2.4.0.8129 - Disclosure - Business Overview and Summary of Accounting Policies (Policies)truefalsefalse1falsefalsefalseeol_PE10315---13S-1-0008_STD_366_20121231_0http://www.sec.gov/CIK0001069308duration2012-01-01T00:00:002012-12-31T00:00:001false4opxa_DescriptionOfBusinessPolicyTextBlockopxa_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<div>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2"><b>Description
of Business</b>. Opexa Therapeutics, Inc. (“Opexa” or
“the Company”) was initially incorporated as Sportan
United Industries, Inc. (“Sportan”) in Texas in March
1991. In June 2004, PharmaFrontiers Corp.
(“PharmaFrontiers”) was acquired by Sportan in a
transaction accounted for as a reverse acquisition.
PharmaFrontiers’ stockholders were issued Sportan shares in
exchange for all of the outstanding common shares of
PharmaFrontiers. Concurrent with the transaction, Sportan changed
its name to PharmaFrontiers. During its development stage as a
biopharmaceutical company, PharmaFrontiers acquired the worldwide
exclusive license to a stem cell technology developed at Argonne
National Laboratory, a U.S. Department of Energy Laboratory
operated by the University of Chicago, in which adult multi-potent
stem cells are derived from monocytes obtained from the
patient’s own blood (the “Stem Cell License”). A
patent application was filed in November 2003 with the United
States Patent and Trade Office regarding the technology involved in
the Stem Cell License. The initial focus for this technology is the
further development of this monocyte-derived stem cell technology
as a platform for the <i>in vitro</i> generation of highly
specialized cells for potential application in autologous cell
therapy for patients with diabetes mellitus (the “Diabetes
Program”).</font></p>
<p style="PADDING-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">In October
2004, PharmaFrontiers acquired all of the outstanding stock of
Opexa Pharmaceuticals, Inc. (“Opexa Pharmaceuticals”),
a biopharmaceutical company that previously acquired the exclusive
worldwide license from Baylor College of Medicine to an patient
specific, autologous T-cell immunotherapy, Tcelna™ (formerly
known as Tovaxin<font style="FONT-FAMILY: Times New Roman" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup></font>),
for the initial treatment of multiple sclerosis (MS). In June 2006,
the Company changed its name to Opexa Therapeutics, Inc. from
PharmaFrontiers Corp. and, in January 2007, Opexa Therapeutics,
Inc., the parent, merged with its wholly owned subsidiary, Opexa
Pharmaceuticals with Opexa Therapeutics, Inc. being the surviving
company.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">In
August 2009, Opexa entered into an exclusive agreement with
Novartis Institutes for BioMedical Research, Inc.
(“Novartis”) whereby Novartis acquired Opexa’s
rights to the Stem Cell License and associated technology platform
and had full responsibility for funding and carrying out all
research, development and commercialization activities. Opexa
received an upfront cash payment of $3 million at the time the
agreement was entered into and subsequently received $0.5 million
as a technology transfer fee milestone. In November 2011, Opexa
re-acquired the stem cell assets from Novartis in consideration for
releasing Novartis with respect to any further payment obligations
owed to Opexa by Novartis. In connection with the re-acquisition of
the stem cell assets, a related license agreement with the
University of Chicago was re-assigned to Opexa. Opexa and the
University of Chicago entered into a Fourth Amended and Restated
License Agreement in connection with such assignment to
Opexa.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">In September
2012, Opexa initiated a Phase IIb clinical trial of Tcelna in
patients with secondary progressive MS (“SPMS”).
Previously, in September 2008, the Company completed a Phase IIb
clinical study of Tcelna in the relapsing-remitting MS
(“RRMS”) indication.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">Opexa operates
in a highly regulated and competitive environment. The
manufacturing and marketing of pharmaceutical products require
approval from, and are subject to, ongoing oversight by the Food
and Drug Administration, or FDA, in the United States, by the
European Medicines Agency, or EMA, in the E.U. and by comparable
agencies in other countries. Obtaining approval for a new
therapeutic product is never certain and may take many years and
may involve expenditure of substantial resources. Tcelna is in
development stage and Opexa has not applied for a Biologics License
Application (BLA) for Tcelna with the FDA nor a similar regulatory
licensure in any other country, and thus Tcelna is not approved to
be marketed in any country.</font></p>
</div>falsefalsefalsenonnum:textBlockItemTypenaDescription of Business.No definition available.false02false4opxa_DevelopmentStageCompanyPolicyTextBlockopxa_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<div>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2"><b>Development
Stage Company.</b> Opexa is considered to be in development stage
and has had no commercial revenues to date.</font></p>
</div>falsefalsefalsenonnum:textBlockItemTypenaDevelopment Stage Company.No definition available.false03false4opxa_StockSplitPolicyTextBlockopxa_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<div>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2"><b>Reverse
Stock Split.</b> In June, 2006, Opexa effected a one-for-ten
reverse stock split of its common stock.</font></p>
<p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px">
 </p>
<p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">On
December 14, 2012, Opexa effected a one-for-four reverse stock
split of its common stock (the “1:4 Reverse Stock
Split”) which decreased the number of common shares issued
and outstanding from approximately 23.6 million shares to
approximately 5.9 million shares as of December 14, 2012.
The number of authorized shares of common stock and preferred stock
remained the same following the 1:4 Reverse Stock Split.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">Unless
otherwise noted, impacted amounts included in the consolidated
financial statements and notes thereto have been retroactively
adjusted for the stock splits as if such stock splits occurred on
the first day of the first period presented. Impacted amounts
include shares of common stock issued and outstanding, shares
underlying convertible promissory notes, warrants and stock
options, shares reserved, conversion prices of convertible
securities, exercise prices of warrants or options, and loss per
share. There was no impact on preferred or common stock authorized
resulting from the 1:4 Reverse Stock Split.</font></p>
</div>falsefalsefalsenonnum:textBlockItemTypenaStock Split Policy.No definition available.false04false4us-gaap_ConsolidationPolicyTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<div>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2"><b>Principals
of Consolidation.</b> The financial statements include the accounts
of Opexa and its former wholly-owned subsidiary, Opexa
Pharmaceuticals through December 31, 2006. All intercompany
accounts and transactions have been eliminated.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">The
consolidated financial statements include the accounts of Opexa and
its wholly owned subsidiary, Opexa Hong Kong Limited (“Opexa
Hong Kong”). Opexa Hong Kong was formed in the Hong Kong
Special Administrative Region during 2012 in order to facilitate
potential development collaborations in the pan-Asian region.
Presently, Opexa Hong Kong has not entered into any agreements and
has not recognized any revenues as of December 31, 2012. All
intercompany transactions and balances between Opexa and Opexa Hong
Kong are eliminated in consolidation.</font></p>
</div>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02, 03
-Article 3A
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2197480
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 40
-Section 45
-URI http://asc.fasb.org/section&trid=2197723
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2196966
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 325
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=2197087
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.3A-02)
-URI http://asc.fasb.org/extlink&oid=27015204&loc=d3e355033-122828
Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=16385135&loc=d3e33801-111570
Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=18733093&loc=d3e5614-111684
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-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph k
-Article 1
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<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2"><b>Use of
Estimates in Financial Statement Preparation.</b> The preparation
of financial statements in conformity with accounting principles
generally accepted in the United States of America requires
management to make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of
contingent assets and liabilities at the date of the financial
statements, and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those
estimates.</font></p>
</div>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6143-108592
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6132-108592
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-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6061-108592
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<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2"><b>Certain
Risks and Concentrations.</b> Opexa is exposed to risks associated
with foreign currency transactions insofar as it has used U.S.
dollars to fund Opexa Hong Kong’s bank account denominated in
Hong Kong dollars. As the net position of the unhedged Opexa Hong
Kong bank account fluctuates, Opexa’s earnings may be
negatively affected. In addition, the reported carrying value of
the Company’s Hong Kong dollar-denominated assets and
liabilities that remain in Opexa Hong Kong will be affected by
fluctuations in the value of the U.S. dollar as compared to the
Hong Kong dollar. Opexa currently does not utilize forward exchange
contracts or any type of hedging instruments to hedge foreign
exchange risk as Opexa believes that its overall exposure is
relatively limited. As of December 31, 2012, Opexa Hong Kong
reported cash and cash equivalents of $3,902 in converted U.S.
dollars and does not have any reported liabilities in the
consolidated balance sheets.</font></p>
</div>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for credit risk.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 825
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=28088331&loc=SL29635902-196195
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13531-108611
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13537-108611
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 55
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6875567&loc=d3e14489-108613
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 825
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6480020&loc=d3e61082-112788
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 825
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6480020&loc=d3e61044-112788
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<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2"><b>Cash and
Cash Equivalents.</b> For purposes of the statements of cash flows,
cash equivalents include all highly liquid investments with
original maturities of three months or less. The primary objectives
for the fixed income investment portfolio are liquidity and safety
of principal. Investments are made with the objective of achieving
the highest rate of return consistent with these two objectives.
Opexa’s investment policy limits investments to certain types
of instruments issued by institutions primarily with investment
grade credit ratings and places restrictions on maturities and
concentration by type and issuer.</font></p>
</div>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Cash
-URI http://asc.fasb.org/extlink&oid=6506951
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Cash Equivalents
-URI http://asc.fasb.org/extlink&oid=6507016
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 1
-Article 5
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 305
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2122427
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4273-108586
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Financial Reporting Release (FRR)
-Number 203
-Paragraph 02-03
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<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2"><b>Supplies
Inventory.</b> Reagents and supplies that will be used to
manufacture Tcelna and placebo product in Opexa’s Phase IIb
clinical study are recorded as other current assets. The inventory
of these reagents and supplies are determined at the lower of cost
or market value with cost determined under the first-in first-out
(FIFO) method.</font></p>
</div>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for major classes of inventories, bases of stating inventories (for example, lower of cost or market), methods by which amounts are added and removed from inventory classes (for example, FIFO, LIFO, or average cost), loss recognition on impairment of inventories, and situations in which inventories are stated above cost. If inventory is carried at cost, this disclosure includes the nature of the cost elements included in inventory.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790
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-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 6
-Subparagraph a
-Article 5
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.6(b))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 330
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2126999
Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 330
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=28360613&loc=d3e4492-108314
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Financial Reporting Release (FRR)
-Number 206
-Paragraph b
-Subparagraph i, ii
-Chapter 2
Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 330
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=28360613&loc=d3e4556-108314
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<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2"><b>Long-lived
Assets.</b> Property and equipment are stated on the basis of
historical cost less accumulated depreciation. Depreciation is
provided using the straight-line method over the estimated useful
lives of the assets. Major renewals and improvements are
capitalized, while minor replacements, maintenance and repairs are
charged to current operations. Impairment losses are recorded on
long-lived assets used in operations when indicators of impairment
are present and the undiscounted cash flows estimated to be
generated by those assets are less than the assets’ carrying
amount.</font></p>
</div>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, basis of assets, depreciation and depletion methods used, including composite deprecation, estimated useful lives, capitalization policy, accounting treatment for costs incurred for repairs and maintenance, capitalized interest and the method it is calculated, disposals and impairments.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790
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-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2155824
Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.13(a))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 13
-Subparagraph a
-Article 5
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<p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2"><b>Deferred
costs.</b> Opexa incurs costs in connection with a debt or equity
offering or in connection with the proceeds pursuant to an
execution of a strategic agreement. These costs are recorded as
deferred offering or deferred financing costs in the consolidated
balance sheets. Such costs may consist of legal, accounting,
underwriting fees and other related items incurred through the date
of the debt or equity offering or the date of the execution of the
strategic agreement. Costs in connection with a debt offering are
amortized to interest expense over the term of the note instrument.
Costs in connection with the execution of a strategic agreement in
which an initial upfront payment is received are offset to the gain
recognized in the Consolidated Statements of Expenses. Additional
paid in capital includes costs recorded as an offset to proceeds in
connection with the completion of an equity offering.</font></p>
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<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2"><b>Income
Taxes.</b> Income tax expense is based on reported earnings before
income taxes. Deferred income taxes reflect the impact of temporary
differences between assets and liabilities recognized for financial
reporting purposes and such amounts recognized for tax purposes,
and are measured by applying enacted tax rates in effect in years
in which the differences are expected to reverse. A valuation
allowance is recorded to reduce the net deferred tax asset to zero
because it is more likely than not that the deferred tax asset will
not be realized. The Company recognizes the effect of income tax
positions only if those positions are more likely than not of being
sustained upon an examination.</font></p>
</div>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790
Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 954
-SubTopic 740
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6491622&loc=d3e9504-115650
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-Paragraph 17
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-Name Accounting Standards Codification
-Topic 740
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-URI http://asc.fasb.org/extlink&oid=21917399&loc=d3e32247-109318
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=21917399&loc=d3e32280-109318
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<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2"><b>Stock-Based
Compensation.</b> Opexa accounts for share-based awards issued to
employees and non-employees in accordance with FASB ASC 718.
Accordingly, employee share-based payment compensation is measured
at the grant date, based on the fair value of the award, and is
recognized as an expense over the requisite service period
(generally the vesting is over a 3-year period). Additionally,
share-based awards to non-employees are expensed over the period in
which the related services are rendered at their fair
value.</font></p>
</div>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for salaries, bonuses, incentive awards, postretirement and postemployment benefits granted to employees, including equity-based arrangements; discloses methodologies for measurement, and the bases for recognizing related assets and liabilities and recognizing and reporting compensation expense.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18726-107790
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b),(f(1))
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
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<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2"><b>Research and
Development.</b> Research and development expenses are expensed in
the consolidated statements of expenses as incurred in accordance
with FASB ASC 730, <i>Research and Development</i>. Research and
development expenses include salaries, related employee expenses,
clinical trial expenses, research expenses, consulting fees, and
laboratory costs. In instances in which the Company enters into
agreements with third parties for research and development
activities, Opexa may prepay fees for services at the initiation of
the contract. Opexa records the prepayment as a prepaid asset in
the consolidated balance sheets and amortizes the asset into
research and development expense in the consolidated statements of
operations over the period of time the contracted research and
development services are performed. Other types of arrangements
with third parties may be fixed fee or fee for service, and may
include monthly payments or payments upon completion of milestones
or deliverables. Opexa expenses the costs of licenses of patents
and the prosecution of patents until the issuance of such patents
and the commercialization of related products is reasonably
assured. Research and development expense for the years ended
December 31, 2012 and 2011 was $6,318,476 and $3,340,038,
respectively.</font></p>
</div>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for costs it has incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process.Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 235
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-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 730
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2127266
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Research and Development
-URI http://asc.fasb.org/extlink&oid=6523717
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<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2"><b>Foreign
Currency Translation and Transaction Gains and Losses</b>. Opexa
records foreign currency translation adjustments and transaction
gains and losses in accordance with FASB ASC 830, <i>Foreign
Currency Matters</i>. For the Company’s operations that have
a functional currency other than the U.S. dollar, gains and losses
resulting from the translation of the functional currency into U.S.
dollars for financial statement presentation are not included in
determining net loss, but are accumulated in the cumulative foreign
currency translation adjustment account as a separate component of
stockholders’ equity, except for intercompany transactions
that are of a short-term nature with Opexa Hong Kong that are
consolidated, combined or accounted for by the equity method in
Opexa’s consolidated financial statements. Opexa Hong Kong
has transactions in Hong Kong dollars. Opexa records transaction
gains and losses in its consolidated statements of operations
related to the recurring measurement and settlement of such
transactions. For the year ended December 31, 2012, Opexa did
not record any gains and losses resulting from the translation of
the functional currency into U.S. dollars and thus did not report
any cumulative foreign currency translation adjustments in
stockholders’ equity in the consolidated balance
sheets.</font></p>
</div>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for (1) transactions denominated in a currency other than the reporting enterprise's functional currency, (2) translating foreign currency financial statements that are incorporated into the financial statements of the reporting enterprise by consolidation, combination, or the equity method of accounting, and (3) remeasurement of the financial statements of a foreign reporting enterprise in a hyperinflationary economy.Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 235
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-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=2175856
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-Name Accounting Standards Codification
-Topic 830
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-URI http://asc.fasb.org/subtopic&trid=2175826
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-Name Accounting Standards Codification
-Topic 830
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<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2"><b>Net Loss per
Share</b>. Basic and diluted net loss per share is calculated based
on the net loss attributable to common shareholders divided by the
weighted average number of shares outstanding for the period
excluding any dilutive effects of options, warrants, unvested share
awards and convertible securities.</font></p>
</div>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2144384
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3630-109257
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