0001571049-16-019473.txt : 20161104 0001571049-16-019473.hdr.sgml : 20161104 20161104114128 ACCESSION NUMBER: 0001571049-16-019473 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 47 CONFORMED PERIOD OF REPORT: 20160930 FILED AS OF DATE: 20161104 DATE AS OF CHANGE: 20161104 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENVEC INC CENTRAL INDEX KEY: 0000934473 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 232705690 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-24469 FILM NUMBER: 161974175 BUSINESS ADDRESS: STREET 1: 910 CLOPPER ROAD STREET 2: SUITE 220N CITY: GAITHERSBURG STATE: MD ZIP: 20878 BUSINESS PHONE: 2406320740 MAIL ADDRESS: STREET 1: 910 CLOPPER ROAD STREET 2: SUITE 220N CITY: GAITHERSBURG STATE: MD ZIP: 20878 10-Q 1 t1600685_10q.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended September 30, 2016

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:

0-24469

GenVec, Inc.

(Exact name of registrant as specified in its charter)

Delaware		23-2705690
(State or other jurisdiction of		(IRS Employer Identification
incorporation or organization)		Number)

910 Clopper Road, Suite 220N, Gaithersburg, Maryland	20878
(Address of principal executive offices)	(Zip Code)

240-632-0740

(Registrant's telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report.)

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 x 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 (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x 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 ¨
	Non-accelerated filer ¨	Smaller reporting company x
	(do not check if a smaller reporting company)

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ¨ No x

As of October 31, 2016, the Registrant had 22,736,316 shares of common stock, $.001 par value, outstanding.

GENVEC, INC.

FORM 10-Q

TABLE OF CONTENTS

PART I.	FINANCIAL INFORMATION	3
Item 1.	Financial Statements	3
	Condensed Balance Sheets	3
	Condensed Statements of Operations and Comprehensive Loss	4
	Condensed Statements of Cash Flows	5
	Notes to Condensed Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	27
Item 4.	Controls and Procedures	27

PART II.	OTHER INFORMATION	28
Item 1.	Legal Proceedings	28
Item 1A.	Risk Factors	28
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	28
Item 3.	Defaults Upon Senior Securities	28
Item 4.	Mine Safety Disclosures	28
Item 5.	Other Information	28
Item 6.	Exhibits	29

SIGNATURES		30

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

GENVEC, INC.

CONDENSED BALANCE SHEETS

(in thousands, except per share data)

	September 30,			December 31,
	2016			2015
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	4,892		$	7,015
Investments, at fair value		3,504			1,661
Accounts receivable, net		176			166
Prepaid expenses and other		369			245
Total current assets		8,941			9,087
Property and equipment, net		230			279
Other assets		97			97
Total assets	$	9,268		$	9,463

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	967		$	1,096
Accrued expenses and other		524			598
Total current liabilities		1,491			1,694

Warrant liabilities		1,635			-
Other liabilities		97			89
Total liabilities		3,223			1,783

Stockholders’ equity:
Preferred stock, $0.001 par value, 5,000 shares authorized; none issued and outstanding at
September 30, 2016 and December 31, 2015		-			-
Common stock, $0.001 par value; 55,000 shares authorized; 22,736 and 17,264 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively		23			17
Additional paid-in capital		295,125			292,508
Accumulated other comprehensive loss		(1	)		(5	)
Accumulated deficit		(289,102	)		(284,840	)
Total stockholders’ equity		6,045			7,680
Total liabilities and stockholders’ equity	$	9,268		$	9,463

See accompanying notes to unaudited condensed financial statements.

GENVEC, INC.

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(in thousands, except per share data)

(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2016			2015			2016			2015

Revenues	$	173		$	193		$	489		$	725

Operating expenses:
General and administrative		1,181			999			3,765			3,619
Research and development		522			705			1,827			2,028
Total operating expenses		1,703			1,704			5,592			5,647

Operating loss		(1,530	)		(1,511	)		(5,103	)		(4,922	)

Other income/(expense):
Change in fair value of warrant liabilities		314			-			1,079			-
Financing expense		-			-			(250	)		-
Interest and other income, net		9			6			12			19
Total other income, net		323			6			841			19

Net loss	$	(1,207	)	$	(1,505	)	$	(4,262	)	$	(4,903	)

Basic and diluted net loss per share	$	(0.05	)	$	(0.09	)	$	(0.21	)	$	(0.30	)

Shares used in computation of basic and diluted net loss per share		22,736			16,760			20,149			16,614

Comprehensive Loss:

Net loss	$	(1,207	)	$	(1,505	)	$	(4,262	)	$	(4,903	)

Unrealized holding (loss)/gain on securities		(1	)		(7	)		4			(5	)

Comprehensive loss	$	(1,208	)	$	(1,512	)	$	(4,258	)	$	(4,908	)

See accompanying notes to unaudited condensed financial statements.

GENVEC, INC.

CONDENSED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)

	Nine Months Ended
	September 30,
	2016			2015
Cash flows from operating activities:
Net loss	$	(4,262	)	$	(4,903	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		70			72
Bad debt expense		-			24
Financing expenses		250			-
Non-cash charges for stock-based compensation		594			699
Non-cash consideration for release of security interest		4			-
Change in warrant liabilities fair value		(1,079	)		-
Changes in current assets and liabilities, net		(336	)		(611	)
Changes in non-current assets and liabilities, net		8			2
Net cash used in operating activities		(4,751	)		(4,717	)

Cash flows from investing activities:
Purchases of property and equipment		(21	)		(44	)
Purchases of investment securities		(3,488	)		-
Proceeds from maturities of investment securities		1,644			3,392
Net cash provided by/(used in) investing activities		(1,865	)		3,348

Cash flows from financing activities
Proceeds from issuance of common stock, net of issuance costs		4,493			(20	)
Net cash provided by/(used in) financing activities		4,493			(20	)

Change in cash and cash equivalents		(2,123	)		(1,389	)
Beginning balance of cash and cash equivalents		7,015			7,968

Ending balance of cash and cash equivalents	$	4,892		$	6,579

Supplemental disclosures of cash flow information:
Non-cash financing activity:
Warrants issued	$	2,714		$	-

See accompanying notes to unaudited condensed financial statements.

GENVEC, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2016 AND 2015

(Unaudited)

(1)

General

Basis of Presentation

The (a) condensed balance sheet as of December 31, 2015, which has been derived from audited financial statements, and (b) unaudited interim condensed financial statements included herein have been prepared by GenVec, Inc. (GenVec, we, our, or the Company) without audit pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations. We believe the disclosures are adequate to make the information presented not misleading. The condensed financial statements included herein should be read in conjunction with the financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC.

In the opinion of management, the accompanying financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position of the Company as of September 30, 2016 and December 31, 2015 and the results of its operations for the three-month and nine-month periods ended September 30, 2016 and September 30, 2015, and cash flows for the nine-month periods ended September 30, 2016 and September 30, 2015. The results of operations for any interim period are not necessarily indicative of the results of operations for any other interim period or for a full fiscal year.

Business

GenVec is a clinical-stage biopharmaceutical company with an entrepreneurial focus on leveraging its proprietary AdenoVerse™ gene delivery platform to develop a pipeline of cutting-edge therapeutics and vaccines. The Company is a pioneer in the design, testing and manufacture of adenoviral-based product candidates that can deliver on the promise of gene-based medicine. GenVec’s lead product candidate, CGF166, is licensed to Novartis Institutes for BioMedical Research, Inc. (together with Novartis AG and its subsidiary corporations, including Novartis Pharma AG, Novartis) and is currently in a Phase 1/2 clinical study for the treatment of hearing loss and balance disorders. In addition to our internal and partnered pipeline, we also focus on opportunities to license our proprietary technology platform, including vectors and production cell lines, to potential collaborators in the biopharmaceutical industry for the development and manufacture of therapeutics and vaccines.

A key component of our strategy is to develop and commercialize our product candidates through collaborations. GenVec is working with prominent companies and organizations such as Novartis, Merial Inc., formerly Merial Limited (Merial), and the U.S. government, as well as promising young companies such as TheraBiologics, to support a portfolio of programs that addresses the prevention and treatment of a number of significant human and animal health concerns. GenVec’s combination of internal and partnered development programs address therapeutic areas such as hearing loss and balance disorders and oncology, as well as vaccines against infectious diseases, including respiratory syncytial virus (RSV), herpes simplex virus (HSV), and malaria. In the area of animal health, we are developing vaccines against foot-and-mouth disease (FMD).

Our AdenoVerse gene delivery technology has the important advantage of localizing protein delivery in the body. This is accomplished by using our adenovector platform to locally deliver genes to cells, which then direct production of the desired protein. This approach reduces side effects typically associated with systemic delivery of proteins. For therapeutics, the goal is for the protein produced to have a meaningful effect in treating the cause, manifestation, or progression of the disease. For vaccines, the goal is to induce an immune response against a target protein or antigen. This is accomplished by using an adenovector to deliver a gene that causes production of an antigen, which then stimulates the desired immune reaction by the body.

Our research and development activities yield product candidates that utilize our technology platform and represent potential commercial opportunities. For example, preclinical research in hearing loss and balance disorders indicates that the delivery of the atonal gene using GenVec’s adenovector technology may have the potential to restore hearing and balance function. We are currently working with Novartis on the development of novel treatments for hearing loss and balance disorders that emerged from these research and development efforts. There are currently no effective therapeutic treatments available for patients who have lost all balance function, and hearing loss remains a major unmet medical problem.

We have multiple vaccine candidates that leverage our core adenovector technology including our vaccine candidates for the prevention or treatment of RSV and HSV. We also have a program to develop a vaccine for malaria, a program in which we are currently working in collaboration with the Laboratory of Malaria Immunology and Vaccinology (LMIV) of the National Institute of Allergy and Infectious Diseases, National Institutes of Health. In the field of animal health, we are working with Merial to commercialize vaccines for the prevention of a major animal health problem, FMD. Development efforts for this program were supported by the U.S. Department of Homeland Security and performed in collaboration with the U.S. Department of Agriculture.

Our business strategy is focused on entering into collaborative arrangements to complete the development and commercialization of our product candidates. In the event that third parties take over the development for one or more of our product candidates, the estimated completion date would largely be under the control of that third party rather than us. We cannot forecast with any degree of certainty which proprietary products or indications, if any, will be subject to future collaborative arrangements, in whole or in part, or how such arrangements would affect our development plan or capital requirements. Our programs may also benefit from subsidies, grants, or government or agency-sponsored studies that could reduce our development costs.

An element of our business strategy is to pursue, as resources permit, the research and development of a range of product candidates for a variety of indications. This is intended to allow us to diversify the risks associated with our research and development expenditures. To the extent we are unable to maintain a broad range of product candidates, our dependence on the success of one or a few product candidates would increase.

As a result of the uncertainties involved in our business, we are unable to estimate the duration and completion costs of our research and development projects or when, if ever, and to what extent we will receive cash inflows from the commercialization and sale of a product. Our inability to complete our research and development projects in a timely manner or our failure to enter into collaborative agreements, when appropriate, could significantly increase our capital requirements and could adversely impact our liquidity. These uncertainties could force us to seek additional, external sources of financing from time to time in order to continue with our business strategy. Our inability to raise additional capital, or to do so on terms reasonably acceptable to us, would jeopardize the future success of our business. Our estimated future capital requirements are uncertain and could change materially as a result of many factors, including the progress of our research, development, clinical, manufacturing, and commercialization activities. However, we believe our current cash, cash equivalents, investments and committed and expected revenues from our strategic collaborations are expected to be sufficient to continue our current research, development and collaborative activities into 2018.

Use of Estimates

The preparation of financial statements, in conformity with U.S. generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, and revenues and expenses during the period. Critical accounting policies involved in applying our accounting policies are those that require management to make assumptions about matters that are highly uncertain at the time the accounting estimate was made and those for which different estimates reasonably could have been used for the current period. Critical accounting estimates are also those which are reasonably likely to change from period to period, and would have a material impact on the presentation of our financial condition, changes in financial condition or results of operations. Our most critical accounting estimates relate to accounting policies for strategic collaborations and research contract revenues, research and development activities, stock-based compensation and the fair value of our warrant liabilities. Management bases its estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances. Actual results could differ from these estimates.

Revenue Recognition

Revenue is recognized when all four of the following criteria are met (i) a contract is executed, (ii) the contract price is fixed and determinable, (iii) delivery of the services or products has occurred, and (iv) collectability of the contract amounts is considered probable.

Our collaborative research and development agreements provide for upfront license fees, research payments, and/or substantive milestone payments. Upfront non-refundable fees associated with license and development agreements where we have continuing involvement in the agreement are recorded as deferred revenue and recognized over the estimated service period. If the estimated service period is subsequently modified, the period over which the upfront fee is recognized is modified accordingly on a prospective basis. Upfront non-refundable license and development fees for which no future performance obligations exist are recognized when collection is assured. Substantive milestone payments are considered performance payments and are recognized upon achievement of the milestone if all of the following criteria are met: (i) achievement of the milestone involves a degree of risk and was not reasonably assured at the inception of the arrangement; (ii) substantive effort is involved in achieving the milestone; and (iii) the amount of the milestone payment is reasonable in relation to all of the deliverables and payment terms within the arrangement. Determination of whether a milestone meets the aforementioned conditions involves the judgment of management.

Research and development revenue from cost-reimbursement and cost-plus fixed-fee agreements is recognized as earned based on the performance requirements of the contract. Revisions in revenues, cost, and billing factors, such as indirect rate estimates, are accounted for in the period of change. Reimbursable costs under such contracts are subject to audit and retroactive adjustment. Contract revenues and accounts receivable reported in the financial statements are recorded at the amount expected to be received. Contract revenues are adjusted to actual upon final audit and retroactive adjustment. Estimated contractual allowances are provided based on management’s evaluation of current contract terms and past experience with disallowed costs and reimbursement levels. Payments received in advance of work performed are recorded as deferred revenue.

Research and development revenue from fixed-price best efforts arrangements is recognized as earned based on the performance requirements of the contract. Revenue under these arrangements is recognized when delivery to and acceptance by the customer have occurred. During the period of performance, recoverable contract costs are accumulated on the balance sheet in other current assets, but no revenue or profit is recorded prior to customer acceptance of the contractually stated deliverables. Recoverable contract costs that are accumulated on the balance sheet include all direct costs associated with the arrangement and an allocation of indirect costs. Payments received in advance of customer acceptance are recorded as deferred revenue. Once customer acceptance has been received, revenue and recoverable contract costs are recognized. Over the course of the arrangement, we routinely evaluate whether revenue and profitability should be recognized in the current period. Any known or probable losses on projects are charged to operations in the period in which such losses are determined.

Fair Value of Financial Instruments

The carrying amounts reported in the accompanying financial statements for cash, cash equivalents, investments, and warrant liabilities, approximate fair value of these financial instruments. The fair value for marketable securities and warrant liabilities is discussed in Notes 2 and 4, respectively.

Recent Accounting Pronouncements

In August 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-15, “Statement of Cash Flows (Topic 230): Clarification of Certain Cash Receipts and Cash Payments.” The objective of ASU 2016-15 is to eliminate the diversity in practice related to the classification of certain cash receipts and payments in the statement of cash flows, by adding or clarifying guidance on eight specific cash flow issues. For public business entities, ASU 2016-15 is effective for annual and interim reporting periods beginning after December 15, 2017, with early adoption permitted. ASU 2015-16 provides that the amendments in the update should be applied retrospectively to all periods presented, unless deemed impracticable, in which case, prospective application is permitted. The Company is currently evaluating the impact this standard may have on our financial statements.

In March 2016, the FASB, issued ASU No. 2016-09, “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting,” which changes the accounting for certain aspects of share-based payments to employees. The amendments in this ASU require the recognition of the income tax effects of awards in the income statement when the awards vest or are settled, thus eliminating additional paid-in capital pools. The standard also allows the employer to repurchase more of an employee’s shares for tax withholding purposes without triggering liability accounting. In addition, the standard allows for a policy election to account for tax forfeitures as they occur rather than on an estimated basis. The amendments in this ASU are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is currently evaluating the impact of adopting this standard.

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” The new standard requires that all lessees recognize the assets and liabilities that arise from leases on the balance sheet and disclose qualitative and quantitative information about their leasing arrangements. The amendments in this ASU are effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The adoption of this standard is expected to have a material impact on our financial position. The Company is currently evaluating the impact this standard may have on our results of operations.

In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities,” which amends the guidance in U.S. generally accepted accounting principles on the classification and measurement of financial instruments. Changes to the current guidance primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the ASU clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The amendments in this ASU are effective for fiscal years and interim periods beginning after December 15, 2017, and are to be adopted by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted except for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. The Company is currently evaluating the impact of adopting this standard.

In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes,” which simplifies the presentation of deferred income taxes by requiring that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This ASU is effective for financial statements issued for annual periods beginning after December 16, 2016, and interim periods within those annual periods. The adoption of this standard will not have any impact on the Company’s financial position, results of operations, or disclosures.

In April 2015, the FASB issued ASU No. 2015-03, “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” To simplify the presentation of debt issuance costs, the amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The amendments in this ASU are effective for financial statements issued for fiscal years beginning after December 15, 2015 and interim periods within fiscal years beginning after December 15, 2016. Early adoption of the amendments in this ASU is permitted for financial statements that have not been previously issued. The adoption of this standard will not have any impact on the Company’s financial position, results of operations, or disclosures.

In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements—Going Concern (Topic 205),” which requires management to assess an entity’s ability to continue as a going concern and to provide related disclosures in certain circumstances. Under the new standard, disclosures are required when conditions or events give rise to substantial doubt about an entity’s ability to continue as a going concern within one year from the financial statement issuance date. The new standard is effective for annual periods ending after December 15, 2016, and all annual and interim periods thereafter. Early application is permitted. The adoption of this standard will not have any impact on the Company’s financial position or results of operations and, at this time, the Company does not expect any impact on its disclosures.

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which supersedes all existing revenue recognition requirements, including most industry-specific guidance. The new standard requires a company to recognize revenue when it transfers goods or services to customers in an amount that reflects the consideration that the company expects to receive for those goods or services. ASU 2014-09 was originally going to be effective for us on January 1, 2017; however, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606) – Deferral of the Effective Date,” which deferred the effective date of ASU 2014-09 by one year to January 1, 2018. In March 2016, the FASB issued ASU No. 2016-8, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations. The amendments in this ASU do not change the core principle of ASU No. 2014-09 but the amendments clarify the implementation guidance on reporting revenue gross versus net. The effective date for the amendments in this ASU is the same as the effective date of ASU No. 2014-09. In April 2016, the FASB issued ASU No. 2016-10, “Revenue from Contracts with Customers (Identifying Performance Obligations and Licensing),” to clarify the implementation guidance on identifying performance obligations and licensing. The standard allows for either “full retrospective” adoption, meaning the standard is applied to all of the periods presented, or “modified retrospective” adoption, meaning the standard is applied only to the most current period presented in the financial statements. The Company is currently evaluating the impact of adopting these standards.

There are no other applicable new accounting pronouncements issued by but not effective until after September 30, 2016 that could have a significant effect on our financial position or results of operations.

(2)

Fair Value Measurements

For assets and liabilities measured at fair value we utilize FASB Accounting Standards Codification (ASC) Section 820 “Fair Value Measurements and Disclosures” (ASC 820), which defines fair value and establishes a framework for fair value measurements. This standard establishes a three-level hierarchy for disclosure of fair value measurements. The hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels of inputs used to measure fair value are as follows:

Level 1 – Quoted prices in active markets for identical assets or liabilities;

Level 2 – Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active and other inputs that are observable (e.g., interest rates, yield curves, volatilities and default rates, among others) or that can be corroborated by observable market data; and

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, including certain pricing models, discounted cash flow methodologies, and similar techniques that use significant unobservable inputs.

The following table presents information about assets and liabilities recorded at fair value on a recurring basis on the Condensed Balance Sheet at September 30, 2016:

			Quoted Prices in
			Active Markets for		Significant		Significant
	Total Carrying		Identical		Other Observable		Unobservable
	Value on the		Assets		Inputs		Inputs
	Balance Sheet		(Level 1)		(Level 2)		(Level 3)
	(in thousands)

Assets:
Cash and cash equivalents	$	4,892	$	4,892	$	-	$	-
Corporate notes and bonds		3,504		-		3,504		-
Total assets at fair value	$	8,396	$	4,892	$	3,504	$	-

Liabilities:
Warrant liabilities	$	1,635	$	-	$	-	$	1,635
Total liabilities at fair value	$	1,635	$	-	$	-	$	1,635

The following table presents information about assets recorded at fair value on a recurring basis on the Condensed Balance Sheet at December 31, 2015:

			Quoted Prices in
			Active Markets for		Significant
	Total Carrying		Identical		Other Observable
	Value on the		Assets		Inputs
	Balance Sheet		(Level 1)		(Level 2)
	(in thousands)

Assets:
Cash and cash equivalents	$	7,015	$	7,015	$	-
Corporate notes and bonds		1,593		-		1,593
Equity Securities		68		68		-
Total assets at fair value	$	8,676	$	7,083	$	1,593

We determine fair value for our investments with Level 1 inputs through quoted market prices and have classified them as available-for-sale. Our Level 2 investments consist of corporate notes and bonds maturing at various times in 2017.

We review all investments for other-than-temporary impairment at least quarterly or as indicators of impairment exist. Indicators of impairment include the duration and severity of the decline in fair value as well as the intent and ability to hold the investment to allow for a recovery in the market value of the investment. In addition, we consider qualitative factors that include, but are not limited to: (i) the financial condition and business plans of the investee, including its future earnings potential, (ii) the investee’s credit rating and (iii) the current and expected market and industry conditions in which the investee operates. If a decline in the fair value of an investment is deemed by management to be other-than-temporary, we write down the cost basis of the investment to fair value, and the amount of the write down is included in net earnings. Such a determination is dependent on the facts and circumstances relating to each investment. During the first quarter of 2016, we determined that our equity security holding had incurred an other-than-temporary impairment as a result of the entity in which we held the equity being acquired by another company at a price lower than our carrying value. The stock of the entity is no longer being publicly traded. As a result of this impairment, we realized a loss of $4,000. We have determined there were no such impairments during 2015.

All unrealized holding gains or losses related to our investments in marketable securities are reflected in accumulated other comprehensive loss in stockholders’ equity. The change in accumulated other comprehensive loss was a net unrealized gain of $4,000 and a net unrealized loss of $5,000 for the nine months ended September 30, 2016 and 2015, respectively.

As of September 30, 2016, the Company also had a Level 3 liability associated with the warrants issued in connection with the Company’s May 2016 registered offering, described in Note 6 below. The warrants are considered a liability and are valued using the Black-Scholes option-pricing model, the inputs for which include the following: exercise price of the warrants, market price of the underlying common shares, contractual term, expected volatility of our stock, risk-free interest rate, and expected dividend yield. Changes in fair value are recorded against operations in the reporting period in which they occur; increases and decreases in fair value are recorded in other income/(expense) as a change in fair value. The change in fair value was a gain of $1.1 million for the nine months ended September 30, 2016.

The following table sets for the a reconciliation of changes in the nine months ended September 30, 2016 in the fair value of the liabilities classified as Level 3 in the fair value hierarchy:

	Warrant
	Liabilities
	(in thousands)

Balance at January 1, 2016	$	-
Warrant issuances		2,714
Change in fair value		(1,079	)
Balance at September 30, 2016	$	1,635

(3)

Stock-Based Compensation Expense

The following table summarizes stock-based compensation expense related to employee stock options for the three-month and nine-month periods ended September 30, 2016 and September 30, 2015, which was allocated as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
	(in thousands)				(in thousands)

General and administrative	$	144	$	174	$	399	$	414
Research and development		57		119		195		285
	$	201	$	293	$	594	$	699

We use the Black-Scholes option pricing model to value stock options. The estimated fair value of employee stock options granted during the nine-month periods ended September 30, 2016 and 2015 was calculated using the Black-Scholes model with the following weighted-average assumptions:

	For the Nine			For the Nine
	Months Ended			Months Ended
	September 30, 2016			September 30, 2015

Risk-free interest rate		1.51	%		1.42-1.68	%
Expected dividend yield		0.00	%		0.00	%
Expected volatility		101.66	%		103.64	%
Expected life (years)		6.46			6.23

The risk-free interest rate assumptions are based upon various U.S. Treasury rates as of the date of the grants. The dividend yield is based on the assumption that we do not expect to declare a dividend over the life of the options.

The volatility assumptions for the 2016 and 2015 periods are based on the weighted average volatility for the most recent one-year period as well as the volatility over the expected life of 6.46 years and 6.23 years, respectively. The expected life of employee stock options represents the weighted average combining the actual life of options that have already been exercised or cancelled with the expected life of all outstanding options. The expected life of outstanding options is calculated assuming the options will be exercised at the midpoint between the applicable vesting date and the full contractual term.

The Company estimates forfeiture rates at the time of grant and revises these estimates, if necessary, in subsequent periods if actual forfeitures differ from the estimates. Forfeitures are estimated based on the demographics of current option holders and standard probabilities of employee turnover.

The weighted-average fair value of the options granted for the nine-month periods ended September 30, 2016 and 2015 are $0.46 and $2.41, respectively. We do not record tax-related effects on stock-based compensation given our historical and anticipated operating experience and offsetting changes in our valuation allowance which fully reserves against potential deferred tax assets.

Stock Options

The following table summarizes the stock option activity for the nine months ended September 30, 2016:

				Weighted		Weighted
				average		average		Aggregate
	Number			exercise		contractual		intrinsic
	of shares			price		life (years)		value
	(in thousands, except exercise price and contractual term data)

Stock options outstanding, January 1, 2016		2,237		$	4.16
Granted		580			0.56
Expired		(49	)		17.60
Stock options outstanding at September 30, 2016		2,768		$	3.24		7.01	$	-
Vested or expected to vest at September 30, 2016 (a)		2,595		$	3.36		6.88	$	-
Exercisable at September 30, 2016		1,674		$	4.31		5.84	$	-

(a) This represents the number of vested options as of September 30, 2016, plus the number of unvested options as of September 30, 2016 that we expect to vest in the future based on our estimated forfeiture rate.

Unrecognized stock-based compensation related to stock options was approximately $1.1 million as of September 30, 2016. This amount is expected to be expensed over a weighted average period of 2.3 years. There were no options exercised during the nine-month periods ended September 30, 2016 or 2015.

The following table summarizes information about our stock options outstanding and exercisable as of September 30, 2016:

	Outstanding						Exercisable
			Weighted
			average		Weighted				Weighted
			remaining		average				average
Range of exercise	Number		contractual		exercise		Number		exercise
prices	of shares		life (in years)		price		of shares		price
	(number of shares in thousands)

$0.00 - $10.00		2,624		7.30	$	2.25		1,530	$	2.72
$10.01 - $20.00		60		1.43		17.06		60		17.06
$20.01 - $30.00		82		2.24		23.57		82		23.57
$30.01 - $41.00		2		0.55		41.00		2		41.00
		2,768		7.01	$	3.24		1,674	$	4.31

(4)

Warrants

On May 10, 2016, in a registered offering pursuant to the 2014 shelf registration statement (as defined in Note 6 below), we sold 5,471,957 shares of our common stock (the Shares), at a purchase price of $0.91375 per share. In a private placement concurrent with the sale of the Shares, we sold to the investors who purchased the Shares warrants to purchase 4,103,968 shares of common stock (the Warrants). The Shares and the Warrants were sold pursuant to a securities purchase agreement for aggregate gross proceeds of $5.0 million. Subject to certain ownership limitations, the Warrants will be initially exercisable on November 10, 2016 at an exercise price equal to $0.83 per share of common stock, subject to adjustments as provided under the terms of the Warrants. The Warrants are exercisable until November 10, 2022.

In connection with the offering of the Shares and Warrants, we issued to the placement agent and its designees unregistered warrants to purchase an aggregate of 383,037 shares of our common stock (the Placement Agent Warrants). The Placement Agent Warrants have substantially the same terms as the Warrants, except that the Placement Agent Warrants will expire on May 4, 2021 and have an exercise price equal to $1.1422 per share of common stock.

A summary of the allocation of the proceeds of the offering is shown below:

(in thousands)

Allocated to warrant liabilities	$	2,511
Allocated to common stock and additonal paid-in capital		2,489
Total allocated gross proceeds	$	5,000

The closing costs of $699,861 included the 383,037 Placement Agent Warrants valued at $202,862, and $496,999 for placement agent and other fees. Based upon the estimated fair value of the Shares and Warrants in units, the Company allocated $250,279 to financing expense and $449,582 as stock issuance costs.

The table below sets forth the Warrants and Placement Agent Warrants as of September 30, 2016:

Offering Date

Outstanding Warrants

Exercise Price

Expiration Date

Status

May 2016

4,103,968

0.83

11/10/2022

Not Exercisable

May 2016

383,037

1.1422

5/4/2021

Not Exercisable

4,487,005

The Warrants contain a provision for liquidated damages in the event that there is a failure to deliver shares of common stock within three days of receiving a notice to exercise. As a result of this liquidated damages provision, the Warrants require liability classification in accordance with ASC 480 and are recorded at fair value. The fair value of the Warrants has been determined under a Black-Scholes pricing model; assuming a weighted average 5.99 year remaining life for the warrants, 1.23% risk-free interest rate, a 111.34% expected volatility and no dividend yield, the weighted average fair value of warrant liability as of September 30, 2016 is $0.66. Changes in fair value are recorded against operations in the reporting period in which they occur; increases or decreases in fair value are recorded to other income/(expense) as a change in fair value of warrant liabilities.

(5)

Net Loss per Share

Basic earnings per share is computed based upon the net loss available to common stock holders divided by the weighted average number of common stock shares outstanding during the period. The dilutive effect of common stock equivalents is included in the calculation of diluted earnings per share only when the effect of the inclusion would be dilutive. For the nine months ended September 30, 2016 and 2015, all common stock equivalent shares associated with our stock option plans, and stock equivalent shares associated with our warrants were excluded from the denominator in the diluted loss per share calculation as their inclusion would have been antidilutive.

(6)

Stockholders’ Equity

In January 2014, we filed a $75.0 million shelf registration statement on Form S-3 (the 2014 shelf registration statement), with the SEC. The 2014 shelf registration statement was declared effective February 11, 2014 and allows us to obtain financing through the issuance of any combination of common stock, preferred stock or warrants. Pursuant to General Instruction I.B.6 of Form S-3, in no event will we sell securities in a public primary offering using Form S-3 with a value exceeding more than one-third of our public float in any 12-month period so long as our public float remains below $75.0 million.

On February 11, 2014, we entered into an Equity Distribution Agreement (the EDA) with Roth Capital Partners, LLC (Roth Capital Partners), pursuant to which we may sell from time to time up to $10.0 million of shares of our common stock, par value $0.001 per share, through Roth Capital Partners. Sales of shares pursuant to the EDA, if any, may be made by any method permitted by law deemed to be an “at the market” offering as defined in Rule 415 of the Securities Act of 1933, as amended, including without limitation directly on the NASDAQ Capital Market, or any other existing trading market for the shares or through a market maker, or, if agreed by the Company and Roth Capital Partners, by any other method permitted by law, including but not limited to in negotiated transactions. Sales under the EDA have been and will be made pursuant to the 2014 shelf registration statement. As of March 31, 2014, we had sold 721,677 shares pursuant to the EDA for gross proceeds of approximately $2.6 million. We have not sold any shares under the EDA since that date. We agreed not to use the EDA for a period of 120 days after our May 10, 2016 registered offering.

On March 18, 2014, we sold 2,870,000 shares of our common stock in a registered direct offering pursuant to the 2014 shelf registration statement (the Registered Direct Offering), at a price of $3.15 per share, resulting in gross proceeds of approximately $9.0 million.

On May 10, 2016, in a registered offering pursuant to the 2014 shelf registration statement, we sold 5,471,957 shares of our common stock (the Shares), at a purchase price of $0.91375 per share. In a private placement concurrent with the sale of the Shares, we sold to the investors who purchased the Shares warrants to purchase 4,103,968 shares of our common stock (the Warrants). The Shares and Warrants were sold pursuant to a securities purchase agreement for aggregate gross proceeds of $5.0 million. Subject to certain ownership limitations, the Warrants will be initially exercisable on November 10, 2016 at an exercise price equal to $0.83 per share of common stock, subject to adjustments as provided under the terms of the Warrants. The Warrants are exercisable until November 10, 2022.

The net proceeds from the sale of the Shares and the Warrants are $4.5 million after deducting certain fees due to the placement agent and our estimated transaction expenses.

As of September 30, 2016, pursuant to the Equity Distribution Agreement, the Registered Direct Offering, and the May 10, 2016 registered offering, we have sold 9,063,634 shares of our common stock since the 2014 shelf registration statement became effective on February 11, 2014 for gross proceeds of $16.6 million. These sales resulted in proceeds, net of issuance costs of approximately $15.1 million.

On February 24, 2016, we received notification from NASDAQ that the minimum bid price of our common stock had remained below $1.00 per share for 30 consecutive business days, and we therefore are not in compliance with the minimum bid price requirement for continued listing set forth in Marketplace Rule 5550(a)(2). The notification letter stated that we would be afforded 180 calendar days, or until August 22, 2016, to regain compliance with the minimum bid price requirement. On August 23, 2016, we received notification from NASDAQ that we had been afforded a second 180 calendar day grace period, or until February 21, 2017, to regain compliance. To regain compliance, the closing bid price of our common stock must meet or exceed $1.00 per share for at least ten consecutive business days. NASDAQ may, in its discretion, require our common stock to maintain a bid price of at least $1.00 per share for a period in excess of ten consecutive business days, but generally no more than 20 consecutive business days, before determining we have demonstrated an ability to maintain long-term compliance. If we do not regain compliance by February 21, 2017, the Listing Qualifications Department of NASDAQ has indicated it will provide written notification to us that our common stock will be delisted. At that time, we may appeal the delisting determination to a NASDAQ Hearings Panel (the Panel). Our common stock would remain listed pending the Panel’s decision. Management is currently evaluating potential options to address this situation.

(7)

Collaborative Agreements

In January 2010, we entered into a research collaboration and license agreement with Novartis to discover and develop novel treatments for hearing loss and balance disorders. Under the terms of the agreement, we licensed the world-wide rights to our preclinical hearing loss and balance disorders program to Novartis. We received a $5.0 million upfront payment and Novartis purchased $2.0 million of our common stock.

We were eligible, from the inception of the agreement, to receive up to an additional $206.6 million in milestone payments if certain clinical, regulatory, and sales milestones were met, including: up to $0.6 million for the achievement of preclinical development activities; up to $26.0 million for the achievement of clinical milestones (including non-rejection of an IND with respect to a covered product, the first patient visit in Phase I, Phase IIb and Phase III clinical trials); up to $45.0 million for the receipt of regulatory approvals; and up to $135.0 million for sales-based milestones.

From September 2010 through October 2014, we achieved four milestones resulting in aggregate payments from Novartis of $5.6 million. There were no milestones achieved in 2015 and there have been no milestones achieved during 2016.

In September 2010, we announced achievement of the first of the four milestones that have been achieved in the collaboration with Novartis. This $300,000 milestone was triggered by the successful completion of certain preclinical development activities. In December 2011, we announced achievement of the second milestone in the collaboration with Novartis. This $300,000 milestone was triggered by the successful completion of certain preclinical development activities. In February 2014, we announced achievement of the third milestone in the collaboration with Novartis. This $2.0 million milestone was triggered by the non-rejection by the U.S. Food and Drug Administration (FDA) of the IND filed by Novartis for CGF166. In October 2014, we announced achievement of the fourth milestone in the collaboration with Novartis. This $3.0 million milestone was triggered by the first patient treated in a clinical trial with CGF166. As of October 31, 2016, milestones remaining available under the agreement include $21.0 million of additional clinical milestones, $45.0 million in regulatory milestones, and $135.0 million of sales-based milestones.

Additionally, if a product is commercialized we are also entitled to tiered royalties on the annual net sales of licensed products, on a product-by-product and country-by-country basis, at percentage rates that range based on annual net sales from the mid-single digits to the low double digits until the earlier of (a) the expiration of the last valid claim with respect to applicable patent rights and (b) January 1 following a year in which annual net sales of the product declined by a specified percentage of the highest level of prior annual net sales where the decline is reasonably attributable in part to the marketing or sale of a competing product in the country. For the five years thereafter, in the applicable country we are entitled to tiered royalties of below 1% on annual net sales. The collaboration and license agreement is terminable for convenience upon notice by either party or for uncured material breach.

In addition, the agreement allows us to receive funding from Novartis for a research program focused on developing additional adenovectors for hearing loss. During the three-month periods ended September 30, 2016 and 2015, we recognized $15,000 and $25,000, respectively, for work performed under the agreement. We recognized $0.1 million during each of the nine-month periods ended September 30, 2016 and 2015, respectively, for work performed under the agreement.

In January 2016, we were notified by Novartis that enrollment was paused in the clinical study for CGF166. This pause was based on a review of data by the trial’s Data Safety Monitoring Board (DSMB) in accordance with criteria in the trial protocol. On April 28, 2016, we were notified by Novartis, based on a review of safety and efficacy data from the nine patients currently enrolled in the study, that the DSMB recommended that the trial continue, subject to approval by the FDA. On July 25, 2016, we announced we were notified by Novartis, that the FDA had lifted the clinical hold on the trial.

In August 2010, we signed an agreement for the supply of services relating to development materials with Novartis, related to our collaboration in hearing loss and balance disorders. Under this agreement, valued at $14.9 million, we agreed to manufacture clinical trial material for up to two lead product candidates. During the three-month periods ended September 30, 2016 and 2015, we recognized $23,000 and $55,000, respectively, for work performed under this agreement. During the nine-month periods ended September 30, 2016 and 2015, we recognized $66,000 and $178,000, respectively, for work performed under this agreement.

In March 2015, we announced a collaboration with TheraBiologics, Inc. to develop cancer therapeutics leveraging both our proprietary gene delivery platform and TheraBiologics’ proprietary neural stem cell technology. Depending on the manner of commercialization, we will be entitled to profit sharing and/or royalty and milestone payments for the products being developed under the collaboration. We will contribute technology, know-how, vector construction, and technical and regulatory support to the program and TheraBiologics will be responsible for all other development costs. We anticipate TheraBiologics will advance a second generation neural stem cell-based cancer treatment utilizing our technology into the clinic in the first half of 2017.

In April 2015, we announced a Research Collaboration Agreement with the LMIV under which we will build new vaccine candidates based on our proprietary adenovectors isolated from gorillas and designed to deliver novel antigens discovered at the LMIV.

In June 2015, we announced a multi-faceted collaboration agreement with the School of Medicine at Washington University at St. Louis (WUSTL) under which we and WUSTL will create modified versions of our gorilla adenovectors that incorporate specialized targeting antibodies on the surface of the vectors. These antibodies are produced only by camels, alpacas and other camelids and are smaller and more stable in intracellular environments than their mouse or human counterparts. The ultimate goal of this collaboration is to create highly targeted therapeutics and vaccines.

In September 2016, we entered into a second amendment to our previously disclosed license agreement with Merial. Under the terms of the amendment we will provide Merial with certain biological materials and grant Merial the right to use the underlying GenVec technology to further develop and advance FMD vaccine product candidates.

(8)

Subsequent Events

On October 20, 2016, the stockholders of the Company approved an amendment to the Company’s Amended and Restated Certificate of Incorporation, in the event it is deemed by the Board of Directors to be advisable, to effect a reverse stock split of the Company’s common stock at a ratio within the range of 1-for-3 to 1-for-10, as determined by the Board of Directors.

GENVEC, INC.

FORM 10-Q

FORWARD-LOOKING STATEMENTS

This report includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

Forward-looking statements also may be included in other statements that we make. All statements that are not descriptions of historical facts are forward-looking statements and are based on management’s estimates, assumptions and projections that are subject to risks and uncertainties. These statements can generally be identified by the use of forward-looking words like “believe,” “expect,” “intend,” “may,” “will,” “should,” “anticipate,” or similar terminology.

Although we believe that the expectations reflected in our forward-looking statements are reasonable as of the date we make them, actual results could differ materially from those currently anticipated due to a number of factors, including risks relating to:

•

decisions we make with respect to the future and strategic direction of our Company;

•

our product candidates being in the early stages of development;

•

our ability to find collaborators and, if we find collaborators, to mutually agree on terms for our collaborations;

•

our reliance on collaborators;

•

the timing, amount, and availability of revenues from our government-funded vaccine programs;

•

uncertainties with, and unexpected results and related analyses relating to, preclinical development and clinical trials of our product candidates;

•

the timing and content of future FDA regulatory actions related to us, our product candidates, or our collaborators;

•

our financial condition, the sufficiency of our existing cash, cash equivalents, marketable securities, and cash generated from operations, and our ability to lower our operating costs;

•

the scope and validity of patent protection for our product candidates and our ability to commercialize technology and products without infringing the patent rights of others; and

•

the listing of our common stock on the NASDAQ Stock Market.

Further information on the factors and risks that could affect our business, financial condition and results of operations is set forth under Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2015 and is contained in our other filings with the SEC. The filings are available on our website at www.genvec.com or at the SEC’s website, www.sec.gov.

Forward-looking statements in this Quarterly Report on Form 10-Q speak only as of the date of this report, and we assume no duty to update our forward-looking statements. The forward-looking statements in this report are intended to be subject to protection afforded by the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

OVERVIEW

GenVec, Inc. (GenVec, we, our, or the Company) is a clinical-stage biopharmaceutical company with an entrepreneurial focus on leveraging its proprietary AdenoVerse™ gene delivery platform to develop a pipeline of cutting-edge therapeutics and vaccines. The Company is a pioneer in the design, testing and manufacture of adenoviral-based product candidates that can deliver on the promise of gene-based medicine. GenVec’s lead product candidate, CGF166, is licensed to Novartis Institutes for BioMedical Research, Inc. (together with Novartis AG and its subsidiary corporations, including Novartis Pharma AG, Novartis) and is currently in a Phase 1/2 clinical study for the treatment of hearing loss and balance disorders. In addition to our internal and partnered pipeline, we also focus on opportunities to license our proprietary technology platform, including vectors and production cell lines, to potential collaborators in the biopharmaceutical industry for the development and manufacture of therapeutics and vaccines.

A key component of our strategy is to develop and commercialize our product candidates through collaborations. GenVec is working with prominent companies and organizations such as Novartis, Merial Inc., formerly Merial Limited (Merial), and the U.S. government, as well as promising young companies such as TheraBiologics, to support a portfolio of programs that addresses the prevention and treatment of a number of significant human and animal health concerns. GenVec’s combination of internal and partnered development programs address therapeutic areas such as hearing loss and balance disorders and oncology, as well as vaccines against infectious diseases, including respiratory syncytial virus (RSV), herpes simplex virus (HSV), and malaria. In the area of animal health we are developing vaccines against foot-and-mouth disease (FMD).

We have multiple vaccine candidates that leverage our core adenovector technology including our vaccine candidates for the prevention or treatment of RSV and HSV. We also have a program to develop a vaccine for malaria, a program in which we are currently working in collaboration with the Laboratory of Malaria Immunology and Vaccinology of the National Institute of Allergy and Infectious Diseases, National Institutes of Health. In the field of animal health, we are working with Merial to commercialize vaccines for the prevention of a major animal health problem, FMD. Development efforts for this program were supported by the U.S. Department of Homeland Security (DHS) and performed in collaboration with the U.S. Department of Agriculture.

On February 24, 2016, we received notification from NASDAQ that the minimum bid price of our common stock had remained below $1.00 per share for 30 consecutive business days, and we therefore are not in compliance with the minimum bid price requirement for continued listing set forth in Marketplace Rule 5550(a)(2). The notification letter stated that we would be afforded 180 calendar days, or until August 22, 2016, to regain compliance with the minimum bid price requirement. On August 23, 2016, we received notification from NASDAQ that we had been afforded a second 180 calendar day grace period, or until February 21, 2017, to regain compliance. Delisting of our common stock from NASDAQ as a result of non-compliance could adversely affect our ability to raise additional financing through the public or private sale of equity securities, significantly affect the ability of investors to trade our securities, and negatively affect the value and liquidity of our common stock. Delisting could also have other negative results, including the potential loss of confidence by employees, the loss of institutional investor interest, and fewer business development opportunities. Management is currently evaluating potential options to address this situation.

As a biopharmaceutical company, our business and our ability to execute our strategy to achieve our corporate goals are subject to numerous risks and uncertainties. Material risks and uncertainties relating to our business and our industry are described in Item 1A of Part II of this Quarterly Report on Form 10-Q and in Item 1A of Part I of our Annual Report on Form 10-K for the year ended December 31, 2015. The description of our business in this Quarterly Report on Form 10-Q should be read in conjunction with those material risks and uncertainties.

FINANCIAL OVERVIEW FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2016 AND 2015

Results of Operations

GenVec’s net loss was $1.2 million or $0.05 per share on revenues of $173,000 for the three months ended September 30, 2016. This compares to a net loss of $1.5 million or $0.09 per share on revenues of $193,000 in the same period in the prior year. GenVec’s net loss was $4.3 million or $0.21 per share on revenues of $489,000 for the nine months ended September 30, 2016. This compares to a net loss of $4.9 million or $0.30 per share on revenues of $725,000 in the same period in the prior year. Included in our net loss for the first nine months of 2016 was stock-based compensation expense and the change in the fair value of warrant liabilities of $0.6 million and $1.1 million as compared to $0.7 million and $0 for the same period in the prior year. GenVec ended the third quarter of 2016 with $8.4 million in cash, cash equivalents, and investments.

Revenue

Revenues for the three-month and nine-month periods ended September 30, 2016 were $173,000 and $489,000, respectively, which represent decreases of 10% and 33% as compared to $193,000 and $725,000 in the comparable prior year periods.

Revenues for the three-month and nine-month periods ended September 30, 2016 were derived from the collaboration with Novartis to discover and develop novel treatments for hearing loss and balance disorders. Revenues were also derived from the Company’s funded research and development programs with the National Institutes of Allergy and Infectious Diseases of the National Institutes of Health (NIH), and the U.S. Naval Medical Research Center, and Merial, all of which use GenVec’s proprietary adenovector technology for the development of vaccines against malaria or vaccine candidates against FMD for livestock.

In addition, the agreement allows us to receive funding from Novartis for a research program focused on developing additional adenovectors for hearing loss. During the three-month periods ended September 30, 2016 and 2015, we recognized $15,000 and $25,000, respectively, for work performed under the agreement. During the nine month periods ended September 30, 2016 and 2015, we recognized $87,000 and $119,000, respectively, for work performed under the agreement.

In January 2016, we were notified by Novartis that enrollment was paused in the clinical study for CGF166. This pause was based on a review of data by the trial’s Data Safety Monitoring Board (DSMB) in accordance with criteria in the trial protocol. On April 28, 2016, we were notified by Novartis, based on a review of safety and efficacy data from the nine patients currently enrolled in the study, that the DSMB recommended that the trial continue, subject to approval by the U.S. Food and Drug Administration (FDA). On July 25, 2016, we announced we were notified by Novartis, that the FDA had lifted the clinical hold on the trial.

For more information on the Novartis agreement, its terms and the amounts paid or recognized thereunder to date, see note 7, “Collaborative Agreements,” in Notes to Condensed Financial Statements.

In August 2010, we signed an agreement for the supply of services relating to development materials with Novartis related to our collaboration in hearing loss and balance disorders. Under this agreement, valued at $14.9 million, we agreed to manufacture clinical trial material for up to two lead product candidates. During the three-month periods ended September 30, 2016 and 2015, we recognized $23,000 and $55,000, respectively, for work performed under this agreement. During the nine-month periods ended September 30, 2016 and 2015, we recognized $66,000 and $178,000, respectively, for work performed under this agreement.

Revenues recognized under our various funded research projects for the three- and nine-month periods ended September 30, 2016 and 2015 are as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
	(in thousands)

Hearing loss and balance disorders	$	38	$	80	$	153	$	297
Animal Health		100		-		100		180
Malaria		35		13		236		98
Other		-		100		-		150

Total	$	173	$	193	$	489	$	725

The decrease in revenue for the three-month period ended September 30, 2016 is primarily attributable to a reduced work scope under our hearing loss and balance disorders program, which resulted in a $42,000 reduction in revenue in the current period as compared to the same period in 2015. This was partially offset by an increase of $22,000 in revenue for work performed under our malaria program.

The decrease in revenue for the nine-month period ended September 30, 2016 is primarily attributable to the completion of our contract with the DHS related to our animal health program in February 2015. We recognized $0.2 million in revenue under this contract in the nine months of 2015 with no corresponding revenue associated with this contract in the same period in 2016. Revenue under our animal health program in 2016 is related to the second amendment to our license agreement with Merial. Also contributing to the decrease was a reduced work scope under our hearing loss and balance disorders program, which resulted in a $0.1 million reduction in revenue in the current period as compared to the same period in 2015. Partially offsetting these decreases was an increase in revenue from our malaria program of $0.1 million, primarily attributable to our grant with the NIH. As noted previously, work under this grant was completed in March 2016.

The Company continues to focus on opportunities to license our proprietary technology platform, including vectors and production cell lines, to potential collaborators in the biopharmaceutical industry for the development and manufacture of therapeutics and vaccines.

Expenses

Operating expenses were $1.7 million and $5.6 million for the three-month and nine-month periods ended September 30, 2016, respectively, which are in-line with the comparable prior year periods.

General and administrative expenses for the three-month and nine-month periods ended September 30, 2016 increased 18% and 4%, respectively, with expenses of approximately $1.2 million and $3.8 million in 2016 as compared to $1.0 million and $3.6 million, respectively, in 2015. The increase is primarily attributable to higher expenses for professional services in the three-month period ended September 30, 2016 as compared to the same period in 2015. For the nine-month period ended September 30, 2016, the increase is primarily attributable to higher personnel costs due to the expansion of our workforce by three full-time employees as compared to the same period in 2015.

Research and development expenses for the three-month and nine-month periods ended September 30, 2016 decreased 26% and 10%, respectively, with expenses of approximately $0.5 million and $1.8 million in 2016 as compared to $0.7 million and $2.0 million, respectively, in 2015. The decreases are primarily attributable to lower expenses for personnel and professional services in both the three- and nine-month periods ended September 30, 2016 as compared to the same periods in 2015.

Other income, net for the three-month and nine-month periods ended September 30, 2016 was $323,000 and $841,000, respectively, as compared to $6,000 and $19,000, respectively, for the same periods in 2015. The increases in the 2016 periods were due to a $0.3 million and $1.1 million change in the fair value of the warrant liabilities in connection with our May 10, 2016 registered offering, respectively, for the three- and nine-month periods ended September 30, 2016, partially offset by financing expenses of $250,000 related to the offering, in the nine-month period ended September 30, 2016.

Liquidity and Capital Resources

We have experienced significant losses since our inception. As of September 30, 2016 we have an accumulated deficit of $289.1 million. The process of developing and commercializing our product candidates requires significant research and development work and clinical trial work, as well as significant manufacturing and process development efforts. These activities, together with our general and administrative expenses, are expected to continue to result in significant operating losses for the foreseeable future.

As of September 30, 2016, cash, cash equivalents, and investments totaled $8.4 million as compared to $8.7 million on December 31, 2015.

For the nine months ended September 30, 2016, we used $4.8 million of cash for operating activities. This consisted of a net loss for the period of $4.3 million, which included approximately $70,000 of non-cash depreciation and amortization, $0.6 million of non-cash stock-based compensation, a $1.1 million gain for the change in the fair value of the warrants issued in connection with our May 10, 2016 registered offering, $0.3 million for financing expense, and $0.3 million used in the net change in current assets and liabilities and $8,000 provided for the net change in non-current liabilities. Net cash was used primarily for our internally funded research and development programs and general and administrative activities.

For the nine months ended September 30, 2015, we used $4.7 million of cash for operating activities. This consisted of a net loss for the period of $4.9 million, which included approximately $24,000 of bad debt expense, $72,000 of non-cash depreciation and amortization, $0.7 million of non-cash stock-based compensation, $0.6 million used by the net change in current assets and liabilities and $2,000 provided by the net change in non-current liabilities. Net cash was used primarily for our internally funded research and development programs and general and administrative activities.

Net cash used by investing activities during the nine months ended September 30, 2016 was $1.9 million. This consisted primarily of purchases and maturities of investments.

Net cash provided by investing activities during the nine months ended September 30, 2015 was $3.3 million. This consisted of proceeds from the sale and maturity of investments of $3.4 million partially offset by $44,000 of cash used for the purchase of furniture and equipment.

Net cash provided by financing activities during the nine months ended September 30, 2016 was $4.5 million, which represents the proceeds from the registered offering, described below, completed on May 10, 2016.

Net cash used in financing activities during the nine months ended September 30, 2015 was $20,000, which represent the issuance costs of common stock issued under the terms of our EDA with Roth Capital Partners, described below, in 2014.

The Staff’s determination in the August 23, 2016 notice was based on us meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on The NASDAQ Capital Market with the exception of the minimum bid price requirement, and our written notice to NASDAQ of our intention to cure the minimum bid price deficiency, including by effecting a reverse stock split, if necessary. On October 20, 2016, our stockholders approved an amendment to our Amended and Restated Certificate of Corporation to effect a reverse stock split of our common stock at a ratio within the range of 1-for-3 to 1-for-10, as determined by our Board of Directors. If necessary, our Board of Directors will consider whether, when and at what ratio to implement the reverse stock split.

If we do not regain compliance by February 21, 2017, the Listing Qualifications Department of NASDAQ has indicated it will provide written notification to us that our common stock will be delisted. At that time, we may appeal the delisting determination to a NASDAQ Hearings Panel (the Panel). Our common stock would remain listed pending the Panel’s decision. Management is currently evaluating potential options to address this situation.

Delisting from NASDAQ could adversely affect our ability to raise additional financing through the public or private sale of equity securities, significantly affect the ability of investors to trade our securities, and negatively affect the value and liquidity of our common stock. Delisting could also have other negative results, including the potential loss of confidence by employees, the loss of institutional investor interest, and fewer business development opportunities.

Since our initial public offering, we have raised capital by offering shares of our common stock and warrants to purchase shares of our common stock in a variety of offerings.

Effective September 7, 2011, we entered into a Stockholder Rights Agreement between the Company and American Stock Transfer & Trust Company, LLC, as rights agent. The Stockholder Rights Agreement was not adopted in response to any specific effort to acquire control of the Company. In connection with the adoption of the Stockholder Rights Agreement, the Company’s Board of Directors declared a dividend of one preferred stock purchase right, or Right, for each outstanding share of common stock to stockholders of record as of the close of business on September 7, 2011. Initially, the Rights will be represented by GenVec’s common stock certificates or book entry notations, will not be traded separately from the common stock, and will not be exercisable. In the event that any person acquires beneficial ownership of 20% or more of the outstanding shares of GenVec’s common stock, or upon the occurrence of certain other events, each holder of a Right, other than the acquirer, would be entitled to receive, upon payment of the purchase price, which is initially set at $32 per Right, a number of shares of GenVec common stock having a value equal to two times such purchase price. The Company’s Board of Directors is entitled to redeem the Rights at $0.001 per right at any time before a person or group has acquired 20% or more of the Company’s common stock. The Rights will expire on September 7, 2021, subject to the Company’s right to extend such date, unless earlier redeemed or exchanged by the Company or terminated. The Rights will at no time have any voting rights. The Company has authorized 30,000 shares of Series B Junior Participating Preferred Stock in connection with the adoption of the Stockholder Rights Agreement. There was no Series B Junior Participating Preferred Stock issued or outstanding as of September 30, 2016.

On January 23, 2014, we filed a $75.0 million shelf registration statement on Form S-3 (the 2014 shelf registration statement), with the Securities and Exchange Commission. The 2014 shelf registration statement was declared effective February 11, 2014 and allows us to obtain financing through the issuance of any combination of common stock, preferred stock or warrants. Pursuant to General Instruction I.B.6 of Form S-3, in no event will we sell securities in a public primary offering using Form S-3 with a value exceeding more than one-third of our public float in any 12-month period so long as our public float remains below $75.0 million.

On February 11, 2014, we entered into an Equity Distribution Agreement (the EDA) with Roth Capital Partners, LLC (Roth Capital Partners), pursuant to which we may sell from time to time up to $10.0 million of shares of our common stock, par value $0.001 per share, through Roth Capital Partners. Sales of shares pursuant to the EDA, if any, may be made by any method permitted by law deemed to be an “at the market” offering as defined in Rule 415 of the Securities Act of 1933, as amended, including without limitation directly on the NASDAQ Capital Market, or any other existing trading market for the shares or through a market maker, or, if agreed by the Company and Roth Capital Partners, by any other method permitted by law, including but not limited to in negotiated transactions. Sales under the EDA have been made and will be made pursuant to the 2014 shelf registration statement. As of March 31, 2014, we had sold 721,677 shares pursuant to the EDA for gross proceeds of approximately $2.6 million. We have not sold any shares under the EDA since that date. We agreed not to use the EDA for a period of 120 days after our May 10, 2016 registered offering.

On March 18, 2014, we sold 2,870,000 shares of our common stock, par value $0.001, in a registered direct offering pursuant to the 2014 shelf registration statement (the Registered Direct Offering), at a price of $3.15 per share, resulting in gross proceeds of approximately $9.0 million.

In connection with the offering of the Shares and Warrants, we issued to the placement agent and its designees unregistered warrants to purchase an aggregate of 383,037 shares of our common (the Placement Agent Warrants). The Placement Agent Warrants have substantially the same terms as the Warrants, except that the Placement Agent Warrants will expire on May 4, 2021 and have an exercise price equal to $1.1422 per share of common stock.

The net proceeds from the sale of the Shares and the Warrants are $4.5 million after deducting certain fees due to the placement agent and our estimated transaction expenses. We have also expensed $10,000 of previously capitalized 2014 Shelf Registration costs as a result of this offering.

Our estimated future capital requirements are uncertain and could change materially as a result of many factors, including the progress of our research, development, clinical, manufacturing, and commercialization activities. We currently estimate we will use between $6.0 million and $6.5 million of cash during the four quarters ending September 30, 2017. Our estimate includes approximately $0.4 million in contractual obligations. Based on this estimate we expect to have sufficient resources to fund our operations into 2018.

Off-Balance Sheet Arrangements and Contractual Obligations

We have no off-balance sheet financing arrangements other than in connection with our operating leases, which are described in Note 7, Commitments and Contingencies, of the Notes to Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2015.

Significant Accounting Policies and Estimates

We describe our significant accounting policies in Note 2, Summary of Significant Accounting Policies, of the Notes to Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2015. We discuss our critical accounting estimates in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, in our Annual Report on Form 10-K for the year ended December 31, 2015.

There have been no material changes in our significant accounting policies or critical accounting estimates since the end of 2015.

Recently Issued Accounting Pronouncements

For a discussion of recently issued accounting pronouncements, refer to the section titled “Recent Accounting Pronouncements” within Note 1, General, of the Notes to Condensed Financial Statements in this Quarterly Report on Form 10-Q.

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

ITEM 4.

CONTROLS AND PROCEDURES

As of September 30, 2016, under the supervision and with the participation of our president, chief executive officer and corporate secretary (our principal executive officer) and our sr. director, accounting & finance, corporate controller and treasurer (our principal financial officer), we have reviewed and evaluated the effectiveness of the design and operation of our disclosure controls and procedures. Based on that evaluation, our president, chief executive officer and corporate secretary and our sr. director, accounting & finance, corporate controller and treasurer have concluded that, as of September 30, 2016, these disclosure controls and procedures are effective at the reasonable assurance level in alerting them in a timely manner to material information required to be included in our periodic reports filed with the SEC.

There were no changes in our internal control over financial reporting identified in connection with the evaluation required by Rules 13a-15(d) and 15d-15(d) of the Exchange Act of 1934, as amended, that occurred during the quarter ended September 30, 2016 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1.

LEGAL PROCEEDINGS

None

ITEM 1A.

RISK FACTORS

Investing in our securities involves a high degree of risk. You should carefully consider the following discussion of risk factors, in its entirety, in addition to the risk factors set forth in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2015, as well as other information contained in that report, in this Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, and in the other reports we file with the SEC.

Our common stock is at risk for delisting from the NASDAQ Stock Market. If it is delisted, our stock price and the liquidity of our common stock would be impacted.

Our common stock is currently listed on the NASDAQ Capital Market of the NASDAQ Stock Market (NASDAQ). Continued listing of a security on NASDAQ is conditioned upon compliance with various continued listing standards. On January 11, 2016, the minimum bid price of our common stock on NASDAQ dropped below $1.00 per share. On February 24, 2016, we received notification from NASDAQ that the minimum bid price of our common stock had remained below $1.00 per share for 30 consecutive business days, and we therefore are not in compliance with the minimum bid price requirement for continued listing set forth in Marketplace Rule 5550(a)(2). The notification letter stated that we would be afforded 180 calendar days, or until August 22, 2016, to regain compliance with the minimum bid price requirement. On August 23, 2016, we received notification from NASDAQ that we had been afforded a second 180 calendar day grace period, or until February 21, 2017, to regain compliance. To regain compliance, the closing bid price of our common stock must meet or exceed $1.00 per share for at least ten consecutive business days. NASDAQ may, in its discretion, require our common stock to maintain a bid price of at least $1.00 per share for a period in excess of ten consecutive business days, but generally no more than 20 consecutive business days, before determining we have demonstrated an ability to maintain long-term compliance. If we do not regain compliance by February 21, 2017, the Listing Qualifications Department of NASDAQ has indicated it will provide written notification to us that our common stock will be delisted. At that time, we may appeal the delisting determination to a NASDAQ Hearings Panel (the Panel). Our common stock would remain listed pending the Panel’s decision.

Delisting from NASDAQ could adversely affect our ability to raise additional financing through the public or private sale of equity securities, significantly affect the ability of investors to trade our securities and negatively affect the value and liquidity of our common stock. Delisting could also have other negative results, including the potential loss of confidence by employees, the loss of institutional investor interest, and fewer business development opportunities.

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

None

ITEM 4.

MINE SAFETY DISCLOSURES

None

ITEM 5.

OTHER INFORMATION

None

ITEM 6.

EXHIBITS

31.1

Rule 13a-14(a) Certification by Principal Executive Officer. (filed herewith)

31.2

Rule 13a-14(a) Certification by Principal Financial Officer. (filed herewith)

32.1

Rule 13a-14(b) Certification by Principal Executive Officer pursuant to 18 United States Code Section 1350. (filed herewith)

32.2

Rule 13a-14(b) Certification by Principal Financial Officer pursuant to 18 United States Code Section 1350. (filed herewith)

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SIGNATURES

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

		GENVEC, INC.
		(Registrant)

Date: November 4, 2016	By:	/s/ Douglas J. Swirsky
		Douglas J. Swirsky
		President, Chief Executive Officer, Corporate Secretary and Director

Date: November 4, 2016	By:	/s/ James V. Lambert
		James V. Lambert Sr. Director, Accounting & Finance, Corporate Controller and Treasurer (Principal Financial Officer and Principal Accounting Officer)

EX-31.1 2 t1600685_ex31-1.htm EXHIBIT 31.1

Exhibit 31.1

CERTIFICATIONS

I, Douglas J. Swirsky, certify that:

I have reviewed this Quarterly Report on Form 10-Q of GenVec, Inc.;

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 period covered by this report;

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

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

a.)

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

b.)

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

c.)

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

d.)

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

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.

Date: November 4, 2016

/s/ Douglas J. Swirsky

Douglas J. Swirsky

President, Chief Executive Officer and Corporate Secretary

(Principal Executive Officer)

EX-31.2 3 t1600685_ex31-2.htm EXHIBIT 31.2

Exhibit 31.2

CERTIFICATIONS

I, James V. Lambert, certify that:

I have reviewed this Quarterly Report on Form 10-Q of GenVec, Inc.;

a.)

b.)

c.)

d.)

a.)

b.)

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

Date: November 4, 2016

/s/ James V. Lambert

James V. Lambert

Sr. Director, Accounting & Finance, Corporate Controller and Treasurer

(Principal Financial Officer and Principal Accounting Officer)

EX-32.1 4 t1600685_ex32-1.htm EXHIBIT 32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of GenVec, Inc. (the “Registrant”) on Form 10-Q as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Douglas J. Swirsky, as President, Chief Executive Officer and Corporate Secretary of the Registrant, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to my knowledge, that:

(1)

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

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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

Date: November 4, 2016	/s/ Douglas J. Swirsky
	Douglas J. Swirsky
	President, Chief Executive Officer and Corporate Secretary

EX-32.2 5 t1600685_ex32-2.htm EXHIBIT 32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of GenVec, Inc. (the “Registrant”) on Form 10-Q as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, James V. Lambert, as Sr. Director, Accounting & Finance, Corporate Controller and Treasurer of the Registrant, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to my knowledge, that:

(1)

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

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: November 4, 2016

/s/ James V. Lambert

James V. Lambert

Sr. Director, Accounting & Finance, Corporate Controller and Treasurer

(Principal Financial Officer and Principal Accounting Officer)

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<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0pt; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0px;"></td> <td style="width: 27pt;"><b>(1)</b></td> <td><b>General</b></td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b> </b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"><i>Basis of Presentation</i></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">The (a) condensed balance sheet as of December 31, 2015, which has been derived from audited financial statements, and (b) unaudited interim condensed financial statements included herein have been prepared by GenVec, Inc. (GenVec, we, our, or the Company) without audit pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations. We believe the disclosures are adequate to make the information presented not misleading. The condensed financial statements included herein should be read in conjunction with the financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC.</p> <p style="widows: 2; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">In the opinion of management, the accompanying financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position of the Company as of September 30, 2016 and December 31, 2015 and the results of its operations for the three-month and nine-month periods ended September 30, 2016 and September 30, 2015, and cash flows for the nine-month periods ended September 30, 2016 and September 30, 2015. The results of operations for any interim period are not necessarily indicative of the results of operations for any other interim period or for a full fiscal year.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"><i>Business</i></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">GenVec is a clinical-stage biopharmaceutical company with an entrepreneurial focus on leveraging its proprietary AdenoVerse™ gene delivery platform to develop a pipeline of cutting-edge therapeutics and vaccines. The Company is a pioneer in the design, testing and manufacture of adenoviral-based product candidates that can deliver on the promise of gene-based medicine. GenVec’s lead product candidate, CGF166, is licensed to Novartis Institutes for BioMedical Research, Inc. (together with Novartis AG and its subsidiary corporations, including Novartis Pharma AG, Novartis) and is currently in a Phase 1/2 clinical study for the treatment of hearing loss and balance disorders. In addition to our internal and partnered pipeline, we also focus on opportunities to license our proprietary technology platform, including vectors and production cell lines, to potential collaborators in the biopharmaceutical industry for the development and manufacture of therapeutics and vaccines.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">A key component of our strategy is to develop and commercialize our product candidates through collaborations. GenVec is working with prominent companies and organizations such as Novartis, Merial Inc., formerly Merial Limited (Merial), and the U.S. government, as well as promising young companies such as TheraBiologics, to support a portfolio of programs that addresses the prevention and treatment of a number of significant human and animal health concerns. GenVec’s combination of internal and partnered development programs address therapeutic areas such as hearing loss and balance disorders and oncology, as well as vaccines against infectious diseases, including respiratory syncytial virus (RSV), herpes simplex virus (HSV), and malaria. In the area of animal health, we are developing vaccines against foot-and-mouth disease (FMD).</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">Our AdenoVerse gene delivery technology has the important advantage of localizing protein delivery in the body. This is accomplished by using our adenovector platform to locally deliver genes to cells, which then direct production of the desired protein. This approach reduces side effects typically associated with systemic delivery of proteins. For therapeutics, the goal is for the protein produced to have a meaningful effect in treating the cause, manifestation, or progression of the disease. For vaccines, the goal is to induce an immune response against a target protein or antigen. This is accomplished by using an adenovector to deliver a gene that causes production of an antigen, which then stimulates the desired immune reaction by the body.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">  </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">Our research and development activities yield product candidates that utilize our technology platform and represent potential commercial opportunities. For example, preclinical research in hearing loss and balance disorders indicates that the delivery of the atonal gene using GenVec’s adenovector technology may have the potential to restore hearing and balance function. We are currently working with Novartis on the development of novel treatments for hearing loss and balance disorders that emerged from these research and development efforts. There are currently no effective therapeutic treatments available for patients who have lost all balance function, and hearing loss remains a major unmet medical problem.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">We have multiple vaccine candidates that leverage our core adenovector technology including our vaccine candidates for the prevention or treatment of RSV and HSV. We also have a program to develop a vaccine for malaria, a program in which we are currently working in collaboration with the Laboratory of Malaria Immunology and Vaccinology (LMIV) of the National Institute of Allergy and Infectious Diseases, National Institutes of Health. In the field of animal health, we are working with Merial to commercialize vaccines for the prevention of a major animal health problem, FMD. Development efforts for this program were supported by the U.S. Department of Homeland Security and performed in collaboration with the U.S. Department of Agriculture.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">Our business strategy is focused on entering into collaborative arrangements to complete the development and commercialization of our product candidates. In the event that third parties take over the development for one or more of our product candidates, the estimated completion date would largely be under the control of that third party rather than us. We cannot forecast with any degree of certainty which proprietary products or indications, if any, will be subject to future collaborative arrangements, in whole or in part, or how such arrangements would affect our development plan or capital requirements. Our programs may also benefit from subsidies, grants, or government or agency-sponsored studies that could reduce our development costs.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">An element of our business strategy is to pursue, as resources permit, the research and development of a range of product candidates for a variety of indications. This is intended to allow us to diversify the risks associated with our research and development expenditures. To the extent we are unable to maintain a broad range of product candidates, our dependence on the success of one or a few product candidates would increase.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">As a result of the uncertainties involved in our business, we are unable to estimate the duration and completion costs of our research and development projects or when, if ever, and to what extent we will receive cash inflows from the commercialization and sale of a product. Our inability to complete our research and development projects in a timely manner or our failure to enter into collaborative agreements, when appropriate, could significantly increase our capital requirements and could adversely impact our liquidity. These uncertainties could force us to seek additional, external sources of financing from time to time in order to continue with our business strategy. Our inability to raise additional capital, or to do so on terms reasonably acceptable to us, would jeopardize the future success of our business. Our estimated future capital requirements are uncertain and could change materially as a result of many factors, including the progress of our research, development, clinical, manufacturing, and commercialization activities. However, we believe our current cash, cash equivalents, investments and committed and expected revenues from our strategic collaborations are expected to be sufficient to continue our current research, development and collaborative activities into 2018.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"><i> </i></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"><i>Use of Estimates</i></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">The preparation of financial statements, in conformity with U.S. generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, and revenues and expenses during the period. Critical accounting policies involved in applying our accounting policies are those that require management to make assumptions about matters that are highly uncertain at the time the accounting estimate was made and those for which different estimates reasonably could have been used for the current period. Critical accounting estimates are also those which are reasonably likely to change from period to period, and would have a material impact on the presentation of our financial condition, changes in financial condition or results of operations. Our most critical accounting estimates relate to accounting policies for strategic collaborations and research contract revenues, research and development activities, stock-based compensation and the fair value of our warrant liabilities. Management bases its estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances. Actual results could differ from these estimates.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"><i> </i></p> <div style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"><i>Revenue Recognition</i></div> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">Revenue is recognized when all four of the following criteria are met (i) a contract is executed, (ii) the contract price is fixed and determinable, (iii) delivery of the services or products has occurred, and (iv) collectability of the contract amounts is considered probable.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">Our collaborative research and development agreements provide for upfront license fees, research payments, and/or substantive milestone payments. Upfront non-refundable fees associated with license and development agreements where we have continuing involvement in the agreement are recorded as deferred revenue and recognized over the estimated service period. If the estimated service period is subsequently modified, the period over which the upfront fee is recognized is modified accordingly on a prospective basis. Upfront non-refundable license and development fees for which no future performance obligations exist are recognized when collection is assured. Substantive milestone payments are considered performance payments and are recognized upon achievement of the milestone if all of the following criteria are met: (i) achievement of the milestone involves a degree of risk and was not reasonably assured at the inception of the arrangement; (ii) substantive effort is involved in achieving the milestone; and (iii) the amount of the milestone payment is reasonable in relation to all of the deliverables and payment terms within the arrangement. Determination of whether a milestone meets the aforementioned conditions involves the judgment of management.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">Research and development revenue from cost-reimbursement and cost-plus fixed-fee agreements is recognized as earned based on the performance requirements of the contract. Revisions in revenues, cost, and billing factors, such as indirect rate estimates, are accounted for in the period of change. Reimbursable costs under such contracts are subject to audit and retroactive adjustment. Contract revenues and accounts receivable reported in the financial statements are recorded at the amount expected to be received. Contract revenues are adjusted to actual upon final audit and retroactive adjustment. Estimated contractual allowances are provided based on management’s evaluation of current contract terms and past experience with disallowed costs and reimbursement levels. Payments received in advance of work performed are recorded as deferred revenue.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">Research and development revenue from fixed-price best efforts arrangements is recognized as earned based on the performance requirements of the contract. Revenue under these arrangements is recognized when delivery to and acceptance by the customer have occurred. During the period of performance, recoverable contract costs are accumulated on the balance sheet in other current assets, but no revenue or profit is recorded prior to customer acceptance of the contractually stated deliverables. Recoverable contract costs that are accumulated on the balance sheet include all direct costs associated with the arrangement and an allocation of indirect costs. Payments received in advance of customer acceptance are recorded as deferred revenue. Once customer acceptance has been received, revenue and recoverable contract costs are recognized. Over the course of the arrangement, we routinely evaluate whether revenue and profitability should be recognized in the current period. Any known or probable losses on projects are charged to operations in the period in which such losses are determined.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"><i>Fair Value of Financial Instruments</i></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"><i> </i></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">The carrying amounts reported in the accompanying financial statements for cash, cash equivalents, investments, and warrant liabilities, approximate fair value of these financial instruments.  The fair value for marketable securities and warrant liabilities is discussed in Notes 2 and 4, respectively.</p> <p style="text-align: justify; widows: 2; text-transform: none; background-color: white; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; background-color: white; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"><i>Recent Accounting Pronouncements</i></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="background-color: white;">In August 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-15, “Statement of Cash Flows (Topic 230): Clarification of Certain Cash Receipts and Cash Payments.” The objective of ASU 2016-15 is to eliminate the diversity in practice related to the classification of certain cash receipts and payments in the statement of cash flows, by adding or clarifying guidance on eight specific cash flow issues. For public business entities, ASU 2016-15 is effective for annual and interim reporting periods beginning after December 15, 2017, with early adoption permitted. ASU 2015-16 provides that the amendments in the update should be applied retrospectively to all periods presented, unless deemed impracticable, in which case, prospective application is permitted. The Company is currently evaluating the impact this standard may have on our financial statements.</font></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">In March 2016, the FASB, issued ASU No. 2016-09, “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting,” which changes the accounting for certain aspects of share-based payments to employees. The amendments in this ASU require the recognition of the income tax effects of awards in the income statement when the awards vest or are settled, thus eliminating additional paid-in capital pools. The standard also allows the employer to repurchase more of an employee’s shares for tax withholding purposes without triggering liability accounting. In addition, the standard allows for a policy election to account for tax forfeitures as they occur rather than on an estimated basis. The amendments in this ASU are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is currently evaluating the impact of adopting this standard.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” The new standard requires that all lessees recognize the assets and liabilities that arise from leases on the balance sheet and disclose qualitative and quantitative information about their leasing arrangements. The amendments in this ASU are effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The adoption of this standard is expected to have a material impact on our financial position. The Company is currently evaluating the impact this standard may have on our results of operations.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities,” which amends the guidance in U.S. generally accepted accounting principles on the classification and measurement of financial instruments. Changes to the current guidance primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the ASU clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The amendments in this ASU are effective for fiscal years and interim periods beginning after December 15, 2017, and are to be adopted by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted except for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. The Company is currently evaluating the impact of adopting this standard.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes,” which simplifies the presentation of deferred income taxes by requiring that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This ASU is effective for financial statements issued for annual periods beginning after December 16, 2016, and interim periods within those annual periods. The adoption of this standard will not have any impact on the Company’s financial position, results of operations, or disclosures.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">In April 2015, the FASB issued ASU No. 2015-03, “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.”  To simplify the presentation of debt issuance costs, the amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts.  The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU.  The amendments in this ASU are effective for financial statements issued for fiscal years beginning after December 15, 2015 and interim periods within fiscal years beginning after December 15, 2016.  Early adoption of the amendments in this ASU is permitted for financial statements that have not been previously issued.  The adoption of this standard will not have any impact on the Company’s financial position, results of operations, or disclosures.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements—Going Concern (Topic 205),” which requires management to assess an entity’s ability to continue as a going concern and to provide related disclosures in certain circumstances. Under the new standard, disclosures are required when conditions or events give rise to substantial doubt about an entity’s ability to continue as a going concern within one year from the financial statement issuance date. The new standard is effective for annual periods ending after December 15, 2016, and all annual and interim periods thereafter. Early application is permitted. The adoption of this standard will not have any impact on the Company’s financial position or results of operations and, at this time, the Company does not expect any impact on its disclosures.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which supersedes all existing revenue recognition requirements, including most industry-specific guidance. The new standard requires a company to recognize revenue when it transfers goods or services to customers in an amount that reflects the consideration that the company expects to receive for those goods or services. ASU 2014-09 was originally going to be effective for us on January 1, 2017; however, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606) – Deferral of the Effective Date,” which deferred the effective date of ASU 2014-09 by one year to January 1, 2018. In March 2016, the FASB issued ASU No. 2016-8, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations. The amendments in this ASU do not change the core principle of ASU No. 2014-09 but the amendments clarify the implementation guidance on reporting revenue gross versus net. The effective date for the amendments in this ASU is the same as the effective date of ASU No. 2014-09. In April 2016, the FASB issued ASU No. 2016-10, “Revenue from Contracts with Customers (Identifying Performance Obligations and Licensing),” to clarify the implementation guidance on identifying performance obligations and licensing. The standard allows for either “full retrospective” adoption, meaning the standard is applied to all of the periods presented, or “modified retrospective” adoption, meaning the standard is applied only to the most current period presented in the financial statements. The Company is currently evaluating the impact of adopting these standards.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">There are no other applicable new accounting pronouncements issued by but not effective until after September 30, 2016 that could have a significant effect on our financial position or results of operations.</p>

<div> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0pt; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0px;"></td> <td style="width: 27pt;"><b>(2)</b></td> <td><b>Fair Value Measurements</b></td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 2.25pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b> </b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">For assets and liabilities measured at fair value we utilize FASB Accounting Standards Codification (ASC) Section 820 “Fair Value Measurements and Disclosures” (ASC 820), which defines fair value and establishes a framework for fair value measurements. This standard establishes a three-level hierarchy for disclosure of fair value measurements. The hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels of inputs used to measure fair value are as follows:</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0pt; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0pt;"></td> <td style="width: 0.25in;"><font style="font-family: symbol;">·</font></td> <td style="text-align: justify;"><font style="font-family: 'times new roman', times, serif;">Level 1 – Quoted prices in active markets for identical assets or liabilities;</font></td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 0.25in; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0pt; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0pt;"></td> <td style="width: 0.25in;"><font style="font-family: symbol;">·</font></td> <td style="text-align: justify;"><font style="font-family: 'times new roman', times, serif;">Level 2 – Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active and other inputs that are observable (e.g., interest rates, yield curves, volatilities and default rates, among others) or that can be corroborated by observable market data; and</font></td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 0.25in; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0pt; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0pt;"></td> <td style="width: 0.25in;"><font style="font-family: symbol;">·</font></td> <td style="text-align: justify;"><font style="font-family: 'times new roman', times, serif;">Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, including certain pricing models, discounted cash flow methodologies, and similar techniques that use significant unobservable inputs.</font></td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following table presents information about assets and liabilities recorded at fair value on a recurring basis on the Condensed Balance Sheet at September 30, 2016:</p> <div style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">  </div> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Quoted Prices in</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Active Markets for</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Significant</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Significant</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Total Carrying</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Identical</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Other Observable</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Unobservable</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Value on the</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Assets</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Inputs</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Inputs</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">Balance Sheet</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">(Level 1)</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">(Level 2)</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">(Level 3)</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="font-style: italic; font-weight: bold;"> </td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="14">(in thousands)</td> <td style="font-style: italic; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td style="font-weight: bold;">Assets:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 753px; text-align: left;">Cash and cash equivalents</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 157px; text-align: right;">4,892</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 157px; text-align: right;">4,892</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 156px; text-align: right;">-</td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 156px; text-align: right;">-</td> <td style="width: 15px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td style="text-align: left;">Corporate notes and bonds</td> <td> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">3,504</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">3,504</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 4px;">Total assets at fair value</td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">8,396</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">4,892</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">3,504</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">-</td> <td style="text-align: left; padding-bottom: 4px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="font-weight: bold;">Liabilities:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td style="text-align: left; padding-bottom: 2px;">Warrant liabilities</td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">1,635</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">-</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">-</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">1,635</td> <td style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 4px;">Total liabilities at fair value</td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">1,635</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">-</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">-</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">1,635</td> <td style="text-align: left; padding-bottom: 4px;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman',;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following table presents information about assets recorded at fair value on a recurring basis on the Condensed Balance Sheet at December 31, 2015:</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 90%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Quoted Prices in</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Active Markets for</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Significant</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Total Carrying</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Identical</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Other Observable</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Value on the</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Assets</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Inputs</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">Balance Sheet</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">(Level 1)</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">(Level 2)</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="font-style: italic; font-weight: bold;"> </td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="10">(in thousands)</td> <td style="font-style: italic; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td style="font-weight: bold;">Assets:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 776px; text-align: left;">Cash and cash equivalents</td> <td style="width: 15px;"> </td> <td style="width: 14px; text-align: left;">$</td> <td style="width: 169px; text-align: right;">7,015</td> <td style="width: 14px; text-align: left;"> </td> <td style="width: 14px;"> </td> <td style="width: 14px; text-align: left;">$</td> <td style="width: 169px; text-align: right;">7,015</td> <td style="width: 14px; text-align: left;"> </td> <td style="width: 14px;"> </td> <td style="width: 14px; text-align: left;">$</td> <td style="width: 169px; text-align: right;">-</td> <td style="width: 14px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td style="text-align: left;">Corporate notes and bonds</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,593</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,593</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 2px;">Equity Securities</td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">68</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">68</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">-</td> <td style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td style="text-align: left; padding-bottom: 4px;">Total assets at fair value</td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">8,676</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">7,083</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">1,593</td> <td style="text-align: left; padding-bottom: 4px;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <div style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">We determine fair value for our investments with Level 1 inputs through quoted market prices and have classified them as available-for-sale. Our Level 2 investments consist of corporate notes and bonds maturing at various times in 2017.</div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">We review all investments for other-than-temporary impairment at least quarterly or as indicators of impairment exist. Indicators of impairment include the duration and severity of the decline in fair value as well as the intent and ability to hold the investment to allow for a recovery in the market value of the investment. In addition, we consider qualitative factors that include, but are not limited to: (i) the financial condition and business plans of the investee, including its future earnings potential, (ii) the investee’s credit rating and (iii) the current and expected market and industry conditions in which the investee operates. If a decline in the fair value of an investment is deemed by management to be other-than-temporary, we write down the cost basis of the investment to fair value, and the amount of the write down is included in net earnings. Such a determination is dependent on the facts and circumstances relating to each investment. During the first quarter of 2016, we determined that our equity security holding had incurred an other-than-temporary impairment as a result of the entity in which we held the equity being acquired by another company at a price lower than our carrying value. The stock of the entity is no longer being publicly traded. As a result of this impairment, we realized a loss of $4,000. We have determined there were no such impairments during 2015.</p> <div style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">  </div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">All unrealized holding gains or losses related to our investments in marketable securities are reflected in accumulated other comprehensive loss in stockholders’ equity. The change in accumulated other comprehensive loss was a net unrealized gain of $4,000 and a net unrealized loss of $5,000 for the nine months ended September 30, 2016 and 2015, respectively.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">As of September 30, 2016, the Company also had a Level 3 liability associated with the warrants issued in connection with the Company’s May 2016 registered offering, described in Note 6 below. The warrants are considered a liability and are valued using the Black-Scholes option-pricing model, the inputs for which include the following: exercise price of the warrants, market price of the underlying common shares, contractual term, expected volatility of our stock, risk-free interest rate, and expected dividend yield. <font style="background-color: white;">Changes in fair value are recorded against operations in the reporting period in which they occur; increases and decreases in fair value are recorded in other income/(expense) as a change in fair value.</font> The change in fair value was a gain of $1.1 million for the nine months ended September 30, 2016. </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following table sets for the a reconciliation of changes in the nine months ended September 30, 2016 in the fair value of the liabilities classified as Level 3 in the fair value hierarchy:</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 50%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Warrant</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">Liabilities</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="2" nowrap="nowrap">(in thousands)</td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td style="font-weight: bold;">Balance at January 1, 2016</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 603px; text-align: left;">Warrant issuances</td> <td style="width: 8px;"> </td> <td style="width: 8px; text-align: left;"> </td> <td style="width: 157px; text-align: right;">2,714</td> <td style="width: 7px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td style="text-align: left; padding-bottom: 2px;">Change in fair value</td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">(1,079</td> <td style="text-align: left; padding-bottom: 2px;">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 4px; font-weight: bold;">Balance at September 30, 2016</td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">1,635</td> <td style="text-align: left; padding-bottom: 4px;"> </td> </tr> </table> </div>

<div> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0pt; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 24.75pt;"><b>(3)</b></td> <td><b>Stock-Based Compensation Expense</b></td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following table summarizes stock-based compensation expense related to employee stock options for the three-month and nine-month periods ended September 30, 2016 and September 30, 2015, which was allocated as follows:</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">  </p> <table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 80%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-left: 0.25in; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">Three Months Ended</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">Nine Months Ended</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="6" nowrap="nowrap">September 30,</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="6" nowrap="nowrap">September 30,</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2016</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2015</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2016</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2015</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="6" nowrap="nowrap">(in thousands)</td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"> </td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="6" nowrap="nowrap">(in thousands)</td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td style="width: 502px; text-align: left;">General and administrative</td> <td style="width: 13px;"> </td> <td style="width: 13px; text-align: left;">$</td> <td style="width: 151px; text-align: right;">144</td> <td style="width: 13px; text-align: left;"> </td> <td style="width: 13px;"> </td> <td style="width: 13px; text-align: left;">$</td> <td style="width: 151px; text-align: right;">174</td> <td style="width: 12px; text-align: left;"> </td> <td style="width: 12px;"> </td> <td style="width: 12px; text-align: left;">$</td> <td style="width: 150px; text-align: right;">399</td> <td style="width: 12px; text-align: left;"> </td> <td style="width: 12px;"> </td> <td style="width: 12px; text-align: left;">$</td> <td style="width: 150px; text-align: right;">414</td> <td style="width: 12px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 2px;">Research and development</td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">57</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">119</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">195</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">285</td> <td style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td style="padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">201</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">293</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">594</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">699</td> <td style="text-align: left; padding-bottom: 4px;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">We use the Black-Scholes option pricing model to value stock options. The estimated fair value of employee stock options granted during the nine-month periods ended September 30, 2016 and 2015 was calculated using the Black-Scholes model with the following weighted-average assumptions:</p> <div style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </div> <table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 90%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">For the Nine</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">For the Nine</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Months Ended</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Months Ended</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">September 30, 2016</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">September 30, 2015</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td style="width: 818px; text-align: left;">Risk-free interest rate</td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 253px; text-align: right;">1.51</td> <td style="width: 14px; text-align: left;">%</td> <td style="width: 14px;"> </td> <td style="width: 14px; text-align: left;"> </td> <td style="width: 253px; text-align: right;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">1.42-1.68</font></td> <td style="width: 14px; text-align: left;">%</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Expected dividend yield</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.00</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.00</td> <td style="text-align: left;">%</td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td style="text-align: left;">Expected volatility</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">101.66</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">103.64</td> <td style="text-align: left;">%</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Expected life (years)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6.46</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6.23</td> <td style="text-align: left;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">The risk-free interest rate assumptions are based upon various U.S. Treasury rates as of the date of the grants. The dividend yield is based on the assumption that we do not expect to declare a dividend over the life of the options.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">The volatility assumptions for the 2016 and 2015 periods are based on the weighted average volatility for the most recent one-year period as well as the volatility over the expected life of 6.46 years and 6.23 years, respectively. The expected life of employee stock options represents the weighted average combining the actual life of options that have already been exercised or cancelled with the expected life of all outstanding options. The expected life of outstanding options is calculated assuming the options will be exercised at the midpoint between the applicable vesting date and the full contractual term.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company estimates forfeiture rates at the time of grant and revises these estimates, if necessary, in subsequent periods if actual forfeitures differ from the estimates. Forfeitures are estimated based on the demographics of current option holders and standard probabilities of employee turnover.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">The weighted-average fair value of the options granted for the nine-month periods ended September 30, 2016 and 2015 are $0.46 and $2.41, respectively. We do not record tax-related effects on stock-based compensation given our historical and anticipated operating experience and offsetting changes in our valuation allowance which fully reserves against potential deferred tax assets.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b>Stock Options</b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b> </b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following table summarizes the stock option activity for the nine months ended September 30, 2016:  </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">average</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">average</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Aggregate</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Number</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">exercise</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">contractual</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">intrinsic</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">of shares</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">price</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">life (years)</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">value</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="14" nowrap="nowrap">(in thousands, except exercise price and contractual term data)</td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td style="width: 690px; font-weight: bold;">Stock options outstanding, January 1, 2016</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 173px; text-align: right;">2,237</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 173px; text-align: right;">4.16</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 16px;"> </td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 172px; text-align: right;"> </td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 172px; text-align: right;"> </td> <td style="width: 15px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-indent: 10pt;">Granted</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">580</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.56</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td style="text-indent: 10pt; padding-bottom: 2px;">Expired</td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">(49</td> <td style="text-align: left; padding-bottom: 2px;">)</td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="text-align: right; padding-bottom: 2px;">17.60</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="text-align: right; padding-bottom: 2px;"> </td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="text-align: right; padding-bottom: 2px;"> </td> <td style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 2px; font-weight: bold;">Stock options outstanding at September 30, 2016</td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">2,768</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">3.24</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">7.01</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">-</td> <td style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td style="text-align: left; padding-bottom: 2px; font-weight: bold;">Vested or expected to vest at September 30, 2016 (a)</td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">2,595</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">3.36</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">6.88</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">-</td> <td style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 2px; font-weight: bold;">Exercisable at September 30, 2016</td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">1,674</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">4.31</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">5.84</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">-</td> <td style="text-align: left; padding-bottom: 2px;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">(a) This represents the number of vested options as of September 30, 2016, plus the number of unvested options as of September 30, 2016 that we expect to vest in the future based on our estimated forfeiture rate.</p> <div style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">  </div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">Unrecognized stock-based compensation related to stock options was approximately $1.1 million as of September 30, 2016. This amount is expected to be expensed over a weighted average period of 2.3 years. There were no options exercised during the nine-month periods ended September 30, 2016 or 2015.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following table summarizes information about our stock options outstanding and exercisable as of September 30, 2016:</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="10" nowrap="nowrap">Outstanding</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="6" nowrap="nowrap">Exercisable</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">average</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">remaining</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">average</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">average</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center; font-weight: bold;" nowrap="nowrap">Range of exercise</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Number</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">contractual</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">exercise</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Number</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">exercise</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap">prices</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">of shares</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">life (in years)</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">price</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">of shares</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">price</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: center;" colspan="18">(number of shares in thousands)</td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td style="width: 392px;">$0.00 - $10.00</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 189px; text-align: right;">2,624</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 189px; text-align: right;">7.30</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 188px; text-align: right;">2.25</td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 188px; text-align: right;">1,530</td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 188px; text-align: right;">2.72</td> <td style="width: 15px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td>$10.01 - $20.00</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">60</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1.43</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">17.06</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">60</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">17.06</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td>$20.01 - $30.00</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">82</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2.24</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">23.57</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">82</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">23.57</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 2px;">$30.01 - $41.00</td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">2</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="text-align: right; padding-bottom: 2px;">0.55</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="text-align: right; padding-bottom: 2px;">41.00</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">2</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="text-align: right; padding-bottom: 2px;">41.00</td> <td style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td style="padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">2,768</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">7.01</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">3.24</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">1,674</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">4.31</td> <td style="text-align: left; padding-bottom: 4px;"> </td> </tr> </table> </div>

<table style="widows: 2; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0px;"></td> <td style="width: 24.75pt;"><b>(4)</b></td> <td><b>Warrants</b></td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.75pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b> </b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">On May 10, 2016, in a registered offering pursuant to the 2014 shelf registration statement (as defined in Note 6 below), we sold 5,471,957 shares of our common stock (the Shares), at a purchase price of $0.91375 per share. In a private placement concurrent with the sale of the Shares, we sold to the investors who purchased the Shares warrants to purchase 4,103,968 shares of common stock (the Warrants). The Shares and the Warrants were sold pursuant to a securities purchase agreement for aggregate gross proceeds of $5.0 million. Subject to certain ownership limitations, the Warrants will be initially exercisable on November 10, 2016 at an exercise price equal to $0.83 per share of common stock, subject to adjustments as provided under the terms of the Warrants. The Warrants are exercisable until November 10, 2022.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">In connection with the offering of the Shares and Warrants, we issued to the placement agent and its designees unregistered warrants to purchase an aggregate of 383,037 shares of our common stock (the Placement Agent Warrants). The Placement Agent Warrants have substantially the same terms as the Warrants, except that the Placement Agent Warrants will expire on May 4, 2021 and have an exercise price equal to $1.1422 per share of common stock.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">A summary of the allocation of the proceeds of the offering is shown below:</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 70%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-style: italic; font-weight: bold;">(in thousands)</td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="background-color: azure; vertical-align: bottom;"> <td style="text-align: left; width: 899px;">Allocated to warrant liabilities</td> <td style="width: 11px;"> </td> <td style="text-align: left; width: 11px;">$</td> <td style="text-align: right; width: 165px;">2,511</td> <td style="text-align: left; width: 10px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2px;">Allocated to common stock and additonal paid-in capital</td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: left;"> </td> <td style="border-bottom: black 2px solid; text-align: right;">2,489</td> <td style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="background-color: azure; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 4px;">Total allocated gross proceeds</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">5,000</td> <td style="text-align: left; padding-bottom: 4px;"> </td> </tr> </table> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">The closing costs of $699,861 included the 383,037 Placement Agent Warrants valued at $202,862, and $496,999 for placement agent and other fees. Based upon the estimated fair value of the Shares and Warrants in units, the Company allocated $250,279 to financing expense and $449,582 as stock issuance costs.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">The table below sets forth the Warrants and Placement Agent Warrants as of September 30, 2016:</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 2px solid; text-align: center; font-weight: bold;" nowrap="nowrap">Offering Date</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 2px solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Outstanding Warrants</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 2px solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Exercise Price</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 2px solid; text-align: center; font-weight: bold;" nowrap="nowrap">Expiration Date</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 2px solid; text-align: center; font-weight: bold;" nowrap="nowrap">Status</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="background-color: azure; vertical-align: bottom;"> <td style="width: 314px;">May 2016</td> <td style="width: 16px;"> </td> <td style="text-align: left; width: 16px;"> </td> <td style="text-align: right; width: 267px;">4,103,968</td> <td style="text-align: left; width: 16px;"> </td> <td style="width: 16px;"> </td> <td style="text-align: left; width: 16px;">$</td> <td style="text-align: right; width: 267px;">0.83</td> <td style="text-align: left; width: 15px;"> </td> <td style="width: 15px;"> </td> <td style="text-align: right; width: 297px;">11/10/2022</td> <td style="width: 15px;"> </td> <td style="text-align: center; width: 297px;">Not Exercisable</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2px;">May 2016</td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: left;"> </td> <td style="border-bottom: black 2px solid; text-align: right;">383,037</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; padding-bottom: 2px;">$</td> <td style="text-align: right; padding-bottom: 2px;">1.1422</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: right; padding-bottom: 2px;">5/4/2021</td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: center; padding-bottom: 2px;">Not Exercisable</td> </tr> <tr style="background-color: azure; vertical-align: bottom;"> <td style="padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;"> </td> <td style="border-bottom: black 4px double; text-align: right;">4,487,005</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="text-align: right; padding-bottom: 4px;"> </td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> </tr> </table> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Warrants contain a provision for liquidated damages in the event that there is a failure to deliver shares of common stock within three days of receiving a notice to exercise. As a result of this liquidated damages provision, the Warrants require liability classification in accordance with ASC 480 and are recorded at fair value.  <font style="background-color: white;">The fair value of the Warrants has been determined under a Black-Scholes pricing model; assuming a weighted average 5.99 year remaining life for the warrants, 1.23% risk-free interest rate, a 111.34% expected volatility and no dividend yield, the weighted average fair value of warrant liability as of September 30, 2016 is $0.66. Changes in fair value are recorded against operations in the reporting period in which they occur; increases or decreases in fair value are recorded to other income/(expense) as a change in fair value of warrant liabilities.</font></p>

<div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><i>Basis of Presentation</i></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">The (a) condensed balance sheet as of December 31, 2015, which has been derived from audited financial statements, and (b) unaudited interim condensed financial statements included herein have been prepared by GenVec, Inc. (GenVec, we, our, or the Company) without audit pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations. We believe the disclosures are adequate to make the information presented not misleading. The condensed financial statements included herein should be read in conjunction with the financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <div style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">In the opinion of management, the accompanying financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position of the Company as of September 30, 2016 and December 31, 2015 and the results of its operations for the three-month and nine-month periods ended September 30, 2016 and September 30, 2015, and cash flows for the nine-month periods ended September 30, 2016 and September 30, 2015. The results of operations for any interim period are not necessarily indicative of the results of operations for any other interim period or for a full fiscal year.</div> </div>

<div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><i>Use of Estimates</i></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <div style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">The preparation of financial statements, in conformity with U.S. generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, and revenues and expenses during the period. Critical accounting policies involved in applying our accounting policies are those that require management to make assumptions about matters that are highly uncertain at the time the accounting estimate was made and those for which different estimates reasonably could have been used for the current period. Critical accounting estimates are also those which are reasonably likely to change from period to period, and would have a material impact on the presentation of our financial condition, changes in financial condition or results of operations. Our most critical accounting estimates relate to accounting policies for strategic collaborations and research contract revenues, research and development activities, stock-based compensation and the fair value of our warrant liabilities. Management bases its estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances. Actual results could differ from these estimates.</div> </div>

<div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><i>Revenue Recognition</i></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">Revenue is recognized when all four of the following criteria are met (i) a contract is executed, (ii) the contract price is fixed and determinable, (iii) delivery of the services or products has occurred, and (iv) collectability of the contract amounts is considered probable.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">Our collaborative research and development agreements provide for upfront license fees, research payments, and/or substantive milestone payments. Upfront non-refundable fees associated with license and development agreements where we have continuing involvement in the agreement are recorded as deferred revenue and recognized over the estimated service period. If the estimated service period is subsequently modified, the period over which the upfront fee is recognized is modified accordingly on a prospective basis. Upfront non-refundable license and development fees for which no future performance obligations exist are recognized when collection is assured. Substantive milestone payments are considered performance payments and are recognized upon achievement of the milestone if all of the following criteria are met: (i) achievement of the milestone involves a degree of risk and was not reasonably assured at the inception of the arrangement; (ii) substantive effort is involved in achieving the milestone; and (iii) the amount of the milestone payment is reasonable in relation to all of the deliverables and payment terms within the arrangement. Determination of whether a milestone meets the aforementioned conditions involves the judgment of management.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">Research and development revenue from cost-reimbursement and cost-plus fixed-fee agreements is recognized as earned based on the performance requirements of the contract. Revisions in revenues, cost, and billing factors, such as indirect rate estimates, are accounted for in the period of change. Reimbursable costs under such contracts are subject to audit and retroactive adjustment. Contract revenues and accounts receivable reported in the financial statements are recorded at the amount expected to be received. Contract revenues are adjusted to actual upon final audit and retroactive adjustment. Estimated contractual allowances are provided based on management’s evaluation of current contract terms and past experience with disallowed costs and reimbursement levels. Payments received in advance of work performed are recorded as deferred revenue.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <div style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">Research and development revenue from fixed-price best efforts arrangements is recognized as earned based on the performance requirements of the contract. Revenue under these arrangements is recognized when delivery to and acceptance by the customer have occurred. During the period of performance, recoverable contract costs are accumulated on the balance sheet in other current assets, but no revenue or profit is recorded prior to customer acceptance of the contractually stated deliverables. Recoverable contract costs that are accumulated on the balance sheet include all direct costs associated with the arrangement and an allocation of indirect costs. Payments received in advance of customer acceptance are recorded as deferred revenue. Once customer acceptance has been received, revenue and recoverable contract costs are recognized. Over the course of the arrangement, we routinely evaluate whether revenue and profitability should be recognized in the current period. Any known or probable losses on projects are charged to operations in the period in which such losses are determined.</div> </div>

<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"><i>Business</i></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">GenVec is a clinical-stage biopharmaceutical company with an entrepreneurial focus on leveraging its proprietary AdenoVerse™ gene delivery platform to develop a pipeline of cutting-edge therapeutics and vaccines. The Company is a pioneer in the design, testing and manufacture of adenoviral-based product candidates that can deliver on the promise of gene-based medicine. GenVec’s lead product candidate, CGF166, is licensed to Novartis Institutes for BioMedical Research, Inc. (together with Novartis AG and its subsidiary corporations, including Novartis Pharma AG, Novartis) and is currently in a Phase 1/2 clinical study for the treatment of hearing loss and balance disorders. In addition to our internal and partnered pipeline, we also focus on opportunities to license our proprietary technology platform, including vectors and production cell lines, to potential collaborators in the biopharmaceutical industry for the development and manufacture of therapeutics and vaccines.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">A key component of our strategy is to develop and commercialize our product candidates through collaborations. GenVec is working with prominent companies and organizations such as Novartis, Merial Inc., formerly Merial Limited (Merial), and the U.S. government, as well as promising young companies such as TheraBiologics, to support a portfolio of programs that addresses the prevention and treatment of a number of significant human and animal health concerns. GenVec’s combination of internal and partnered development programs address therapeutic areas such as hearing loss and balance disorders and oncology, as well as vaccines against infectious diseases, including respiratory syncytial virus (RSV), herpes simplex virus (HSV), and malaria. In the area of animal health, we are developing vaccines against foot-and-mouth disease (FMD).</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">Our AdenoVerse gene delivery technology has the important advantage of localizing protein delivery in the body. This is accomplished by using our adenovector platform to locally deliver genes to cells, which then direct production of the desired protein. This approach reduces side effects typically associated with systemic delivery of proteins. For therapeutics, the goal is for the protein produced to have a meaningful effect in treating the cause, manifestation, or progression of the disease. For vaccines, the goal is to induce an immune response against a target protein or antigen. This is accomplished by using an adenovector to deliver a gene that causes production of an antigen, which then stimulates the desired immune reaction by the body.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">  </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">Our research and development activities yield product candidates that utilize our technology platform and represent potential commercial opportunities. For example, preclinical research in hearing loss and balance disorders indicates that the delivery of the atonal gene using GenVec’s adenovector technology may have the potential to restore hearing and balance function. We are currently working with Novartis on the development of novel treatments for hearing loss and balance disorders that emerged from these research and development efforts. There are currently no effective therapeutic treatments available for patients who have lost all balance function, and hearing loss remains a major unmet medical problem.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">We have multiple vaccine candidates that leverage our core adenovector technology including our vaccine candidates for the prevention or treatment of RSV and HSV. We also have a program to develop a vaccine for malaria, a program in which we are currently working in collaboration with the Laboratory of Malaria Immunology and Vaccinology (LMIV) of the National Institute of Allergy and Infectious Diseases, National Institutes of Health. In the field of animal health, we are working with Merial to commercialize vaccines for the prevention of a major animal health problem, FMD. Development efforts for this program were supported by the U.S. Department of Homeland Security and performed in collaboration with the U.S. Department of Agriculture.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">Our business strategy is focused on entering into collaborative arrangements to complete the development and commercialization of our product candidates. In the event that third parties take over the development for one or more of our product candidates, the estimated completion date would largely be under the control of that third party rather than us. We cannot forecast with any degree of certainty which proprietary products or indications, if any, will be subject to future collaborative arrangements, in whole or in part, or how such arrangements would affect our development plan or capital requirements. Our programs may also benefit from subsidies, grants, or government or agency-sponsored studies that could reduce our development costs.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">An element of our business strategy is to pursue, as resources permit, the research and development of a range of product candidates for a variety of indications. This is intended to allow us to diversify the risks associated with our research and development expenditures. To the extent we are unable to maintain a broad range of product candidates, our dependence on the success of one or a few product candidates would increase.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">As a result of the uncertainties involved in our business, we are unable to estimate the duration and completion costs of our research and development projects or when, if ever, and to what extent we will receive cash inflows from the commercialization and sale of a product. Our inability to complete our research and development projects in a timely manner or our failure to enter into collaborative agreements, when appropriate, could significantly increase our capital requirements and could adversely impact our liquidity. These uncertainties could force us to seek additional, external sources of financing from time to time in order to continue with our business strategy. Our inability to raise additional capital, or to do so on terms reasonably acceptable to us, would jeopardize the future success of our business. Our estimated future capital requirements are uncertain and could change materially as a result of many factors, including the progress of our research, development, clinical, manufacturing, and commercialization activities. However, we believe our current cash, cash equivalents, investments and committed and expected revenues from our strategic collaborations are expected to be sufficient to continue our current research, development and collaborative activities into 2018.</p>

<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following table presents information about assets and liabilities recorded at fair value on a recurring basis on the Condensed Balance Sheet at September 30, 2016:</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Quoted Prices in</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Active Markets for</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Significant</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Significant</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Total Carrying</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Identical</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Other Observable</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Unobservable</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Value on the</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Assets</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Inputs</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Inputs</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">Balance Sheet</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">(Level 1)</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">(Level 2)</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">(Level 3)</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="font-style: italic; font-weight: bold;"> </td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="14">(in thousands)</td> <td style="font-style: italic; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td style="font-weight: bold;">Assets:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 753px; text-align: left;">Cash and cash equivalents</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 157px; text-align: right;">4,892</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 157px; text-align: right;">4,892</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 156px; text-align: right;">-</td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 156px; text-align: right;">-</td> <td style="width: 15px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td style="text-align: left;">Corporate notes and bonds</td> <td> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">3,504</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">3,504</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 4px;">Total assets at fair value</td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">8,396</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">4,892</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">3,504</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">-</td> <td style="text-align: left; padding-bottom: 4px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="font-weight: bold;">Liabilities:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td style="text-align: left; padding-bottom: 2px;">Warrant liabilities</td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">1,635</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">-</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">-</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">1,635</td> <td style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 4px;">Total liabilities at fair value</td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">1,635</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">-</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">-</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">1,635</td> <td style="text-align: left; padding-bottom: 4px;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following table presents information about assets recorded at fair value on a recurring basis on the Condensed Balance Sheet at December 31, 2015:</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 90%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Quoted Prices in</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Active Markets for</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Significant</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Total Carrying</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Identical</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Other Observable</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Value on the</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Assets</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Inputs</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">Balance Sheet</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">(Level 1)</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">(Level 2)</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="font-style: italic; font-weight: bold;"> </td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="10">(in thousands)</td> <td style="font-style: italic; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td style="font-weight: bold;">Assets:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 776px; text-align: left;">Cash and cash equivalents</td> <td style="width: 15px;"> </td> <td style="width: 14px; text-align: left;">$</td> <td style="width: 169px; text-align: right;">7,015</td> <td style="width: 14px; text-align: left;"> </td> <td style="width: 14px;"> </td> <td style="width: 14px; text-align: left;">$</td> <td style="width: 169px; text-align: right;">7,015</td> <td style="width: 14px; text-align: left;"> </td> <td style="width: 14px;"> </td> <td style="width: 14px; text-align: left;">$</td> <td style="width: 169px; text-align: right;">-</td> <td style="width: 14px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td style="text-align: left;">Corporate notes and bonds</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,593</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,593</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 2px;">Equity Securities</td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">68</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">68</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">-</td> <td style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td style="text-align: left; padding-bottom: 4px;">Total assets at fair value</td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">8,676</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">7,083</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">1,593</td> <td style="text-align: left; padding-bottom: 4px;"> </td> </tr> </table>

<table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 50%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Warrant</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">Liabilities</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="2" nowrap="nowrap">(in thousands)</td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td style="font-weight: bold;">Balance at January 1, 2016</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 603px; text-align: left;">Warrant issuances</td> <td style="width: 8px;"> </td> <td style="width: 8px; text-align: left;"> </td> <td style="width: 157px; text-align: right;">2,714</td> <td style="width: 7px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td style="text-align: left; padding-bottom: 2px;">Change in fair value</td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">(1,079</td> <td style="text-align: left; padding-bottom: 2px;">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 4px; font-weight: bold;">Balance at September 30, 2016</td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">1,635</td> <td style="text-align: left; padding-bottom: 4px;"> </td> </tr> </table> <div> </div>

<table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 80%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-left: 0.25in; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">Three Months Ended</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">Nine Months Ended</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="6" nowrap="nowrap">September 30,</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="6" nowrap="nowrap">September 30,</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2016</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2015</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2016</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2015</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="6" nowrap="nowrap">(in thousands)</td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"> </td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="6" nowrap="nowrap">(in thousands)</td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td style="width: 502px; text-align: left;">General and administrative</td> <td style="width: 13px;"> </td> <td style="width: 13px; text-align: left;">$</td> <td style="width: 151px; text-align: right;">144</td> <td style="width: 13px; text-align: left;"> </td> <td style="width: 13px;"> </td> <td style="width: 13px; text-align: left;">$</td> <td style="width: 151px; text-align: right;">174</td> <td style="width: 12px; text-align: left;"> </td> <td style="width: 12px;"> </td> <td style="width: 12px; text-align: left;">$</td> <td style="width: 150px; text-align: right;">399</td> <td style="width: 12px; text-align: left;"> </td> <td style="width: 12px;"> </td> <td style="width: 12px; text-align: left;">$</td> <td style="width: 150px; text-align: right;">414</td> <td style="width: 12px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 2px;">Research and development</td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">57</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">119</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">195</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">285</td> <td style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td style="padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">201</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">293</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">594</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">699</td> <td style="text-align: left; padding-bottom: 4px;"> </td> </tr> </table>

<table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 90%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">For the Nine</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">For the Nine</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Months Ended</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Months Ended</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">September 30, 2016</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">September 30, 2015</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td style="width: 818px; text-align: left;">Risk-free interest rate</td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 253px; text-align: right;">1.51</td> <td style="width: 14px; text-align: left;">%</td> <td style="width: 14px;"> </td> <td style="width: 14px; text-align: left;"> </td> <td style="width: 253px; text-align: right;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">1.42-1.68</font></td> <td style="width: 14px; text-align: left;">%</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Expected dividend yield</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.00</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.00</td> <td style="text-align: left;">%</td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td style="text-align: left;">Expected volatility</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">101.66</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">103.64</td> <td style="text-align: left;">%</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Expected life (years)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6.46</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6.23</td> <td style="text-align: left;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>

<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">average</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">average</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Aggregate</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Number</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">exercise</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">contractual</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">intrinsic</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">of shares</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">price</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">life (years)</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">value</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-style: italic; font-weight: bold;" colspan="14" nowrap="nowrap">(in thousands, except exercise price and contractual term data)</td> <td style="font-style: italic; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td style="width: 690px; font-weight: bold;">Stock options outstanding, January 1, 2016</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 173px; text-align: right;">2,237</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 173px; text-align: right;">4.16</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 16px;"> </td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 172px; text-align: right;"> </td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 172px; text-align: right;"> </td> <td style="width: 15px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-indent: 10pt;">Granted</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">580</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.56</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td style="text-indent: 10pt; padding-bottom: 2px;">Expired</td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">(49</td> <td style="text-align: left; padding-bottom: 2px;">)</td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="text-align: right; padding-bottom: 2px;">17.60</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="text-align: right; padding-bottom: 2px;"> </td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="text-align: right; padding-bottom: 2px;"> </td> <td style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 2px; font-weight: bold;">Stock options outstanding at September 30, 2016</td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">2,768</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">3.24</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">7.01</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">-</td> <td style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td style="text-align: left; padding-bottom: 2px; font-weight: bold;">Vested or expected to vest at September 30, 2016 (a)</td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">2,595</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">3.36</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">6.88</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">-</td> <td style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 2px; font-weight: bold;">Exercisable at September 30, 2016</td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">1,674</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">4.31</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">5.84</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">-</td> <td style="text-align: left; padding-bottom: 2px;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">(a) This represents the number of vested options as of September 30, 2016, plus the number of unvested options as of September 30, 2016 that we expect to vest in the future based on our estimated forfeiture rate.</p>

<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="10" nowrap="nowrap">Outstanding</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="6" nowrap="nowrap">Exercisable</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">average</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">remaining</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">average</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">average</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center; font-weight: bold;" nowrap="nowrap">Range of exercise</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Number</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">contractual</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">exercise</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Number</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">exercise</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap">prices</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">of shares</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">life (in years)</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">price</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">of shares</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">price</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: center;" colspan="18">(number of shares in thousands)</td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td style="width: 392px;">$0.00 - $10.00</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 189px; text-align: right;">2,624</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 189px; text-align: right;">7.30</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 188px; text-align: right;">2.25</td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 188px; text-align: right;">1,530</td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 188px; text-align: right;">2.72</td> <td style="width: 15px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td>$10.01 - $20.00</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">60</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1.43</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">17.06</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">60</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">17.06</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td>$20.01 - $30.00</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">82</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2.24</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">23.57</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">82</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">23.57</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 2px;">$30.01 - $41.00</td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">2</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="text-align: right; padding-bottom: 2px;">0.55</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="text-align: right; padding-bottom: 2px;">41.00</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">2</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="text-align: right; padding-bottom: 2px;">41.00</td> <td style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td style="padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">2,768</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">7.01</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">3.24</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">1,674</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">4.31</td> <td style="text-align: left; padding-bottom: 4px;"> </td> </tr> </table>

<table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 60%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-style: italic; font-weight: bold;">(in thousands)</td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td style="width: 899px; text-align: left;">Allocated to warrant liabilities</td> <td style="width: 11px;"> </td> <td style="width: 11px; text-align: left;">$</td> <td style="width: 165px; text-align: right;">2,511</td> <td style="width: 10px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 2px;">Allocated to common stock and additonal paid-in capital</td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">2,489</td> <td style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td style="text-align: left; padding-bottom: 4px;">Total allocated gross proceeds</td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">5,000</td> <td style="text-align: left; padding-bottom: 4px;"> </td> </tr> </table> <div> </div>

<div> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap">Offering Date</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">Outstanding Warrants</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2" nowrap="nowrap">Exercise Price</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap">Expiration Date</td> <td style="padding-bottom: 2px; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap">Status</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td style="width: 314px;">May 2016</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 267px; text-align: right;">4,103,968</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 267px; text-align: right;">0.83</td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 297px; text-align: right;">11/10/2022</td> <td style="width: 15px;"> </td> <td style="width: 297px; text-align: center;">Not Exercisable</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 2px;">May 2016</td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">383,037</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: left; padding-bottom: 2px;">$</td> <td style="text-align: right; padding-bottom: 2px;">1.1422</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: right; padding-bottom: 2px;">5/4/2021</td> <td style="padding-bottom: 2px;"> </td> <td style="text-align: center; padding-bottom: 2px;">Not Exercisable</td> </tr> <tr style="vertical-align: bottom; background-color: azure;"> <td style="padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">4,487,005</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="text-align: right; padding-bottom: 4px;"> </td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> </tr> </table> </div>

7083000

1593000

68000

7015000

68000

8676000

7015000

1593000

4892000

3504000

4892000

8396000

4892000

3504000

1635000

1079000

4000

293000

119000

174000

699000

285000

414000

201000

57000

144000

594000

195000

399000

0.0168

0.0142

0.0151

0.0000

1.0364

1.0166

P6Y2M23D

P6Y5M16D

2768000

60000

82000

2000

2624000

2237000

580000

49000

2595000

1674000

60000

82000

2000

1530000

3.24

17.06

23.57

41.00

2.25

4.16

0.56

17.60

3.36

4.31

17.06

23.57

41.00

2.72

P7Y4M

P1Y5M5D

P2Y2M27D

P6M18D

P7Y3M18D

P6Y10M17D

P5Y10M2D

10.01

20.01

30.01

0.00

20.00

30.00

41.00

10.00

1100000

P2Y3M18D

2.41

0.46

2511000

2489000

10000000

2600000

4500000

5000000

2016-05 2016-05

4487005

4103968

383037

0.83

1.1422

0.83

1.1422

2022-11-10 2021-05-04 Not Exercisable Not Exercisable

2870000

5471957

9063634

3.15

0.91375

4103968

383037

4103968

699861000

202862000

496999000 250279000

449582000

Black-Scholes pricing model

P5Y11M27D

0.0123

1.1134

0.66 75000000

721677

2000000

9000000

16600000

15100000 1.00 1000000 600000 206600000 26000000 45000000 135000000 5600000

300000

21000000

45000000

135000000

14900000 2000000 3000000 2

3488000

5000000 55000 25000 178000 100000 23000 15000 66000 100000 This represents the number of vested options as of September 30, 2016, plus the number of unvested options as of September 30, 2016 that we expect to vest in the future based on our estimated forfeiture rate.

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Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price Expired Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price Vested or expected to vest at June 30, 2016 Expected to vest at June 30, 2015 Vested or expected to vest at September 30, 2016 Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price Exercisable at June 30, 2016 Exercisable, Weighted average exercise price Exercisable at September 30, 2016 Share Based Compensation Arrangement By Share Based Payment Award Options Weighted Average Remaining Contractual Term [Abstract] Weighted average contractual life (years) Share-based Compensation Arrangement by Share-based Payment Award, Options, Weighted Average Remaining Contractual Term [Abstract] Outstanding, Weighted average remaining contractual life (in years) Weighted average remaining contractual life (in years) Stock options outstanding, September 30, 2016 Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Vested and Expected To Vest, Outstanding, Weighted Average Remaining Contractual Term Vested or expected to vest at September 30, 2016 Vested or expected to vest Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term Exercisable at September 30, 2016 Share Based Compensation Arrangement By Share Based Payment Award Options Aggregate Intrinsic Value [Abstract] Aggregate intrinsic value Share-based Compensation Arrangement by Share-based Payment Award, Options, Aggregate Intrinsic Value [Abstract] Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value Stock options outstanding at June 30, 2016 Stock options outstanding at September 30, 2016 Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value Vested or expected to vest at June 30, 2016 Aggregate Intrinsic Value, Expected to vest at June 30, 2015 Vested or expected to vest at September 30, 2016 Share based Compensation Arrangement By Share based Payment Award Options Exercisable Intrinsic Value 1 Exercisable at June 30, 2016 Exercisable at September 30, 2016 Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range [Axis] Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Domain] Exercise Price Range From Dollar Zero To Dollar Ten [Member] $0.00 - $10.00 Represents exercise price range from dollar zero to dollar ten. Exercise Price Range From Dollar Ten Point One To Dollar Twenty [Member] $10.01 - $20.00 Represents exercise price range from dollar ten point one to dollar twenty. Exercise Price Range From Dollar Twenty Point One To Dollar Thirty [Member] $20.01 - $30.00 Represents exercise price range from dollar twenty point one to dollar thirty. Exercise Price Range From Dollar Thirty Point One To Dollar Forty One Member $30.01 - $41.00 Represents exercise price range from dollar thirty point one to dollar forty. Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit Range of exercise prices, minimum EX-101.PRE 11 gnvc-20160930_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 R1.htm IDEA: XBRL DOCUMENT

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2016	Oct. 31, 2016
Document And Entity Information [Abstract]
Entity Registrant Name	GENVEC INC
Entity Central Index Key	0000934473
Trading Symbol	gnvc
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		22,736,316
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Amendment Flag	false
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q3

XML 13 R2.htm IDEA: XBRL DOCUMENT

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 4,892	$ 7,015
Investments, at fair value	3,504	1,661
Accounts receivable, net	176	166
Prepaid expenses and other	369	245
Total current assets	8,941	9,087
Property and equipment, net	230	279
Other assets	97	97
Total assets	9,268	9,463
Current liabilities:
Accounts payable	967	1,096
Accrued expenses and other	524	598
Total current liabilities	1,491	1,694
Warrant liabilities	1,635
Other liabilities	97	89
Total liabilities	3,223	1,783
Stockholders' equity:
Preferred stock, $0.001 par value, 5,000 shares authorized; none issued and outstanding at September 30, 2016 and December 31, 2015
Common stock, $0.001 par value; 55,000 shares authorized; 22,736 and 17,264 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively	23	17
Additional paid-in capital	295,125	292,508
Accumulated other comprehensive loss	(1)	(5)
Accumulated deficit	(289,102)	(284,840)
Total stockholders' equity	6,045	7,680
Total liabilities and stockholders' equity	$ 9,268	$ 9,463

XML 14 R3.htm IDEA: XBRL DOCUMENT

CONDENSED BALANCE SHEETS (Parentheticals) - $ / shares shares in Thousands	Sep. 30, 2016	Dec. 31, 2015
Statement Of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000	5,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	55,000	55,000
Common stock, shares issued	22,736	17,264
Common stock, shares outstanding	22,736	17,264

XML 15 R4.htm IDEA: XBRL DOCUMENT

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Revenues	$ 173	$ 193	$ 489	$ 725
Operating expenses:
General and administrative	1,181	999	3,765	3,619
Research and development	522	705	1,827	2,028
Total operating expenses	1,703	1,704	5,592	5,647
Operating loss	(1,530)	(1,511)	(5,103)	(4,922)
Other income/(expense):
Change in fair value of warrant liabilities	314		1,079
Financing expense			(250)
Interest and other income, net	9	6	12	19
Total other income, net	323	6	841	19
Net loss	$ (1,207)	$ (1,505)	$ (4,262)	$ (4,903)
Basic and diluted net loss per share (in dollars per share)	$ (0.05)	$ (0.09)	$ (0.21)	$ (0.30)
Shares used in computation of basic and diluted net loss per share (in shares)	22,736	16,760	20,149	16,614
Comprehensive Loss:
Net loss	$ (1,207)	$ (1,505)	$ (4,262)	$ (4,903)
Unrealized holding (loss)/gain on securities	(1)	(7)	4	(5)
Comprehensive loss	$ (1,208)	$ (1,512)	$ (4,258)	$ (4,908)

XML 16 R5.htm IDEA: XBRL DOCUMENT

CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net loss	$ (4,262)	$ (4,903)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	70	72
Bad debt expense		24
Financing expenses	250
Non-cash charges for stock-based compensation	594	699
Non-cash consideration for release of security interest	4
Change in warrant liabilities fair value	(1,079)
Changes in current assets and liabilities, net	(336)	(611)
Changes in non-current assets and liabilities, net	8	2
Net cash used in operating activities	(4,751)	(4,717)
Cash flows from investing activities:
Purchases of property and equipment	(21)	(44)
Purchases of investment securities	(3,488)
Proceeds from maturities of investment securities	1,644	3,392
Net cash provided by/(used in) investing activities	(1,865)	3,348
Cash flows from financing activities
Proceeds from issuance of common stock, net of issuance costs	4,493	(20)
Net cash provided by/(used in) financing activities	4,493	(20)
Change in cash and cash equivalents	(2,123)	(1,389)
Beginning balance of cash and cash equivalents	7,015	7,968
Ending balance of cash and cash equivalents	4,892	$ 6,579
Non-cash financing activity:
Warrants issued	$ 2,714

XML 17 R6.htm IDEA: XBRL DOCUMENT

General

9 Months Ended

Sep. 30, 2016

General Disclosure [Abstract]

General

(1)

General

Basis of Presentation

Business

Use of Estimates

Revenue Recognition

Fair Value of Financial Instruments

Recent Accounting Pronouncements

XML 18 R7.htm IDEA: XBRL DOCUMENT

Fair Value Measurements

9 Months Ended

Sep. 30, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements

(2)

Fair Value Measurements

Level 1 – Quoted prices in active markets for identical assets or liabilities;

The following table presents information about assets and liabilities recorded at fair value on a recurring basis on the Condensed Balance Sheet at September 30, 2016:

			Quoted Prices in
			Active Markets for		Significant		Significant
	Total Carrying		Identical		Other Observable		Unobservable
	Value on the		Assets		Inputs		Inputs
	Balance Sheet		(Level 1)		(Level 2)		(Level 3)
	(in thousands)

Assets:
Cash and cash equivalents	$	4,892	$	4,892	$	-	$	-
Corporate notes and bonds		3,504		-		3,504		-
Total assets at fair value	$	8,396	$	4,892	$	3,504	$	-

Liabilities:
Warrant liabilities	$	1,635	$	-	$	-	$	1,635
Total liabilities at fair value	$	1,635	$	-	$	-	$	1,635

The following table presents information about assets recorded at fair value on a recurring basis on the Condensed Balance Sheet at December 31, 2015:

			Quoted Prices in
			Active Markets for		Significant
	Total Carrying		Identical		Other Observable
	Value on the		Assets		Inputs
	Balance Sheet		(Level 1)		(Level 2)
	(in thousands)

Assets:
Cash and cash equivalents	$	7,015	$	7,015	$	-
Corporate notes and bonds		1,593		-		1,593
Equity Securities		68		68		-
Total assets at fair value	$	8,676	$	7,083	$	1,593

The following table sets for the a reconciliation of changes in the nine months ended September 30, 2016 in the fair value of the liabilities classified as Level 3 in the fair value hierarchy:

	Warrant
	Liabilities
	(in thousands)

Balance at January 1, 2016	$	-
Warrant issuances		2,714
Change in fair value		(1,079	)
Balance at September 30, 2016	$	1,635

- Definition

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

+ References + Details

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Stock-Based Compensation Expense

9 Months Ended

Sep. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation Expense

(3)

Stock-Based Compensation Expense

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
	(in thousands)				(in thousands)

General and administrative	$	144	$	174	$	399	$	414
Research and development		57		119		195		285
	$	201	$	293	$	594	$	699

	For the Nine			For the Nine
	Months Ended			Months Ended
	September 30, 2016			September 30, 2015

Risk-free interest rate		1.51	%		1.42-1.68	%
Expected dividend yield		0.00	%		0.00	%
Expected volatility		101.66	%		103.64	%
Expected life (years)		6.46			6.23

Stock Options

The following table summarizes the stock option activity for the nine months ended September 30, 2016:

				Weighted		Weighted
				average		average		Aggregate
	Number			exercise		contractual		intrinsic
	of shares			price		life (years)		value
	(in thousands, except exercise price and contractual term data)

Stock options outstanding, January 1, 2016		2,237		$	4.16
Granted		580			0.56
Expired		(49	)		17.60
Stock options outstanding at September 30, 2016		2,768		$	3.24		7.01	$	-
Vested or expected to vest at September 30, 2016 (a)		2,595		$	3.36		6.88	$	-
Exercisable at September 30, 2016		1,674		$	4.31		5.84	$	-

The following table summarizes information about our stock options outstanding and exercisable as of September 30, 2016:

	Outstanding						Exercisable
			Weighted
			average		Weighted				Weighted
			remaining		average				average
Range of exercise	Number		contractual		exercise		Number		exercise
prices	of shares		life (in years)		price		of shares		price
	(number of shares in thousands)

$0.00 - $10.00		2,624		7.30	$	2.25		1,530	$	2.72
$10.01 - $20.00		60		1.43		17.06		60		17.06
$20.01 - $30.00		82		2.24		23.57		82		23.57
$30.01 - $41.00		2		0.55		41.00		2		41.00
		2,768		7.01	$	3.24		1,674	$	4.31

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

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Warrants

9 Months Ended

Sep. 30, 2016

Warrants [Abstract]

Warrants

(4)

Warrants

A summary of the allocation of the proceeds of the offering is shown below:

(in thousands)

Allocated to warrant liabilities	$	2,511
Allocated to common stock and additonal paid-in capital		2,489
Total allocated gross proceeds	$	5,000

The table below sets forth the Warrants and Placement Agent Warrants as of September 30, 2016:

Offering Date

Outstanding Warrants

Exercise Price

Expiration Date

Status

May 2016

4,103,968

0.83

11/10/2022

Not Exercisable

May 2016

383,037

1.1422

5/4/2021

Not Exercisable

4,487,005

XML 21 R10.htm IDEA: XBRL DOCUMENT

Net Loss per Share

9 Months Ended

Sep. 30, 2016

Earnings Per Share [Abstract]

Net Loss per Share

(5)

Net Loss per Share

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Stockholders' Equity

9 Months Ended

Sep. 30, 2016

Stockholders' Equity Note [Abstract]

Stockholders' Equity

(6)

Stockholders’ Equity

The net proceeds from the sale of the Shares and the Warrants are $4.5 million after deducting certain fees due to the placement agent and our estimated transaction expenses.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 310
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-Section S99
-Paragraph 4
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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

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Collaborative Agreements

9 Months Ended

Sep. 30, 2016

Collaborative Agreements [Abstract]

Collaborative Agreements

(7)

Collaborative Agreements

XML 24 R13.htm IDEA: XBRL DOCUMENT

Subsequent Events

9 Months Ended

Sep. 30, 2016

Subsequent Events [Abstract]

Subsequent Events

(8)

Subsequent Events

XML 25 R14.htm IDEA: XBRL DOCUMENT

General (Policies)	9 Months Ended
General (Policies)	Sep. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The (a) condensed balance sheet as of December 31, 2015, which has been derived from audited financial statements, and (b) unaudited interim condensed financial statements included herein have been prepared by GenVec, Inc. (GenVec, we, our, or the Company) without audit pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations. We believe the disclosures are adequate to make the information presented not misleading. The condensed financial statements included herein should be read in conjunction with the financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC. In the opinion of management, the accompanying financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position of the Company as of September 30, 2016 and December 31, 2015 and the results of its operations for the three-month and nine-month periods ended September 30, 2016 and September 30, 2015, and cash flows for the nine-month periods ended September 30, 2016 and September 30, 2015. The results of operations for any interim period are not necessarily indicative of the results of operations for any other interim period or for a full fiscal year.
Business	Business GenVec is a clinical-stage biopharmaceutical company with an entrepreneurial focus on leveraging its proprietary AdenoVerse™ gene delivery platform to develop a pipeline of cutting-edge therapeutics and vaccines. The Company is a pioneer in the design, testing and manufacture of adenoviral-based product candidates that can deliver on the promise of gene-based medicine. GenVec’s lead product candidate, CGF166, is licensed to Novartis Institutes for BioMedical Research, Inc. (together with Novartis AG and its subsidiary corporations, including Novartis Pharma AG, Novartis) and is currently in a Phase 1/2 clinical study for the treatment of hearing loss and balance disorders. In addition to our internal and partnered pipeline, we also focus on opportunities to license our proprietary technology platform, including vectors and production cell lines, to potential collaborators in the biopharmaceutical industry for the development and manufacture of therapeutics and vaccines. A key component of our strategy is to develop and commercialize our product candidates through collaborations. GenVec is working with prominent companies and organizations such as Novartis, Merial Inc., formerly Merial Limited (Merial), and the U.S. government, as well as promising young companies such as TheraBiologics, to support a portfolio of programs that addresses the prevention and treatment of a number of significant human and animal health concerns. GenVec’s combination of internal and partnered development programs address therapeutic areas such as hearing loss and balance disorders and oncology, as well as vaccines against infectious diseases, including respiratory syncytial virus (RSV), herpes simplex virus (HSV), and malaria. In the area of animal health, we are developing vaccines against foot-and-mouth disease (FMD). Our AdenoVerse gene delivery technology has the important advantage of localizing protein delivery in the body. This is accomplished by using our adenovector platform to locally deliver genes to cells, which then direct production of the desired protein. This approach reduces side effects typically associated with systemic delivery of proteins. For therapeutics, the goal is for the protein produced to have a meaningful effect in treating the cause, manifestation, or progression of the disease. For vaccines, the goal is to induce an immune response against a target protein or antigen. This is accomplished by using an adenovector to deliver a gene that causes production of an antigen, which then stimulates the desired immune reaction by the body. Our research and development activities yield product candidates that utilize our technology platform and represent potential commercial opportunities. For example, preclinical research in hearing loss and balance disorders indicates that the delivery of the atonal gene using GenVec’s adenovector technology may have the potential to restore hearing and balance function. We are currently working with Novartis on the development of novel treatments for hearing loss and balance disorders that emerged from these research and development efforts. There are currently no effective therapeutic treatments available for patients who have lost all balance function, and hearing loss remains a major unmet medical problem. We have multiple vaccine candidates that leverage our core adenovector technology including our vaccine candidates for the prevention or treatment of RSV and HSV. We also have a program to develop a vaccine for malaria, a program in which we are currently working in collaboration with the Laboratory of Malaria Immunology and Vaccinology (LMIV) of the National Institute of Allergy and Infectious Diseases, National Institutes of Health. In the field of animal health, we are working with Merial to commercialize vaccines for the prevention of a major animal health problem, FMD. Development efforts for this program were supported by the U.S. Department of Homeland Security and performed in collaboration with the U.S. Department of Agriculture. Our business strategy is focused on entering into collaborative arrangements to complete the development and commercialization of our product candidates. In the event that third parties take over the development for one or more of our product candidates, the estimated completion date would largely be under the control of that third party rather than us. We cannot forecast with any degree of certainty which proprietary products or indications, if any, will be subject to future collaborative arrangements, in whole or in part, or how such arrangements would affect our development plan or capital requirements. Our programs may also benefit from subsidies, grants, or government or agency-sponsored studies that could reduce our development costs. An element of our business strategy is to pursue, as resources permit, the research and development of a range of product candidates for a variety of indications. This is intended to allow us to diversify the risks associated with our research and development expenditures. To the extent we are unable to maintain a broad range of product candidates, our dependence on the success of one or a few product candidates would increase. As a result of the uncertainties involved in our business, we are unable to estimate the duration and completion costs of our research and development projects or when, if ever, and to what extent we will receive cash inflows from the commercialization and sale of a product. Our inability to complete our research and development projects in a timely manner or our failure to enter into collaborative agreements, when appropriate, could significantly increase our capital requirements and could adversely impact our liquidity. These uncertainties could force us to seek additional, external sources of financing from time to time in order to continue with our business strategy. Our inability to raise additional capital, or to do so on terms reasonably acceptable to us, would jeopardize the future success of our business. Our estimated future capital requirements are uncertain and could change materially as a result of many factors, including the progress of our research, development, clinical, manufacturing, and commercialization activities. However, we believe our current cash, cash equivalents, investments and committed and expected revenues from our strategic collaborations are expected to be sufficient to continue our current research, development and collaborative activities into 2018.
Use of Estimates	Use of Estimates The preparation of financial statements, in conformity with U.S. generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, and revenues and expenses during the period. Critical accounting policies involved in applying our accounting policies are those that require management to make assumptions about matters that are highly uncertain at the time the accounting estimate was made and those for which different estimates reasonably could have been used for the current period. Critical accounting estimates are also those which are reasonably likely to change from period to period, and would have a material impact on the presentation of our financial condition, changes in financial condition or results of operations. Our most critical accounting estimates relate to accounting policies for strategic collaborations and research contract revenues, research and development activities, stock-based compensation and the fair value of our warrant liabilities. Management bases its estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances. Actual results could differ from these estimates.
Revenue Recognition	Revenue Recognition Revenue is recognized when all four of the following criteria are met (i) a contract is executed, (ii) the contract price is fixed and determinable, (iii) delivery of the services or products has occurred, and (iv) collectability of the contract amounts is considered probable. Our collaborative research and development agreements provide for upfront license fees, research payments, and/or substantive milestone payments. Upfront non-refundable fees associated with license and development agreements where we have continuing involvement in the agreement are recorded as deferred revenue and recognized over the estimated service period. If the estimated service period is subsequently modified, the period over which the upfront fee is recognized is modified accordingly on a prospective basis. Upfront non-refundable license and development fees for which no future performance obligations exist are recognized when collection is assured. Substantive milestone payments are considered performance payments and are recognized upon achievement of the milestone if all of the following criteria are met: (i) achievement of the milestone involves a degree of risk and was not reasonably assured at the inception of the arrangement; (ii) substantive effort is involved in achieving the milestone; and (iii) the amount of the milestone payment is reasonable in relation to all of the deliverables and payment terms within the arrangement. Determination of whether a milestone meets the aforementioned conditions involves the judgment of management. Research and development revenue from cost-reimbursement and cost-plus fixed-fee agreements is recognized as earned based on the performance requirements of the contract. Revisions in revenues, cost, and billing factors, such as indirect rate estimates, are accounted for in the period of change. Reimbursable costs under such contracts are subject to audit and retroactive adjustment. Contract revenues and accounts receivable reported in the financial statements are recorded at the amount expected to be received. Contract revenues are adjusted to actual upon final audit and retroactive adjustment. Estimated contractual allowances are provided based on management’s evaluation of current contract terms and past experience with disallowed costs and reimbursement levels. Payments received in advance of work performed are recorded as deferred revenue. Research and development revenue from fixed-price best efforts arrangements is recognized as earned based on the performance requirements of the contract. Revenue under these arrangements is recognized when delivery to and acceptance by the customer have occurred. During the period of performance, recoverable contract costs are accumulated on the balance sheet in other current assets, but no revenue or profit is recorded prior to customer acceptance of the contractually stated deliverables. Recoverable contract costs that are accumulated on the balance sheet include all direct costs associated with the arrangement and an allocation of indirect costs. Payments received in advance of customer acceptance are recorded as deferred revenue. Once customer acceptance has been received, revenue and recoverable contract costs are recognized. Over the course of the arrangement, we routinely evaluate whether revenue and profitability should be recognized in the current period. Any known or probable losses on projects are charged to operations in the period in which such losses are determined.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amounts reported in the accompanying financial statements for cash, cash equivalents, investments, and warrant liabilities, approximate fair value of these financial instruments. The fair value for marketable securities and warrant liabilities is discussed in Notes 2 and 4, respectively.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-15, “Statement of Cash Flows (Topic 230): Clarification of Certain Cash Receipts and Cash Payments.” The objective of ASU 2016-15 is to eliminate the diversity in practice related to the classification of certain cash receipts and payments in the statement of cash flows, by adding or clarifying guidance on eight specific cash flow issues. For public business entities, ASU 2016-15 is effective for annual and interim reporting periods beginning after December 15, 2017, with early adoption permitted. ASU 2015-16 provides that the amendments in the update should be applied retrospectively to all periods presented, unless deemed impracticable, in which case, prospective application is permitted. The Company is currently evaluating the impact this standard may have on our financial statements. In March 2016, the FASB, issued ASU No. 2016-09, “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting,” which changes the accounting for certain aspects of share-based payments to employees. The amendments in this ASU require the recognition of the income tax effects of awards in the income statement when the awards vest or are settled, thus eliminating additional paid-in capital pools. The standard also allows the employer to repurchase more of an employee’s shares for tax withholding purposes without triggering liability accounting. In addition, the standard allows for a policy election to account for tax forfeitures as they occur rather than on an estimated basis. The amendments in this ASU are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is currently evaluating the impact of adopting this standard. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” The new standard requires that all lessees recognize the assets and liabilities that arise from leases on the balance sheet and disclose qualitative and quantitative information about their leasing arrangements. The amendments in this ASU are effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The adoption of this standard is expected to have a material impact on our financial position. The Company is currently evaluating the impact this standard may have on our results of operations. In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities,” which amends the guidance in U.S. generally accepted accounting principles on the classification and measurement of financial instruments. Changes to the current guidance primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the ASU clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The amendments in this ASU are effective for fiscal years and interim periods beginning after December 15, 2017, and are to be adopted by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted except for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. The Company is currently evaluating the impact of adopting this standard. In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes,” which simplifies the presentation of deferred income taxes by requiring that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This ASU is effective for financial statements issued for annual periods beginning after December 16, 2016, and interim periods within those annual periods. The adoption of this standard will not have any impact on the Company’s financial position, results of operations, or disclosures. In April 2015, the FASB issued ASU No. 2015-03, “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” To simplify the presentation of debt issuance costs, the amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The amendments in this ASU are effective for financial statements issued for fiscal years beginning after December 15, 2015 and interim periods within fiscal years beginning after December 15, 2016. Early adoption of the amendments in this ASU is permitted for financial statements that have not been previously issued. The adoption of this standard will not have any impact on the Company’s financial position, results of operations, or disclosures. In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements—Going Concern (Topic 205),” which requires management to assess an entity’s ability to continue as a going concern and to provide related disclosures in certain circumstances. Under the new standard, disclosures are required when conditions or events give rise to substantial doubt about an entity’s ability to continue as a going concern within one year from the financial statement issuance date. The new standard is effective for annual periods ending after December 15, 2016, and all annual and interim periods thereafter. Early application is permitted. The adoption of this standard will not have any impact on the Company’s financial position or results of operations and, at this time, the Company does not expect any impact on its disclosures. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which supersedes all existing revenue recognition requirements, including most industry-specific guidance. The new standard requires a company to recognize revenue when it transfers goods or services to customers in an amount that reflects the consideration that the company expects to receive for those goods or services. ASU 2014-09 was originally going to be effective for us on January 1, 2017; however, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606) – Deferral of the Effective Date,” which deferred the effective date of ASU 2014-09 by one year to January 1, 2018. In March 2016, the FASB issued ASU No. 2016-8, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations. The amendments in this ASU do not change the core principle of ASU No. 2014-09 but the amendments clarify the implementation guidance on reporting revenue gross versus net. The effective date for the amendments in this ASU is the same as the effective date of ASU No. 2014-09. In April 2016, the FASB issued ASU No. 2016-10, “Revenue from Contracts with Customers (Identifying Performance Obligations and Licensing),” to clarify the implementation guidance on identifying performance obligations and licensing. The standard allows for either “full retrospective” adoption, meaning the standard is applied to all of the periods presented, or “modified retrospective” adoption, meaning the standard is applied only to the most current period presented in the financial statements. The Company is currently evaluating the impact of adopting these standards. There are no other applicable new accounting pronouncements issued by but not effective until after September 30, 2016 that could have a significant effect on our financial position or results of operations.

XML 26 R15.htm IDEA: XBRL DOCUMENT

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2016

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities recorded at fair value on a recurring basis

The following table presents information about assets and liabilities recorded at fair value on a recurring basis on the Condensed Balance Sheet at September 30, 2016:

			Quoted Prices in
			Active Markets for		Significant		Significant
	Total Carrying		Identical		Other Observable		Unobservable
	Value on the		Assets		Inputs		Inputs
	Balance Sheet		(Level 1)		(Level 2)		(Level 3)
	(in thousands)

Assets:
Cash and cash equivalents	$	4,892	$	4,892	$	-	$	-
Corporate notes and bonds		3,504		-		3,504		-
Total assets at fair value	$	8,396	$	4,892	$	3,504	$	-

Liabilities:
Warrant liabilities	$	1,635	$	-	$	-	$	1,635
Total liabilities at fair value	$	1,635	$	-	$	-	$	1,635

The following table presents information about assets recorded at fair value on a recurring basis on the Condensed Balance Sheet at December 31, 2015:

			Quoted Prices in
			Active Markets for		Significant
	Total Carrying		Identical		Other Observable
	Value on the		Assets		Inputs
	Balance Sheet		(Level 1)		(Level 2)
	(in thousands)

Assets:
Cash and cash equivalents	$	7,015	$	7,015	$	-
Corporate notes and bonds		1,593		-		1,593
Equity Securities		68		68		-
Total assets at fair value	$	8,676	$	7,083	$	1,593

Schedule of reconciliation of changes in the fair value of the liabilities

	Warrant
	Liabilities
	(in thousands)

Balance at January 1, 2016	$	-
Warrant issuances		2,714
Change in fair value		(1,079	)
Balance at September 30, 2016	$	1,635

XML 27 R16.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation Expense (Tables)

9 Months Ended

Sep. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of stock-based compensation expense related to employee stock options

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
	(in thousands)				(in thousands)

General and administrative	$	144	$	174	$	399	$	414
Research and development		57		119		195		285
	$	201	$	293	$	594	$	699

Schedule of weighted-average assumptions used in valuation of stock option

	For the Nine			For the Nine
	Months Ended			Months Ended
	September 30, 2016			September 30, 2015

Risk-free interest rate		1.51	%		1.42-1.68	%
Expected dividend yield		0.00	%		0.00	%
Expected volatility		101.66	%		103.64	%
Expected life (years)		6.46			6.23

Schedule of stock option activity

				Weighted		Weighted
				average		average		Aggregate
	Number			exercise		contractual		intrinsic
	of shares			price		life (years)		value
	(in thousands, except exercise price and contractual term data)

Stock options outstanding, January 1, 2016		2,237		$	4.16
Granted		580			0.56
Expired		(49	)		17.60
Stock options outstanding at September 30, 2016		2,768		$	3.24		7.01	$	-
Vested or expected to vest at September 30, 2016 (a)		2,595		$	3.36		6.88	$	-
Exercisable at September 30, 2016		1,674		$	4.31		5.84	$	-

Schedule of summary of stock options outstanding

	Outstanding						Exercisable
			Weighted
			average		Weighted				Weighted
			remaining		average				average
Range of exercise	Number		contractual		exercise		Number		exercise
prices	of shares		life (in years)		price		of shares		price
	(number of shares in thousands)

$0.00 - $10.00		2,624		7.30	$	2.25		1,530	$	2.72
$10.01 - $20.00		60		1.43		17.06		60		17.06
$20.01 - $30.00		82		2.24		23.57		82		23.57
$30.01 - $41.00		2		0.55		41.00		2		41.00
		2,768		7.01	$	3.24		1,674	$	4.31

XML 28 R17.htm IDEA: XBRL DOCUMENT

Warrants (Tables)

9 Months Ended

Sep. 30, 2016

Warrants [Abstract]

Schedule of allocation of proceeds of the offering

(in thousands)

Allocated to warrant liabilities	$	2,511
Allocated to common stock and additonal paid-in capital		2,489
Total allocated gross proceeds	$	5,000

Schedule of warrants and placement agent warrants

Offering Date

Outstanding Warrants

Exercise Price

Expiration Date

Status

May 2016

4,103,968

0.83

11/10/2022

Not Exercisable

May 2016

383,037

1.1422

5/4/2021

Not Exercisable

4,487,005

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details

XML 29 R18.htm IDEA: XBRL DOCUMENT

Fair Value Measurements - Assets and liabilities recorded at fair value on recurring basis on condensed balance sheet (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Total Carrying Value on the Balance Sheet
Assets:
Total assets at fair value	$ 8,396	$ 8,676
Liabilities:
Total liabilities at fair value	1,635
Total Carrying Value on the Balance Sheet \| Warrant liabilities
Liabilities:
Total liabilities at fair value	1,635
Total Carrying Value on the Balance Sheet \| Cash and cash equivalents
Assets:
Total assets at fair value	4,892	7,015
Total Carrying Value on the Balance Sheet \| Corporate notes and bonds
Assets:
Total assets at fair value	3,504	1,593
Total Carrying Value on the Balance Sheet \| Equity securities
Assets:
Total assets at fair value		68
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)
Assets:
Total assets at fair value	4,892	7,083
Liabilities:
Total liabilities at fair value
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) \| Warrant liabilities
Liabilities:
Total liabilities at fair value
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) \| Cash and cash equivalents
Assets:
Total assets at fair value	4,892	7,015
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) \| Corporate notes and bonds
Assets:
Total assets at fair value
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) \| Equity securities
Assets:
Total assets at fair value		68
Significant Other Observable Inputs (Level 2)
Assets:
Total assets at fair value	3,504	1,593
Liabilities:
Total liabilities at fair value
Significant Other Observable Inputs (Level 2) \| Warrant liabilities
Assets:
Total assets at fair value
Liabilities:
Total liabilities at fair value
Significant Other Observable Inputs (Level 2) \| Cash and cash equivalents
Assets:
Total assets at fair value
Significant Other Observable Inputs (Level 2) \| Corporate notes and bonds
Assets:
Total assets at fair value	3,504	1,593
Significant Other Observable Inputs (Level 2) \| Equity securities
Assets:
Total assets at fair value
Significant Unobservable Inputs (Level 3)
Assets:
Total assets at fair value
Liabilities:
Total liabilities at fair value	1,635
Significant Unobservable Inputs (Level 3) \| Warrant liabilities
Liabilities:
Total liabilities at fair value	1,635
Significant Unobservable Inputs (Level 3) \| Cash and cash equivalents
Assets:
Total assets at fair value
Significant Unobservable Inputs (Level 3) \| Corporate notes and bonds
Assets:
Total assets at fair value

XML 30 R19.htm IDEA: XBRL DOCUMENT

Fair Value Measurements - Summary of reconciliation of changes in fair value of liabilities (Details 1) $ in Thousands	9 Months Ended
	Sep. 30, 2016 USD ($)
Reconciliation Warrant Liabilities [Roll Forward]
Warrant issuances	$ 2,714
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3)
Reconciliation Warrant Liabilities [Roll Forward]
Balance at September 30, 2016	1,635
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Warrant
Reconciliation Warrant Liabilities [Roll Forward]
Balance at January 1, 2016
Warrant issuances	2,714
Change in fair value	1,079
Balance at September 30, 2016	$ 1,635

XML 31 R20.htm IDEA: XBRL DOCUMENT

Fair Value Measurements (Detail Textuals) - USD ($)	3 Months Ended		9 Months Ended
Fair Value Measurements (Detail Textuals) - USD ($)	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Fair Value Disclosure [Line Items]
Net unrealized gain included in comprehensive income related to marketable securities	$ (1,000)	$ (7,000)	$ 4,000	$ (5,000)
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Warrant
Fair Value Disclosure [Line Items]
Unrealized gains			(1,079,000)
Equity securities
Fair Value Disclosure [Line Items]
Accumulated unrealized loss	$ 4,000		$ 4,000

XML 32 R21.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation Expense - Summary of stock based compensation expense related to employee stock options (Details) - Employee stock options - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 201	$ 293	$ 594	$ 699
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	144	174	399	414
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 57	$ 119	$ 195	$ 285

XML 33 R22.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation Expense - The estimated fair value of employee stock options granted (Details 1) - Employee stock options	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.51%
Expected dividend yield	0.00%	0.00%
Expected volatility	101.66%	103.64%
Expected life (years)	6 years 5 months 16 days	6 years 2 months 23 days
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate		1.42%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate		1.68%

XML 34 R23.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation Expense - Stock option activity (Details 2) - Stock Options
shares in Thousands

9 Months Ended

Sep. 30, 2016

USD ($)

$ / shares

Number of shares

Stock options outstanding, January 1, 2016 | shares

2,237

Granted | shares

580

Expired | shares

(49)

Stock options outstanding at September 30, 2016 | shares

2,768

Vested or expected to vest at September 30, 2016 | shares

2,595

^[1]

Exercisable at September 30, 2016 | shares

1,674

Weighted average exercise price

Stock options outstanding, January 1, 2016 | $ / shares

$ 4.16

Granted | $ / shares

0.56

Expired | $ / shares

17.60

Stock options outstanding at September 30, 2016 | $ / shares

3.24

Vested or expected to vest at September 30, 2016 | $ / shares

3.36

^[1]

Exercisable at September 30, 2016 | $ / shares

$ 4.31

Weighted average contractual life (years)

Stock options outstanding, September 30, 2016

7 years 4 months

Vested or expected to vest at September 30, 2016

6 years 10 months 17 days

^[1]

Exercisable at September 30, 2016

5 years 10 months 2 days

Aggregate intrinsic value

Stock options outstanding at September 30, 2016 | $

Vested or expected to vest at September 30, 2016 | $

^[1]

Exercisable at September 30, 2016 | $

[1]	This represents the number of vested options as of September 30, 2016, plus the number of unvested options as of September 30, 2016 that we expect to vest in the future based on our estimated forfeiture rate.

XML 35 R24.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation Expense - Summary of stock options outstanding (Details 3) - Stock Options - $ / shares shares in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, Number of shares	2,768	2,237
Outstanding, Weighted average remaining contractual life (in years)	7 years 4 months
Outstanding, Weighted average exercise price	$ 3.24	$ 4.16
Exercisable, Number of shares	1,674
Exercisable, Weighted average exercise price	$ 4.31
$0.00 - $10.00
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise prices, minimum	0.00
Range of exercise prices, maximum	$ 10.00
Outstanding, Number of shares	2,624
Outstanding, Weighted average remaining contractual life (in years)	7 years 3 months 18 days
Outstanding, Weighted average exercise price	$ 2.25
Exercisable, Number of shares	1,530
Exercisable, Weighted average exercise price	$ 2.72
$10.01 - $20.00
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise prices, minimum	10.01
Range of exercise prices, maximum	$ 20.00
Outstanding, Number of shares	60
Outstanding, Weighted average remaining contractual life (in years)	1 year 5 months 5 days
Outstanding, Weighted average exercise price	$ 17.06
Exercisable, Number of shares	60
Exercisable, Weighted average exercise price	$ 17.06
$20.01 - $30.00
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise prices, minimum	20.01
Range of exercise prices, maximum	$ 30.00
Outstanding, Number of shares	82
Outstanding, Weighted average remaining contractual life (in years)	2 years 2 months 27 days
Outstanding, Weighted average exercise price	$ 23.57
Exercisable, Number of shares	82
Exercisable, Weighted average exercise price	$ 23.57
$30.01 - $41.00
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise prices, minimum	30.01
Range of exercise prices, maximum	$ 41.00
Outstanding, Number of shares	2
Outstanding, Weighted average remaining contractual life (in years)	6 months 18 days
Outstanding, Weighted average exercise price	$ 41.00
Exercisable, Number of shares	2
Exercisable, Weighted average exercise price	$ 41.00

XML 36 R25.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation Expense (Detail Textuals) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Stockholders Equity [Line Items]
Unrecognized stock-based compensation expense	$ 1.1
Unrecognized stock-based compensation, weighted average recognition period		2 years 3 months 18 days
Weighted-average fair value of options granted	$ 0.46	$ 2.41
Stock Options
Stockholders Equity [Line Items]
Expected life (years)	6 years 5 months 16 days	6 years 2 months 23 days

XML 37 R26.htm IDEA: XBRL DOCUMENT

Warrants - Summary of allocation of offering (Details) - USD ($) $ in Thousands		9 Months Ended
	May 10, 2016	Sep. 30, 2016
Warrants [Abstract]
Allocated to warrant liabilities		$ 2,511
Allocated to common stock and additional paid-in capital		2,489
Total allocated gross proceeds	$ 4,500	$ 5,000

XML 38 R27.htm IDEA: XBRL DOCUMENT

Warrants - Summary of warrants and Placement Agent Warrants (Details 1)	9 Months Ended
	Sep. 30, 2016 $ / shares shares
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding	4,487,005
0.83
Class of Warrant or Right [Line Items]
Warrants Offering Date	2016-05
Class of Warrant or Right, Outstanding	4,103,968
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares	$ 0.83
Warrant Expiration Date	Nov. 10, 2022
Status Of Warrants	Not Exercisable
1.1422
Class of Warrant or Right [Line Items]
Warrants Offering Date	2016-05
Class of Warrant or Right, Outstanding	383,037
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares	$ 1.1422
Warrant Expiration Date	May 04, 2021
Status Of Warrants	Not Exercisable

XML 39 R28.htm IDEA: XBRL DOCUMENT

Warrants (Detail Textuals) - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended
	May 10, 2016	Sep. 30, 2016
Class of Warrant or Right [Line Items]
Number of shares of common stock sold	5,471,957
Purchase price of shares	$ 0.91375
Proceeds of sale of shares and warrants	$ 4,500	$ 5,000
Warrant
Class of Warrant or Right [Line Items]
Closing costs of the financing		699,861
Value of warrants		202,862
Placement agent and other fees		496,999
Financing expense		250,279
Stock issuance costs		$ 449,582
fair value of warrants, valuation techniques		Black-Scholes pricing model
Weighted average remaining life of warrants		5 years 11 months 27 days
Risk-free interest		1.23%
Expected volatility		111.34%
Weighted average fair value of warrant liability		$ 0.66
Warrant \| Investor
Class of Warrant or Right [Line Items]
Number of warrants to purchase shares of common stock	4,103,968
Proceeds of sale of shares and warrants	$ 5,000
Warrant exercise price	$ 0.83
Placement Agent Warrants
Class of Warrant or Right [Line Items]
Number of warrants to purchase shares of common stock	383,037
Warrant exercise price	$ 1.1422

XML 40 R29.htm IDEA: XBRL DOCUMENT

Stockholders' Equity (Detail Textuals) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended		9 Months Ended
	May 10, 2016	Feb. 11, 2014	Mar. 31, 2014	Mar. 18, 2014	Sep. 30, 2016	Dec. 31, 2015	Jan. 31, 2014
Class of Warrant or Right [Line Items]
Stock issuance maximum limit							$ 75,000
Proceeds from issuance or sale of equity	$ 4,500				$ 5,000
Common stock, par value (in dollars per share)					$ 0.001	$ 0.001
Number of shares sold under registered direct offering	5,471,957
Offering price	$ 0.91375
Registered Direct Offering
Class of Warrant or Right [Line Items]
Number of shares sold under registered direct offering				2,870,000
Offering price				$ 3.15
Value of shares sold under registered direct offering				$ 9,000
Roth Equity Distribution Agreement \| Registered Direct Offering
Class of Warrant or Right [Line Items]
Number of shares sold under registered direct offering					9,063,634
Value of shares sold under registered direct offering					$ 16,600
Proceeds of shares sold net of issuance cost					$ 15,100
Roth Equity Distribution Agreement \| ATM offering
Class of Warrant or Right [Line Items]
Proceeds from issuance or sale of equity		$ 10,000	$ 2,600
Common stock, par value (in dollars per share)		$ 0.001
Number of shares sold			721,677
Warrant \| Investor
Class of Warrant or Right [Line Items]
Proceeds from issuance or sale of equity	$ 5,000
Number of warrants to purchase shares of common stock	4,103,968
Warrant exercise price	$ 0.83
Placement Agent Warrants
Class of Warrant or Right [Line Items]
Number of warrants to purchase shares of common stock	383,037
Warrant exercise price	$ 1.1422

XML 41 R30.htm IDEA: XBRL DOCUMENT

Stockholders' Equity (Detail Textuals 2) $ / shares in Units, $ in Millions	Feb. 24, 2016 USD ($) $ / shares
Stockholders' Equity Note [Abstract]
Bid price below common stock price per share \| $ / shares	$ 1.00
Market value of publicly held shares \| $	$ 1

XML 42 R31.htm IDEA: XBRL DOCUMENT

Collaborative Agreements (Detail Textuals)	1 Months Ended						3 Months Ended		9 Months Ended		12 Months Ended
Collaborative Agreements (Detail Textuals)	Oct. 31, 2016 USD ($)	Oct. 31, 2014 USD ($)	Feb. 28, 2014 USD ($)	Sep. 30, 2010 USD ($)	Aug. 31, 2010 USD ($) Candidate	Jan. 31, 2010 USD ($)	Sep. 30, 2016 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2016 USD ($)	Sep. 30, 2015 USD ($)	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)
Collaboration and License Agreement
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement expected service revenue							$ 206,600,000		$ 206,600,000
Collaboration and License Agreement \| Preclinical Development Activities
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement expected service revenue							600,000		600,000
Milestone method, revenue recognized				$ 300,000							$ 300,000	$ 300,000
Collaboration and License Agreement \| Clinical Milestone Events
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement expected service revenue							26,000,000		26,000,000
Collaboration and License Agreement \| Regulatory Approvals
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement expected service revenue							45,000,000		45,000,000
Collaboration and License Agreement \| Sales Milestones
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement expected service revenue							135,000,000		135,000,000
Collaboration and License Agreement \| Novartis
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement expected service revenue							5,600,000		5,600,000
Upfront Payment						$ 5,000,000
Value of common stock purchased						$ 2,000,000
Value of work performed under agreement							15,000	$ 25,000	100,000	$ 100,000
Service Agreements \| Novartis
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Service revenue net		$ 3,000,000	$ 2,000,000		$ 14,900,000
Number of lead product candidate \| Candidate					2
Value of work performed under agreement							$ 23,000	$ 55,000	$ 66,000	$ 178,000
Service Agreements \| Novartis \| Clinical Milestone Events \| Subsequent event
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Milestone method, revenue recognized	$ 21,000,000
Service Agreements \| Novartis \| Regulatory Approvals \| Subsequent event
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Milestone method, revenue recognized	45,000,000
Service Agreements \| Novartis \| Sales Milestones \| Subsequent event
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Milestone method, revenue recognized	$ 135,000,000

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