 4.1 to the Current Report on Form 8-K filed on July 21, 2014 and incorporated herein by reference).

4.5		Form of Warrant to be issued to the investors (filed as Exhibit 4.1 to the Current Report on Form 8-K filed with the SEC on September 22, 2014 and incorporated herein by reference).

4.6		Form of Warrant to be issued to Maxim Group LLC (filed as Exhibit 4.2 to the Current Report on Form 8-K filed with the SEC on September 22, 2014 and incorporated herein by reference).

4.7		Registration Rights Agreement, dated as of April 6, 2007, by and among Lpath, Inc. and each investor identified therein (filed as Exhibit 10.15 to the June 2007 SB-2 and incorporated herein by reference).

4.8		Registration Rights Agreement, dated August 12, 2008, by and among Lpath, Inc. and each of the investors identified therein (filed as Exhibit 10.18 to the registration statement on Form S-1 filed with the SEC on September 11, 2008 and incorporated herein by reference).

4.9		Registration Rights Agreement, dated November 16, 2010, by and between Lpath, Inc. and each purchaser identified therein (filed as Exhibit 10.18 to the Current Report on Form 8-K filed with the SEC on November 18, 2010 and incorporated herein by reference).

4.10		Form of Registration Rights Agreement between Lpath, Inc. and certain investors (filed as a Exhibit 10.2 to the Current Report on Form 8-K filed with the SEC on September 22, 2014 and incorporated herein by reference).

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10.1		Form of Indemnification Agreement entered into between Lpath, Inc. and its officers and directors (filed as Exhibit 10.1 to the Current Report on Form 8-K filed on July 21, 2014 and incorporated herein by reference).

10.2		Securities Purchase Agreement, dated September 19, 2014, between Lpath, Inc. and certain investors (filed as Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on September 22, 2014 and incorporated herein by reference).

10.3		Separation Agreement, dated as of November 3, 2014, by and between the Company and Scott Pancoast (filed as Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on November 4, 2014 and incorporated herein by reference).

10.4+		Consulting Agreement, dated as of November 3, 2014, by and between the Company and Michael Lack (filed as Exhibit 10.2 to the Current Report on Form 8-K filed with the SEC on November 4, 2014 and incorporated herein by reference).

10.5+		Form of RSU Agreement entered into with Michael Lack (filed as Exhibit 10.3 to the Current Report on Form 8-K filed with the SEC on November 4, 2014 and incorporated herein by reference).

10.6+		Form of RSU Agreement entered into with the Company’s officers and directors.*

31.1		Section 302 Certification by Chief Executive Officer of Lpath, Inc.*

31.2		Section 302 Certification by Chief Financial Officer of Lpath, Inc.*

32.1		Section 906 Certification by Chief Executive Officer and Chief Financial Officer of Lpath, Inc.*

101.INS# XBRL		Instance Document

101.SCH# XBRL		Taxonomy Extension Schema Document

101.CAL# XBRL		Taxonomy Extension Calculation Linkbase Document

101.DEF# XBRL		Taxonomy Extension Definition Linkbase Document

101.LAB# XBRL		Taxonomy Extension Label Linkbase Document

101.PRE# XBRL		Taxonomy Extension Presentation Linkbase Document

+ Management contract or compensation plan or arrangement

* Provided herewith.

All financial statement schedules are omitted because they are not applicable or the required information is shown in the consolidated financial statements or other notes hereto.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

	Lpath, Inc.

Date: November 12, 2014	/S/ MICHAEL LACK
	MICHAEL LACK
	Interim Chief Executive Officer
	(Principal Executive Officer)


	/S/ GARY J. G. ATKINSON
	Gary J. G. Atkinson,
	Senior Vice President and Chief Financial Officer
	(Principal Financial and Accounting Officer)

EX-10.6 2 a14-19828_1ex10d6.htm EX-10.6

EXHIBIT 10.6

LPATH, INC.

AMENDED AND RESTATED 2005 EQUITY INCENTIVE PLAN

NOTICE OF GRANT OF RESTRICTED STOCK UNITS

(Deferred Settlement Date)

Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Notice of Grant.

Name:

You have been granted XX,000 Restricted Stock Units. Each such Restricted Stock Unit is equivalent to one share of Common Stock of the Corporation (a “Share”) for purposes of determining the number of Shares subject to this award. No Share subject to this award of Restricted Stock Units will be issued (nor will you have the rights of a stockholder with respect to the underlying Shares) until the vesting conditions and the settlement date described below are satisfied. Additional terms of this grant are as follows:

Date of Grant

Expiration Date:

Vesting Commencement Date:

Vesting Schedule:		The Restricted Stock Units will vest in accordance with Exhibit B, subject to your continuing to provide Service (as defined in the Restricted Stock Unit Agreement attached as Exhibit A hereto (the “Agreement”)) through the applicable vesting date.

Settlement Date:		To the extent vested, Restricted Stock Units will be settled through the issuance of shares of Common Stock, on the first to occur of: (i) the fifth anniversary of the Date of Grant; (ii) termination of your Service; (iii) Disability (as defined in the Agreement); (iv) death; or (v) a Corporate Transaction (as defined in the Plan).

You acknowledge and agree that this Notice of Grant and the vesting schedule set forth herein does not constitute an express or implied promise of continued Service for the vesting period, for any period, or at all, and shall not interfere with your right or the Corporation’s right to terminate your Service at any time, with or without cause.

This grant has been authorized by the Corporation’s Board of Directors. If any number in this Notice is inconsistent with that which was authorized by the Board, then it is an error and the Corporation reserves the right to replace this Notice with a corrected version.

You hereby agree to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions relating to the Plan and this Award.

By your signature and the signature of the Corporation’s representative below, you and the Corporation agree that this Notice of Grant, the form of Restricted Stock Unit Agreement attached as Exhibit A hereto, and the Lpath, Inc. Amended and Restated 2005 Equity Incentive Plan constitute your entire agreement with respect to this Award and may not be modified adversely except by means of a writing signed by the Corporation and you.

GRANTEE:		LPATH, INC.


Signature		By


Print Name		Title


Taxpayer I.D. Number

EXHIBIT A

LPATH, INC.

AMENDED AND RESTATED 2005 EQUITY INCENTIVE PLAN

RESTRICTED STOCK UNIT AGREEMENT

(Deferred Settlement Date)

1. Grant. The Corporation hereby grants to the Participant an award of Restricted Stock Units (“RSUs”), as set forth in the Notice of Grant of Restricted Stock Units and subject to the terms and conditions in this Agreement and the Corporation’s Amended and Restated 2005 Equity Incentive Plan (the “Plan”). Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Restricted Stock Unit Agreement (the “Agreement”).

2. Corporation’s Obligation. Each RSU represents the right to receive a Share, to the extent vested, on the Settlement Date. Unless and until the RSUs vest and the Settlement Date has occurred, the Participant will have no right to receive Shares under such RSUs. Prior to actual distribution of Shares pursuant to any vested RSUs, such RSUs will represent an unsecured obligation of the Corporation, payable (if at all) only from the general assets of the Corporation.

3. Vesting Schedule. Subject to paragraph 4, the RSUs awarded by this Agreement will vest according to the vesting schedule specified in the Notice of Grant.

4. Forfeiture upon Termination of Service. Notwithstanding any contrary provision of this Agreement or the Notice of Grant, if the Participant terminates Service for any or no reason prior to vesting, the unvested RSUs awarded by this Agreement will thereupon be forfeited at no cost to the Corporation. For the purposes of this Award, the term “Service” shall be defined as follows: the provision of services to the Corporation (or any Parent or Subsidiary) by a person in the capacity of (i) a full-time Employee, or (ii) a consultant. Termination of Service shall be deemed to occur upon (i) any termination of employment by an Employee or if a full-time Employee becomes a part-time Employee, or (ii) by termination of a consultant’s relationship with the Corporation or a reduction in the level of services performed by the consultant by 33% or more as compared to the services provided at the Date of Grant.

5. Payment after Vesting. Any RSUs that vest in accordance with paragraph 3 will be paid to the Participant (or in the event of the Participant’s death, to his or her estate) in Shares on the applicable Settlement Date; provided that to the extent determined appropriate by the Administrator, pursuant to paragraph 12, the minimum statutorily required federal, state and local withholding taxes with respect to such RSUs will be paid by reducing the number of vested Shares actually paid to the Participant. For the purposes of this Award, the term “Disability” shall be defined as follows: a Participant shall be considered disabled if the Participant is, by reason of any medically determined physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under a disability plan covering Employee’s of the Corporation.

6. Payments after Death. Any distribution or delivery to be made to the Participant under this Agreement will, if the Participant is then deceased, be made to the administrator or executor of the Participant’s estate. Any such administrator or executor must furnish the Corporation with (a) written notice of his or her status as transferee, and (b) evidence satisfactory to the Corporation to establish the validity of the transfer and compliance with any laws or regulations pertaining to said transfer.

7. Rights as Stockholder. Neither the Participant nor any person claiming under or through the Participant will have any of the rights or privileges of a stockholder of the Corporation in respect of any Shares deliverable hereunder unless and until certificates representing such Shares will have been issued, recorded on the records of the Corporation or its transfer agents or registrars, and delivered to the Participant or Participant’s broker.

8. No Effect on Employment. The Participant’s employment with the Corporation and its Subsidiaries is on an at-will basis only. Accordingly, the terms of the Participant’s employment with the Corporation and its Subsidiaries will be determined from time to time by the Corporation or the Subsidiary employing the Participant (as the case may be), and the Corporation or the Subsidiary will have the right, which is hereby expressly reserved, to terminate or change the terms of the employment of the Participant at any time for any reason whatsoever, with or without good cause or notice.

9. Address for Notices. Any notice to be given to the Corporation under the terms of this Agreement will be addressed to the Corporation at 4025 Sorrento Valley Blvd., San Diego, California 92121, Attn: Stock Administration, or at such other address as the Corporation may hereafter designate in writing or electronically.

10. Grant is Not Transferable. Except to the limited extent provided in paragraph 6, this grant and the rights and privileges conferred hereby will not be transferred, assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and will not be subject to sale under execution, attachment or similar process. Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of this grant, or any right or privilege conferred hereby, or upon any attempted sale under any execution, attachment or similar process, this grant and the rights and privileges conferred hereby immediately will become null and void.

11. Binding Agreement. Subject to the limitation on the transferability of this grant contained herein, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.

12. Withholding of Taxes. When the Shares are issued as payment for vested RSUs, the Participant will recognize immediate U.S. taxable income if the Participant is a U.S. taxpayer. In addition, at each vesting date Participant will be subject to applicable employment taxes on the value of the RSUs that become vested on that date. If the Participant is a non-U.S. taxpayer, the Participant will be subject to applicable taxes in his or her jurisdiction. The Corporation will withhold a portion of the Shares otherwise issuable in payment for vested RSUs that have an aggregate market value sufficient to pay the minimum federal, state and local income, employment and any other applicable taxes required to be withheld by the Corporation with respect to the Shares. No fractional Shares will be withheld or issued pursuant to the grant

of RSUs and the issuance of Shares hereunder. The Corporation may instead, in its discretion, either (i) withhold any amount necessary to pay the applicable taxes from the Participant’s salary or other amounts payable to the Participant, with no withholding in Shares, or (ii) arrange for the appropriate number of Shares subject to the vested portion of the Award to be sold on the open market, if permitted by all applicable law, with the proceeds of such sale remitted to the Corporation in an amount necessary to satisfy the minimum tax withholding obligation of the Corporation. In the event the withholding requirements are not satisfied through the withholding Shares (or, through the Participant’s salary or other amounts payable to the Participant or through the sale of Share on the open market), no Shares will be issued to the Participant (or his or her estate) in settlement of the RSU unless and until satisfactory arrangements (as determined by the Administrator) have been made by the Participant with respect to the payment of any income and other taxes which the Corporation determines must be withheld or collected with respect to such RSUs. By accepting this RSU, the Participant expressly consents to the withholding of Shares and/or cash as provided for in this paragraph 12. All income and other taxes related to the RSU and any Shares delivered in payment thereof are the sole responsibility of the Participant.

13. Additional Conditions to Issuance of Stock. If at any time the Corporation will determine, in its discretion, that the listing, registration or qualification of the Shares upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory authority is necessary or desirable as a condition to the issuance of Shares to the Participant (or his or her estate), such issuance will not occur unless and until such listing, registration, qualification, consent or approval will have been effected or obtained free of any conditions not acceptable to the Corporation. The Corporation will make all reasonable efforts to meet the requirements of any such state or federal law or securities exchange and to obtain any such consent or approval of any such governmental authority.

14. Plan Governs. This Agreement and the Notice of Grant are subject to all terms and provisions of the Plan. In the event of a conflict between one or more provisions of this Agreement or the Notice of Grant and one or more provisions of the Plan, the provisions of the Plan will govern.

15. Administrator Authority. The Administrator will have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules (including, but not limited to, the determination of whether or not any RSUs have vested). All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon Participant, the Corporation and all other interested persons. No member of the Administrator will be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this Agreement.

16. Modifications to the Agreement. The Participant expressly warrants that he or she is not accepting this Agreement in reliance on any promises, representations, or inducements other than those contained herein. Modifications to this Agreement or the Plan can be made only in an express written amendment executed by a duly authorized officer of the Corporation. Notwithstanding anything to the contrary in the Plan or this Agreement, the Corporation reserves the right to revise the Agreement as it deems necessary or advisable, in its sole discretion and without the consent of the Participant, to comply with Section 409A of the Code or to otherwise avoid imposition of any additional tax or income recognition under Section 409A of the Code prior to the actual payment of Shares pursuant to this award of RSUs.

17. Notice of Governing Law. This grant of RSUs shall be governed by, and construed in accordance with, the laws of the State of California without regard to principles of conflict of laws.

EXHIBIT B

AMENDED AND RESTATED 2005 EQUITY INCENTIVE PLAN

RESTRICTED STOCK UNIT VESTING

(Deferred Settlement Date)

The Restricted Stock Unit (“RSU”) Shares shall initially be unvested. Grantee shall acquire a vested interest in the RSU Shares as follows:

1. No RSU Shares shall vest unless and until the Grantee has completed 12 months of Service (as defined in the Plan) measured from the Vesting Commencement Date (“Initial Service Period”).

2. Upon the completion of the Initial Service Period specified above, 25% RSU Shares shall become vested.

3. The remaining RSU Shares shall vest in a series of successive equal quarterly installments over each of the following 12 quarters of Service completed by the Grantee after the Initial Service Period specified above.

4. In no event shall any additional RSU Shares vest after Grantee’s cessation of Service.

EX-31.1 3 a14-19828_1ex31d1.htm EX-31.1

Exhibit 31.1

CERTIFICATION

I, Michael Lack, Interim Chief Executive Officer of Lpath, Inc. (the “Registrant”), certify that:

1. I have reviewed this quarterly report on Form 10-Q of the Registrant;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report.

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

5. The Registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: November 12, 2014	By:	/S/ MICHAEL LACK
		Michael Lack
		Interim Chief Executive Officer
		(Principal Executive Officer)

EX-31.2 4 a14-19828_1ex31d2.htm EX-31.2

Exhibit 31.2

CERTIFICATION

I, Gary J. G. Atkinson, Chief Financial Officer of Lpath, Inc. (the “Registrant”), certify that:

1. I have reviewed this quarterly report on Form 10-Q of the Registrant;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: November 12, 2014	By:	/S/ GARY J. G. ATKINSON
		Gary J. G. Atkinson
		Senior Vice President and Chief Financial Officer
		(Principal Financial and Accounting Officer)

EX-32.1 5 a14-19828_1ex32d1.htm EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

In connection with the Quarterly Report of Lpath, Inc. (the “Corporation”) on Form 10-Q for the period ended September 30, 2014 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Michael Lack, Interim Chief Executive Officer and I, Gary J. G. Atkinson, Vice President and Chief Financial Officer, of the Corporation, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to our knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Corporation.

Date: November 12, 2014

	/S/ MICHAEL LACK
	Michael Lack
	Interim Chief Executive Officer

	/S/ GARY J. G. ATKINSON
	Gary J. G. Atkinson
	Senior Vice President and Chief Financial Officer

A signed original of this written statement required by Section 906 has been provided to Lpath, Inc. and will be retained by Lpath, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

This certification accompanies the Form 10-Q to which it relates, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of Lpath, Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether made before or after the date of the Form 10-Q), irrespective of any general incorporation language contained in such filing.

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(“Pfizer”) with an exclusive option for a worldwide license to develop and commercialize iSONEP™ (“the Pfizer Agreement”), Lpath’s lead monoclonal antibody product candidate that is being evaluated for the treatment of wet age-related macular degeneration (“wet AMD”) and other ocular disorders.   Following completion of the clinical trial, Pfizer has the right to exercise its option for worldwide rights to iSONEP for an undisclosed option fee and, if Pfizer exercises its option, Lpath will be eligible to receive development, regulatory, and commercial milestone payments that could total up to $497.5 million.  In addition, Lpath will be entitled to receive tiered double-digit royalties based on sales of iSONEP. As part of the agreement, Lpath has granted to Pfizer a time-limited right of first refusal for ASONEP™, Lpath’s product candidate that is being evaluated for the treatment of cancer.   The company recognized revenue under research and development collaborative agreements as follows:   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:31.90%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:30.56%;padding:0pt;"> Nine Months Ended </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:30.62%;padding:0pt;"> Three Months Ended </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:31.90%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:30.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> September 30, </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:30.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> September 30, </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:31.90%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.82%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:02.88%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2013 </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:02.88%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.88%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2013 </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:31.90%;background-color: #CCEEFF;padding:0pt;"> Cost reimbursements </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.54%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,403,053  </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.54%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>915,667  </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:31.90%;padding:0pt;"> Amortization of license and development fees </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.82%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>310,500  </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,336,036  </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>62,500  </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,845,021  </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:31.90%;background-color: #CCEEFF;padding:0pt;"> Other </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>60,096  </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:31.90%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.54%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,713,553  </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,396,132  </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.54%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>978,167  </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,845,021  </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> </table></div>     </div> </div> 4396132 1845021 3713553 978167 300000 P5Y

2025799

2625222

1310037

2058985

291358

221364

59432943

81608382

630659

403399

227260

227900

123489

104411

999895

646901

352994

295669

175588

120081

6026397

802829

636209

4587359

2006406

363269

712038

931099

15669733

26685638

13454153

24229129

24621083

14914675

11851639

20508779

4.21

4587359

0.001

100000000

13387914

19224708

13387914

19224708

13388

19225

24008

31274

69373

45300

498000

187500

161461

166983

<div> <div style="margin-left:0pt;margin-right:0pt;"> Note 3 — SHARE-BASED PAYMENTS   The company recognized share-based compensation expense as follows:   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 83.00%;margin-left:18pt;"> <tr> <td valign="bottom" style="width:29.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.98%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:31.74%;padding:0pt;"> Nine Months Ended </td> <td valign="bottom" style="width:03.00%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:31.78%;padding:0pt;"> Three Months Ended </td> <td valign="bottom" style="width:01.10%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:29.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.98%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:31.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> September 30, </td> <td valign="bottom" style="width:03.00%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:31.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> September 30, </td> <td valign="bottom" style="width:01.10%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:29.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.98%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:03.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2013 </td> <td valign="bottom" style="width:03.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:03.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.42%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2013 </td> <td valign="bottom" style="width:01.10%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:29.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.98%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:03.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:03.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:03.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.42%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:29.40%;background-color: #CCEEFF;padding:0pt;"> Research and development </td> <td valign="bottom" style="width:02.98%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>352,994  </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.04%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>227,260  </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>120,081  </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.06%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>104,411  </td> <td valign="bottom" style="width:01.10%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:29.40%;padding:0pt;"> General and administrative </td> <td valign="bottom" style="width:02.98%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>646,901  </td> <td valign="bottom" style="width:03.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>403,399  </td> <td valign="bottom" style="width:03.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>175,588  </td> <td valign="bottom" style="width:03.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>123,489  </td> <td valign="bottom" style="width:01.10%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:29.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.98%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.42%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:29.40%;padding:0pt;"> Total share-based compensation expense </td> <td valign="bottom" style="width:02.98%;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>999,895  </td> <td valign="bottom" style="width:03.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>630,659  </td> <td valign="bottom" style="width:03.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>295,669  </td> <td valign="bottom" style="width:03.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>227,900  </td> <td valign="bottom" style="width:01.10%;padding:0pt;">   </td> </tr> </table></div>   As of September 30, 2014, there was a total of $2.1 million in unrecognized compensation expense related to unvested stock-based compensation issued under the Lpath, Inc. Amended and Restated 2005 Equity Incentive Plan. That expense is expected to be recognized over a weighted-average period of 2.4 years. Because of its net operating loss carryforwards, the company did not realize any tax benefits for the tax deductions from share-based payment arrangements during the three-month periods ended September 30, 2014 and 2013.   </div> </div>

-0.38

-0.19

-0.66

-0.20

<div> <div style="margin-left:0pt;margin-right:0pt;"> Note 6 — EARNINGS PER SHARE   Anti-dilutive common stock equivalents were excluded from the calculation of diluted loss per share as follows:   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 80.00%;margin-left:18pt;"> <tr> <td valign="bottom" style="width:62.54%;padding:0pt;">   </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td colspan="3" valign="bottom" style="width:33.12%;padding:0pt;"> Nine and Three Months Ended </td> <td valign="bottom" style="width:01.22%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:62.54%;padding:0pt;">   </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td colspan="3" valign="bottom" style="width:33.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> September 30, </td> <td valign="bottom" style="width:01.22%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:62.54%;padding:0pt;">   </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td valign="bottom" style="width:15.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2013 </td> <td valign="bottom" style="width:01.22%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:62.54%;background-color: #CCEEFF;padding:0pt;"> Stock options </td> <td valign="bottom" style="width:03.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:15.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>802,829  </td> <td valign="bottom" style="width:03.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:15.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>363,269  </td> <td valign="bottom" style="width:01.22%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:62.54%;padding:0pt;"> Warrants </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,587,359  </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>931,099  </td> <td valign="bottom" style="width:01.22%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:62.54%;background-color: #CCEEFF;padding:0pt;"> Restricted stock units </td> <td valign="bottom" style="width:03.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>636,209  </td> <td valign="bottom" style="width:03.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>712,038  </td> <td valign="bottom" style="width:01.22%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:62.54%;padding:0pt;"> Total </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td valign="bottom" style="width:15.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,026,397  </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td valign="bottom" style="width:15.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,006,406  </td> <td valign="bottom" style="width:01.22%;padding:0pt;">   </td> </tr> </table></div>     </div> </div>

693022

321083

2100000

P2Y4M24D

1.00

<div> <div style="margin-left:0pt;margin-right:0pt;"> Note 4 — FAIR VALUE MEASUREMENTS   Lpath has issued warrants, of which some are classified as equity and some as liabilities. The warrants issued in March 2012 (and expiring in March 2017) provide that in the event of a fundamental transaction, as defined by the warrant agreement, the company may, under certain circumstances, be obligated to settle the March 2012 warrants for cash equal to the value of the warrants determined in accordance with the warrant agreement. The company’s recurring fair value measurements at September 30, 2014 were as follows:   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 73.00%;margin-left:72pt;"> <tr> <td valign="bottom" style="width:56.78%;padding:0pt;">   </td> <td valign="bottom" style="width:03.38%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Fair Value as of September 30, 2014 </td> <td valign="bottom" style="width:03.38%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Significant Unobservable Inputs (Level 3) </td> <td valign="bottom" style="width:01.30%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:56.78%;background-color: #CCEEFF;padding:0pt;"> Liabilities: </td> <td valign="bottom" style="width:03.38%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.82%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.38%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:56.78%;padding:0pt;"> Warrants expiring March 2017 </td> <td valign="bottom" style="width:03.38%;padding:0pt;">   </td> <td valign="bottom" style="width:01.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:17.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,300,000  </td> <td valign="bottom" style="width:03.38%;padding:0pt;">   </td> <td valign="bottom" style="width:01.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:14.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,300,000  </td> <td valign="bottom" style="width:01.30%;padding:0pt;">   </td> </tr> </table></div>   The company determined the fair value of the warrant liability for certain warrants, as applicable, using a Black-Scholes model. The model considered amounts and timing of future possible equity and warrant issuances and volatility of the company’s stock price equal to 100%, as specified in the underlying warrants.   Recurring Level 3 Activity, Reconciliation, and Basis for Valuation   The table below provides a reconciliation of the beginning and ending balances for the liabilities measured at fair value using significant unobservable inputs (Level 3).   Fair value measurements using significant unobservable inputs (Level 3):   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 80.00%;margin-left:54pt;"> <tr> <td valign="bottom" style="width:78.14%;background-color: #CCEEFF;padding:0pt;"> Liabilities: </td> <td valign="bottom" style="width:03.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:78.14%;padding:0pt;"> Warrant liability as of January 1, 2014 </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.20%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,100,000 </td> <td valign="bottom" style="width:01.24%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:78.14%;background-color: #CCEEFF;padding:0pt;"> Change in fair value of warrants </td> <td valign="bottom" style="width:03.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(800,000 </td> <td valign="bottom" style="width:01.24%;background-color: #CCEEFF;"> ) </td> </tr> <tr> <td valign="bottom" style="width:78.14%;padding:0pt;">   </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:78.14%;background-color: #CCEEFF;padding:0pt;"> Warrant liability as of September 30, 2014 </td> <td valign="bottom" style="width:03.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,300,000 </td> <td valign="bottom" style="width:01.24%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   The terms of all outstanding warrants permit the company, upon exercise of the warrants, to settle the contract by the delivery of unregistered shares.  As of September 30, 2014, there were 4,587,359 warrants outstanding with a weighted-average exercise price of $4.21 per share expiring through September 2019.   </div> </div>

<div> <div style="margin-left:0pt;margin-right:0pt;"> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 73.00%;margin-left:72pt;"> <tr> <td valign="bottom" style="width:56.78%;padding:0pt;">   </td> <td valign="bottom" style="width:03.38%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Fair Value as of September 30, 2014 </td> <td valign="bottom" style="width:03.38%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Significant Unobservable Inputs (Level 3) </td> <td valign="bottom" style="width:01.30%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:56.78%;background-color: #CCEEFF;padding:0pt;"> Liabilities: </td> <td valign="bottom" style="width:03.38%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.82%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.38%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:56.78%;padding:0pt;"> Warrants expiring March 2017 </td> <td valign="bottom" style="width:03.38%;padding:0pt;">   </td> <td valign="bottom" style="width:01.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:17.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,300,000  </td> <td valign="bottom" style="width:03.38%;padding:0pt;">   </td> <td valign="bottom" style="width:01.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:14.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,300,000  </td> <td valign="bottom" style="width:01.30%;padding:0pt;">   </td> </tr> </table></div>   </div> </div>

-800000

2100000

1300000

1926868

2141921

3089402

976660

3289052

1049087

1600

-271806

131573

388379

748948

-4336036

-310500

36774

16807

-46907

1368888

5701560

4731743

15669733

26685638

3532187

3386443

1300000

-9706408

8657140

-41544

21207298

-309930

-407912

-9354934

-12142246

-5160966

-2529491

-10195554

-3169104

26602

-750420

800018

400000

10866620

4329717

15157505

4679568

-5187568

-1779071

-10995572

-3569104

<div> <div style="margin-left:0pt;margin-right:0pt;"> Note 1 — BASIS FOR PRESENTATION   The unaudited condensed consolidated balance sheet of Lpath, Inc. (“Lpath” or “the company”) as of December 31, 2013 was derived from our audited financial statements, but does not contain all disclosures required by accounting principles generally accepted in the United States of America, and certain information and disclosures normally included have been condensed or omitted pursuant to the rules and regulations of the SEC.   In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Except as otherwise disclosed, all such adjustments are of a normal recurring nature. Operating results for the three-month and nine-month periods ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014 or for any future financial period. For further information, refer to the consolidated financial statements and notes included in the company’s annual report on Form 10-K for the year ended December 31, 2013.   The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.   Recent Accounting Pronouncements   In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, a converged standard on revenue recognition. The new pronouncement requires revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also specifies the accounting for some costs to obtain or fulfil a contract with a customer, as well as enhanced disclosure requirements.  ASU 2014-9 is effective for annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. The adoption of ASU 2014-9 is not expected to have a material effect on our consolidated financial statements. </div> </div>

77350

26602

-420

60096

751651

60000

44833

82977

272196

308905

37734

99007

292477

1661365

4900000

99000

11500000

3289

250

211362

237238

3403053

915667

7777218

3353057

11868453

3630481

-49478158

-59673712

5679052

2550646

4161933

1110464

<div> <div style="margin-left:0pt;margin-right:0pt;"> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 80.00%;margin-left:18pt;"> <tr> <td valign="bottom" style="width:62.54%;padding:0pt;">   </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td colspan="3" valign="bottom" style="width:33.12%;padding:0pt;"> Nine and Three Months Ended </td> <td valign="bottom" style="width:01.22%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:62.54%;padding:0pt;">   </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td colspan="3" valign="bottom" style="width:33.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> September 30, </td> <td valign="bottom" style="width:01.22%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:62.54%;padding:0pt;">   </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td valign="bottom" style="width:15.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2013 </td> <td valign="bottom" style="width:01.22%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:62.54%;background-color: #CCEEFF;padding:0pt;"> Stock options </td> <td valign="bottom" style="width:03.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:15.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>802,829  </td> <td valign="bottom" style="width:03.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:15.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>363,269  </td> <td valign="bottom" style="width:01.22%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:62.54%;padding:0pt;"> Warrants </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,587,359  </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>931,099  </td> <td valign="bottom" style="width:01.22%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:62.54%;background-color: #CCEEFF;padding:0pt;"> Restricted stock units </td> <td valign="bottom" style="width:03.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>636,209  </td> <td valign="bottom" style="width:03.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>712,038  </td> <td valign="bottom" style="width:01.22%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:62.54%;padding:0pt;"> Total </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td valign="bottom" style="width:15.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,026,397  </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td valign="bottom" style="width:15.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,006,406  </td> <td valign="bottom" style="width:01.22%;padding:0pt;">   </td> </tr> </table></div>   </div> </div>

<div> <div style="margin-left:0pt;margin-right:0pt;">   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:31.90%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:30.56%;padding:0pt;"> Nine Months Ended </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:30.62%;padding:0pt;"> Three Months Ended </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:31.90%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:30.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> September 30, </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:30.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> September 30, </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:31.90%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.82%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:02.88%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2013 </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:02.88%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.88%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2013 </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:31.90%;background-color: #CCEEFF;padding:0pt;"> Cost reimbursements </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.54%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,403,053  </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.54%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>915,667  </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:31.90%;padding:0pt;"> Amortization of license and development fees </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.82%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>310,500  </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,336,036  </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>62,500  </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,845,021  </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:31.90%;background-color: #CCEEFF;padding:0pt;"> Other </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>60,096  </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:31.90%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.54%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,713,553  </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,396,132  </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.54%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>978,167  </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,845,021  </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> </table></div>   </div> </div>

<div> <div style="margin-left:0pt;margin-right:0pt;">   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 83.00%;margin-left:18pt;"> <tr> <td valign="bottom" style="width:29.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.98%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:31.74%;padding:0pt;"> Nine Months Ended </td> <td valign="bottom" style="width:03.00%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:31.78%;padding:0pt;"> Three Months Ended </td> <td valign="bottom" style="width:01.10%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:29.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.98%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:31.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> September 30, </td> <td valign="bottom" style="width:03.00%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:31.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> September 30, </td> <td valign="bottom" style="width:01.10%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:29.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.98%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:03.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2013 </td> <td valign="bottom" style="width:03.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:03.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.42%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2013 </td> <td valign="bottom" style="width:01.10%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:29.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.98%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:03.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:03.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:03.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.42%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:29.40%;background-color: #CCEEFF;padding:0pt;"> Research and development </td> <td valign="bottom" style="width:02.98%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>352,994  </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.04%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>227,260  </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>120,081  </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.06%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>104,411  </td> <td valign="bottom" style="width:01.10%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:29.40%;padding:0pt;"> General and administrative </td> <td valign="bottom" style="width:02.98%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>646,901  </td> <td valign="bottom" style="width:03.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>403,399  </td> <td valign="bottom" style="width:03.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>175,588  </td> <td valign="bottom" style="width:03.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>123,489  </td> <td valign="bottom" style="width:01.10%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:29.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.98%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.42%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.10%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:29.40%;padding:0pt;"> Total share-based compensation expense </td> <td valign="bottom" style="width:02.98%;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>999,895  </td> <td valign="bottom" style="width:03.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>630,659  </td> <td valign="bottom" style="width:03.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>295,669  </td> <td valign="bottom" style="width:03.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>227,900  </td> <td valign="bottom" style="width:01.10%;padding:0pt;">   </td> </tr> </table></div>   </div> </div>

630659

999895

15000

4.08

3.50

54076

3605042

9968173

21953895

27505

<div> <div style="margin-left:0pt;margin-right:0pt;"> Note 7 — SUBSEQUENT EVENT   On November 3, 2014, the Board of Directors (the “Board”) of the Company accepted the resignation of Scott Pancoast as the Company’s President and Chief Executive Officer and as a member of the Board. Mr. Pancoast’s resignation did not result from any disagreement with the Company on any matter relating to the company’s operations, policies, or practices. In connection with Mr. Pancoast’s resignation, on November 3, 2014 (the “Separation Date”), the Company and Mr. Pancoast entered into a separation agreement and general release (the “Separation Agreement”). Pursuant to the terms of the Separation Agreement, Mr. Pancoast will receive (i) $300,000, less applicable payroll deductions and required withholdings, payable in eight monthly installments of $37,500, and (ii) a final payment of $3,750, payable on the nine-month anniversary of the Separation Date. In addition, the Company will pay or reimburse Mr. Pancoast for the COBRA premiums required to insure Mr. Pancoast and his legal dependents for a period of 24 months following the Separation Date. Additionally, (i) the portion of Mr. Pancoast’s stock options that would have vested by May 3, 2016 will immediately vest and Mr. Pancoast will have until March 10, 2016 to exercise such options and (ii) the portion of Mr. Pancoast’s restricted stock units that would have vested by November 8, 2015 will immediately vest. Additionally, as part of the Separation Agreement, Mr. Pancoast agreed to a 12-month standstill and customary general releases. The description of the Separation Agreement set forth above does not purport to be complete and is qualified in its entirety by reference to the Separation Agreement attached as Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed with the SEC on November 4, 2014 and incorporated herein by reference.   <a name="mrllPB10"></a>On November 3, 2014, the Board also appointed Michael Lack, as the Company’s Interim Chief Executive Officer and Principal Executive Officer. Mr. Lack will lead the Company while the Board conducts a search for a new Chief Executive Officer. The Company entered into a consulting agreement (the “Consulting Agreement”) with Mr. Lack in connection with his appointment as Interim Chief Executive Officer. Under the Consulting Agreement, Mr. Lack will receive a monthly salary of $37,500, with a guarantee of such salary level for a period of four months, subject to certain exceptions. In addition, the Board granted Mr. Lack restricted stock units for 15,000 shares of Common Stock that will vest in full, subject to certain exceptions, on the earlier of (i) the one-year anniversary of the date of his appointment or (ii) the date on which he no longer provides services to the Company. </div> </div>

2100000

1300000

13416748

13428623

15516950

16155752

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100,000,000 shares authorized; 19,224,708 and 13,387,914 issued and outstanding at September 30, 2014 and December 31, 2013, respectively Additional Paid in Capital, Common Stock Additional paid-in capital Retained Earnings (Accumulated Deficit) Accumulated deficit Stockholders' Equity Attributable to Parent Total stockholders' equity Liabilities and Equity Total liabilities and stockholders' equity Common Stock, Par or Stated Value Per Share Common stock, par value (in dollars per share) Common Stock, Shares Authorized Common stock, shares authorized Common Stock, Shares, Issued Common stock, shares issued Common Stock, Shares, Outstanding Common stock, shares outstanding Condensed Consolidated Statements of Operations Revenues [Abstract] Revenues: This item represents Grant and Royalty Revenue. Grant and Royalty Revenue Grant and royalty revenue Research and development revenue under collaborative agreements. Research and Development Revenue under Collaborative Agreements Research and development revenue under collaborative agreements Total recognized revenue Revenues Total revenues Operating Expenses [Abstract] Expenses: Research and Development Expense Research and development General and Administrative Expense General and administrative Operating Expenses Total expenses Operating Income (Loss) Loss from operations Other Nonoperating Income (Expense) Other income (expense), net Change in fair value of warrants. Change in Fair Value of Warrants Change in fair value of warrants Change in fair value of warrant liability Change in fair value of warrants Nonoperating Income (Expense) Total other income (expense), net Net Income (Loss) Available to Common Stockholders, Basic Net loss Net loss Earnings Per Share, Basic and Diluted Basic and diluted net loss per share (in dollars per share) Weighted Average Number of Shares Outstanding, Basic and Diluted Weighted-average shares outstanding used in the calculation (in shares) Condensed Consolidated Statements of Cash Flows Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] Cash flows from operating activities: Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to reconcile net loss to net cash used in operating activities: Share-based Compensation Stock-based compensation expense Depreciation, Depletion and Amortization Depreciation and amortization Increase (Decrease) in Operating Capital [Abstract] Changes in operating assets and liabilities: Increase (Decrease) in Accounts Receivable Accounts receivable Increase (Decrease) in Prepaid Expense and Other Assets Prepaid expenses and other current assets Increase (Decrease) in Accounts Payable and Accrued Liabilities Accounts payable and accrued expenses Increase (Decrease) in Deferred Revenue Deferred contract revenue Increase (Decrease) in Deposit Assets Other Net Cash Provided by (Used in) Operating Activities, Continuing Operations Net cash used in operating activities Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract] Cash flows from investing activities: Payments to Acquire Property, Plant, and Equipment Equipment and leasehold improvement expenditures Payments to Acquire Intangible Assets Patent expenditures Net Cash Provided by (Used in) Investing Activities, Continuing Operations Net cash used in investing activities Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract] Cash flows from financing activities: The cash inflow from issuance of common stock and warrants net of offering costs during the reporting period. Proceeds from Issuance of Common Stock and Warrants, Net Proceeds from sale of common stock and warrants, net Proceeds from Stock Options Exercised Proceeds from options and warrants exercised Payments Related to Tax Withholding for Share-based Compensation Payment for restricted stock tax liability on net settlement Net Cash Provided by (Used in) Financing Activities, Continuing Operations Net cash provided by (used in) financing activities Net Cash Provided by (Used in) Continuing Operations Net increase (decrease) in cash and cash equivalents Supplemental Cash Flow Information [Abstract] Supplemental disclosure of cash flow information: Cash Paid During the Period for [Abstract] Cash paid during the year for: Income Taxes Paid Income taxes Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] Supplemental disclosure of non-cash investing and financing activities: BASIS FOR PRESENTATION Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] BASIS FOR PRESENTATION RESEARCH AND DEVELOPMENT COLLABORATIVE AGREEMENTS This item Represents Research And Development Collaborative Agreement. Research and Development Collaborative Agreement [Text Block] RESEARCH AND DEVELOPMENT COLLABORATIVE AGREEMENTS SHARE-BASED PAYMENTS Disclosure of Compensation Related Costs, Share-based Payments [Text Block] SHARE-BASED PAYMENTS FAIR VALUE MEASUREMENTS Fair Value Disclosures [Text Block] FAIR VALUE MEASUREMENTS STOCKHOLDERS' EQUITY Shareholders' Equity and Share-based Payments [Text Block] STOCKHOLDERS' EQUITY EARNINGS PER SHARE Earnings (loss) per share Earnings Per Share [Text Block] EARNINGS PER SHARE SUBSEQUENT EVENT. Subsequent Events [Text Block] SUBSEQUENT EVENT Schedule of Collaborative Arrangements and Non-collaborative Arrangement Transactions [Table Text Block] Schedule of recognized revenue under research and development collaborative agreements Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] Schedule of recognized share-based compensation expense Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] Schedule of recurring fair value measurements Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] Schedule of fair value measurements using significant unobservable inputs (Level 3) Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] Schedule of anti-dilutive common stock equivalents that were excluded from the calculation of diluted loss per share Schedule of Collaborative Arrangements and Non-collaborative Arrangement Transactions [Table] Type of Arrangement and Non-arrangement Transactions [Axis] Arrangements And Nonarrangement Transactions [Member] Arrangements and Non-arrangement Transactions [Domain] Collaborative Arrangement [Member] Collaborative agreements Counterparty Name [Axis] Repurchase Agreement Counterparty Name [Domain] Counterparty Name [Domain] Represents information pertaining to Pfizer Inc. Pfizer Inc [Member] Pfizer Inc. Range [Axis] Range [Member] Range [Domain] Maximum [Member] Maximum Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] Research and development collaborative agreements Represents the amount of option fee as well as potential development, regulatory and commercial milestone payments which the entity will be eligible to receive on exercise of option for worldwide rights by counterparty under the collaborative arrangements. Collaborative Arrangement, Eligible Milestone Payments to be Received on Exercise of Option for Worldwide Rights by Counterparty Eligible milestone payment to be received, on exercise of option for worldwide rights to iSONEP by counterparty Reimbursement Revenue Cost reimbursements The amount of license and development fees amortized during the period. Amortization of License and Development Fees Amortization of license and development fees Other Revenue, Net Other Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table] Income Statement Location [Axis] Income Statement Location [Domain] Income Statement Location [Domain] Research And Development Expense [Member] Research and developments General And Administrative Expense [Member] General and administrative Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] Share-based compensation expense Allocated Share-based Compensation Expense Total share-based compensation expense Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized Unrecognized compensation expense related to unvested stock-based compensation Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition Weighted average period to recognize unrecognized stock-based compensation expense Fair Value Measurements, Recurring and Nonrecurring [Table] Measurement Frequency [Axis] Fair Value Measurement Frequency [Domain] Fair Value, Measurement Frequency [Domain] Fair Value Measurements Recurring [Member] Recurring Fair Value, Hierarchy [Axis] Fair Value Measurements Fair Value Hierarchy [Domain] Fair Value Hierarchy [Domain] Estimate Of Fair Value Fair Value Disclosure [Member] Fair Value Fair Value Inputs Level3 [Member] Significant Unobservable Inputs (Level 3) Class of Warrant or Right [Axis] Class Of Warrant Or Right [Domain] Class of Warrant or Right [Domain] Warrant [Member] Warrants Information pertaining to the expiration date of warrants. Warrant Expiration by Date [Axis] Represents the expiration date of warrants. Warrant Expiration Date [Domain] Warrant Expiration Date [Domain] Represents the expiration date March 2017 related to warrants. March2017 [Member] March 2017 Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Fair value measurements Liabilities, Fair Value Disclosure [Abstract] Liabilities: Financial and Nonfinancial Liabilities, Fair Value Disclosure Fair value of liabilities Fair Value Assumptions, Expected Volatility Rate Volatility of stock price as specified in the underlying warrants (as a percent) Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table] Liability Class [Axis] Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation By Liability Class [Domain] Fair Value by Liability Class [Domain] Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] Fair value measurements using significant unobservable inputs (Level 3) Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] Liabilities: Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value Balance at the end of the period Balance at the beginning of the period Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings Change in fair value of warrants Class of Warrant or Right, Outstanding Number of warrants outstanding (in shares) Class of Warrant or Right, Exercise Price of Warrants or Rights Weighted-average exercise price of warrant outstanding (in dollars per share) Legal Entity [Axis] Entity [Domain] Entity [Domain] Represents information pertaining to MLV and Co. LLC. M L V And C O L L C [Member] MLV Represents information pertaining to Non affiliates. Non Affiliates [Member] Non Affiliates [Member] Represents information pertaining to Maxim, Group LLC. Maxim Group Llc [Member] Maxim Minimum [Member] Minimum Investment Warrants, Exercise Price Exercise price of warrants Shares, Issued Shares Aggregate offering price up to which the entity may issue and sell shares of its common stock through a sales agent under the sales agreement. Aggregate Offer Price of Shares to be Issued or Sold Aggregate offering price Period from issuance date that a stock warrant expires, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Warrant Expiration Period Exercise period effective from date of issuance Value of entity shares held by non affiliates. Common stock held by non-affiliates Commission, as a percentage of gross proceeds, payable to the sales agent on sale of common stock under the sales agreement. Percentage Commission Payable to Stock Sales Agent Commission payable as a percentage of gross proceeds Stock Issued During Period, Shares, New Issues Common stock, shares issued Share Price Sales price (in dollars per share) Proceeds from Issuance of Common Stock Net proceeds Payments of Stock Issuance Costs Placement agent fees and other offering expenses Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table] Antidilutive Securities [Axis] Antidilutive Securities Name [Domain] Antidilutive Securities, Name [Domain] An arrangement whereby an employee, member of the Board of Directors, or and outside consultant is entitled to receive in the future, subject to vesting and other restrictions, a number of shares in the entity at a specified price, as defined in the agreement. Employee And Directors And Outside Consultants Stock Options [Member] Stock options Restricted Stock [Member] Restricted stock unit Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] Anti-dilutive securities excluded from the calculation of diluted income (loss) per share Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount Anti-dilutive common stock equivalents (in shares) Subsequent Event [Table] Subsequent Event Type [Axis] Subsequent Event Type [Domain] Subsequent Event Type [Domain] Subsequent Event [Member] Subsequent events Subsequent Event [Line Items] Subsequent events Total payment amount per separation agreement. Total payment amount per separation agreement Number of monthly payments per separation agreement. Number of monthly payments per separation agreement Monthly payment amount per separation agreement. Monthly payment amount per separation agreement Final payment amount per separation agreement. Final payment amount per separation agreement Number of months of COBRA premium reimbursement per separation agreement. Number of months of COBRA premium reimbursement per separation agreement Monthly salary amount per consulting agreement. Monthly salary amount per consulting agreement Guaranteed term of monthly salary per consulting agreement. 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FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2014

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

Note 4 — FAIR VALUE MEASUREMENTS

	Fair Value as of September 30, 2014		Significant Unobservable Inputs (Level 3)
Liabilities:
Warrants expiring March 2017	$	1,300,000	$	1,300,000

Recurring Level 3 Activity, Reconciliation, and Basis for Valuation

The table below provides a reconciliation of the beginning and ending balances for the liabilities measured at fair value using significant unobservable inputs (Level 3).

Fair value measurements using significant unobservable inputs (Level 3):

Liabilities:
Warrant liability as of January 1, 2014	$	2,100,000
Change in fair value of warrants	(800,000		)

Warrant liability as of September 30, 2014	$	1,300,000

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References+ Details

Condensed Consolidated Balance Sheets (USD $)	Sep. 30, 2014	Dec. 31, 2013
Current Assets:
Cash and cash equivalents	$ 20,508,779	$ 11,851,639
Accounts receivable	2,058,985	1,310,037
Prepaid expenses and other current assets	1,661,365	292,477
Total current assets	24,229,129	13,454,153
Equipment and leasehold improvements, net	237,238	211,362
Patents, net	2,141,921	1,926,868
Deposits and other assets	77,350	77,350
Total assets	26,685,638	15,669,733
Current Liabilities:
Accounts payable	2,625,222	2,025,799
Accrued compensation	321,083	693,022
Accrued expenses	221,364	291,358
Deferred contract revenue	187,500	498,000
Deferred rent, short-term portion	31,274	24,008
Total current liabilities	3,386,443	3,532,187
Deferred rent, long-term portion	45,300	69,373
Warrants	1,300,000	2,100,000
Total liabilities	4,731,743	5,701,560
Stockholders' Equity:
Common stock - $.001 par value; 100,000,000 shares authorized; 19,224,708 and 13,387,914 issued and outstanding at September 30, 2014 and December 31, 2013, respectively	19,225	13,388
Additional paid-in capital	81,608,382	59,432,943
Accumulated deficit	(59,673,712)	(49,478,158)
Total stockholders' equity	21,953,895	9,968,173
Total liabilities and stockholders' equity	$ 26,685,638	$ 15,669,733

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BASIS FOR PRESENTATION	9 Months Ended
BASIS FOR PRESENTATION	Sep. 30, 2014
BASIS FOR PRESENTATION
BASIS FOR PRESENTATION	Note 1 — BASIS FOR PRESENTATION The unaudited condensed consolidated balance sheet of Lpath, Inc. (“Lpath” or “the company”) as of December 31, 2013 was derived from our audited financial statements, but does not contain all disclosures required by accounting principles generally accepted in the United States of America, and certain information and disclosures normally included have been condensed or omitted pursuant to the rules and regulations of the SEC. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Except as otherwise disclosed, all such adjustments are of a normal recurring nature. Operating results for the three-month and nine-month periods ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014 or for any future financial period. For further information, refer to the consolidated financial statements and notes included in the company’s annual report on Form 10-K for the year ended December 31, 2013. The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Recent Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, a converged standard on revenue recognition. The new pronouncement requires revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also specifies the accounting for some costs to obtain or fulfil a contract with a customer, as well as enhanced disclosure requirements. ASU 2014-9 is effective for annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. The adoption of ASU 2014-9 is not expected to have a material effect on our consolidated financial statements.

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EARNINGS PER SHARE (Details)	3 Months Ended	9 Months Ended
EARNINGS PER SHARE (Details)	Sep. 30, 2014	Sep. 30, 2014
Anti-dilutive securities excluded from the calculation of diluted income (loss) per share
Anti-dilutive common stock equivalents (in shares)	2,006,406	6,026,397
Stock options
Anti-dilutive securities excluded from the calculation of diluted income (loss) per share
Anti-dilutive common stock equivalents (in shares)	363,269	802,829
Warrants
Anti-dilutive securities excluded from the calculation of diluted income (loss) per share
Anti-dilutive common stock equivalents (in shares)	931,099	4,587,359
Restricted stock unit
Anti-dilutive securities excluded from the calculation of diluted income (loss) per share
Anti-dilutive common stock equivalents (in shares)	712,038	636,209

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

+ References+ Details

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RESEARCH AND DEVELOPMENT COLLABORATIVE AGREEMENTS

9 Months Ended

Sep. 30, 2014

RESEARCH AND DEVELOPMENT COLLABORATIVE AGREEMENTS

RESEARCH AND DEVELOPMENT COLLABORATIVE AGREEMENTS

Note 2 — RESEARCH AND DEVELOPMENT COLLABORATIVE AGREEMENTS

The company recognized revenue under research and development collaborative agreements as follows:

	Nine Months Ended				Three Months Ended
	September 30,				September 30,
	2014		2013		2014		2013
Cost reimbursements	$	3,403,053	$	—	$	915,667	$	—
Amortization of license and development fees	310,500		4,336,036		62,500		1,845,021
Other	—		60,096		—		—
	$	3,713,553	$	4,396,132	$	978,167	$	1,845,021

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Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Condensed Consolidated Balance Sheets
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	19,224,708	13,387,914
Common stock, shares outstanding	19,224,708	13,387,914

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RESEARCH AND DEVELOPMENT COLLABORATIVE AGREEMENTS (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Research and development collaborative agreements
Total recognized revenue	$ 978,167	$ 1,845,021	$ 3,713,553	$ 4,396,132
Collaborative agreements \| Pfizer Inc.
Research and development collaborative agreements
Cost reimbursements	915,667		3,403,053
Amortization of license and development fees	62,500	1,845,021	310,500	4,336,036
Other				60,096
Collaborative agreements \| Pfizer Inc. \| Maximum
Research and development collaborative agreements
Eligible milestone payment to be received, on exercise of option for worldwide rights to iSONEP by counterparty	$ 497,500,000		$ 497,500,000

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Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2014	Nov. 11, 2014
Document and Entity Information
Entity Registrant Name	LPATH, INC
Entity Central Index Key	0001251769
Document Type	10-Q
Document Period End Date	Sep. 30, 2014
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		19,277,600
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q3

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SHARE-BASED PAYMENTS (Details) (USD $)
3 Months Ended 9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Share-based compensation expense

Total share-based compensation expense $ 295,669 $ 227,900 $ 999,895 $ 630,659

Unrecognized compensation expense related to unvested stock-based compensation 2,100,000 2,100,000

Weighted average period to recognize unrecognized stock-based compensation expense 2 years 4 months 24 days

Research and developments

Share-based compensation expense

Total share-based compensation expense 120,081 104,411 352,994 227,260

General and administrative

Share-based compensation expense

Total share-based compensation expense $ 175,588 $ 123,489 $ 646,901 $ 403,399

X

- Definition

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Condensed Consolidated Statements of Operations (USD $)
3 Months Ended 9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Revenues:

Grant and royalty revenue $ 132,297 $ 705,625 $ 448,380 $ 1,282,920

Research and development revenue under collaborative agreements 978,167 1,845,021 3,713,553 4,396,132

Total revenues 1,110,464 2,550,646 4,161,933 5,679,052

Expenses:

Research and development 3,630,481 3,353,057 11,868,453 7,777,218

General and administrative 1,049,087 976,660 3,289,052 3,089,402

Total expenses 4,679,568 4,329,717 15,157,505 10,866,620

Loss from operations (3,569,104) (1,779,071) (10,995,572) (5,187,568)

Other income (expense), net (420) 18 26,602

Change in fair value of warrants 400,000 (750,000) 800,000

Total other income (expense), net 400,000 (750,420) 800,018 26,602

Net loss $ (3,169,104) $ (2,529,491) $ (10,195,554) $ (5,160,966)

Basic and diluted net loss per share (in dollars per share) $ (0.20) $ (0.19) $ (0.66) $ (0.38)

Weighted-average shares outstanding used in the calculation (in shares) 16,155,752 13,428,623 15,516,950 13,416,748

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Change in fair value of warrants.

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SUBSEQUENT EVENT
9 Months Ended

Sep. 30, 2014

SUBSEQUENT EVENT.

SUBSEQUENT EVENT

Note 7 — SUBSEQUENT EVENT

On November 3, 2014, the Board of Directors (the “Board”) of the Company accepted the resignation of Scott Pancoast as the Company’s President and Chief Executive Officer and as a member of the Board. Mr. Pancoast’s resignation did not result from any disagreement with the Company on any matter relating to the company’s operations, policies, or practices. In connection with Mr. Pancoast’s resignation, on November 3, 2014 (the “Separation Date”), the Company and Mr. Pancoast entered into a separation agreement and general release (the “Separation Agreement”). Pursuant to the terms of the Separation Agreement, Mr. Pancoast will receive (i) $300,000, less applicable payroll deductions and required withholdings, payable in eight monthly installments of $37,500, and (ii) a final payment of $3,750, payable on the nine-month anniversary of the Separation Date. In addition, the Company will pay or reimburse Mr. Pancoast for the COBRA premiums required to insure Mr. Pancoast and his legal dependents for a period of 24 months following the Separation Date. Additionally, (i) the portion of Mr. Pancoast’s stock options that would have vested by May 3, 2016 will immediately vest and Mr. Pancoast will have until March 10, 2016 to exercise such options and (ii) the portion of Mr. Pancoast’s restricted stock units that would have vested by November 8, 2015 will immediately vest. Additionally, as part of the Separation Agreement, Mr. Pancoast agreed to a 12-month standstill and customary general releases. The description of the Separation Agreement set forth above does not purport to be complete and is qualified in its entirety by reference to the Separation Agreement attached as Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed with the SEC on November 4, 2014 and incorporated herein by reference.

On November 3, 2014, the Board also appointed Michael Lack, as the Company’s Interim Chief Executive Officer and Principal Executive Officer. Mr. Lack will lead the Company while the Board conducts a search for a new Chief Executive Officer. The Company entered into a consulting agreement (the “Consulting Agreement”) with Mr. Lack in connection with his appointment as Interim Chief Executive Officer. Under the Consulting Agreement, Mr. Lack will receive a monthly salary of $37,500, with a guarantee of such salary level for a period of four months, subject to certain exceptions. In addition, the Board granted Mr. Lack restricted stock units for 15,000 shares of Common Stock that will vest in full, subject to certain exceptions, on the earlier of (i) the one-year anniversary of the date of his appointment or (ii) the date on which he no longer provides services to the Company.

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EARNINGS PER SHARE
9 Months Ended

Sep. 30, 2014

EARNINGS PER SHARE

EARNINGS PER SHARE

Note 6 — EARNINGS PER SHARE

Anti-dilutive common stock equivalents were excluded from the calculation of diluted loss per share as follows:

Nine and Three Months Ended

September 30,

2014

2013

Stock options

802,829

363,269

Warrants

4,587,359

931,099

Restricted stock units

636,209

712,038

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6,026,397

2,006,406

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SUBSEQUENT EVENT (Details) (Subsequent events, USD $)
0 Months Ended

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item

President, and Chief Executive Officer, and Board Member

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Interim Chief Executive Officer, and Principal Executive Officer Member

Subsequent events

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Guaranteed term of monthly salary per consulting agreement 4 months

Interim Chief Executive Officer, and Principal Executive Officer Member | Restricted stock units

Subsequent events

Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted 15,000

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FAIR VALUE MEASUREMENTS (Details) (USD $)
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Sep. 30, 2014

Liabilities:

Volatility of stock price as specified in the underlying warrants (as a percent) 100.00%

Recurring | Fair Value | Warrants | March 2017

Liabilities:

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Recurring | Significant Unobservable Inputs (Level 3) | Warrants | March 2017

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9 Months Ended

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Schedule of recurring fair value measurements

Fair Value as of
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Significant
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Warrants expiring March 2017

$

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$

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RESEARCH AND DEVELOPMENT COLLABORATIVE AGREEMENTS (Tables)
9 Months Ended

Sep. 30, 2014

RESEARCH AND DEVELOPMENT COLLABORATIVE AGREEMENTS

Schedule of recognized revenue under research and development collaborative agreements

Nine Months Ended

Three Months Ended

September 30,

September 30,

2014

2013

2014

2013

Cost reimbursements

$

3,403,053

$

—

$

915,667

$

—

Amortization of license and development fees

310,500

4,336,036

62,500

1,845,021

Other

—

60,096

—

—

$

3,713,553

$

4,396,132

$

978,167

$

1,845,021

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9 Months Ended

Sep. 30, 2014

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Schedule of recognized share-based compensation expense

Nine Months Ended

Three Months Ended

September 30,

September 30,

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2013

2014

2013

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352,994

$

227,260

$

120,081

$

104,411

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646,901

403,399

175,588

123,489

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$

999,895

$

630,659

$

295,669

$

227,900

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EARNINGS PER SHARE (Tables)
9 Months Ended

Sep. 30, 2014

EARNINGS PER SHARE

Schedule of anti-dilutive common stock equivalents that were excluded from the calculation of diluted loss per share

Nine and Three Months Ended

September 30,

2014

2013

Stock options

802,829

363,269

Warrants

4,587,359

931,099

Restricted stock units

636,209

712,038

Total

6,026,397

2,006,406

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COMMON STOCK (Details) (USD $)
3 Months Ended 0 Months Ended 0 Months Ended 1 Months Ended 1 Months Ended

Sep. 30, 2014

Common stock and warrants Member

Registered Shares Member

Sep. 30, 2014

MLV

Sep. 30, 2014

MLV

Minimum

Mar. 18, 2014

MLV

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Mar. 18, 2014

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Exercise price of warrants $ 3.36

Shares 3,605,042 54,076 3,605,042

Aggregate offering price $ 23,000,000 $ 3.475

Exercise period effective from date of issuance 5 years

Common stock held by non-affiliates 75,000,000

Commission payable as a percentage of gross proceeds 3.00%

Common stock, shares issued 27,505

Sales price (in dollars per share) $ 3.50 $ 4.08

Net proceeds 99,000 4,900,000 11,500,000

Placement agent fees and other offering expenses $ 751,651 $ 60,000

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Condensed Consolidated Statements of Cash Flows (USD $)
9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Cash flows from operating activities:

Net loss $ (10,195,554) $ (5,160,966)

Adjustments to reconcile net loss to net cash used in operating activities:

Stock-based compensation expense 999,895 630,659

Change in fair value of warrants (800,000)

Depreciation and amortization 166,983 161,461

Changes in operating assets and liabilities:

Accounts receivable (748,948) (388,379)

Prepaid expenses and other current assets (1,368,888) 46,907

Accounts payable and accrued expenses 131,573 (271,806)

Deferred contract revenue (310,500) (4,336,036)

Other (16,807) (36,774)

Net cash used in operating activities (12,142,246) (9,354,934)

Cash flows from investing activities:

Equipment and leasehold improvement expenditures (99,007) (37,734)

Patent expenditures (308,905) (272,196)

Net cash used in investing activities (407,912) (309,930)

Cash flows from financing activities:

Proceeds from sale of common stock and warrants, net 21,290,025

Proceeds from options and warrants exercised 250 3,289

Payment for restricted stock tax liability on net settlement (82,977) (44,833)

Net cash provided by (used in) financing activities 21,207,298 (41,544)

Net increase (decrease) in cash and cash equivalents 8,657,140 (9,706,408)

Cash and cash equivalents at beginning of period 11,851,639 24,621,083

Cash and cash equivalents at end of period 20,508,779 14,914,675

Cash paid during the year for:

Income taxes 1,600 1,600

Supplemental disclosure of non-cash investing and financing activities:

Change in fair value of warrant liability $ (800,000)

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COMMON STOCK
9 Months Ended

Sep. 30, 2014

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

Note 5 — COMMON STOCK

On March 18, 2014, Lpath entered into an at-the-market issuance sales agreement with MLV (the “MLV Agreement”). Pursuant to the MLV Agreement, the company may from time to time, at the company’s option, issue and, through MLV, sell shares of its common stock having an aggregate offering price of up to $23 million (subject to limitations set by the SEC if the aggregate market-value of the company’s common stock held by non-affiliates remains below $75 million, which limitations reduce the amount that we can offer at this time to approximately $4.9 million and subject to certain time based limitations pursuant to the securities purchase agreement entered into in connection with the direct offering discussed below) from time to time, at the company’s option, through MLV. Sales of common stock through MLV, if any, will be made by any method that is deemed an “at-the-market” offering as defined in Rule 415 promulgated under the Securities Act of 1933, as amended, including by means of ordinary brokers’ transactions at market prices, in block transactions or as otherwise agreed by the Lpath and MLV. Subject to the terms and conditions of the MLV Agreement, MLV will use commercially reasonable efforts to sell the common stock based upon the company’s instructions (including any price, time or size limits or other customary parameters or conditions the Company may impose). Lpath is not obligated to make any sales of its common stock under the MLV Agreement. Any shares sold will be sold pursuant to the company’s effective shelf registration statement on Form S-3. The company will pay MLV a commission of up to 3.0% of the gross proceeds. The MLV Agreement will terminate upon the earlier of the sale of all common stock subject to the MLV Agreement or termination of the MLV Agreement by the company or MLV. During the quarter ended September 30, 2014, the company sold 27,505 shares at sales prices ranging from $3.50 to $4.08 per share, resulting in $99,000 in net proceeds.

In September 2014, Lpath sold 3,605,042 registered shares of common stock and warrants to purchase 3,605,042 unregistered shares of common stock in a direct offering at a purchase price of $3.475 per share-and-warrant-share combination. The warrants have an exercise price of $3.36 per underlying share, are immediately exercisable, and terminate on the five-year anniversary of issuance. Each warrant may be exercised using a cashless exercise procedure if the resale of the underlying shares are not covered by an effective registration statement. Net proceeds of this offering totaled $11,500,000 after deducting placement agent fees and other expenses of the offering. Maxim Group LLC (“Maxim”) acted as the exclusive placement agent for the offering. Maxim received a placement agent fee of $751,651 and an unregistered warrant to purchase 54,076 unregistered shares of common stock (the “Maxim Warrant”) as well as the reimbursement of fees and expenses up to $60,000. The Maxim Warrant has an exercise price of $3.36 per share, is immediately exercisable, and will terminate on August 23, 2018.

As part of the transaction, Lpath has agreed not to issue any shares of Common Stock or securities convertible into shares of Common Stock until March 19, 2015, except for certain exempt issuances. Lpath also agreed not to offer any variable-rate securities until October 23, 2015, provided, however, that the Company can recommence sales under its existing at-the-market vehicle after March 19, 2015.

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FAIR VALUE MEASUREMENTS (Details 2) (Warrants, USD $)
9 Months Ended

Sep. 30, 2014

Warrants

Liabilities:

Balance at the beginning of the period $ 2,100,000

Change in fair value of warrants (800,000)

Balance at the end of the period $ 1,300,000

Number of warrants outstanding (in shares) 4,587,359

Weighted-average exercise price of warrant outstanding (in dollars per share) 4.21

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SHARE-BASED PAYMENTS (Details) (USD $)	3 Months Ended		9 Months Ended
SHARE-BASED PAYMENTS (Details) (USD $)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Share-based compensation expense
Total share-based compensation expense	$ 295,669	$ 227,900	$ 999,895	$ 630,659
Unrecognized compensation expense related to unvested stock-based compensation	2,100,000		2,100,000
Weighted average period to recognize unrecognized stock-based compensation expense			2 years 4 months 24 days
Research and developments
Share-based compensation expense
Total share-based compensation expense	120,081	104,411	352,994	227,260
General and administrative
Share-based compensation expense
Total share-based compensation expense	$ 175,588	$ 123,489	$ 646,901	$ 403,399

SUBSEQUENT EVENT	9 Months Ended
SUBSEQUENT EVENT	Sep. 30, 2014
SUBSEQUENT EVENT.
SUBSEQUENT EVENT	Note 7 — SUBSEQUENT EVENT On November 3, 2014, the Board of Directors (the “Board”) of the Company accepted the resignation of Scott Pancoast as the Company’s President and Chief Executive Officer and as a member of the Board. Mr. Pancoast’s resignation did not result from any disagreement with the Company on any matter relating to the company’s operations, policies, or practices. In connection with Mr. Pancoast’s resignation, on November 3, 2014 (the “Separation Date”), the Company and Mr. Pancoast entered into a separation agreement and general release (the “Separation Agreement”). Pursuant to the terms of the Separation Agreement, Mr. Pancoast will receive (i) $300,000, less applicable payroll deductions and required withholdings, payable in eight monthly installments of $37,500, and (ii) a final payment of $3,750, payable on the nine-month anniversary of the Separation Date. In addition, the Company will pay or reimburse Mr. Pancoast for the COBRA premiums required to insure Mr. Pancoast and his legal dependents for a period of 24 months following the Separation Date. Additionally, (i) the portion of Mr. Pancoast’s stock options that would have vested by May 3, 2016 will immediately vest and Mr. Pancoast will have until March 10, 2016 to exercise such options and (ii) the portion of Mr. Pancoast’s restricted stock units that would have vested by November 8, 2015 will immediately vest. Additionally, as part of the Separation Agreement, Mr. Pancoast agreed to a 12-month standstill and customary general releases. The description of the Separation Agreement set forth above does not purport to be complete and is qualified in its entirety by reference to the Separation Agreement attached as Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed with the SEC on November 4, 2014 and incorporated herein by reference. On November 3, 2014, the Board also appointed Michael Lack, as the Company’s Interim Chief Executive Officer and Principal Executive Officer. Mr. Lack will lead the Company while the Board conducts a search for a new Chief Executive Officer. The Company entered into a consulting agreement (the “Consulting Agreement”) with Mr. Lack in connection with his appointment as Interim Chief Executive Officer. Under the Consulting Agreement, Mr. Lack will receive a monthly salary of $37,500, with a guarantee of such salary level for a period of four months, subject to certain exceptions. In addition, the Board granted Mr. Lack restricted stock units for 15,000 shares of Common Stock that will vest in full, subject to certain exceptions, on the earlier of (i) the one-year anniversary of the date of his appointment or (ii) the date on which he no longer provides services to the Company.

SUBSEQUENT EVENT (Details) (Subsequent events, USD $)	0 Months Ended
SUBSEQUENT EVENT (Details) (Subsequent events, USD $)	Nov. 03, 2014 item
President, and Chief Executive Officer, and Board Member
Subsequent events
Total payment amount per separation agreement	$ 300,000
Number of monthly payments per separation agreement	8
Monthly payment amount per separation agreement	37,500
Final payment amount per separation agreement	3,750
Number of months of COBRA premium reimbursement per separation agreement	24 months
Interim Chief Executive Officer, and Principal Executive Officer Member
Subsequent events
Monthly salary amount per consulting agreement	$ 37,500
Guaranteed term of monthly salary per consulting agreement	4 months
Interim Chief Executive Officer, and Principal Executive Officer Member \| Restricted stock units
Subsequent events
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted	15,000

FAIR VALUE MEASUREMENTS (Details) (USD $)	9 Months Ended
FAIR VALUE MEASUREMENTS (Details) (USD $)	Sep. 30, 2014
Liabilities:
Volatility of stock price as specified in the underlying warrants (as a percent)	100.00%
Recurring \| Fair Value \| Warrants \| March 2017
Liabilities:
Fair value of liabilities	$ 1,300,000
Recurring \| Significant Unobservable Inputs (Level 3) \| Warrants \| March 2017
Liabilities:
Fair value of liabilities	$ 1,300,000

COMMON STOCK (Details) (USD $)		3 Months Ended		0 Months Ended			0 Months Ended	1 Months Ended				1 Months Ended
COMMON STOCK (Details) (USD $)	Sep. 30, 2014 Common stock and warrants Member Registered Shares Member	Sep. 30, 2014 MLV	Sep. 30, 2014 MLV Minimum	Mar. 18, 2014 MLV Maximum	Mar. 18, 2014 MLV Maximum	Sep. 30, 2014 MLV Maximum	Mar. 18, 2014 Non Affiliates [Member] Maximum	Sep. 30, 2014 Maxim	Sep. 30, 2014 Maxim Common stock and warrants Member	Sep. 30, 2014 Maxim Warrants	Sep. 30, 2014 Maxim Common Stock Unregistered Shares Member	Sep. 30, 2014 Maxim Maximum
Exercise price of warrants										$ 3.36
Shares	3,605,042									54,076	3,605,042
Aggregate offering price					$ 23,000,000				$ 3.475
Exercise period effective from date of issuance										5 years
Common stock held by non-affiliates							75,000,000
Commission payable as a percentage of gross proceeds				3.00%
Common stock, shares issued		27,505
Sales price (in dollars per share)			$ 3.50			$ 4.08
Net proceeds		99,000		4,900,000				11,500,000
Placement agent fees and other offering expenses								$ 751,651				$ 60,000

COMMON STOCK	9 Months Ended
COMMON STOCK	Sep. 30, 2014
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	Note 5 — COMMON STOCK On March 18, 2014, Lpath entered into an at-the-market issuance sales agreement with MLV (the “MLV Agreement”). Pursuant to the MLV Agreement, the company may from time to time, at the company’s option, issue and, through MLV, sell shares of its common stock having an aggregate offering price of up to $23 million (subject to limitations set by the SEC if the aggregate market-value of the company’s common stock held by non-affiliates remains below $75 million, which limitations reduce the amount that we can offer at this time to approximately $4.9 million and subject to certain time based limitations pursuant to the securities purchase agreement entered into in connection with the direct offering discussed below) from time to time, at the company’s option, through MLV. Sales of common stock through MLV, if any, will be made by any method that is deemed an “at-the-market” offering as defined in Rule 415 promulgated under the Securities Act of 1933, as amended, including by means of ordinary brokers’ transactions at market prices, in block transactions or as otherwise agreed by the Lpath and MLV. Subject to the terms and conditions of the MLV Agreement, MLV will use commercially reasonable efforts to sell the common stock based upon the company’s instructions (including any price, time or size limits or other customary parameters or conditions the Company may impose). Lpath is not obligated to make any sales of its common stock under the MLV Agreement. Any shares sold will be sold pursuant to the company’s effective shelf registration statement on Form S-3. The company will pay MLV a commission of up to 3.0% of the gross proceeds. The MLV Agreement will terminate upon the earlier of the sale of all common stock subject to the MLV Agreement or termination of the MLV Agreement by the company or MLV. During the quarter ended September 30, 2014, the company sold 27,505 shares at sales prices ranging from $3.50 to $4.08 per share, resulting in $99,000 in net proceeds. In September 2014, Lpath sold 3,605,042 registered shares of common stock and warrants to purchase 3,605,042 unregistered shares of common stock in a direct offering at a purchase price of $3.475 per share-and-warrant-share combination. The warrants have an exercise price of $3.36 per underlying share, are immediately exercisable, and terminate on the five-year anniversary of issuance. Each warrant may be exercised using a cashless exercise procedure if the resale of the underlying shares are not covered by an effective registration statement. Net proceeds of this offering totaled $11,500,000 after deducting placement agent fees and other expenses of the offering. Maxim Group LLC (“Maxim”) acted as the exclusive placement agent for the offering. Maxim received a placement agent fee of $751,651 and an unregistered warrant to purchase 54,076 unregistered shares of common stock (the “Maxim Warrant”) as well as the reimbursement of fees and expenses up to $60,000. The Maxim Warrant has an exercise price of $3.36 per share, is immediately exercisable, and will terminate on August 23, 2018. As part of the transaction, Lpath has agreed not to issue any shares of Common Stock or securities convertible into shares of Common Stock until March 19, 2015, except for certain exempt issuances. Lpath also agreed not to offer any variable-rate securities until October 23, 2015, provided, however, that the Company can recommence sales under its existing at-the-market vehicle after March 19, 2015.

FAIR VALUE MEASUREMENTS (Details 2) (Warrants, USD $)	9 Months Ended
FAIR VALUE MEASUREMENTS (Details 2) (Warrants, USD $)	Sep. 30, 2014
Warrants
Liabilities:
Balance at the beginning of the period	$ 2,100,000
Change in fair value of warrants	(800,000)
Balance at the end of the period	$ 1,300,000
Number of warrants outstanding (in shares)	4,587,359
Weighted-average exercise price of warrant outstanding (in dollars per share)	4.21