form10q022015.htm

0000799698-15-000015.txt : 20150803 0000799698-15-000015.hdr.sgml : 20150801 20150803064724 ACCESSION NUMBER: 0000799698-15-000015 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20150630 FILED AS OF DATE: 20150803 DATE AS OF CHANGE: 20150803 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CYTRX CORP CENTRAL INDEX KEY: 0000799698 STANDARD INDUSTRIAL CLASSIFICATION: BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836] IRS NUMBER: 581642750 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-15327 FILM NUMBER: 151020999 BUSINESS ADDRESS: STREET 1: 11726 SAN VICENTE BOULEVARD STREET 2: SUITE 650 CITY: LOS ANGELES STATE: CA ZIP: 90049 BUSINESS PHONE: 310-826-5648 MAIL ADDRESS: STREET 1: 11726 SAN VICENTE BOULEVARD STREET 2: SUITE 650 CITY: LOS ANGELES STATE: CA ZIP: 90049 10-Q 1 form10q022015.htm QUARTER 2, 2015 FORM 10Q form10q022015.htm

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

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

For the quarterly period ended June 30, 2015

£	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 0-15327

CytRx Corporation

(Exact name of Registrant as specified in its charter)

Delaware	58-1642740
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

11726 San Vicente Blvd., Suite 650 Los Angeles, CA	90049
(Address of principal executive offices)	(Zip Code)

(310) 826-5648

(Registrant’s telephone number, including area code)

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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 R No £

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 R No £

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 the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer £	Accelerated filer R	Non-accelerated filer £	Smaller reporting company £
	(Do not check if a smaller reporting company)

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

Number of shares of CytRx Corporation common stock, $.001 par value, outstanding as of August 3, 2015: 66,480,065 shares, exclusive of treasury shares.

CYTRX CORPORATION

FORM 10-Q

TABLE OF CONTENTS

	Page
PART I. — FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)	1
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	13
Item 3. Quantitative and Qualitative Disclosures About Market Risk	18
Item 4. Controls and Procedures	18

PART II. — OTHER INFORMATION
Item 1. Legal Proceedings	19
Item 1A. Risk Factors	19
Item 6. Exhibits	19

SIGNATURES	20

INDEX TO EXHIBITS	21

PART I — FINANCIAL INFORMATION

Item 1. — Financial Statements

CYTRX CORPORATION

CONDENSED BALANCE SHEETS

(Unaudited)

	June 30, 2015			December 31, 2014
ASSETS
Current assets:
Cash and cash equivalents	$	38,833,736		$	32,218,905
Short-term investments		15,002,213			45,621,593
Receivables		5,175,007			2,019,293
Interest receivable		14,196			104,627
Prepaid expenses and other current assets		976,325			3,250,355
Total current assets		60,001,477			83,214,773
Equipment and furnishings, net		879,359			970,873
Goodwill		183,780			183,780
Other assets		1,569,193			1,323,156
Total assets	$	62,633,809		$	85,692,582
LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities: Accounts payable	$	5,328,351		$	6,655,962
Accrued expenses and other current liabilities		10,376,415			5,994,072
Warrant liability		4,566,515			5,131,085
Total current liabilities		20,271,281			17,781,119

Commitments and contingencies

Stockholders’ equity:
Preferred Stock, $0.01 par value, 5,000,000 shares authorized, including 25,000 shares of Series A Junior Participating Preferred Stock; no shares issued and outstanding		—			—
Common stock, $0.001 par value, 250,000,000 shares authorized; 55,927,197 shares issued and outstanding at June 30, 2015; 55,921,986 shares issued and outstanding at December 31, 2014		55,927			55,924
Additional paid-in capital		380,638,689			376,975,984
Treasury stock, at cost (199,275 shares)		(2,612,861	)		(2,612,861	)
Accumulated deficit		(335,719,227	)		(306,507,584	)
Total stockholders’ equity		42,362,528			67,911,463
Total liabilities and stockholders’ equity	$	62,633,809		$	85,692,582

The accompanying notes are an integral part of these condensed financial statements.

-1-

CYTRX CORPORATION

CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Revenue:
License revenue	$	—		$	—		$	—		$	—

Expenses:
Research and development		10,008,304			10,427,877			22,573,181			17,415,725
General and administrative		4,191,769			2,909,127			7,322,001			6,040,201
		14,200,073			13,337,004			29,895,182			23,455,926

Loss before other income (loss)		(14,200,073	)		(13,337,004	)		(29,895,182	)		(23,455,926	)

Other income (loss):
Interest income		46,455			89,377			103,029			160,015
Other income (loss), net		30,660			(3,243	)		15,940			6,655
Gain (loss) on warrant derivative liability		2,435,865			(2,468,603	)		564,570			12,234,301

Net loss	$	(11,687,093	)	$	(15,719,473	)	$	(29,211,643	)	$	(11,054,955	)

Basic and diluted net loss per share	$	(0.21	)	$	(0.28	)	$	(0.52	)	$	(0.21	)

Basic and diluted weighted-average shares outstanding		55,726,432			55,676,766			55,724,581			53,010,556

The accompanying notes are an integral part of these condensed financial statements

-2-

CYTRX CORPORATION

CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)

	Six Months Ended June 30,
	2015			2014
Cash flows from operating activities:
Net loss	$	(29,211,643	)	$	(11,054,955	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		165,830			64,856
Stock-based compensation expense		3,662,708			2,627,010
Fair value adjustment on warrant liability		(564,570	)		(12,234,301	)
Net foreign exchange loss		—			(64	)
Changes in assets and liabilities:
Receivables		(3,155,714	)		(1,480,067	)
Interest receivable		90,431			(48,929	)
Prepaid expenses and other current assets		2,027,993			1,410,893
Accounts payable		(1,332,633	)		(160,032	)
Accrued expenses and other current liabilities		4,382,343			3,832,235
Net cash used in operating activities		(23,935,255	)		(17,043,354	)

Cash flows from investing activities:
Purchase of short-term investments		(17,960,256	)		(45,601,506	)
Proceeds from the sale of short-term investments		48,579,636			22,084,980
Purchases of equipment and furnishings		(69,294	)		(20,733	)
Net cash provided by (used in) investing activities		30,550,086			(23,537,259	)

Cash flows from financing activities: Net proceeds from public offering		—			80,535,401
Proceeds from issuance of restricted stock to employee		—			100
Net proceeds from exercise of warrants and stock options		—			428,891
Net cash provided by financing activities		—			80,964,392

Net increase in cash and cash equivalents		6,614,831			40,383,779
Cash and cash equivalents at beginning of period		32,218,905			11,483,112
Cash and cash equivalents at end of period	$	38,833,736		$	51,866,891

Supplemental disclosure of cash flow information:

Equipment and furnishings purchased on credit	$	5,022		$	107,506

Cashless warrant exercises	$	3		$	133

Cash paid for income taxes	$	800		$	59,431

The accompanying notes are an integral part of these condensed financial statements.

-3-

NOTES TO CONDENSED FINANCIAL STATEMENTS

June 30, 2015

(Unaudited)

1. Description of Company and Basis of Presentation

CytRx Corporation (“CytRx” or the “Company”) is a biopharmaceutical research and development company specializing in oncology. The Company is currently focused on the clinical development of aldoxorubicin (formerly known as INNO-206), its modified version of the widely-used chemotherapeutic agent, doxorubicin. CytRx previously reported positive top-line efficacy results (median progression-free survival, or PFS, PFS at six months, overall response rates, hazard ratios and overall survival) from its completed, global Phase 2b clinical trial with aldoxorubicin as a treatment for soft tissue sarcoma, or STS. Hazard ratios, or the likelihood that the study endpoint (in this case tumor progression) will be reached during a given period, are an important measure of the reliability and uniformity of the absolute data for PFS. The trial investigated the efficacy and safety of aldoxorubicin compared with doxorubicin in subjects with first-line metastatic, locally advanced or unresectable STS. Aldoxorubicin combines the chemotherapeutic agent doxorubicin with a novel linker-molecule that binds specifically to albumin in the blood and is designed to allow for delivery of higher amounts of doxorubicin (3½ to 4 times) without the major dose-limiting toxicities as seen with the administration of doxorubicin alone.

In the first quarter of 2014, the Company initiated a pivotal Phase 3 trial of aldoxorubicin as a therapy for patients with STS whose tumors have progressed following treatment with chemotherapy. The Phase 3 trial is being conducted under a Special Protocol Assessment, or SPA, granted by the FDA. The SPA means that the FDA agrees that the design and analyses proposed in the Phase 3 trial protocol are acceptable to support regulatory approval of the product candidate with respect to effectiveness of the indication studied, and will not change its perspective on these matters, except in limited circumstances such as where a sponsor fails to follow a protocol agreed to with the FDA or where previously unrecognized health concerns occur. Thus, if the study demonstrates an acceptable benefit-risk profile as determined by the FDA, it will support registration of aldoxorubicin for this indication. If approved for marketing, the Company’s current plan would be to commercially launch aldoxorubicin in late 2017.

CytRx is currently evaluating aldoxorubicin in a global Phase 2b clinical trial in small cell lung cancer, a Phase 2 clinical trial in HIV-related Kaposi's sarcoma, a Phase 2 clinical trial in patients with late-stage glioblastoma (brain cancer), a Phase 1b clinical trial in combination with ifosfamide in patients with STS and a Phase 1b clinical trial in combination with gemcitabine in patients with metastatic solid tumors. The Company has completed a global Phase 2b clinical trial with aldoxorubicin as a 1st-line therapy for STS, a Phase 1b/2 clinical trial primarily in the same indication, a Phase 1b clinical trial of aldoxorubicin in combination with doxorubicin in patients with advanced solid tumors and a Phase 1b pharmacokinetics clinical trial in patients with metastatic solid tumors.

CytRx plans to expand its pipeline of oncology candidates through its drug-development activities at its laboratory facility in Freiburg, Germany, based on its Linker Activated Drug Release, or LADR™, technology that can be utilized with multiple chemotherapeutic agents and may allow for greater drug concentration at tumor sites.

The accompanying condensed financial statements at June 30, 2015 and for the three-month and six-month periods ended June 30, 2015 and 2014, respectively, are unaudited, but include all adjustments, consisting of normal recurring entries, that management believes to be necessary for a fair presentation of the periods presented. Interim results are not necessarily indicative of results for a full year. Balance sheet amounts as of December 31, 2014 have been derived from the Company’s audited financial statements as of that date.

The financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. The financial statements should be read in conjunction with the Company’s audited financial statements contained in its Annual Report on Form 10-K for the year ended December 31, 2014. The Company’s operating results will fluctuate for the foreseeable future. Therefore, period-to-period comparisons should not be relied upon as predictive of the results in future periods.

2. Recent Accounting Pronouncements

We have reviewed all of the recent accounting pronouncements and have determined that they have not or will not have a material impact on the Company’s financial statements, or simply do not apply to the Company’s operations.

-4-

3. Foreign Currency Remeasurement

The U.S. dollar has been determined to be the functional currency for the net assets of the Company’s laboratory facility in Germany. The transactions are recorded in the local currencies and are remeasured at each reporting date using the historical rates for nonmonetary assets and liabilities and exchange rates for monetary assets and liabilities at the balance sheet date. Exchange gains and losses from the remeasurement of monetary assets and liabilities are recognized in other income (loss). The Company recognized a gain of approximately $5,000 and a loss of approximately $10,700 for the three-month and six-month periods ended June 30, 2015, respectively, and $0 and $4,900 for the three and six-month periods ended June 30, 2014, respectively.

4. Short-term Investments

The Company held $15.0 million of short-term investments at June 30, 2015, as compared to $45.6 million at December 31, 2014. The Company has classified these investments as available for sale. These investments are federally insured certificates of deposit with a maturity date of August 27, 2015.

5. Basic and Diluted Net Loss Per Common Share

Basic and diluted net loss per common share is computed based on the weighted-average number of common shares outstanding. Common share equivalents (which consist of options, warrants and restricted stock) are excluded from the computation of diluted net loss per common share where the effect would be anti-dilutive. Common share equivalents that could potentially dilute net loss per share in the future, and which were excluded from the computation of diluted loss per share, totaled 17.8 million shares for each of the three-month and six-month periods ended June 30, 2015, and 14.6 million shares for each of the three-month and six-month periods ended June 30, 2014.

6. Warrant Liabilities

Liabilities measured at fair value on a recurring basis include warrant liabilities resulting from the Company’s past equity financings. In accordance with ASC 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity (“ASC 815-40”), the warrant liabilities are being recorded at fair value until they are completely settled. The warrants are valued using the Black-Scholes method, using assumptions consistent with the Company’s application of ASC 505-50, Equity-Based Payments to Non-Employees (“ASC 505-50”). The gain or loss resulting from the change in fair value is shown on the Condensed Statements of Operations as gain (loss) on warrant derivative liability. The Company recognized a gain (loss) of $2.4 million and ($2.5) million for the three-month periods ended June 30, 2015 and 2014, respectively, and a gain of $0.6 million and $12.2 million for the six-month periods ended June 30, 2015 and 2014, respectively. The following reflects the weighted-average assumptions for each of the six-month periods indicated:

	Six Months Ended June 30,
	2015			2014

Risk-free interest rate		0.28	%		0.44	%
Expected dividend yield		0	%		0	%
Expected lives		1.09			1.96
Expected volatility		62.7	%		84.1	%
Warrants classified as liabilities (in shares)		6,371,854			6,984,716

The Company’s computation of expected volatility is based on the historical daily volatility of its publicly traded stock. The dividend yield assumption of zero is based upon the fact that the Company has never paid cash dividends and presently has no intention to do so. The risk-free interest rate used for each warrant classified as a derivative is equal to the U.S. Treasury rates in effect at June 30 of each year presented. The expected lives are based on the remaining contractual lives of the related warrants at the valuation date.

7. Stock Based Compensation

The Company has a 2000 Long-Term Incentive Plan, which expired on August 6, 2010. As of June 30, 2015, there were approximately 0.6 million shares subject to outstanding stock options under this plan. No further shares are available for future grant under this plan.

The Company also has a 2008 Stock Incentive Plan. As of June 30, 2015, there were 9.9 million shares subject to outstanding stock options and 10.1 million shares available for future grant under this plan.

-5-

The Company follows ASC 718, Compensation-Stock Compensation, which requires the measurement and recognition of compensation expense for all stock-based awards made to employees.

For stock options and stock warrants paid in consideration of services rendered by non-employees, the Company recognizes compensation expense in accordance with the requirements of ASC 505-50.

Non-employee option grants that do not vest immediately upon grant are recorded as an expense over the vesting period. At the end of each financial reporting period, the value of these options, as calculated using the Black-Scholes option-pricing model, is determined, and compensation expense recognized or recovered during the period is adjusted accordingly. As a result, the amount of the future compensation expense is subject to adjustment until the common stock options are fully vested.

The following table sets forth the total stock-based compensation expense resulting from stock options and warrants included in the Company’s unaudited interim statements of operations:

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Research and development — employee	$	392,842	$	234,484	$	728,780	$	409,638
General and administrative — employee		1,744,440		325,379		2,699,844		637,339
Total employee stock-based compensation	$	2,137,282	$	559,863	$	3,428,624	$	1,046,977

Research and development — non-employee	$	—	$	—	$	—	$	—
General and administrative — non-employee		140,533		160,629		234,084		352,620
Total non-employee stock-based compensation	$	140,533	$	160,629	$	234,084	$	352,620

During the six-month period ended June 30, 2015, the Company granted stock options to purchase 550,000 shares of its common stock. During the six-month period ended June 30, 2014, the Company granted stock options to purchase 300,000 shares of its common stock and issued warrants to purchase 25,000 shares of its stock with an exercise price of $5.60.The fair value of the stock options was estimated using the Black-Scholes option-pricing model, based on the following assumptions:

	Six Months Ended June 30, 2015			Six Months Ended June 30, 2014
Risk-free interest rate		2.21	%		1.92	%
Expected volatility		78.2% - 84.4	%		87.0% - 89.6	%
Expected lives (years)		6 - 10			6 - 10
Expected dividend yield		0.00	%		0.00	%

The Company’s computation of expected volatility is based on the historical daily volatility of its publicly traded stock. The Company uses historical information to compute expected lives. In the six-month period ended June 30, 2015, the contractual term of the options granted was ten years. The dividend yield assumption of zero is based upon the fact the Company has never paid cash dividends and presently has no intention to do so. The risk-free interest rate used for each grant and issuance is equal to the U.S. Treasury rates in effect at the time of the grant and issuance for instruments with a similar expected life. Based on historical experience, for the six-month period ended June 30, 2015, the Company estimated annualized forfeiture rates of 10% for options granted to its employees, 2% for options granted to senior management and 0% for options granted to directors and non-employees and for warrants issued to non-employees. For the six-month period ended June 30, 2014, the Company estimated annualized forfeiture rates of 12% for options granted to its employees, 2% for options granted to senior management and 0% for options granted to directors and non-employees. Compensation costs will be adjusted for future changes in estimated forfeitures. The Company will record additional expense if the actual forfeitures are lower than estimated and will record a recovery of prior expense if the actual forfeiture rates are higher than estimated.

-6-

As of June 30, 2015, there remained approximately $4.9 million of unrecognized compensation expense related to unvested stock options granted to current and former employees, directors, to be recognized as expense over a weighted-average period of 1.03 years. Presented below is the Company’s stock option activity:

	Six Months Ended June 30, 2015
	Number of Options (Employees)			Number of Options (Non-Employees)			Total Number of Options			Weighted-Average Exercise Price
Outstanding at January 1, 2015		9,348,952			692,143			10,040,735		$	2.87
Granted		550,000			—			550,000		$	3.86
Expired		(68,000	)		(56,429	)		(124,429	)	$	6.90
Outstanding at June 30, 2015		9,830,952			635,714			10,466,306		$	3.33
Options exercisable at June 30, 2015		6,276,275			635,714			6,911,989		$	3.59

The following table summarizes significant ranges of outstanding stock options under the Company’s plans at June 30, 2015:

Range of Exercise Prices		Total Number of Options		Weighted-Average Remaining Contractual Life (years)		Weighted-Average Exercise Price		Total Number of Options Exercisable		Weighted-Average Remaining Contractual Life (years)		Weighted-Average Exercise Price
$	1.83 - $2.50		5,837,558		8.51	$	2.12		3,226,398		8.00	$	2.08
$	2.51 – $3.50		954,482		8.64	$	2.85		874,482		8.62	$	2.83
$	3.51 – $8.00		3,386,201		7.93	$	5.06		2,523,043		7.74	$	5.16
$	8.01 – $32.55		288,065		2.31	$	9.00		288,066		2.31	$	9.00
			10,466,306		8.16	$	3.33		6,911,989		7.74	$	3.59

The aggregate intrinsic value of all outstanding options and vested options as of June 30, 2015 was $10.2 million and $6.1 million, respectively, representing options with exercise prices of less than the closing fair market value of the Company’s common stock on June 30, 2015 of $3.72 per share.

There were 7,282,617 and 7,349,760 warrants outstanding at June 30, 2015 and December 31, 2014, respectively at a weighted-average exercise price of $4.29 and $4.27, respectively.

Restricted Stock

On January 1, 2014, the Company granted to Dr. Daniel Levitt, Executive Vice President and Chief Medical Officer, 100,000 shares of CytRx Corporation restricted stock pursuant to the 2008 Plan, which shares have now fully vested. The fair value of the restricted stock is based on the market price of the Company’s shares on the grant date less the par value received as consideration. The fair value of the restricted shares granted on January 1, 2014 was $627,000. The stock-based compensation expense relating to restricted stock included in the Company’s unaudited statements of operations for the three-month and six-month periods ended June 30, 2014 was $156,296 and $310,874, respectively. No restricted shares of common stock of the Company were granted in the comparable periods in 2015.

-7-

8. Fair Value Measurements

Assets and liabilities recorded at fair value on the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure the fair value. Level inputs are as follows:

Level 1 – quoted prices in active markets for identical assets or liabilities.

Level 2 – other significant observable inputs for the assets or liabilities through corroboration with market data at the measurement date.

Level 3 – significant unobservable inputs that reflect management’s best estimate of what market participants would use to price the assets or liabilities at the measurement date.

The following table summarizes fair value measurements by level at June 30, 2015 for assets and liabilities measured at fair value on a recurring basis:

(In thousands)	Level I		Level II		Level III			Total
Cash equivalents	$	38,437	$	—	$	—		$	38,437
Short-term investments		15,002		—		—			15,002
Warrant liabilities		—		—		(4,567	)		(4,567	)

The following table summarizes fair value measurements by level at December 31, 2014 for assets and liabilities measured at fair value on a recurring basis:

(In thousands)	Level I		Level II		Level III			Total
Cash equivalents	$	31,159	$	—	$	—		$	31,159
Short-term investments		45,622		—		—			45,622
Warrant liability		—		—		(5,131	)		(5,131	)

Liabilities measured at market value on a recurring basis include warrant liability resulting from the Company’s August 2011 equity financing. In accordance with ASC 815-40, the warrant liability are marked to market each quarter-end until they are completely settled. The warrants are valued using the Black-Scholes method, using assumptions consistent with the Company’s application of ASC 505-50. The change in the fair value of the liabilities classified in Level III is due to the unrealized gain of $0.6 million recognized and the gain is presented in the Condensed Statement of Operations (see Note 6).

The Company considers carrying amounts of accounts receivable, accounts payable and accrued expenses to approximate fair value due to the short-term nature of these financial instruments.

The Company’s non-financial assets are measured at fair value when there is an indicator of impairment and recorded at fair value only when an impairment charge is recognized. The Company’s non-financial assets were not material at June 30, 2015 or 2014.

9. Liquidity and Capital Resources

At June 30, 2015, the Company had cash and cash equivalents of approximately $38.8 million and short-term investments of approximately $15.0 million. Management believes that the Company’s current cash and cash equivalents and short-term investments, along with the $26.8 million of net proceeds received from our underwritten public offering on July 21, 2015 (see Note 13), will be sufficient to fund its operations for the foreseeable future. The estimate is based, in part, upon the Company’s currently projected expenditures for the remainder of 2015 and the first six months of 2016 of approximately $53.1 million, which includes approximately $36.1 million for its clinical programs for aldoxorubicin, approximately $2.3 million for pre-clinical development of new albumin-binding cancer drug candidates, approximately $3.9 million for general operation of its clinical programs, and approximately $10.8 million for other general and administrative expenses (including pre-commercialization). These projected expenditures are also based upon numerous other assumptions and subject to many uncertainties, and the Company’s actual expenditures may be significantly different from these projections.

If the Company obtains marketing approval and successfully commercializes aldoxorubicin or other product candidates, the Company anticipates it could take several years, for it to generate significant recurring revenue. The Company will be dependent on future financing and possible strategic partnerships until such time, if ever, as it can generate significant recurring revenue. The Company has no commitments from third parties to provide any additional financing, and it may not be able to obtain future financing on favorable terms, or at all. If the Company fails to obtain sufficient funding when needed, it may be forced to delay, scale back or eliminate all or a portion of its development programs or clinical trials, seek to license to other companies its product candidates or technologies that it would prefer to develop and commercialize itself, or seek to sell some or all of its assets or merge with or be acquired by another company.

-8-

10. Equity Transactions

On April 27, 2015, the Company issued 5,211 common shares pursant to a net exercise of warrants to purchase 10,000 shares.

On January 1, 2014, the Company granted 100,000 shares of restricted stock to Dr. Daniel Levitt, Executive Vice President and Chief Medical Officer (see Note 7), which resulted in non-cash expense of $0.6 million.

On February 5, 2014, the Company completed an $86.0 million underwritten public offering, in which it sold and issued 13.2 million shares of common stock at a price of $6.50 per share. Net of underwriting discounts, legal, accounting and other offering expenses, the Company received proceeds of approximately $80.5 million.

On March 15, 2014, the Company issued 200,000 common shares and warrants to purchase 25,000 common shares to KTB Tumorforschungs GmbH, or “KTB,” the licensor of aldoxorubicin, in connection with the establishment of the Company’s Freiburg, Germany research and development laboratory. The fair value of the shares was $0.8 million.

In the first quarter of 2014, the Company issued approximately 278,000 common shares for $0.4 million pursuant to the exercise of warrants.

11. Income Taxes

At December 31, 2014, the Company had federal and state net operating loss carryforwards as of $227.5 million and $157.5 million, respectively, available to offset against future taxable income, and which expire in 2015 through 2034. Of such loss carryforwards, $165.2 million and $157.5 million, respectively, are not subject to limitation under Section 382 of the Internal Revenue Code.

12. Commitments and Contingencies

Commitments

The Company has an agreement with KTB for the Company’s exclusive license of patent rights held by KTB for the worldwide development and commercialization of aldoxorubicin. Under the agreement, the Company must make payments to KTB in the aggregate of $7.5 million upon meeting clinical and regulatory milestones up to and including the product’s second final marketing approval. In the six months ended June 30, 2014, the Company met two clinical milestones, resulting in total payments of $2.0 million to KTB. The Company also has agreed to pay:

·	commercially reasonable royalties based on a percentage of net sales (as defined in the agreement);

·	a percentage of non-royalty sub-licensing income (as defined in the agreement); and

·	milestones of $1 million for each additional final marketing approval that the Company obtains.

In the event that the Company must pay a third party in order to exercise its rights to the intellectual property under the agreement, the Company will deduct a percentage of those payments from the royalties due KTB, up to an agreed upon cap.

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Contingencies

On June 13, 2014, three purported securities class action lawsuits pending in the United States District Court for the Central District of California, were consolidated in the matter of In re CytRx Corporation Securities Litigation, 2:14-CV-01956-GHK (PJWx), and lead plaintiff and lead counsel were appointed. On October 1, 2014, plaintiffs filed a consolidated amended complaint on behalf of all persons who purchased or otherwise acquired the publicly traded securities of CytRx between November 20, 2013 and March 13, 2014, against CytRx, certain Company officers and directors, a freelance writer, and certain underwriters. The complaint alleges that certain of the defendants violated the Securities Exchange Act of 1934 by making materially false and misleading statements in press releases, promotional articles, SEC filings and other public statements. The complaint further alleges that certain of the defendants violated the Securities Act of 1933 by making materially misleading statements and omitting material information in the shelf Registration Statement on Form S-3 filed with the SEC on December 6, 2012 and Prospectus Supplement on Form 424(b)(2) filed with the SEC on January 31, 2014. These allegations arise out of the Company’s alleged retention of The DreamTeam Group and MissionIR, external investor and public relations firms unaffiliated with the Company, as well as the Company’s December 9, 2013 grant of stock options to certain board members and officers. The consolidated amended complaint seeks damages, including interest, in an unspecified amount, reasonable costs and attorneys’ fees, and any equitable, injunctive, or other relief that the court may deem just and proper. On December 5, 2014, CytRx and the individual defendants filed a motion to dismiss the complaint. The Court was scheduled to hear argument on this motion on March 2, 2015. On February 25, 2015, the Court took this motion under submission and took the hearing off calendar. On July 13, 2015, the Court issued an order granting in part and denying in part the motions to dismiss filed by us, the individual defendants and the underwriters. The Court afforded the plaintiffs 30 days to amend their complaint, if they elect to do so.

On April 3, 2014, a purported class action lawsuit was filed against the Company and certain of its officers and each of its directors, as well as certain underwriters, in the Superior Court of California, County of Los Angeles, captioned Rajasekaran v. CytRx Corporation, et al., BC541426. The complaint purports to be brought on behalf of all shareholders who purchased or otherwise acquired the Company’s common stock pursuant or traceable to its public offering that closed on February 5, 2014. The complaint alleges that defendants violated the federal securities laws by making materially false and misleading statements in the Company’s filings with the SEC. The complaint seeks compensatory damages in an unspecified amount, rescission, and attorney’s fees and costs. On October 14, 2014, the Court granted the parties’ joint ex parte motion to stay this proceeding pending resolution of motions to dismiss in the related federal action, In re CytRx Corporation Securities Litigation , 2:14-CV-01956-GHK (PJWx).

On July 3, 2014, a shareholder derivative lawsuit was filed in the United States District Court for the Central District of California, captioned Fishman v. Kriegsman, et al. , 2:14-cv-05169, purportedly on the Company’s behalf against certain of its officers and each of its directors. The complaint alleges breach of fiduciary duties, corporate waste, gross mismanagement, and unjust enrichment in connection with the Company’s alleged retention of DreamTeamGroup and MissionIR. The complaint seeks damages, restitution, corporate governance reforms, and attorney’s fees and costs. On September 3, 2014, plaintiff filed a notice to voluntarily dismiss this action against all parties without prejudice, which the Court granted on September 9, 2014.

On September 10, 2014, the Delaware Court of Chancery consolidated Schwartz v. Ignarro, et al., Case No. 9864, Johnson v. Ignarro, et al. , Case No. 9884, and Silverberg v. Kriegsman, et al. , Case No. 9919, three shareholder derivative lawsuits described in the Company’s Quarterly Report filed with the SEC on August 6, 2014. The allegations in the Schwartz and Johnson complaints relate to the Company’s December 9, 2013 grant of stock options to certain board members and officers. The allegations in the Silverberg complaint relate to the Company’s December 9, 2013 grant of stock options to certain board members and officers, as well as its alleged retention of DreamTeamGroup and MissionIR. A consolidated complaint concentrated on the stock-option grant claims was filed on October 9, 2014. The consolidated lawsuit is captioned In re CytRx Corp. Stockholder Derivative Litigation, C.A. No. 9864-VCL. On November 10, 2014, the Company and the individual defendants filed a motion to dismiss the consolidated complaint or, in the alternative, to stay the action. The Court heard argument on the motions on January 8, 2015. The Court denied the motion to dismiss and granted in part and denied in part the motion to stay.

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On June 2, 2015, the Company announced that they had reached an agreement to settle the Delaware stockholder derivative action. Under the settlement, it agreed to re-price certain stock options to purchase common stock that were granted on December 10, 2013 to certain of its directors and officers from the original exercise price of $2.39 to an exercise price of $4.66 (the share price at market closing on December 20, 2013). The settlement also provides that the Company will implement certain corporate governance changes and modify its governance practices regarding the granting of stock options. The parties have reached an agreement on an award of $1.1 million of fees and expenses to plaintiffs’ attorneys, which award must be approved by the Court regardless of whether there is an agreement between the parties. These fees and expenses will be covered by the Company’s insurance companies. The settlement is subject to the drafting of definitive documentation, notice to stockholders, and Court approval.

On August 14, 2014, a shareholder derivative lawsuit, captioned Pankratz v. Kriegsman, et al., 2:14-cv-06414-PA-JPR, was filed in the United States District Court for the Central District of California purportedly on the Company’s behalf against certain of its officers and each of its directors. The complaint alleges breach of fiduciary duties, unjust enrichment, gross mismanagement, abuse of control, insider selling and misappropriation of information in connection with the Company’s alleged retention of DreamTeamGroup and MissionIR, as well as its December 9, 2013 grant of stock options to certain board members and officers. The complaint seeks unspecified damages, corporate governance and internal procedures reforms, restitution, disgorgement of all profits, benefits, and other compensation obtained by the individual defendants, and the costs and disbursements of the action.

On August 15, 2014, a shareholder derivative complaint, captioned Taylor v. Kriegsman, et al., 2:14-cv-06451, was filed in the United States District Court for the Central District of California purportedly on the Company’s behalf against certain of its officers and each of its directors. The complaint alleges breach of fiduciary duties, unjust enrichment, gross mismanagement, abuse of control, unjust enrichment, insider selling and misappropriation of information in connection with the Company’s alleged retention of DreamTeamGroup and MissionIR, as well as its December 9, 2013 grant of stock options to certain board members and officers. The complaint seeks unspecified damages, corporate governance and internal procedures reforms, restitution, disgorgement of all profits, benefits, and other compensation obtained by the individual defendants, and the costs and disbursements of the action.

On October 8, 2014, the Court in Pankratz and Taylor consolidated the cases and appointed lead plaintiffs and co-lead counsel. On October 20, 2014, the Company and the individual defendants filed motions to dismiss the consolidated Pankratz and Taylor cases or, in the alternative, to stay the cases. On January 9, 2015, the Court stayed the action pending the resolution of the consolidated Delaware derivative action. On February 27, 2015, the Pankratz and Taylor plaintiffs filed a motion to vacate the stay. On June 24, 2015, the Court granted the motion to lift the stay in light of the pending settlement of the Delaware derivative litigation discussed above. The Court further denied the motion to dismiss without prejudice and invited the Company to move to dismiss the case within 30 days pursuant to the doctrine of forum non conveniens based on its forum-selection bylaw, which mandates that derivative actions be filed in Delaware. The Court advised that it would consider any forum non conveniens motion before considering a subsequent motion to dismiss under Rule 12.

The Company intends to vigorously defend against the foregoing complaints. The Company has directors’ and officers’ liability insurance, which will be utilized in the defense of these matters. The Company has incurred legal expenses in defending these complaints and as of June 30, 2015, the Company has an outstanding receivable from its insurance carrier of $5.2 million related to these expenses. The liability insurance may not cover all of the future liabilities the Company may incur in connection with the foregoing matters. These claims are subject to inherent uncertainties, and managements’s views of these matters may change in the future.

The Company evaluates developments in legal proceedings and other matters on a quarterly basis. If an unfavorable outcome becomes probable and reasonably estimable, the Company could incur charges that could have a material adverse impact on the Comapny’s financial condition and results of operations for the period in which the outcome becomes probable and reasonably estimable.

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13. Subsequent Events

On July 24, 2015, the Company completed a $28.7 million underwritten public offering, in which it sold and issued 10,465,000 shares of common stock at a price of $2.75 per share. Net of underwriting discounts, legal, accounting and other offering expenses, the Company received proceeds of approximately $26.8 million, exclusive of treasury shares.

The following selected pro forma balance sheet data is derived from our balance sheet as of June 30, 2015 and gives retroactive effect to the completion of the underwritten offering, but does not give effect to other events that occurred since June 30, 2015 and thus may not be indicative of our current financial condition. The information should be read in conjunction with our balance sheet as of June 30, 2015 and related notes.

	Actual as of June 30, 2015 (unaudited)		Adjustments Related to July 2015 Equity Financing (unaudited)		Pro Forma as of June 30, 2015 (unaudited)
ASSETS

Current assets:
Cash and cash equivalents	$	38,833,736	$	26,752,025	$	65,585,761
Short-term investments		15,002,213		—		15,002,213
Prepaid and other current assets		6,165,528		—		6,165,528
Total current assets		60,001,477		26,752,025		86,753,502
Non-current assets		2,632,332		—		2,632,332
Total assets	$	62,633,809	$	26,752,025	$	89,385,834

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
Accounts payable and other current liabilities	$	15,704,766		—	$	15,704,766
Warrant liability	$	4,566,515		—	$	4,566,515
Total current liabilities	$	20,271,281	$	—	$	20,271,281

Stockholders’ equity:

Common stock	$	55,927		$	10,465	$	66,392
Additional paid-in-capital		380,638,689			26,741,560		407,380,249
Treasury stock		(2,612,861	)		—		(2,612,861	)
Accumulated deficit		(335,719,227	)		—		(335,719,227	)
Total stockholders’ equity		42,362,528			26,752,025		69,114,553
Total liabilities and stockholders’ equity	$	62,633,809		$	26,752,025	$	89,385,834

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Item 2. — Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward Looking Statements

From time to time, we make oral and written statements that may constitute “forward-looking statements” (rather than historical facts) as defined in the Private Securities Litigation Reform Act of 1995 or by the SEC in its rules, regulations and releases, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We desire to take advantage of the “safe harbor” provisions in the Private Securities Litigation Reform Act of 1995 for forward-looking statements made from time to time, including, but not limited to, the forward-looking statements made in this Quarterly Report, as well as those made in our other filings with the SEC.

All statements in this Quarterly Report, including statements in this section, other than statements of historical fact are forward-looking statements for purposes of these provisions, including statements of our current views with respect to the recent developments regarding our business strategy, business plan and research and development activities, our future financial results, and other future events. These statements include forward-looking statements both with respect to us, specifically, and the biotechnology industry, in general. In some cases, forward-looking statements can be identified by the use of terminology such as “may,” “will,” “expects,” “plans,” “anticipates,” “estimates,” “potential” or “could” or the negative thereof or other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements contained herein are reasonable, there can be no assurance that such expectations or any of the forward-looking statements will prove to be correct, and actual results could differ materially from those projected or assumed in the forward-looking statements.

All forward-looking statements involve inherent risks and uncertainties, and there are or will be important factors that could cause actual results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to, the factors discussed in this section and under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2014, which should be reviewed carefully. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may vary materially from what we anticipate. Please consider our forward-looking statements in light of those risks as you read this Quarterly Report. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Overview

CytRx Corporation (“CytRx” or the “Company,we, us, our”) is a biopharmaceutical research and development company specializing in oncology. We are currently focused on the clinical development of aldoxorubicin (formerly known as INNO-206), our modified version of the widely-used chemotherapeutic agent, doxorubicin. We previously reported positive top-line efficacy results (median progression-free survival, or PFS, PFS at six months, overall response rates, hazard ratios and overall survival) from our completed, global Phase 2b clinical trial with aldoxorubicin as a treatment for soft tissue sarcoma, or STS. Hazard ratios, or the likelihood that the study endpoint (in this case tumor progression) will be reached during a given period, are an important measure of the reliability and uniformity of the absolute data for PFS. The trial investigated the efficacy and safety of aldoxorubicin compared with doxorubicin in subjects with first-line metastatic, locally advanced or unresectable STS. Aldoxorubicin combines the chemotherapeutic agent doxorubicin with a novel linker-molecule that binds specifically to albumin in the blood and is designed to allow for delivery of higher amounts of doxorubicin (3½ to 4 times) without the major dose-limiting toxicities as seen with the administration of doxorubicin alone.

In the first quarter of 2014, we initiated a pivotal Phase 3 trial of aldoxorubicin as a therapy for patients with STS whose tumors have progressed following treatment with chemotherapy. The Phase 3 trial is being conducted under a Special Protocol Assessment, or SPA, granted by the FDA. The SPA means that the FDA agrees that the design and analyses proposed in the Phase 3 trial protocol are acceptable to support regulatory approval of the product candidate with respect to effectiveness of the indication studied, and will not change its perspective on these matters, except in limited circumstances such as where a sponsor fails to follow a protocol agreed to with the FDA or where previously unrecognized health concerns occur. Thus, if the study demonstrates an acceptable benefit-risk profile as determined by the FDA, it will support registration of aldoxorubicin for this indication. If approved for marketing, our current plan would be to commercially launch aldoxorubicin in late 2017.

We are currently evaluating aldoxorubicin in a global Phase 2b clinical trial in small cell lung cancer, a Phase 2 clinical trial in HIV-related Kaposi's sarcoma, a Phase 2 clinical trial in patients with late-stage glioblastoma (brain cancer), a Phase 1b clinical trial in combination with ifosfamide in patients with STS and a Phase 1b clinical trial in combination with gemcitabine in patients with metastatic solid tumors. We have completed a global Phase 2b clinical trial with aldoxorubicin as a 1st-line therapy for STS, a Phase 1b/2 clinical trial primarily in the same indication, a Phase 1b clinical trial of aldoxorubicin in combination with doxorubicin in patients with advanced solid tumors and a Phase 1b pharmacokinetics clinical trial in patients with metastatic solid tumors.

We plan to expand our pipeline of oncology candidates through our drug-development activities at our laboratory facility in Freiburg, Germany, based on our Linker Activated Drug Release, or LADR™, technology that can be utilized with multiple chemotherapeutic agents and may allow for greater drug concentration at tumor sites.

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Critical Accounting Policies and Estimates

Management’s discussion and analysis of our financial condition and results of operations are based on our financial statements, which have been prepared in accordance with accounting principles generally accepted in the U.S. The preparation of these financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, impairment of long-lived assets, including finite-lived intangible assets, research and development expenses and clinical trial expenses and stock-based compensation expense.

We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates under different assumptions or conditions.

Our significant accounting policies are summarized in Note 2 to our financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2014. We believe the following critical accounting policies affect our more significant judgments and estimates used in the preparation of our financial statements.

Revenue Recognition

Revenue consists of license fees from strategic alliances with pharmaceutical companies, as well as service and grant revenues. Service revenue consists of contract research and laboratory consulting. Grant revenues consist of government and private grants.

Monies received for license fees are deferred and recognized ratably over the performance period in accordance with Financial Accounting Standards Board (“FASB”) Accounting Codification Standards (“ASC”) ASC 605-25, Revenue Recognition – Multiple-Element Arrangements (“ASC 605-25”). Milestone payments will be recognized upon achievement of the milestone as long as the milestone is deemed substantive and we have no other performance obligations related to the milestone and collectability is reasonably assured, which is generally upon receipt, or recognized upon termination of the agreement and all related obligations. Deferred revenue represents amounts received prior to revenue recognition.

Revenues from contract research, government grants, and consulting fees are recognized over the respective contract periods as the services are performed, provided there is persuasive evidence or an arrangement, the fee is fixed or determinable and collection of the related receivable is reasonably assured. Once all conditions of the grant are met and no contingencies remain outstanding, the revenue is recognized as grant fee revenue and an earned but unbilled revenue receivable is recorded.

Research and Development Expenses

Research and development expenses consist of direct and overhead-related research expenses and are expensed as incurred. Costs to acquire technologies, including licenses, that are utilized in research and development and that have no alternative future use are expensed when incurred. Costs of technology developed for use in our products are expensed as incurred until technological feasibility has been established.

Clinical Trial Expenses

Clinical trial expenses, which are included in research and development expenses, include obligations resulting from our contracts with various clinical research organizations in connection with conducting clinical trials for our product candidates. We recognize expenses for these activities based on a variety of factors, including actual and estimated labor hours, clinical site initiation activities, patient enrollment rates, estimates of external costs and other activity-based factors. We believe that this method best approximates the efforts expended on a clinical trial with the expenses we record. We adjust our rate of clinical expense recognition if actual results differ from our estimates. If our estimates prove incorrect, clinical trial expenses recorded in future periods could vary.

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Stock-Based Compensation

Our stock-based employee compensation plans are described in Note 7 of the Notes to Condensed Financial Statements included in this Quarterly Report. We follow ASC 718, Compensation-Stock Compensation (“ASC 718”), which requires the measurement and recognition of compensation expense for all stock-based awards made to employees.

For stock options and warrants paid in consideration of services rendered by non-employees, we recognize compensation expense in accordance with the requirements of ASC 505-50, Equity-Based Payments to Non-Employees (“ASC 505-50”).

Non-employee option grants that do not vest immediately upon grant are recorded as an expense over the vesting period. At the end of each financial reporting period prior to performance, the value of these options is determined using the Black-Scholes option-pricing model, and compensation expense recognized or recovered during the period is adjusted accordingly. Since the fair market value of options granted or issued to non-employees is subject to change in the future, the amount of the future compensation expense is subject to adjustment until the common stock options or warrants are fully vested.

The fair value of each stock option and warrant is estimated using the Black-Scholes option-pricing model, which uses certain assumptions related to risk-free interest rates, expected volatility, expected life of the stock options and future dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes option-pricing model, based on an expected forfeiture rate that is adjusted for our actual experience. If our Black-Scholes option-pricing model assumptions or our actual or estimated forfeiture rate are different in the future, it could materially affect our compensation expense recorded in future periods.

Impairment of Long-Lived Assets

We review long-lived assets, including finite-lived intangible assets, for impairment on an annual basis as of December 31, or on an interim basis if an event occurs that might reduce the fair value of such assets below their carrying values. An impairment loss would be recognized based on the difference between the carrying value of the asset and its estimated fair value, which would be determined based on either discounted future cash flows or other appropriate fair value methods. If our estimates used in the determination of either discounted future cash flows or other appropriate fair value methods are not accurate as compared to actual future results, we may be required to record an impairment charge.

Net Income (Loss) per Share

Basic and diluted net loss per common share is computed using the weighted-average number of common shares outstanding.Potentially dilutive stock options and warrants to purchase 17.8 million shares for each of the three-month and six-month periods ended June 30, 2015, and 14.6 million shares for each of the three-month and six-month periods ended June 30, 2014, were excluded from the computation of diluted net loss per share, because the effect would be anti-dilutive.

Warrant Liabilities

Liabilities measured at fair value on a recurring basis include warrant liabilities resulting from our August 2011 equity financing. In accordance with ASC 815-40, Accounting for Derivative Financial Instruments Indexed to and Potentially Settled in a Company’s Own Stock (“ASC 815-40”), the warrant liabilities are recorded at fair value each quarter-end until they are completely settled. The warrants are valued using the Black-Scholes method, using assumptions consistent with our application of ASC 505-50. The gain or loss resulting from the change in fair value is shown on the statements of operations as a gain or loss on warrant derivative liabilities.

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Liquidity and Capital Resources

We have relied primarily upon proceeds from sales of our equity securities and the exercise of options and warrants, and to a much lesser extent upon payments from our strategic partners and licensees, to generate funds needed to finance our business and operations.

At June 30, 2015, we had cash and cash equivalents of approximately $38.8 million and short-term investments of approximately $15.0 million. Management believes that our current cash on hand and short-term investments, along with the $26.8 million of net proceeds received from our underwritten public offering on July 21, 2015, will be sufficient to fund our operations for the foreseeable future. The estimate is based, in part, upon our currently projected expenditures for the remainder of 2015 and the first six months of 2016 of approximately $53.1 million, which includes approximately $36.1 million for our clinical programs for aldoxorubicin, approximately $2.3 million for pre-clinical development of new albumin-binding cancer drugs, approximately $3.9 million for general operation of our clinical programs, and approximately $10.8 million for other general and administrative expenses (including pre-commercialization). These projected expenditures are also based upon numerous other assumptions and subject to many uncertainties, and our actual expenditures may be significantly different from these projections.

If we obtain marketing approval and successfully commercialize aldoxorubicin or other product candidates, we anticipate it will take several years for us to generate significant recurring revenue. We will be dependent on future financing and possible strategic partnerships until such time, if ever, as we can generate significant recurring revenue. We have no commitments from third parties to provide us with any additional financing, and we may not be able to obtain future financing on favorable terms, or at all. If we fail to obtain sufficient funding when needed, we may be forced to delay, scale back or eliminate all or a portion of our development programs or clinical trials, seek to license to other companies our product candidates or technologies that we would prefer to develop and commercialize ourselves, or seek to sell some or all of our assets or merge with or be acquired by another company.

We recorded a net loss in the six-months ended June 30, 2015 of $29.2 million as compared to a net loss in the six-months ended June 30, 2014 of $11.1 million, or an increase of $18.1 million. This was due primarily to an increase in our research and development expenditures in the current six-month period of $5.2 million as compared to comparative 2014 period, resulting from increased expenditures associated with our clinical program for aldoxorubicin, as well as the new expenditures in the 2015 period of $0.8 million associated with our German lab operations. We also incurred a gain of $0.6 million on warrant derivative liability in the current period, as compared to a gain on warrant derivative liability of $12.2 million in the six-months ended June 30, 2014, for a decrease of $11.6 million.

We purchased $18.0 million and sold $48.6 million of short-term investments, for a net decrease of $30.6 million in the six-month period ended June 30, 2015. We purchased $45.6 million and sold $22.1 million of short-term investments, for a net increase of $23.5 million, in the comparable period ended June 30, 2014. We utilized approximately $69,300 for capital expenditures in the six-month period ended June 30, 2015 as compared to approximately $21,000 in the comparable 2014 period. We do not expect any significant capital spending during the next 12 months.

We did not conduct any public offering in the six-month period ended June 30, 2015, and we raised net proceeds of $80.5 million from a public offering in the six-month period ended June 30, 2014.

We continue to evaluate potential future sources of capital, as we do not currently have commitments from any third parties to provide us with additional capital. The results of our technology licensing efforts and the actual proceeds of any fund-raising activities will determine our ongoing ability to operate as a going concern. Our ability to obtain future financings through joint ventures, product licensing arrangements, royalty sales, equity financings, grants or otherwise is subject to market conditions and our ability to identify parties that are willing and able to enter into such arrangements on terms that are satisfactory to us. Depending upon the outcome of our fundraising efforts, the accompanying financial information may not necessarily be indicative of our future financial condition.

As a development company that is primarily engaged in research and development activities, we expect to incur significant losses and negative cash flow from operating activities for the foreseeable future. There can be no assurance that we will be able to generate revenues from our product candidates and become profitable. Even if we become profitable, we may not be able to sustain that profitability.

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Results of Operations

We recorded a net loss of approximately $11.7 million and $29.2 million for the three-month and six-month periods ended June 30, 2015, respectively, as compared to a net loss of approximately $15.7 million and $11.1 million for the three-month and six-month periods ended June 30, 2014, respectively. The decrease of $4.0 million in our net loss during the current three-month period resulted primarily from a gain of $2.4 million on warrant derivative liability in the current quarter, as compared to a loss on warrant derivative liability of $2.5 million in the comparative 2014 period, for a difference of $4.9 million.

We recognized no licensing revenue in the three or six-month periods ended June 30, 2015 or 2014. All future licensing fees under our current licensing agreements are dependent upon successful development milestones being achieved by the licensor. During the remainder of 2015, we do not anticipate receiving any significant licensing fees.

Research and Development

	Three-Month Period Ended June 30,				Six-Month Period Ended June 30,
	2015		2014		2015		2014
	(In thousands)				(In thousands)
Research and development expenses	$	9,547	$	10,028	$	21,707	$	15,760
Non-cash research and development expenses		—		156		—		1,227
Employee stock option expense		393		235		729		410
Depreciation and amortization		68		9		137		19
	$	10,008	$	10,428	$	22,573	$	17,416

Research expenses are expenses incurred by us in the discovery of new information that will assist us in the creation and the development of new drugs or treatments. Development expenses are expenses incurred by us in our efforts to commercialize the findings generated through our research efforts. Our research and development expenses, excluding stock option expense, non-cash expenses and depreciation and amortization, were $9.5 million and $21.7 million for the three-month and six-month periods ended June 30, 2015, respectively, and $10.0 million and $15.8 million for the three-month and six-month periods ended June 30, 2014, respectively.

Research and development expenses incurred during the three-month period ended June 30, 2015 related primarily to our aldoxorubicin clinical program. In the three-month and six-month periods ended June 30, 2015, the development expenses of our program for aldoxorubicin were $8.2 million and $19.1 million, respectively, as compared to $9.3 million and $14.2 million for the same periods in 2014, respectively. The 2014 aldoxorubicin program expenses include milestone payments to the licensor of $1.0 million and $2.0 million, respectively, for the three-month and six-month periods ended June 30, 2014, respectively. There were no such milestones paid in 2015. We incurred $0.5 million and $0.9 million, respectively, for the three-month and six-month periods ended June 30, 2015, for our German lab operations, as compared to $0.2 million in the 2014 comparative periods. The remainder of our research and development expenses primarily related to research and development support costs. We recorded no non-cash stock option and warrant expense in the three-month and six-month periods ended June 30, 2015, respectively, as compared to $0.2 million and $1.2 million in the comparative 2014 periods, respectively. We recorded approximately $0.4 million and $0.7 million of employee stock option expense in the three-month and six-month periods ended June 30, 2015, as compared to $0.2 million and $0.4 million for the same periods in 2014, respectively.

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General and Administrative Expenses

	Three-Month Period Ended June 30,				Six-Month Period Ended June 30,
	2015		2014		2015		2014
	(In thousands)				(In thousands)
General and administrative expenses	$	2,298	$	2,400	$	4,359	$	5,004
Non-cash general and administrative expenses		141		161		234		353
Employee stock option expense		1,744		325		2,700		637
Depreciation and amortization		9		23		29		46
	$	4,192	$	2,909	$	7,322	$	6,040

General and administrative expenses include all administrative salaries and general corporate expenses, including legal expenses. Our general and administrative expenses, excluding stock option expense, non-cash expenses and depreciation and amortization, were $2.3million and $4.4 million for the three-month and six-month periods ended June 30, 2015, respectively, and $2.4 million and $5.0 million, respectively, for the same periods in 2014.

Employee stock option expense relates to options granted to retain and compensate directors, officers and other employees. We recorded approximately $1.7 million and $2.7 million of employee stock option expense in the three-month and six-month periods ended June 30, 2015, respectively, as compared $0.3 million and $0.6 million, respectively, for the same periods in 2014. We recorded approximately $0.1 million and $0.2 million of non-employee stock option expense in the three-month and six-month periods, ended June 30, 2015, respectively, and $0.2 million and $0.4 million for the comparative 2014 periods.

Depreciation and Amortization

Depreciation expense reflects the depreciation of our equipment and furnishings.

Interest Income

Interest income was approximately $46,000 and $103,000 for the three-month and six-month periods ended June 30, 2015, respectively, as compared to $89,000 and $160,000, respectively, for the same periods in 2014. This decrease was related to the reduction in cash and cash equivalents and short term investments.

Item 3. — Quantitative and Qualitative Disclosures About Market Risk

Our exposure to market risk is limited primarily to interest income sensitivity, which is affected by changes in the general level of U.S. interest rates, particularly because a significant portion of our investments are in short-term debt securities issued by the U.S. government and institutional money market funds. The primary objective of our investment activities is to preserve principal. Due to the nature of our short-term investments, we believe that we are not subject to any material market risk exposure. We do not have any speculative or hedging derivative financial instruments or foreign currency instruments. If interest rates had varied by 10% in the three-month period ended June 30, 2015, it would not have had a material effect on our results of operations or cash flows for that period.

Item 4. — Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, performed an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Securities Exchange Act Rule 13a-15(e)) as of the end of the quarterly period covered by this Quarterly Report. Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that our disclosure controls and procedures were effective to ensure that information required to be disclosed by us in reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC.

Changes in Controls over Financial Reporting

There was no change in our internal control over financial reporting that occurred during the quarter ended June 30, 2015 that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. We continually seek to assure that all of our controls and procedures are adequate and effective. Any failure to implement and maintain improvements in the controls over our financial reporting could cause us to fail to meet our reporting obligations under the SEC’s rules and regulations. Any failure to improve our internal controls to address the weaknesses we have identified could also cause investors to lose confidence in our reported financial information, which could have a negative impact on the trading price of our common stock.

-18-

PART II — OTHER INFORMATION

Item 1A. — Legal Proceedings

The disclosure set forth in Note 12 to our financial statements is herein incorporated by reference.

We are, and in the future may be, subject to legal or administrative actions that could adversely affect our results of operations and our business.

Claims have been threatened and have been brought against the Company and its officers and/or directors. Adverse outcomes with respect to some or all of these claims may result in significant monetary damages or injunctive relief that could adversely affect the Company’s ability to conduct its business. Defending a lawsuit can be expensive and can divert the attention of key employees from operating the Company’s business. Litigation and other claims are subject to inherent uncertainties and management’s view of these matters may change in the future. A material adverse impact on the Company’s financial statements also could occur for the period in which the effect of an unfavorable final outcome becomes probable and reasonably estimable.

Item 6. — Exhibits

The exhibits listed in the accompanying Index to Exhibits are filed as part of this Quarterly Report and incorporated herein by reference.

-19-

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	CytRx Corporation

August 3, 2015	By:	/s/ JOHN Y. CALOZ
		John Y. Caloz
		Chief Financial Officer

-20-

INDEX TO EXHIBITS

Exhibit Number			Description
31.1			Certification of Chief Executive Officer Pursuant to 17 CFR 240.13a-14(a)
31.2			Certification of Chief Financial Officer Pursuant to 17 CFR 240.13a-14(a)
32.1			Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2			Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS			XBRL Instance Document
101.SCH			XBRL Schema Document
101.CAL			XBRL Calculation Linkbase Document
101.DEF			XBRL Definition Linkbase Document
101.LAB			XBRL Label Linkbase Document
101.PRE			XBRL Presentation Linkbase Document

______________________________

-21-

EX-31.1 2 ex31-1.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER ex31-1.htm

Exhibit 31.1

CERTIFICATIONS

I, Steven A. Kriegsman, Chief Executive Officer of CytRx Corporation, certify that:

1. I have reviewed this quarterly report on Form 10-Q of CytRx Corporation;

2. Based on my knowledge, this quarterly 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 the circumstances under which such statements were made, not misleading with respect to the periods covered by this quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly 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 quarterly 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 subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly 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 periods 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; and

5. The registrant’s other certifying officer 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.



August 3, 2015	By:	STEVEN A. KRIEGSMAN
		Steven A. Kriegsman
		Chief Executive Officer

EX-31.2 3 ex31-2.htm CERTIFICATION OF CHIEF FINANCIAL OFFICER ex31-2.htm

Exhibit 31.2

CERTIFICATIONS

I, John Y. Caloz, Chief Financial Officer of CytRx Corporation, certify that:

1. I have reviewed this quarterly report on Form 10-Q of CytRx Corporation;

(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.



August 3, 2015	By:	/s/ JOHN Y. CALOZ
		John Y. Caloz
		Chief Financial Officer

EX-32.1 4 ex32-1.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER ex32-1.htm

Exhibit 32.1

Certification of Chief Executive Officer

Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of CytRx Corporation (the “Company”) hereby certifies based on his knowledge that:

(i) the accompanying Quarterly Report on Form 10-Q of the Company for the period ended June 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the periods covered in the Report.



August 3, 2015	By:	/s/ STEVEN A. KRIEGSMAN
		Steven A. Kriegsman
		Chief Executive Officer

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 (Section 906), or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to CytRx Corporation and will be retained by CytRx Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

The foregoing certification is being furnished to the Securities and Exchange Commission as an Exhibit to the Form 10-Q and shall not be considered filed as part of the Form 10-Q.

EX-32.2 5 ex32-2.htm CERTIFICATION OF CHIEF FINANCIAL OFFICER ex32-2.htm

Exhibit 32.2

Certification of Chief Financial Officer

	Company Name

August 3, 2015	By:	/s/ JOHN Y. CALOZ
		John Y. Caloz
		Chief Financial Officer

The foregoing certification is being furnished to the Securities and Exchange Commission as an Exhibit to the Form 10-Q and shall not be considered filed as part of the Form 10-Q.

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<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: Times New Roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-weight: bold; display: inline;">7</font>.           <font style="font-weight: bold; display: inline;">Stock Based Compensation</font></div><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div style="font-size: 10pt; font-family: Times New Roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 36pt;">The Company has a 2000 Long-Term Incentive Plan, which expired on August 6, 2010.  As of June 30, 2015, there were approximately 0.6 million shares subject to outstanding stock options under this plan.  No further shares are available for future grant under this plan.</div><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div style="font-size: 10pt; font-family: Times New Roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 36pt;">The Company also has a 2008 Stock Incentive Plan.  As of June 30, 2015, there were 9.9 million shares subject to outstanding stock options and 10.1 million shares available for future grant under this plan.</div><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><br /><div style="width: 100%; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;"><div><div style="font-size: 8pt; font-family: Times New Roman; width: 100%; text-align: left;"></div></div><div style="width: 100%; page-break-after: always;"><div style="font-size: 8pt; font-family: Times New Roman; width: 100%; text-align: center;">-5-  </div><div style="width: 100%; text-align: center;"><hr noshade="noshade" size="2" style="color: black;" /></div></div><div><div style="font-size: 8pt; font-family: Times New Roman; width: 100%; text-align: right;"></div></div></div><br /><div style="font-size: 10pt; font-family: Times New Roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 36pt;">The Company follows ASC 718, <font style="font-style: italic; display: inline;">Compensation-Stock Compensation, </font>which requires the measurement and recognition of compensation expense for all stock-based awards made to employees.</div><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div style="font-size: 10pt; font-family: Times New Roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 36pt;">For stock options and stock warrants paid in consideration of services rendered by non-employees, the Company recognizes compensation expense in accordance with the requirements of ASC 505-50.</div><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div style="font-size: 10pt; font-family: Times New Roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 36pt;">Non-employee option grants that do not vest immediately upon grant are recorded as an expense over the vesting period. At the end of each financial reporting period, the value of these options, as calculated using the Black-Scholes option-pricing model, is determined, and compensation expense recognized or recovered during the period is adjusted accordingly. As a result, the amount of the future compensation expense is subject to adjustment until the common stock options are fully vested.</div><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div style="font-size: 10pt; font-family: Times New Roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 36pt;">The following table sets forth the total stock-based compensation expense resulting from stock options and warrants included in the Company’s unaudited interim statements of operations:</div><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr bgcolor="#cceeff"><td valign="bottom" style="font-size: 10pt; font-family: times new roman; padding-bottom: 2px;">  </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="6" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Three Months Ended June 30,</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="6" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Six Months Ended June 30,</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td></tr><tr bgcolor="white"><td valign="bottom" style="font-size: 10pt; font-family: times new roman; padding-bottom: 2px;">  </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2015</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2014</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2015</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2014</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 52%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 9pt; display: block; margin-right: 5.05pt; text-indent: -9pt;">Research and development — employee</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">392,842</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">234,484</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">728,780</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">409,638</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 52%; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 9pt; display: block; margin-right: 5.05pt; text-indent: -9pt;">General and administrative — employee</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">1,744,440</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">325,379</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">2,699,844</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">637,339</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 52%; padding-bottom: 4px;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 27pt; display: block; margin-right: 5.05pt; text-indent: -9pt;">Total employee stock-based compensation</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">2,137,282</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">559,863</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">3,428,624</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">1,046,977</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td></tr><tr bgcolor="white"><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 52%; display: inline;">  </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 52%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 9pt; display: block; margin-right: 5.05pt; text-indent: -9pt;">Research and development — non-employee</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">—</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">—</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">—</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">—</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 52%; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 9pt; display: block; margin-right: 5.05pt; text-indent: -9pt;">General and administrative — non-employee</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">140,533</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">160,629</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">234,084</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">352,620</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 52%; padding-bottom: 4px;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 27pt; display: block; margin-right: 5.05pt; text-indent: -9pt;"> Total non-employee stock-based compensation</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">140,533</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">160,629</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">234,084</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">352,620</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 36pt;">During the six-month period ended June 30, 2015, the Company granted stock options to purchase 550,000 shares of its common stock. During the six-month period ended June 30, 2014, the Company granted stock options to purchase 300,000 shares of its common stock and issued warrants to purchase 25,000 shares of its stock with an exercise price of $5.60.The fair value of the stock options was estimated using the Black-Scholes option-pricing model, based on the following assumptions:</div><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="padding-bottom: 2px;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Six Months Ended <font style="display: inline;">June 30, 2015</font></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Six Months Ended <font style="display: inline;">June 30, 2014</font></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 76%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Risk-free interest rate</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">2.21</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">%</td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">1.92</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">%</td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 76%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Expected volatility</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">78.2% - 84.4</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">%</td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">87.0% - 89.6</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">%</td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 76%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Expected lives (years)</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">6 - 10</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">6 - 10</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 76%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Expected dividend yield</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">0.00</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">%</td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">0.00</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">%</td></tr></table></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 36pt;"> </div><div style="font-size: 10pt; font-family: Times New Roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 36pt;">The Company’s computation of expected volatility is based on the historical daily volatility of its publicly traded stock.  The Company uses historical information to compute expected lives. In the six-month period ended June 30, 2015, the contractual term of the options granted was ten years. The dividend yield assumption of zero is based upon the fact the Company has never paid cash dividends and presently has no intention to do so.  The risk-free interest rate used for each grant and issuance is equal to the U.S. Treasury rates in effect at the time of the grant and issuance for instruments with a similar expected life. Based on historical experience, for the six-month period ended June 30, 2015, the Company estimated annualized forfeiture rates of 10% for options granted to its employees, 2% for options granted to senior management and 0% for options granted to directors and non-employees and for warrants issued to non-employees.  For the six-month period ended June 30, 2014, the Company estimated annualized forfeiture rates of 12% for options granted to its employees, 2% for options granted to senior management and 0% for options granted to directors and non-employees.  Compensation costs will be adjusted for future changes in estimated forfeitures.  The Company will record additional expense if the actual forfeitures are lower than estimated and will record a recovery of prior expense if the actual forfeiture rates are higher than estimated.</div><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div style="margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;"><div><div style="font-size: 8pt; font-family: Times New Roman; width: 100%; text-align: left;"></div></div><div style="width: 100%; page-break-after: always;"><div style="font-size: 8pt; font-family: Times New Roman; width: 100%; text-align: center;">-6-  </div><div style="width: 100%; text-align: center;"><hr noshade="noshade" size="2" style="color: black;" /></div></div><div><div style="font-size: 8pt; font-family: Times New Roman; width: 100%; text-align: right;"></div></div></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 36pt;">As of June 30, 2015, there remained approximately $4.9 million of unrecognized compensation expense related to unvested stock options granted to current and former employees, directors, to be recognized as expense over a weighted-average period of 1.03 years. Presented below is the Company’s stock option activity:</div><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td align="left" valign="bottom" style="padding-bottom: 2px;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="14" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Six Months Ended June 30, 2015</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="padding-bottom: 2px;"><div style="display: block; text-indent: 0pt;"> </div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Number of Options <font style="display: inline;">(Employees)</font></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Number of Options <font style="display: inline;">(Non-Employees)</font></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total Number </div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">of<font style="display: inline;"> Options</font></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Weighted-Average <font style="display: inline;">Exercise Price</font></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 52%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 9pt; display: block; margin-right: 5.05pt; text-indent: -9pt;">Outstanding at January 1, 2015</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">9,348,952</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">692,143</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">10,040,735</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">2.87</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 52%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 5.05pt; text-indent: -9pt;">Granted</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">550,000</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">—</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">550,000</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">3.86</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 52%; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 5.05pt; text-indent: -9pt;">Expired</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">(68,000</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;">)</td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">(56,429</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;">)</td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;"><font style="font-weight: bold; display: inline;">(</font>124,429</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;">)</td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; padding-bottom: 2px; text-align: right;">6.90</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 52%; padding-bottom: 4px;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 9pt; display: block; margin-right: 5.05pt; text-indent: -9pt;">Outstanding at June 30, 2015</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">9,830,952</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">635,714</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">10,466,306</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; padding-bottom: 4px; text-align: right;">3.33</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 52%; padding-bottom: 4px;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 9pt; display: block; margin-right: 5.05pt; text-indent: -9pt;">Options exercisable at June 30, 2015</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">6,276,275</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">635,714</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">6,911,989</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; padding-bottom: 4px; text-align: right;">3.59</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 36pt;">The following table summarizes significant ranges of outstanding stock options under the Company’s plans at June 30, 2015:</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr bgcolor="#cceeff"><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Range of</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> Exercise<font style="display: inline;"> Prices</font></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total Number </div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">of Options</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Weighted-Average Remaining Contractual Life<font style="display: inline;"> (years)</font></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Weighted-Average <font style="display: inline;">Exercise Price</font></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total Number of Options <font style="display: inline;">Exercisable</font></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Weighted-Average Remaining Contractual Life<font style="display: inline;"> (years)</font></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Weighted-Average <font style="display: inline;">Exercise Price</font></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td></tr><tr bgcolor="white"><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">1.83 - $2.50</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">5,837,558</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">8.51</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">2.12</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">3,226,398</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">8.00</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">2.08</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">2.51 – $3.50</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">954,482</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">8.64</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">2.85</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">874,482</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">8.62</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">2.83</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr><tr bgcolor="white"><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">3.51 – $8.00</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">3,386,201</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">7.93</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">5.06</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">2,523,043</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">7.74</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">5.16</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; padding-bottom: 2px; text-align: right;">8.01 – $32.55</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">288,065</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; padding-bottom: 2px; text-align: right;">2.31</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; padding-bottom: 2px; text-align: right;">9.00</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">288,066</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; padding-bottom: 2px; text-align: right;">2.31</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; padding-bottom: 2px; text-align: right;">9.00</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td></tr><tr bgcolor="white"><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; padding-bottom: 4px; text-align: right;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">10,466,306</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; padding-bottom: 4px; text-align: right;">8.16</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; padding-bottom: 4px; text-align: right;">3.33</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">6,911,989</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; padding-bottom: 4px; text-align: right;">7.74</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; padding-bottom: 4px; text-align: right;">3.59</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 36pt;">The aggregate intrinsic value of all outstanding options and vested options as of June 30, 2015 was $10.2 million and $6.1 million, respectively, representing options with exercise prices of less than the closing fair market value of the Company’s common stock on June 30, 2015 of $3.72 per share.</div><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div style="font-size: 10pt; font-family: Times New Roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 36pt;">There were 7,282,617 and 7,349,760 warrants outstanding at June 30, 2015 and December 31, 2014, respectively at a weighted-average exercise price of $4.29 and $4.27, respectively.</div><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div style="font-size: 10pt; font-family: Times New Roman; font-style: italic; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Restricted Stock</div><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div style="font-size: 10pt; font-family: Times New Roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 36pt;">On January 1, 2014, the Company granted to Dr. Daniel Levitt, Executive Vice President and Chief Medical Officer, 100,000 shares of CytRx Corporation restricted stock pursuant to the 2008 Plan, which shares have now fully vested.  The fair value of the restricted stock is based on the market price of the Company’s shares on the grant date less the par value received as consideration. The fair value of the restricted shares granted on January 1, 2014 was $627,000. The stock-based compensation expense relating to restricted stock included in the Company’s unaudited statements of operations for the three-month and six-month periods ended  June 30, 2014 was $156,296 and $310,874, respectively.  No restricted shares of common stock of the Company were granted in the comparable periods in 2015.</div></div>

0.52

0.28

0.21

P1Y0M11D

4900000

4191769

2909127

6040201

7322001

183780

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">11.           Income Taxes</div><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div style="font-size: 10pt; font-family: Times New Roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 36pt;">At December 31, 2014, the Company had federal and state net operating loss carryforwards as of  $227.5 million and $157.5 million, respectively, available to offset against future taxable income, and which expire in 2015 through 2034. Of such loss carryforwards, $165.2 million and $157.5 million, respectively, are not subject to limitation under Section 382 of the Internal Revenue Code.</div></div>

59431

800

3155714

1480067

-160032

-1332633

3832235

4382343

-90431

48929

-2027993

-1410893

14196

104627

89377

46455

160015

103029

17781119

20271281

85692582

62633809

26752025

89385834

1100000

30550086

-23537259

-17043354

-23935255

-11687093

-15719473

-11054955

-29211643

80964392

-13337004

-14200073

-23455926

-29895182

2034-12-31

2015-12-31

227500000

157500000

5000

-4900

-10700

1323156

1569193

-3243

30660

15940

6655

-48579636

-22084980

45601506

17960256

69294

20733

7500000

0.01

5000000

3250355

976325

6431491

6165528

428891

100

400000

80535401

26800000

80500000

970873

879359

2019293

5175007

10008304

10427877

22573181

17415725

-306507584

-335719227

P2Y3M22D

P8Y

P7Y8M26D

P8Y7M13D

P7Y8M26D

9.00

2.83

3.59

5.16

2.08

P1Y1M2D

P1Y11M16D

P6Y

P10Y

P6Y

P10Y

P8Y6M4D

P2Y3M22D

P8Y7M20D

P7Y11M5D

P8Y1M28D

2.85

3.33

2.12

9.00

5.06

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: Times New Roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 36pt;">The following table summarizes fair value measurements by level at June 30, 2015 for assets and liabilities measured at fair value on a recurring basis:</div><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: -54pt; text-indent: 0pt;">(In thousands)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Level I</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Level II</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Level III</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 52%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Cash equivalents</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">38,437</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">—</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">—</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">38,437</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 52%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Short-term investments</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">15,002</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">—</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">—</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">15,002</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 52%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Warrant liabilities</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">—</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">—</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">(4,567</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">)</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">(4,567</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">)</td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 36pt;">The following table summarizes fair value measurements by level at December 31, 2014 for assets and liabilities measured at fair value on a recurring basis:</div><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: -54pt; text-indent: 0pt;">(In thousands)</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Level I</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Level II</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Level III</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 52%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Cash equivalents</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">31,159</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">—</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">—</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">31,159</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 52%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Short-term investments</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">45,622</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">—</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">—</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">45,622</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 52%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Warrant liability</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">—</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">—</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">(5,131</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">)</td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">(5,131</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">)</td></tr></table></div></div>

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div>Presented below is the Company’s stock option activity:</div><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr><td align="left" valign="bottom" style="padding-bottom: 2px;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="14" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Six Months Ended June 30, 2015</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="padding-bottom: 2px;"><div style="display: block; text-indent: 0pt;"> </div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Number of Options <font style="display: inline;">(Employees)</font></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Number of Options <font style="display: inline;">(Non-Employees)</font></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total Number </div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">of<font style="display: inline;"> Options</font></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Weighted-Average <font style="display: inline;">Exercise Price</font></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 52%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 9pt; display: block; margin-right: 5.05pt; text-indent: -9pt;">Outstanding at January 1, 2015</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">9,348,952</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">692,143</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">10,040,735</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">2.87</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 52%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 5.05pt; text-indent: -9pt;">Granted</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">550,000</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">—</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">550,000</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">3.86</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 52%; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 5.05pt; text-indent: -9pt;">Expired</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">(68,000</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;">)</td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">(56,429</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;">)</td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;"><font style="font-weight: bold; display: inline;">(</font>124,429</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;">)</td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; padding-bottom: 2px; text-align: right;">6.90</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 52%; padding-bottom: 4px;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 9pt; display: block; margin-right: 5.05pt; text-indent: -9pt;">Outstanding at June 30, 2015</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">9,830,952</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">635,714</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">10,466,306</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; padding-bottom: 4px; text-align: right;">3.33</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 52%; padding-bottom: 4px;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 9pt; display: block; margin-right: 5.05pt; text-indent: -9pt;">Options exercisable at June 30, 2015</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">6,276,275</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">635,714</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">6,911,989</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; padding-bottom: 4px; text-align: right;">3.59</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td></tr></table></div></div>

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div>The fair value of the stock options was estimated using the Black-Scholes option-pricing model, based on the following assumptions:</div><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="padding-bottom: 2px;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Six Months Ended <font style="display: inline;">June 30, 2015</font></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Six Months Ended <font style="display: inline;">June 30, 2014</font></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 76%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Risk-free interest rate</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">2.21</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">%</td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">1.92</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">%</td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 76%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Expected volatility</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">78.2% - 84.4</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">%</td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">87.0% - 89.6</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">%</td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 76%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Expected lives (years)</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">6 - 10</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">6 - 10</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 76%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Expected dividend yield</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">0.00</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">%</td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">0.00</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">%</td></tr></table></div></div>

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: Times New Roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 36pt;">The following table summarizes significant ranges of outstanding stock options under the Company’s plans at June 30, 2015:</div><div style="display: block; text-indent: 0pt;"><br /></div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr bgcolor="#cceeff"><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Range of</div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> Exercise<font style="display: inline;"> Prices</font></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total Number </div><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">of Options</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Weighted-Average Remaining Contractual Life<font style="display: inline;"> (years)</font></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Weighted-Average <font style="display: inline;">Exercise Price</font></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total Number of Options <font style="display: inline;">Exercisable</font></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Weighted-Average Remaining Contractual Life<font style="display: inline;"> (years)</font></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Weighted-Average <font style="display: inline;">Exercise Price</font></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td></tr><tr bgcolor="white"><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">1.83 - $2.50</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">5,837,558</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">8.51</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">2.12</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">3,226,398</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">8.00</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">2.08</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">2.51 – $3.50</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">954,482</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">8.64</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">2.85</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">874,482</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">8.62</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">2.83</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr><tr bgcolor="white"><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">3.51 – $8.00</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">3,386,201</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">7.93</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">5.06</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">2,523,043</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">7.74</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">5.16</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; padding-bottom: 2px; text-align: right;">8.01 – $32.55</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">288,065</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; padding-bottom: 2px; text-align: right;">2.31</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; padding-bottom: 2px; text-align: right;">9.00</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">288,066</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; padding-bottom: 2px; text-align: right;">2.31</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; padding-bottom: 2px; text-align: right;">9.00</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td></tr><tr bgcolor="white"><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; padding-bottom: 4px; text-align: right;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">10,466,306</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; padding-bottom: 4px; text-align: right;">8.16</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; padding-bottom: 4px; text-align: right;">3.33</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">6,911,989</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; padding-bottom: 4px; text-align: right;">7.74</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; padding-bottom: 4px; text-align: right;">3.59</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td></tr></table></div></div>

100000

2.39

4.66

2627010

3662708

100000

2010-08-06

7349760

7282617

3.72

6.50

2.75

3.86

550000

300000

550000

3.59

Black-Scholes option-pricing model

6276275

635714

6911989

10100000

0.841

0.627

0.87

0.782

0.844

0.896

0.0044

0.0028

0.0192

0.0221

10200000

25000

10040735

692143

9348952

9830952

10466306

635714

2.87

3.33

3386201

288065

954482

10466306

5837558

2523043

288066

3226398

6911989

874482

2.50

8.00

3.50

32.55

8.01

2.51

3.51

1.83

5211

278000

86000000

28700000

13200000

10465000

67911463

42362528

26752025

42362528

69114553

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">13. Subsequent Events</div><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div style="font-size: 10pt; font-family: Times New Roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 36pt;">On July 24, 2015, the Company completed a $28.7 million underwritten public offering, in which it sold and issued 10,465,000 shares of common stock at a price of $2.75 per share. Net of underwriting discounts, legal, accounting and other offering expenses, the Company received proceeds of approximately $26.8 million, exclusive of treasury shares.</div><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div style="font-size: 10pt; font-family: Times New Roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 36pt;">The following selected pro forma balance sheet data is derived from our balance sheet as of June 30, 2015 and gives retroactive effect to the completion of the underwritten offering, but does not give effect to other events that occurred since June 30, 2015  and thus may not be indicative of our current financial condition. The information should be read in conjunction with our balance sheet as of June 30, 2015  and related notes.</div><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr bgcolor="#cceeff"><td valign="bottom" style="font-size: 10pt; font-family: times new roman; padding-bottom: 2px;">  </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Actual as of June 30, <font style="display: inline;">2015 (unaudited)</font></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Adjustments Related to July 2015 Equity Financing<font style="display: inline;"> (unaudited)</font></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Pro Forma as of <font style="display: inline;">June 30, 2015 (unaudited)</font></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td></tr><tr bgcolor="white"><td valign="bottom" style="text-align: left; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">ASSETS</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;">  </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;"> </td></tr><tr bgcolor="white"><td valign="bottom" style="text-align: left; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Current assets:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 64%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 9pt; display: block; margin-right: 5.05pt; text-indent: 0pt;">Cash and cash equivalents</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">38,833,736</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">26,752,025</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">65,585,761</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 64%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 9pt; display: block; margin-right: 5.05pt; text-indent: 0pt;">Short-term investments</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">15,002,213</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">—</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">15,002,213</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 64%; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 9pt; display: block; margin-right: 5.05pt; text-indent: 0pt;">Prepaid and other current assets</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">6,165,528</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">—</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">6,165,528</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 64%; padding-bottom: 4px;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 9pt; display: block; margin-right: 5.05pt; text-indent: 0pt;"><font style="letter-spacing: 9pt;">   </font> Total current assets</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">60,001,477</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">26,752,025</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">86,753,502</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="width: 64%; padding-bottom: 2px; text-align: left; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Non-current assets</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">2,632,332</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">—</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">2,632,332</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td></tr><tr bgcolor="white"><td valign="bottom" style="width: 64%; padding-bottom: 4px; text-align: left; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total assets</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">62,633,809</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">26,752,025</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">89,385,834</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 64%; display: inline;">  </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 64%;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; display: block; text-indent: 0pt;">LIABILITIES AND STOCKHOLDERS’ EQUITY</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 64%; display: inline;">  </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 64%; padding-bottom: 4px;">Current liabilities:</td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; padding-bottom: 4px; text-align: right;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; padding-bottom: 4px; text-align: right;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; padding-bottom: 4px; text-align: right;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 64%; padding-bottom: 4px; padding-left: 0pt; margin-left: 9pt;">     Accounts payable and other current liabilities <font style="letter-spacing: 9pt;"> </font><font style="letter-spacing: 9pt;">   </font><font style="letter-spacing: 9pt;">   </font><font style="letter-spacing: 9pt;">   </font><font style="letter-spacing: 9pt;">   </font><font style="letter-spacing: 9pt;">   </font></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; padding-bottom: 4px; text-align: right;">15,704,766 </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; padding-bottom: 4px; text-align: right;">—</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; padding-bottom: 4px; text-align: right;">15,704,766 </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td></tr><tr bgcolor="white" style="height: 14px;"><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 64%; padding-bottom: 2px;">     Warrant liability</td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">    4,566,515  </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">—</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">4,566,515 </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="width: 64%; padding-bottom: 4px; text-align: left; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total current liabilities</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">20,271,281</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">—</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">20,271,281</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr bgcolor="#cceeff"><td valign="bottom" style="text-align: left; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Stockholders’ equity:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;"> </td></tr><tr bgcolor="white"><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;">  </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 64%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 5.05pt; text-indent: -9pt;"> Common stock</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">55,927</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">10,465</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">66,392</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 64%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 9pt; display: block; margin-right: 5.05pt; text-indent: 0pt;">   Additional paid-in-capital</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">380,638,689</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">26,741,560</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">407,380,249</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 64%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 9pt; display: block; margin-right: 5.05pt; text-indent: 0pt;">   Treasury stock</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">(2,612,861</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">)</td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">—</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">(2,612,861</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">)</td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 64%; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 9pt; display: block; margin-right: 5.05pt; text-indent: 0pt;">   Accumulated deficit</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">(335,719,227</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;">)</td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">—</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">(335,719,227</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;">)</td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="width: 64%; padding-bottom: 2px; text-align: left; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total stockholders’ equity</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">42,362,528</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">26,752,025</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">69,114,553</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td></tr><tr bgcolor="white"><td valign="bottom" style="width: 64%; padding-bottom: 4px; text-align: left; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total liabilities and stockholders’ equity</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">62,633,809</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">26,752,025</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">89,385,834</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td></tr></table></div></div>

199275

2612861

600000

55724581

55726432

55676766

53010556

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: Times New Roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-weight: bold; display: inline;">9</font>.           <font style="font-weight: bold; display: inline;">Liquidity and Capital Resources</font></div><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div style="font-size: 10pt; font-family: Times New Roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 36pt;">At June 30, 2015, the Company had cash and cash equivalents of approximately $38.8 million and short-term investments of approximately $15.0 million.  Management believes that the Company’s current cash and cash equivalents and short-term investments, along with the $26.8 million of net proceeds received from our underwritten public offering on July 21, 2015 (see Note 13), will be sufficient to fund its operations for the foreseeable future.  The estimate is based, in part, upon the Company’s currently projected expenditures for the remainder of 2015 and the first six months of 2016 of approximately $53.1 million<font style="font-weight: bold; display: inline;">, </font>which<font style="font-weight: bold; display: inline;"> </font>includes approximately $36.1 million for its clinical programs for aldoxorubicin, approximately $2.3 million for pre-clinical development of new albumin-binding cancer drug candidates, approximately $3.9 million for general operation of its clinical programs, and approximately $10.8 million for other general and administrative expenses (including pre-commercialization). These projected expenditures are also based upon numerous other assumptions and subject to many uncertainties, and the Company’s actual expenditures may be significantly different from these projections.</div><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div style="font-size: 10pt; font-family: Times New Roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 36pt;">If the Company obtains marketing approval and successfully commercializes aldoxorubicin or other product candidates, the Company anticipates it could take several<font style="font-weight: bold; display: inline;"> </font>years, for it to generate significant recurring revenue.  The Company will be dependent on future financing and possible strategic partnerships until such time, if ever, as it can generate significant recurring revenue. The Company has no commitments from third parties to provide any additional financing, and it may not be able to obtain future financing on favorable terms, or at all. If the Company fails to obtain sufficient funding when needed, it may be forced to delay, scale back or eliminate all or a portion of its development programs or clinical trials, seek to license to other companies its product candidates or technologies that it would prefer to develop and commercialize itself, or seek to sell some or all of its assets or merge with or be acquired by another company.</div></div> 165200000 157500000 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">6.           Warrant Liabilities</div><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div style="font-size: 10pt; font-family: Times New Roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 36pt;">Liabilities measured at fair value on a recurring basis include warrant liabilities resulting from the Company’s past equity financings.  In accordance with ASC 815-40<font style="font-style: italic; display: inline;">, Derivatives and Hedging – Contracts in Entity’s Own Equity</font> (“ASC 815-40”), the warrant liabilities are being recorded at fair value until they are completely settled.  The warrants are valued using the Black-Scholes method, using assumptions consistent with the Company’s application of ASC 505-50, <font style="font-style: italic; display: inline;">Equity-Based Payments to Non-Employees</font> (“ASC 505-50”).  The gain or loss resulting from the change in fair value is shown on the Condensed Statements of Operations as gain (loss) on warrant derivative liability. The Company recognized a gain (loss) of $2.4 million and ($2.5) million for the three-month periods ended June 30, 2015 and 2014, respectively, and a gain of $0.6 million and $12.2 million for the six-month periods ended June 30, 2015 and 2014, respectively. The following reflects the weighted-average assumptions for each of the six-month periods indicated:</div><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr bgcolor="#cceeff"><td valign="bottom" style="font-size: 10pt; font-family: times new roman; padding-bottom: 2px;">  </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="6" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Six Months Ended June 30,</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td></tr><tr bgcolor="white"><td valign="bottom" style="padding-bottom: 2px;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2015</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2014</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;">  </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 76%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 5.05pt; text-indent: -9pt;">Risk-free interest rate</div></td><td align="right" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">0.28</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">%</td><td align="right" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">0.44</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">%</td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 76%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 5.05pt; text-indent: -9pt;">Expected dividend yield</div></td><td align="right" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">0</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">%</td><td align="right" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">0</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">%</td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 76%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 5.05pt; text-indent: -9pt;">Expected lives</div></td><td align="right" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">1.09</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="right" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">1.96</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 76%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 9pt; display: block; margin-right: 5.05pt; text-indent: -9pt;">    Expected volatility</div></td><td align="right" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">62.7</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">%</td><td align="right" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">84.1</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">%</td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 76%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 9pt; display: block; margin-right: 5.05pt; text-indent: -9pt;">    Warrants classified as liabilities (in shares)</div></td><td align="right" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">6,371,854</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="right" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">6,984,716</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr></table></div><div style="font-size: 10pt; font-family: Times New Roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 36pt;"> </div><div style="font-size: 10pt; font-family: Times New Roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 36pt;">The Company’s computation of expected volatility is based on the historical daily volatility of its publicly traded stock. The dividend yield assumption of zero is based upon the fact that the Company has never paid cash dividends and presently has no intention to do so.  The risk-free interest rate used for each warrant classified as a derivative is equal to the U.S. Treasury rates in effect at June 30 of each year presented. The expected lives are based on the remaining contractual lives of the related warrants at the valuation date.</div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div>The following reflects the weighted-average assumptions for each of the six-month periods indicated:</div><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr bgcolor="#cceeff"><td valign="bottom" style="font-size: 10pt; font-family: times new roman; padding-bottom: 2px;">  </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="6" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Six Months Ended June 30,</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td></tr><tr bgcolor="white"><td valign="bottom" style="padding-bottom: 2px;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2015</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2014</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;">  </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 76%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 5.05pt; text-indent: -9pt;">Risk-free interest rate</div></td><td align="right" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">0.28</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">%</td><td align="right" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">0.44</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">%</td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 76%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 5.05pt; text-indent: -9pt;">Expected dividend yield</div></td><td align="right" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">0</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">%</td><td align="right" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">0</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">%</td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 76%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 5.05pt; text-indent: -9pt;">Expected lives</div></td><td align="right" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">1.09</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="right" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">1.96</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 76%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 9pt; display: block; margin-right: 5.05pt; text-indent: -9pt;">    Expected volatility</div></td><td align="right" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">62.7</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">%</td><td align="right" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">84.1</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">%</td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 76%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 9pt; display: block; margin-right: 5.05pt; text-indent: -9pt;">    Warrants classified as liabilities (in shares)</div></td><td align="right" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">6,371,854</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="right" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">6,984,716</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr></table></div></div> 37000000 3900000 54000000 2300000 10800000 600000 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: Times New Roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 36pt;">The following selected pro forma balance sheet data is derived from our balance sheet as of June 30, 2015 and gives retroactive effect to the completion of the underwritten offering, but does not give effect to other events that occurred since June 30, 2015  and thus may not be indicative of our current financial condition. The information should be read in conjunction with our balance sheet as of June 30, 2015  and related notes.</div><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr bgcolor="#cceeff"><td valign="bottom" style="font-size: 10pt; font-family: times new roman; padding-bottom: 2px;">  </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Actual as of June 30, <font style="display: inline;">2015 (unaudited)</font></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Adjustments Related to July 2015 Equity Financing<font style="display: inline;"> (unaudited)</font></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Pro Forma as of <font style="display: inline;">June 30, 2015 (unaudited)</font></div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td></tr><tr bgcolor="white"><td valign="bottom" style="text-align: left; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">ASSETS</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;">  </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;"> </td></tr><tr bgcolor="white"><td valign="bottom" style="text-align: left; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Current assets:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 64%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 9pt; display: block; margin-right: 5.05pt; text-indent: 0pt;">Cash and cash equivalents</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">38,833,736</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">26,752,025</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">65,585,761</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 64%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 9pt; display: block; margin-right: 5.05pt; text-indent: 0pt;">Short-term investments</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">15,002,213</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">—</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">15,002,213</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 64%; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 9pt; display: block; margin-right: 5.05pt; text-indent: 0pt;">Prepaid and other current assets</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">6,165,528</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">—</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">6,165,528</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 64%; padding-bottom: 4px;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 9pt; display: block; margin-right: 5.05pt; text-indent: 0pt;"><font style="letter-spacing: 9pt;">   </font> Total current assets</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">60,001,477</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">26,752,025</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">86,753,502</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="width: 64%; padding-bottom: 2px; text-align: left; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Non-current assets</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">2,632,332</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">—</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">2,632,332</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td></tr><tr bgcolor="white"><td valign="bottom" style="width: 64%; padding-bottom: 4px; text-align: left; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total assets</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">62,633,809</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">26,752,025</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">89,385,834</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 64%; display: inline;">  </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 64%;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; display: block; text-indent: 0pt;">LIABILITIES AND STOCKHOLDERS’ EQUITY</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 64%; display: inline;">  </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 64%; padding-bottom: 4px;">Current liabilities:</td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; padding-bottom: 4px; text-align: right;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; padding-bottom: 4px; text-align: right;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; padding-bottom: 4px; text-align: right;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 64%; padding-bottom: 4px; padding-left: 0pt; margin-left: 9pt;">     Accounts payable and other current liabilities <font style="letter-spacing: 9pt;"> </font><font style="letter-spacing: 9pt;">   </font><font style="letter-spacing: 9pt;">   </font><font style="letter-spacing: 9pt;">   </font><font style="letter-spacing: 9pt;">   </font><font style="letter-spacing: 9pt;">   </font></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; padding-bottom: 4px; text-align: right;">15,704,766 </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; padding-bottom: 4px; text-align: right;">—</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; padding-bottom: 4px; text-align: right;">15,704,766 </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td></tr><tr bgcolor="white" style="height: 14px;"><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 64%; padding-bottom: 2px;">     Warrant liability</td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">    4,566,515  </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">—</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">4,566,515 </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="width: 64%; padding-bottom: 4px; text-align: left; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total current liabilities</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">20,271,281</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">—</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">20,271,281</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td></tr></table></div><div style="display: block; text-indent: 0pt;"><br /></div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr bgcolor="#cceeff"><td valign="bottom" style="text-align: left; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Stockholders’ equity:</div></td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;"> </td></tr><tr bgcolor="white"><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;">  </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td colspan="2" valign="bottom" style="font-size: 10pt; font-family: times new roman; display: inline;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 64%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 18pt; display: block; margin-right: 5.05pt; text-indent: -9pt;"> Common stock</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">55,927</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">10,465</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">66,392</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 64%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 9pt; display: block; margin-right: 5.05pt; text-indent: 0pt;">   Additional paid-in-capital</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">380,638,689</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">26,741,560</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">407,380,249</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 64%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 9pt; display: block; margin-right: 5.05pt; text-indent: 0pt;">   Treasury stock</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">(2,612,861</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">)</td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">—</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">(2,612,861</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">)</td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 64%; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 9pt; display: block; margin-right: 5.05pt; text-indent: 0pt;">   Accumulated deficit</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">(335,719,227</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;">)</td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">—</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">(335,719,227</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;">)</td></tr><tr bgcolor="#cceeff"><td valign="bottom" style="width: 64%; padding-bottom: 2px; text-align: left; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total stockholders’ equity</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">42,362,528</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">26,752,025</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">69,114,553</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td></tr><tr bgcolor="white"><td valign="bottom" style="width: 64%; padding-bottom: 4px; text-align: left; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Total liabilities and stockholders’ equity</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">62,633,809</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">26,752,025</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">89,385,834</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td></tr></table></div></div> 3 133 627000 0.02 0 0.02 0.1 0.12 0 P10Y 6.90 6100000 4.27 4.29 56429 68000 124429 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2.           Recent Accounting Pronouncements</div><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div style="font-size: 10pt; font-family: Times New Roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 36pt;">We have reviewed all of the recent accounting pronouncements and have determined that they have not or will not have a material impact on the Company’s financial statements, or simply do not apply to the Company’s operations.</div></div> 25000 25000 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: Times New Roman; text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 36pt;">The following table sets forth the total stock-based compensation expense resulting from stock options and warrants included in the Company’s unaudited interim statements of operations:</div><div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: times new roman; width: 100%;"><tr bgcolor="#cceeff"><td valign="bottom" style="font-size: 10pt; font-family: times new roman; padding-bottom: 2px;">  </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="6" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Three Months Ended June 30,</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="6" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">Six Months Ended June 30,</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td></tr><tr bgcolor="white"><td valign="bottom" style="font-size: 10pt; font-family: times new roman; padding-bottom: 2px;">  </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2015</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2014</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2015</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><div style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-align: center; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;">2014</div></td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; font-weight: bold; padding-bottom: 2px; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 52%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 9pt; display: block; margin-right: 5.05pt; text-indent: -9pt;">Research and development — employee</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">392,842</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">234,484</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">728,780</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">409,638</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 52%; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 9pt; display: block; margin-right: 5.05pt; text-indent: -9pt;">General and administrative — employee</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">1,744,440</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">325,379</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">2,699,844</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">637,339</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 52%; padding-bottom: 4px;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 27pt; display: block; margin-right: 5.05pt; text-indent: -9pt;">Total employee stock-based compensation</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">2,137,282</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">559,863</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">3,428,624</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">1,046,977</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td></tr><tr bgcolor="white"><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 52%; display: inline;">  </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;"> </td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 52%;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 9pt; display: block; margin-right: 5.05pt; text-indent: -9pt;">Research and development — non-employee</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">—</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">—</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">—</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; display: inline;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; text-align: right;">—</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; text-align: left;"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" style="width: 52%; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 9pt; display: block; margin-right: 5.05pt; text-indent: -9pt;">General and administrative — non-employee</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">140,533</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">160,629</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">234,084</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 2px solid; text-align: left;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 2px solid; text-align: right;">352,620</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 2px; text-align: left;"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" style="width: 52%; padding-bottom: 4px;"><div style="font-size: 10pt; font-family: times new roman; text-align: left; margin-left: 27pt; display: block; margin-right: 5.05pt; text-indent: -9pt;"> Total non-employee stock-based compensation</div></td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">140,533</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">160,629</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">234,084</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td><td align="left" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px;"> </td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; border-bottom: black 4px double; text-align: left;">$</td><td valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 9%; border-bottom: black 4px double; text-align: right;">352,620</td><td nowrap="nowrap" valign="bottom" style="font-size: 10pt; font-family: times new roman; width: 1%; padding-bottom: 4px; text-align: left;"> </td></tr></table></div></div> 2 5131000 0 0 0 0 4567000 4567000 5131000 0 0 15002000 0 0 45622000 15002000 45622000 30 2000000 1000000 2

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Commitments and contingencies Commitments Disclosure [Text Block] Commitments and contingencies [Abstract] Common stock, $0.001 par value, 250,000,000 shares authorized; 55,927,197 shares issued and outstanding at June 30, 2015; 55,921,986 shares issued and outstanding at December 31, 2014 Common stock Common Stock, Value, Issued Common stock, shares issued (in shares) Common stock, fair value Common stock, shares authorized (in shares) Common stock, par value (in dollars per share) Common stock, shares outstanding (in shares) Share-based compensation, shares subject to stock options (in shares) Common Stock, Capital Shares Reserved for Future Issuance Total expenses Costs and Expenses Share Based Compensation Awards, By Recipient [Domain] Share Based Compensation Awards, By Recipient [Axis] Depreciation and amortization Depreciation, Depletion and Amortization Derivative [Line Items] Derivative [Table] Warrant liability Derivative Liability, Current Derivative, by Nature [Axis] Gain (loss) on warrant derivative liability Fair value adjustment on warrant liability Gain (loss) on warrant liability Derivative, Name [Domain] Stock Based Compensation Disclosure of Compensation Related Costs, Share-based Payments [Text Block] Stock Based Compensation [Abstract] Federal [Member] Basic and diluted net loss per share (in dollars per share) Earnings Per Share, Basic and Diluted Basic and Diluted Net Loss Per Common Share Earnings Per Share [Text Block] Basic and Diluted Net Loss Per Common Share [Abstract] Stock Options [Member] Unrecognized compensation cost, recognized as expense over a weighted-average period Unrecognized compensation expense related to unvested stock options, granted Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Table] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Recurring [Member] Fair Value Measurements [Abstract] Fair Value by Measurement Frequency [Axis] Fair Value, Hierarchy [Axis] Fair Value Measurements Fair Value Disclosures [Text Block] Fair Value, Measurements, Fair Value Hierarchy [Domain] Fair Value, Measurement Frequency [Domain] Fair value measurements by level for assets and liabilities measured at fair value on a recurring basis [Abstract] Level III [Member] Level I [Member] Level II [Member] Foreign Currency Remeasurement Net foreign exchange loss Foreign Currency Transaction Gain (Loss), Unrealized Foreign Currency Remeasurement [Abstract] General and administrative General and Administrative Expense [Member] Goodwill Schedule of employee and non employee share based compensation allocation of recognized period costs by report line [Axis] CONDENSED STATEMENTS OF OPERATIONS (Unaudited) [Abstract] Income Taxes [Abstract] Income Tax Authority [Axis] Employee and non employee share based compensation allocation of recognized period costs report line [Domain] Income Tax Authority [Domain] Income Taxes Income Tax Disclosure [Text Block] Cash paid for income taxes Receivables Increase (Decrease) in Accounts Receivable Accounts payable Accrued expenses and other current liabilities Interest receivable Increase (Decrease) in Accrued Interest Receivable, Net Changes in assets and liabilities: Prepaid expenses and other current assets Increase (Decrease) in Prepaid Expense and Other Assets Interest receivable Interest income Short-term Investments Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] IPO [Member] Total current liabilities Total current liabilities Current liabilities: LIABILITIES AND STOCKHOLDERS' EQUITY Total liabilities and stockholders' equity Liabilities and Equity License revenue Licenses Revenue Fees and expenses related to settlement Litigation Settlement, Expense Estimated projected expenditure type [Domain] Estimated projected expenditures [Axis] Number of shareholders lawsuits Major Types of Debt and Equity Securities [Domain] Schedule of Available-for-sale Securities, Major Types of Debt and Equity Securities [Axis] Short-term Investments [Abstract] Maximum [Member] Minimum [Member] Cash flows from financing activities: Cash flows from operating activities: Net cash provided by (used in) investing activities Net Cash Provided by (Used in) Investing Activities, Continuing Operations Net cash used in operating activities Net Cash Provided by (Used in) Operating Activities, Continuing Operations Net loss Net loss Net Income (Loss) Attributable to Parent Cash flows from investing activities: Net cash provided by financing activities Net Cash Provided by (Used in) Financing Activities, Continuing Operations Other income (loss): Nonoperating Income (Expense) [Abstract] Underwriters Option [Member] Expenses: Loss before other income (loss) Operating Income (Loss) Operating Loss Carryforwards [Table] Operating Loss Carryforwards [Line Items] Operating loss carryforwards, expiration date Operating Loss Carryforwards, Expiration Date Operating loss carryforwards Operating Loss Carryforwards (Gain) loss on foreign currency translation adjustment Other assets Other income (loss), net Proceeds from the sale of short-term investments Payments for (Proceeds from) Short-term Investments Purchase of short-term investments Payments to Acquire Investments Purchases of equipment and furnishings Payments to Acquire Property, Plant, and Equipment Plan Name [Axis] Plan Name [Domain] Potential future payments Preferred Stock, par value (in dollars per share) Preferred Stock, $0.01 par value, 5,000,000 shares authorized, including 25,000 shares of Series A Junior Participating Preferred Stock; no shares issued and outstanding Preferred Stock, shares issued (in shares) Preferred Stock, shares authorized (in shares) Preferred Stock, shares outstanding (in shares) Prepaid expenses and other current assets Prepaid and other current assets Pro Forma [Member] Pro Forma [Member] Net proceeds from exercise of warrants and stock options Proceeds from issuance of restricted stock to employee Proceeds from the issuance of warrants Net proceeds from public offering Proceeds, exclusive of treasury shares Net proceeds received from underwritten public offering Net proceeds from issuance of common stock Equipment and furnishings, net Range [Domain] Range [Axis] Receivables Outstanding Receivable Research and development Research and Development Expense [Member] Restricted Stock [Member] Accumulated deficit Weighted-Average Remaining Contractual Life Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term Weighted-Average Exercise Price, Options Exercisable (in dollars per share) Expected lives Weighted-Average Remaining Contractual Life EX-101.PRE 11 cytr-20150630_pre.xml XBRL PRESENTATION LINKBASE DOCUMENT EXCEL 12 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx 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Commitments and contingencies (Details)
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USD ($)

$ / shares

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d

Lawsuit

Dec. 31, 2014

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Potential future payments $ 7,500,000

Number of clinical milestones | ClinicalMilestone 2

Number of day's court afforded the plaintiffs to amend their complaint | d 30

Payments made on achievement of clinical milestones $ 2,000,000

Potential future milestone payments on each additional final marketing approval $ 1,000,000

Number of shareholders lawsuits | Lawsuit 3

Exercise price (in dollars per share) | $ / shares $ 4.66 $ 2.39

Fees and expenses related to settlement $ 1,100,000

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Short-term Investments (Details) - USD ($)
6 Months Ended

Jun. 30, 2015

Dec. 31, 2014

Schedule of Available-for-sale Securities [Line Items]

Short-term investments $ 15,002,213 $ 45,621,593

Certificates of Deposit [Member]

Schedule of Available-for-sale Securities [Line Items]

Maturity date of investments Aug. 27, 2015

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Short-term Investments
6 Months Ended

Jun. 30, 2015

Short-term Investments [Abstract]

Short-term Investments
4.           Short-term Investments

The Company held $15.0 million of short-term investments at June 30, 2015, as compared to $45.6 million at December 31, 2014.  The Company has classified these investments as available for sale.  These investments are federally insured certificates of deposit with a maturity date of August 27, 2015.

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Fair Value Measurements (Details) - Recurring [Member] - USD ($)
$ in Thousands
6 Months Ended

Jun. 30, 2015

Dec. 31, 2014

Fair value measurements by level for assets and liabilities measured at fair value on a recurring basis [Abstract]

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Short-term investments 15,002 45,622

Warrant liabilities (4,567) (5,131)

Level I [Member]

Fair value measurements by level for assets and liabilities measured at fair value on a recurring basis [Abstract]

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Stock Based Compensation (Details)
3 Months Ended 6 Months Ended

Jun. 30, 2015

USD ($)

$ / shares

shares

Jun. 30, 2014

USD ($)

$ / shares

Jun. 30, 2015

USD ($)

$ / shares

shares

Jun. 30, 2014

USD ($)

$ / shares

shares

Dec. 31, 2014

$ / shares

shares

Feb. 05, 2014

$ / shares

Share based compensation, shares authorized under significant ranges of outstanding stock option plans in period [Abstract]

Closing price of the common stock (in dollars per share) | $ / shares $ 6.50

Employees [Member]

Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Abstract]

Estimated annualized forfeiture rate (in hundredths) 10.00% 12.00%

Employees and Directors [Member]

Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Abstract]

Unrecognized compensation expense related to unvested stock options, granted | $ $ 4,900,000 $ 4,900,000

Unrecognized compensation cost, recognized as expense over a weighted-average period 1 year 11 days

Senior management [Member]

Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Abstract]

Estimated annualized forfeiture rate (in hundredths) 2.00% 2.00%

Directors and nonemployees [Member]

Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Abstract]

Estimated annualized forfeiture rate (in hundredths) 0.00% 0.00%

Stock Options [Member]

Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Abstract]

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used Black-Scholes option-pricing model

Contractual term 10 years

Number of Options (Employees and Non-Employees) [Abstract]

Outstanding at beginning of period (in shares) 10,040,735

Granted (in shares) 550,000 300,000

Expired (in shares) (124,429)

Outstanding at end of period (in shares) 10,466,306 10,466,306

Options exercisable at end of period (in shares) 6,911,989 6,911,989

Weighted-Average Exercise Price Options [Abstract]

Outstanding at beginning of period (in dollars per share) | $ / shares $ 2.87

Granted (in dollars per share) | $ / shares 3.86

Expired | $ / shares 6.90

Outstanding at end of period (in dollars per share) | $ / shares $ 3.33 3.33

Options exercisable at end of period (in dollars per share) | $ / shares $ 3.59 $ 3.59

Share based compensation, shares authorized under significant ranges of outstanding stock option plans in period [Abstract]

Total Number of Options (in shares) 10,466,306 10,466,306

Weighted-Average Remaining Contractual Life 8 years 1 month 28 days

Weighted-Average Exercise Price (in dollars per share) | $ / shares $ 3.33 $ 3.33

Total Number of Options Exercisable (in shares) 6,911,989 6,911,989

Weighted-Average Remaining Contractual Life 7 years 8 months 26 days

Weighted-Average Exercise Price, Options Exercisable (in dollars per share) | $ / shares $ 3.59 $ 3.59

The aggregate intrinsic value of outstanding options | $ $ 10,200,000 $ 10,200,000

Aggregate intrinsic value of options vested | $ $ 6,100,000

Closing price of the common stock (in dollars per share) | $ / shares $ 3.72 $ 3.72

Stock Options [Member] | Employees [Member]

Number of Options (Employees and Non-Employees) [Abstract]

Outstanding at beginning of period (in shares) 9,348,952

Granted (in shares) 550,000

Expired (in shares) (68,000)

Outstanding at end of period (in shares) 9,830,952 9,830,952

Options exercisable at end of period (in shares) 6,276,275 6,276,275

Stock Options [Member] | Non-Employees [Member]

Number of Options (Employees and Non-Employees) [Abstract]

Outstanding at beginning of period (in shares) 692,143

Granted (in shares) 0

Expired (in shares) (56,429)

Outstanding at end of period (in shares) 635,714 635,714

Options exercisable at end of period (in shares) 635,714 635,714

Stock Options And Warrants [Member]

Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Abstract]

Risk-free interest rate (in hundredths) 2.21% 1.92%

Expected dividend yield (in hundredths) 0.00% 0.00%

Stock Options And Warrants [Member] | Minimum [Member]

Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Abstract]

Expected volatility (in hundredths) 78.20% 87.00%

Expected lives 6 years 6 years

Stock Options And Warrants [Member] | Maximum [Member]

Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Abstract]

Expected volatility (in hundredths) 84.40% 89.60%

Expected lives 10 years 10 years

Stock Options And Warrants [Member] | Employees [Member]

Total stock-based compensation expense resulting from stock options and warrants [Abstract]

Allocated employee and non-employee stock-based compensation expense, Total | $ $ 2,137,282 $ 559,863 $ 3,428,624 $ 1,046,977

Stock Options And Warrants [Member] | Non-Employees [Member]

Total stock-based compensation expense resulting from stock options and warrants [Abstract]

Allocated employee and non-employee stock-based compensation expense, Total | $ 140,533 160,629 234,084 352,620

Restricted Stock [Member]

Total stock-based compensation expense resulting from stock options and warrants [Abstract]

Allocated employee and non-employee stock-based compensation expense, Total | $ $ 0 $ 156,296 $ 0 $ 310,874

Warrants [Member]

Weighted-Average Exercise Price Options [Abstract]

Share-based compensation arrangement by share-based payment award, shares issued in period (in shares) 25,000

Exercise price of warrants (in dollars per share) | $ / shares $ 5.60 $ 5.60

Share based compensation, shares authorized under significant ranges of outstanding stock option plans in period [Abstract]

Warrants outstanding (in shares) 7,282,617 7,282,617 7,349,760

Weighted-average exercise price of warrants outstanding (in dollars per share) | $ / shares 4.29 4.29 4.27

Range $ 1.83 - 2.50 [Member] | Stock Options [Member]

Share based compensation, shares authorized under significant ranges of outstanding stock option plans in period [Abstract]

Range of Exercise Prices, Lower Range (in dollars per share) | $ / shares $ 1.83

Range of Exercise Prices, Upper Range (in dollars per share) | $ / shares $ 2.50

Total Number of Options (in shares) 5,837,558 5,837,558

Weighted-Average Remaining Contractual Life 8 years 6 months 4 days

Weighted-Average Exercise Price (in dollars per share) | $ / shares $ 2.12 $ 2.12

Total Number of Options Exercisable (in shares) 3,226,398 3,226,398

Weighted-Average Remaining Contractual Life 8 years

Weighted-Average Exercise Price, Options Exercisable (in dollars per share) | $ / shares $ 2.08 $ 2.08

Range $ 2.51 - 3.50 [Member] | Stock Options [Member]

Share based compensation, shares authorized under significant ranges of outstanding stock option plans in period [Abstract]

Range of Exercise Prices, Lower Range (in dollars per share) | $ / shares 2.51

Range of Exercise Prices, Upper Range (in dollars per share) | $ / shares $ 3.50

Total Number of Options (in shares) 954,482 954,482

Weighted-Average Remaining Contractual Life 8 years 7 months 20 days

Weighted-Average Exercise Price (in dollars per share) | $ / shares $ 2.85 $ 2.85

Total Number of Options Exercisable (in shares) 874,482 874,482

Weighted-Average Remaining Contractual Life 8 years 7 months 13 days

Weighted-Average Exercise Price, Options Exercisable (in dollars per share) | $ / shares $ 2.83 $ 2.83

Range $ 3.51 - 8.00 [Member] | Stock Options [Member]

Share based compensation, shares authorized under significant ranges of outstanding stock option plans in period [Abstract]

Range of Exercise Prices, Lower Range (in dollars per share) | $ / shares 3.51

Range of Exercise Prices, Upper Range (in dollars per share) | $ / shares $ 8.00

Total Number of Options (in shares) 3,386,201 3,386,201

Weighted-Average Remaining Contractual Life 7 years 11 months 5 days

Weighted-Average Exercise Price (in dollars per share) | $ / shares $ 5.06 $ 5.06

Total Number of Options Exercisable (in shares) 2,523,043 2,523,043

Weighted-Average Remaining Contractual Life 7 years 8 months 26 days

Weighted-Average Exercise Price, Options Exercisable (in dollars per share) | $ / shares $ 5.16 $ 5.16

Range $ 8.01 - 32.55 [Member] | Stock Options [Member]

Share based compensation, shares authorized under significant ranges of outstanding stock option plans in period [Abstract]

Range of Exercise Prices, Lower Range (in dollars per share) | $ / shares 8.01

Range of Exercise Prices, Upper Range (in dollars per share) | $ / shares $ 32.55

Total Number of Options (in shares) 288,065 288,065

Weighted-Average Remaining Contractual Life 2 years 3 months 22 days

Weighted-Average Exercise Price (in dollars per share) | $ / shares $ 9.00 $ 9.00

Total Number of Options Exercisable (in shares) 288,066 288,066

Weighted-Average Remaining Contractual Life 2 years 3 months 22 days

Weighted-Average Exercise Price, Options Exercisable (in dollars per share) | $ / shares $ 9.00 $ 9.00

Research and Development Expense [Member] | Stock Options And Warrants [Member] | Employees [Member]

Total stock-based compensation expense resulting from stock options and warrants [Abstract]

Allocated employee and non-employee stock-based compensation expense, Total | $ $ 392,842 $ 234,484 $ 728,780 $ 409,638

Research and Development Expense [Member] | Stock Options And Warrants [Member] | Non-Employees [Member]

Total stock-based compensation expense resulting from stock options and warrants [Abstract]

Allocated employee and non-employee stock-based compensation expense, Total | $ 0 0 0 0

General and Administrative Expense [Member] | Stock Options And Warrants [Member] | Employees [Member]

Total stock-based compensation expense resulting from stock options and warrants [Abstract]

Allocated employee and non-employee stock-based compensation expense, Total | $ 1,744,440 325,379 2,699,844 637,339

General and Administrative Expense [Member] | Stock Options And Warrants [Member] | Non-Employees [Member]

Total stock-based compensation expense resulting from stock options and warrants [Abstract]

Allocated employee and non-employee stock-based compensation expense, Total | $ $ 140,533 $ 160,629 $ 234,084 $ 352,620

2000 Long Term Incentive Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based compensation, shares subject to stock options (in shares) 600,000 600,000

Expiration date Aug. 06, 2010

Share-based compensation, shares available for future grant (in shares) 0 0

2008 Stock Incentive Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based compensation, shares subject to stock options (in shares) 9,900,000 9,900,000

Share-based compensation, shares available for future grant (in shares) 10,100,000 10,100,000

2008 Stock Incentive Plan [Member] | Restricted Stock [Member] | Senior management [Member]

Weighted-Average Exercise Price Options [Abstract]

Restricted stock granted (in shares) 100,000

Value of restricted shares issued | $ $ 627,000 $ 627,000

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Liquidity and Capital Resources (Details) - USD ($)
6 Months Ended

Jul. 21, 2015

Feb. 05, 2014

Jun. 30, 2015

Dec. 31, 2014

Jun. 30, 2014

Dec. 31, 2013

Estimated projected expenditure [Line Items]

Cash and cash equivalents $ 38,833,736 $ 32,218,905 $ 51,866,891 $ 11,483,112

Short-term investments 15,002,213 $ 45,621,593

Net proceeds received from underwritten public offering $ 80,500,000

Currently projected expenditures for clinical programs 54,000,000

Subsequent Event [Member]

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Net proceeds received from underwritten public offering $ 26,800,000

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Estimated projected expenditure [Line Items]

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Equity Transactions (Details) - USD ($)
$ / shares in Units, $ in Millions
3 Months Ended 6 Months Ended

Apr. 27, 2015

Feb. 05, 2014

Jan. 01, 2014

Mar. 31, 2014

Jun. 30, 2015

Dec. 31, 2014

Mar. 15, 2014

Equity Transactions [Abstract]

Common shares issued from the exercise of warrants (in shares) 5,211 278,000

Restricted shares granted (in shares) 100,000

Non-cash expense of shares issued $ 0.6

Stock issued, underwritten public offering, value $ 86.0

Stock issued, underwritten public offering, value (in shares) 13,200,000

Common stock per share value (in dollars per share) $ 6.50

Net proceeds from issuance of common stock $ 80.5

Common stock, shares issued (in shares) 55,927,197 55,921,986 200,000

Warrants issued, rights (in shares) 10,000 25,000

Common stock, fair value $ 0.8

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Foreign Currency Remeasurement
6 Months Ended

Jun. 30, 2015

Foreign Currency Remeasurement [Abstract]

Foreign Currency Remeasurement
3.           Foreign Currency Remeasurement

The U.S. dollar has been determined to be the functional currency for the net assets of the Company’s laboratory facility in Germany. The transactions are recorded in the local currencies and are remeasured at each reporting date using the historical rates for nonmonetary assets and liabilities and exchange rates for monetary assets and liabilities at the balance sheet date. Exchange gains and losses from the remeasurement of monetary assets and liabilities are recognized in other income (loss). The Company recognized a gain of approximately $5,000 and a loss of approximately $10,700 for the three-month and six-month periods ended June 30, 2015, respectively, and $0 and $4,900 for the three and six-month periods ended June 30, 2014, respectively.

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Income Taxes (Details) - USD ($)
$ in Millions
3 Months Ended

Jun. 30, 2015

Dec. 31, 2014

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Operating Loss Carryforwards [Line Items]

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Maximum [Member]

Operating Loss Carryforwards [Line Items]

Operating loss carryforwards, expiration date Dec. 31, 2034

Federal [Member]

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Operating loss carryforwards, unrestricted 165.2

State [Member]

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CONDENSED BALANCE SHEETS (Unaudited) - USD ($)

Jun. 30, 2015

Dec. 31, 2014

Current assets:

Cash and cash equivalents $ 38,833,736 $ 32,218,905

Short-term investments 15,002,213 45,621,593

Receivables 5,175,007 2,019,293

Interest receivable 14,196 104,627

Prepaid expenses and other current assets 976,325 3,250,355

Total current assets 60,001,477 83,214,773

Equipment and furnishings, net 879,359 970,873

Goodwill 183,780 183,780

Other assets 1,569,193 1,323,156

Total assets 62,633,809 85,692,582

Current liabilities:

Accounts payable 5,328,351 6,655,962

Accrued expenses and other current liabilities 10,376,415 5,994,072

Warrant liability 4,566,515 5,131,085

Total current liabilities $ 20,271,281 $ 17,781,119

Commitments and contingencies

Stockholders' equity

Preferred Stock, $0.01 par value, 5,000,000 shares authorized, including 25,000 shares of Series A Junior Participating Preferred Stock; no shares issued and outstanding $ 0 $ 0

Common stock, $0.001 par value, 250,000,000 shares authorized; 55,927,197 shares issued and outstanding at June 30, 2015; 55,921,986 shares issued and outstanding at December 31, 2014 55,927 55,924

Additional paid-in capital 380,638,689 376,975,984

Treasury stock, at cost (199,275 shares) (2,612,861) (2,612,861)

Accumulated deficit (335,719,227) (306,507,584)

Total stockholders' equity 42,362,528 67,911,463

Total liabilities and stockholders' equity $ 62,633,809 $ 85,692,582

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Description of Company and Basis of Presentation
6 Months Ended

Jun. 30, 2015

Description of Company and Basis of Presentation [Abstract]

Description of Company and Basis of Presentation
1.  Description of Company and Basis of Presentation

CytRx Corporation (“CytRx” or the “Company”) is a biopharmaceutical research and development company specializing in oncology. The Company is currently focused on the clinical development of aldoxorubicin (formerly known as INNO-206), its modified version of the widely-used chemotherapeutic agent, doxorubicin. CytRx previously reported positive top-line efficacy results (median progression-free survival, or PFS, PFS at six months, overall response rates, hazard ratios and overall survival) from its completed, global Phase 2b clinical trial with aldoxorubicin as a treatment for soft tissue sarcoma, or STS. Hazard ratios, or the likelihood that the study endpoint (in this case tumor progression) will be reached during a given period, are an important measure of the reliability and uniformity of the absolute data for PFS. The trial investigated the efficacy and safety of aldoxorubicin compared with doxorubicin in subjects with first-line metastatic, locally advanced or unresectable STS. Aldoxorubicin combines the chemotherapeutic agent doxorubicin with a novel linker-molecule that binds specifically to albumin in the blood and is designed to allow for delivery of higher amounts of doxorubicin (3½ to 4 times) without the major dose-limiting toxicities as seen with the administration of doxorubicin alone.

In the first quarter of 2014, the Company initiated a pivotal Phase 3 trial of aldoxorubicin as a therapy for patients with STS whose tumors have progressed following treatment with chemotherapy. The Phase 3 trial is being conducted under a Special Protocol Assessment, or SPA, granted by the FDA. The SPA means that the FDA agrees that the design and analyses proposed in the Phase 3 trial protocol are acceptable to support regulatory approval of the product candidate with respect to effectiveness of the indication studied, and will not change its perspective on these matters, except in limited circumstances such as where a sponsor fails to follow a protocol agreed to with the FDA or where previously unrecognized health concerns occur.  Thus, if the study demonstrates an acceptable benefit-risk profile as determined by the FDA, it will support registration of aldoxorubicin for this indication.  If approved for marketing, the Company’s current plan would be to commercially launch aldoxorubicin in late 2017.

CytRx is currently evaluating aldoxorubicin in a global Phase 2b clinical trial in small cell lung cancer, a Phase 2 clinical trial in HIV-related Kaposi's sarcoma, a Phase 2 clinical trial in patients with late-stage glioblastoma (brain cancer), a Phase 1b clinical trial in combination with ifosfamide in patients with STS and a Phase 1b clinical trial in combination with gemcitabine in patients with metastatic solid tumors. The Company has completed a global Phase 2b clinical trial with aldoxorubicin as a 1st-line therapy for STS, a Phase 1b/2 clinical trial primarily in the same indication, a Phase 1b clinical trial of aldoxorubicin in combination with doxorubicin in patients with advanced solid tumors and a Phase 1b pharmacokinetics clinical trial in patients with metastatic solid tumors.

CytRx plans to expand its pipeline of oncology candidates through its drug-development activities at its laboratory facility in Freiburg, Germany, based on its Linker Activated Drug Release, or LADR™, technology that can be utilized with multiple chemotherapeutic agents and may allow for greater drug concentration at tumor sites.

The accompanying condensed financial statements at June 30, 2015 and for the three-month and six-month periods ended June 30, 2015 and 2014, respectively, are unaudited, but include all adjustments, consisting of normal recurring entries, that management believes to be necessary for a fair presentation of the periods presented. Interim results are not necessarily indicative of results for a full year. Balance sheet amounts as of December 31, 2014 have been derived from the Company’s audited financial statements as of that date.

The financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. The financial statements should be read in conjunction with the Company’s audited financial statements contained in its Annual Report on Form 10-K for the year ended December 31, 2014. The Company’s operating results will fluctuate for the foreseeable future. Therefore, period-to-period comparisons should not be relied upon as predictive of the results in future periods.

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Subsequent Events (Tables)
6 Months Ended

Jun. 30, 2015

Subsequent Events [Abstract]

Schedule of selected pro forma balance sheet data
The following selected pro forma balance sheet data is derived from our balance sheet as of June 30, 2015 and gives retroactive effect to the completion of the underwritten offering, but does not give effect to other events that occurred since June 30, 2015  and thus may not be indicative of our current financial condition. The information should be read in conjunction with our balance sheet as of June 30, 2015  and related notes.

Actual as of June 30, 2015 (unaudited)

Adjustments Related to July 2015 Equity Financing (unaudited)

Pro Forma as of June 30, 2015 (unaudited)

ASSETS

Current assets:

Cash and cash equivalents
$ 38,833,736 $ 26,752,025 $ 65,585,761
Short-term investments
15,002,213 — 15,002,213
Prepaid and other current assets
6,165,528 — 6,165,528
    Total current assets
60,001,477 26,752,025 86,753,502
Non-current assets
2,632,332 — 2,632,332
Total assets
$ 62,633,809 $ 26,752,025 $ 89,385,834

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
     Accounts payable and other current liabilities                  $ 15,704,766 — $ 15,704,766
     Warrant liability $    4,566,515   — $ 4,566,515
Total current liabilities
$ 20,271,281 $ — $ 20,271,281

Stockholders’ equity:

Common stock
$ 55,927 $ 10,465 $ 66,392
   Additional paid-in-capital
380,638,689 26,741,560 407,380,249
   Treasury stock
(2,612,861 ) — (2,612,861 )
   Accumulated deficit
(335,719,227 ) — (335,719,227 )
Total stockholders’ equity
42,362,528 26,752,025 69,114,553
Total liabilities and stockholders’ equity
$ 62,633,809 $ 26,752,025 $ 89,385,834

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Foreign Currency Remeasurement (Details) - USD ($)
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Foreign Currency Remeasurement [Abstract]

(Gain) loss on foreign currency translation adjustment $ 5,000 $ 0 $ (10,700) $ (4,900)

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Recent Accounting Pronouncements
6 Months Ended

Jun. 30, 2015

Recent Accounting Pronouncements [Abstract]

Recent Accounting Pronouncements
2.           Recent Accounting Pronouncements

We have reviewed all of the recent accounting pronouncements and have determined that they have not or will not have a material impact on the Company’s financial statements, or simply do not apply to the Company’s operations.

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CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares

Jun. 30, 2015

Dec. 31, 2014

Stockholders' equity

Preferred Stock, par value (in dollars per share) $ 0.01 $ 0.01

Preferred Stock, shares authorized (in shares) 5,000,000 5,000,000

Series A Junior Participating Preferred Stock, shares authorized (in shares) 25,000 25,000

Preferred Stock, shares issued (in shares) 0 0

Preferred Stock, shares outstanding (in shares) 0 0

Common stock, par value (in dollars per share) $ 0.001 $ 0.001

Common stock, shares authorized (in shares) 250,000,000 250,000,000

Common stock, shares issued (in shares) 55,927,197 55,921,986

Common stock, shares outstanding (in shares) 55,927,197 55,921,986

Treasury stock (in shares) 199,275 199,275

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Commitments and contingencies
6 Months Ended

Jun. 30, 2015

Commitments and contingencies [Abstract]

Commitments and contingencies
12.           Commitments and Contingencies

Commitments

The Company has an agreement with KTB for the Company’s exclusive license of patent rights held by KTB for the worldwide development and commercialization of aldoxorubicin. Under the agreement, the Company must make payments to KTB in the aggregate of $7.5 million upon meeting clinical and regulatory milestones up to and including the product’s second final marketing approval. In the six months ended June 30, 2014, the Company met two clinical milestones, resulting in total payments of $2.0 million to KTB.  The Company also has agreed to pay:

·
commercially reasonable royalties based on a percentage of net sales (as defined in the agreement);

·
a percentage of non-royalty sub-licensing income (as defined in the agreement); and

·
milestones of $1 million for each additional final marketing approval that the Company obtains.

In the event that the Company must pay a third party in order to exercise its rights to the intellectual property under the agreement, the Company will deduct a percentage of those payments from the royalties due KTB, up to an agreed upon cap.

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Contingencies

On June 13, 2014, three purported securities class action lawsuits pending in the United States District Court for the Central District of California, were consolidated in the matter of In re CytRx Corporation Securities Litigation, 2:14-CV-01956-GHK (PJWx), and lead plaintiff and lead counsel were appointed. On October 1, 2014, plaintiffs filed a consolidated amended complaint on behalf of all persons who purchased or otherwise acquired the publicly traded securities of CytRx between November 20, 2013 and March 13, 2014, against CytRx, certain Company officers and directors, a freelance writer, and certain underwriters. The complaint alleges that certain of the defendants violated the Securities Exchange Act of 1934 by making materially false and misleading statements in press releases, promotional articles, SEC filings and other public statements. The complaint further alleges that certain of the defendants violated the Securities Act of 1933 by making materially misleading statements and omitting material information in the shelf Registration Statement on Form S-3 filed with the SEC on December 6, 2012 and Prospectus Supplement on Form 424(b)(2) filed with the SEC on January 31, 2014. These allegations arise out of the Company’s alleged retention of The DreamTeam Group and MissionIR, external investor and public relations firms unaffiliated with the Company, as well as the Company’s December 9, 2013 grant of stock options to certain board members and officers. The consolidated amended complaint seeks damages, including interest, in an unspecified amount, reasonable costs and attorneys’ fees, and any equitable, injunctive, or other relief that the court may deem just and proper.  On December 5, 2014, CytRx and the individual defendants filed a motion to dismiss the complaint.  The Court was scheduled to hear argument on this motion on March 2, 2015.  On February 25, 2015, the Court took this motion under submission and took the hearing off calendar. On July 13, 2015, the Court issued an order granting in part and denying in part the motions to dismiss filed by us, the individual defendants and the underwriters. The Court afforded the plaintiffs 30 days to amend their complaint, if they elect to do so.

    On April 3, 2014, a purported class action lawsuit was filed against the Company and certain of its officers and each of its directors, as well as certain underwriters, in the Superior Court of California, County of Los Angeles, captioned Rajasekaran v. CytRx Corporation, et al., BC541426. The complaint purports to be brought on behalf of all shareholders who purchased or otherwise acquired the Company’s common stock pursuant or traceable to its public offering that closed on February 5, 2014. The complaint alleges that defendants violated the federal securities laws by making materially false and misleading statements in the Company’s filings with the SEC. The complaint seeks compensatory damages in an unspecified amount, rescission, and attorney’s fees and costs. On October 14, 2014, the Court granted the parties’ joint ex parte motion to stay this proceeding pending resolution of motions to dismiss in the related federal action,  In re CytRx Corporation Securities Litigation , 2:14-CV-01956-GHK (PJWx).

    On July 3, 2014, a shareholder derivative lawsuit was filed in the United States District Court for the Central District of California, captioned  Fishman v. Kriegsman, et al. , 2:14-cv-05169, purportedly on the Company’s behalf against certain of its officers and each of its directors. The complaint alleges breach of fiduciary duties, corporate waste, gross mismanagement, and unjust enrichment in connection with the Company’s alleged retention of DreamTeamGroup and MissionIR. The complaint seeks damages, restitution, corporate governance reforms, and attorney’s fees and costs. On September 3, 2014, plaintiff filed a notice to voluntarily dismiss this action against all parties without prejudice, which the Court granted on September 9, 2014.

    On September 10, 2014, the Delaware Court of Chancery consolidated Schwartz v. Ignarro, et al., Case No. 9864, Johnson v. Ignarro, et al. , Case No. 9884, and  Silverberg v. Kriegsman, et al. , Case No. 9919, three shareholder derivative lawsuits described in the Company’s Quarterly Report filed with the SEC on August 6, 2014. The allegations in the  Schwartz  and  Johnson complaints relate to the Company’s December 9, 2013 grant of stock options to certain board members and officers. The allegations in the  Silverberg  complaint relate to the Company’s December 9, 2013 grant of stock options to certain board members and officers, as well as its alleged retention of DreamTeamGroup and MissionIR. A consolidated complaint concentrated on the stock-option grant claims was filed on October 9, 2014. The consolidated lawsuit is captioned  In re CytRx Corp. Stockholder Derivative Litigation,  C.A. No. 9864-VCL. On November 10, 2014, the Company and the individual defendants filed a motion to dismiss the consolidated complaint or, in the alternative, to stay the action. The Court heard argument on the motions on January 8, 2015. The Court denied the motion to dismiss and granted in part and denied in part the motion to stay.

-10-
    On June 2, 2015, the Company announced that they had reached an agreement to settle the Delaware stockholder derivative action. Under the settlement, it agreed to re-price certain stock options to purchase common stock that were granted on December 10, 2013 to certain of its directors and officers from the original exercise price of $2.39 to an exercise price of $4.66 (the share price at market closing on December 20, 2013). The settlement also provides that the Company will implement certain corporate governance changes and modify its governance practices regarding the granting of stock options. The parties have reached an agreement on an award of $1.1 million of fees and expenses to plaintiffs’ attorneys, which award must be approved by the Court regardless of whether there is an agreement between the parties. These fees and expenses will be covered by the Company’s insurance companies. The settlement is subject to the drafting of definitive documentation, notice to stockholders, and Court approval.

    On August 14, 2014, a shareholder derivative lawsuit, captioned Pankratz v. Kriegsman, et al., 2:14-cv-06414-PA-JPR, was filed in the United States District Court for the Central District of California purportedly on the Company’s behalf against certain of its officers and each of its directors. The complaint alleges breach of fiduciary duties, unjust enrichment, gross mismanagement, abuse of control, insider selling and misappropriation of information in connection with the Company’s alleged retention of DreamTeamGroup and MissionIR, as well as its December 9, 2013 grant of stock options to certain board members and officers. The complaint seeks unspecified damages, corporate governance and internal procedures reforms, restitution, disgorgement of all profits, benefits, and other compensation obtained by the individual defendants, and the costs and disbursements of the action.

    On August 15, 2014, a shareholder derivative complaint, captioned Taylor v. Kriegsman, et al., 2:14-cv-06451, was filed in the United States District Court for the Central District of California purportedly on the Company’s behalf against certain of its officers and each of its directors. The complaint alleges breach of fiduciary duties, unjust enrichment, gross mismanagement, abuse of control, unjust enrichment, insider selling and misappropriation of information in connection with the Company’s alleged retention of DreamTeamGroup and MissionIR, as well as its December 9, 2013 grant of stock options to certain board members and officers. The complaint seeks unspecified damages, corporate governance and internal procedures reforms, restitution, disgorgement of all profits, benefits, and other compensation obtained by the individual defendants, and the costs and disbursements of the action.

    On October 8, 2014, the Court in Pankratz and Taylor consolidated the cases and appointed lead plaintiffs and co-lead counsel. On October 20, 2014, the Company and the individual defendants filed motions to dismiss the consolidated  Pankratz  and Taylor  cases or, in the alternative, to stay the cases. On January 9, 2015, the Court stayed the action pending the resolution of the consolidated Delaware derivative action. On February 27, 2015, the  Pankratz  and  Taylor  plaintiffs filed a motion to vacate the stay. On June 24, 2015, the Court granted the motion to lift the stay in light of the pending settlement of the Delaware derivative litigation discussed above. The Court further denied the motion to dismiss without prejudice and invited the Company to move to dismiss the case within 30 days pursuant to the doctrine of  forum non conveniens  based on its forum-selection bylaw, which mandates that derivative actions be filed in Delaware. The Court advised that it would consider any  forum non conveniens  motion before considering a subsequent motion to dismiss under Rule 12.

    The Company intends to vigorously defend against the foregoing complaints. The Company has directors’ and officers’ liability insurance, which will be utilized in the defense of these matters. The Company has incurred legal expenses in defending these complaints and as of June 30, 2015, the Company has an outstanding receivable from its insurance carrier of $5.2 million related to these expenses. The liability insurance may not cover all of the future liabilities the Company may incur in connection with the foregoing matters. These claims are subject to inherent uncertainties, and managements’s views of these matters may change in the future.

    The Company evaluates developments in legal proceedings and other matters on a quarterly basis. If an unfavorable outcome becomes probable and reasonably estimable, the Company could incur charges that could have a material adverse impact on the Comapny’s financial condition and results of operations for the period in which the outcome becomes probable and reasonably estimable.

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Document and Entity Information - shares
6 Months Ended

Jun. 30, 2015

Aug. 03, 2015

Document and Entity Information [Abstract]

Entity Registrant Name CYTRX CORP

Entity Central Index Key 0000799698

Current Fiscal Year End Date --12-31

Entity Well-known Seasoned Issuer No

Entity Voluntary Filers No

Entity Current Reporting Status Yes

Entity Filer Category Accelerated Filer

Entity Common Stock, Shares Outstanding 66,480,065

Document Fiscal Year Focus 2015

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Subsequent Events
6 Months Ended

Jun. 30, 2015

Subsequent Events [Abstract]

Subsequent Events
13. Subsequent Events

On July 24, 2015, the Company completed a $28.7 million underwritten public offering, in which it sold and issued 10,465,000 shares of common stock at a price of $2.75 per share. Net of underwriting discounts, legal, accounting and other offering expenses, the Company received proceeds of approximately $26.8 million, exclusive of treasury shares.

The following selected pro forma balance sheet data is derived from our balance sheet as of June 30, 2015 and gives retroactive effect to the completion of the underwritten offering, but does not give effect to other events that occurred since June 30, 2015  and thus may not be indicative of our current financial condition. The information should be read in conjunction with our balance sheet as of June 30, 2015  and related notes.

Actual as of June 30, 2015 (unaudited)

Adjustments Related to July 2015 Equity Financing (unaudited)

Pro Forma as of June 30, 2015 (unaudited)

ASSETS

Current assets:

Cash and cash equivalents
$ 38,833,736 $ 26,752,025 $ 65,585,761
Short-term investments
15,002,213 — 15,002,213
Prepaid and other current assets
6,165,528 — 6,165,528
    Total current assets
60,001,477 26,752,025 86,753,502
Non-current assets
2,632,332 — 2,632,332
Total assets
$ 62,633,809 $ 26,752,025 $ 89,385,834

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
     Accounts payable and other current liabilities                  $ 15,704,766 — $ 15,704,766
     Warrant liability $    4,566,515   — $ 4,566,515
Total current liabilities
$ 20,271,281 $ — $ 20,271,281

Stockholders’ equity:

Common stock
$ 55,927 $ 10,465 $ 66,392
   Additional paid-in-capital
380,638,689 26,741,560 407,380,249
   Treasury stock
(2,612,861 ) — (2,612,861 )
   Accumulated deficit
(335,719,227 ) — (335,719,227 )
Total stockholders’ equity
42,362,528 26,752,025 69,114,553
Total liabilities and stockholders’ equity
$ 62,633,809 $ 26,752,025 $ 89,385,834

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CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Revenue:

License revenue $ 0 $ 0 $ 0 $ 0

Expenses:

Research and development 10,008,304 10,427,877 22,573,181 17,415,725

General and administrative 4,191,769 2,909,127 7,322,001 6,040,201

Total expenses 14,200,073 13,337,004 29,895,182 23,455,926

Loss before other income (loss) (14,200,073) (13,337,004) (29,895,182) (23,455,926)

Other income (loss):

Interest income 46,455 89,377 103,029 160,015

Other income (loss), net 30,660 (3,243) 15,940 6,655

Gain (loss) on warrant derivative liability 2,435,865 (2,468,603) 564,570 12,234,301

Net loss $ (11,687,093) $ (15,719,473) $ (29,211,643) $ (11,054,955)

Basic and diluted net loss per share (in dollars per share) $ (0.21) $ (0.28) $ (0.52) $ (0.21)

Basic and diluted weighted-average shares outstanding (in shares) 55,726,432 55,676,766 55,724,581 53,010,556

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Stock Based Compensation
6 Months Ended

Jun. 30, 2015

Stock Based Compensation [Abstract]

Stock Based Compensation
7.           Stock Based Compensation

The Company has a 2000 Long-Term Incentive Plan, which expired on August 6, 2010.  As of June 30, 2015, there were approximately 0.6 million shares subject to outstanding stock options under this plan.  No further shares are available for future grant under this plan.

The Company also has a 2008 Stock Incentive Plan.  As of June 30, 2015, there were 9.9 million shares subject to outstanding stock options and 10.1 million shares available for future grant under this plan.

-5-

The Company follows ASC 718, Compensation-Stock Compensation, which requires the measurement and recognition of compensation expense for all stock-based awards made to employees.

For stock options and stock warrants paid in consideration of services rendered by non-employees, the Company recognizes compensation expense in accordance with the requirements of ASC 505-50.

Non-employee option grants that do not vest immediately upon grant are recorded as an expense over the vesting period. At the end of each financial reporting period, the value of these options, as calculated using the Black-Scholes option-pricing model, is determined, and compensation expense recognized or recovered during the period is adjusted accordingly. As a result, the amount of the future compensation expense is subject to adjustment until the common stock options are fully vested.

The following table sets forth the total stock-based compensation expense resulting from stock options and warrants included in the Company’s unaudited interim statements of operations:

Three Months Ended June 30,

Six Months Ended June 30,

2015

2014

2015

2014

Research and development — employee
$ 392,842 $ 234,484 $ 728,780 $ 409,638
General and administrative — employee
1,744,440 325,379 2,699,844 637,339
Total employee stock-based compensation
$ 2,137,282 $ 559,863 $ 3,428,624 $ 1,046,977

Research and development — non-employee
$ — $ — $ — $ —
General and administrative — non-employee
140,533 160,629 234,084 352,620
Total non-employee stock-based compensation
$ 140,533 $ 160,629 $ 234,084 $ 352,620

During the six-month period ended June 30, 2015, the Company granted stock options to purchase 550,000 shares of its common stock. During the six-month period ended June 30, 2014, the Company granted stock options to purchase 300,000 shares of its common stock and issued warrants to purchase 25,000 shares of its stock with an exercise price of $5.60.The fair value of the stock options was estimated using the Black-Scholes option-pricing model, based on the following assumptions:

Six Months Ended June 30, 2015

Six Months Ended June 30, 2014

Risk-free interest rate
2.21 % 1.92 %
Expected volatility
78.2% - 84.4 % 87.0% - 89.6 %
Expected lives (years)
6 - 10 6 - 10
Expected dividend yield
0.00 % 0.00 %

The Company’s computation of expected volatility is based on the historical daily volatility of its publicly traded stock.  The Company uses historical information to compute expected lives. In the six-month period ended June 30, 2015, the contractual term of the options granted was ten years. The dividend yield assumption of zero is based upon the fact the Company has never paid cash dividends and presently has no intention to do so.  The risk-free interest rate used for each grant and issuance is equal to the U.S. Treasury rates in effect at the time of the grant and issuance for instruments with a similar expected life. Based on historical experience, for the six-month period ended June 30, 2015, the Company estimated annualized forfeiture rates of 10% for options granted to its employees, 2% for options granted to senior management and 0% for options granted to directors and non-employees and for warrants issued to non-employees.  For the six-month period ended June 30, 2014, the Company estimated annualized forfeiture rates of 12% for options granted to its employees, 2% for options granted to senior management and 0% for options granted to directors and non-employees.  Compensation costs will be adjusted for future changes in estimated forfeitures.  The Company will record additional expense if the actual forfeitures are lower than estimated and will record a recovery of prior expense if the actual forfeiture rates are higher than estimated.

-6-
As of June 30, 2015, there remained approximately $4.9 million of unrecognized compensation expense related to unvested stock options granted to current and former employees, directors, to be recognized as expense over a weighted-average period of 1.03 years. Presented below is the Company’s stock option activity:

Six Months Ended June 30, 2015

Number of Options (Employees)

Number of Options (Non-Employees)

Total Number
of Options

Weighted-Average Exercise Price

Outstanding at January 1, 2015
9,348,952 692,143 10,040,735 $ 2.87
Granted
550,000 — 550,000 $ 3.86
Expired
(68,000 ) (56,429 ) (124,429 ) $ 6.90
Outstanding at June 30, 2015
9,830,952 635,714 10,466,306 $ 3.33
Options exercisable at June 30, 2015
6,276,275 635,714 6,911,989 $ 3.59

The following table summarizes significant ranges of outstanding stock options under the Company’s plans at June 30, 2015:

Range of
Exercise Prices

Total Number
of Options

Weighted-Average Remaining Contractual Life (years)

Weighted-Average Exercise Price

Total Number of Options Exercisable

Weighted-Average Remaining Contractual Life (years)

Weighted-Average Exercise Price

$ 1.83 - $2.50 5,837,558 8.51 $ 2.12 3,226,398 8.00 $ 2.08
$ 2.51 – $3.50 954,482 8.64 $ 2.85 874,482 8.62 $ 2.83
$ 3.51 – $8.00 3,386,201 7.93 $ 5.06 2,523,043 7.74 $ 5.16
$ 8.01 – $32.55 288,065 2.31 $ 9.00 288,066 2.31 $ 9.00
10,466,306 8.16 $ 3.33 6,911,989 7.74 $ 3.59

The aggregate intrinsic value of all outstanding options and vested options as of June 30, 2015 was $10.2 million and $6.1 million, respectively, representing options with exercise prices of less than the closing fair market value of the Company’s common stock on June 30, 2015 of $3.72 per share.

There were 7,282,617 and 7,349,760 warrants outstanding at June 30, 2015 and December 31, 2014, respectively at a weighted-average exercise price of $4.29 and $4.27, respectively.

Restricted Stock

On January 1, 2014, the Company granted to Dr. Daniel Levitt, Executive Vice President and Chief Medical Officer, 100,000 shares of CytRx Corporation restricted stock pursuant to the 2008 Plan, which shares have now fully vested.  The fair value of the restricted stock is based on the market price of the Company’s shares on the grant date less the par value received as consideration. The fair value of the restricted shares granted on January 1, 2014 was $627,000. The stock-based compensation expense relating to restricted stock included in the Company’s unaudited statements of operations for the three-month and six-month periods ended  June 30, 2014 was $156,296 and $310,874, respectively.  No restricted shares of common stock of the Company were granted in the comparable periods in 2015.

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Warrant Liabilities
6 Months Ended

Jun. 30, 2015

Warrant Liabilities [Abstract]

Warrant Liabilities
6.           Warrant Liabilities

Liabilities measured at fair value on a recurring basis include warrant liabilities resulting from the Company’s past equity financings.  In accordance with ASC 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity (“ASC 815-40”), the warrant liabilities are being recorded at fair value until they are completely settled.  The warrants are valued using the Black-Scholes method, using assumptions consistent with the Company’s application of ASC 505-50, Equity-Based Payments to Non-Employees (“ASC 505-50”).  The gain or loss resulting from the change in fair value is shown on the Condensed Statements of Operations as gain (loss) on warrant derivative liability. The Company recognized a gain (loss) of $2.4 million and ($2.5) million for the three-month periods ended June 30, 2015 and 2014, respectively, and a gain of $0.6 million and $12.2 million for the six-month periods ended June 30, 2015 and 2014, respectively. The following reflects the weighted-average assumptions for each of the six-month periods indicated:

Six Months Ended June 30,

2015

2014

Risk-free interest rate
0.28 % 0.44 %
Expected dividend yield
0 % 0 %
Expected lives
1.09 1.96
    Expected volatility
62.7 % 84.1 %
    Warrants classified as liabilities (in shares)
6,371,854 6,984,716

The Company’s computation of expected volatility is based on the historical daily volatility of its publicly traded stock. The dividend yield assumption of zero is based upon the fact that the Company has never paid cash dividends and presently has no intention to do so.  The risk-free interest rate used for each warrant classified as a derivative is equal to the U.S. Treasury rates in effect at June 30 of each year presented. The expected lives are based on the remaining contractual lives of the related warrants at the valuation date.

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Description of Company and Basis of Presentation (Details)
6 Months Ended

Jun. 30, 2015

Program

Description of Company and Basis of Presentation [Abstract]

Number of programs in clinical development for cancer indications 2

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Warrant Liabilities (Tables)
6 Months Ended

Jun. 30, 2015

Warrant Liabilities [Abstract]

Schedule of weighted-average assumptions
The following reflects the weighted-average assumptions for each of the six-month periods indicated:

Six Months Ended June 30,

2015

2014

Risk-free interest rate
0.28 % 0.44 %
Expected dividend yield
0 % 0 %
Expected lives
1.09 1.96
    Expected volatility
62.7 % 84.1 %
    Warrants classified as liabilities (in shares)
6,371,854 6,984,716

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Equity Transactions
6 Months Ended

Jun. 30, 2015

Equity Transactions [Abstract]

Equity Transactions
10.           Equity Transactions

On April 27, 2015, the Company issued 5,211 common shares pursant to a net exercise of warrants to purchase 10,000 shares.

On January 1, 2014, the Company granted 100,000 shares of restricted stock to Dr. Daniel Levitt, Executive Vice President and Chief Medical Officer (see Note 7), which resulted in non-cash expense of $0.6 million.

On February 5, 2014, the Company completed an $86.0 million underwritten public offering, in which it sold and issued 13.2 million shares of common stock at a price of $6.50 per share. Net of underwriting discounts, legal, accounting and other offering expenses, the Company received proceeds of approximately $80.5 million.

On March 15, 2014, the Company issued 200,000 common shares and warrants to purchase 25,000 common shares to KTB Tumorforschungs GmbH, or “KTB,” the licensor of aldoxorubicin, in connection with the establishment of the Company’s Freiburg, Germany research and development laboratory. The fair value of the shares was $0.8 million.

In the first quarter of 2014, the Company issued approximately 278,000 common shares for $0.4 million pursuant to the exercise of warrants.

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Fair Value Measurements
6 Months Ended

Jun. 30, 2015

Fair Value Measurements [Abstract]

Fair Value Measurements
8.           Fair Value Measurements

Assets and liabilities recorded at fair value on the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure the fair value.  Level inputs are as follows:

Level 1 – quoted prices in active markets for identical assets or liabilities.

Level 2 – other significant observable inputs for the assets or liabilities through corroboration with market data at the measurement date.

Level 3 – significant unobservable inputs that reflect management’s best estimate of what market participants would use to price the assets or liabilities at the measurement date.

The following table summarizes fair value measurements by level at June 30, 2015 for assets and liabilities measured at fair value on a recurring basis:

(In thousands)

Level I

Level II

Level III

Total

Cash equivalents
$ 38,437 $ — $ — $ 38,437
Short-term investments
15,002 — — 15,002
Warrant liabilities
— — (4,567 ) (4,567 )

The following table summarizes fair value measurements by level at December 31, 2014 for assets and liabilities measured at fair value on a recurring basis:

(In thousands)

Level I

Level II

Level III

Total

Cash equivalents
$ 31,159 $ — $ — $ 31,159
Short-term investments
45,622 — — 45,622
Warrant liability
— — (5,131 ) (5,131 )

Liabilities measured at market value on a recurring basis include warrant liability resulting from the Company’s August 2011 equity financing. In accordance with ASC 815-40, the warrant liability are marked to market each quarter-end until they are completely settled. The warrants are valued using the Black-Scholes method, using assumptions consistent with the Company’s application of ASC 505-50. The change in the fair value of the liabilities classified in Level III is due to the unrealized gain of $0.6 million recognized and the gain is presented in the Condensed Statement of Operations (see Note 6).

The Company considers carrying amounts of accounts receivable, accounts payable and accrued expenses to approximate fair value due to the short-term nature of these financial instruments.

The Company’s non-financial assets are measured at fair value when there is an indicator of impairment and recorded at fair value only when an impairment charge is recognized.  The Company’s non-financial assets were not material at June 30, 2015 or 2014.

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Liquidity and Capital Resources
6 Months Ended

Jun. 30, 2015

Liquidity and Capital Resources [Abstract]

Liquidity and Capital Resources
9.           Liquidity and Capital Resources

At June 30, 2015, the Company had cash and cash equivalents of approximately $38.8 million and short-term investments of approximately $15.0 million.  Management believes that the Company’s current cash and cash equivalents and short-term investments, along with the $26.8 million of net proceeds received from our underwritten public offering on July 21, 2015 (see Note 13), will be sufficient to fund its operations for the foreseeable future.  The estimate is based, in part, upon the Company’s currently projected expenditures for the remainder of 2015 and the first six months of 2016 of approximately $53.1 million, which includes approximately $36.1 million for its clinical programs for aldoxorubicin, approximately $2.3 million for pre-clinical development of new albumin-binding cancer drug candidates, approximately $3.9 million for general operation of its clinical programs, and approximately $10.8 million for other general and administrative expenses (including pre-commercialization). These projected expenditures are also based upon numerous other assumptions and subject to many uncertainties, and the Company’s actual expenditures may be significantly different from these projections.

If the Company obtains marketing approval and successfully commercializes aldoxorubicin or other product candidates, the Company anticipates it could take several years, for it to generate significant recurring revenue.  The Company will be dependent on future financing and possible strategic partnerships until such time, if ever, as it can generate significant recurring revenue. The Company has no commitments from third parties to provide any additional financing, and it may not be able to obtain future financing on favorable terms, or at all. If the Company fails to obtain sufficient funding when needed, it may be forced to delay, scale back or eliminate all or a portion of its development programs or clinical trials, seek to license to other companies its product candidates or technologies that it would prefer to develop and commercialize itself, or seek to sell some or all of its assets or merge with or be acquired by another company.

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Income Taxes
6 Months Ended

Jun. 30, 2015

Income Taxes [Abstract]

Income Taxes
11.           Income Taxes

At December 31, 2014, the Company had federal and state net operating loss carryforwards as of  $227.5 million and $157.5 million, respectively, available to offset against future taxable income, and which expire in 2015 through 2034. Of such loss carryforwards, $165.2 million and $157.5 million, respectively, are not subject to limitation under Section 382 of the Internal Revenue Code.

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Subsequent Events (Details) - USD ($)
6 Months Ended

Jul. 24, 2015

Feb. 05, 2014

Jun. 30, 2015

Jun. 30, 2014

Jul. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Subsequent Event [Line Items]

Stock issued, underwritten public offering, value $ 86,000,000

Stock issued underwritten public offering (in shares) 13,200,000

Share price (in dollars per share) $ 6.50

Proceeds, exclusive of treasury shares $ 0 $ 80,535,401

Current assets:

Cash and cash equivalents 38,833,736 $ 51,866,891 $ 32,218,905 $ 11,483,112

Short-term investments 15,002,213 45,621,593

Prepaid and other current assets 976,325 3,250,355

Total current assets 60,001,477 83,214,773

Total assets 62,633,809 85,692,582

LIABILITIES AND STOCKHOLDERS' EQUITY

Warrant liability 4,566,515 $ 0 5,131,085

Total current liabilities 20,271,281 17,781,119

Stockholders' equity

Common stock 55,927 55,924

Additional paid-in capital 380,638,689 376,975,984

Treasury stock (2,612,861) (2,612,861)

Accumulated deficit (335,719,227) (306,507,584)

Total stockholders' equity 42,362,528 67,911,463

Total liabilities and stockholders' equity 62,633,809 85,692,582

Warrant liability 4,566,515 0 $ 5,131,085

Actual [Member]

Current assets:

Cash and cash equivalents 38,833,736

Short-term investments 15,002,213

Prepaid and other current assets 6,165,528

Total current assets 60,001,477

Non-current assets 2,632,332

Total assets 62,633,809

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable and other current liabilities 15,704,766

Total current liabilities 20,271,281

Stockholders' equity

Common stock 55,927

Additional paid-in capital 380,638,689

Treasury stock (2,612,861)

Accumulated deficit (335,719,227)

Total stockholders' equity 42,362,528

Total liabilities and stockholders' equity 62,633,809

Pro Forma [Member]

Current assets:

Cash and cash equivalents 65,585,761

Short-term investments 15,002,213

Prepaid and other current assets 6,431,491

Total current assets 87,019,465

Non-current assets 2,632,332

Total assets 89,651,797

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable and other current liabilities 15,704,766

Total current liabilities 20,271,281

Stockholders' equity

Common stock 66,392

Additional paid-in capital 407,380,249

Treasury stock (2,612,861)

Accumulated deficit (335,719,227)

Total stockholders' equity 69,114,553

Total liabilities and stockholders' equity $ 89,385,834

Subsequent Event [Member] | IPO [Member]

Subsequent Event [Line Items]

Stock issued, underwritten public offering, value $ 28,700,000

Stock issued underwritten public offering (in shares) 10,465,000

Share price (in dollars per share) $ 2.75

Proceeds, exclusive of treasury shares $ 26,800,000

Subsequent Event [Member] | Adjustment [Member]

Current assets:

Cash and cash equivalents 26,752,025

Short-term investments 0

Prepaid and other current assets 0

Total current assets 26,752,025

Non-current assets 0

Total assets 26,752,025

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable and other current liabilities 0

Total current liabilities 0

Stockholders' equity

Common stock 10,465

Additional paid-in capital 26,741,560

Treasury stock 0

Accumulated deficit 0

Total stockholders' equity 26,752,025

Total liabilities and stockholders' equity $ 26,752,025

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Fair Value Measurements (Tables)
6 Months Ended

Jun. 30, 2015

Fair Value Measurements [Abstract]

Fair value measurements by level for assets and liabilities measured at fair value on a recurring basis
The following table summarizes fair value measurements by level at June 30, 2015 for assets and liabilities measured at fair value on a recurring basis:

(In thousands)

Level I

Level II

Level III

Total

Cash equivalents
$ 38,437 $ — $ — $ 38,437
Short-term investments
15,002 — — 15,002
Warrant liabilities
— — (4,567 ) (4,567 )

The following table summarizes fair value measurements by level at December 31, 2014 for assets and liabilities measured at fair value on a recurring basis:

(In thousands)

Level I

Level II

Level III

Total

Cash equivalents
$ 31,159 $ — $ — $ 31,159
Short-term investments
45,622 — — 45,622
Warrant liability
— — (5,131 ) (5,131 )

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Basic and Diluted Net Loss Per Common Share (Details) - shares
shares in Millions
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Basic and Diluted Net Loss Per Common Share [Abstract]

Antidilutive securities excluded from computation of earnings per share, amount (in shares) 17.8 14.6 17.8 14.6

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CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Cash flows from operating activities:

Net loss $ (29,211,643) $ (11,054,955)

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

Depreciation and amortization 165,830 64,856

Stock-based compensation expense 3,662,708 2,627,010

Fair value adjustment on warrant liability (564,570) (12,234,301)

Net foreign exchange loss 0 (64)

Changes in assets and liabilities:

Receivables (3,155,714) (1,480,067)

Interest receivable 90,431 (48,929)

Prepaid expenses and other current assets 2,027,993 1,410,893

Accounts payable (1,332,633) (160,032)

Accrued expenses and other current liabilities 4,382,343 3,832,235

Net cash used in operating activities (23,935,255) (17,043,354)

Cash flows from investing activities:

Purchase of short-term investments (17,960,256) (45,601,506)

Proceeds from the sale of short-term investments 48,579,636 22,084,980

Purchases of equipment and furnishings (69,294) (20,733)

Net cash provided by (used in) investing activities 30,550,086 (23,537,259)

Cash flows from financing activities:

Net proceeds from public offering 0 80,535,401

Proceeds from issuance of restricted stock to employee 0 100

Net proceeds from exercise of warrants and stock options 0 428,891

Net cash provided by financing activities 0 80,964,392

Net increase in cash and cash equivalents 6,614,831 40,383,779

Cash and cash equivalents at beginning of period 32,218,905 11,483,112

Cash and cash equivalents at end of period 38,833,736 51,866,891

Supplemental disclosure of cash flow information:

Equipment and furnishings purchased on credit 5,022 107,506

Cashless warrant exercises 3 133

Cash paid for income taxes $ 800 $ 59,431

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Basic and Diluted Net Loss Per Common Share
6 Months Ended

Jun. 30, 2015

Basic and Diluted Net Loss Per Common Share [Abstract]

Basic and Diluted Net Loss Per Common Share
5.           Basic and Diluted Net Loss Per Common Share

Basic and diluted net loss per common share is computed based on the weighted-average number of common shares outstanding. Common share equivalents (which consist of options, warrants and restricted stock) are excluded from the computation of diluted net loss per common share where the effect would be anti-dilutive.  Common share equivalents that could potentially dilute net loss per share in the future, and which were excluded from the computation of diluted loss per share, totaled 17.8 million shares for each of the three-month and six-month periods ended June 30, 2015, and 14.6 million shares for each of the three-month and six-month periods ended June 30, 2014.

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Warrant Liabilities (Details) - USD ($)
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Derivative [Line Items]

Gain (loss) on warrant liability $ 2,435,865 $ (2,468,603) $ 564,570 $ 12,234,301

Warrants [Member]

Derivative [Line Items]

Risk-free interest rate (in hundredths) 0.28% 0.44%

Expected dividend yield (in hundredths) 0.00% 0.00%

Expected lives 1 year 1 month 2 days 1 year 11 months 16 days

Expected volatility (in hundredths) 62.70% 84.10%

Warrants classified as liabilities (in shares) 6,371,854 6,984,716 6,371,854 6,984,716

Gain (loss) on warrant liability $ 2,435,865 $ (2,468,603) $ 564,570 $ 12,234,301

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Stock Based Compensation (Tables)
6 Months Ended

Jun. 30, 2015

Stock Based Compensation [Abstract]

Schedule of total stock-based compensation expense from stock options and warrants
The following table sets forth the total stock-based compensation expense resulting from stock options and warrants included in the Company’s unaudited interim statements of operations:

Three Months Ended June 30,

Six Months Ended June 30,

2015

2014

2015

2014

Research and development — employee
$ 392,842 $ 234,484 $ 728,780 $ 409,638
General and administrative — employee
1,744,440 325,379 2,699,844 637,339
Total employee stock-based compensation
$ 2,137,282 $ 559,863 $ 3,428,624 $ 1,046,977

Research and development — non-employee
$ — $ — $ — $ —
General and administrative — non-employee
140,533 160,629 234,084 352,620
Total non-employee stock-based compensation
$ 140,533 $ 160,629 $ 234,084 $ 352,620

Schedule of share-based payment award, fair value of the stock options granted , assumptions
The fair value of the stock options was estimated using the Black-Scholes option-pricing model, based on the following assumptions:

Six Months Ended June 30, 2015

Six Months Ended June 30, 2014

Risk-free interest rate
2.21 % 1.92 %
Expected volatility
78.2% - 84.4 % 87.0% - 89.6 %
Expected lives (years)
6 - 10 6 - 10
Expected dividend yield
0.00 % 0.00 %

Schedule of share-based compensation, stock options, activity
Presented below is the Company’s stock option activity:

Six Months Ended June 30, 2015

Number of Options (Employees)

Number of Options (Non-Employees)

Total Number
of Options

Weighted-Average Exercise Price

Outstanding at January 1, 2015
9,348,952 692,143 10,040,735 $ 2.87
Granted
550,000 — 550,000 $ 3.86
Expired
(68,000 ) (56,429 ) (124,429 ) $ 6.90
Outstanding at June 30, 2015
9,830,952 635,714 10,466,306 $ 3.33
Options exercisable at June 30, 2015
6,276,275 635,714 6,911,989 $ 3.59

Schedule of share-based compensation, summarizes significant ranges of outstanding stock options
The following table summarizes significant ranges of outstanding stock options under the Company’s plans at June 30, 2015:

Range of
Exercise Prices

Total Number
of Options

Weighted-Average Remaining Contractual Life (years)

Weighted-Average Exercise Price

Total Number of Options Exercisable

Weighted-Average Remaining Contractual Life (years)

Weighted-Average Exercise Price

$ 1.83 - $2.50 5,837,558 8.51 $ 2.12 3,226,398 8.00 $ 2.08
$ 2.51 – $3.50 954,482 8.64 $ 2.85 874,482 8.62 $ 2.83
$ 3.51 – $8.00 3,386,201 7.93 $ 5.06 2,523,043 7.74 $ 5.16
$ 8.01 – $32.55 288,065 2.31 $ 9.00 288,066 2.31 $ 9.00
10,466,306 8.16 $ 3.33 6,911,989 7.74 $ 3.59

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Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(1)

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (f)(2)

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Commitments and contingencies (Details)			6 Months Ended
Commitments and contingencies (Details)	Jun. 02, 2015 USD ($) $ / shares	Dec. 10, 2013 $ / shares	Jun. 30, 2015 USD ($) ClinicalMilestone d Lawsuit	Dec. 31, 2014 USD ($)
Commitments and contingencies [Abstract]
Potential future payments			$ 7,500,000
Number of clinical milestones \| ClinicalMilestone			2
Number of day's court afforded the plaintiffs to amend their complaint \| d			30
Payments made on achievement of clinical milestones			$ 2,000,000
Potential future milestone payments on each additional final marketing approval			$ 1,000,000
Number of shareholders lawsuits \| Lawsuit			3
Exercise price (in dollars per share) \| $ / shares	$ 4.66	$ 2.39
Fees and expenses related to settlement	$ 1,100,000
Outstanding Receivable			$ 5,175,007	$ 2,019,293

Short-term Investments (Details) - USD ($)	6 Months Ended
Short-term Investments (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Short-term investments	$ 15,002,213	$ 45,621,593
Certificates of Deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity date of investments	Aug. 27, 2015

Short-term Investments	6 Months Ended
Short-term Investments	Jun. 30, 2015
Short-term Investments [Abstract]
Short-term Investments	4. Short-term Investments The Company held $15.0 million of short-term investments at June 30, 2015, as compared to $45.6 million at December 31, 2014. The Company has classified these investments as available for sale. These investments are federally insured certificates of deposit with a maturity date of August 27, 2015.

Fair Value Measurements (Details) - Recurring [Member] - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Fair value measurements by level for assets and liabilities measured at fair value on a recurring basis [Abstract]
Cash equivalents	$ 38,437	$ 31,159
Short-term investments	15,002	45,622
Warrant liabilities	(4,567)	(5,131)
Level I [Member]
Fair value measurements by level for assets and liabilities measured at fair value on a recurring basis [Abstract]
Cash equivalents	38,437	31,159
Short-term investments	15,002	45,622
Warrant liabilities	0	0
Level II [Member]
Fair value measurements by level for assets and liabilities measured at fair value on a recurring basis [Abstract]
Cash equivalents	0	0
Short-term investments	0	0
Warrant liabilities	0	0
Level III [Member]
Fair value measurements by level for assets and liabilities measured at fair value on a recurring basis [Abstract]
Cash equivalents	0	0
Short-term investments	0	0
Warrant liabilities	(4,567)	$ (5,131)
Unrealized gain recognized	$ 600

Stock Based Compensation (Details)	3 Months Ended		6 Months Ended
Stock Based Compensation (Details)	Jun. 30, 2015 USD ($) $ / shares shares	Jun. 30, 2014 USD ($) $ / shares	Jun. 30, 2015 USD ($) $ / shares shares	Jun. 30, 2014 USD ($) $ / shares shares	Dec. 31, 2014 $ / shares shares	Feb. 05, 2014 $ / shares
Share based compensation, shares authorized under significant ranges of outstanding stock option plans in period [Abstract]
Closing price of the common stock (in dollars per share) \| $ / shares						$ 6.50
Employees [Member]
Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Abstract]
Estimated annualized forfeiture rate (in hundredths)			10.00%	12.00%
Employees and Directors [Member]
Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Abstract]
Unrecognized compensation expense related to unvested stock options, granted \| $	$ 4,900,000		$ 4,900,000
Unrecognized compensation cost, recognized as expense over a weighted-average period			1 year 11 days
Senior management [Member]
Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Abstract]
Estimated annualized forfeiture rate (in hundredths)			2.00%	2.00%
Directors and nonemployees [Member]
Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Abstract]
Estimated annualized forfeiture rate (in hundredths)			0.00%	0.00%
Stock Options [Member]
Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used			Black-Scholes option-pricing model
Contractual term			10 years
Number of Options (Employees and Non-Employees) [Abstract]
Outstanding at beginning of period (in shares)			10,040,735
Granted (in shares)			550,000	300,000
Expired (in shares)			(124,429)
Outstanding at end of period (in shares)	10,466,306		10,466,306
Options exercisable at end of period (in shares)	6,911,989		6,911,989
Weighted-Average Exercise Price Options [Abstract]
Outstanding at beginning of period (in dollars per share) \| $ / shares			$ 2.87
Granted (in dollars per share) \| $ / shares			3.86
Expired \| $ / shares			6.90
Outstanding at end of period (in dollars per share) \| $ / shares	$ 3.33		3.33
Options exercisable at end of period (in dollars per share) \| $ / shares	$ 3.59		$ 3.59
Share based compensation, shares authorized under significant ranges of outstanding stock option plans in period [Abstract]
Total Number of Options (in shares)	10,466,306		10,466,306
Weighted-Average Remaining Contractual Life			8 years 1 month 28 days
Weighted-Average Exercise Price (in dollars per share) \| $ / shares	$ 3.33		$ 3.33
Total Number of Options Exercisable (in shares)	6,911,989		6,911,989
Weighted-Average Remaining Contractual Life			7 years 8 months 26 days
Weighted-Average Exercise Price, Options Exercisable (in dollars per share) \| $ / shares	$ 3.59		$ 3.59
The aggregate intrinsic value of outstanding options \| $	$ 10,200,000		$ 10,200,000
Aggregate intrinsic value of options vested \| $			$ 6,100,000
Closing price of the common stock (in dollars per share) \| $ / shares	$ 3.72		$ 3.72
Stock Options [Member] \| Employees [Member]
Number of Options (Employees and Non-Employees) [Abstract]
Outstanding at beginning of period (in shares)			9,348,952
Granted (in shares)			550,000
Expired (in shares)			(68,000)
Outstanding at end of period (in shares)	9,830,952		9,830,952
Options exercisable at end of period (in shares)	6,276,275		6,276,275
Stock Options [Member] \| Non-Employees [Member]
Number of Options (Employees and Non-Employees) [Abstract]
Outstanding at beginning of period (in shares)			692,143
Granted (in shares)			0
Expired (in shares)			(56,429)
Outstanding at end of period (in shares)	635,714		635,714
Options exercisable at end of period (in shares)	635,714		635,714
Stock Options And Warrants [Member]
Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Abstract]
Risk-free interest rate (in hundredths)			2.21%	1.92%
Expected dividend yield (in hundredths)			0.00%	0.00%
Stock Options And Warrants [Member] \| Minimum [Member]
Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Abstract]
Expected volatility (in hundredths)			78.20%	87.00%
Expected lives			6 years	6 years
Stock Options And Warrants [Member] \| Maximum [Member]
Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Abstract]
Expected volatility (in hundredths)			84.40%	89.60%
Expected lives			10 years	10 years
Stock Options And Warrants [Member] \| Employees [Member]
Total stock-based compensation expense resulting from stock options and warrants [Abstract]
Allocated employee and non-employee stock-based compensation expense, Total \| $	$ 2,137,282	$ 559,863	$ 3,428,624	$ 1,046,977
Stock Options And Warrants [Member] \| Non-Employees [Member]
Total stock-based compensation expense resulting from stock options and warrants [Abstract]
Allocated employee and non-employee stock-based compensation expense, Total \| $	140,533	160,629	234,084	352,620
Restricted Stock [Member]
Total stock-based compensation expense resulting from stock options and warrants [Abstract]
Allocated employee and non-employee stock-based compensation expense, Total \| $	$ 0	$ 156,296	$ 0	$ 310,874
Warrants [Member]
Weighted-Average Exercise Price Options [Abstract]
Share-based compensation arrangement by share-based payment award, shares issued in period (in shares)				25,000
Exercise price of warrants (in dollars per share) \| $ / shares		$ 5.60		$ 5.60
Share based compensation, shares authorized under significant ranges of outstanding stock option plans in period [Abstract]
Warrants outstanding (in shares)	7,282,617		7,282,617		7,349,760
Weighted-average exercise price of warrants outstanding (in dollars per share) \| $ / shares	4.29		4.29		4.27
Range $ 1.83 - 2.50 [Member] \| Stock Options [Member]
Share based compensation, shares authorized under significant ranges of outstanding stock option plans in period [Abstract]
Range of Exercise Prices, Lower Range (in dollars per share) \| $ / shares			$ 1.83
Range of Exercise Prices, Upper Range (in dollars per share) \| $ / shares			$ 2.50
Total Number of Options (in shares)	5,837,558		5,837,558
Weighted-Average Remaining Contractual Life			8 years 6 months 4 days
Weighted-Average Exercise Price (in dollars per share) \| $ / shares	$ 2.12		$ 2.12
Total Number of Options Exercisable (in shares)	3,226,398		3,226,398
Weighted-Average Remaining Contractual Life			8 years
Weighted-Average Exercise Price, Options Exercisable (in dollars per share) \| $ / shares	$ 2.08		$ 2.08
Range $ 2.51 - 3.50 [Member] \| Stock Options [Member]
Share based compensation, shares authorized under significant ranges of outstanding stock option plans in period [Abstract]
Range of Exercise Prices, Lower Range (in dollars per share) \| $ / shares			2.51
Range of Exercise Prices, Upper Range (in dollars per share) \| $ / shares			$ 3.50
Total Number of Options (in shares)	954,482		954,482
Weighted-Average Remaining Contractual Life			8 years 7 months 20 days
Weighted-Average Exercise Price (in dollars per share) \| $ / shares	$ 2.85		$ 2.85
Total Number of Options Exercisable (in shares)	874,482		874,482
Weighted-Average Remaining Contractual Life			8 years 7 months 13 days
Weighted-Average Exercise Price, Options Exercisable (in dollars per share) \| $ / shares	$ 2.83		$ 2.83
Range $ 3.51 - 8.00 [Member] \| Stock Options [Member]
Share based compensation, shares authorized under significant ranges of outstanding stock option plans in period [Abstract]
Range of Exercise Prices, Lower Range (in dollars per share) \| $ / shares			3.51
Range of Exercise Prices, Upper Range (in dollars per share) \| $ / shares			$ 8.00
Total Number of Options (in shares)	3,386,201		3,386,201
Weighted-Average Remaining Contractual Life			7 years 11 months 5 days
Weighted-Average Exercise Price (in dollars per share) \| $ / shares	$ 5.06		$ 5.06
Total Number of Options Exercisable (in shares)	2,523,043		2,523,043
Weighted-Average Remaining Contractual Life			7 years 8 months 26 days
Weighted-Average Exercise Price, Options Exercisable (in dollars per share) \| $ / shares	$ 5.16		$ 5.16
Range $ 8.01 - 32.55 [Member] \| Stock Options [Member]
Share based compensation, shares authorized under significant ranges of outstanding stock option plans in period [Abstract]
Range of Exercise Prices, Lower Range (in dollars per share) \| $ / shares			8.01
Range of Exercise Prices, Upper Range (in dollars per share) \| $ / shares			$ 32.55
Total Number of Options (in shares)	288,065		288,065
Weighted-Average Remaining Contractual Life			2 years 3 months 22 days
Weighted-Average Exercise Price (in dollars per share) \| $ / shares	$ 9.00		$ 9.00
Total Number of Options Exercisable (in shares)	288,066		288,066
Weighted-Average Remaining Contractual Life			2 years 3 months 22 days
Weighted-Average Exercise Price, Options Exercisable (in dollars per share) \| $ / shares	$ 9.00		$ 9.00
Research and Development Expense [Member] \| Stock Options And Warrants [Member] \| Employees [Member]
Total stock-based compensation expense resulting from stock options and warrants [Abstract]
Allocated employee and non-employee stock-based compensation expense, Total \| $	$ 392,842	$ 234,484	$ 728,780	$ 409,638
Research and Development Expense [Member] \| Stock Options And Warrants [Member] \| Non-Employees [Member]
Total stock-based compensation expense resulting from stock options and warrants [Abstract]
Allocated employee and non-employee stock-based compensation expense, Total \| $	0	0	0	0
General and Administrative Expense [Member] \| Stock Options And Warrants [Member] \| Employees [Member]
Total stock-based compensation expense resulting from stock options and warrants [Abstract]
Allocated employee and non-employee stock-based compensation expense, Total \| $	1,744,440	325,379	2,699,844	637,339
General and Administrative Expense [Member] \| Stock Options And Warrants [Member] \| Non-Employees [Member]
Total stock-based compensation expense resulting from stock options and warrants [Abstract]
Allocated employee and non-employee stock-based compensation expense, Total \| $	$ 140,533	$ 160,629	$ 234,084	$ 352,620
2000 Long Term Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, shares subject to stock options (in shares)	600,000		600,000
Expiration date			Aug. 06, 2010
Share-based compensation, shares available for future grant (in shares)	0		0
2008 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, shares subject to stock options (in shares)	9,900,000		9,900,000
Share-based compensation, shares available for future grant (in shares)	10,100,000		10,100,000
2008 Stock Incentive Plan [Member] \| Restricted Stock [Member] \| Senior management [Member]
Weighted-Average Exercise Price Options [Abstract]
Restricted stock granted (in shares)			100,000
Value of restricted shares issued \| $	$ 627,000		$ 627,000

Liquidity and Capital Resources (Details) - USD ($)			6 Months Ended
Liquidity and Capital Resources (Details) - USD ($)	Jul. 21, 2015	Feb. 05, 2014	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Estimated projected expenditure [Line Items]
Cash and cash equivalents			$ 38,833,736	$ 32,218,905	$ 51,866,891	$ 11,483,112
Short-term investments			15,002,213	$ 45,621,593
Net proceeds received from underwritten public offering		$ 80,500,000
Currently projected expenditures for clinical programs			54,000,000
Subsequent Event [Member]
Estimated projected expenditure [Line Items]
Net proceeds received from underwritten public offering	$ 26,800,000
Aldoxorubicin [Member]
Estimated projected expenditure [Line Items]
Currently projected expenditures for clinical programs			37,000,000
Other Programs [Member]
Estimated projected expenditure [Line Items]
Currently projected expenditures for clinical programs			2,300,000
General Operation [Member]
Estimated projected expenditure [Line Items]
Currently projected expenditures for clinical programs			3,900,000
Other General and Administrative Expenses [Member]
Estimated projected expenditure [Line Items]
Currently projected expenditures for clinical programs			$ 10,800,000

Equity Transactions (Details) - USD ($) $ / shares in Units, $ in Millions				3 Months Ended	6 Months Ended
	Apr. 27, 2015	Feb. 05, 2014	Jan. 01, 2014	Mar. 31, 2014	Jun. 30, 2015	Dec. 31, 2014	Mar. 15, 2014
Equity Transactions [Abstract]
Common shares issued from the exercise of warrants (in shares)	5,211			278,000
Restricted shares granted (in shares)			100,000
Non-cash expense of shares issued					$ 0.6
Stock issued, underwritten public offering, value		$ 86.0
Stock issued, underwritten public offering, value (in shares)		13,200,000
Common stock per share value (in dollars per share)		$ 6.50
Net proceeds from issuance of common stock		$ 80.5
Common stock, shares issued (in shares)					55,927,197	55,921,986	200,000
Warrants issued, rights (in shares)	10,000						25,000
Common stock, fair value							$ 0.8
Proceeds from the issuance of warrants				$ 0.4

Foreign Currency Remeasurement	6 Months Ended
Foreign Currency Remeasurement	Jun. 30, 2015
Foreign Currency Remeasurement [Abstract]
Foreign Currency Remeasurement	3. Foreign Currency Remeasurement The U.S. dollar has been determined to be the functional currency for the net assets of the Company’s laboratory facility in Germany. The transactions are recorded in the local currencies and are remeasured at each reporting date using the historical rates for nonmonetary assets and liabilities and exchange rates for monetary assets and liabilities at the balance sheet date. Exchange gains and losses from the remeasurement of monetary assets and liabilities are recognized in other income (loss). The Company recognized a gain of approximately $5,000 and a loss of approximately $10,700 for the three-month and six-month periods ended June 30, 2015, respectively, and $0 and $4,900 for the three and six-month periods ended June 30, 2014, respectively.

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Minimum [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, expiration date	Dec. 31, 2015
Maximum [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, expiration date	Dec. 31, 2034
Federal [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards		$ 227.5
Operating loss carryforwards, unrestricted		165.2
State [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards		157.5
Operating loss carryforwards, unrestricted		$ 157.5

CONDENSED BALANCE SHEETS (Unaudited) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 38,833,736	$ 32,218,905
Short-term investments	15,002,213	45,621,593
Receivables	5,175,007	2,019,293
Interest receivable	14,196	104,627
Prepaid expenses and other current assets	976,325	3,250,355
Total current assets	60,001,477	83,214,773
Equipment and furnishings, net	879,359	970,873
Goodwill	183,780	183,780
Other assets	1,569,193	1,323,156
Total assets	62,633,809	85,692,582
Current liabilities:
Accounts payable	5,328,351	6,655,962
Accrued expenses and other current liabilities	10,376,415	5,994,072
Warrant liability	4,566,515	5,131,085
Total current liabilities	$ 20,271,281	$ 17,781,119
Commitments and contingencies
Stockholders' equity
Preferred Stock, $0.01 par value, 5,000,000 shares authorized, including 25,000 shares of Series A Junior Participating Preferred Stock; no shares issued and outstanding	$ 0	$ 0
Common stock, $0.001 par value, 250,000,000 shares authorized; 55,927,197 shares issued and outstanding at June 30, 2015; 55,921,986 shares issued and outstanding at December 31, 2014	55,927	55,924
Additional paid-in capital	380,638,689	376,975,984
Treasury stock, at cost (199,275 shares)	(2,612,861)	(2,612,861)
Accumulated deficit	(335,719,227)	(306,507,584)
Total stockholders' equity	42,362,528	67,911,463
Total liabilities and stockholders' equity	$ 62,633,809	$ 85,692,582

Description of Company and Basis of Presentation	6 Months Ended
Description of Company and Basis of Presentation	Jun. 30, 2015
Description of Company and Basis of Presentation [Abstract]
Description of Company and Basis of Presentation	1. Description of Company and Basis of Presentation CytRx Corporation (“CytRx” or the “Company”) is a biopharmaceutical research and development company specializing in oncology. The Company is currently focused on the clinical development of aldoxorubicin (formerly known as INNO-206), its modified version of the widely-used chemotherapeutic agent, doxorubicin. CytRx previously reported positive top-line efficacy results (median progression-free survival, or PFS, PFS at six months, overall response rates, hazard ratios and overall survival) from its completed, global Phase 2b clinical trial with aldoxorubicin as a treatment for soft tissue sarcoma, or STS. Hazard ratios, or the likelihood that the study endpoint (in this case tumor progression) will be reached during a given period, are an important measure of the reliability and uniformity of the absolute data for PFS. The trial investigated the efficacy and safety of aldoxorubicin compared with doxorubicin in subjects with first-line metastatic, locally advanced or unresectable STS. Aldoxorubicin combines the chemotherapeutic agent doxorubicin with a novel linker-molecule that binds specifically to albumin in the blood and is designed to allow for delivery of higher amounts of doxorubicin (3½ to 4 times) without the major dose-limiting toxicities as seen with the administration of doxorubicin alone. In the first quarter of 2014, the Company initiated a pivotal Phase 3 trial of aldoxorubicin as a therapy for patients with STS whose tumors have progressed following treatment with chemotherapy. The Phase 3 trial is being conducted under a Special Protocol Assessment, or SPA, granted by the FDA. The SPA means that the FDA agrees that the design and analyses proposed in the Phase 3 trial protocol are acceptable to support regulatory approval of the product candidate with respect to effectiveness of the indication studied, and will not change its perspective on these matters, except in limited circumstances such as where a sponsor fails to follow a protocol agreed to with the FDA or where previously unrecognized health concerns occur. Thus, if the study demonstrates an acceptable benefit-risk profile as determined by the FDA, it will support registration of aldoxorubicin for this indication. If approved for marketing, the Company’s current plan would be to commercially launch aldoxorubicin in late 2017. CytRx is currently evaluating aldoxorubicin in a global Phase 2b clinical trial in small cell lung cancer, a Phase 2 clinical trial in HIV-related Kaposi's sarcoma, a Phase 2 clinical trial in patients with late-stage glioblastoma (brain cancer), a Phase 1b clinical trial in combination with ifosfamide in patients with STS and a Phase 1b clinical trial in combination with gemcitabine in patients with metastatic solid tumors. The Company has completed a global Phase 2b clinical trial with aldoxorubicin as a 1st-line therapy for STS, a Phase 1b/2 clinical trial primarily in the same indication, a Phase 1b clinical trial of aldoxorubicin in combination with doxorubicin in patients with advanced solid tumors and a Phase 1b pharmacokinetics clinical trial in patients with metastatic solid tumors. CytRx plans to expand its pipeline of oncology candidates through its drug-development activities at its laboratory facility in Freiburg, Germany, based on its Linker Activated Drug Release, or LADR™, technology that can be utilized with multiple chemotherapeutic agents and may allow for greater drug concentration at tumor sites. The accompanying condensed financial statements at June 30, 2015 and for the three-month and six-month periods ended June 30, 2015 and 2014, respectively, are unaudited, but include all adjustments, consisting of normal recurring entries, that management believes to be necessary for a fair presentation of the periods presented. Interim results are not necessarily indicative of results for a full year. Balance sheet amounts as of December 31, 2014 have been derived from the Company’s audited financial statements as of that date. The financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. The financial statements should be read in conjunction with the Company’s audited financial statements contained in its Annual Report on Form 10-K for the year ended December 31, 2014. The Company’s operating results will fluctuate for the foreseeable future. Therefore, period-to-period comparisons should not be relied upon as predictive of the results in future periods.

Foreign Currency Remeasurement (Details) - USD ($)	3 Months Ended		6 Months Ended
Foreign Currency Remeasurement (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Foreign Currency Remeasurement [Abstract]
(Gain) loss on foreign currency translation adjustment	$ 5,000	$ 0	$ (10,700)	$ (4,900)

Recent Accounting Pronouncements	6 Months Ended
Recent Accounting Pronouncements	Jun. 30, 2015
Recent Accounting Pronouncements [Abstract]
Recent Accounting Pronouncements	2. Recent Accounting Pronouncements We have reviewed all of the recent accounting pronouncements and have determined that they have not or will not have a material impact on the Company’s financial statements, or simply do not apply to the Company’s operations.

CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Stockholders' equity
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, shares authorized (in shares)	5,000,000	5,000,000
Series A Junior Participating Preferred Stock, shares authorized (in shares)	25,000	25,000
Preferred Stock, shares issued (in shares)	0	0
Preferred Stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	55,927,197	55,921,986
Common stock, shares outstanding (in shares)	55,927,197	55,921,986
Treasury stock (in shares)	199,275	199,275

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2015	Aug. 03, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	CYTRX CORP
Entity Central Index Key	0000799698
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		66,480,065
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015

Description of Company and Basis of Presentation (Details)	6 Months Ended
	Jun. 30, 2015 Program
Description of Company and Basis of Presentation [Abstract]
Number of programs in clinical development for cancer indications	2

Equity Transactions	6 Months Ended
Equity Transactions	Jun. 30, 2015
Equity Transactions [Abstract]
Equity Transactions	10. Equity Transactions On April 27, 2015, the Company issued 5,211 common shares pursant to a net exercise of warrants to purchase 10,000 shares. On January 1, 2014, the Company granted 100,000 shares of restricted stock to Dr. Daniel Levitt, Executive Vice President and Chief Medical Officer (see Note 7), which resulted in non-cash expense of $0.6 million. On February 5, 2014, the Company completed an $86.0 million underwritten public offering, in which it sold and issued 13.2 million shares of common stock at a price of $6.50 per share. Net of underwriting discounts, legal, accounting and other offering expenses, the Company received proceeds of approximately $80.5 million. On March 15, 2014, the Company issued 200,000 common shares and warrants to purchase 25,000 common shares to KTB Tumorforschungs GmbH, or “KTB,” the licensor of aldoxorubicin, in connection with the establishment of the Company’s Freiburg, Germany research and development laboratory. The fair value of the shares was $0.8 million. In the first quarter of 2014, the Company issued approximately 278,000 common shares for $0.4 million pursuant to the exercise of warrants.

Liquidity and Capital Resources	6 Months Ended
Liquidity and Capital Resources	Jun. 30, 2015
Liquidity and Capital Resources [Abstract]
Liquidity and Capital Resources	9. Liquidity and Capital Resources At June 30, 2015, the Company had cash and cash equivalents of approximately $38.8 million and short-term investments of approximately $15.0 million. Management believes that the Company’s current cash and cash equivalents and short-term investments, along with the $26.8 million of net proceeds received from our underwritten public offering on July 21, 2015 (see Note 13), will be sufficient to fund its operations for the foreseeable future. The estimate is based, in part, upon the Company’s currently projected expenditures for the remainder of 2015 and the first six months of 2016 of approximately $53.1 million, which includes approximately $36.1 million for its clinical programs for aldoxorubicin, approximately $2.3 million for pre-clinical development of new albumin-binding cancer drug candidates, approximately $3.9 million for general operation of its clinical programs, and approximately $10.8 million for other general and administrative expenses (including pre-commercialization). These projected expenditures are also based upon numerous other assumptions and subject to many uncertainties, and the Company’s actual expenditures may be significantly different from these projections. If the Company obtains marketing approval and successfully commercializes aldoxorubicin or other product candidates, the Company anticipates it could take several years, for it to generate significant recurring revenue. The Company will be dependent on future financing and possible strategic partnerships until such time, if ever, as it can generate significant recurring revenue. The Company has no commitments from third parties to provide any additional financing, and it may not be able to obtain future financing on favorable terms, or at all. If the Company fails to obtain sufficient funding when needed, it may be forced to delay, scale back or eliminate all or a portion of its development programs or clinical trials, seek to license to other companies its product candidates or technologies that it would prefer to develop and commercialize itself, or seek to sell some or all of its assets or merge with or be acquired by another company.

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2015
Income Taxes [Abstract]
Income Taxes	11. Income Taxes At December 31, 2014, the Company had federal and state net operating loss carryforwards as of $227.5 million and $157.5 million, respectively, available to offset against future taxable income, and which expire in 2015 through 2034. Of such loss carryforwards, $165.2 million and $157.5 million, respectively, are not subject to limitation under Section 382 of the Internal Revenue Code.

Subsequent Events (Details) - USD ($)			6 Months Ended
Subsequent Events (Details) - USD ($)	Jul. 24, 2015	Feb. 05, 2014	Jun. 30, 2015	Jun. 30, 2014	Jul. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Subsequent Event [Line Items]
Stock issued, underwritten public offering, value		$ 86,000,000
Stock issued underwritten public offering (in shares)		13,200,000
Share price (in dollars per share)		$ 6.50
Proceeds, exclusive of treasury shares			$ 0	$ 80,535,401
Current assets:
Cash and cash equivalents			38,833,736	$ 51,866,891		$ 32,218,905	$ 11,483,112
Short-term investments			15,002,213			45,621,593
Prepaid and other current assets			976,325			3,250,355
Total current assets			60,001,477			83,214,773
Total assets			62,633,809			85,692,582
LIABILITIES AND STOCKHOLDERS' EQUITY
Warrant liability			4,566,515		$ 0	5,131,085
Total current liabilities			20,271,281			17,781,119
Stockholders' equity
Common stock			55,927			55,924
Additional paid-in capital			380,638,689			376,975,984
Treasury stock			(2,612,861)			(2,612,861)
Accumulated deficit			(335,719,227)			(306,507,584)
Total stockholders' equity			42,362,528			67,911,463
Total liabilities and stockholders' equity			62,633,809			85,692,582
Warrant liability			4,566,515		0	$ 5,131,085
Actual [Member]
Current assets:
Cash and cash equivalents			38,833,736
Short-term investments			15,002,213
Prepaid and other current assets			6,165,528
Total current assets			60,001,477
Non-current assets			2,632,332
Total assets			62,633,809
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and other current liabilities			15,704,766
Total current liabilities			20,271,281
Stockholders' equity
Common stock			55,927
Additional paid-in capital			380,638,689
Treasury stock			(2,612,861)
Accumulated deficit			(335,719,227)
Total stockholders' equity			42,362,528
Total liabilities and stockholders' equity			62,633,809
Pro Forma [Member]
Current assets:
Cash and cash equivalents			65,585,761
Short-term investments			15,002,213
Prepaid and other current assets			6,431,491
Total current assets			87,019,465
Non-current assets			2,632,332
Total assets			89,651,797
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and other current liabilities			15,704,766
Total current liabilities			20,271,281
Stockholders' equity
Common stock			66,392
Additional paid-in capital			407,380,249
Treasury stock			(2,612,861)
Accumulated deficit			(335,719,227)
Total stockholders' equity			69,114,553
Total liabilities and stockholders' equity			$ 89,385,834
Subsequent Event [Member] \| IPO [Member]
Subsequent Event [Line Items]
Stock issued, underwritten public offering, value	$ 28,700,000
Stock issued underwritten public offering (in shares)	10,465,000
Share price (in dollars per share)	$ 2.75
Proceeds, exclusive of treasury shares	$ 26,800,000
Subsequent Event [Member] \| Adjustment [Member]
Current assets:
Cash and cash equivalents					26,752,025
Short-term investments					0
Prepaid and other current assets					0
Total current assets					26,752,025
Non-current assets					0
Total assets					26,752,025
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and other current liabilities					0
Total current liabilities					0
Stockholders' equity
Common stock					10,465
Additional paid-in capital					26,741,560
Treasury stock					0
Accumulated deficit					0
Total stockholders' equity					26,752,025
Total liabilities and stockholders' equity					$ 26,752,025

CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net loss	$ (29,211,643)	$ (11,054,955)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	165,830	64,856
Stock-based compensation expense	3,662,708	2,627,010
Fair value adjustment on warrant liability	(564,570)	(12,234,301)
Net foreign exchange loss	0	(64)
Changes in assets and liabilities:
Receivables	(3,155,714)	(1,480,067)
Interest receivable	90,431	(48,929)
Prepaid expenses and other current assets	2,027,993	1,410,893
Accounts payable	(1,332,633)	(160,032)
Accrued expenses and other current liabilities	4,382,343	3,832,235
Net cash used in operating activities	(23,935,255)	(17,043,354)
Cash flows from investing activities:
Purchase of short-term investments	(17,960,256)	(45,601,506)
Proceeds from the sale of short-term investments	48,579,636	22,084,980
Purchases of equipment and furnishings	(69,294)	(20,733)
Net cash provided by (used in) investing activities	30,550,086	(23,537,259)
Cash flows from financing activities:
Net proceeds from public offering	0	80,535,401
Proceeds from issuance of restricted stock to employee	0	100
Net proceeds from exercise of warrants and stock options	0	428,891
Net cash provided by financing activities	0	80,964,392
Net increase in cash and cash equivalents	6,614,831	40,383,779
Cash and cash equivalents at beginning of period	32,218,905	11,483,112
Cash and cash equivalents at end of period	38,833,736	51,866,891
Supplemental disclosure of cash flow information:
Equipment and furnishings purchased on credit	5,022	107,506
Cashless warrant exercises	3	133
Cash paid for income taxes	$ 800	$ 59,431

Basic and Diluted Net Loss Per Common Share	6 Months Ended
Basic and Diluted Net Loss Per Common Share	Jun. 30, 2015
Basic and Diluted Net Loss Per Common Share [Abstract]
Basic and Diluted Net Loss Per Common Share	5. Basic and Diluted Net Loss Per Common Share Basic and diluted net loss per common share is computed based on the weighted-average number of common shares outstanding. Common share equivalents (which consist of options, warrants and restricted stock) are excluded from the computation of diluted net loss per common share where the effect would be anti-dilutive. Common share equivalents that could potentially dilute net loss per share in the future, and which were excluded from the computation of diluted loss per share, totaled 17.8 million shares for each of the three-month and six-month periods ended June 30, 2015, and 14.6 million shares for each of the three-month and six-month periods ended June 30, 2014.

Warrant Liabilities (Details) - USD ($)	3 Months Ended		6 Months Ended
Warrant Liabilities (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Derivative [Line Items]
Gain (loss) on warrant liability	$ 2,435,865	$ (2,468,603)	$ 564,570	$ 12,234,301
Warrants [Member]
Derivative [Line Items]
Risk-free interest rate (in hundredths)			0.28%	0.44%
Expected dividend yield (in hundredths)			0.00%	0.00%
Expected lives			1 year 1 month 2 days	1 year 11 months 16 days
Expected volatility (in hundredths)			62.70%	84.10%
Warrants classified as liabilities (in shares)	6,371,854	6,984,716	6,371,854	6,984,716
Gain (loss) on warrant liability	$ 2,435,865	$ (2,468,603)	$ 564,570	$ 12,234,301