Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

There was no income tax expense for the years ended December 31, 2016 and 2015 due to the Company’s net losses. The Company’s tax expense differs from the “expected” tax expense for the years ended December 31, 2016 and 2015 (computed by applying the Federal Corporate tax rate of 34% to loss before taxes and 3.96% for blended state income tax rate, the blended rate used was 37.96%), as follows ( in thousands ):

	2016		2015
Computed “expected” tax-benefit – Federal	$	(9,453)	$	(14,870)
Computed “expected” tax-benefit – State		(1,101)		(1,732)
Adjustment of “expected” tax-benefit to actual		(431)		199
Meals, entertainment and other		10		8
Non-deductible stock-based compensation		574		877
Fair Market Value Adjustment – Warrants		(4,332)		1,447
Change in valuation allowance		14,733		14,071
	$	—	$	—

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The effects of temporary differences that gave rise to significant portions of deferred tax assets at December 31, 2016 and 2015 are as follows ( in thousands ):

	2016		2015
Deferred tax assets:
Stock issued for services	$	1,861	$	922
Accrued compensation		119		105
Stock issued for acquisition of program		1,576		1,337
Stock issued for license agreement		3,147		2,308
Stock issued for milestone payment		478		-
Amortizable License Fee		9		-
Net operating loss carry-forward		50,517		38,302
Total gross deferred tax assets		57,707		42,974
Less: valuation allowance		(57,707)		(42,974)
Total net deferred tax assets	$	—	$	—