3. Other Current Assets

3 Months Ended

Mar. 31, 2016

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

Other Current Assets

Other current assets consisted of the following at March 31, 2016 and December 31, 2015:

Description	March 31, 2016		December 31, 2015
Custom reagents	$	496,269	$	496,269
Deferred offering costs		64,783		28,876
Prepaid expense		371,357		469,922
Total Other Current Assets	$	932,409	$	995,067

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.  No custom reagents were consumed during the three months ended March 31, 2016.

Deferred offering costs at March 31, 2016 and December 31, 2015 were $64,783 and $28,876 respectively.  The March 31, 2016 balance includes costs incurred from third parties in connection with the March 25, 2016 implementation of a new Sales Agreement (“ATM Agreement”) with IFS Securities, Inc. (doing business as Brinson Patrick, a division of IFS Securities, Inc.) as sales agent, pursuant to which Opexa can offer and sell shares of common stock from time to time depending upon market demand, in transactions deemed to be an “at the market” offering as defined in Rule 415 of the Securities Act of 1933.   These are included in other current assets in the consolidated balance sheets. Upon the sales of shares of common stock under the ATM Agreement, these capitalized costs will be offset against the proceeds of such sales of shares of common stock and recorded in additional paid in capital.

Prepaid expenses at March 31, 2016 and December 31, 2015 include costs incurred from third parties in connection with the Merck Serono Agreement (see Note 2).  As of March 31, 2016 and December 31, 2015, the remaining costs of $29,203 and $38,938, respectively, in connection with the Merck Serono Agreement are expected to be amortized over the upcoming 9-month period.  Also included in prepaid expenses at March 31, 2016 and December 31, 2105 is an advance to Pharmaceutical Research Associates, Inc. (“PRA”), a contract research organization providing services to Opexa, in the amount of $45,365 and $45,365 respectively, as well as $18,750 and $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 of Opexa’s NASDAQ Capital Market All-Inclusive Annual Fee is also in the March 31, 2016 balance.  Prepaid insurance is included in prepaid expenses at March 31, 2016 and December 31, 2015 as well as the remaining balances attributable to various service and maintenance contracts.