3. OTHER CURRENT ASSETS

12 Months Ended

Dec. 31, 2015

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

OTHER CURRENT ASSETS

Other current assets consisted of the following at December 31, 2015 and 2014:

Description	2015		2014
Custom reagents	$	496,269	$	—
Deferred offering costs		28,876		259,989
Prepaid expenses		469,922		498,954
Total Other Current Assets	$	995,067	$	758,943

 Custom reagents include a single custom reagent that will be used primarily for the NMO program and other Pre-Phase III research activities.  Upon consumption, the cost of this reagent will be amortized to research and development expenses in the consolidated statements of operations.

 Deferred offering costs at December 31, 2015 include $28,876 in costs incurred from third parties in connection with the renewal of the Company’s shelf registration statement.  Deferred offering costs at December 31, 2014 included $238,154 in costs incurred from third parties in connection with the implementation of a $1.5 million & $15 million purchase agreement in November 2012 pursuant to which Opexa had the right (now terminated) to sell to Lincoln Park Capital Fund, LLC (“Lincoln Park”) shares of its common stock, subject to certain conditions and limitations.  Deferred offering costs at December 31, 2014 also included unamortized costs of $21,835 incurred in establishment of the ATM sales agreement in 2013.  These deferred offering costs from 2014 were expensed in 2015 in tandem with the use of the ATM facility and expiration of the respective stock purchase agreements.  The unamortized portion of the ATM deferred offering cost was written off to expense with the expiration of the 2012 shelf registration statement.

 Prepaid expenses at December 31, 2015 and 2014 also include costs incurred from third parties in connection with the Merck Serono Agreement (see Note 1).  As of December 31, 2015, the remaining costs of $38,938 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.  There are no remaining costs in connection with the Merck Serono Agreement that are expected to be amortized beyond the upcoming twelve month period.  Also included in prepaid expenses is an advance to Pharmaceutical Research Associates, Inc. (“PRA”), a contract research organization providing services to Opexa, in the amount of $45,365 as well as $31,250 remaining from a prior payment to PRA of $75,000 upon execution of an amendment to Opexa’s agreement with PRA.  The remaining balance in prepaid expenses is attributable to various service and maintenance contracts.