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Condensed Consolidated Income Statement (unaudited) (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Revenues:        
Product revenues, net $ 15,468 $ 2,651 $ 29,595 $ 32,394
Royalties 3,484,975 3,087,491 8,850,067 9,717,994
Licensing revenues 512,344 54,981 546,909 644,742
Total Revenues 4,012,787 3,145,123 9,426,571 10,395,130
Costs and expenses:        
Research and development 240,093 346,768 909,129 1,111,686
General and administrative 1,650,315 1,059,854 4,387,134 3,914,590
Total Cost and Expenses 1,890,408 1,406,622 5,296,263 5,026,276
Operating income 2,122,379 1,738,501 4,130,308 5,368,854
Other income:        
Interest income 8,121 7,134 22,444 19,510
Other income 0 0 1,150 0
Total other income 8,121 7,134 23,594 19,510
Income before expense for income tax 2,130,500 1,745,635 4,153,902 5,388,364
Income tax expense (735,737) (566,860) (1,427,184) (1,828,319)
Net income $ 1,394,763 $ 1,178,775 $ 2,726,718 $ 3,560,045
Basic net income per share (in dollars per share) $ 0.21 $ 0.19 $ 0.42 $ 0.56
Diluted net income per share (in dollars per share) $ 0.20 $ 0.17 $ 0.39 $ 0.51
Shares used in computation of basic net income per share (in shares) 6,489,758 6,338,901 6,433,013 6,346,978
Shares used in computation of diluted net income per share (in shares) 7,074,154 6,924,363 7,039,225 6,916,485