3. OTHER CURRENT ASSETS

12 Months Ended

Dec. 31, 2014

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

OTHER CURRENT ASSETS

Other current assets consisted of the following at December 31, 2014 and 2013:

Description	2014		2013
Supplies inventory	$	0	$	673,044
Deferred offering costs		259,989		134,518
Prepaid expenses		498,954		315,014
	$	758,943	$	1,122,576

Supplies inventory at December 31, 2013 includes reagents and supplies that will be used to manufacture Tcelna and placebo product in Opexa’s Phase IIb clinical study.  Opexa amortized these prepaid reagents and supplies to research and development costs in the consolidated statements of operations over the period that these supplies were used.

Deferred offering costs at December 31, 2014 and 2013 include costs incurred from third parties in connection with the implementation of a $1.5 million Purchase Agreement in November 2012 pursuant to which Opexa has the right to sell to Lincoln Park Capital Fund, LLC (“Lincoln Park”) up to $1.5 million in shares of its common stock, subject to certain conditions and limitations.  As of December 31, 2014 and 2013, the remaining costs of $134,518 and $134,518, respectively, in connection with the implementation of the $1.5 million Purchase Agreement remained capitalized and are included in other current assets in the consolidated balance sheets.  Upon the sales of shares of common stock under the $1.5 million Purchase Agreement, the capitalized costs are offset against the proceeds of such sales of shares of common stock.

As of December 31, 2013, deferred offering costs of $103,636 in connection with the implementation of the $15.0 million Purchase Agreement are capitalized and included in other long term assets in the consolidated balance sheets (see Note 5). As of December 31, 2014, this amount was reclassified to other current assets since the Purchase Agreement will expire in 2015.

During December 2013, the remaining costs in connection with the implementation of the ATM Agreement were charged to general and administrative expense in the consolidated statements of operations as the Company determined that the ATM Agreement would need to be refreshed with a successor sales agent to the original sales agent. During 2014, deferred offering costs of $27,547, incurred in connection with the successor sales agent, were capitalized with $21,835 remaining unamortized in connection with the ATM Program at December 31, 2014.

Prepaid expenses at December 31, 2014 and 2013 also include costs incurred from third parties in connection with the Merck Serono Agreement (see Note 1).  As of December 31, 2014, the remaining costs of $38,939 in connection with the Merck Serono Agreement that are expected to be amortized over the upcoming twelve month period are capitalized and included in other current assets in the consolidated balance sheets.  The remaining costs of $38,939 in connection with the Merck Serono Agreement that are expected to be amortized beyond the upcoming twelve month period are capitalized and included in other long term assets in the consolidated balance sheets (see Note 5).